Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 02, 2019 | Mar. 29, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-261 | ||
Entity Registrant Name | ALICO, INC. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000003545 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 59-0906081 | ||
Entity Address, Address Line One | 10070 Daniels Interstate Court | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Fort Myers | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33913 | ||
City Area Code | (239) | ||
Local Phone Number | 226-2000 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ALCO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 95,991,356 | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,475,200 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement of Registrant for the 2020 Annual Meeting of Stockholders (to be filed with the SEC under Regulation 14A within 120 days after the end of the Registrant's fiscal year), are incorporated by reference in Part III of this report. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 18,630 | $ 25,260 |
Accounts receivable, net | 713 | 2,544 |
Inventories | 40,143 | 41,033 |
Assets held for sale | 1,442 | 1,391 |
Prepaid expenses and other current assets | 1,049 | 833 |
Total current assets | 61,977 | 71,061 |
Restricted cash | 5,208 | 7,000 |
Property and equipment, net | 345,648 | 340,403 |
Goodwill | 2,246 | 2,246 |
Other non-current assets | 2,309 | 2,712 |
Total assets | 417,388 | 423,422 |
Current liabilities: | ||
Accounts payable | 4,163 | 3,764 |
Accrued liabilities | 7,769 | 8,881 |
Long-term debt, current portion | 5,338 | 5,275 |
Deferred retirement obligations, current portion | 5,226 | 345 |
Income taxes payable | 5,536 | 2,320 |
Other current liabilities | 919 | 891 |
Total current liabilities | 28,951 | 21,476 |
Long-term debt: | ||
Principal amount, net of current portion | 158,111 | 169,074 |
Less: deferred financing costs, net | (1,369) | (1,563) |
Long-term debt less current portion and deferred financing costs, net | 156,742 | 167,511 |
Lines of credit | 0 | 2,685 |
Deferred income tax liabilities, net | 32,125 | 25,153 |
Deferred gain on sale | 0 | 24,928 |
Deferred retirement obligations | 0 | 4,052 |
Other liabilities | 172 | 22 |
Total liabilities | 217,990 | 245,827 |
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 shares issued and 7,476,513 and 8,199,957 shares outstanding at September 30, 2019 and September 30, 2018, respectively | 8,416 | 8,416 |
Additional paid in capital | 19,781 | 20,126 |
Treasury stock, at cost, 939,632 and 216,188 shares held at September 30, 2019 and September 30, 2018, respectively | (31,943) | (7,536) |
Retained earnings | 198,049 | 151,111 |
Total Alico stockholders' equity | 194,303 | 172,117 |
Noncontrolling interest | 5,095 | 5,478 |
Total stockholders' equity | 199,398 | 177,595 |
Total liabilities and stockholders' equity | $ 417,388 | $ 423,422 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in dollars per share) | ||
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) | 7,476,513 | 8,199,957 |
Treasury stock at cost, shares (in shares) | 939,632 | 216,188 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenues: | |||
Total operating revenues | $ 122,251 | $ 81,281 | $ 129,829 |
Operating expenses: | |||
Total operating expenses | 61,891 | 55,688 | 120,899 |
Gross profit | 60,360 | 25,593 | 8,930 |
General and administrative expenses | 15,146 | 15,058 | 15,024 |
Income (loss) from operations | 45,214 | 10,535 | (6,094) |
Other income (expense): | |||
Investment and interest income (loss), net | 49 | 39 | (148) |
Interest expense | (7,180) | (8,561) | (9,141) |
Gain on sale of real estate, property and equipment and assets held for sale | 13,166 | 11,041 | 2,181 |
Change in fair value of derivatives | (989) | 0 | 0 |
Other (loss) income, net | (27) | 136 | (140) |
Total other income (expense) | 5,019 | 2,655 | (7,248) |
Income (loss) before income taxes | 50,233 | 13,190 | (13,342) |
Income tax provision (benefit) | 12,783 | 390 | (3,846) |
Net income (loss) | 37,450 | 12,800 | (9,496) |
Net loss attributable to noncontrolling interests | 383 | 250 | 45 |
Net income (loss) attributable to Alico, Inc. common stockholders | $ 37,833 | $ 13,050 | $ (9,451) |
Earnings (loss) per common share: | |||
Basic (in dollars per share) | $ 5.06 | $ 1.59 | $ (1.14) |
Diluted (in dollars per share) | $ 5.05 | $ 1.57 | $ (1.14) |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 7,472 | 8,232 | 8,300 |
Diluted (in shares) | 7,493 | 8,301 | 8,300 |
Cash dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 |
Alico Citrus | |||
Operating revenues: | |||
Total operating revenues | $ 119,031 | $ 78,121 | $ 123,441 |
Operating expenses: | |||
Total operating expenses | 59,594 | 51,709 | 111,947 |
Water Resources and Other Operations | |||
Operating revenues: | |||
Total operating revenues | 3,220 | 3,160 | 6,388 |
Operating expenses: | |||
Total operating expenses | $ 2,297 | $ 3,979 | $ 8,952 |
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 | Noncontrolling Interest |
Beginning balance (in shares) at Sep. 30, 2016 | 8,416 | |||||||||||||
Beginning 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 | |||||||
Executive forfeiture | 0 | |||||||||||||
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 | |||||||
Executive forfeiture | 0 | |||||||||||||
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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 37,450,000 | 37,833,000 | 37,833,000 | (383,000) | ||||||||||
Dividends | (1,792,000) | (1,792,000) | (1,792,000) | |||||||||||
Treasury stock purchases | (25,576,000) | (25,576,000) | (25,576,000) | |||||||||||
Stock-based compensation | $ 869,000 | 778,000 | $ 869,000 | 778,000 | $ (300,000) | 778,000 | $ 1,169,000 | |||||||
Executive forfeiture | $ (823,000) | $ (823,000) | $ (823,000) | |||||||||||
Ending balance (in shares) at Sep. 30, 2019 | 8,416 | |||||||||||||
Ending balance at Sep. 30, 2019 | $ 199,398,000 | $ 194,303,000 | $ 8,416,000 | $ 19,781,000 | $ (31,943,000) | $ 198,049,000 | $ 5,095,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Net cash provided by operating activities: | |||
Net income (loss) | $ 37,450 | $ 12,800 | $ (9,496) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred gain on sale of sugarcane land | 0 | (967) | (538) |
Depreciation, depletion and amortization | 13,924 | 13,756 | 15,226 |
Loss on breeding herd sales | 0 | 13 | 337 |
Deferred income tax expense (benefit) | 3,267 | (1,955) | (3,948) |
Cash surrender value | 11 | (27) | (15) |
Deferred retirement benefits | 829 | (41) | (102) |
Magnolia Fund undistributed loss (earnings) | 0 | (8) | 202 |
Gain on sale of real estate, property and equipment and assets held for sale | (13,166) | (10,281) | (1,373) |
Inventory casualty loss | 0 | 0 | 13,489 |
Inventory net realizable value adjustment | 808 | 1,115 | 1,199 |
Loss on disposal of property and equipment | 0 | 207 | 0 |
Change in fair value of derivatives | 989 | 0 | 0 |
Impairment of long-lived assets | 396 | 2,234 | 9,346 |
Non-cash interest expense on deferred gain on sugarcane land | 0 | 1,361 | 1,413 |
Insurance proceeds received for damage to property and equipment | (486) | (477) | 0 |
Bad debt expense | 0 | 24 | 312 |
Stock-based compensation expense | 824 | 2,613 | 1,653 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,531 | 1,718 | 142 |
Inventories | 82 | (6,554) | 3,724 |
Prepaid expenses | (211) | 177 | (604) |
Income tax receivable | 15 | (15) | 1,013 |
Other assets | 288 | 23 | (415) |
Accounts payable and accrued liabilities | (1,113) | 2,987 | (2,895) |
Income tax payable | 3,216 | 2,320 | 0 |
Other liabilities | 178 | (2,445) | (1,189) |
Net cash provided by operating activities | 48,832 | 18,578 | 27,481 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (20,000) | (16,352) | (13,353) |
Return on investment in Magnolia Fund | 0 | 25 | 324 |
Net proceeds from sale of property and equipment and assets held for sale | 14,602 | 37,969 | 760 |
Net proceeds from sale of real estate | 0 | 1,811 | 2,184 |
Insurance proceeds received for damage to property and equipment | 486 | 477 | 0 |
Change in deposits on purchase of citrus trees | (108) | (431) | 748 |
Advances on notes receivables, net | 60 | (575) | 0 |
Net cash (used in) provided by investing activities | (4,960) | 22,924 | (9,337) |
Cash flows from financing activities: | |||
Repayments on revolving lines of credit | (89,231) | (25,600) | (70,770) |
Borrowings on revolving lines of credit | 86,546 | 28,285 | 65,770 |
Principal payments on term loans | (10,900) | (12,127) | (10,743) |
Treasury stock purchases | (25,576) | (2,215) | (3,064) |
Payment on termination of sugarcane agreement | (11,300) | 0 | 0 |
Dividends paid | (1,833) | (1,972) | (1,987) |
Capital contribution received from noncontrolling interest | 0 | 1,000 | 0 |
Capital lease obligation payments | 0 | (8) | (580) |
Net cash used in financing activities | (52,294) | (12,637) | (21,374) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (8,422) | 28,865 | (3,230) |
Cash and cash equivalents and restricted cash at beginning of the period | 32,260 | 3,395 | 6,625 |
Cash and cash equivalents and restricted cash at end of the period | 23,838 | 32,260 | 3,395 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest; net of amount capitalized | 6,940 | 6,721 | 7,240 |
Cash paid (refunded) for income taxes | 6,285 | 25 | (911) |
Supplemental disclosure of non-cash investing and financing activities: | |||
Dividend declared but unpaid | $ 449 | $ 492 | $ 494 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Sep. 30, 2019 | |
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., together with its subsidiaries (collectively, “Alico”, the “Company", "we", "us" or "our”), is a Florida agribusiness and land management company owning approximately 111,000 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: (i) Alico Citrus and (ii) 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 U.S. 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: (i) Alico Citrus and (ii) Water Resources and Other Operations . Principles of Consolidation The Financial Statements include the accounts of Alico 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 (“Citree”). 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. 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. Noncontrolling Interest in Consolidated Subsidiary The Financial Statements include all assets and liabilities of the less-than- 100% -owned subsidiary the Company controls, Citree. Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had net losses of approximately $781,783 , $511,854 and $91,432 for the fiscal years ended September 30, 2019 , 2018 and 2017 , respectively, of which $398,709 , $261,046 and $46,630 was attributable to the Company for the fiscal years ended September 30, 2019, 2018, and 2017, respectively. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 U.S. GAAP. The accounting applied by a lessor is largely unchanged from that applied under previous U.S. GAAP. The Company anticipates recording a Right of Use Asset (“ROU”) and related liability of approximately $511,000 upon the adoption of the new standard on October 1, 2019. Additionally, the Company will record an impairment to the ROU for approximately $87,000 . Topic 842 becomes effective for Alico beginning October 1, 2019. 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 the 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. The Company does not expect the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements and will adopt the standard effective October 1, 2020. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements” ( “ ASU 2018-13 ” ), which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. ASU 2018-13 is effective for annual and interim periods in the fiscal years beginning after December 15, 2019. Early adoption is permitted. Retrospective adoption is required, except for certain disclosures, which will be required to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The Company does not expect the adoption of ASU 2018-13 will have a material impact on its consolidated financial statements and will adopt the standard effective October 1, 2020. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Leases (Topic 842). The standard is effective for us on October 1, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2018-19 to have a material impact on the unaudited consolidated financial statements of the Company. Information regarding the adoption of ASU 2016-02 is described above. 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. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” , and 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 (see Note 2. “Revenue Recognition”). In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets” (ASC 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also provides guidance on how gains and losses on transfers of nonfinancial assets and in substance nonfinancial assets to non-customers are recognized. The standard also clarifies the derecognition of businesses is under the scope of ASC 810. The standard was required to be adopted concurrently with ASC 606, however an entity did not have to apply the same transition method as ASC 606. The Company adopted ASC 610-20 (“ASC 610-20”) effective October 1, 2018, the first day of our 2019 fiscal year, using the modified retrospective method. The implementation of ASC 610-20 resulted in an adjustment to increase the opening balance of retained earnings by $10,897,000 , net of taxes, as of October 1, 2018 (see Note 8. “Deferred Gain on Sale”). 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 was effective for fiscal years beginning after December 15, 2017, and interim periods within those years and thus was 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 adopted ASU 360-20 effective October 1, 2018. The new guidance did not have a material impact 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus was effective for the Company for our fiscal year beginning October 1, 2018. The Company adopted ASU 2017-09 effective October 1, 2018. The new guidance did not 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 Company adopted ASU 2016-18 effective September 30, 2018 and has properly presented restricted cash within the statement of cash flows. 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 October 1, 2017. In August 2016, the FASB issued ASU 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, 2019 with early adoption permitted. The Company adopted ASU 2016-15 effective September 30, 2019 and the impact under this ASU is that the Company reported certain proceeds from insurance claims relating to property and equipment in the statement of cash flows as investing activities in the Consolidated Statement of Cash Flows. 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 Alico's fiscal year produce the majority of the Company's annual revenue. Working capital requirements are typically greater in the first and fourth quarters of the fiscal year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, leasing revenue and other water and resource revenues. The majority of the revenue is generated from the sale of citrus fruit to processing facilities and fresh fruit sales. The Company recognizes revenue at the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and the Company has a right to payment. The Company has identified one performance obligation as the delivery of fruit to the processing facility (or harvesting of the citrus in the case of fresh fruit) of the customer for each separate variety of fruit identified in the contract. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. 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 at the close of the harvesting season can result in either an increase or decrease to reported revenues. During the periods presented, no material adjustments were made to the reported citrus revenues. Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are collected or paid thirty to sixty days after final market pricing is published. Receivables under contracts, whereby pricing is based off a cost-plus structure methodology, are paid at the final prior year rate. Any adjustments to pricing as a result of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of September 30, 2019 , and 2018, the Company had total receivables relating to sales of citrus of $160,000 and $1,912,000 , respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets. Disaggregated Revenue Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2019 , 2018 and 2017 are as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Alico Citrus Early and Mid-Season $ 39,574 $ 24,309 $ 45,999 Valencias 73,480 48,865 67,146 Fresh Fruit 3,629 2,054 5,735 Other 2,348 2,893 4,561 Total $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations Land and other leasing $ 2,787 $ 2,595 $ 2,294 Sale of calves and culls — 57 3,732 Other 433 508 362 Total $ 3,220 $ 3,160 $ 6,388 Total Revenues $ 122,251 $ 81,281 $ 129,829 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, 2019, 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 sales 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 acceptable to the debt holder or to pay down existing debt obligations. During fiscal year ended September 30, 2019, the Company utilized restricted cash of $1,800,000 towards the purchase of citrus groves. Such purchases are included as part of the collateral under certain debt obligations. If the remaining restricted cash is not used as of September 30, 2020, 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, 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 bad debt expense is included in general and administrative expenses in the Consolidated Statements of Operations. The following table presents accounts receivable, net as of September 30, 2019 and 2018: (in thousands) September 30, 2019 2018 Accounts receivable $ 746 $ 2,577 Allowance for doubtful accounts (33 ) (33 ) Accounts receivable, net $ 713 $ 2,544 Concentrations Accounts receivable from the Company’s major customer as of September 30, 2019 and 2018 and revenue from such customers for the fiscal years ended September 30, 2019, 2018 and 2017, are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2019 2018 2019 2018 2017 2019 2018 2017 Tropicana $ — $ 1,797 $ 108,318 $ 70,396 $ 111,197 88.6 % 86.6 % 85.6 % 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, irrigation and depreciation, 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. 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 4 years . After 4 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. 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. For fiscal years ended September 30, 2019, 2018 and 2017, the Company recorded impairments to its long-lived assets (see Note 5. “Property and Equipment, Net”). As of September 30, 2019, 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 it's 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, 2019 and 2018, 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 deposits on the purchase of citrus trees. 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 years ended September 30, 2019, 2018 and 2017, the Company recorded valuation allowances of $0 , $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, 2019, 2018 and 2017: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Weighted Average Common Shares Outstanding - Basic 7,472 8,232 8,300 Effect of dilutive securities - stock options and unrestricted stock 21 69 — Weighted Average Common Shares Outstanding - Diluted 7,493 8,301 8,300 For the fiscal years ended September 30, 2019, 2018 and 2017, the Company issued 10,000 , 300,000 and 750,000 , respectively, stock options to certain executives of the Company. 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, 2017, the Company had stock options that were excluded from the diluted earnings per share because they were anti-dilutive. 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. Total stock-based compensation expense for the three years ended September 30, 2019 in general and administrative expense was as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Stock compensation expense: Executives $ 778 $ 1,754 $ 880 Executive forfeitures (823 ) — — Board of Directors 869 859 773 Total stock compensation expense $ 824 $ 2,613 $ 1,653 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following at September 30, 2019 and 2018 : (in thousands) September 30, 2019 2018 Unharvested fruit crop on the trees $ 39,276 $ 39,888 Other 867 1,145 Total inventories $ 40,143 $ 41,033 The Company records its inventory at the lower of cost or net realizable value. For the fiscal years ended September 30, 2019 and 2018 , the Company recorded adjustments to reduce inventory to net realizable value of approximately $808,000 and $1,115,000 respectively. These adjustments to inventory are included in operating expenses in the Consolidated Statements of Operations. 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, 2019, the Company received insurance proceeds relating to Hurricane Irma of approximately $486,000 in additional property and casualty claims reimbursement. There are no further property and casualty or crop insurance claims pending relating to Hurricane Irma. 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. These insurance proceeds are included as a reduction to operating expenses in the Consolidated Statements of Operations. The Company is eligible for Hurricane Irma federal relief programs for block grants that are being administered through the State of Florida. During the fourth quarter of fiscal year 2019 and for the fiscal year ended September 30, 2019, the Company received approximately $15,597,000 under the Florida Citrus Recovery Block Grant (“CRBG”) program. This represents the Part 1 and a portion of the Part 2 reimbursement under the three-part program. The timing and amount to be received under the remaining portion of the Part 2 and the Part 3 of the program has not been finalized. These federal relief proceeds are included as a reduction to operating expenses in the Consolidated Statements of Operations. On November 7, 2019 and November 18, 2019, the Company received additional proceeds of approximately $163,800 and approximately $3,973,000 , respectively, under the Florida CRBG program. This represents another portion of the Part 2 reimbursement under the three-part program. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale as of September 30, 2019 and September 30, 2018 : (in thousands) Carrying Value Fiscal Year Ended September 30, 2019 2018 East Ranch $ 1,442 $ 759 Trailers — 456 Frostproof Parcels — 176 Total Assets Held For Sale $ 1,442 $ 1,391 During the fiscal year ended September 30, 2019, the Company sold certain trailers for approximately $47,000 , and reclassified the remaining Assets Held for Sale to property and equipment, as management has determined not to offer for sale the remaining trailers. On October 30, 2018, the Company sold certain parcels at Frostproof for approximately $206,000 and realized a gain of approximately $12,000 . 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 agreed to pay 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 and realized a gain of approximately $1,759,000 . As part of this transaction, the purchaser is also leasing grazing and other rights on the 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 a promissory note, which bears interest at 5% , over three years . 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 $152,000 and $150,000 for the fiscal years ended September 30, 2019 and 2018, 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 to pay down debt and to fund future working capital requirements and other corporate purposes. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following at September 30, 2019 and September 30, 2018 : (in thousands) September 30, 2019 2018 Citrus trees $ 281,149 $ 264,714 Equipment and other facilities 54,622 53,544 Buildings and improvements 8,224 8,052 Total depreciable properties 343,995 326,310 Less: accumulated depreciation and depletion (104,169 ) (91,858 ) Net depreciable properties 239,826 234,452 Land and land improvements 105,822 105,951 Property and equipment, net $ 345,648 $ 340,403 During the fiscal year ended September 30, 2019 , the Company purchased 203 acres of citrus blocks for approximately $1,950,000 . These purchases were made from grove owners from within the Company’s existing grove locations. In April 2019, the lender, PGIM Real Estate Finance, LLC (“Prudential”), agreed to accept those purchases completed through April 2019 as substitute collateral and release $1,800,000 from restricted cash, which was completed in the fourth quarter of fiscal year 2019. Subsequent to April 2019, there were two additional purchases of Citrus blocks for approximately $100,000 that are not included as part of the substitution collateral. On September 27, 2019, the Company sold approximately 5,500 acres from its West Ranch for approximately $14,775,000 and realized a gain on sale of approximately $13,033,000 . Upon the sale of these acres, the lease rate pertaining to the grazing and other rights was adjusted from $98,750 to $80,000 per month, as this space was previously being leased to a third party. 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 was restricted in use. On September 28, 2018, The Company sold a parcel within the East Ranch for approximately $1,920,000 and realized a gain of approximately $1,759,000 . On March 30, 2018, the Company sold property located on its Winterhaven location for approximately $225,000 and recognized a loss of approximately $50,000 . 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 . During fiscal year ended September 30, 2019, the Company recorded impairments approximately $244,000 relating to the loss of citrus trees. During the fiscal year ended September 30, 2018, the Company recorded impairments aggregating to approximately $2,084,000 , which consisted of $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. |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and September 30, 2018 : September 30, 2019 September 30, 2018 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 89,688 $ 724 $ 95,938 $ 836 Met Variable-Rate Term Loans 43,844 334 46,719 385 Met Citree Term Loan 4,750 40 4,925 44 Pru Loans A & B 16,257 224 17,417 241 Pru Loan E 4,455 9 4,675 17 Pru Loan F 4,455 38 4,675 40 163,449 1,369 174,349 1,563 Less current portion 5,338 — 5,275 — Long-term debt $ 158,111 $ 1,369 $ 169,074 $ 1,563 The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at September 30, 2019 and September 30, 2018 : September 30, 2019 September 30, 2018 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Lines of Credit: RLOC $ — $ 8 $ — $ 58 WCLC — — 2,685 78 Lines of Credit $ — $ 8 $ 2,685 $ 136 Future maturities of long-term debt as of September 30, 2019 are as follows: (in thousands) Due within one year $ 5,338 Due between one and two years 14,990 Due between two and three years 10,755 Due between three and four years 10,755 Due between four and five years 10,755 Due beyond five years 110,856 Total future maturities $ 163,449 Interest costs expensed and capitalized were as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Interest expense $ 7,180 $ 8,561 $ 9,141 Interest capitalized 1,019 933 294 Total $ 8,199 $ 9,494 $ 9,435 Debt The Company's credit facilities consist of $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 5,800 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 Met beginning May 1, 2017 and is subject to further adjustment every two years thereafter until maturity. No adjustment was made at May 1, 2019. Interest on the term loans is payable quarterly. The interest rates on the Met Variable-Rate Term Loans were 3.91% per annum and 3.99% per annum as of September 30, 2019 and September 30, 2018 , 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 quarter of fiscal year 2018, the Company elected not to make its principal payment and utilized a portion of its 2015 prepayment to satisfy its principal payment requirements for such quarters. At September 30, 2019 , the Company had $5,625,000 remaining available from its 2015 prepayment 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. No adjustment was made at May 1, 2019. In October 2019, the RLOC agreement was modified to extend the current maturity of November 1, 2019 to November 1, 2029. 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 3.91% and 3.99% per annum as of September 30, 2019 and September 30, 2018 , respectively. Availability under the RLOC was $25,000,000 as of September 30, 2019 . 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 the 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% and 3.85% per annum as of September 30, 2019 and September 30, 2018 , 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 $69,540,000 and $57,015,000 as of September 30, 2019 and September 30, 2018 , respectively. 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. There were no amounts outstanding on the WCLC at September 30, 2019 . The WCLC agreement provides for Rabo to issue up to $2,000,000 , reduced from $20,000,000 during fiscal year 2019, in letters of credit on the Company’s behalf. As of September 30, 2019 , there was approximately $460,000 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 $133,000 and $123,000 of financing costs were incurred for the fiscal year ended September 30, 2019 and 2018, respectively, in connection with letters of credit. The costs incurred during fiscal year 2019 are included in other noncurrent assets and will be moved to deferred financing and amortized to interest expense over the applicable terms of the obligations upon completion of the modified agreements, which was in October 2019. All previous costs are included in deferred financing and 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 $1,066,000 and approximately $1,357,000 at September 30, 2019 and September 30, 2018 , respectively. These credit facilities noted 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 years, or approximately $163,522,000 for the year ended September 30, 2019, (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, 2019 , the Company was in compliance with all of the financial covenants. Credit facilities also include a Met Life term loan collateralized by 1,200 gross acres of citrus grove 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. Principal and interest payments are made on a quarterly basis. At September 30, 2019 and 2018, there was an outstanding balance of $4,750,000 and $4,925,000 , respectively. The loan matures in February 2029. The unamortized balance of deferred financing costs related to this loan was approximately $40,000 and $44,000 at September 30, 2019 and 2018, respectively. Transition from LIBOR The Company is currently evaluating the impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates. Currently, the Company has debt instruments in place that reference LIBOR-based rates. The transition from LIBOR is estimated to take place in 2021 and management will continue to actively assess the related opportunities and risks involved in this transition. 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. On February 15, 2015, 734 Citrus Holdings, LLC d/b/a Silver Nip Citrus (“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 proceeds from the sale of certain properties, which were collateralized under these loans. The Company may prepay up to $5,000,000 of principal without penalty. 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 approximately 5,700 of citrus groves 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. No adjustment was made at September 1, 2019. Both loans are collateralized by approximately 1,500 gross acres of citrus groves in Charlotte County, Florida. Pru Note E matures September 1, 2021, and Pru Note F matures September 1, 2039. In November 2019, the Company prepaid one of its fixed-rate term loans with Prudential in full in the amount of $4,455,000 . As a result of this prepayment, the Company’s required annual principal payments will be reduced by $220,000 per annum. The Silver Nip Citrus credit agreements are subject to a financial covenant whereby the consolidated current ratio requirement is 1.00 to 1.00 . Silver Nip Citrus was in compliance with the current ratio covenant as of September 30, 2019 . The unamortized balance of deferred financing costs related to the Silver Nip Citrus debt was approximately $271,000 and $298,000 at September 30, 2019 and 2018, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following at September 30, 2019 and September 30, 2018 : (in thousands) September 30, 2019 2018 Ad valorem taxes $ 2,117 $ 2,196 Accrued interest 1,110 1,191 Accrued employee wages and benefits 2,525 3,115 Inventory received but not invoiced — 726 Accrued dividends 448 492 Accrued contractual obligation associated with sale of real estate 402 — Consulting and separation charges 400 — Accrued insurance 544 223 Accrued tender offer consulting charges — 274 Other accrued liabilities 223 664 Total accrued liabilities $ 7,769 $ 8,881 |
Deferred Gain on Sale
Deferred Gain on Sale | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Deferred Gain on Sale | Deferred Gain on Sale Deferred gain on sale consists of the following at September 30, 2019 and September 30, 2018: (in thousands) September 30, 2019 2018 Deferred gain on sale $ — $ 26,167 Annual guarantee payment, net — (1,239 ) Total deferred gain on sale $ — $ 24,928 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. The sales price was 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 represented the Company’s estimate of the maximum exposure to loss as a result of the continuing involvement. A net gain of approximately $13,613,000 was recognized at the time of the sale. On October 1, 2018, the Company adopted ASC 610-20 and reevaluated the original post closing agreement under the guidance of ASC 610-20. As such, the Company recorded a derivative asset and derivative liabilities, which resulted in an increase to retained earnings of $10,897,000 , net of taxes. This adjustment consisted of recording a derivative asset in the amount of $3,553,000 relating to potential payments due Alico from Global Ag Properties USA, LLC (“Global Ag”) and a derivative liability of $13,864,000 relating to potential payments due Global Ag from Alico. In the first quarter ended December 31, 2018, the Company recorded a loss of $956,000 , which reflects the change in fair value of the derivative asset and derivative liabilities. In the three months ended March 31, 2019, the Company recorded an additional loss of $33,000 . On December 7, 2018, the Company and Global Ag entered into a Termination of Post Closing Agreement (the “2018 Post Closing Agreement”), pursuant to which the parties thereto agreed to certain terms and conditions under which a Post Closing Agreement, dated as of November 21, 2014 (the “2014 Post Closing Agreement”), may be terminated prior to the expiration of its stated term and with the payment of certain termination payments. The 2014 Post Closing Agreement was entered into in connection with the November 21, 2014 closing (the “Land Disposition”) of the sale by Alico to Global Ag of certain land used for sugarcane production and land leasing in Hendry County, Florida (the “Land”). The 2014 Post Closing Agreement contained obligations, including possible payments by Alico and by Global Ag to each other over a ten year period following the closing of the Land Disposition, with the payments each year being based on the difference, if any, between certain computed amounts. Since the time of the closing of the Land Disposition and up through March 11, 2019, the computations have resulted in payments being made each year by Alico to Global Ag., which have aggregated approximately $6,518,000 . The 2018 Post Closing Agreement provided for (i) the termination of the 2014 Post Closing Agreement following the satisfaction of certain terms and conditions set forth in the termination agreement and (ii) the deposit by wire transfer into escrow of an aggregate of $11,300,000 following notification by Global Ag to Alico of the closing date of a sale of the Land by Global Ag to a third party. The conditions to the termination of the 2014 Post Closing Agreement and the payment of funds to Global Ag included (a) Global Ag’s assignment to the third party buyer, and such third party buyer’s assumption, of certain specified water management obligations, irrigation and drainage easement obligations, access easements obligations and obligations under a certain option to purchase certain railroad property owned by Alico, (b) delivery to the escrow agent of all instruments and consideration required to consummate the closing by Global Ag of the sale of the Land to the third party buyer, and (c) delivery to the escrow agent of copies of a water management project cooperation agreement running in favor of Alico and signed by Global Ag and the third party buyer. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2019 | |
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. 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: • 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. As of September 30, 2019, the Company did no t have any assets held for sale that had been measured at fair value on a non-recurring 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 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% |
Common Stock and Options
Common Stock and Options | 12 Months Ended |
Sep. 30, 2019 | |
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, a senior executive was awarded 5,000 restricted shares of the Company’s common stock (“Restricted Stock”) under the 2015 Plan at a weighted average fair value of $31.95 per common share, vesting over 2.5 years . The following table represents a summary of the status of the Company’s nonvested shares: Nonvested Shares Shares Weighted-Average Grant Date Fair Value 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 Granted during fiscal year 2019 — — Vested during fiscal year 2019 (1,667 ) 31.95 Forfeited during fiscal year 2019 — — Nonvested Shares at September 30, 2019 5,666 $ 44.26 Stock compensation expense related to the Restricted Stock totaled approximately $104,000 , $137,000 and $264,000 for the fiscal years ended September 30, 2019, 2018 and 2017, respectively. There was approximately $69,000 and $172,000 of total unrecognized stock compensation costs related to unvested stock compensation for the Restricted Stock grants at September 30, 2019 and September 30, 2018, respectively. The total unrecognized compensation cost is expected to be recognized over a weighted-average period of 0.75 years . During the fiscal year ended September 30, 2019, 1,667 shares vested aggregating a value of approximately $53,000 . Stock Option Grant Stock option grants of 10,000 options to Mr. John Kiernan (the “2019 Option Grants”) were granted on October 25, 2018. The option exercise price for these options was set at $33.34 , the closing price on October 25, 2018. The 2019 Option Grants will vest as follows: (i) 3,333 of the 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 of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $45.00 ; (iii) 3,334 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 2019 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, 2019 , the Company’s stock was trading at $34.02 per share, and during the fiscal year ended September 30, 2019 , the stock did not trade above $40.00 per share; accordingly, none of the stock options are vested at September 30, 2019 . Stock option grants of 210,000 options to Mr. Remy Trafelet and 90,000 options to Mr. John 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, 2019 , the Company’s stock was trading at $34.02 per share, and during the fiscal ended September 30, 2019 , the stock did not trade above $35.00 per share; accordingly, none of the stock options are vested at September 30, 2019 . As set forth below, more than a majority of the 2018 Option Grants issued to Mr. Trafelet were forfeited and the vesting conditions of the remainder were modified, all pursuant to the Settlement Agreement, as defined below. A stock option grant of 300,000 options in the case of Mr. Trafelet and 225,000 options in the case of each of Mr. Henry Slack and Mr. George Brokaw (collectively, the “2016 Option Grants”) were granted on December 31, 2016. The option price 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, 2019 , the Company’s stock was trading at $34.02 per share, and during the fiscal year ended September 30, 2019 , the stock did not trade above $60.00 per share; accordingly, none of the stock options are vested at September 30, 2019 . As set forth below, all of the 2016 Option Grants issued to Mr. Trafelet were forfeited pursuant to the Settlement Agreement, as defined below. 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 . Pursuant to a Settlement Agreement (described in Note 15. “Related Party Transactions”), which was unanimously approved by the Board of Directors, Mr. Trafelet agreed to voluntarily resign from his roles as President and Chief Executive Officer and a director of the Company. Under the Settlement Agreement, Mr. Trafelet forfeited (i) all of the 2016 Option Grants granted to him and (ii) all of the 2018 Option Grants granted to him in September 2018, other than 26,250 stock options that will vest if the minimum price of Alico's common stock over 20 consecutive trading days exceeds $35.00 per share and 26,250 stock options that will vest if the minimum price of Alico's common stock over 20 consecutive trading days exceeds $40.00 per share (“2019 Modified Option Grant”), in each case, by the first anniversary of the date of the Settlement Agreement (collectively, the "Retained Options"). Any Retained Options that vest in accordance with their terms will expire on the date that is six months following the date on which the Retained Option vests, and any Retained Options that do not vest by the first anniversary of the Settlement Agreement will be forfeited as of such first anniversary. As a result of the forfeited stock options, the Company reversed $823,000 of previously recorded stock compensation expense during the year ended September 30, 2019, which is recorded as a reduction of General and Administrative expense. Forfeitures of all stock options were recognized as incurred. The following table represents a summary of the Company’s stock option activity: Weighted Average Weighted Remaining Aggregate Number of Average Exercise Contractual Term Intrinsic Options Price (years) Value 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 — — — — Balance - September 30, 2018 675,000 30.02 2.22 — Granted during fiscal year 2019 10,000 33.34 2.25 — Forfeitures/expired in fiscal year 2019 (457,500 ) 29.37 1.78 — Exercised during fiscal year 2019 — — — — Balance - September 30, 2019 227,500 $ 31.46 1.22 — Stock compensation expense related to the options totaled approximately $674,000 , $1,617,000 and $616,000 for the fiscal years ended September 30, 2019 , 2018 and 2017, respectively. At September 30, 2019 and September 30, 2018 , there was approximately $502,000 and $2,174,000 , respectively, of total unrecognized stock compensation costs related to unvested share-based compensation for the option grants. The total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.29 years . The fair value of the 2019, 2018 and 2016 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 timeframes for the various market conditions being met. 2019 Modified Option Grant Expected Volatility 25.0 % Expected Term (in years) 1.50 Risk Free Rate 2.52 % The weighted-average grant-date fair value of the 2019 Modified Option Grant was $1.40 . 2019 Option Grants Expected Volatility 30.0 % Expected Term (in years) 4.09 Risk Free Rate 2.95 % The weighted-average grant-date fair value of the 2019 Option Grants was $7.10 . 2018 Option Grants 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 . 2016 Option Grants Expected Volatility 32.2 % 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 or exercised for the fiscal year ended September 30, 2019 . As of September 30, 2019 , there remained 1,005,000 common shares available for issuance under the 2015 Plan. |
Treasury Stock
Treasury Stock | 12 Months Ended |
Sep. 30, 2019 | |
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. 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. For the fiscal year ended September 30, 2019, the Company did not purchase any shares under the 2017 Authorization. As the 2017 Authorization expired in May 2019, the Company has no funds available under this plan to repurchase stock. 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 from 2013 until November 12, 2019, participated in the tender offer by selling a small percentage of its holdings. 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. The following table illustrates the Company’s treasury stock purchases for the fiscal years ended September 30, 2019, 2018 and 2017: (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,: 2019 752,234 $ 34.00 1,474,640 $ 25,576 2018 72,266 $ 30.65 722,406 $ 2,215 2017 104,145 $ 29.42 650,140 $ 3,064 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, 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 Purchased 752,234 25,576 Issued to Employees and Directors (28,790 ) (1,169 ) Balance at September 30, 2019 939,632 $ 31,943 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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 the fiscal year ended September 30, 2018 was 24.5% , based on a fiscal year blended rate calculation. The 21% U.S. corporate tax rate is fully applicable to the fiscal year ended September 30, 2019 and each year thereafter. The Act required a one-time remeasurement of certain tax related assets and liabilities. During the first 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 year ended September 30, 2018. 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. In October 2019, the Internal Revenue Service concluded their audit of the September 30, 2015 tax year with no changes. The Federal and state filings remain subject to examination by tax authorities for tax periods ending after September 30, 2015. The income tax provision (benefit) for the years ended September 30, 2019, 2018 and 2017 consists of the following: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Current: Federal income tax $ 7,314 $ 1,961 $ 102 State income tax 2,202 384 — Total current 9,516 2,345 102 Deferred: Federal income tax 2,995 (3,917 ) (3,286 ) State income tax 272 1,962 (662 ) Total deferred 3,267 (1,955 ) (3,948 ) Income tax provision (benefit) $ 12,783 $ 390 $ (3,846 ) Income tax provision (benefit) attributable to income (loss) before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% , 24.53% and 35% to income (loss) before income taxes for the fiscal years ended September 30, 2019, September 30, 2018 and September 30, 2017, respectively, as a result of the following: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Income tax (benefit) at the statutory federal rate $ 10,587 $ 3,198 $ (4,670 ) Increase (decrease) resulting from: State income taxes, net of federal benefit 1,947 857 (402 ) Permanent and other reconciling items, net 166 221 548 Expiration of capital loss carryforward — 5,634 581 Reduction in deferred tax liability resulting from the Act — (9,847 ) — Stock option cancellation — 347 — Other 83 (20 ) 97 Income taxes provision (benefit) $ 12,783 $ 390 $ (3,846 ) 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, 2019, and 2018 are presented below: (in thousands) September 30, 2019 2018 Deferred tax assets: Deferred retirement benefits $ 1,325 $ 1,114 Investment in Citree — 89 Deferred gain recognition — 6,318 Goodwill 18,244 20,095 Inventories 930 711 Stock compensation 237 261 Accrued bonus — 612 Tax credits — 28 Intangibles 565 620 Other 168 190 Total deferred tax assets 21,469 30,038 Deferred tax liabilities: Revenue recognized from citrus and sugarcane — 162 Property and equipment 52,551 54,925 Investment in Citree 909 — Prepaid insurance 134 104 Total deferred tax liabilities 53,594 55,191 Net deferred income tax liabilities $ (32,125 ) $ (25,153 ) |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2017 Revenues: Alico Citrus $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations 3,220 3,160 6,388 Total revenues 122,251 81,281 129,829 Operating expenses: Alico Citrus 59,594 51,709 111,947 Water Resources and Other Operations 2,297 3,979 8,952 Total operating expenses 61,891 55,688 120,899 Gross profit (loss): Alico Citrus 59,437 26,412 11,494 Water Resources and Other Operations 923 (819 ) (2,564 ) Total gross profit 60,360 25,593 8,930 Capital expenditures: Alico Citrus 20,000 15,968 11,738 Water Resources and Other Operations — 304 646 Other Capital Expenditures — 80 969 Total capital expenditures 20,000 16,352 13,353 Depreciation, depletion and amortization: Alico Citrus 12,935 12,546 14,054 Water Resources and Other Operations 173 219 652 Other Depreciation, Depletion and Amortization 816 991 520 Total depreciation, depletion and amortization $ 13,924 $ 13,756 $ 15,226 (in thousands) September 30, 2019 2018 Assets: Alico Citrus $ 401,212 $ 405,752 Water Resources and Other Operations 15,332 15,904 Other Corporate Assets 844 1,766 Total Assets $ 417,388 $ 423,422 |
Employee Benefits Plans
Employee Benefits Plans | 12 Months Ended |
Sep. 30, 2019 | |
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 2019 and 2018, 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, 2019 2018 2017 Service cost $ — $ — $ 200 Interest cost 171 293 140 MSP termination adjustments 985 — — Recognized actuarial gain (loss) adjustment 13 16 (78 ) Total $ 1,169 $ 309 $ 262 The following provides a roll-forward of the MSP benefit obligation: (in thousands) September 30, 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 4,397 $ 4,438 Interest cost 171 293 Benefits paid (340 ) (350 ) MSP termination adjustments 985 — Recognized actuarial gain adjustment 13 16 Benefit obligation at end of year $ 5,226 $ 4,397 Funded status at end of year $ (5,226 ) $ (4,397 ) 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 Company has determined to pay out a lump sum under the Equivalent Annuity approach, whereby the payout under this approach would mitigate participants tax burden. In essence, the Company would be covering the amount needed to purchase an annuity providing the same after-tax benefit as if the plan was not terminated. As a result, the Company recorded an additional liability of approximately $720,000 . 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, 2019, 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 $380,000 , $342,000 and $445,000 for the fiscal years ended September 30, 2019, 2018 and 2017, 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 , $0 and $378,000 for the fiscal years ended September 30, 2019, 2018 and 2017, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
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 would continue to be bound by the restrictive covenants set forth in his Employment Agreement with the Company. The Separation and Consulting Agreement provided that, subject to his execution, delivery, and non-revocation of a general release of claims in favor of the Company, Mr. Wilson would 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 provided that Mr. Wilson serve as a consultant to the Company during 2017 and would receive an aggregate consulting fee of $750,000 for such services (payable $200,000 in an initial lump sum, $275,000 in a lump sum on July 1, 2017, and $275,000 in six equal monthly installments commencing July 31, 2017 and ending December 31, 2017). As of December 31, 2017, the Company satisfied its obligation to Mr. Wilson in full. The Company expensed approximately $0 , $187,500 and $562,500 under the Separation and Consulting Agreement for the fiscal years ended September 30, 2019 , 2018 and 2017, respectively. Mr. Wilson resigned as a member of the Company’s Board of Directors effective February 27, 2017. Henry R. Slack and George R. Brokaw On December 31, 2016, the Company entered into new employment agreements (collectively, the “Employment Agreements”) with Henry R. Slack, and George R. Brokaw. Mr. Slack previously served as the Executive Chairman of the Company, and Mr. Brokaw currently 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 provided for an annual base salary of $250,000 in the case of Mr. Slack and provides for an annual base salary of $250,000 in the case of Mr. Brokaw. Beginning June 26, 2017, both Messrs. Slack and Brokaw agreed to waive payment of their salaries. Effective July 1, 2019, Mr. Slack resigned his employment with the Company as Executive Chairman. Mr. Slack continues to serve on the Board of the Company. Remy W. Trafelet As described above, on February 11, 2019 and as contemplated by the Alico Settlement Agreement, Mr. Trafelet submitted to the Board his resignation as President and Chief Executive Officer of the Company and a member of the Board, effective upon the execution of the Alico Settlement Agreement. Also, on February 11, 2019, as contemplated by the Settlement Agreement, the Company entered into a consulting agreement (the "Consulting Agreement") with Mr. Trafelet and 3584 Inc., an entity controlled by Mr. Trafelet (the "Consultant"). Pursuant to the Consulting Agreement, Mr. Trafelet will make himself available to provide consulting services to the Company through the Consultant for up to 24 months. In exchange for the consulting services, the Consultant will receive an annual consulting fee of $400,000 . As of September 30, 2019 , the Company has paid approximately $254,000 towards these consulting fees. If the Company terminates the consulting period (other than in certain specified circumstances), the Company will continue to pay the consulting fees described in the immediately preceding sentence through the balance of the 24 -month term. 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 , $0 and $100,000 under the Consulting and Non-Competition Agreement for fiscal years ended September 30, 2019, 2018 and 2017, respectively. Shared Services Agreement The Company had a shared services agreement with Trafelet Brokaw Capital Management, L.P. (“TBCM”), whereby the Company reimbursed TBCM for use of office space and various administrative and support services. The agreement expired December 31, 2018 and was not extended or renewed. The annual cost of the office and services was approximately $618,000 . The Company expensed approximately $155,000 , $592,000 and $564,000 for the fiscal years ended September 30, 2019 , 2018 and 2017, respectively. As of September 30, 2019 and 2018 , the Company had outstanding amounts due of approximately $0 and $163,000 , respectively. Capital Contribution On April 16, 2018, all operating partners of Citree received a funding notice relating to an additional Cash Capital Contribution (“Contribution”) requirement of approximately $2,041,000 as a result of Hurricane Irma, which reduced the amount of crop available for sale in the 2017-2018 harvest season and the Company’s adoption of a more extensive caretaking plan focused on limiting the impact of citrus greening. The Company’s portion of the Contribution was approximately $1,041,000 and was funded on April 27, 2018. The remaining portion of the Contribution of $1,000,000 was funded by the noncontrolling parties. Distribution of Shares by Alico’s Largest Shareholder On November 12, 2019, 734 Investors, the Company’s largest shareholder, distributed the 3,173,405 shares of Company common stock held by it, on a pro rata basis, to its members. We understand this share distribution was made in anticipation of the dissolution of 734 Investors later this year. Transfers of these shares are not registered on any current Alico registration statement, but the shares are potentially transferable pursuant to Rule 144, subject to certain customary restrictions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
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 primarily for office space and equipment. In addition, the Company has various obligations under other equipment leases of less than one year. Total rent expense was approximately $450,000 , $1,062,000 and $725,000 for the years ended September 30, 2019 , 2018 and 2017, respectively. The future minimum annual rental payments under non-cancelable operating leases are as follows: (in thousands) 2020 $ 191 2021 169 2022 175 2023 15 Total $ 550 Purchase Commitments The Company enters into contracts for the purchase of citrus trees during the normal course of its business. As of September 30, 2019, the Company had approximately $1,603,000 relating to outstanding commitments for these purchases that will be paid upon delivery of the remaining citrus trees. Letters of Credit The Company had outstanding standby letters of credit in the total amount of approximately $460,000 and $10,300,000 at September 30, 2019 and September 30, 2018 , respectively, to secure its various contractual obligations. Upon the completion of the 2018 Post Closing Agreement (and corresponding termination of the 2014 Post Closing Agreement), the Company terminated its $9,800,000 standby letter of credit associated with the Global Ag Land Disposition transaction (see Note 8. “Deferred Gain on Sale”). 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 “Trafelet Parties”), who was at the time 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 Trafelet Parties sought, 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”) was 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 were 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. 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 provided, pending the resolution of the Delaware Litigation (as defined below), that (1) the record date for the Purported Consent was stayed indefinitely, and (2) Mr. Trafelet and the Company’s Board of Directors should 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. On December 6, 2018, the Trafelet Parties filed an amended complaint in the Florida Litigation which added the Company and Benjamin D. Fishman, a member of the Board of Directors, as defendants. On December 21, 2018, the Trafelet Parties filed a renewed motion for a preliminary injunction restoring Mr. Trafelet from administrative leave to active status in his capacity as President and CEO of the Company. On January 14, 2019, the defendants in the Florida Litigation filed an opposition to plaintiffs’ renewed motion for a preliminary injunction. On January 18, 2019, the defendants in the Florida Litigation filed a motion to dismiss the plaintiffs’ amended complaint. On February 11, 2019, the parties to the Florida Litigation entered into a settlement agreement (the “Alico Settlement Agreement”) wherein the parties agreed to promptly dismiss all claims in the Florida Litigation. Pursuant to the Alico Settlement Agreement, Mr. Trafelet agreed to voluntarily resign as President and Chief Executive Officer and as a member of the Board of Directors, effective upon the execution of the Alico Settlement Agreement. As contemplated by the Alico Settlement Agreement, on February 11, 2019, the Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Trafelet and 3584 Inc., an entity controlled by Mr. Trafelet (the “Consultant”). Pursuant to the Consulting Agreement, Mr. Trafelet agreed to make himself available to provide consulting services to the Company through the Consultant for up to 24 months. In exchange for the consulting services, the Consultant is receiving an annual consulting fee of $400,000 . If the Company terminates the consulting period (other than in certain specified circumstances), the Company will continue to pay the consulting fees described in the immediately preceding sentence through the balance of the 24 -month term. As such, the Company recorded the $800,000 as an expense for the fiscal year ended September 30, 2019. In addition, on February 11, 2019, as contemplated by the Alico Settlement Agreement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Mr. Trafelet, relating to the shares of the Company’s common stock directly held by the Trafelet Parties as of February 11, 2019 (the “Registrable Securities”). The Registration Rights Agreement required the Company to, among other things and subject to the terms and conditions thereof, use reasonable best efforts to file with the SEC a registration statement on Form S-3 covering the resale of the Registrable Securities. On October 10, 2019, Mr. Trafelet executed a waiver whereby he waived the S-3 Registration Rights but maintained all other rights arising under the Registration Rights Agreement and all rights arising under Section 14 of the Alico Settlement Agreement. Delaware Litigation On November 20, 2018, members of 734 Investors filed a lawsuit against 734 Agriculture and Mr. Trafelet, who was at the time 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 sought, 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 November 19, 2018 resolution by written consent to remove 734 Agriculture as managing member of 734 Investors, and to designate Arlon Valencia Holdings, LLC as the new managing member of 734 Investors (the “734 Consent”), and (2) the Purported Consent was 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 provided, among other things, that 734 Agriculture was to serve as the managing member of 734 Investors during the pendency of the Delaware Litigation. The status quo order also provided that 734 Agriculture would not be permitted to 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. On February 11, 2019, Mr. Trafelet, 734 Agriculture, 734 Investors, and certain members of 734 Investors entered into a settlement agreement (the “734 Investors Settlement Agreement”) wherein the parties agreed to promptly dismiss all claims in the Delaware Litigation. Pursuant to the 734 Investors Settlement Agreement, 734 Agriculture resigned as Managing Member of 734 Investors and Arlon Valencia Holdings, LLC was confirmed as Managing Member of 734 Investors. 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 or of which any of its property is subject that it believes will have a material adverse effect on its financial position, results of operations or cash flows. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On December 5, 2019, the Board of Directors of the Company declared a first quarter of fiscal year 2020 cash dividend of $0.09 per share on its outstanding common stock to be paid to shareholders of record as of December 27, 2019, with payment expected on January 10, 2020. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019, and 2018 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, 2018 2017 2019 2018 2019 2018 2019 2018 Total operating revenues $ 14,779 $ 17,533 $ 48,521 $ 35,600 $ 57,565 $ 26,517 $ 1,386 $ 1,631 Total operating expenses 11,597 16,951 32,207 27,767 31,561 14,603 (13,474 ) (3,633 ) Gross profit 3,182 582 16,314 7,833 26,004 11,914 14,860 5,264 General and administrative expenses 3,450 3,886 4,654 3,073 2,682 2,955 4,360 5,144 Other (expense) income, net (2,864 ) (375 ) (1,972 ) (2,140 ) (1,623 ) 5,074 11,478 96 Income (loss) before income taxes (3,132 ) (3,679 ) 9,688 2,620 21,699 14,033 21,978 216 Income tax (benefit) expense (629 ) (12,417 ) 2,228 8,150 5,483 4,941 5,701 (284 ) Net (loss) income (2,503 ) 8,738 7,460 (5,530 ) 16,216 9,092 16,277 500 Net loss attributable to noncontrolling interests 36 8 87 16 28 8 232 218 Net income (loss) attributable to Alico Inc. common stockholders $ (2,467 ) $ 8,746 $ 7,547 $ (5,514 ) $ 16,244 $ 9,100 $ 16,509 $ 718 Earnings per share: Basic $ (0.33 ) $ 1.06 $ 1.01 $ (0.67 ) $ 2.17 $ 1.11 $ 2.21 $ 0.09 Diluted $ (0.33 ) $ 1.05 $ 1.01 $ (0.67 ) $ 2.17 $ 1.09 $ 2.21 $ 0.09 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. Total operating expenses for the fiscal quarter ended September 30, 2019 includes insurance proceeds received of approximately $486,000 in additional property and casualty claims reimbursement relating to Hurricane Irma and block grants of approximately $15,597,000 under the Florida Citrus Recovery Block Grant (“CRBG”) program relating to Hurricane Irma. General and administrative expenses for the fiscal quarter ended September 30, 2019 include pension expense of $935,000 relating to termination of employee benefit plan (see Note 14. “Employee Benefit Plans” for further detail). Other income for the fiscal quarter ended September 30, 2019 includes a gain on sale of assets of approximately $13,166,000 (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 (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [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 U.S. 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: (i) Alico Citrus and (ii) Water Resources and Other Operations . |
Principles of Consolidation and Noncontrolling Interest in Consolidated Subsidiary | Principles of Consolidation The Financial Statements include the accounts of Alico 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 (“Citree”). 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. Noncontrolling Interest in Consolidated Subsidiary The Financial Statements include all assets and liabilities of the less-than- 100% |
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. 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. |
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 U.S. GAAP. The accounting applied by a lessor is largely unchanged from that applied under previous U.S. GAAP. The Company anticipates recording a Right of Use Asset (“ROU”) and related liability of approximately $511,000 upon the adoption of the new standard on October 1, 2019. Additionally, the Company will record an impairment to the ROU for approximately $87,000 . Topic 842 becomes effective for Alico beginning October 1, 2019. 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 the 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. The Company does not expect the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements and will adopt the standard effective October 1, 2020. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements” ( “ ASU 2018-13 ” ), which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. ASU 2018-13 is effective for annual and interim periods in the fiscal years beginning after December 15, 2019. Early adoption is permitted. Retrospective adoption is required, except for certain disclosures, which will be required to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The Company does not expect the adoption of ASU 2018-13 will have a material impact on its consolidated financial statements and will adopt the standard effective October 1, 2020. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Leases (Topic 842). The standard is effective for us on October 1, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2018-19 to have a material impact on the unaudited consolidated financial statements of the Company. Information regarding the adoption of ASU 2016-02 is described above. 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. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” , and 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 (see Note 2. “Revenue Recognition”). In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets” (ASC 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also provides guidance on how gains and losses on transfers of nonfinancial assets and in substance nonfinancial assets to non-customers are recognized. The standard also clarifies the derecognition of businesses is under the scope of ASC 810. The standard was required to be adopted concurrently with ASC 606, however an entity did not have to apply the same transition method as ASC 606. The Company adopted ASC 610-20 (“ASC 610-20”) effective October 1, 2018, the first day of our 2019 fiscal year, using the modified retrospective method. The implementation of ASC 610-20 resulted in an adjustment to increase the opening balance of retained earnings by $10,897,000 , net of taxes, as of October 1, 2018 (see Note 8. “Deferred Gain on Sale”). 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 was effective for fiscal years beginning after December 15, 2017, and interim periods within those years and thus was 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 adopted ASU 360-20 effective October 1, 2018. The new guidance did not have a material impact 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus was effective for the Company for our fiscal year beginning October 1, 2018. The Company adopted ASU 2017-09 effective October 1, 2018. The new guidance did not 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 Company adopted ASU 2016-18 effective September 30, 2018 and has properly presented restricted cash within the statement of cash flows. 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 October 1, 2017. In August 2016, the FASB issued ASU 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, 2019 with early adoption permitted. The Company adopted ASU 2016-15 effective September 30, 2019 and the impact under this ASU is that the Company reported certain proceeds from insurance claims relating to property and equipment in the statement of cash flows as investing activities in the Consolidated Statement of Cash Flows. |
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. |
Seasonality | 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 Alico's fiscal year produce the majority of the Company's annual revenue. Working capital requirements are typically greater in the first and fourth quarters of the fiscal year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, leasing revenue and other water and resource revenues. The majority of the revenue is generated from the sale of citrus fruit to processing facilities and fresh fruit sales. The Company recognizes revenue at the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and the Company has a right to payment. The Company has identified one performance obligation as the delivery of fruit to the processing facility (or harvesting of the citrus in the case of fresh fruit) of the customer for each separate variety of fruit identified in the contract. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. 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 at the close of the harvesting season can result in either an increase or decrease to reported revenues. During the periods presented, no material adjustments were made to the reported citrus revenues. Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are collected or paid thirty to sixty days after final market pricing is published. Receivables under contracts, whereby pricing is based off a cost-plus structure methodology, are paid at the final prior year rate. Any adjustments to pricing as a result of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of September 30, 2019 , and 2018, the Company had total receivables relating to sales of citrus of $160,000 and $1,912,000 , respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets. Disaggregated Revenue Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2019 , 2018 and 2017 are as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Alico Citrus Early and Mid-Season $ 39,574 $ 24,309 $ 45,999 Valencias 73,480 48,865 67,146 Fresh Fruit 3,629 2,054 5,735 Other 2,348 2,893 4,561 Total $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations Land and other leasing $ 2,787 $ 2,595 $ 2,294 Sale of calves and culls — 57 3,732 Other 433 508 362 Total $ 3,220 $ 3,160 $ 6,388 Total Revenues $ 122,251 $ 81,281 $ 129,829 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 |
Cash and Cash Equivalents | 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, 2019, 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 Restricted cash is comprised of cash received from the sale of certain assets in which the use of funds is restricted. For certain sales 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 acceptable to the debt holder or to pay down existing debt obligations. During fiscal year ended September 30, 2019, the Company utilized restricted cash of $1,800,000 towards the purchase of citrus groves. Such purchases are included as part of the collateral under certain debt obligations. If the remaining restricted cash is not used as of September 30, 2020, 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, 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 bad debt expense is included in general and administrative expenses in the Consolidated Statements of Operations. |
Concentrations | Concentrations Accounts receivable from the Company’s major customer as of September 30, 2019 and 2018 and revenue from such customers for the fiscal years ended September 30, 2019, 2018 and 2017, are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2019 2018 2019 2018 2017 2019 2018 2017 Tropicana $ — $ 1,797 $ 108,318 $ 70,396 $ 111,197 88.6 % 86.6 % 85.6 % 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, irrigation and depreciation, 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. |
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 4 years . After 4 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. 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 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
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. |
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 deposits on the purchase of citrus trees. 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 years ended September 30, 2019, 2018 and 2017, the Company recorded valuation allowances of $0 , $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. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of disaggregation of revenue | Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2019 , 2018 and 2017 are as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Alico Citrus Early and Mid-Season $ 39,574 $ 24,309 $ 45,999 Valencias 73,480 48,865 67,146 Fresh Fruit 3,629 2,054 5,735 Other 2,348 2,893 4,561 Total $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations Land and other leasing $ 2,787 $ 2,595 $ 2,294 Sale of calves and culls — 57 3,732 Other 433 508 362 Total $ 3,220 $ 3,160 $ 6,388 Total Revenues $ 122,251 $ 81,281 $ 129,829 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenue | Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2019 , 2018 and 2017 are as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Alico Citrus Early and Mid-Season $ 39,574 $ 24,309 $ 45,999 Valencias 73,480 48,865 67,146 Fresh Fruit 3,629 2,054 5,735 Other 2,348 2,893 4,561 Total $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations Land and other leasing $ 2,787 $ 2,595 $ 2,294 Sale of calves and culls — 57 3,732 Other 433 508 362 Total $ 3,220 $ 3,160 $ 6,388 Total Revenues $ 122,251 $ 81,281 $ 129,829 |
Schedule of accounts receivable, net | The following table presents accounts receivable, net as of September 30, 2019 and 2018: (in thousands) September 30, 2019 2018 Accounts receivable $ 746 $ 2,577 Allowance for doubtful accounts (33 ) (33 ) Accounts receivable, net $ 713 $ 2,544 |
Schedule of revenues and accounts receivable from major customers | Accounts receivable from the Company’s major customer as of September 30, 2019 and 2018 and revenue from such customers for the fiscal years ended September 30, 2019, 2018 and 2017, are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2019 2018 2019 2018 2017 2019 2018 2017 Tropicana $ — $ 1,797 $ 108,318 $ 70,396 $ 111,197 88.6 % 86.6 % 85.6 % |
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, 2019, 2018 and 2017: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Weighted Average Common Shares Outstanding - Basic 7,472 8,232 8,300 Effect of dilutive securities - stock options and unrestricted stock 21 69 — Weighted Average Common Shares Outstanding - Diluted 7,493 8,301 8,300 |
Schedule of stock-based compensation expense | Total stock-based compensation expense for the three years ended September 30, 2019 in general and administrative expense was as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Stock compensation expense: Executives $ 778 $ 1,754 $ 880 Executive forfeitures (823 ) — — Board of Directors 869 859 773 Total stock compensation expense $ 824 $ 2,613 $ 1,653 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following at September 30, 2019 and 2018 : (in thousands) September 30, 2019 2018 Unharvested fruit crop on the trees $ 39,276 $ 39,888 Other 867 1,145 Total inventories $ 40,143 $ 41,033 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of assets held for sale | In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale as of September 30, 2019 and September 30, 2018 : (in thousands) Carrying Value Fiscal Year Ended September 30, 2019 2018 East Ranch $ 1,442 $ 759 Trailers — 456 Frostproof Parcels — 176 Total Assets Held For Sale $ 1,442 $ 1,391 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | Property and equipment, net consists of the following at September 30, 2019 and September 30, 2018 : (in thousands) September 30, 2019 2018 Citrus trees $ 281,149 $ 264,714 Equipment and other facilities 54,622 53,544 Buildings and improvements 8,224 8,052 Total depreciable properties 343,995 326,310 Less: accumulated depreciation and depletion (104,169 ) (91,858 ) Net depreciable properties 239,826 234,452 Land and land improvements 105,822 105,951 Property and equipment, net $ 345,648 $ 340,403 |
Long-Term Debt and Lines of C_2
Long-Term Debt and Lines of Credit (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and September 30, 2018 : September 30, 2019 September 30, 2018 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 89,688 $ 724 $ 95,938 $ 836 Met Variable-Rate Term Loans 43,844 334 46,719 385 Met Citree Term Loan 4,750 40 4,925 44 Pru Loans A & B 16,257 224 17,417 241 Pru Loan E 4,455 9 4,675 17 Pru Loan F 4,455 38 4,675 40 163,449 1,369 174,349 1,563 Less current portion 5,338 — 5,275 — Long-term debt $ 158,111 $ 1,369 $ 169,074 $ 1,563 |
Schedule of lines of credit | The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at September 30, 2019 and September 30, 2018 : September 30, 2019 September 30, 2018 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Lines of Credit: RLOC $ — $ 8 $ — $ 58 WCLC — — 2,685 78 Lines of Credit $ — $ 8 $ 2,685 $ 136 |
Schedule of future maturities of debt and lines of credit | Future maturities of long-term debt as of September 30, 2019 are as follows: (in thousands) Due within one year $ 5,338 Due between one and two years 14,990 Due between two and three years 10,755 Due between three and four years 10,755 Due between four and five years 10,755 Due beyond five years 110,856 Total future maturities $ 163,449 |
Schedule of interest costs expensed and capitalized | Interest costs expensed and capitalized were as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Interest expense $ 7,180 $ 8,561 $ 9,141 Interest capitalized 1,019 933 294 Total $ 8,199 $ 9,494 $ 9,435 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consist of the following at September 30, 2019 and September 30, 2018 : (in thousands) September 30, 2019 2018 Ad valorem taxes $ 2,117 $ 2,196 Accrued interest 1,110 1,191 Accrued employee wages and benefits 2,525 3,115 Inventory received but not invoiced — 726 Accrued dividends 448 492 Accrued contractual obligation associated with sale of real estate 402 — Consulting and separation charges 400 — Accrued insurance 544 223 Accrued tender offer consulting charges — 274 Other accrued liabilities 223 664 Total accrued liabilities $ 7,769 $ 8,881 |
Deferred Gain on Sale (Tables)
Deferred Gain on Sale (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of deferred gain on sale | Deferred gain on sale consists of the following at September 30, 2019 and September 30, 2018: (in thousands) September 30, 2019 2018 Deferred gain on sale $ — $ 26,167 Annual guarantee payment, net — (1,239 ) Total deferred gain on sale $ — $ 24,928 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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 |
Common Stock and Options (Table
Common Stock and Options (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of status of nonvested shares and stock option activity | The following table represents a summary of the Company’s stock option activity: Weighted Average Weighted Remaining Aggregate Number of Average Exercise Contractual Term Intrinsic Options Price (years) Value 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 — — — — Balance - September 30, 2018 675,000 30.02 2.22 — Granted during fiscal year 2019 10,000 33.34 2.25 — Forfeitures/expired in fiscal year 2019 (457,500 ) 29.37 1.78 — Exercised during fiscal year 2019 — — — — Balance - September 30, 2019 227,500 $ 31.46 1.22 — The following table represents a summary of the status of the Company’s nonvested shares: Nonvested Shares Shares Weighted-Average Grant Date Fair Value 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 Granted during fiscal year 2019 — — Vested during fiscal year 2019 (1,667 ) 31.95 Forfeited during fiscal year 2019 — — Nonvested Shares at September 30, 2019 5,666 $ 44.26 |
Schedule of stock options using valuation assumptions | 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 timeframes for the various market conditions being met. 2019 Modified Option Grant Expected Volatility 25.0 % Expected Term (in years) 1.50 Risk Free Rate 2.52 % The weighted-average grant-date fair value of the 2019 Modified Option Grant was $1.40 . 2019 Option Grants Expected Volatility 30.0 % Expected Term (in years) 4.09 Risk Free Rate 2.95 % 2018 Option Grants Expected Volatility 30.0 % Expected Term (in years) 3.32 Risk Free Rate 2.80 % 2016 Option Grants Expected Volatility 32.2 % Expected Term (in years) 2.6 - 4.0 Risk Free Rate 2.45 % |
Treasury Stock Treasury Stock (
Treasury Stock Treasury Stock (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019, 2018 and 2017: (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,: 2019 752,234 $ 34.00 1,474,640 $ 25,576 2018 72,266 $ 30.65 722,406 $ 2,215 2017 104,145 $ 29.42 650,140 $ 3,064 |
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, 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 Purchased 752,234 25,576 Issued to Employees and Directors (28,790 ) (1,169 ) Balance at September 30, 2019 939,632 $ 31,943 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income tax | The income tax provision (benefit) for the years ended September 30, 2019, 2018 and 2017 consists of the following: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Current: Federal income tax $ 7,314 $ 1,961 $ 102 State income tax 2,202 384 — Total current 9,516 2,345 102 Deferred: Federal income tax 2,995 (3,917 ) (3,286 ) State income tax 272 1,962 (662 ) Total deferred 3,267 (1,955 ) (3,948 ) Income tax provision (benefit) $ 12,783 $ 390 $ (3,846 ) |
Schedule of income tax provision attributable to income from continuing operations | Income tax provision (benefit) attributable to income (loss) before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% , 24.53% and 35% to income (loss) before income taxes for the fiscal years ended September 30, 2019, September 30, 2018 and September 30, 2017, respectively, as a result of the following: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Income tax (benefit) at the statutory federal rate $ 10,587 $ 3,198 $ (4,670 ) Increase (decrease) resulting from: State income taxes, net of federal benefit 1,947 857 (402 ) Permanent and other reconciling items, net 166 221 548 Expiration of capital loss carryforward — 5,634 581 Reduction in deferred tax liability resulting from the Act — (9,847 ) — Stock option cancellation — 347 — Other 83 (20 ) 97 Income taxes provision (benefit) $ 12,783 $ 390 $ (3,846 ) |
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, 2019, and 2018 are presented below: (in thousands) September 30, 2019 2018 Deferred tax assets: Deferred retirement benefits $ 1,325 $ 1,114 Investment in Citree — 89 Deferred gain recognition — 6,318 Goodwill 18,244 20,095 Inventories 930 711 Stock compensation 237 261 Accrued bonus — 612 Tax credits — 28 Intangibles 565 620 Other 168 190 Total deferred tax assets 21,469 30,038 Deferred tax liabilities: Revenue recognized from citrus and sugarcane — 162 Property and equipment 52,551 54,925 Investment in Citree 909 — Prepaid insurance 134 104 Total deferred tax liabilities 53,594 55,191 Net deferred income tax liabilities $ (32,125 ) $ (25,153 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of information by business segment | Information by operating segment is as follows: (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Revenues: Alico Citrus $ 119,031 $ 78,121 $ 123,441 Water Resources and Other Operations 3,220 3,160 6,388 Total revenues 122,251 81,281 129,829 Operating expenses: Alico Citrus 59,594 51,709 111,947 Water Resources and Other Operations 2,297 3,979 8,952 Total operating expenses 61,891 55,688 120,899 Gross profit (loss): Alico Citrus 59,437 26,412 11,494 Water Resources and Other Operations 923 (819 ) (2,564 ) Total gross profit 60,360 25,593 8,930 Capital expenditures: Alico Citrus 20,000 15,968 11,738 Water Resources and Other Operations — 304 646 Other Capital Expenditures — 80 969 Total capital expenditures 20,000 16,352 13,353 Depreciation, depletion and amortization: Alico Citrus 12,935 12,546 14,054 Water Resources and Other Operations 173 219 652 Other Depreciation, Depletion and Amortization 816 991 520 Total depreciation, depletion and amortization $ 13,924 $ 13,756 $ 15,226 (in thousands) September 30, 2019 2018 Assets: Alico Citrus $ 401,212 $ 405,752 Water Resources and Other Operations 15,332 15,904 Other Corporate Assets 844 1,766 Total Assets $ 417,388 $ 423,422 |
Employee Benefits Plans (Tables
Employee Benefits Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of MSP 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, 2019 2018 2017 Service cost $ — $ — $ 200 Interest cost 171 293 140 MSP termination adjustments 985 — — Recognized actuarial gain (loss) adjustment 13 16 (78 ) Total $ 1,169 $ 309 $ 262 |
Summary of rollforward of MSP benefit obligation | The following provides a roll-forward of the MSP benefit obligation: (in thousands) September 30, 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 4,397 $ 4,438 Interest cost 171 293 Benefits paid (340 ) (350 ) MSP termination adjustments 985 — Recognized actuarial gain adjustment 13 16 Benefit obligation at end of year $ 5,226 $ 4,397 Funded status at end of year $ (5,226 ) $ (4,397 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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) 2020 $ 191 2021 169 2022 175 2023 15 Total $ 550 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Summarized quarterly financial data for the fiscal years ended September 30, 2019, and 2018 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, 2018 2017 2019 2018 2019 2018 2019 2018 Total operating revenues $ 14,779 $ 17,533 $ 48,521 $ 35,600 $ 57,565 $ 26,517 $ 1,386 $ 1,631 Total operating expenses 11,597 16,951 32,207 27,767 31,561 14,603 (13,474 ) (3,633 ) Gross profit 3,182 582 16,314 7,833 26,004 11,914 14,860 5,264 General and administrative expenses 3,450 3,886 4,654 3,073 2,682 2,955 4,360 5,144 Other (expense) income, net (2,864 ) (375 ) (1,972 ) (2,140 ) (1,623 ) 5,074 11,478 96 Income (loss) before income taxes (3,132 ) (3,679 ) 9,688 2,620 21,699 14,033 21,978 216 Income tax (benefit) expense (629 ) (12,417 ) 2,228 8,150 5,483 4,941 5,701 (284 ) Net (loss) income (2,503 ) 8,738 7,460 (5,530 ) 16,216 9,092 16,277 500 Net loss attributable to noncontrolling interests 36 8 87 16 28 8 232 218 Net income (loss) attributable to Alico Inc. common stockholders $ (2,467 ) $ 8,746 $ 7,547 $ (5,514 ) $ 16,244 $ 9,100 $ 16,509 $ 718 Earnings per share: Basic $ (0.33 ) $ 1.06 $ 1.01 $ (0.67 ) $ 2.17 $ 1.11 $ 2.21 $ 0.09 Diluted $ (0.33 ) $ 1.05 $ 1.01 $ (0.67 ) $ 2.17 $ 1.09 $ 2.21 $ 0.09 |
Description of Business and B_4
Description of Business and Basis of Presentation (Details) a in Thousands | Oct. 01, 2019USD ($) | Oct. 01, 2018USD ($) | Sep. 30, 2019USD ($)aclassification | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($)aclassificationsegment | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of business segments | segment | 2 | ||||||||||||
Net loss attributable to subsidiary | $ (232,000) | $ (28,000) | $ (87,000) | $ (36,000) | $ (218,000) | $ (8,000) | $ (16,000) | $ (8,000) | $ (383,000) | $ (250,000) | $ (45,000) | ||
Net income (loss) attributable to Alico Inc. common stockholders | $ 16,509,000 | $ 16,244,000 | $ 7,547,000 | $ (2,467,000) | $ 718,000 | $ 9,100,000 | $ (5,514,000) | $ 8,746,000 | 37,833,000 | 13,050,000 | (9,451,000) | ||
Citree | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Net loss attributable to subsidiary | 781,783 | 511,854 | 91,432 | ||||||||||
Net income (loss) attributable to Alico Inc. common stockholders | $ 398,709 | $ 261,046 | $ 46,630 | ||||||||||
Land | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Area of land owned (in acres) | a | 111 | 111 | |||||||||||
Number of primary classifications | classification | 2 | 2 | |||||||||||
Mineral Rights | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Area of land owned (in acres) | a | 90 | 90 | |||||||||||
ASU 2016-02 | Forecast | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Right-of-use asset | $ 511,000 | ||||||||||||
Lease liability | 511,000 | ||||||||||||
Impairment to right of use asset | $ 87,000 | ||||||||||||
ASC 610-20 | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Net adjustment to retained earnings | $ 10,897,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Accounts receivable, net | $ 713 | $ 2,544 | |
Total Revenues | 122,251 | 81,281 | $ 129,829 |
Alico Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 119,031 | 78,121 | 123,441 |
Water Resources and Other Operations | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 3,220 | 3,160 | 6,388 |
Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Accounts receivable, net | 160 | 1,912 | |
Early and Mid-Season | Alico Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 39,574 | 24,309 | 45,999 |
Valencias | Alico Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 73,480 | 48,865 | 67,146 |
Fresh Fruit | Alico Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 3,629 | 2,054 | 5,735 |
Other | Alico Citrus | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 2,348 | 2,893 | 4,561 |
Other | Water Resources and Other Operations | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 433 | 508 | 362 |
Land and other leasing | Water Resources and Other Operations | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 2,787 | 2,595 | 2,294 |
Sale of calves and culls | Water Resources and Other Operations | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | $ 0 | $ 57 | $ 3,732 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted cash towards the purchase of citrus groves | $ 1,800 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 746 | $ 2,577 |
Allowance for doubtful accounts | (33) | (33) |
Accounts receivable, net | $ 713 | $ 2,544 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Concentrations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | $ 713 | $ 2,544 | $ 713 | $ 2,544 | |||||||
Revenue | 1,386 | $ 57,565 | $ 48,521 | $ 14,779 | 1,631 | $ 26,517 | $ 35,600 | $ 17,533 | |||
Tropicana | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | $ 0 | $ 1,797 | 0 | 1,797 | |||||||
Revenue | $ 108,318 | $ 70,396 | $ 111,197 | ||||||||
Tropicana | Total Revenue | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
% of Total Revenue | 88.60% | 86.60% | 85.60% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Real Estate (Details) | 12 Months Ended |
Sep. 30, 2019 | |
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 Accoun_9
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Sep. 30, 2019 | |
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_10
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Accounting Policies [Abstract] | |||
Valuation allowance relating to unutilized capital loss | $ 0 | $ 5,634 | $ 581 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | |||
Weighted Average Common Shares Outstanding - Basic | 7,472,000 | 8,232,000 | 8,300,000 |
Effect of dilutive securities - stock options and unrestricted stock | 21,000 | 69,000 | 0 |
Weighted Average Common Shares Outstanding - Diluted | 7,493,000 | 8,301,000 | 8,300,000 |
Employee stock options granted (in shares) | 10,000 | 300,000 | 750,000 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 824 | $ 2,613 | $ 1,653 |
Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | 778 | 1,754 | 880 |
Executive forfeitures | (823) | 0 | 0 |
Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 869 | $ 859 | $ 773 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Unharvested fruit crop on the trees | $ 39,276 | $ 39,888 |
Other | 867 | 1,145 |
Total inventories | $ 40,143 | $ 41,033 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) | Nov. 18, 2019 | Nov. 07, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Inventory [Line Items] | ||||||
Inventory casualty loss | $ 0 | $ 0 | $ 13,489,000 | |||
Proceeds received from insurance relating to property and casualty damage claims | $ 486,000 | 486,000 | ||||
Proceeds from federal relief grants | $ 15,597,000 | 15,597,000 | ||||
Subsequent Event | ||||||
Inventory [Line Items] | ||||||
Proceeds from federal relief grants | $ 3,973,000 | $ 163,800 | ||||
Property and Casualty Claims | ||||||
Inventory [Line Items] | ||||||
Inventory casualty loss | 13,489,000 | |||||
Insurance proceeds received | 477,000 | |||||
Crop Claims | ||||||
Inventory [Line Items] | ||||||
Insurance proceeds received | 8,952,000 | |||||
Year-End Adjustment | ||||||
Inventory [Line Items] | ||||||
Inventory casualty loss | $ 808,000 | $ 1,115,000 |
Assets Held for Sale - Componen
Assets Held for Sale - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 1,442 | $ 1,391 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 1,442 | 1,391 |
Discontinued Operations, Held-for-sale | East Ranch | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 1,442 | 759 |
Discontinued Operations, Held-for-sale | Trailers | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 0 | 456 |
Discontinued Operations, Held-for-sale | Frostproof Parcels | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 0 | $ 176 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) - USD ($) | Oct. 30, 2018 | Sep. 28, 2018 | May 02, 2018 | Feb. 12, 2018 | Feb. 09, 2018 | Jan. 25, 2018 | Jan. 19, 2018 | Oct. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 |
Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 47,000 | |||||||||
Discontinued Operations, Disposed of by Sale | Frostproof Parcels | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 206,000,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 12,000,000 | |||||||||
Discontinued Operations, Disposed of by Sale | Gal Hog | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 7,300,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 6,709,000 | |||||||||
Discontinued Operations, Held-for-sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment loss | $ 152,000 | $ 150,000 | ||||||||
Chancey Bay | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 4,200,000 | |||||||||
Gain (loss) on disposal of discontinued operation | (51,000) | |||||||||
Disposal group, rent expense | $ 200,000 | |||||||||
Nursery - Gainsville | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 6,500,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 111,000 | |||||||||
Herd | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 7,800,000 | |||||||||
Gain (loss) on disposal of discontinued operation | 1,759,000 | |||||||||
Disposal group, rent expense | 100,000 | |||||||||
East Ranch | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 1,920,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 1,759,000 | |||||||||
Disposal group, rent expense | $ 98,750 | |||||||||
Trailers | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 500,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 125,000 | |||||||||
Disposal group stated percentage | 5.00% | |||||||||
Period remaining for amount to be paid | 3 years | |||||||||
Fort Myers Property, Florida | Discontinued Operations, Disposed of by Sale | Office Building | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for discontinued operation | $ 5,300,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 1,751,000 | |||||||||
Period of portion of lease back of office space | 5 years |
Property and Equipment, Net - C
Property and Equipment, Net - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 345,648 | $ 340,403 |
Depreciable properties | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 343,995 | 326,310 |
Less: accumulated depreciation and depletion | (104,169) | (91,858) |
Property and equipment, net | 239,826 | 234,452 |
Citrus trees | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 281,149 | 264,714 |
Equipment and other facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 54,622 | 53,544 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,224 | 8,052 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 105,822 | $ 105,951 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) | Sep. 27, 2019USD ($)a | Sep. 26, 2019USD ($) | Sep. 28, 2018USD ($) | Mar. 30, 2018USD ($) | Mar. 15, 2018USD ($) | Feb. 02, 2017USD ($)a | Nov. 21, 2014USD ($)a | Sep. 30, 2019USD ($)aproperty | Sep. 30, 2019USD ($)aproperty | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 11, 2019USD ($) | Sep. 29, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain on sale of investment in real estate | $ 13,166,000 | $ 11,041,000 | $ 2,181,000 | ||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 47,000 | 47,000 | |||||||||||
Impairment | $ 244,000 | 2,084,000 | |||||||||||
Citrus Blocks | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Acres of land purchased | a | 203 | 203 | |||||||||||
Gain on sale of investment in real estate | $ 100,000 | $ 1,950,000 | |||||||||||
Amount of collateral and release substituted | $ 1,800,000 | $ 1,800,000 | |||||||||||
Number of additional purchases | property | 2 | 2 | |||||||||||
West Ranch | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Acres of land sold | a | 5,500 | ||||||||||||
Consideration for discontinued operation | $ 14,775,000 | ||||||||||||
Gain (loss) on disposal of discontinued operation | 13,033,000 | ||||||||||||
Lease rate | $ 80,000 | $ 98,750 | |||||||||||
Island Pond | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 7,900,000 | ||||||||||||
Impairment | 1,032,000 | ||||||||||||
Island Pond | Discontinued Operations, Disposed of by Sale | Restricted Cash | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 7,000,000 | ||||||||||||
East Ranch | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 1,920,000 | ||||||||||||
Gain (loss) on disposal of discontinued operation | $ 1,759,000 | ||||||||||||
Winterhaven | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 225,000 | ||||||||||||
Gain (loss) on disposal of discontinued operation | $ (50,000) | ||||||||||||
Ranch One Grove | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Consideration for discontinued operation | $ 586,000 | ||||||||||||
Gain (loss) on disposal of discontinued operation | $ (87,000) | ||||||||||||
Hendry County Florida | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on disposal of discontinued operation | $ (6,518,000) | ||||||||||||
Hendry County Florida | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain on sale of investment in real estate | $ 1,371,000 | $ 13,613,000 | |||||||||||
Acres of land sold | a | 49 | 36,000 | |||||||||||
Consideration for discontinued operation | $ 2,200,000 | $ 97,900,000 | |||||||||||
Citrus Trees | Discontinued Operations, Disposed of by Sale | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment | $ 1,052,000 |
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 ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Debt Instrument [Line Items] | ||
Total future maturities | $ 163,449 | $ 174,349 |
Deferred Financing Costs, Net | 1,369 | 1,563 |
Less current portion | 5,338 | 5,275 |
Long-term debt | 158,111 | 169,074 |
Met Fixed-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Total future maturities | 89,688 | 95,938 |
Deferred Financing Costs, Net | 724 | 836 |
Met Variable-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Total future maturities | 43,844 | 46,719 |
Deferred Financing Costs, Net | 334 | 385 |
Met Citree Term Loan | ||
Debt Instrument [Line Items] | ||
Total future maturities | 4,750 | 4,925 |
Deferred Financing Costs, Net | 40 | 44 |
Pru Loans A & B | ||
Debt Instrument [Line Items] | ||
Total future maturities | 16,257 | 17,417 |
Deferred Financing Costs, Net | 224 | 241 |
Pru Loan E | ||
Debt Instrument [Line Items] | ||
Total future maturities | 4,455 | 4,675 |
Deferred Financing Costs, Net | 9 | 17 |
Pru Loan F | ||
Debt Instrument [Line Items] | ||
Total future maturities | 4,455 | 4,675 |
Deferred Financing Costs, Net | $ 38 | $ 40 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 1,369 | $ 1,563 | |
RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | 1,066 | 1,357 | $ 339 |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Principal | 0 | 2,685 | |
Deferred Financing Costs, Net | 8 | 136 | |
Line of Credit | RLOC | |||
Line of Credit Facility [Line Items] | |||
Principal | 0 | 0 | |
Deferred Financing Costs, Net | 8 | 58 | |
Line of Credit | WCLC | |||
Line of Credit Facility [Line Items] | |||
Principal | 0 | 2,685 | |
Deferred Financing Costs, Net | $ 0 | $ 78 |
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, 2019USD ($) |
Debt Disclosure [Abstract] | |
Due within one year | $ 5,338 |
Due between one and two years | 14,990 |
Due between two and three years | 10,755 |
Due between three and four years | 10,755 |
Due between four and five years | 10,755 |
Due beyond five years | 110,856 |
Total future maturities | $ 163,449 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 7,180 | $ 8,561 | $ 9,141 |
Interest capitalized | 1,019 | 933 | 294 |
Total | $ 8,199 | $ 9,494 | $ 9,435 |
Long-Term Debt and Lines of C_7
Long-Term Debt and Lines of Credit - Narrative (Details) | Sep. 04, 2014USD ($)aloan | Nov. 30, 2019USD ($) | Sep. 30, 2019USD ($)aloan | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Feb. 15, 2015USD ($) | Sep. 30, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Interest rate term loans | $ 163,449,000 | $ 174,349,000 | |||||
Debt issuance cost, net | $ 1,369,000 | 1,563,000 | |||||
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 | $ 163,522,000 | ||||||
Minimum current ratio | 1.50 | ||||||
Debt to total assets ratio | 0.625 | ||||||
Limit on capital expenditures | $ 30,000,000 | ||||||
Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Area of property that served as collateral (in acres) | a | 1,500 | ||||||
Number of fixed rate term loans | loan | 2 | ||||||
Covenant ratio | 1 | ||||||
Silver Nip Citrus | Citrus Grove | |||||||
Debt Instrument [Line Items] | |||||||
Area of land owned (in acres) | a | 1,500 | ||||||
Met Fixed-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | $ 89,688,000 | 95,938,000 | |||||
Quarterly principal payments | $ 2,281,250 | ||||||
Fixed interest rate | 4.15% | ||||||
Prepayment amount of the fixed term loan (up to) | $ 8,750,000 | ||||||
Availability under line of credit | 5,625,000 | ||||||
Debt issuance cost, net | 724,000 | 836,000 | |||||
Met Fixed-Rate Term Loans | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | $ 4,455,000 | ||||||
Quarterly principal payments | $ 220,000 | ||||||
Met Fixed-Rate Term Loans | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | 27,550,000 | ||||||
Quarterly principal payments | $ 290,000 | ||||||
Fixed interest rate | 5.35% | ||||||
Prepayment amount of the fixed term loan (up to) | $ 5,000,000 | ||||||
Area of property that served as collateral (in acres) | a | 5,700 | ||||||
Number of fixed rate term loans | loan | 2 | ||||||
Amount of prepayment | $ 4,453,000 | $ 750,000 | |||||
Amount of prepayment in excess of total without penalty | $ 203,000 | ||||||
Premium payment of penalty | 22,000 | ||||||
Met Fixed-Rate Term Loans | Silver Nip Citrus | Prudential | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | $ 5,500,000 | ||||||
Quarterly principal payments | $ 55,000 | ||||||
Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | $ 43,844,000 | $ 46,719,000 | |||||
LIBOR spread subject to adjustment period | 2 years | ||||||
Variable interest rate | 3.91% | 3.99% | |||||
Debt issuance cost, net | $ 334,000 | $ 385,000 | |||||
Met Variable-Rate Term Loans | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.65% | ||||||
Fixed Rate Term Loan1 | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 3.85% | ||||||
Fixed Rate Term Loan 2 | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 3.45% | ||||||
Silver Nip Citrus Debt | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost, net | $ 271,000 | 298,000 | |||||
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 | 5,800 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost, gross | $ 2,834,000 | ||||||
Debt issuance cost, net | $ 1,066,000 | $ 1,357,000 | $ 339,000 | ||||
Revolving Credit Facility | Met Fixed-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | 125,000,000 | ||||||
Revolving Credit Facility | Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate term loans | 57,500,000 | ||||||
RLOC | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | 25,000,000 | ||||||
Availability under line of credit | $ 25,000,000 | ||||||
Annual commitment fee (as a percent) | 0.25% | ||||||
RLOC | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.65% | ||||||
WCLC | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 70,000,000 | ||||||
Variable interest rate | 3.85% | 3.85% | |||||
Availability under line of credit | $ 69,540,000 | $ 57,015,000 | |||||
Annual commitment fee (as a percent) | 0.20% | ||||||
WCLC | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 20,000,000 | ||||||
Availability under line of credit | 2,000,000 | ||||||
Outstanding balance | 0 | ||||||
Outstanding letters of credit | $ 460,000 | ||||||
WCLC | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Annual commitment fee (as a percent) | 0.20% | ||||||
WCLC | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Annual commitment fee (as a percent) | 0.30% | ||||||
WCLC | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | ||||||
WCLC | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | ||||||
WCLC | LIBOR | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 2.50% | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost, gross | $ 133,000 | 123,000 | |||||
Metlife Term Loan | Citree | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | 5,000,000 | ||||||
Outstanding balance | 4,750,000 | 4,925,000 | |||||
Debt issuance cost, net | $ 40,000 | $ 44,000 | |||||
Area of property that served as collateral (in acres) | a | 1,200 | ||||||
Interest rate | 5.28% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Payables and Accruals [Abstract] | ||
Ad valorem taxes | $ 2,117 | $ 2,196 |
Accrued interest | 1,110 | 1,191 |
Accrued employee wages and benefits | 2,525 | 3,115 |
Inventory received but not invoiced | 0 | 726 |
Accrued dividends | 448 | 492 |
Accrued contractual obligation associated with sale of real estate | 402 | 0 |
Consulting and separation charges | 400 | 0 |
Accrued insurance | 544 | 223 |
Accrued tender offer consulting charges | 0 | 274 |
Other accrued liabilities | 223 | 664 |
Total accrued liabilities | $ 7,769 | $ 8,881 |
Deferred Gain on Sale - Schedul
Deferred Gain on Sale - Schedule of Deferred Gain on Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Deferred gain on sale | $ 0 | $ 26,167 |
Annual guarantee payment, net | 0 | (1,239) |
Total deferred gain on sale | $ 0 | $ 24,928 |
Deferred Gain on Sale - Narrati
Deferred Gain on Sale - Narrative (Details) $ in Thousands | Oct. 01, 2018USD ($) | Feb. 02, 2017USD ($)a | Nov. 21, 2014USD ($)a | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 11, 2019USD ($) |
Business Acquisition [Line Items] | |||||||||
Deferred gain on sale | $ 0 | $ 24,928 | |||||||
Gain on sale of investment in real estate | 13,166 | 11,041 | $ 2,181 | ||||||
Change in fair value of derivatives | (989) | 0 | $ 0 | ||||||
Hendry County Florida | |||||||||
Business Acquisition [Line Items] | |||||||||
Post-closing adjustment period | 10 years | ||||||||
Aggregate amount of payments made due to post closing agreement | $ 6,518 | ||||||||
Amount to be deposited into escrow | $ 11,300 | ||||||||
Discontinued Operations, Disposed of by Sale | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration for discontinued operation | $ 47 | ||||||||
Discontinued Operations, Disposed of by Sale | Hendry County Florida | |||||||||
Business Acquisition [Line Items] | |||||||||
Acres of land | a | 49 | 36,000 | |||||||
Consideration for discontinued operation | $ 2,200 | $ 97,900 | |||||||
Post-closing adjustment period | 10 years | ||||||||
Realized gain on disposal | $ 42,753 | ||||||||
Deferred gain on sale | 29,140 | ||||||||
Gain on sale of investment in real estate | $ 1,371 | $ 13,613 | |||||||
ASC 610-20 | Discontinued Operations, Disposed of by Sale | |||||||||
Business Acquisition [Line Items] | |||||||||
Net adjustment to retained earnings | $ 10,897 | ||||||||
Derivative asset | 3,553 | ||||||||
Other current liabilities | $ 13,864 | ||||||||
Change in fair value of derivatives | $ (33) | $ (956) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale, fair value | $ 0 | |
Estimated discount rate | 4.08% | 4.08% |
Trailers | Fair Value, Inputs, Level 3 | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 606,000 | |
Trailers | Fair Value, Inputs, Level 3 | Adjustment to Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 150,000 | |
Trailers | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 456,000 |
Common Stock and Options - Narr
Common Stock and Options - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 25, 2018 | Sep. 07, 2018 | Sep. 05, 2018 | Dec. 31, 2016 | Nov. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 03, 2018 | May 31, 2017 | Mar. 31, 2017 | Feb. 17, 2017 | Sep. 30, 2015 | Sep. 30, 2013 |
Class of Stock [Line Items] | |||||||||||||||
Number of shares authorized to be repurchased (up to) | 7,000,000 | 2,000,000 | 5,000,000 | 50,000 | 170,000 | 105,000 | |||||||||
Total stock compensation expense | $ 824 | $ 2,613 | $ 1,653 | ||||||||||||
Granted (in shares) | 10,000 | 300,000 | 750,000 | ||||||||||||
Shares issued (in dollars per share) | $ 34 | ||||||||||||||
Common shares available | 227,500 | 675,000 | 750,000 | ||||||||||||
Restricted Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Award vesting period | 2 years 6 months | ||||||||||||||
Number of restricted shares awarded | 5,000 | 0 | 5,000 | 0 | |||||||||||
Weighted average fair value (in dollars per share) | $ 31.95 | $ 0 | $ 31.95 | $ 0 | |||||||||||
Total stock compensation expense | $ 104 | $ 137 | $ 264 | ||||||||||||
Unrecognized expense | $ 69 | $ 172 | |||||||||||||
Unrecognized compensation cost, expected recognition period | 9 months | ||||||||||||||
Number of shares vested | 1,667 | 3,001 | 4,933 | ||||||||||||
Aggregate value of shares vested | $ 53 | ||||||||||||||
Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Total stock compensation expense | 674 | $ 1,617 | $ 616 | ||||||||||||
Unrecognized expense | $ 502 | $ 2,174 | |||||||||||||
Unrecognized compensation cost, expected recognition period | 1 year 3 months 14 days | ||||||||||||||
2019 Option Grants | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued (in dollars per share) | $ 33.34 | ||||||||||||||
Number of awards vesting (in shares) | 0 | ||||||||||||||
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) | $ 34.02 | ||||||||||||||
2019 Option Grants | John Kiernan | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 10,000 | ||||||||||||||
2019 Option Grants | Tranche One | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of awards vesting (in shares) | 3,333 | ||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Amount per share (in dollars per share) | $ 40 | ||||||||||||||
2019 Option Grants | Tranche Two | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of awards vesting (in shares) | 3,333 | ||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Amount per share (in dollars per share) | $ 45 | ||||||||||||||
2019 Option Grants | Tranche Three | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of awards vesting (in shares) | 3,334 | ||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Amount per share (in dollars per share) | $ 50 | ||||||||||||||
2019 Option Grants | Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Grants in period, weighted average (in dollars per share) | 7.10 | ||||||||||||||
2019 Option Grants | Maximum | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share price (in dollars per share) | $ 40 | ||||||||||||||
2018 Option Grants | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Total stock compensation expense | $ (823) | ||||||||||||||
Shares issued (in dollars per share) | $ 33.60 | ||||||||||||||
Number of awards vesting (in shares) | 0 | ||||||||||||||
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) | $ 34.02 | ||||||||||||||
2018 Option Grants | John Kiernan | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 90,000 | ||||||||||||||
2018 Option Grants | Remy W. Trafelet | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 210,000 | ||||||||||||||
Award expiration period | 6 months | ||||||||||||||
2018 Option Grants | Tranche One | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 years | ||||||||||||||
Amount per share (in dollars per share) | $ 35 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2018 Option Grants | Tranche One | Remy W. Trafelet | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Amount per share (in dollars per share) | $ 35 | ||||||||||||||
Number of shares expected to vest | 26,250 | ||||||||||||||
2018 Option Grants | Tranche Two | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 years | ||||||||||||||
Amount per share (in dollars per share) | $ 40 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2018 Option Grants | Tranche Two | Remy W. Trafelet | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Amount per share (in dollars per share) | $ 40 | ||||||||||||||
Number of shares expected to vest | 26,250 | ||||||||||||||
2018 Option Grants | Tranche Three | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 years | ||||||||||||||
Amount per share (in dollars per share) | $ 45 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2018 Option Grants | Tranche Four | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Period of consecutive trading days | 20 years | ||||||||||||||
Amount per share (in dollars per share) | $ 50 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2018 Option Grants | Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Grants in period, weighted average (in dollars per share) | $ 7.40 | ||||||||||||||
2018 Option Grants | Maximum | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share price (in dollars per share) | $ 35 | ||||||||||||||
2016 Option Grants | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Unrecognized expense | $ 783 | ||||||||||||||
Shares issued (in dollars per share) | $ 27.15 | ||||||||||||||
Number of awards vesting (in shares) | 0 | ||||||||||||||
Period of consecutive trading days | 20 days | ||||||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | ||||||||||||||
Share price (in dollars per share) | $ 34.02 | ||||||||||||||
2016 Option Grants | Remy W. Trafelet | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 300,000 | ||||||||||||||
2016 Option Grants | Henry R. Slack | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 225,000 | ||||||||||||||
Shares forfeited | 187,500 | ||||||||||||||
2016 Option Grants | George R. Brokaw | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Granted (in shares) | 225,000 | ||||||||||||||
Shares forfeited | 187,500 | ||||||||||||||
2016 Option Grants | Tranche One | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Amount per share (in dollars per share) | $ 60 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2016 Option Grants | Tranche Two | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Amount per share (in dollars per share) | $ 75 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2016 Option Grants | Tranche Three | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Amount per share (in dollars per share) | $ 90 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2016 Option Grants | Tranche Four | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Amount per share (in dollars per share) | $ 105 | ||||||||||||||
Percentage of options | 25.00% | ||||||||||||||
2016 Option Grants | Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Grants in period, weighted average (in dollars per share) | $ 3.53 | ||||||||||||||
2016 Option Grants | Maximum | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share price (in dollars per share) | 60 | ||||||||||||||
2019 Modified Option Grants | Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Grants in period, weighted average (in dollars per share) | $ 1.40 | ||||||||||||||
2015 Option Grants | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares authorized to be repurchased (up to) | 1,250,000 | ||||||||||||||
2015 Option Grants | Options | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares available | 1,005,000 | ||||||||||||||
2015 Option Grants | Minimum | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Award vesting period | 1 year | ||||||||||||||
2015 Option Grants | Maximum | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Award vesting period | 6 years |
Common Stock and Options - Sche
Common Stock and Options - Schedule of Nonvested Shares (Details) - Restricted Stock - $ / shares | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Sep. 30, 2019 | 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) | 7,333 | 5,334 | 10,267 | ||
Granted (in shares) | 5,000 | 0 | 5,000 | 0 | |
Vested (in shares) | (1,667) | (3,001) | (4,933) | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Ending balance (in shares) | 5,666 | 7,333 | 5,334 | ||
Weighted-Average Grant Date Fair Value | |||||
Beginning balance (in dollars per share) | $ 44.26 | $ 41.46 | $ 49.39 | $ 49.49 | |
Granted (in dollars per share) | $ 31.95 | 0 | 31.95 | 0 | |
Vested (in dollars per share) | 31.95 | 39.70 | 49.58 | ||
Forfeited (in dollars per share) | 0 | 0 | 0 | ||
Ending balance (in dollars per share) | $ 44.26 | $ 41.46 | $ 49.39 |
Common Stock and Options Common
Common Stock and Options Common Stock and Options - Schedule of Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Options | |||
Beginning balance (in shares) | 675,000 | 750,000 | |
Granted (in shares) | 10,000 | 300,000 | 750,000 |
Forfeitures/expired (in shares) | (457,500) | (375,000) | |
Exercised (in shares) | 0 | 0 | |
Ending balance (in shares) | 227,500 | 675,000 | 750,000 |
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 30.02 | $ 27.15 | |
Granted (in dollars per share) | 33.34 | 33.60 | |
Forfeitures/expired (in dollars per share) | 29.37 | 27.15 | |
Exercised (in dollars per share) | 0 | 0 | |
Ending balance (in dollars per share) | $ 31.46 | $ 30.02 | $ 27.15 |
Weighted Average Remaining Contractual Term (years) | |||
Weighted average remaining contractual term | 1 year 2 months 19 days | 2 years 2 months 19 days | 2 years 6 months 29 days |
Granted | 2 years 3 months | 3 years 3 months | |
Forfeitures/expired | 1 year 9 months 10 days | 1 year 10 months 9 days | |
Aggregate Intrinsic Value | |||
Beginning balance | $ 0 | $ 0 | |
Granted | 0 | 0 | |
Forfeitures/expired | 0 | 0 | |
Exercised | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |
Common Stock and Options - Sc_2
Common Stock and Options - Schedule of Stock Options Using Valuation Assumptions (Details) - Options | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2016 | |
2019 Modified Option Grant | |||
Class of Stock [Line Items] | |||
Expected Volatility (as a percent) | 25.00% | ||
Expected Term (in years) | 1 year 6 months | ||
Risk Free Rate | 2.52% | ||
2019 Option Grants | |||
Class of Stock [Line Items] | |||
Expected Volatility (as a percent) | 30.00% | ||
Expected Term (in years) | 4 years 1 month 2 days | ||
Risk Free Rate | 2.95% | ||
2018 Option Grants | |||
Class of Stock [Line Items] | |||
Expected Volatility (as a percent) | 30.00% | ||
Expected Term (in years) | 3 years 3 months 25 days | ||
Risk Free Rate | 2.80% | ||
2016 Option Grants | |||
Class of Stock [Line Items] | |||
Expected Volatility (as a percent) | 32.20% | ||
Risk Free Rate | 2.45% | ||
2016 Option Grants | Minimum | |||
Class of Stock [Line Items] | |||
Expected Term (in years) | 2 years 7 months | ||
2016 Option Grants | Maximum | |||
Class of Stock [Line Items] | |||
Expected Term (in years) | 4 years |
Treasury Stock - Narrative (Det
Treasury Stock - Narrative (Details) - USD ($) | Oct. 03, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | Feb. 17, 2017 | Sep. 30, 2015 | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | |||||||||
Number of shares authorized to be repurchased (up to) | 7,000,000 | 2,000,000 | 5,000,000 | 50,000 | 170,000 | 105,000 | |||
Purchased (in shares) | 752,234 | 72,266 | 104,145 | ||||||
Purchased cost | $ 25,576,000 | $ 2,214,756 | $ 3,064,000 | ||||||
New shares issued (in shares) | 752,234 | ||||||||
Shares issued (in dollars per share) | $ 34 | ||||||||
Cost of shares | $ 25,575,956 |
Treasury Stock - Schedule of Tr
Treasury Stock - Schedule of Treasury Stock Purchases (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |||
Total Number of Shares Purchased | 752,234 | 72,266 | 104,145 |
Average Price Paid Per Share (in dollars per share) | $ 34 | $ 30.65 | $ 29.42 |
Total Shares Purchased as Part of Publicly Announced Plan or Program | 1,474,640 | 722,406 | 650,140 |
Total Dollar Value of Shares Purchased | $ 25,576,000 | $ 2,214,756 | $ 3,064,000 |
Treasury Stock - Schedule of _2
Treasury Stock - Schedule of Treasury Stock Transactions (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Shares | |||
Beginning Balance (in shares) | 216,188 | 177,315 | 100,610 |
Purchased (in shares) | 752,234 | 72,266 | 104,145 |
Issued to Employees and Directors (in shares) | (28,790) | (33,393) | (27,440) |
Ending Balance (in shares) | 939,632 | 216,188 | 177,315 |
Cost | |||
Beginning Balance | $ 7,536,000 | $ 6,502,000 | $ 4,585,000 |
Purchased | 25,576,000 | 2,214,756 | 3,064,000 |
Issued to Employees and Directors | (1,169,000) | (1,181,000) | (1,147,000) |
Ending Balance | $ 31,943,000 | $ 7,536,000 | $ 6,502,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit related to TCJA | $ 0 | $ 9,847 | $ 0 |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | |||||||||||
Federal income tax | $ 7,314 | $ 1,961 | $ 102 | ||||||||
State income tax | 2,202 | 384 | 0 | ||||||||
Total current | 9,516 | 2,345 | 102 | ||||||||
Deferred: | |||||||||||
Federal income tax | 2,995 | (3,917) | (3,286) | ||||||||
State income tax | 272 | 1,962 | (662) | ||||||||
Total deferred | 3,267 | (1,955) | (3,948) | ||||||||
Income taxes provision (benefit) | $ 5,701 | $ 5,483 | $ 2,228 | $ (629) | $ (284) | $ 4,941 | $ 8,150 | $ (12,417) | $ 12,783 | $ 390 | $ (3,846) |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Statutory federal income tax rate | 21.00% | 24.53% | 35.00% | ||||||||
Income tax (benefit) at the statutory federal rate | $ 10,587 | $ 3,198 | $ (4,670) | ||||||||
Increase (decrease) resulting from: | |||||||||||
State income taxes, net of federal benefit | 1,947 | 857 | (402) | ||||||||
Permanent and other reconciling items, net | 166 | 221 | 548 | ||||||||
Expiration of capital loss carryforward | 0 | 5,634 | 581 | ||||||||
Reduction in deferred tax liability resulting from the Act | 0 | (9,847) | 0 | ||||||||
Stock option cancellation | 0 | 347 | 0 | ||||||||
Other | 83 | (20) | 97 | ||||||||
Income taxes provision (benefit) | $ 5,701 | $ 5,483 | $ 2,228 | $ (629) | $ (284) | $ 4,941 | $ 8,150 | $ (12,417) | $ 12,783 | $ 390 | $ (3,846) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred tax assets: | ||
Deferred retirement benefits | $ 1,325 | $ 1,114 |
Investment in Citree | 0 | 89 |
Deferred gain recognition | 0 | 6,318 |
Goodwill | 18,244 | 20,095 |
Inventories | 930 | 711 |
Stock compensation | 237 | 261 |
Accrued bonus | 0 | 612 |
Tax credits | 0 | 28 |
Intangibles | 565 | 620 |
Other | 168 | 190 |
Total deferred tax assets | 21,469 | 30,038 |
Deferred tax liabilities: | ||
Revenue recognized from citrus and sugarcane | 0 | 162 |
Property and equipment | 52,551 | 54,925 |
Investment in Citree | 909 | 0 |
Prepaid insurance | 134 | 104 |
Total deferred tax liabilities | 53,594 | 55,191 |
Net deferred income tax liabilities | $ (32,125) | $ (25,153) |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Sep. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Informati
Segment Information - Information by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | |||||||||||
Total operating revenues | $ 122,251 | $ 81,281 | $ 129,829 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | $ (13,474) | $ 31,561 | $ 32,207 | $ 11,597 | $ (3,633) | $ 14,603 | $ 27,767 | $ 16,951 | 61,891 | 55,688 | 120,899 |
Gross profit (loss): | |||||||||||
Gross profit | 14,860 | $ 26,004 | $ 16,314 | $ 3,182 | 5,264 | $ 11,914 | $ 7,833 | $ 582 | 60,360 | 25,593 | 8,930 |
Capital expenditures: | |||||||||||
Total capital expenditures | 20,000 | 16,352 | 13,353 | ||||||||
Depreciation, depletion and amortization: | |||||||||||
Total depreciation, depletion and amortization | 13,924 | 13,756 | 15,226 | ||||||||
Assets: | |||||||||||
Total Assets | 417,388 | 423,422 | 417,388 | 423,422 | |||||||
Alico Citrus | |||||||||||
Revenues: | |||||||||||
Total operating revenues | 119,031 | 78,121 | 123,441 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | 59,594 | 51,709 | 111,947 | ||||||||
Water Resources and Other Operations | |||||||||||
Revenues: | |||||||||||
Total operating revenues | 3,220 | 3,160 | 6,388 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | 2,297 | 3,979 | 8,952 | ||||||||
Operating Segments | |||||||||||
Revenues: | |||||||||||
Total operating revenues | 122,251 | 81,281 | 129,829 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | 61,891 | 55,688 | 120,899 | ||||||||
Gross profit (loss): | |||||||||||
Gross profit | 60,360 | 25,593 | 8,930 | ||||||||
Operating Segments | Alico Citrus | |||||||||||
Revenues: | |||||||||||
Total operating revenues | 119,031 | 78,121 | 123,441 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | 59,594 | 51,709 | 111,947 | ||||||||
Gross profit (loss): | |||||||||||
Gross profit | 59,437 | 26,412 | 11,494 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 20,000 | 15,968 | 11,738 | ||||||||
Depreciation, depletion and amortization: | |||||||||||
Total depreciation, depletion and amortization | 12,935 | 12,546 | 14,054 | ||||||||
Assets: | |||||||||||
Total Assets | 401,212 | 405,752 | 401,212 | 405,752 | |||||||
Operating Segments | Water Resources and Other Operations | |||||||||||
Revenues: | |||||||||||
Total operating revenues | 3,220 | 3,160 | 6,388 | ||||||||
Operating expenses: | |||||||||||
Total operating expenses | 2,297 | 3,979 | 8,952 | ||||||||
Gross profit (loss): | |||||||||||
Gross profit | 923 | (819) | (2,564) | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 0 | 304 | 646 | ||||||||
Depreciation, depletion and amortization: | |||||||||||
Total depreciation, depletion and amortization | 173 | 219 | 652 | ||||||||
Assets: | |||||||||||
Total Assets | 15,332 | 15,904 | 15,332 | 15,904 | |||||||
Segment Reconciling Items | |||||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 0 | 80 | 969 | ||||||||
Depreciation, depletion and amortization: | |||||||||||
Total depreciation, depletion and amortization | 816 | 991 | $ 520 | ||||||||
Corporate | |||||||||||
Assets: | |||||||||||
Total Assets | $ 844 | $ 1,766 | $ 844 | $ 1,766 |
Employee Benefits Plans - Narra
Employee Benefits Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |||
Benefit plan period | 180 months | ||
Weighted-average discount rate | 4.08% | 4.08% | |
Additional liability recorded | $ 720 | ||
Matching contribution (as a percent) (up to) | 4.00% | ||
Contribution to plan | $ 380 | $ 342 | $ 445 |
Contribution to profit sharing plan | $ 0 | $ 0 | $ 378 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 200 |
Interest cost | 171 | 293 | 140 |
MSP termination adjustments | 985 | 0 | 0 |
Recognized actuarial gain (loss) adjustment | 13 | 16 | (78) |
Total | $ 1,169 | $ 309 | $ 262 |
Employee Benefits Plans - Summa
Employee Benefits Plans - Summary of Rollforward of the MSP Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in projected benefit obligation: | |||
Benefit obligation at beginning of year | $ 4,397 | $ 4,438 | |
Interest cost | 171 | 293 | $ 140 |
Benefits paid | (340) | (350) | |
MSP termination adjustments | 985 | 0 | |
Recognized actuarial gain adjustment | 13 | 16 | (78) |
Benefit obligation at end of year | 5,226 | 4,397 | $ 4,438 |
Funded status at end of year | $ (5,226) | $ (4,397) |
Related Party Transactions - Cl
Related Party Transactions - Clayton G. Wilson (Details) - Clayton G. Wilson | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($)installment | Jul. 01, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Payments for services and covenants | $ 750,000 | ||||
Lump sum payments | 200,000 | $ 275,000 | $ 275,000 | ||
Number of equal monthly installments | installment | 6 | ||||
Expense under consulting and non-compete agreement | $ 0 | $ 187,500 | $ 562,500 |
Related Party Transactions - He
Related Party Transactions - Henry R. Slack and George R. Brokaw (Details) | Dec. 31, 2016USD ($) |
Henry R. Slack | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 250,000 |
George R. Brokaw | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 250,000 |
Related Party Transactions - Re
Related Party Transactions - Remy Trafelet (Details) - Remy W. Trafelet - USD ($) | Feb. 11, 2019 | Sep. 30, 2019 |
Related Party Transaction [Line Items] | ||
Period of consulting services provided (up to) | 24 months | |
Payments for services and covenants | $ 400,000 | $ 254,000 |
Related Party Transactions - Ke
Related Party Transactions - Ken Smith (Details) - Ken Smith - USD ($) | Mar. 20, 2015 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Related Party Transaction [Line Items] | ||||
Payments for services and covenants (up to) | $ 925,000 | |||
Expense under consulting and non-compete agreement | $ 0 | $ 0 | $ 100,000 | |
Consulting Services and Covenants | ||||
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 - Sh
Related Party Transactions - Shared Services Agreement (Details) - TBCO - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | |||
Payments for services and covenants | $ 618 | ||
Expense under shared services agreement | 155 | $ 592 | $ 564 |
Due to related parties | $ 0 | $ 163 |
Related Party Transactions - Ca
Related Party Transactions - Capital Contribution (Details) - USD ($) $ in Thousands | Apr. 27, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Apr. 16, 2018 |
Related Party Transaction [Line Items] | |||||
Capital contribution received from noncontrolling interest | $ 0 | $ 1,000 | $ 0 | ||
Affiliated Entity | Citree | |||||
Related Party Transaction [Line Items] | |||||
Additional cash capital contribution required | $ 2,041 | ||||
Contribution funded by the Company | $ 1,041 | ||||
Capital contribution received from noncontrolling interest | $ 1,000 |
Related Party Transactions - Di
Related Party Transactions - Distribution of Shares by Alicos Largest Shareholder (Details) | Nov. 12, 2019shares |
Subsequent Event | Majority Shareholder | 734 Investors | |
Related Party Transaction [Line Items] | |
Distribution of common stock (in shares) | 3,173,405 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Total rent expense | $ 450 | $ 1,062 | $ 725 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 191 |
2021 | 169 |
2022 | 175 |
2023 | 15 |
Total | $ 550 |
Commitments and Contingencies_3
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding commitments | $ 1,603 |
Commitments and Contingencies_4
Commitments and Contingencies - Letters of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Loss Contingencies [Line Items] | |||
Outstanding standby letters of credit | $ 1,603 | ||
Financial Standby Letter of Credit | |||
Loss Contingencies [Line Items] | |||
Outstanding standby letters of credit | $ 460 | $ 10,300 | |
Letters of credit terminated | $ 9,800 |
Commitments and Contingencies_5
Commitments and Contingencies - Legal Proceedings (Details) - Alico Settlement Agreement - USD ($) $ in Thousands | Feb. 11, 2019 | Sep. 30, 2019 |
Loss Contingencies [Line Items] | ||
Gain contingency, annual consulting fee, term (up to) | 24 months | |
Gain contingency, annual consulting fee | $ 400 | |
Amount of expense recorded | $ 800 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Dec. 05, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.09 |
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total operating revenues | $ 1,386 | $ 57,565 | $ 48,521 | $ 14,779 | $ 1,631 | $ 26,517 | $ 35,600 | $ 17,533 | |||
Total operating expenses | (13,474) | 31,561 | 32,207 | 11,597 | (3,633) | 14,603 | 27,767 | 16,951 | $ 61,891 | $ 55,688 | $ 120,899 |
Gross profit | 14,860 | 26,004 | 16,314 | 3,182 | 5,264 | 11,914 | 7,833 | 582 | 60,360 | 25,593 | 8,930 |
General and administrative expenses | 4,360 | 2,682 | 4,654 | 3,450 | 5,144 | 2,955 | 3,073 | 3,886 | 15,146 | 15,058 | 15,024 |
Other (expense) income, net | 11,478 | (1,623) | (1,972) | (2,864) | 96 | 5,074 | (2,140) | (375) | 5,019 | 2,655 | (7,248) |
Income (loss) before income taxes | 21,978 | 21,699 | 9,688 | (3,132) | 216 | 14,033 | 2,620 | (3,679) | 50,233 | 13,190 | (13,342) |
Income tax (benefit) expense | 5,701 | 5,483 | 2,228 | (629) | (284) | 4,941 | 8,150 | (12,417) | 12,783 | 390 | (3,846) |
Net income (loss) | 16,277 | 16,216 | 7,460 | (2,503) | 500 | 9,092 | (5,530) | 8,738 | 37,450 | 12,800 | (9,496) |
Net loss attributable to noncontrolling interests | 232 | 28 | 87 | 36 | 218 | 8 | 16 | 8 | 383 | 250 | 45 |
Net income (loss) attributable to Alico, Inc. common stockholders | $ 16,509 | $ 16,244 | $ 7,547 | $ (2,467) | $ 718 | $ 9,100 | $ (5,514) | $ 8,746 | $ 37,833 | $ 13,050 | $ (9,451) |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 2.21 | $ 2.17 | $ 1.01 | $ (0.33) | $ 0.09 | $ 1.11 | $ (0.67) | $ 1.06 | $ 5.06 | $ 1.59 | $ (1.14) |
Diluted (in dollars per share) | $ 2.21 | $ 2.17 | $ 1.01 | $ (0.33) | $ 0.09 | $ 1.09 | $ (0.67) | $ 1.05 | $ 5.05 | $ 1.57 | $ (1.14) |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (unaudited) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds received from insurance relating to property and casualty damage claims | $ 486 | $ 486 | |||
Proceeds from federal relief grants | 15,597 | $ 15,597 | |||
Pension expense | 935 | ||||
Gain on sale of assets | $ 13,166 | ||||
Discontinued Operations, Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds received from insurance relating to property and casualty damage claims | $ 477 | ||||
Proceeds from insurance settlement, 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 | Discontinued Operations, Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Insurance proceeds received | $ 5,226 |
Uncategorized Items - alco-9301
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 10,897,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 10,897,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 10,897,000 |