Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-261 | |
Entity Registrant Name | ALICO, INC. | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,520,938 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000003545 | |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 10,371 | $ 3,163 |
Accounts receivable, net | 11,009 | 4,347 |
Inventories | 30,035 | 40,855 |
Income tax receivable | 781 | |
Assets held for sale | 2,048 | 1,366 |
Prepaid expenses and other current assets | 1,443 | 1,387 |
Total current assets | 54,906 | 51,899 |
Restricted cash | 16,524 | |
Property and equipment, net | 369,036 | 350,061 |
Goodwill | 2,246 | 2,246 |
Other non-current assets | 2,595 | 3,207 |
Total assets | 428,783 | 423,937 |
Current liabilities: | ||
Accounts payable | 11,811 | 3,533 |
Accrued liabilities | 5,118 | 7,095 |
Long-term debt, current portion | 8,410 | 9,145 |
Income taxes payable | 888 | |
Other current liabilities | 761 | 1,385 |
Total current liabilities | 26,988 | 21,158 |
Long-term debt: | ||
Principal amount, net of current portion | 134,464 | 139,106 |
Less: deferred financing costs, net | (1,068) | (1,151) |
Long-term debt less current portion and deferred financing costs, net | 133,396 | 137,955 |
Lines of credit | 2,942 | |
Deferred income tax liabilities, net | 39,728 | 39,728 |
Other liabilities | 268 | 372 |
Total liabilities | 200,380 | 202,155 |
Commitments and Contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ||
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,513,413 and 7,492,524 shares outstanding at March 31, 2021 and September 30, 2020, respectively | 8,416 | 8,416 |
Additional paid in capital | 19,759 | 19,685 |
Treasury stock, at cost, 902,732 and 923,621 shares held at March 31, 2021 and September 30, 2020, respectively | (30,223) | (30,779) |
Retained earnings | 225,028 | 219,019 |
Total Alico stockholders' equity | 222,980 | 216,341 |
Noncontrolling interest | 5,423 | 5,441 |
Total stockholders' equity | 228,403 | 221,782 |
Total liabilities and stockholders' equity | $ 428,783 | $ 423,937 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Sep. 30, 2020 |
Statement Of Financial Position [Abstract] | ||
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) | 7,513,413 | 7,492,524 |
Treasury stock at cost, shares (in shares) | 902,732 | 923,621 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues: | ||||
Total operating revenues | $ 55,944,000 | $ 50,515,000 | $ 69,676,000 | $ 61,520,000 |
Operating expenses: | ||||
Total operating expenses | 45,718,000 | 43,898,000 | 54,053,000 | 49,289,000 |
Gross profit | 10,226,000 | 6,617,000 | 15,623,000 | 12,231,000 |
General and administrative expenses | 2,653,000 | 2,953,000 | 5,181,000 | 5,713,000 |
Income from operations | 7,573,000 | 3,664,000 | 10,442,000 | 6,518,000 |
Other (expense) income, net: | ||||
Interest expense | (1,089,000) | (1,452,000) | (2,278,000) | (2,996,000) |
(Loss) gain on sale of real estate, property and equipment and assets held for sale | (17,000) | 2,838,000 | 3,347,000 | 2,863,000 |
Other income (expense) | 2,000 | 12,000 | 12,000 | (64,000) |
Total other (expense) income, net | (1,104,000) | 1,398,000 | 1,081,000 | (197,000) |
Income before income taxes | 6,469,000 | 5,062,000 | 11,523,000 | 6,321,000 |
Income tax provision | 1,579,000 | 1,496,000 | 2,829,000 | 1,857,000 |
Net income | 4,890,000 | 3,566,000 | 8,694,000 | 4,464,000 |
Net (income) loss attributable to noncontrolling interests | 23,000 | (5,000) | (18,000) | 102,000 |
Net income attributable to Alico, Inc. common stockholders | $ 4,867,000 | $ 3,571,000 | $ 8,712,000 | $ 4,362,000 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.48 | $ 1.16 | $ 0.58 |
Diluted (in dollars per share) | $ 0.65 | $ 0.48 | $ 1.16 | $ 0.58 |
Weighted-average number of common shares outstanding: | ||||
Basic | 7,513 | 7,480 | 7,508 | 7,478 |
Diluted (in shares) | 7,513 | 7,496 | 7,508 | 7,494 |
Cash dividends declared per common share | $ 0.18 | $ 0.09 | $ 0.36 | $ 0.18 |
Alico Citrus | ||||
Operating revenues: | ||||
Total operating revenues | $ 55,268,000 | $ 49,801,000 | $ 68,194,000 | $ 59,976,000 |
Operating expenses: | ||||
Total operating expenses | 45,518,000 | 43,518,000 | 53,665,000 | 48,358,000 |
Water Resources and Other Operations | ||||
Operating revenues: | ||||
Total operating revenues | 676,000 | 714,000 | 1,482,000 | 1,544,000 |
Operating expenses: | ||||
Total operating expenses | $ 200,000 | $ 380,000 | $ 388,000 | $ 931,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Directors | Executives and Managers | Executives | Common stock | Additional Paid-In Capital | Additional Paid-In CapitalDirectors | Additional Paid-In CapitalExecutives and Managers | Additional Paid-In CapitalExecutives | Treasury Stock | Treasury StockDirectors | Treasury StockExecutives and Managers | Retained Earnings | Total Alico, Inc. Equity | Total Alico, Inc. EquityDirectors | Total Alico, Inc. EquityExecutives and Managers | Total Alico, Inc. EquityExecutives | Noncontrolling Interest |
Beginning balance at Sep. 30, 2019 | $ 199,398 | $ 8,416 | $ 19,781 | $ (31,943) | $ 198,049 | $ 194,303 | $ 5,095 | |||||||||||
Beginning balance (in shares) at Sep. 30, 2019 | 8,416,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 4,464 | 4,362 | 4,362 | 102 | ||||||||||||||
Dividends | (1,346) | (1,346) | (1,346) | |||||||||||||||
Treasury stock purchases | (238) | (238) | (238) | |||||||||||||||
Stock-based compensation | $ 355 | $ 435 | $ (42) | $ 435 | $ 397 | $ 355 | $ 435 | |||||||||||
Ending balance at Mar. 31, 2020 | 203,068 | $ 8,416 | 20,174 | (31,784) | 201,065 | 197,871 | 5,197 | |||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 8,416,000 | |||||||||||||||||
Beginning balance at Dec. 31, 2019 | 199,688 | $ 8,416 | 19,857 | (31,956) | 198,169 | 194,486 | 5,202 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 8,416,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 3,566 | 3,571 | 3,571 | (5) | ||||||||||||||
Dividends | (675) | (675) | (675) | |||||||||||||||
Stock-based compensation | 162 | $ 327 | (10) | $ 327 | 172 | 162 | $ 327 | |||||||||||
Ending balance at Mar. 31, 2020 | 203,068 | $ 8,416 | 20,174 | (31,784) | 201,065 | 197,871 | 5,197 | |||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 8,416,000 | |||||||||||||||||
Beginning balance at Sep. 30, 2020 | 221,782 | $ 8,416 | 19,685 | (30,779) | 219,019 | 216,341 | 5,441 | |||||||||||
Beginning balance (in shares) at Sep. 30, 2020 | 8,416,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 8,694 | 8,712 | 8,712 | (18) | ||||||||||||||
Dividends | (2,703) | (2,703) | (2,703) | |||||||||||||||
Stock-based compensation | 444 | 186 | 44 | 30 | 400 | $ 156 | 444 | 186 | ||||||||||
Ending balance at Mar. 31, 2021 | 228,403 | $ 8,416 | 19,759 | (30,223) | 225,028 | 222,980 | 5,423 | |||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 8,416,000 | |||||||||||||||||
Beginning balance at Dec. 31, 2020 | 224,542 | $ 8,416 | 19,634 | (30,421) | 221,513 | 219,142 | 5,400 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 8,416,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 4,890 | 4,867 | 4,867 | 23 | ||||||||||||||
Dividends | (1,352) | (1,352) | (1,352) | |||||||||||||||
Stock-based compensation | $ 222 | $ 101 | $ 24 | $ 101 | $ 198 | $ 222 | $ 101 | |||||||||||
Ending balance at Mar. 31, 2021 | $ 228,403 | $ 8,416 | $ 19,759 | $ (30,223) | $ 225,028 | $ 222,980 | $ 5,423 | |||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 8,416,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per common share | $ 0.18 | $ 0.09 | $ 0.36 | $ 0.18 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net cash provided by operating activities: | ||
Net income (loss) | $ 8,694 | $ 4,464 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, and amortization | 7,708 | 7,199 |
Deferred income tax benefit | (827) | |
Gain on sale of real estate, property and equipment and assets held for sale | (3,347) | (2,863) |
Impairment of right-of-use asset | 87 | |
Loss on disposal of long-lived assets | 1,200 | 723 |
Stock-based compensation expense | 630 | 790 |
Other | (36) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,662) | (3,672) |
Inventories | 10,820 | 11,640 |
Prepaid expenses | (259) | (234) |
Income tax receivable | 781 | |
Other assets | 278 | (387) |
Accounts payable and accrued liabilities | 5,623 | (2,061) |
Income taxes payable | 888 | (2,876) |
Other liabilities | (728) | (259) |
Net cash provided by operating activities | 25,626 | 11,688 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (10,336) | (9,960) |
Acquisition of citrus grove | (18,230) | |
Net proceeds from sale of real estate, property and equipment and assets held for sale | 3,442 | 2,994 |
Change in deposits on purchase of citrus trees | 240 | (57) |
Advances on notes receivables, net | 271 | 87 |
Other | 15 | (25) |
Net cash used in investing activities | (24,598) | (6,961) |
Cash flows from financing activities: | ||
Repayments on revolving lines of credit | (45,247) | (18,805) |
Borrowings on revolving lines of credit | 42,305 | 85,519 |
Principal payments on term loans | (5,377) | (9,820) |
Treasury stock purchases | (238) | |
Dividends paid | (2,025) | (1,120) |
Deferred financing costs | (23) | |
Net cash (used in) provided by financing activities | (10,344) | 55,513 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (9,316) | 60,240 |
Cash and cash equivalents and restricted cash at beginning of the period | 19,687 | 23,838 |
Cash and cash equivalents and restricted cash at end of the period | $ 10,371 | $ 84,078 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. 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 103,000 acres of land throughout Florida, holding mineral rights on approximately 90,000 of those owned acres. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: (i) Alico Citrus and (ii) Land Management and Other Operations. Financial results are presented based upon these two business segments. Basis of Presentation The Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements", have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. These Financial Statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020, as filed with the SEC on December 8, 2020. The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited. However, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2021. 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) Land Management 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 Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” 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. Restricted Cash Restricted cash was comprised of cash receipts from the sale of property which was being held specifically for the purpose of deferring a tax impact on the gain on sale of the property. In September 2020, the Company sold certain sections of the West Ranch, from which a portion of the net cash proceeds amounting to $16,524,000 were being held by a qualified intermediary in anticipation of purchasing a like-kind asset and in order to defer a portion of the gain on sale of the ranch land. Such funds were included in restricted cash at September 30, 2020. In October 2020, the Company closed on a purchase of a like-kind asset and used these net cash proceeds, which were being held by the intermediary. Revenue Recognition Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, leasing revenue and other resource revenues. Most of the revenue is generated from the sale of citrus fruit to processing facilities, fresh fruit sales and grove management services. The Company recognizes revenue in the amount it expects it will 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 when the Company has a right to payment. For the sale of fruit, the Company has identified one performance obligation, which is the delivery of fruit to the processing facility of the customer (or harvesting of the citrus in the case of fresh fruit) for each separate variety of fruit identified in the respective contract with the respective customer. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, including if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific respective contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since all of 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. 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 because of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of March 31, 2021, and September 30, 2020, the Company had total receivables relating to sales of citrus of approximately $9,969,000 and $584,000, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets. For grove management services, the Company has identified one performance obligation , which is the management of the third party’s groves. Grove management services include caretaking of the citrus groves, harvesting and hauling of citrus, management and coordination of citrus sales and other related activities. The Company is reimbursed for expenses incurred in the execution of its management duties and the Company receives a per acre management fee. The Company recognizes operating revenue, including a management fee, and corresponding operating expenses when such grove management services are rendered and consumed. Disaggregated Revenue Revenues disaggregated by significant products and services for the three and six months ended March 31, 2021 and 2020 are as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Alico Citrus Early and Mid-Season $ 21,749 $ 22,237 $ 31,064 $ 31,303 Valencias 28,014 25,810 28,014 25,810 Fresh Fruit 176 802 585 1,537 Grove Management Services 4,979 373 8,071 678 Other 350 579 460 648 Total $ 55,268 $ 49,801 $ 68,194 $ 59,976 Land Management and Other Operations Land and Other Leasing $ 623 $ 679 $ 1,350 $ 1,342 Other 53 35 132 202 Total $ 676 $ 714 $ 1,482 $ 1,544 Total Revenues $ 55,944 $ 50,515 $ 69,676 $ 61,520 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 income of approximately $45,000, and a net loss of approximately $11,000 for the three months ended March 31, 2021 and 2020, respectively, and had a net loss of approximately $37,000 and net income of approximately $208,000 for the six months ended March 31, 2021 and 2020, respectively, of which 51% is attributable to the Company. The net income for the six months ended March 31, 2020 was the result of reimbursements received under the federal relief program relating to Hurricane Irma of approximately $493,000. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, 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 January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, “Intangibles-Goodwill and Other” 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” “ ” In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” The COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the current novel coronavirus outbreak (“COVID-19”) to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These measures have had a significant adverse impact upon many sectors of the economy, including certain agriculture businesses. To date, the Company has experienced no material adverse impact from this pandemic. Reclassifications Certain prior year amounts have been reclassified in the accompanying Condensed Consolidated 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 most 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. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2. Inventories Inventories consist of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Unharvested fruit crop on the trees $ 29,253 $ 40,265 Other 782 590 Total inventories $ 30,035 $ 40,855 The Company records its inventory at the lower of cost or net realizable value. For the six months ended March 31, 2021 and the fiscal year ended September 30, 2020, the Company did not record any adjustments to reduce inventory to net realizable value. The Company was eligible for Hurricane Irma federal relief programs for block grants that were being administered through the State of Florida. During the fiscal years ended September 30, 2020 and 2019, the Company received approximately $4,629,000, of which approximately $4,466,000 was received during the six months ended March 31, 2020, and $15,597,000 under the Florida Citrus Recovery Block Grant (“CRBG”) program. These federal relief proceeds represented Part 1 and Part 2 reimbursement under the program. In the three and six months ended March 31, 2021, the Company received approximately $163,000 and $4,299,000, respectively, representing reimbursement under Part 3 of the program. These federal relief proceeds are included as a reduction to operating expenses in the Condensed Consolidated Statements of Operations. |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets Held for Sale | Note 3. Assets Held for Sale In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale at March 31, 2021 and September 30, 2020: (in thousands) Carrying Value March 31, September 30, 2021 2020 East and West Ranch (land, buildings, and equipment) $ 2,048 $ 1,366 Total Assets Held for Sale $ 2,048 $ 1,366 On December 18, 2020, the Company sold approximately 600 acres of the East Ranch for approximately $2,630,000 and recognized a gain of approximately $2,550,000. Additionally, the Company sold several smaller parcels of the East Ranch during the six months ended March 31, 2021, which generated a gain of approximately $504,000. On September 10, 2020, the State of Florida purchased, under the Florida Forever program, approximately 10,700 acres of the Alico Ranch for approximately $28,500,000 pursuant to an option agreement entered into between the State of Florida and the Company. The Company recognized a gain of approximately $27,470,000. The Company subsequently used a portion of the net cash proceeds to purchase a like-kind asset in October 2020, which allowed the Company to defer a portion of the tax impact of the gain on sale of the ranch land (see Note 4. Property and Equipment, Net). On March 27, 2020, the Company sold certain sections at the East Ranch for approximately $2,980,000 and realized a gain of approximately $2,748,000. The Company subsequently used substantially all of the net cash proceeds to purchase a like-kind asset in May 2020, which has allowed the Company to defer substantially all of the tax impact of the gain on sale of the ranch land. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | Note 4. Property and Equipment, Net Property and equipment, net consists of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Citrus trees $ 312,590 $ 296,012 Equipment and other facilities 55,193 55,593 Buildings and improvements 7,400 8,128 Total depreciable properties 375,183 359,733 Less: accumulated depreciation and depletion (119,719 ) (115,440 ) Net depreciable properties 255,464 244,293 Land and land improvements 113,572 105,768 Property and equipment, net $ 369,036 $ 350,061 For the six months ended March 31, 2021, the Company did not record any impairments and for the fiscal year ended September 30, 2020, the Company recorded approximately $598,000 of impairments. On October 30, 2020, the Company purchased approximately 3,280 gross acres located in Hendry County for a purchase price of approximately $18,230,000. This purchase was part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the West Ranch. On June 1, 2020, the Company sold approximately 30 ranch acres to an employee for approximately $122,000 and recognized a gain of approximately $83,000. On May 4, 2020, the Company purchased approximately 334 citrus acres for approximately $2,850,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in the Frostproof area. This purchase was also part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the East Ranch. |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lines of Credit | Note 5. Long-Term Debt and Lines of Credit The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization, at March 31, 2021 and September 30, 2020: March 31, 2021 September 30, 2020 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 80,313 $ 572 $ 83,438 $ 621 Met Variable-Rate Term Loans 39,531 263 40,969 286 Met Citree Term Loan 4,388 34 4,512 36 Pru Loans A & B 14,517 198 15,097 207 Pru Loan E 4,125 1 4,235 1 142,874 1,068 148,251 1,151 Less current portion 8,410 — 9,145 — Long-term debt $ 134,464 $ 1,068 $ 139,106 $ 1,151 The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization, at March 31, 2021 and September 30, 2020: March 31, 2021 September 30, 2020 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Lines of Credit: RLOC $ — $ 134 $ — $ 141 WCLC — — 2,942 — Lines of Credit $ — $ 134 $ 2,942 $ 141 Future maturities of long-term debt and lines of credit at March 31, 2021 are as follows: (in thousands) March 31, 2021 Due within one year $ 8,410 Due between one and two years 4,285 Due between two and three years 4,285 Due between three and four years 4,285 Due between four and five years 4,285 Due beyond five years 117,324 Total future maturities $ 142,874 Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Interest expense $ 1,089 $ 1,452 $ 2,278 $ 2,996 Interest capitalized 349 303 661 572 Total $ 1,438 $ 1,755 $ 2,939 $ 3,568 Debt The Company's credit facilities consist of fixed interest rate term loans originally in the amount of $125,000,000 (“Met Fixed-Rate Term Loans”), variable interest rate term loans originally in the amount of $57,500,000 (“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. As of March 31, 2021, the term loans, collectively, are subject to quarterly principal payments of $2,281,250, and mature November 1, 2029. As of March 31, 2021, 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 1.86% per annum and 1.91% per annum as of March 31, 2021 and September 30, 2020, respectively. As of March 31, 2021, 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 March 31, 2021, the Company had $5,625,000 remaining available to reduce future mandatory principal payments should the Company elect to do so. The Met Variable-Rate Term Loans may be prepaid without penalty. In April 2021, the Company made a prepayment of $10,312,500 on the Met Fixed-Rate Term Loans and effective May 1, 2021, the Company modified its Met Fixed-Rate Term Loans, which, in the aggregate after the prepayment, have a balance of $70,000,000 to be interest only with a balloon payment to be paid at maturity on November 1, 2029. The interest rate on these Met Fixed-Rate Term Loans, which were bearing interest at 4.15%, has been adjusted to 3.85%. As part of this modification, the Company will no longer have the prepayment option previously allowed under the arrangement. 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 Met 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 maturity 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 1.86% and 1.91% per annum as of March 31, 2021 and September 30, 2020, respectively. Availability under the RLOC was $25,000,000 as of March 31, 2021 and September 30, 2020, respectively. 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 1.86% and 1.90% per annum as of March 31, 2021 and September 30, 2020, respectively. The WCLC agreement was amended on August 25, 2020, and the primary terms of the amendment were an extension of the maturity to November 1, 2023. There were no changes to the commitment amount or interest rate. The WCLC agreement provides for Rabo to issue up to $2,000,000 in letters of credit on the Company’s behalf. As of March 31, 2021, there was approximately $236,000 in outstanding letters of credit, which correspondingly reduced the Company's availability under the line of credit. 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 March 31, 2021 and approximately $2,942,000 outstanding on the WCLC as of September 30, 2020. Availability under the WCLC was approximately $69,764,000 and $66,659,000 as of March 31, 2021 and September 30, 2020, respectively. In 2014, the Company capitalized approximately $2,834,000 of debt financing costs related to the refinancing and approximately $339,000 of costs related to the retired debt. Additionally, financing costs of approximately $23,000 were incurred in the fiscal year ended September 30, 2020 in connection with the letters of credit. All costs are included in deferred financing costs 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 $969,000 and approximately $1,048,000 at March 31, 2021 and September 30, 2020, 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 $169,730,000 for the year ended September 30, 2020, (iii) minimum current ratio of 1.50 to 1.00, (iv) debt to total assets ratio not greater than .625 to 1.00, and, (v) solely in the case of the WCLC, a limit on capital expenditures of $ 30,000,000 per fiscal year. As of March 31, 2021 , 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 March 31, 2021 and September 30, 2020, there was an outstanding balance of $4,388,000 and $4,512,000, respectively. The loan matures in February 2029. The unamortized balance of deferred financing costs related to this loan was approximately $34,000 and $36,000 at March 31, 2021 and September 30, 2020, respectively. Transition from LIBOR On July 27, 2017, the United Kingdom's Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that it intends to phase out LIBOR. On November 30, 2020, ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the Financial Conduct Authority of the United Kingdom, announced plans to consult on ceasing publication of LIBOR on December 31, 2021 for only the one week and two-month LIBOR tenors, and on June 30, 2023 for all other LIBOR tenors. On March 5, 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the one week and two-month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate (SOFR). The outcome of these reforms is uncertain and any changes in the methods by which LIBOR is determined or regulatory activity related to LIBOR’s phaseout could cause LIBOR to perform differently than in the past. 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, as mentioned above is estimated to take place in fiscal 2023 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 acres 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 (“Pru Loan E” and “Pru Loan F”) was in the original amount of $5,500,000 with principal of $55,000 per loan being payable quarterly, together with accrued interest. In November 2019, the Company prepaid Pru Loan F in full in the amount of $4,455,000. As a result of this prepayment, the Company’s required annual principal payments on its Pru Loans was reduced by $220,000 per annum. Pru Loan E, which matures September 1, 2021, bears interest at 3.85% per annum. 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. This loan is collateralized by approximately 1,500 gross acres of citrus groves in Charlotte County, Florida. 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 March 31, 2021. The unamortized balance of deferred financing costs related to the Silver Nip Citrus debt was approximately $199,000 and $208,000 at March 31, 2021 and September 30, 2020, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Note 6. Accrued Liabilities Accrued liabilities consist of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Ad valorem taxes $ 686 $ 2,057 Accrued interest 931 1,020 Accrued employee wages and benefits 1,363 2,214 Accrued harvest and haul 422 — Accrued dividends 1,352 674 Consulting and separation charges — 146 Accrued insurance — 636 Other accrued liabilities 364 348 Total accrued liabilities $ 5,118 $ 7,095 |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes In October 2019, the Internal Revenue Service concluded its 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. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the “CARES Act”). Among the changes to the U.S. federal income tax rules, the CARES Act restored net operating loss carryback rules that were eliminated by the 2017 Tax Cuts and Jobs Act, modified the limit on the deduction for net interest expense, and accelerated the timeframe for refunds of AMT credit carryovers. From a federal tax reporting standpoint, the Company anticipates a federal tax net operating loss (“NOL”) for the fiscal year ending September 30, 2020 and plans to carry back the NOL pursuant to the provisions of the CARES Act. As a result of the federal tax NOL carryback, the Company estimates a cash tax benefit of approximately $605,000, with an income statement benefit of approximately $82,000. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 8. Earnings Per Common Share Basic earnings per share for Alico's common stock is calculated by dividing net income attributable to Alico, Inc. 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 common shares issuable under equity-based compensation plans in accordance with the treasury stock method, except where the inclusion of such common shares would have an anti-dilutive impact. For the three and six months ended March 31, 2021 and 2020, basic and diluted earnings per common share were as follows: (in thousands except per share amounts) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income attributable to Alico, Inc. common stockholders $ 4,867 $ 3,571 $ 8,712 $ 4,362 Weighted average number of common shares outstanding - basic 7,513 7,480 7,508 7,478 Dilutive effect of equity-based awards — 16 — 16 Weighted average number of common shares outstanding - diluted 7,513 7,496 7,508 7,494 Net income per common share attributable to Alico, Inc. common stockholders: Basic $ 0.65 $ 0.48 $ 1.16 $ 0.58 Diluted $ 0.65 $ 0.48 $ 1.16 $ 0.58 For the three and six months ended March 31, 2021, the equity awards had no dilutive or anti-dilutive impact on the earnings per common share. For the three and six months ended March 31, 2020, there were anti-dilutive equity awards excluded from the calculation of diluted earnings per common share. |
Segment Information
Segment Information | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 9. Segment Information Segments Operating segments are defined in the criteria established under the 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 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 Land Management and Other Operations. Total revenues primarily represent sales to unaffiliated customers, revenue generated from grove management services, and leasing revenue, as reported in the Condensed 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) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Revenues: Alico Citrus $ 55,268 $ 49,801 $ 68,194 $ 59,976 Land Management and Other Operations 676 714 1,482 1,544 Total revenues 55,944 50,515 69,676 61,520 Operating expenses: Alico Citrus 45,518 43,518 53,665 48,358 Land Management and Other Operations 200 380 388 931 Total operating expenses 45,718 43,898 54,053 49,289 Gross profit: Alico Citrus 9,750 6,283 14,529 11,618 Land Management and Other Operations 476 334 1,094 613 Total gross profit $ 10,226 $ 6,617 15,623 12,231 Depreciation, depletion and amortization: Alico Citrus $ 3,704 $ 3,416 7,393 6,853 Land Management and Other Operations 43 46 81 92 Other Depreciation, Depletion and Amortization 110 128 234 254 Total depreciation, depletion, and amortization $ 3,857 $ 3,590 $ 7,708 $ 7,199 (in thousands) March 31, September 30, 2021 2020 Assets: Alico Citrus $ 412,532 $ 406,763 Land Management and Other Operations 15,208 15,367 Other Corporate Assets 1,043 1,807 Total Assets $ 428,783 $ 423,937 |
Leases
Leases | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 10. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The Company determines whether an arrangement is a lease at inception. The Company’s leases consist of operating lease arrangements for certain office space and IT facilities. When these lease arrangements include lease and non-lease components, the Company accounts for lease components and non-lease components (e.g., common area maintenance) separately based on their relative standalone prices. Any lease arrangements with an initial term of 12 months or less are not recorded on the Company’s Condensed Consolidated Balance Sheets, and it recognizes lease cost for these lease arrangements on a straight-line basis over the lease term. Many lease arrangements provide the options to exercise one or more renewal terms or to terminate the lease arrangement. The Company includes these options when it will be reasonably certain to exercise them in the lease term used to establish the right-of-use assets and lease liabilities. Generally, lease agreements do not include an option to purchase the leased asset, residual value guarantees or material restrictive covenants. As most of the Company’s lease arrangements do not provide an implicit interest rate, the Company applies an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments. No lease costs associated with finance leases and sale-leaseback transactions occurred and the Company’s lease income associated with lessor and sublease arrangements are not material to the Company’s Condensed Consolidated Financial Statements. Operating leases cost components are reported in the Condensed Consolidated Statements of Operations as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, Operating lease components 2021 2020 2021 2020 Operating leases costs recorded in General and Administrative expenses $ 132 $ 52 $ 264 $ 104 Operating lease right-of-use asset impairment recorded in Other expenses $ — $ — $ — $ 87 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: March 31, 2021 Weighted-average remaining lease term 1.11 years Weighted-average discount rate 3.20 % |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11. Stockholders' Equity 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. The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the 2015 Plan (paid in restricted stock and stock options). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations. Stock Compensation - Board of Directors The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Director fees was approximately $222,000 and $444,000 for the three and six months ended March 31, 2021, respectively, and approximately $162,000 and $355,000 for the three and six months ended March 31, 2020, respectively. Restricted Stock On November 10, 2020, the Company awarded 5,885 restricted shares of the Company’s common stock (“Restricted Stock”) to certain executives and senior managers under the 2015 Plan at a weighted average fair value of $31.20 per common share, vesting on January 1, 2022. Stock compensation expense related to the Restricted Stock of approximately $40,000 and $65,000 for the three and six months ended March 31, 2021, respectively, and approximately $26,000 and $52,000 for the three and six months ended March 31, 2020, respectively. There was approximately $119,000 and $0 of total unrecognized stock compensation costs related to unvested stock compensation for the Restricted Stock grants at March 31, 2021 and September 30, 2020, respectively. Stock Option Grant Stock option grants of 118,000 options to certain Officers and Managers of the Company (collectively the “2020 Option Grants”) were granted on October 11, 2019. The option exercise price was set at $33.96, the closing price on October 11, 2019. The 2020 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 termination of employment, if the employment is terminated due to death or disability, (B) the date that is 12 months following the termination of employment, if the employment is terminated by the Company without cause, by the employee with good reason, or due to the employee’s retirement, or (C) the date of the termination of 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, 2022, then any unvested options will be forfeited. The 2020 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. During the six months ended March 31, 2021, the stock did not trade above $40.00 per share for twenty consecutive days (the $35.00 per share threshold was met during fiscal year 2020 and thus 25% was previously vested); accordingly, no additional amounts of the 2020 Option Grants vested at March 31, 2021. 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; and (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 Mr. Kiernan’s termination of employment, if Mr. Kiernan’s employment is terminated due to death or disability, (B) the date that is 12 months following Mr. Kiernan’s termination of employment, if Mr. Kiernan’s employment is terminated by the Company without cause, by Mr. Kiernan with good reason, or due to Mr. Kiernan’s retirement, or (C) the date of the termination of Mr. Kiernan’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. Since the date of grant the stock did not trade above $40.00 per share for twenty consecutive days; accordingly, none of the 2019 Option Grants are vested at March 31, 2021. 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 respective Executive’s termination of employment, if the respective Executive’s employment is terminated due to death or disability, (B) the date that is 12 months following the respective Executive’s termination of employment, if the respective Executive’s employment is terminated by the Company without cause, by the respective Executive with good reason, or due to the respective Executive’s retirement, or (C) the date of the termination of the respective 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. During the six months ended March 31, 2021 , the stock did not trade above $ per share for a consecutive twenty days (the $ 35.00 per share threshold was met during fiscal year 2020 and thus 25 % was previously vested ); accordingly, no additional stock options of Mr. Kiernan's 2018 Option Grants vested at March 31, 2021 . As set forth below, more than a majority of the 2018 Option Grants issued to Mr. Trafelet were forfeited , vesting conditions of the remainder were modified, all pursuant to the Alico Settlement Agreement, and as noted below, such Option Grants issued to Mr. Trafelet have subsequently all been forfeited . 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 during a consecutive 20-trading day period exceeds $75.00; (iii) 25% of the options will vest if such price during a consecutive 20-trading day period exceeds $90.00; and (iv) 25% of the options will vest if such price during a consecutive 20-trading day period 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. Since the date of grant the stock did not trade above $60.00 per share for twenty consecutive days; accordingly, none of the 2016 Option Grants are vested at March 31, 2021. As set forth below, all the 2016 Option Grants issued to Mr. Trafelet were forfeited pursuant to the Alico 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. Pursuant to an Alico Settlement Agreement dated February 11, 2019 (described in Note 13. “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 were to vest if the minimum price of Alico's common stock over 20 consecutive trading days exceeded $35.00 per share and 26,250 stock options that were to vest if the minimum price of Alico's common stock over 20 consecutive trading days exceeded $40.00 per share (“2019 Modified Option Grant”), in each case, by the first anniversary of the date of the Alico Settlement Agreement (collectively, the "Retained Options"). Any Retained Options that vest in accordance with their terms were to 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 Alico Settlement Agreement were to be forfeited as of such first anniversary. Although, by the first anniversary of the Alico Settlement Agreement, the Company’s common stock traded above $35.00 per share for a consecutive twenty days and thus 26,250 stock options from the 2019 Modified Options Grant vested, such Retained Options were not exercised within six months following the date on which such Retained Options vested, and accordingly they were forfeited. Additionally, since the stock did not trade above $40.00 per share for a consecutive twenty days by the first anniversary of the date of the Alico Settlement Agreement, the other 26,250 stock options from the 2019 Modified Option Grants never vested and were forfeited. Forfeitures of all stock options were recognized as incurred. Stock compensation expense related to the options of approximately $61,000 and $121,000 was recognized for the three and six months ended March 31, 2021, respectively, and approximately $301,000 and $383,000 was recognized for the three and six months ended March 31, 2020, respectively. At March 31, 2021 and September 30, 2020, there was approximately $255,000 and $376,000, 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 1.22 years. The fair value of the 2020 and 2019 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. 2020 Option Grant Expected Volatility 26.0 % Expected Term (in years) 3.61 Risk Free Rate 1.60 % The weighted-average grant-date fair value of the 2020 Option Grant was $3.20. There were no additional stock options granted or exercised for the six months ended March 31, 2021. 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. Stock Repurchase Authorizations On October 10, 2019, the Board of Directors authorized the repurchase of up to 7,000 shares of the Company’s common stock from 734 Investors in a privately negotiated repurchase of shares; and on October 15, 2019, the Company entered into a repurchase agreement to repurchase a total of 7,000 shares of the Company’s common stock from 734 Investors, effective October 15, 2019. The following table illustrates the Company’s treasury stock activity for the six months ended March 31, 2021: (in thousands, except share amounts) Shares Cost Balance as of September 30, 2020 923,621 $ 30,779 Issued to employees and directors (20,889 ) (556 ) Balance as of March 31, 2021 902,732 $ 30,223 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Letters of Credit The Company had outstanding standby letters of credit in the total amount of approximately $236,000 and $399,000 at March 31, 2021 and September 30, 2020, respectively, to secure its various contractual obligations. Legal Proceedings 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 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. Purchase Commitments The Company enters contracts for the purchase of citrus trees during the normal course of its business. As of March 31, 2021, the Company had approximately $2,581,000 relating to outstanding commitments for these purchases that will be paid upon delivery of the remaining citrus trees. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions 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 previously served as the Executive Vice Chairman of the Company. The Employment Agreements provided for an annual base salary of $250,000 in the case of Mr. Slack and an annual base salary of $250,000 in the case of Mr. Brokaw. Effective July 1, 2019, Mr. Slack resigned his employment with the Company as Executive Chairman. Effective December 31, 2019, Mr. Brokaw resigned his employment with the Company as Executive Vice Chairman. Mr. Slack and Mr. Brokaw continue to serve on the Board of the Company. Remy W. Trafelet On February 11, 2019, as contemplated by a settlement agreement between the Company, certain members of the Board of Directors, Mr. Trafelet, and certain third parties affiliated with Mr. Trafelet (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 Alico 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 would 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 received an annual consulting fee of $400,000. As of March 31, 2021, the Company has paid approximately $800,000 in consulting fees and no further payments are due under this Consulting Agreement. Distribution of Shares by Alico’s Largest Shareholder On November 12, 2019, 734 Investors, the Company’s largest shareholder from 2013 until November 12, 2019, distributed the 3,173,405 shares of Company common stock held by it, on a pro rata basis, to its members. The Company understands this share distribution was made in anticipation of the dissolution of 734 Investors. Transfers of these shares were not made pursuant to any current Alico registration statement. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 14. Subsequent Event On April 15, 2021, the State of Florida purchased, under the Florida Forever program, approximately 5,734 acres of the Alico Ranch for approximately $14,445,000 pursuant to an option agreement between the State of Florida and the Company. The Company will recognize a gain of approximately $13,980,000. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements", have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. These Financial Statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020, as filed with the SEC on December 8, 2020. The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited. However, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2021. |
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) Land Management and Other Operations. |
Principles of Consolidation | 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 Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” 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 income of approximately $45,000, and a net loss of approximately $11,000 for the three months ended March 31, 2021 and 2020, respectively, and had a net loss of approximately $37,000 and net income of approximately $208,000 for the six months ended March 31, 2021 and 2020, respectively, of which 51% is attributable to the Company. The net income for the six months ended March 31, 2020 was the result of reimbursements received under the federal relief program relating to Hurricane Irma of approximately $493,000. |
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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, 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 January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, “Intangibles-Goodwill and Other” 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” “ ” In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified in the accompanying Condensed Consolidated 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 most 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. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of disaggregation of revenue | Revenues disaggregated by significant products and services for the three and six months ended March 31, 2021 and 2020 are as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Alico Citrus Early and Mid-Season $ 21,749 $ 22,237 $ 31,064 $ 31,303 Valencias 28,014 25,810 28,014 25,810 Fresh Fruit 176 802 585 1,537 Grove Management Services 4,979 373 8,071 678 Other 350 579 460 648 Total $ 55,268 $ 49,801 $ 68,194 $ 59,976 Land Management and Other Operations Land and Other Leasing $ 623 $ 679 $ 1,350 $ 1,342 Other 53 35 132 202 Total $ 676 $ 714 $ 1,482 $ 1,544 Total Revenues $ 55,944 $ 50,515 $ 69,676 $ 61,520 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Unharvested fruit crop on the trees $ 29,253 $ 40,265 Other 782 590 Total inventories $ 30,035 $ 40,855 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 at March 31, 2021 and September 30, 2020: (in thousands) Carrying Value March 31, September 30, 2021 2020 East and West Ranch (land, buildings, and equipment) $ 2,048 $ 1,366 Total Assets Held for Sale $ 2,048 $ 1,366 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of property and equipment, net | Property and equipment, net consists of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Citrus trees $ 312,590 $ 296,012 Equipment and other facilities 55,193 55,593 Buildings and improvements 7,400 8,128 Total depreciable properties 375,183 359,733 Less: accumulated depreciation and depletion (119,719 ) (115,440 ) Net depreciable properties 255,464 244,293 Land and land improvements 113,572 105,768 Property and equipment, net $ 369,036 $ 350,061 |
Long-Term Debt and Lines of C_2
Long-Term Debt and Lines of Credit (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and September 30, 2020: March 31, 2021 September 30, 2020 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 80,313 $ 572 $ 83,438 $ 621 Met Variable-Rate Term Loans 39,531 263 40,969 286 Met Citree Term Loan 4,388 34 4,512 36 Pru Loans A & B 14,517 198 15,097 207 Pru Loan E 4,125 1 4,235 1 142,874 1,068 148,251 1,151 Less current portion 8,410 — 9,145 — Long-term debt $ 134,464 $ 1,068 $ 139,106 $ 1,151 |
Schedule of lines of credit | The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization, at March 31, 2021 and September 30, 2020: March 31, 2021 September 30, 2020 (in thousands) Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net Lines of Credit: RLOC $ — $ 134 $ — $ 141 WCLC — — 2,942 — Lines of Credit $ — $ 134 $ 2,942 $ 141 |
Schedule of future maturities of debt and lines of credit | Future maturities of long-term debt and lines of credit at March 31, 2021 are as follows: (in thousands) March 31, 2021 Due within one year $ 8,410 Due between one and two years 4,285 Due between two and three years 4,285 Due between three and four years 4,285 Due between four and five years 4,285 Due beyond five years 117,324 Total future maturities $ 142,874 |
Schedule of interest costs expensed and capitalized | Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Interest expense $ 1,089 $ 1,452 $ 2,278 $ 2,996 Interest capitalized 349 303 661 572 Total $ 1,438 $ 1,755 $ 2,939 $ 3,568 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consist of the following at March 31, 2021 and September 30, 2020: (in thousands) March 31, September 30, 2021 2020 Ad valorem taxes $ 686 $ 2,057 Accrued interest 931 1,020 Accrued employee wages and benefits 1,363 2,214 Accrued harvest and haul 422 — Accrued dividends 1,352 674 Consulting and separation charges — 146 Accrued insurance — 636 Other accrued liabilities 364 348 Total accrued liabilities $ 5,118 $ 7,095 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (Tables) | For the three and six months ended March 31, 2021 and 2020, basic and diluted earnings per common share were as follows: (in thousands except per share amounts) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income attributable to Alico, Inc. common stockholders $ 4,867 $ 3,571 $ 8,712 $ 4,362 Weighted average number of common shares outstanding - basic 7,513 7,480 7,508 7,478 Dilutive effect of equity-based awards — 16 — 16 Weighted average number of common shares outstanding - diluted 7,513 7,496 7,508 7,494 Net income per common share attributable to Alico, Inc. common stockholders: Basic $ 0.65 $ 0.48 $ 1.16 $ 0.58 Diluted $ 0.65 $ 0.48 $ 1.16 $ 0.58 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of information by business segment | Information by operating segment is as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Revenues: Alico Citrus $ 55,268 $ 49,801 $ 68,194 $ 59,976 Land Management and Other Operations 676 714 1,482 1,544 Total revenues 55,944 50,515 69,676 61,520 Operating expenses: Alico Citrus 45,518 43,518 53,665 48,358 Land Management and Other Operations 200 380 388 931 Total operating expenses 45,718 43,898 54,053 49,289 Gross profit: Alico Citrus 9,750 6,283 14,529 11,618 Land Management and Other Operations 476 334 1,094 613 Total gross profit $ 10,226 $ 6,617 15,623 12,231 Depreciation, depletion and amortization: Alico Citrus $ 3,704 $ 3,416 7,393 6,853 Land Management and Other Operations 43 46 81 92 Other Depreciation, Depletion and Amortization 110 128 234 254 Total depreciation, depletion, and amortization $ 3,857 $ 3,590 $ 7,708 $ 7,199 (in thousands) March 31, September 30, 2021 2020 Assets: Alico Citrus $ 412,532 $ 406,763 Land Management and Other Operations 15,208 15,367 Other Corporate Assets 1,043 1,807 Total Assets $ 428,783 $ 423,937 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of lease cost | Operating leases cost components are reported in the Condensed Consolidated Statements of Operations as follows: (in thousands) Three Months Ended March 31, Six Months Ended March 31, Operating lease components 2021 2020 2021 2020 Operating leases costs recorded in General and Administrative expenses $ 132 $ 52 $ 264 $ 104 Operating lease right-of-use asset impairment recorded in Other expenses $ — $ — $ — $ 87 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: March 31, 2021 Weighted-average remaining lease term 1.11 years Weighted-average discount rate 3.20 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
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. 2020 Option Grant Expected Volatility 26.0 % Expected Term (in years) 3.61 Risk Free Rate 1.60 % 2019 Modified Option Grant Expected Volatility 25.0 % Expected Term (in years) 1.50 Risk Free Rate 2.52 % 2019 Option Grants Expected Volatility 30.0 % Expected Term (in years) 4.09 Risk Free Rate 2.95 % |
Schedule of treasury stock purchases and issuances | The following table illustrates the Company’s treasury stock activity for the six months ended March 31, 2021: (in thousands, except share amounts) Shares Cost Balance as of September 30, 2020 923,621 $ 30,779 Issued to employees and directors (20,889 ) (556 ) Balance as of March 31, 2021 902,732 $ 30,223 |
Description of Business and B_4
Description of Business and Basis of Presentation - (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($)aproperty | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)apropertysegment | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Property Plant And Equipment [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Revenue, description of timing | 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. | ||||
Accounts receivable, net | $ 11,009,000 | $ 11,009,000 | $ 4,347,000 | ||
Net Income (loss) attributable to subsidiary | $ 23,000 | $ (5,000) | $ (18,000) | $ 102,000 | |
Proceeds from federal relief program | $ 493,000 | ||||
Citree | |||||
Property Plant And Equipment [Line Items] | |||||
Ownership interest (as a percent) | 51.00% | 51.00% | 51.00% | 51.00% | |
Citree | |||||
Property Plant And Equipment [Line Items] | |||||
Net Income (loss) attributable to subsidiary | $ 45,000 | $ (11,000) | $ (37,000) | $ 208,000 | |
Citrus | |||||
Property Plant And Equipment [Line Items] | |||||
Accounts receivable, net | $ 9,969,000 | $ 9,969,000 | 584,000 | ||
Land | |||||
Property Plant And Equipment [Line Items] | |||||
Area of land owned (in acres) | a | 103,000 | 103,000 | |||
Number of primary classifications | property | 2 | 2 | |||
Mineral Rights | |||||
Property Plant And Equipment [Line Items] | |||||
Area of land owned (in acres) | a | 90,000 | 90,000 | |||
Citrus Groves | |||||
Property Plant And Equipment [Line Items] | |||||
Net cash proceeds from the sale of property | $ 16,524,000 |
Description of Business and B_5
Description of Business and Basis of Presentation - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | $ 55,944 | $ 50,515 | $ 69,676 | $ 61,520 |
Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 55,268 | 49,801 | 68,194 | 59,976 |
Water Resources and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 676 | 714 | 1,482 | 1,544 |
Early and Mid-Season | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 21,749 | 22,237 | 31,064 | 31,303 |
Valencias | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 28,014 | 25,810 | 28,014 | 25,810 |
Fresh Fruit | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 176 | 802 | 585 | 1,537 |
Grove Management Services | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 4,979 | 373 | 8,071 | 678 |
Other | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 350 | 579 | 460 | 648 |
Other | Water Resources and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 53 | 35 | 132 | 202 |
Land and Other Leasing | Water Resources and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | $ 623 | $ 679 | $ 1,350 | $ 1,342 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Unharvested fruit crop on the trees | $ 29,253 | $ 40,265 |
Other | 782 | 590 |
Total inventories | $ 30,035 | $ 40,855 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |||||
Proceeds from federal relief grants | $ 163,000 | $ 4,299,000 | $ 15,597,000 | $ 4,629,000 | $ 4,466,000 |
Assets Held for Sale - Componen
Assets Held for Sale - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 2,048 | $ 1,366 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 2,048 | 1,366 |
Discontinued Operations, Held-for-sale | East and West Ranch | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 2,048 | $ 1,366 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) | Dec. 18, 2020USD ($)a | Oct. 30, 2020USD ($)a | Sep. 10, 2020USD ($)a | Mar. 27, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
(Loss) gain on sale of real estate, property and equipment and assets held for sale | $ 18,230,000 | $ (17,000) | $ 2,838,000 | $ 3,347,000 | $ 2,863,000 | |||
Acres Of Land Purchased | a | 3,280 | |||||||
Discontinued Operations, Disposed of by Sale | East Ranch | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Acres Of Land Sold | a | 600 | |||||||
(Loss) gain on sale of real estate, property and equipment and assets held for sale | $ 2,630,000 | |||||||
Gain (loss) on disposal of discontinued operation | $ 2,550,000 | $ 2,748,000 | $ 504,000,000 | |||||
Consideration for discontinued operation | $ 2,980,000 | |||||||
Discontinued Operations, Disposed of by Sale | Alico Ranch | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
(Loss) gain on sale of real estate, property and equipment and assets held for sale | $ 28,500,000 | |||||||
Gain (loss) on disposal of discontinued operation | $ 27,470,000 | |||||||
Acres Of Land Purchased | a | 10,700 |
Property and Equipment, Net - C
Property and Equipment, Net - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 369,036 | $ 350,061 |
Depreciable properties | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 375,183 | 359,733 |
Less: accumulated depreciation and depletion | (119,719) | (115,440) |
Property and equipment, net | 255,464 | 244,293 |
Citrus trees | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 312,590 | 296,012 |
Equipment and other facilities | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 55,193 | 55,593 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,400 | 8,128 |
Land and land improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 113,572 | $ 105,768 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) | Oct. 30, 2020USD ($)a | Jun. 01, 2020USD ($)a | May 04, 2020USD ($)a | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) |
Property Plant And Equipment [Line Items] | ||||||||
Acres Of Land Purchased | a | 3,280 | |||||||
Gain on sale of real estate, property and equipment and assets held for sale | $ 18,230,000 | $ (17,000) | $ 2,838,000 | $ 3,347,000 | $ 2,863,000 | |||
Citrus Groves | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Acres of land sold | a | 30 | |||||||
Consideration for discontinued operation | $ 122,000 | |||||||
Gain (loss) on disposal of discontinued operation | $ 83,000 | |||||||
Citrus Blocks | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Acres Of Land Purchased | a | 334 | |||||||
Gain on sale of real estate, property and equipment and assets held for sale | $ 2,850,000 | |||||||
Citrus trees | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Asset impairment charges | $ 0 | $ 598,000 |
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 | Mar. 31, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Less current portion | $ 8,410 | $ 9,145 |
Deferred Financing Costs, Net | 1,068 | 1,151 |
Met Fixed-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Principal | 80,313 | 83,438 |
Long Term Debt | 80,313 | 83,438 |
Deferred Financing Costs, Net | 572 | 621 |
Met Variable-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Principal | 39,531 | 40,969 |
Long Term Debt | 39,531 | 40,969 |
Deferred Financing Costs, Net | 263 | 286 |
Met Citree Term Loan | ||
Debt Instrument [Line Items] | ||
Principal | 4,388 | 4,512 |
Long Term Debt | 4,388 | 4,512 |
Deferred Financing Costs, Net | 34 | 36 |
Pru Loans A & B | ||
Debt Instrument [Line Items] | ||
Principal | 14,517 | 15,097 |
Long Term Debt | 14,517 | 15,097 |
Deferred Financing Costs, Net | 198 | 207 |
Pru Loan E | ||
Debt Instrument [Line Items] | ||
Principal | 4,125 | 4,235 |
Long Term Debt | 4,125 | 4,235 |
Deferred Financing Costs, Net | 1 | 1 |
Term Loans and PRU Loans | ||
Debt Instrument [Line Items] | ||
Principal | 142,874 | 148,251 |
Less current portion | 8,410 | 9,145 |
Long-term debt | 134,464 | 139,106 |
Long Term Debt | 142,874 | 148,251 |
Deferred Financing Costs, Net | $ 1,068 | $ 1,151 |
Long-Term Debt and Lines of C_4
Long-Term Debt and Lines of Credit - Schedule of Lines of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 1,068 | $ 1,151 | |
RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | 969,000 | 1,048,000 | $ 339,000 |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Principal | 2,942 | ||
Deferred Financing Costs, Net | 134 | 141 | |
Line of Credit | RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 134 | 141 | |
Line of Credit | WCLC | |||
Line of Credit Facility [Line Items] | |||
Principal | $ 2,942 |
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 | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Due within one year | $ 8,410 |
Due between one and two years | 4,285 |
Due between two and three years | 4,285 |
Due between three and four years | 4,285 |
Due between four and five years | 4,285 |
Due beyond five years | 117,324 |
Total future maturities | $ 142,874 |
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 | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 1,089 | $ 1,452 | $ 2,278 | $ 2,996 |
Interest capitalized | 349 | 303 | 661 | 572 |
Total | $ 1,438 | $ 1,755 | $ 2,939 | $ 3,568 |
Long-Term Debt and Lines of C_7
Long-Term Debt and Lines of Credit - Narrative (Details) | 1 Months Ended | 6 Months Ended | ||||||
Apr. 30, 2021USD ($) | Nov. 30, 2019USD ($) | Mar. 31, 2021USD ($)aLoan | Sep. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Feb. 15, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 04, 2014USD ($)aLoan | |
Debt Instrument [Line Items] | ||||||||
Deferred Financing Costs, Net | $ 1,068,000 | $ 1,151,000 | ||||||
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 | $ 169,730,000 | |||||||
Minimum current ratio | 1.50 | |||||||
Debt to total assets ratio | 0.625 | |||||||
Limit on capital expenditures | $ 30,000,000 | |||||||
Debt issuance cost, net | $ 1,068,000 | 1,151,000 | ||||||
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 | |||||||
Citrus Groves | ||||||||
Debt Instrument [Line Items] | ||||||||
Area of land (in acres) | a | 38,200 | |||||||
Citrus Groves | Silver Nip Citrus | ||||||||
Debt Instrument [Line Items] | ||||||||
Area of land owned (in acres) | a | 1,500 | |||||||
Farm and Ranch Land | ||||||||
Debt Instrument [Line Items] | ||||||||
Area of land (in acres) | a | 5,800 | |||||||
Met Fixed-Rate Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly principal payments | $ 220,000 | $ 2,281,250,000 | ||||||
Fixed interest rate | 4.15% | 4.15% | ||||||
Prepayment amount of the fixed term loan (up to) | $ 8,750,000,000 | |||||||
Remaining availability under line of credit | 5,625,000,000 | |||||||
Prepayment amount of the fixed term loan | $ 10,312,500,000 | |||||||
Remaining borrowings interest to be paid at maturity with ballon payment | $ 70,000,000,000 | |||||||
Fix term loan maturity date | Nov. 1, 2029 | |||||||
Adjusted fixed interest rate | 3.85% | |||||||
Deferred Financing Costs, Net | 572,000 | 621,000 | ||||||
Principal | 80,313,000 | 83,438,000 | ||||||
Debt issuance cost, net | 572,000 | $ 621,000 | ||||||
Met Fixed-Rate Term Loans | Silver Nip Citrus | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly principal payments | $ 290,000 | |||||||
Fixed interest rate | 5.35% | |||||||
Prepayment amount of the fixed term loan (up to) | $ 5,000,000 | |||||||
Prepayment amount of the fixed term loan | $ 4,453,000 | $ 750,000 | ||||||
Area of property that served as collateral (in acres) | a | 5,700 | |||||||
Number of fixed rate term loans | Loan | 2 | |||||||
Principal | $ 27,550,000 | |||||||
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] | ||||||||
Quarterly principal payments | $ 55,000 | |||||||
Principal | $ 5,500,000 | |||||||
Met Variable-Rate Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread subject to adjustment period | 2 years | |||||||
Variable interest rate | 1.86% | 1.91% | ||||||
Deferred Financing Costs, Net | $ 263,000 | $ 286,000 | ||||||
Principal | 39,531,000 | 40,969,000 | ||||||
Debt issuance cost, net | $ 263,000 | 286,000 | ||||||
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] | ||||||||
Principal | $ 4,455,000 | |||||||
Silver Nip Citrus Debt | Silver Nip Citrus | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred Financing Costs, Net | $ 199,000 | 208,000 | ||||||
Debt issuance cost, net | 199,000 | 208,000 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance cost, gross | $ 2,834,000,000 | |||||||
Deferred Financing Costs, Net | 969,000,000 | 1,048,000,000 | 339,000,000 | |||||
Debt issuance cost, net | 969,000,000 | 1,048,000,000 | $ 339,000,000 | |||||
Revolving Credit Facility | Met Fixed-Rate Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | 125,000,000 | |||||||
Revolving Credit Facility | Met Variable-Rate Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | 57,500,000 | |||||||
RLOC | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | $ 25,000,000 | |||||||
LIBOR spread (as a percent) | 0.25% | |||||||
Remaining availability under line of credit | $ 25,000,000,000 | $ 25,000,000,000 | ||||||
RLOC | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread (as a percent) | 1.65% | |||||||
RLOC | Met Variable-Rate Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread subject to adjustment period | 2 years | |||||||
Variable interest rate | 1.86% | 1.91% | ||||||
WCLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | $ 70,000,000 | |||||||
LIBOR spread (as a percent) | 0.20% | |||||||
Variable interest rate | 1.86% | 1.90% | ||||||
Remaining availability under line of credit | $ 69,764,000,000 | $ 66,659,000,000 | ||||||
WCLC | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread (as a percent) | 0.20% | |||||||
WCLC | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread (as a percent) | 0.30% | |||||||
WCLC | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | $ 2,000,000 | |||||||
Outstanding letters of credit | 236,000,000 | |||||||
Principal | $ 0 | 2,942,000,000 | ||||||
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 | 23,000,000 | |||||||
Metlife Term Loan | Citree | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving line of credit | $ 5,000,000 | |||||||
Fixed interest rate | 5.28% | |||||||
Principal | $ 4,388,000 | 4,512,000 | ||||||
Deferred Financing Costs, Net | $ 34,000 | 36,000 | ||||||
Area of property that served as collateral (in acres) | a | 1,200 | |||||||
Debt issuance cost, net | $ 34,000 | $ 36,000 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Payables And Accruals [Abstract] | ||
Ad valorem taxes | $ 686 | $ 2,057 |
Accrued interest | 931 | 1,020 |
Accrued employee wages and benefits | 1,363 | 2,214 |
Accrued harvest and haul | 422 | |
Accrued dividends | 1,352 | 674 |
Consulting and separation charges | 146 | |
Accrued insurance | 636 | |
Other accrued liabilities | 364 | 348 |
Total accrued liabilities | $ 5,118 | $ 7,095 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 6 Months Ended |
Mar. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits, Increase resulting from prior period tax positions | $ 605,000 |
Increase in income tax benefit due to difference in federal income tax rate | $ 82,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Alico, Inc. common stockholders | $ 4,867 | $ 3,571 | $ 8,712 | $ 4,362 |
Basic | 7,513,000 | 7,480,000 | 7,508,000 | 7,478,000 |
Dilutive effect of equity-based awards | 16,000 | 16,000 | ||
Weighted average number of common shares outstanding - diluted | 7,513,000 | 7,496,000 | 7,508,000 | 7,494,000 |
Net income per common share attributable to Alico, Inc. common stockholders: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.48 | $ 1.16 | $ 0.58 |
Diluted (in dollars per share) | $ 0.65 | $ 0.48 | $ 1.16 | $ 0.58 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Informati
Segment Information - Information by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Revenues: | |||||
Total operating revenues | $ 55,944 | $ 50,515 | $ 69,676 | $ 61,520 | |
Operating expenses: | |||||
Total operating expenses | 45,718 | 43,898 | 54,053 | 49,289 | |
Gross profit: | |||||
Gross profit | 10,226 | 6,617 | 15,623 | 12,231 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion, and amortization | 3,857 | 3,590 | 7,708 | 7,199 | |
Assets: | |||||
Total Assets | 428,783 | 428,783 | $ 423,937 | ||
Land and Other Leasing | |||||
Assets: | |||||
Total Assets | 15,208 | 15,208 | 15,367 | ||
Alico Citrus | |||||
Revenues: | |||||
Total operating revenues | 55,268 | 49,801 | 68,194 | 59,976 | |
Operating expenses: | |||||
Total operating expenses | 45,518 | 43,518 | 53,665 | 48,358 | |
Operating Segments | Land and Other Leasing | |||||
Revenues: | |||||
Total operating revenues | 676 | 714 | 1,482 | 1,544 | |
Operating expenses: | |||||
Total operating expenses | 200 | 380 | 388 | 931 | |
Gross profit: | |||||
Gross profit | 476 | 334 | 1,094 | 613 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion, and amortization | 43 | 46 | 81 | 92 | |
Operating Segments | Alico Citrus | |||||
Revenues: | |||||
Total operating revenues | 55,268 | 49,801 | 68,194 | 59,976 | |
Operating expenses: | |||||
Total operating expenses | 45,518 | 43,518 | 53,665 | 48,358 | |
Gross profit: | |||||
Gross profit | 9,750 | 6,283 | 14,529 | 11,618 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion, and amortization | 3,704 | 3,416 | 7,393 | 6,853 | |
Assets: | |||||
Total Assets | 412,532 | 412,532 | 406,763 | ||
Segment Reconciling Items | |||||
Depreciation, depletion and amortization: | |||||
Depreciation, depletion, and amortization | 110 | $ 128 | 234 | $ 254 | |
Other Corporate Assets | |||||
Assets: | |||||
Total Assets | $ 1,043 | $ 1,043 | $ 1,807 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||||
Operating leases costs recorded in General and Administrative expenses | $ 132 | $ 52 | $ 264 | $ 104 |
Impairment of right-of-use asset | $ 87 |
Leases - Lease Terms (Details)
Leases - Lease Terms (Details) | Mar. 31, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term | 1 year 1 month 9 days |
Weighted-average discount rate | 3.20% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Nov. 10, 2020 | Oct. 11, 2019 | Feb. 11, 2019 | Oct. 25, 2018 | Sep. 07, 2018 | Sep. 05, 2018 | Dec. 31, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Oct. 10, 2019 | Feb. 27, 2015 |
Class Of Stock [Line Items] | ||||||||||||||
Number of shares authorized to be repurchased (up to) | 7,000 | |||||||||||||
Stock compensation expense | $ 222,000 | $ 162,000 | $ 444,000 | $ 355,000 | ||||||||||
Restricted Stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Stock compensation expense | 40,000 | 26,000 | 65,000 | 52,000 | ||||||||||
Unrecognized expense | 119,000 | 119,000 | $ 0 | |||||||||||
Weighted average fair value (in dollars per share) | $ 31.20 | |||||||||||||
Options | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Stock compensation expense | 61,000 | $ 301,000 | 121,000 | $ 383,000 | ||||||||||
Unrecognized expense | $ 255,000 | $ 255,000 | $ 376,000 | |||||||||||
Unrecognized compensation cost, expected recognition period | 1 year 2 months 19 days | |||||||||||||
2015 Option Grants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of shares authorized to be repurchased (up to) | 1,250,000 | |||||||||||||
2015 Option Grants | Restricted Stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of restricted shares awarded | 5,885 | |||||||||||||
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 | |||||||||||||
2020 Option Grants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 118,000 | |||||||||||||
Shares issued (in dollars per share) | $ 33.96 | |||||||||||||
Percentage of options | 25.00% | |||||||||||||
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 | |||||||||||||
2020 Option Grants | Tranche One | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 35 | |||||||||||||
2020 Option Grants | Tranche Two | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||
2020 Option Grants | Tranche Three | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||
2020 Option Grants | Tranche Four | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||
2020 Option Grants | Minimum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | $ 35 | $ 35 | ||||||||||||
2020 Option Grants | Maximum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | 40 | $ 40 | ||||||||||||
2019 Option Grants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Shares issued (in dollars per share) | $ 33.34 | |||||||||||||
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 | |||||||||||||
Number of awards vesting (in shares) | 0 | |||||||||||||
2019 Option Grants | Chief Financial Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 10,000 | |||||||||||||
2019 Option Grants | Tranche One | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||
Number of awards vesting (in shares) | 3,333 | |||||||||||||
2019 Option Grants | Tranche Two | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||
Number of awards vesting (in shares) | 3,333 | |||||||||||||
2019 Option Grants | Tranche Three | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||
Number of awards vesting (in shares) | 3,334 | |||||||||||||
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 | $ 40 | ||||||||||||
2018 Option Grants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Shares issued (in dollars per share) | $ 33.60 | |||||||||||||
Percentage of options | 0.00% | 25.00% | ||||||||||||
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 | |||||||||||||
2018 Option Grants | Chief Financial Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 90,000 | |||||||||||||
2018 Option Grants | Chief Executive Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 210,000 | |||||||||||||
2018 Option Grants | Tranche One | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 35 | |||||||||||||
2018 Option Grants | Tranche One | Chief Executive Officer | ||||||||||||||
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 (in shares) | 26,250 | |||||||||||||
2018 Option Grants | Tranche Two | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||
2018 Option Grants | Tranche Two | Chief Executive Officer | ||||||||||||||
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 (in shares) | 26,250 | |||||||||||||
2018 Option Grants | Tranche Three | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||
2018 Option Grants | Tranche Four | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||
2018 Option Grants | Minimum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | $ 35 | |||||||||||||
2018 Option Grants | Maximum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | 40 | $ 40 | ||||||||||||
2016 Option Grants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Shares issued (in dollars per share) | $ 27.15 | |||||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||||||||||
Number of awards vesting (in shares) | 0 | |||||||||||||
2016 Option Grants | Chief Executive Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 300,000 | |||||||||||||
2016 Option Grants | Board of Directors Chairman | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Granted (in shares) | 225,000 | |||||||||||||
Shares forfeited (in shares) | 187,500 | |||||||||||||
2016 Option Grants | Tranche One | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 60 | |||||||||||||
2016 Option Grants | Tranche Two | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 75 | |||||||||||||
2016 Option Grants | Tranche Three | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 90 | |||||||||||||
2016 Option Grants | Tranche Four | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Percentage of options | 25.00% | |||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||
Amount per share (in dollars per share) | $ 105 | |||||||||||||
2016 Option Grants | Maximum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | 60 | $ 60 | ||||||||||||
2019 Modified Option Grants | Tranche One | Chief Executive Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of shares expected to vest (in shares) | 26,250 | |||||||||||||
2019 Modified Option Grants | Tranche Two | Chief Executive Officer | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of shares expected to vest (in shares) | 26,250 | |||||||||||||
2019 Modified Option Grants | Options | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Grants in period, weighted average (in dollars per share) | 1.40 | |||||||||||||
2019 Modified Option Grants | Maximum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Share price (in dollars per share) | $ 40 | $ 35 | 35 | |||||||||||
2020 Option Grants | Options | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Grants in period, weighted average (in dollars per share) | $ 3.20 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Options Using Valuation Assumptions (Details) - Options | 6 Months Ended |
Mar. 31, 2021 | |
2020 Option Grants | |
Class Of Stock [Line Items] | |
Expected Volatility | 26.00% |
Expected Term (in years) | 3 years 7 months 9 days |
Risk Free Rate | 1.60% |
2019 Modified Option Grants | |
Class Of Stock [Line Items] | |
Expected Volatility | 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 | 30.00% |
Expected Term (in years) | 4 years 1 month 2 days |
Risk Free Rate | 2.95% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Treasury Stock Purchases and Issuance (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2021USD ($)shares | |
Shares | |
Beginning Balance (in shares) | shares | 923,621 |
Issued to employees and directors (in shares) | shares | (20,889) |
Ending Balance (in shares) | shares | 902,732 |
Cost | |
Beginning Balance | $ | $ 30,779 |
Issued to employees and directors | $ | (556) |
Ending Balance | $ | $ 30,223 |
Commitments and Contingencies -
Commitments and Contingencies - Letters of Credit (Details) - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Outstanding standby letters of credit | $ 236,000 | $ 399,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) | Mar. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding purchase commitments | $ 2,581,000 |
Related Party Transactions - He
Related Party Transactions - Henry R. Slack and George R. Brokaw (Details) $ in Thousands | 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 ($) $ in Thousands | Feb. 11, 2019 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | ||
Period of consulting services provided (up to) | 24 months | |
Payments for services and covenants | $ 400,000 | $ 800,000 |
Related Party Transactions - Di
Related Party Transactions - Distribution of Shares by Alicos Largest Shareholder (Details) | Nov. 12, 2019shares |
Majority Shareholder | 734 Investors | |
Related Party Transaction [Line Items] | |
Distribution of common stock (in shares) | 3,173,405 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Apr. 15, 2021USD ($)a | Oct. 30, 2020USD ($)a | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Subsequent Event [Line Items] | ||||||
(Loss) gain on sale of real estate, property and equipment and assets held for sale | $ 18,230,000 | $ (17,000) | $ 2,838,000 | $ 3,347,000 | $ 2,863,000 | |
Acres Of Land Purchased | a | 3,280 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
(Loss) gain on sale of real estate, property and equipment and assets held for sale | $ 14,445,000 | |||||
Gain (loss) on disposal of discontinued operation | $ 13,980,000 | |||||
Acres Of Land Purchased | a | 5,734 |