Quarterly report pursuant to sections 13 or 15(d)

Property, Buildings and Equipment, Net

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Property, Buildings and Equipment, Net
 3 Months Ended
Dec. 31, 2013
Property, Buildings and Equipment, Net [Abstract]  
Property, Buildings and Equipment, Net

Note 3. Property, Buildings and Equipment, Net

 

Property, buildings and equipment consisted of the following at December 31, 2013 and September 30, 2013:

 

(in thousands)     December 31,       September 30,  
      2013       2013  
                 
Breeding herd   $ 12,844     $ 12,234  
Buildings     12,994       11,587  
Citrus trees     31,724       34,188  
Sugarcane     18,788       16,199  
Equipment and other facilities     48,805       47,278  
                 
Total depreciable properties     125,155       121,486  
Less accumulated depreciation and depletion     (71,965 )     (71,857 )
                 
Net depreciable properties     53,190       49,629  
Land and land improvements     78,278       81,442  
                 
Net property, buildings and equipment   $ 131,468     $ 131,071  

 

Assets held for sale

 

In December 2013, the Company's Board of Directors approved listing certain parcels of real estate for sale in Polk county totaling approximately 3,200 acres, including approximately 80 acres of active citrus groves. As a result, the Company reclassified the net book value of the properties to assets held for sale as of December 31, 2013. The estimated fair value of the properties exceeds their net book value and no impairment was recognized as a result of the reclassification.