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Fair value measurements
 12 Months Ended
Oct. 31, 2015
Fair Value Disclosures [Abstract]  
Fair value measurements

15.    Fair Value Measurements

 

A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability.  A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).

 

The following table sets forth our financial assets and liabilities as of October 31, 2015 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Level 1

    

Level 2

    

Level 3

    

Total

 

 

 

(All amounts are presented in thousands)

 

Assets at Fair Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in Limoneira Company(1)

 

$
27,415

 

 

-

 

 

-

 

$
27,415

 

Total assets at fair value

 

$
27,415

 

$

-

 

$

-

 

$
27,415

 

 

(1)

The investment in Limoneira Company consists of marketable securities in the Limoneira Company stock.  We currently own approximately 12% of Limoneira’s outstanding common stock.  These securities are measured at fair value by quoted market prices.  Limoneira’s stock price at October 31, 2015 and October 31, 2014 equaled $15.86 per share and $25.66 per share.  Unrealized gains and losses are recognized through other comprehensive income.  Unrealized investment holding losses arising during the year ended October 31, 2015 and 2014 was $16.9 million and $1.2 million.  Unrealized investment holding gains arising during the year ended October 31, 2013 was $6.7 million.

 

The following is a reconciliation of the beginning and ending amounts of the contingent consideration for RFG:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Balance at

    

 

    

 

    

 

 

    

Balance at

 

 

 

October 31, 

 

 

 

Revalue

 

 

 

 

October 31, 

 

 

 

2013

 

Interest

 

Adjustment

 

Settled

 

2014

 

 

 

(All amounts are presented in thousands)

 

RFG contingent consideration

 

$
15,602

 

 —

 

$
53,611

 

$
(69,213)

 

 —

 

Total

 

$
15,602

 

 —

 

$
53,611

 

$
(69,213)

 

 —