Fair value measurements (Tables)

6 Months Ended

Apr. 30, 2016

Financial Assets and Liabilities Measured on Recurring and Non-Recurring Basis

The following table sets forth our financial assets and liabilities as of April 30, 2016 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)	$	30,924		-		-	$	30,924
Total assets at fair value	$	30,924	$	-	$	-	$	30,924

(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 April 30, 2016 and October 31, 2015 equaled $17.89 per share and $15.86 per share. Unrealized gains and losses are recognized through other comprehensive income. Unrealized investment holding gains arising during the three months ended April 30, 2016 and 2015 was $9.2 million and $3.7 million. Unrealized investment holding gains arising during the six months ended April 30, 2016 was $3.5 million. Unrealized investment holding losses arising during the six months ended April 30, 2015 was $4.7 million.