Fair value measurements (Tables)

9 Months Ended

Jul. 31, 2016

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

The following table sets forth our financial assets and liabilities as of July 31, 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)	$	30,578		-		-	$	30,578
Total assets at fair value	$	30,578	$	-	$	-	$	30,578

(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 July 31, 2016 and October 31, 2015 equaled $17.69 per share and $15.86 per share. Unrealized gains and losses are recognized through other comprehensive income. Unrealized investment holding losses arising during the three months ended July 31, 2016 and 2015 was $0.3 million and $4.1 million. Unrealized investment holding gains arising during the nine months ended July 31, 2016 was $3.2 million. Unrealized investment holding losses arising during the nine months ended July 31, 2015 was $8.8 million.