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Fair Value Measurements (Tables)
 12 Months Ended
Oct. 31, 2019
Fair Value Measurements  
Financial Assets Measured on a Recurring Basis

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Level 1

    

Level 2

    

Level 3

    

Total

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(All amounts are presented in thousands)

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Assets at Fair Value:

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Investment in Limoneira Company(1)

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$

31,734

 

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-

 

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-

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$

31,734

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Total assets at fair value

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$

31,734

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-

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-

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$

31,734

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(1)

The investment in Limoneira Company consists of marketable securities in the Limoneira Company stock. We currently own less than 10% of Limoneira’s outstanding common stock. These securities are measured at fair value by quoted market prices. Limoneira’s stock price at October 31, 2019 and October 31, 2018 equaled $18.92 per share and $24.65 per share (level 1). For the year ended October 31, 2019, we sold 51,271 shares of Limoneira stock and recorded a loss of $0.1 million in our consolidated statements of income. Our remaining shares of Limoneira stock, totaling 1,677,299, were revalued to $18.92 per share at October 31, 2019 and, as a result, we recorded a loss of $9.6 million for the year ended October 31, 2019 in our consolidated condensed statements of income. For the year ended October 31, 2018 and 2017, we recognized losses of Unrealized gains and losses are recognized through other comprehensive income. Unrealized investment holding gains arising during the years ended October 31, 2018, and 2017 were $2.2 million and $6.3 million.