Fair Value Measurements (Tables)

9 Months Ended

Jul. 31, 2019

Financial Assets Measured on a Recurring Basis


	Level 1		Level 2		Level 3		Total
	(All amounts are presented in thousands)
Assets at Fair Value:
Investment in Limoneira Company⁽¹⁾	$	33,194		-		-	$	33,194
Total assets at fair value	$	33,194		-		-	$	33,194

(1) The investment in Limoneira Company consists of marketable securities in the Limoneira Company common stock. We currently own less than 10% of Limoneira’s outstanding common stock. These securities are measured at fair value using quoted market prices. For the three months ended July 31, 2019, we recognized losses of $5.1 million on the consolidated condensed statement of income. For the nine months ended July 31, 2019, we recognized losses of $8.2 million on the consolidated condensed statement of income. In the prior year, unrealized gains and losses were recognized through other comprehensive income. Unrealized investment holding gains arising during the three months ended July 31, 2018 were $6.9 million. Unrealized investment holding gains arising during the nine months ended July 31, 2018 were $6.8 million.