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Fair Value Measurements (Tables)
 12 Months Ended
Oct. 31, 2020
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 at October 31, 2020:

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Investment in Limoneira Company(1)

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$

23,197

 

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-

 

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-

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$

23,197

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Total assets at fair value

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$

23,197

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-

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$

23,197

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Assets at Fair Value at October 31, 2019:

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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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$

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, 2020 and October 31, 2019 equaled $13.83 per share and $18.92 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 $13.83 per share and $18.92 per share at October 31, 2020 and 2019 and, as a result, we recorded a loss of $8.5 million and $9.6 million for the year ended October 31, 2020 and 2019 in our consolidated statements of operations. For the year ended October 31, 2018, we recognized losses of Unrealized gains and losses are recognized through other comprehensive income. Unrealized investment holding gains arising during the year ended October 31, 2018, was $2.2 million.