Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2021

Fair Value Measurements

Financial assets measured on recurring basis

	Level 1		Level 2		Level 3		Total
	(All amounts are presented in thousands)
Assets at Fair Value at October 31, 2021:
Investment in Limoneira Company(1)	$	27,055		-		-	$	27,055
Total assets at fair value	$	27,055		-		-	$	27,055
Assets at Fair Value at October 31, 2020:
Investment in Limoneira Company(1)	$	23,197		-		-	$	23,197
Total assets at fair value	$	23,197		-		-	$	23,197

(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, 2021 and October 31, 2020 equaled $16.13 per share and $13.83 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 $16.13 per share and $13.83 per share at October 31, 2021 and 2020 and, as a result, we recorded a gain of $3.9 million and a loss of $8.5 million for the year ended October 31, 2021 and 2020 in our consolidated statements of operations.