View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jan. 31, 2019	Feb. 28, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Limoneira CO
Entity Central Index Key	0001342423
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	LMNR
Entity Common Stock, Shares Outstanding		17,772,753

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Current assets:
Cash	$ 1,280	$ 609
Accounts receivable, net	19,617	14,116
Cultural costs	2,527	5,413
Prepaid expenses and other current assets	12,902	10,528
Income taxes receivable	391	378
Total current assets	36,717	31,044
Property, plant and equipment, net	229,694	225,681
Real estate development	15,942	107,162
Equity in investments	55,826	18,698
Investment in Calavo Growers, Inc.	20,340	24,250
Other assets	14,947	14,504
Total Assets	373,466	421,339
Current liabilities:
Accounts payable	7,987	6,134
Growers payable	11,058	10,089
Accrued liabilities	4,777	7,724
Current portion of long-term debt	2,873	3,127
Total current liabilities	26,695	27,074
Long-term liabilities:
Long-term debt, less current portion	94,001	76,966
Deferred income taxes	24,014	25,372
Other long-term liabilities	3,498	3,647
Sale-leaseback deferral	0	58,330
Total liabilities	148,208	191,389
Commitments and contingencies	0	0
Stockholders’ equity:
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,772,753 and 17,647,135 shares issued and outstanding at January 31, 2019 and October 31, 2018, respectively)	178	176
Additional paid-in capital	159,552	159,071
Retained earnings	58,402	50,354
Accumulated other comprehensive (loss) income	(4,263)	8,965
Noncontrolling interest	579	574
Total stockholders’ equity	214,448	219,140
Total liabilities and stockholders’ equity	373,466	421,339
Series B Convertible Preferred Stock [Member]
Long-term liabilities:
Convertible Preferred Stock	1,479	1,479
Series B-2 Convertible Preferred Stock [Member]
Long-term liabilities:
Convertible Preferred Stock	9,331	9,331
Series A Junior Participating Preferred Stock [Member]
Stockholders’ equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued and outstanding at January 31, 2019 and October 31, 2018)	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized ( in shares)	39,000,000	39,000,000
Common stock, shares issued (in shares)	17,772,753	17,647,135
Common Stock, outstanding (in shares)	17,772,753	17,647,135
Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	14,790	14,790
Preferred stock, shares outstanding (in shares)	14,790	14,790
Coupon rate	8.75%
Series B-2 Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	9,300	9,300
Preferred stock, shares outstanding (in shares)	9,300	9,300
Coupon rate	4.00%
Liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Net revenues:
Revenues	$ 42,018	$ 31,593
Rental operations	1,218	1,260
Total net revenues	42,018	31,593
Costs and expenses:
Rental operations	1,079	1,065
Selling, general and administrative	5,015	4,074
Total costs and expenses	45,038	33,331
Operating loss	(3,020)	(1,738)
Other income (expense):
Interest income (expense), net	147	(510)
Equity in earnings of investments	42	43
Unrealized loss on stock in Calavo Growers, Inc.	(3,910)	0
Other income, net	304	241
Total other income (expense)	(3,417)	(226)
Loss before income tax benefit	(6,437)	(1,964)
Income tax benefit	1,761	10,587
Net (loss) income	(4,676)	8,623
(Income) loss attributable to noncontrolling interest	(17)	2
Net (loss) income attributable to Limoneira Company	(4,693)	8,625
Preferred dividends	(125)	(125)
Net (loss) income attributable to common stock	$ (4,818)	$ 8,500
Basic net (loss) income per common share (in dollars per share)	$ (0.28)	$ 0.59
Diluted net (loss) income per common share (in dollars per share)	(0.28)	0.58
Dividends per common share (in dollars per share)	$ 0.08	$ 0.06
Weighted-average common shares outstanding-basic (in shares)	17,488,000	14,466,000
Weighted-average common shares outstanding-diluted (in shares)	17,488,000	14,984,000
Agribusiness [Member]
Net revenues:
Revenues	$ 40,800	$ 30,333
Costs and expenses:
Costs and expenses	38,916	28,162
Real estate development [Member]
Net revenues:
Revenues	0	0
Costs and expenses:
Costs and expenses	$ 28	$ 30

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (4,676)	$ 8,623
Other comprehensive income, net of tax:
Foreign currency translation adjustments	895	243
Minimum pension liability adjustment, net of tax of $27 and $51	74	124
Unrealized holding gains on security available-for-sale, net of tax of $0 and $1,169	0	2,821
Unrealized gains from derivative instrument, net of tax of $0 and $42	0	103
Total other comprehensive income, net of tax	969	3,291
Comprehensive (loss) income	(3,707)	11,914
Comprehensive (income) loss attributable to noncontrolling interest	(12)	23
Comprehensive (loss) income attributable to Limoneira Company	$ (3,719)	$ 11,937

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Statement of Other Comprehensive Income [Abstract]
Pension liability adjustment, tax	$ 27	$ 51
Unrealized holding gain (loss) on security available-for-sale, tax	0	1,169
Unrealized gain (loss) from derivative instrument, tax	$ 0	$ 42

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Operating activities
Net (loss) income	$ (4,676,000)	$ 8,623,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	2,126,000	1,690,000
(Gain) loss on disposals of assets	(22,000)	99,000
Gain on sales of real estate development assets	0	(25,000)
Stock compensation expense	789,000	708,000
Equity in earnings of investments	(42,000)	(43,000)
Deferred income taxes	(1,434,000)	(10,587,000)
Amortization of deferred financing costs	8,000	7,000
Accrued interest on notes receivable	(39,000)	(30,000)
Unrealized loss on stock in Calavo Growers, Inc.	3,910,000	0
Changes in operating assets and liabilities:
Accounts receivable	(4,983,000)	(2,523,000)
Cultural costs	2,914,000	2,116,000
Prepaid expenses and other current assets	(2,491,000)	(1,064,000)
Income taxes receivable	(13,000)	0
Other assets	90,000	(45,000)
Accounts payable and growers payable	2,421,000	(2,872,000)
Accrued liabilities	(3,003,000)	(1,145,000)
Other long-term liabilities	(48,000)	24,000
Net cash used in operating activities	(4,493,000)	(5,067,000)
Investing activities
Capital expenditures	(5,098,000)	(2,033,000)
Net proceeds from sales of real estate development assets	0	1,543,000
Agriculture property acquisition	(397,000)	0
Collections of installments on note receivable	150,000	0
Equity investment contributions	(4,000,000)	(3,500,000)
Investments in mutual water companies	(460,000)	(6,000)
Net cash used in investing activities	(9,805,000)	(3,996,000)
Financing activities
Borrowings of long-term debt	35,970,000	27,959,000
Repayments of long-term debt	(19,262,000)	(17,425,000)
Dividends paid – common	(1,332,000)	(908,000)
Dividends paid – preferred	(125,000)	(125,000)
Exchange of common stock	(305,000)	(401,000)
Net cash provided by financing activities	14,946,000	9,100,000
Effect of exchange rate changes in cash	23,000	17,000
Net increase in cash	671,000	54,000
Cash at beginning of period	609,000	492,000
Cash at end of period	1,280,000	546,000
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)	900,000	764,000
Cash paid during the period for income taxes, net of (refunds)	0	0
Non-cash investing and financing activities:
Unrealized holding gain on Calavo investment	0	(3,990,000)
(Decrease) increase in real estate development and sale-leaseback deferral	(58,330,000)	2,726,000
Reclassification from real estate development to equity in investments	(33,353,000)	0
Non-cash issuance of note receivable	0	3,000,000
Non-cash reduction of note receivable	0	68,000
Capital expenditures accrued but not paid at period-end	233,000	234,000
Accrued contribution obligation of investment in water company	450,000	315,000
Accrued Series B-2 Convertible Preferred Stock dividends	$ 31,000	$ 31,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical)	Jul. 18, 2018 USD ($)	Oct. 31, 2017 USD ($)
Fruticola San Pablo S.A. [Member]
Conversion of Stock [Line Items]
Business combination	$ 13,111,000
Centennial Property [Member]
Conversion of Stock [Line Items]
Real estate development held for sale		$ 3,250,000

Business	3 Months Ended
Business	Jan. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Limoneira Company, a Delaware Company (the “Company”), engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities. The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. The Company sells all of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on the NASDAQ Global Select Market under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. The Company’s avocados are packed by Calavo, which are then sold and distributed under Calavo brands to its customers. The unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The unaudited interim consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive (loss) income and consolidated statements of cash flows of Limoneira Company and its wholly-owned subsidiaries. The Company’s material subsidiaries include: Limoneira Mercantile, LLC, Windfall Investors, LLC (“Windfall”), Templeton Santa Barbara, LLC, Associated Citrus Packers, Inc. (“Associated”), Limoneira Chile, SpA, Limoneira EA1 Land, LLC, San Pablo and PDA, in which the Company has a 90% ownership interest. All significant intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board (“FASB”) – Accounting Standards Code (“ASC”) 810, Consolidation, and the effect of variable interest entities, in its consolidation process. These unaudited interim consolidated financial statements should be read in conjunction with the notes thereto included in this Quarterly Report on Form 10-Q.

Summary of Significant Accounting Policies

3 Months Ended

Jan. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Revenue Recognition

On November 1, 2018, the Company adopted FASB – Accounting Standards Update (“ASU”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the guidance for the recognition of revenue from contracts with customers to transfer goods and services by using the modified-retrospective method applied to those contracts that were not completed as of November 1, 2018. The results for the reporting period beginning after November 1, 2018 are presented in accordance with the new standard. Comparative information has not been restated and the results for the reporting periods before November 1, 2018 continue to be reported under the accounting standards and policies in effect for those periods. See Note 2 - Summary of Significant Accounting Policies, of the notes to the consolidated financial statements in the Annual Report on Form 10-K for the year ended October 31, 2018.

The Company determined the appropriate method by which it recognizes revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with its customers. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract’s transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract, and each performance obligation is valued based on its estimated relative standalone selling price.

The Company recognizes the majority of its revenue at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The amount of revenue that is recognized is based on the transaction price, which represents the invoiced amount and includes estimates of variable consideration such as allowances for estimated customer discounts or concessions, where applicable. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period.

Upon adoption, the Company changed the accounting of certain brokered fruit sales in which it obtains physical possession and control of the fruit prior to delivery to the end customer. Under previous guidance, the Company was considered an agent and recorded revenues for these types of brokered fruit sales and the costs of such fruit on a net basis in its consolidated statement of operations. Under the new revenue recognition standard, the Company is considered a principal in the transaction and revenues are recorded on a gross basis in the Company’s consolidated statement of operations with the related cost of such fruit included in agribusiness costs and expenses.

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

This change resulted in agribusiness revenue and agribusiness costs and expenses of $294,000 and $252,000, respectively, during the three months ended January 31, 2019. Had it used the previous revenue recognition guidance, the Company would have recorded net agribusiness revenue of $42,000. No cumulative adjustment to retained earnings was necessary as there is no net effect of applying the standard. The Company's accounting policies under ASU 2014-09 were applied prospectively and are noted above.

Agribusiness revenue - Revenue from lemon sales is generally recognized at a point in time FOB shipping point, upon the transfer of legal title and when the customer takes possession of the fruit from the Company’s packinghouse. The Company has elected to treat any shipping and handling costs incurred after control of the goods has been transferred to the customer as agribusiness costs.

The Company’s avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. The Company delivers all of its avocado production from its orchards to Calavo. These avocados are then packed by Calavo at its packinghouse and sold and distributed under Calavo brands to its customers primarily in the United States and Canada. The Company’s arrangements with other third-party packinghouses related to its oranges, specialty citrus and other specialty crops are similar to its arrangement with Calavo. The Company’s arrangements with its third-party packinghouses are such that the Company is the producer and supplier of the product and the third-party packinghouses are the Company’s customers.

Revenue from the sales of certain of the Company’s agricultural products is recorded based on estimated proceeds provided by certain of the Company’s sales and marketing partners (Calavo and other third-party packinghouses) due to the time between when the product is delivered by the Company and the closing of the pools for such fruits at the end of each month or harvest period. Calavo and other third-party packinghouses are agricultural cooperatives or function in a similar manner as an agricultural cooperative. The Company estimates the variable consideration using the most likely amount method, with the most likely amount being the quantities actually shipped extended by the prices reported by Calavo and other third-party packinghouses. Revenue is recognized at time of delivery to the packinghouses relating to fruits that are in pools that have not yet closed at month end if: (a) the related fruits have been delivered to and accepted by Calavo and other third-party packinghouses (i.e., Calavo and other third-party packinghouses obtain control) and (b) sales price information has been provided by Calavo and other third-party packinghouses (based on the marketplace activity for the related fruit) to estimate with reasonable certainty the final selling price for the fruit upon the closing of the pools. In such instances the Company has the present right to payment and Calavo and other third-party packinghouses have the present right to direct the use of, and obtain substantially all of the remaining benefits from, the delivered fruit. The Company does not expect that there is a high likelihood that a significant reversal in the amount of cumulative revenue recognized in the early periods of the pool will occur once the final pool prices have been reported by the packinghouses. Historically, the revenue that is recorded based on the sales price information provided to the Company by Calavo and other third-party packinghouses at the time of delivery, have not materially differed from the actual amounts that are paid after the monthly or harvest period pools are closed.

The revenues the Company recognizes related to the fruits sold to the third-party packinghouses are based on the volume and quality of the fruits delivered, the market price for such fruit, less the packinghouses’ charges to pack and market the fruit. Such packinghouse charges include the grading, sizing, packing, cooling, ripening and marketing of the related fruit. The Company bears inventory risk until product is delivered to the third-party packinghouses at which time control of the product is transferred to the third-party packinghouses and revenue is recognized. Such third-party packinghouse charges are recorded as a reduction of revenue as they are not for distinct services. The identifiable benefit the Company receives from the third-party packinghouses for packaging and marketing services cannot be sufficiently separated from the third-party packinghouses’ purchase of the Company’s products. In addition, the Company is not able to reasonably estimate the fair value of the benefit received from the third-party packinghouses for such services and as such, these costs are characterized as a reduction of revenue in the Company’s consolidated statements of operations.

The Company has entered into brokerage arrangements with third-party international packinghouses. In certain of these arrangements, the Company obtains physical possession and control of the fruit prior to delivery to the end customer, has the exclusive ability to direct the use of, and obtains substantially all of the remaining benefits from the fruit, and is therefore acting as a principal. As such, the Company records the related revenue and costs of the fruit gross in the consolidated statement of operations. Revenue under these brokered fruit sales was $294,000 for the three months ended January 31, 2019. In other brokerage arrangements, the Company does not take physical possession of the fruit, but acts as an agent and arranges for the transfer directly from the third-party international packinghouses to the end customers. The Company earns commissions on these brokered fruit sales, which are recorded net and were $66,000 and $23,000 for the three months ended January 31, 2019 and 2018, respectively.

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

Revenue from crop insurance proceeds is recorded when the amount can be reasonably determined and upon establishment of the present right to payment.

Rental Revenue - Minimum rental revenues are generally recognized on a straight-line basis over the respective initial lease term. Contingent rental revenues are contractually defined as to the percentage of rent received by the Company and are based on fees collected by the lessee. Such revenues are recognized when actual results, based on collected fees reported by the tenant, are received. The Company's rental arrangements generally require payment on a monthly or quarterly basis.

Real Estate Development Revenue - The Company recognizes revenue on real estate development projects with customers at a point in time (i.e., the closing) when the Company satisfies the single performance obligation and transfer control of such real estate to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed real estate to the buyer, is allocated to this single obligation and is received at closing. Real estate development projects with non-customers are accounted for in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets.

Foreign Currency Translation

San Pablo and Fruticola Pan de Azucar S.A. (“PDA”) functional currency is the Chilean Peso. Their balance sheets are translated to U.S. dollars at exchange rates in effect at the balance sheet date and their income statements are translated at average exchange rates during the reporting period. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income ("AOCI").

Reclassifications and Adjustments

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the January 31, 2019 presentation.

Recent Accounting Pronouncements

FASB – ASU 2014-09, Revenue from Contracts with Customers (Topic 606).

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU superseded the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and tangible assets within the scope of Topic 350, Intangibles - Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:


•	Identify the contract(s) with a customer.


•	Identify the performance obligations in the contract.


•	Determine the transaction price.


•	Allocate the transaction price to the performance obligations in the contract.


•	Recognize revenue when (or as) the entity satisfies a performance obligation.

In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations.

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. These ASUs apply to all companies that enter into contracts with customers to transfer goods or services.

In May 2016, the FASB issued, ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 provides clarifying guidance in certain narrow areas and adds some practical expedients.

The Company adopted this new standard as of November 1, 2018 by using the modified-retrospective method. There was no net effect of applying the standard and therefore no cumulative adjustment to retained earnings was necessary at the date of initial application. See revenue recognition policy described above.

FASB ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (i.e., securities or loans and receivables). Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost.

ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company’s adoption of this ASU on November 1, 2018 resulted in a cumulative-effect adjustment to the statement of financial position, with the Company reclassifying unrealized holding gains of $15,920,000 net of taxes, in Calavo common stock from the prior years to retained earnings from AOCI at the date of adoption. In addition, the change in the fair value of Calavo common stock has been disclosed as a separate line item in the statement of operations.

FASB ASU 2016-02, Leases (Topic 842)

Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date:


•	A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and


•	A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.

ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The ASU will be effective for the Company beginning in the first quarter of its fiscal year ending October 31, 2020. The Company is evaluating the effect this ASU may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASU. Note 20 – Commitments and Contingencies in the notes to consolidated financial statements included in the Company's fiscal year 2018 Annual Report on Form 10-K describes its operating lease arrangements as of October 31, 2018.

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

FASB ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business

This amendment clarifies the definition of a business. The amendment affects all companies and other reporting organizations that must determine whether they have acquired or sold a business.

The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendment is intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.

This amendment is effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendment should be applied prospectively as of the beginning of the period of adoption. The Company early adopted this ASU during the quarter ended July 31, 2018 and as a result, the purchase of San Pablo in the fiscal year 2018 was accounted for as an acquisition of assets.

FASB Accounting Standards Update No. 2017-04 -Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

This amendment eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. This amendment also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary.

Public business entities should apply the amendments for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective basis. The Company does not expect the adoption of this ASU will have a material effect on its consolidated financial statements.

FASB ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

The amendment requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed.

The amendment is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company’s adoption of this ASU during the first quarter of fiscal year 2019 had no material impact on its consolidated financial statements.

FASB ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities

This amendment refines and expands hedge accounting for both financial and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The amendment is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption, including adoption in an interim period, is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

FASB ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

This amendment provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 (the "2017 Act") (or portion thereof) is recorded.

The amendment is effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendment either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the 2017 Act is recognized. The Company early adopted this ASU on November 1, 2018, and as a result recorded a cumulative-effect reclassification in the statement of financial position from prior years to retained earnings from AOCI at the date of adoption as of the beginning of the fiscal year of $1,724,000 related to the investment in Calavo and pension liability.

The Company uses a portfolio approach to release the income tax effects in AOCI related to its equity securities. Under this approach, the income tax effects are released from AOCI upon the sale of an equity security based on the enacted tax rate at the date of sale. Any tax effects remaining in AOCI are released only when the entire portfolio of the equity securities is liquidated, sold or extinguished.

FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

This amendment clarifies Topic 820 by removing, modifying and adding disclosure requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date.

For all entities, amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

FASB ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

This amendment adds removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans.

For public business entities, the amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

SEC Amendments to Certain Disclosure Requirements

In August 2018, the SEC adopted amendments to certain disclosure requirements for a number of SEC rules, including Rule 3-04 of Regulation S-X. Rule 3-04 requires that a public registrant’s Form 10-Q include a reconciliation of changes in stockholders’ equity for each period for which a statement of comprehensive income is required to be filed. These amendments are effective for interim periods beginning after November 5, 2018, therefore the Company plans to include a separate statement of stockholders’ equity in its Form 10-Q for the second quarter of fiscal year 2019.

Acquisitions

3 Months Ended

Jan. 31, 2019

Business Combinations [Abstract]

Acquisitions

Agriculture Property Acquisition

In January 2019, the Company purchased land for use as a citrus orchard for a cash purchase price of $397,000. The acquisition was for 26 acres of agricultural property adjacent to the Company’s orchards in Lindsay, California. This agriculture property acquisition was included in property, plant and equipment on the Company’s consolidated balance sheets as of January 31, 2019.

San Pablo

On July 18, 2018, the Company completed the acquisition of San Pablo ranch and related assets in La Serena, Chile, for $13,000,000. The San Pablo ranch consists of 3,317 acres on two parcels, including 247 acres producing lemons, 61 acres producing oranges, the opportunity to immediately plant 120 acres for lemon production, as well as the potential for approximately 500 acres of avocado production. This acquisition was accounted for as an asset purchase and was included in property, plant and equipment in the Company’s consolidated balance sheet at October 31, 2018. In addition, transaction costs of $111,000 were capitalized as part of total acquisition costs.

Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation, which is considered a Level 3 fair value measurement under FASB ASC 820, Fair Value Measurements and Disclosures (in thousands):



Cultural costs	$	579
Land and land improvements	9,114
Buildings and equipment	207
Orchards	2,058
Water rights	1,153
Total assets acquired	$	13,111

The unaudited, proforma consolidated statement of operations as if San Pablo had been included in the consolidated results of the Company for the year ended October 31, 2018 results in revenue of $130,262,000 and net income of $18,785,000.

Business Combinations

Oxnard Lemon

On July 24, 2018, the Company and Oxnard Lemon Associates, Ltd., a California limited partnership (“Seller”), entered into an Asset Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, on July 26, 2018 (the “Initial Closing Date”), the Company acquired certain tangible assets of seller, including a packinghouse and related land (“Oxnard Lemon”), for a purchase price of $24,750,000 (the “Initial Acquisition”). Pursuant to the Purchase Agreement, the closing on the purchase and sale of the intangible assets of Seller, including Seller’s trade names, trademarks and copyrights, took place on October 31, 2018 (the “Final Closing Date”), at which point an additional $250,000 in purchase price was paid to Seller by the Company. The aggregate purchase price for the tangible assets and the intangible assets provided in the Purchase Agreement was $25,000,000. Additionally, the Purchase Agreement provided that Seller lease back the tangible assets from the Company until the Final Closing Date, pursuant to a lease executed on the Initial Closing Date. Transaction costs of $142,000 were included in selling, general and administrative expense.



Land and land improvements	$	7,294
Buildings and equipment	14,866
Customer relationships and trade names	2,270
Goodwill	570
Total assets acquired	$	25,000

The unaudited, proforma consolidated statement of operations as if Oxnard Lemon had been included in the consolidated results of the Company for the year ended October 31, 2018 in revenue of $142,253,000 and net income of $19,728,000.

Fair Value Measurements

3 Months Ended

Jan. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Under the FASB ASC 820, Fair Value Measurement and Disclosures, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).

The following table sets forth the Company’s financial assets and liabilities as of January 31, 2019 and October 31, 2018, which are measured on a recurring basis during the period, segregated by level within the fair value hierarchy (in thousands):



January 31, 2019	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	20,340	$	—	$	—	$	20,340



October 31, 2018	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	24,250	$	—	$	—	$	24,250

Equity securities consist of marketable securities in Calavo common stock. At January 31, 2019 and October 31, 2018, the Company owned 250,000 shares, representing approximately 1.4% of Calavo’s outstanding common stock. These securities are measured at fair value by quoted market prices and changes in fair value are included in the statement of operations subsequent to the adoption of ASU 2016-01. Calavo’s stock price at January 31, 2019 and October 31, 2018 was $81.36 and $97.00 per share, respectively. Prior to the adoption of ASU 2016-01, these equity securities were classified as available-for-sale securities and changes in fair value were recorded in AOCI net of tax.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounts Receivable	3 Months Ended
Accounts Receivable	Jan. 31, 2019
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company grants credit in the course of its operations to customers, cooperatives, companies and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company provides allowances on its receivables, as required, based on accounts receivable aging and certain other factors. As of January 31, 2019 and October 31, 2018 the allowances totaled $643,000 and $563,000, respectively.

Concentrations	3 Months Ended
Concentrations	Jan. 31, 2019
Risks and Uncertainties [Abstract]
Concentrations	Concentrations Lemons procured from third-party growers were 59% and 53% of lemon supply in the three months ended January 31, 2019 and 2018 respectively, of which one third-party grower was 13% of lemon supply at January 31, 2019. The Company sells all of its avocado production to Calavo and the majority of its oranges and specialty citrus to a third-party packing house.

Prepaid Expenses and Other Current Assets

3 Months Ended

Jan. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Prepaid insurance	$	846	$	647
Prepaid supplies	1,277		1,196
Lemon supplier advances	569		170
Note receivable, net	2,505		2,797
Real estate development held for sale	5,024		5,024
Water assessment fees and other	2,681		694
	$	12,902	$	10,528

Real Estate Development

3 Months Ended

Jan. 31, 2019

Real Estate [Abstract]

Real Estate Development

Real estate development assets are comprised primarily of land and land development costs and consist of the following (in thousands):



	January 31, 2019		October 31, 2018
East Area I	$	—	$	91,357
Retained Property - East Area I	10,456		10,408
East Area II	5,486		5,397
	$	15,942	$	107,162

East Area I, Retained Property and East Area II

In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. During the three months ended January 31, 2019 the Company capitalized $137,000 of costs related to the Retained Property and the East Area II project. During the three months ended January 31, 2018 the Company capitalized $3,189,000 of costs related to the East Area I, Retained Property and East Area II projects. Additionally, in relation to these projects, the Company incurred expenses of $2,000 and $1,000 in the three months ended January 31, 2019 and 2018, respectively.

On November 10, 2015 (the “Transaction Date”), the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (the “LLC” or “Joint Venture”) as the development entity, contributed its East Area I property to the LLC and sold a 50% interest in the LLC to Lewis for $20,000,000, comprised of a $2,000,000 deposit received in September 2015 and $18,000,000 received on the Transaction Date. The Company received net cash of approximately $18,800,000 after transaction costs of approximately $1,200,000, which were expensed in the first quarter of fiscal year 2017. In addition, on the Transaction Date, the Company incurred a Success Fee with Parkstone Companies, Inc., in the amount of $2,100,000, which was paid on January 28, 2016 and capitalized as a component of the Company’s investment in the East Area I property.

On the Transaction Date, the LLC and Lewis also entered into a limited liability company agreement (the “LLC Agreement”) providing for the admittance of Lewis as a 50% member of the Joint Venture. The LLC Agreement provides that Lewis will serve as the manager of the Joint Venture with the right to manage, control, and conduct its day-to-day business and development activities. Certain major decisions, which are enumerated in the LLC Agreement, require approval by an executive committee comprised of two representatives appointed by Lewis and two representatives appointed by the Company. Pursuant to the LLC Agreement, the Joint Venture will own, develop, subdivide, entitle, maintain, improve, hold for investment, market and dispose of the Joint Venture’s property in accordance with the business plan and budget approved by the executive committee.

The Company and the Joint Venture also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, the Joint Venture will transfer certain contributed East Area I property, which is entitled for commercial development, back to the Company (the "Retained Property") and arrange for the design and construction of certain improvements to the Retained Property, subject to certain reimbursements by the Company. In August 2018, the Retained Property, which is approved for commercial development, was transferred back to the Company. The net carrying value of the Retained Property as of January 31, 2019 and October 31, 2018 was $10,456,000 and $10,408,000, respectively, and classified as real estate development.

Further, on the Transaction Date, the Joint Venture and the Company entered into a Lease Agreement (the "Lease Agreement"), pursuant to which the Joint Venture would lease certain of the contributed East Area I property back to the Company for continuation of agricultural operations, and certain other permitted uses, on the property until the Joint Venture required the property for development. In December 2018, the Company terminated the Lease Agreement pursuant to the terms therein.

The Company’s sale of an interest in the LLC in which the Company’s contributed property comprises the LLC’s primary asset, combined with the Lease Agreement was considered a sale-leaseback transaction under FASB ASC 840, Leases, because of the Company’s continuing involvement in the property in the form of its agricultural operations. Accordingly, the property was carried on the consolidated balance sheet as real estate development, rather than being classified as an equity investment and a sale-leaseback deferral had been recorded for the $20,000,000 payment made by Lewis for the purchase of the LLC interest. Lease expense associated with the Lease Agreement was not required under sale-leaseback accounting since the Company was treated as though it continued to own the property. During the three months ended January 31, 2018, the Company recorded $2,726,000, of real estate development

8. Real Estate Development (continued)

East Area I, Retained Property and East Area and II (continued)

costs and corresponding increases in the sale-leaseback deferral to recognize real estate development costs capitalized by the LLC. There were no repayment requirements for the sale-leaseback deferral. When the Lease Agreement was terminated in December 2018 control of the property transferred to the Joint Venture and therefore, the Company reduced the sale lease-back deferral and corresponding real estate development by $58,330,000 and reclassified $33,353,000 to equity in investments upon derecognition of the real estate development. As the fair value of the Company’s ownership interest in the Joint Venture approximated the Company’s historical basis in the real estate development, no gain or loss was recorded.

The Company determined the Joint Venture to be a Variable Interest Entity (“VIE”) under ASC 810, Consolidation, because the Joint Venture will require additional subordinated financial support to finance its operations. The Company further determined that it is not the primary beneficiary of the VIE, as the Company and Lewis have joint control over all significant decisions affecting the Joint Venture’s economic performance. Accordingly, contributions made by the Company to the LLC, the Company’s proportionate share of the Joint Venture’s results of operations and distributions received by the Company from the LLC will be accounted for under the equity method. The Company made contributions of $4,000,000 and $3,500,000 to the LLC in the three months ended January 31, 2019 and 2018, respectively.

In January 2018, the Joint Venture entered into a $45,000,000 unsecured Line of Credit Loan Agreement and Promissory Note (the “Loan”) with Bank of America, N.A. to fund early development activities. The Loan matures in January 2020, with an option to extend the maturity date until 2021, subject to certain conditions. The interest rate on the Loan is LIBOR plus 2.85%, payable monthly. The Loan contains certain customary default provisions and the Joint Venture may prepay any amounts outstanding under the Loan without penalty.

In February 2018, the obligations under the Loan were guaranteed by certain principals from Lewis and by the Company. The guarantee shall continue in effect until all of the Loan obligations are fully paid and the guarantors are jointly and severally liable for all Loan obligations in the event of default by the Joint Venture. The Joint Venture recorded the Loan balance of $45,000,000 and $36,243,000 as of January 31, 2019 and October 31, 2018, respectively. The $1,080,000 estimated value of the guarantee was recorded in the Company’s consolidated balance sheets and is included in other long-term liabilities with a corresponding increase in equity in investments. The Company has elected to reduce the guarantee liability upon expiration or settlement of the guarantee. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company which provides for unpaid liabilities of the Joint Venture to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in the Joint Venture.

In connection with the LLC Agreement, the Company was reimbursed $250,000 by the Joint Venture in January 2018 for Initial Public Safety Facility Payments made to the City of Santa Paula in October 2015. Additionally, the Company leases office space to Lewis and received rental income of $4,000 for the three months ended January 31, 2019 and 2018.

In connection with facilitating the annexation of the East Area I property into the City of Santa Paula, during February 2013, the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the “Cost Sharing Agreement”) with the Ventura County Watershed Protection District (the “District”). The Cost Sharing Agreement requires the Company to reimburse the District 28.5% of the costs of the improvements, up to a maximum of $5,000,000. Additionally, the Company is required to pay the cost of preparing a study to determine a feasible scope of work and budget for the improvements. No cost reimbursements have been incurred to date in relation to the Cost Sharing Agreement.

In February 2013, the Company entered into an option agreement for the purchase of a 7-acre parcel adjacent to its East Area II real estate development project. The Company made a $75,000 initial option payment in 2013 and four additional annual option payments of $50,000 each from 2014 to 2017. In February 2018, the Company exercised its option and purchased the property for $3,145,000, by making a cash payment of $1,444,000 and issuing a note payable for $1,435,000. The $275,000 of option payments were applied to the purchase price and the Company incurred $9,000 of transaction costs. The note payable is due in February 2023, with interest-only, monthly payments at interest rates ranging from 5.0% to 7.0%. The net carrying value of East Area II as of January 31, 2019 and October 31, 2018, was $5,486,000 and $5,397,000, respectively, and classified as real estate development.

In February and March 2019, the Company announced that its Joint Venture with Lewis closed the sales of the initial residential lots representing a total of 174 residential units.

8. Real Estate Development (continued)

Templeton Santa Barbara, LLC

The real estate development parcels within the Templeton Santa Barbara, LLC project are described as Centennial, The Terraces at Pacific Crest (“Pacific Crest”), and Sevilla. The net carrying values of Pacific Crest and Sevilla as of January 31, 2019 were $2,481,000 and $2,543,000, respectively. These projects were idle during the three months ended January 31, 2019 and 2018 and, as such, no costs were capitalized. In relation to these projects, the Company incurred expenses of $26,000 and $29,000 in the three months ended January 31, 2019 and 2018, respectively. Additionally, the Company recognized impairment charges of $769,000 and $789,000 related to Pacific Crest and Sevilla, respectively, in fiscal year 2018.

In December 2017, the Company sold Centennial for $3,250,000, receiving net proceeds of $179,000 and a $3,000,000 promissory note secured by the property for the balance of the purchase price. After transaction costs, the sale resulted in a gain of $194,000, to be recognized under the installment method, with $6,000 and $15,000 recognized in three months ended January 31, 2019 and 2018, respectively, and $161,000 deferred balance as of January 31, 2019. The promissory note was originally scheduled to mature in June 2018 but provided for three potential extensions to December 2019. In fiscal year 2018, per the terms of the promissory note, the holder of the note made two non-refundable $100,000 payments to the Company, extending the due date to December 30, 2018. In November 2018, the holder of the note made a non-refundable $100,000 payment, extending the due date to December 15, 2019. Additionally, the holder made a $50,000 payment towards the note principal in December 2018. Interest income related to this note was $33,000 and $24,000 in the three months ended January 31, 2019 and 2018, respectively.

In November 2017, the Company sold the commercial portion of its Sevilla project for $1,452,000, receiving net proceeds of $1,364,000. The Company recognized a gain of $10,000 after transaction costs.

In October 2018, the Company began negotiations to sell its Pacific Crest and Sevilla properties for a combined total price of $5,200,000. As a result, the Company recorded impairment charges on Pacific Crest and Sevilla of $769,000 and $789,000, respectively, in October 2018. As of the date of this filing, these transactions are still in negotiations.

At January 31, 2019 and October 31, 2018, the $2,481,000 carrying value of Pacific Crest and the $2,543,000 carrying value of Sevilla were classified as held for sale and included in prepaid expenses and other current assets.

Equity in Investments

3 Months Ended

Jan. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity in Investments

Equity in investments consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Limoneira Lewis Community Builders, LLC	$	51,146	$	14,060
Limco Del Mar, Ltd.	2,140		1,935
Rosales	2,030		2,191
Romney Property Partnership	510		512
	$	55,826	$	18,698

The Rosales equity investment includes the Company’s 35% interest acquired in fiscal year 2015 and an additional 12% interest acquired with the purchase of PDA in fiscal year 2017. The Company’s investment in Rosales is accounted for using the equity method of accounting based on the sum of its direct and indirect ownership.

The Limoneira Lewis Community Builders, LLC investment balance includes the value of the Company's ownership interest in the Joint Venture and the estimated value of the loan guarantee as described in Note - 8 Real Estate Development.

Investment in Calavo Growers, Inc.	3 Months Ended
Investment in Calavo Growers, Inc.	Jan. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investment in Calavo Growers, Inc.	Investment in Calavo Growers, Inc. In June 2005, the Company entered into a stock purchase agreement with Calavo. Pursuant to this agreement, the Company purchased 1,000,000 shares, or approximately 6.9%, of Calavo’s common stock for $10,000,000 and Calavo purchased 1,728,570 shares, or approximately 15.1%, of the Company’s common stock for $23,450,000. Under the terms of the agreement, the Company received net cash consideration of $13,450,000. 10. Investment in Calavo Growers, Inc. (continued) In fiscal year 2009, the Company sold 335,000 shares of Calavo stock for a total of $6,079,000, recognizing a gain of $2,729,000. In fiscal year 2013, the Company sold 165,000 shares to Calavo for a total of $4,788,000, recognizing a gain of $3,138,000. In fiscal year 2015, the Company sold 140,000 shares for a total of $6,433,000, recognizing a gain of $5,033,000. In fiscal year 2016, the Company sold 60,000 shares for a total of $4,019,000, recognizing a gain of $3,419,000. In fiscal year 2018, the Company sold 50,000 shares for a total of $4,721,000, recognizing a gain of $4,223,000. These gains are included in other income in the consolidated statements of operations. The Company continues to own 250,000 shares of Calavo common stock. With the adoption of FASB ASU 2016-01 on November 1, 2018, changes in the fair value of the marketable securities result in gains or losses recognized in net income. The Company recorded an unrealized loss of $3,910,000 during the three months ended January 31, 2019, which is included in other expense in the consolidated statements of operations. Prior to the adoption of FASB ASU 2016-01, changes in the fair value of the marketable securities resulted in unrealized holding gains or losses for the shares held by the Company. The Company recorded an unrealized holding gain of $3,990,000 ($2,821,000 net of tax), during the three months ended January 31, 2018 which was included in AOCI in the consolidated balance sheet.

Other Assets

3 Months Ended

Jan. 31, 2019

Other Assets [Abstract]

Other Assets

Other assets consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Investments in mutual water companies	$	5,482	$	5,026
Acquired water and mineral rights	3,902		3,783
Deposit for land purchase	624		593
Deferred lease assets and other	269		396
Note receivable	559		566
Revolving funds and memberships	244		267
Acquired trade names, trademarks and customer relationships	2,427		2,442
Goodwill	1,440		1,431
	$	14,947	$	14,504

Accrued Liabilities

3 Months Ended

Jan. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Compensation	$	1,974	$	2,784
Property taxes	334		785
Interest	362		297
Deferred rental income and deposits	413		497
Lease expense	120		378
Lemon supplier payables	—		1,214
Capital expenditures and other	1,574		1,769
	$	4,777	$	7,724

Long-Term Debt

3 Months Ended

Jan. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt is comprised of the following (in thousands):



	January 31, 2019		October 31, 2018
Farm Credit West revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 2.51% at January 31, 2019, plus 1.85%. Effective July 1, 2018, the interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77%. Interest is payable monthly and the principal is due in full on July 1, 2022.	$	68,688	$	50,888
Farm Credit West term loan: the interest rate is variable and was 4.95% at January 31, 2019. The loan is payable in quarterly installments through November 2022.	2,461		2,602
Farm Credit West term loan: the interest rate is variable and was 4.95% at January 31, 2019. The loan is payable in monthly installments through October 2035.	1,111		1,122
Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036.	9,086		9,172
Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036.	6,737		6,808
Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023.	6,018		6,367
Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	1,488		1,857
Note Payable: the interest rate ranges from 5.0% to 7.0% and was 5.0% at January 31, 2019. The loan includes interest-only monthly payments and principal is due in February 2023.	1,435		1,435
Subtotal	97,024		80,251
Less deferred financing costs, net of accumulated amortization	150		158
Total long-term debt, net	96,874		80,093
Less current portion	2,873		3,127
Long-term debt, less current portion	$	94,001	$	76,966

On June 20, 2017, the Company entered into a Master Loan Agreement (the “Loan Agreement”) with Farm Credit West, FLCA (“Farm Credit West”) which includes a Revolving Credit Supplement and a Non-Revolving Credit Supplement (the “Supplements”). Proceeds from the Supplements were used to pay down all the remaining outstanding indebtedness under the revolving credit facility the Company had with Rabobank, N.A. On January 29, 2018, the Company amended the Revolving Credit Supplement to increase the borrowing capacity from $60,000,000 to $75,000,000. The Supplements provide aggregate borrowing capacity of $115,000,000 comprised of $75,000,000 under the Revolving Credit Supplement and $40,000,000 under the Non-Revolving Credit Supplement.

In May 2018, the Company entered into a Conversion Agreement with Farm Credit West which fixed the interest rate on the Non-Revolving Credit Supplement at 4.77% effective July 1, 2018. The agreement provides for a fee equal to 0.50% of any amounts prepaid under the Non-Revolving Credit Supplement. The Company may prepay any amounts under the Revolving Credit Supplement without penalty.

The interest rate for any amount outstanding under the Supplements is based on the one-month LIBOR rate plus an applicable margin, which is subject to adjustment on a monthly basis. The applicable margin ranges from 1.60% to 2.35% depending on the ratio of current assets plus the remaining available commitment divided by current liabilities. On July 1, 2018, and on each one-year anniversary thereafter, we have the option to convert the interest rate in use under each Supplement from the preceding LIBOR-based calculation to a variable interest rate, or the reverse, as applicable. Any amounts outstanding under the Supplements are due and payable in full on July 1, 2022.

All indebtedness under the Loan Agreements, including any indebtedness under the Supplements, is secured by a first lien on certain of the Company’s agricultural properties in Tulare and Ventura counties in California and certain of the Company’s building fixtures and improvements and investments in mutual water companies associated with the pledged agricultural properties. The Loan Agreement includes customary default provisions that provide should an event of default occur, Farm Credit West, at its option, may declare all or any portion of the indebtedness under the Loan Agreement to be immediately due and payable without demand, notice of non-payment, protest or prior recourse to collateral, and terminate or suspend the Company’s right to draw or request funds on any loan or line of credit.

13. Long-Term Debt (continued)

The Loan Agreement subjects the Company to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of the Company’s business. The Company is also subject to a covenant that it will maintain a debt service coverage ratio greater than 1.25:1.0 measured annually at October 31. The Company was in compliance with the covenant as of October 31, 2018.

The Supplements provide for maximum borrowings of $115,000,000 and the borrowing capacity based on collateral value was $115,000,000 at January 31, 2019.

On January 20, 2016, the Company entered into a $10,000,000 term loan with Wells Fargo Equipment Finance, Inc., which is secured by certain equipment associated with the Company’s new packing facilities.

On February 16, 2016, the Company entered into a Promissory Note and Loan Agreement with Farm Credit West. The loan agreement provides for a term loan in the amount of $10,000,000 and a term loan in the amount of $7,500,000 (the “Term Loans”). The proceeds from the Term Loans were used to repay the Farm Credit West Line of Credit and pay down outstanding indebtedness.

The Banco de Chile term loan was assumed with the acquisition of PDA in February 2017. The interest rate is fixed at 6.48%. The loan is payable in eight annual principal and interest payments that began in January 2018. This loan is unsecured.

Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $267,000 and $577,000 during the three months ended January 31, 2019 and 2018, respectively. Capitalized interest is included in property, plant and equipment and real estate development in the Company’s consolidated balance sheets.

The Company incurs certain loan fees and costs associated with its new or amended credit arrangements. Such costs are capitalized as deferred financing costs and amortized as interest expense using the straight-line method over the terms of the credit agreements. The balance of deferred financing costs is $150,000, net of amortization is included in long-term debt on the Company’s consolidated balance sheet at January 31, 2019.

Derivative Instrument and Hedging Activities	3 Months Ended
Derivative Instrument and Hedging Activities	Jan. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instrument and Hedging Activities The Company enters into an interest rate swap to minimize the risks and costs associated with its financing activities. In November 2011, the Company entered into a forward interest rate swap agreement with Rabobank International, Utrecht to fix the interest rate at 4.30% on $40,000,000 of its outstanding borrowings under the Rabobank line of credit beginning July 2013 until June 2018. In connection with the paydown of the Rabobank debt noted above, on June 20, 2017, the Company entered into a novation agreement with Rabobank International, Utrecht and CoBank, ACB (“CoBank”). The agreement provided for the prior interest rate swap agreement with Rabobank to be in place with CoBank. The interest rate swap expired June 30, 2018.

Basic and Diluted Net (Loss) Income per Share

3 Months Ended

Jan. 31, 2019

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income per Share

Basic net (loss) income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net (loss) income per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of conversion of unvested, restricted stock and preferred stock. The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts):



	Three Months Ended January 31,
	2019			2018
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(4,818	)	$	8,500
Effect of unvested, restricted stock	(16		)	—
Numerator: Net (loss) income for basic EPS	(4,834		)	8,500
Denominator: Weighted average common shares-basic	17,488			14,466
Basic net (loss) income per common share	$	(0.28	)	$	0.59



Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$	(4,834	)	$	8,625
Denominator: Weighted average common shares–basic	17,488			14,466
Effect of dilutive unvested, restricted stock and preferred stock	—			518
Weighted average common shares–diluted	17,488			14,984
Diluted net (loss) income per common share	$	(0.28	)	$	0.58

Diluted (losses) earnings per common share are computed using the more dilutive method of either the two-class method or the treasury method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. The Company excluded 162,000 and 98,000, unvested, restricted shares, as calculated under the treasury stock method, from its computation of diluted earnings per share for the three months ended January 31, 2019 and 2018, respectively.

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Jan. 31, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $178,000 and $177,000 of rental revenue from employees in the three months ended January 31, 2019 and 2018, respectively. There were no rental payments due from employees at January 31, 2019 or October 31, 2018. The Company has representation on the boards of directors of the mutual water companies in which the Company has investments. The Company recorded capital contributions and purchased water and water delivery services from such mutual water companies, in aggregate, of $777,000 and $720,000 in the three months ended January 31, 2019 and 2018, respectively. Capital contributions are included in other assets in the Company’s consolidated balance sheets and purchases of water and water delivery services are included in agribusiness expense in the Company’s consolidated statements of operations. Water payments due to the mutual water companies were, in aggregate, $631,000 and $142,000 at January 31, 2019 and October 31, 2018, respectively. The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies of $316,000 and $307,000 from the association in the three months ended January 31, 2019 and 2018, respectively, which is included in agribusiness expense in the Company’s consolidated statements of operations. Payments due to the cooperative were $6,000 and $142,000 at January 31, 2019 and October 31, 2018, respectively. The Company has an investment in and representation on the board of directors of Calavo and Calavo has an investment in and had representation on the board of directors of the Company. The Company recorded dividend income of $250,000 and $285,000 in the three months ended January 31, 2019 and 2018, respectively, on its investment in Calavo, which is included in other income (expense), net in the Company’s consolidated statements of operations. The Company paid $129,000 and $108,000 of dividends to Calavo for the three months ended January 31, 2019 and 2018, respectively. The Company had $3,000 and zero in avocado sales to Calavo for 16. Related-Party Transactions (continued) the three months ended January 31, 2019 and 2018, respectively, which is included in agribusiness revenues in the Company's consolidated statements of operations. There were no amounts receivable by the Company from Calavo at January 31, 2019 and January 31, 2018. The Company leases office space to Calavo and received rental income of $79,000 and $72,000 in the three months ended January 31, 2019 and 2018, respectively, which is included in rental operations revenues in the Company’s consolidated statements of operations. The Company purchased $1,000 and $3,000 of storage services from Calavo in the three months ended January 31, 2019 and 2018, respectively. Amounts due to Calavo at January 31, 2019 and October 31, 2018 were zero and $3,000, respectively. Certain members of the Company’s board of directors market lemons through the Company. The aggregate amount of lemons procured from entities owned or controlled by members of the board of directors was $377,000 and $228,000 in the three months ended January 31, 2019 and 2018, respectively, which is included in agribusiness expense in the Company’s consolidated statements of operations. Payments due to these board members were $267,000 and $487,000 at January 31, 2019 and October 31, 2018, respectively. Additionally, the Company leases approximately 31 acres of orchards from entities affiliated with a member on the board of directors and incurred $23,000 and $6,000 of lease expense related to these leases in the three months ended January 31, 2019 and 2018, respectively. On July 1, 2013, the Company and Cadiz Real Estate LLC (“Cadiz”), a wholly-owned subsidiary of Cadiz Inc., entered into a long-term lease agreement (the “Lease”) for a minimum of 320 acres, with options to lease up to an additional 960 acres, located within 9,600 zoned agricultural acres owned by Cadiz in eastern San Bernardino County, California. The initial term of the Lease runs for 20 years and the annual base rental rate is equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses) not to exceed $1,200 per acre per year. A member of the Company’s board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. Additionally, this board member is an attorney with a law firm that provided services of $2,000 and $9,000 to the Company during the three months ended January 31, 2019 and 2018, respectively. Payments due to the law firm were $50,000 and $67,000 at January 31, 2019 and October 31, 2018, respectively. The Company incurred lease and farming expenses of $66,000 and $36,000 in the three months ended January 31, 2019 and 2018, respectively, which are recorded in agribusiness expense in the Company’s consolidated statements of operations. On February 5, 2015, the Company entered into a Modification of Lease Agreement (the “Amendment”) with Cadiz. The Amendment, among other things, increased by 200 acres the amount of property leased by the Company under the lease agreement dated July 1, 2013. In connection with the Amendment, the Company paid a total of $1,212,000 to acquire existing lemon trees and irrigations systems from Cadiz and a Cadiz tenant. In February 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). An entity affiliated with WAM is the holder of 9,300 shares of Limoneira Company Series B-2 convertible preferred stock. Amounts due to Fenner were $120,000 and $100,000 at January 31, 2019 and October 31, 2018, respectively. The Company has representation on the board of directors of Colorado River Growers, Inc. (“CRG”), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest costs to CRG of $3,841,000 and $2,451,000 in the three months ended January 31, 2019 and 2018, respectively, which are included in agribusiness expense in the Company’s consolidated statements of operations. Additionally, Associated provided harvest management and administrative services to CRG in the amounts of $306,000 and $218,000 during the three months ended January 31, 2019 and 2018, respectively, which are included in agribusiness revenues in the Company’s consolidated statements of operations. There was zero and $232,000 due to Associated from CRG at January 31, 2019 and October 31, 2018, respectively, which is included in accounts receivable in the Company’s consolidated balance sheets. The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District (“YMIDD”). The Company purchased water in the amounts of $32,000 and $84,000 from YMIDD during the three months ended January 31, 2019 and 2018, respectively, which is included in agribusiness expenses in the Company’s consolidated statements of operations. There were no amounts due to YMIDD at January 31, 2019 and October 31, 2018. The Company has a 1.3% interest in Limco Del Mar, Ltd. (“Del Mar”) as a general partner and a 26.8% interest as a limited partner. The Company provides Del Mar with farm management, orchard land development and accounting services and received expense reimbursements of $35,000 and $47,000 in the three months ended January 31, 2019 and 2018, respectively. The Company procures lemons from Del Mar and fruit proceeds due to Del Mar were $12,000 and $709,000 at January 31, 2019 and October 31, 2018, respectively, and are included in grower’s payable in the Company’s consolidated balance sheets. The Company received distributions of zero and recorded equity in earnings of this investment of $205,000 and $163,000, respectively, in the three months ended January 31, 2019 and 2018, respectively. 16. Related-Party Transactions (continued) On August 14, 2014, the Company’s wholly owned subsidiary, Limoneira Chile SpA, invested approximately $1,750,000 for a 35% interest in Rosales, a citrus packing, marketing and sales business located in La Serena, Chile. The Company purchased an additional 12% interest in Rosales with the February 2017 acquisition of PDA. The Company recognized $521,000 and $141,000 of lemon sales to Rosales in the three months ended January 31, 2019 and 2018, respectively. Additionally, San Pablo recognized aggregate sales of $60,000 of lemon and orange sales to Rosales for the three months ended January 31, 2019. PDA recognized aggregate sales of $80,000 and $282,000 of lemon and orange sales to Rosales in the three months ended January 31, 2019 and 2018, respectively. Such amounts are recorded in agribusiness revenues in the Company’s consolidated statements of operations. The aggregate amount of lemons and oranges procured from Rosales was $359,000 and zero, respectively, in the three months ended January 31, 2019 and 2018. Amounts due from (payable to) Rosales were $107,000 and $(65,000) at January 31, 2019 and October 31, 2018, respectively. The Company recorded equity in losses of this investment of $77,000 and $36,000 in the three months ended January 31, 2019 and 2018, respectively and amortization of fair value basis differences of $84,000 in both the three months ended January 31, 2019 and 2018. The Company received no cash distributions from this equity investment in the three months ended January 31, 2019 and 2018.

Income Taxes	3 Months Ended
Income Taxes	Jan. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s estimated annual effective blended tax rate for fiscal year 2019 is approximately 28.0%. As such, a 27.4% estimated effective blended tax rate, after discrete items, was utilized by the Company in the three months ended January 31, 2019 to calculate its income tax provision. The Company has no uncertain tax positions as of January 31, 2019. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. The Company has not accrued any interest and penalties associated with uncertain tax positions as of January 31, 2019. On December 22, 2017, the 2017 Act was signed into law making significant changes to the Internal Revenue Code (“IRC”). The 2017 Act is generally effective for tax years beginning on or after January 1, 2018. As a fiscal year U.S. taxpayer, the majority of the provisions applied to the Company’s 2018 fiscal year. During fiscal year 2018, the Company recorded a provisional amount of $10,000,000 of deferred tax benefit in connection with the re-measurement of certain deferred tax assets and liabilities and zero additional taxable income recorded in connection with the transition tax on the mandatory deemed repatriation of foreign earnings. The Company applied the guidance in Staff Accounting Bulletin No. 118 (“SAB 118”) when accounting for the enactment-date effects of the 2017 Act throughout fiscal year 2018. At January 31, 2018, the Company had not completed its accounting for all of the enactment-date income tax effects of the 2017 Act under ASC 740, Income Taxes, related to the re-measurement of deferred tax assets and liabilities. At January 31, 2019, the Company has now completed its evaluation for all of the enactment-date income tax effects of the 2017 Act and no material adjustments noted to be made on the provisional amounts recorded at January 31, 2018. As of January 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional amount of $10,000,000. Upon further analysis of certain aspects of the 2017 Act and refinement of the calculations during the 12 months ended January 31, 2019, the Company determined that no adjustment was necessary to its provisional amount.

Retirement Plans

3 Months Ended

Jan. 31, 2019

Retirement Benefits [Abstract]

Retirement Plans

The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. The Plan is administered by Wells Fargo Bank and Mercer Human Resource Consulting.

The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of $150,000 during both three months ended January 31, 2019 and 2018.

The components of net periodic pension cost for the Plan for the three months ended January 31, 2019 and 2018 were as follows (in thousands):

18. Retirement Plans (continued)



	Three Months Ended January 31,
	2019			2018
Administrative expenses	$	47		$	63
Interest cost	207			192
Expected return on plan assets	(272		)	(268		)
Prior service cost	11			11
Recognized actuarial loss	101			175
Net periodic benefit cost	$	94		$	173

Other Long-Term Liabilities

3 Months Ended

Jan. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Minimum pension liability	$	2,256	$	2,404
Loan guarantee	1,080		1,080
Deferred gain and other	162		163
	$	3,498	$	3,647

Contingencies	3 Months Ended
Contingencies	Jan. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.

Series B and Series B-2 Preferred Stock	3 Months Ended
Series B and Series B-2 Preferred Stock	Jan. 31, 2019
Temporary Equity Disclosure [Abstract]
Series B and Series B-2 Preferred Stock	Series B and Series B-2 Preferred Stock Series B Convertible Preferred Stock In 1997, in connection with the acquisition of Ronald Michaelis Ranches, Inc., the Company issued 30,000 shares of Series B Convertible Preferred Stock at $100.00 par value (the “Series B Stock”). Dividends: The holders of shares of Series B Stock are entitled to receive cumulative cash dividends at an annual rate of 8.75% of par value. Such dividends are payable quarterly on the first day of January, April, July and October in each year commencing July 1, 1997. Voting Rights: Each holder of Series B Stock is entitled to ten votes on all matters submitted to a vote of the stockholders of the Company. Redemption: The Company, at the option of the board of directors, may redeem the Series B Stock, as a whole or in part, at any time or from time to time on or after August 1, 2017 and before July 31, 2027, at a redemption price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for redemption. Redemption by the Company of a portion of the Series B Stock totaling 14,790 shares is subject to certain conditions agreed upon between the Company and the holders of this portion of the Series B Stock. Conversion: The holders of Series B Stock have the right, at their option, to convert such shares into shares of Common Stock of the Company at any time prior to redemption. The conversion price is $8.00 per share of Common Stock. Pursuant to the terms of the Certificate of Designation, Preferences and Rights of the Series B Stock, the conversion price shall be adjusted to reflect any dividends paid in Common Stock of the Company, the subdivision of the Common Stock of the Company into a greater number of shares of Common Stock of the Company or upon the advice of legal counsel. 21. Series B and Series B-2 Preferred Stock (continued) Series B Convertible Preferred Stock (continued) Put: The holders of Series B Stock may at any time after July 1, 2017 and before June 31, 2027 cause the Company to repurchase such shares at a repurchase price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for repurchase. The put features of a portion of the Series B Stock totaling 14,790 shares are subject to certain conditions agreed upon between the Company and the holders of this portion of the Series B Stock. Because the Series B Stock may be redeemed by holders of the shares at their discretion beginning July 1, 2017, the redemption is outside of the control the Company and accordingly, the Series B Stock has been classified as temporary equity. In fiscal year 2017, a total of 14,210 shares of Series B preferred stock were converted into 177,624 shares of common stock. In fiscal year 2016, 500 shares of Series B preferred stock were converted into 6,250 shares of common stock. Series B-2 Convertible Preferred Stock During March and April of 2014, pursuant to a Series B-2 Stock Purchase Agreement dated March 21, 2014, the Company issued an aggregate of 9,300 shares of Series B-2, 4% voting preferred stock with a par value of $100.00 per share (“Series B-2 Preferred Stock”) to WPI-ACP Holdings, LLC (“WPI”), an entity affiliated with WAM for total proceeds of $9,300,000. The transactions were exempt from the registration requirements of the Securities Act of 1933, as amended. The Series B-2 Preferred Stock has the following rights, preferences, privileges, and restrictions: Conversion: Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company’s common stock based upon the closing price of the Company’s common stock on The NASDAQ Stock Market, LLC or on such other principal market on which the Company’s common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination. Dividends: The holder of shares of the Series B-2 Preferred Stock is entitled to receive cumulative cash dividends at an annual rate of 4% of the liquidation value of $1,000 per share. Such dividends are payable quarterly on the first day of January, April, July and October in each year commencing July 1, 2014. Liquidation Rights: In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holder of shares of the Series B-2 Preferred Stock is entitled to be paid out of the assets available for distribution, before any payment is made to the holders of the Company’s common stock or any other series or class of the Company’s shares ranking junior to the Series B-2 Preferred Stock, an amount equal to the liquidation value of $1,000 per share, plus an amount equal to all accrued and unpaid dividends. Voting Rights: Each share of Series B-2 Preferred Stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Redemption: The Company may redeem shares of Series B-2 Preferred Stock only (i) from WPI or its designee and (ii) upon, and to the extent of, an election to exercise the option pursuant to the Option Agreement, described below, at a redemption price equal to the liquidation value of $1,000 per share plus accrued and unpaid dividends. Because the Series B-2 Preferred Stock may be redeemed by WPI at its discretion with the exercise of the Option Agreement, the redemption is outside of the control the Company and accordingly, the Series B-2 Preferred Stock has been classified as temporary equity. In connection with the sale of the Series B-2 Preferred Stock, Associated and another affiliate of WAM (“WPI-ACP”), entered into a series of agreements related to the future ownership and disposition of farmland with associated Colorado River water rights and other real estate that is held by Associated in Yuma, Arizona. The agreements allow the parties to explore strategies that will make the highest and best use of those assets, including but not limited to the sale or lease of assets or the expansion of a fallowing and water savings program in which a portion of Associated’s property is currently enrolled. 21. Series B and Series B-2 Preferred Stock (continued) Series B-2 Convertible Preferred Stock (continued) The net proceeds of any monetization event would be shared equally by the parties. The agreements entered into include a Water Development Agreement and an Option Agreement. Pursuant to the Water Development Agreement, Associated granted WPI-ACP exclusive rights to develop water assets attributable to the real estate owned by Associated for the mutual benefit of Associated and WAM. Pursuant to the Option Agreement, Associated granted WPI-ACP an option to purchase an undivided interest of up to one-half of the real estate owned by Associated in Yuma County, Arizona (the “Property”) and the water rights associated therewith until January 1, 2026. The purchase price for the Property subject to the Option Agreement will be paid via the redemption by the Company of a proportionate percentage of the Series B-2 Preferred Stock. Unless and until a definitive agreement or definitive agreements with respect to Associated’s real estate and water rights is entered into that would cause the cessation of farming operations, Associated expects to continue farming the Property and recognize all results of operations and retain all proceeds from such operations.

Stock-based Compensation

3 Months Ended

Jan. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of common stock of the Company to members of management based on achievement of certain annual financial performance and other criteria. The number of shares granted is based on a percentage of the employee’s base salary divided by the stock price on the grant date. Shares granted under the Stock Plan vest over two to five-year periods.

In December 2018, 40,094 shares of common stock with a per share value of $18.74 were granted to management under the Stock Plan for fiscal year 2018 performance, resulting in total compensation expense of approximately $751,000, with $343,000 recognized in the year ended October 31, 2018 and the balance to be recognized over the next two years as the shares vest. In addition, 90,000 shares of common stock with a per share value of $19.84 were granted to key executives under the Stock Plan, resulting in a total compensation expense of approximately $1,786,000, to be recognized equally over the next three years as the shares vest.

In December 2017, 41,291 shares of common stock with a per share value of $22.86 were granted to management under the Stock Plan for fiscal year 2017 performance, resulting in a total compensation expense of approximately $944,000, with $605,000 recognized in the year ended October 31, 2017 and the balance to be recognized over the next two years as the shares vest. In addition, 90,000 shares of common stock with a per share value of $22.19 were granted to key executives under the Stock Plan, resulting in a total compensation expense of approximately $1,997,000, to be recognized equally over the next five years as the shares vest.

In December 2016, 44,688 shares of common stock with a per share value of $19.92 were granted to management under the Stock Plan for fiscal year 2016 performance, resulting in total compensation expense of approximately $890,000, with $544,000 recognized in the year ended October 31, 2016 and the balance to be recognized over the next two years as the shares vest.

Stock-based compensation expense is recognized over the performance and vesting periods as summarized below ($ in thousands):



		Three Months Ended January 31,
Performance Year	Shares Granted	2019		2018
2016	44,688	$	—	$	25
2017	41,291	44		68
2018	130,094	177		306
2019	90,000	229		—
		$	450	$	399

During the three months ended January 31, 2019 and 2018 members of management exchanged 20,119 and 17,250 shares, respectively of common stock with fair value of $305,252 and $401,000, respectively, at the date of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Company’s stock-based compensation programs.

During January 2019 and 2018, 15,642 and 14,033 shares, respectively, of common stock were granted to the Company’s non-employee directors under the Company’s stock-based compensation plans. The Company recognized $339,000 and $309,000 of stock-based compensation to non-employee directors during the three months ended January 31, 2019 and 2018, respectively.

Public Offering of Common Stock	3 Months Ended
Public Offering of Common Stock	Jan. 31, 2019
Equity [Abstract]
Public Offering of Common Stock	Public Offering of Common Stock In June 2018, the Company completed the sale of an aggregate of 3,136,362 shares of our common stock, at a price of $22.00 per share, to a limited number of institutional and other investors in a registered offering under the shelf registration statement. The offering represented 18% of our outstanding common stock on an after-issued basis as of June 25, 2018. Upon completion of the offering and issuance of common stock, the Company had 17,669,314 shares of common stock outstanding. The gross proceeds of the offering totaled $69,000,000 and after an underwriting discount of $4,485,000 and other offering expenses of $418,000, the net proceeds received by the Company were $64,097,000.

Segment Information

3 Months Ended

Jan. 31, 2019

Segment Reporting [Abstract]

Segment Information

The Company operates in six reportable operating segments: fresh lemons, lemon packing, avocados, other agribusiness, rental operations and real estate development. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, farming and harvesting expenses and third-party grower costs relative to fresh lemons. The lemon packing segment includes packing revenues and shipping and handling revenues relative to lemon packing. The lemon packing segment expenses are comprised of lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment includes sales, farming and harvesting of oranges, specialty citrus and other crops. The rental operations segment includes housing and commercial rental operations, leased land and organic recycling. The real estate development segment includes real estate development operations.

The Company does not separately allocate depreciation and amortization to its fresh lemons, lemon packing, avocados and other agribusiness segments. No asset information is provided for reportable operating segments as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company’s chief operating decision maker. The Company measures operating performance, including revenues and operating income, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, other income, interest expense and income taxes, or specifically identify them to its operating segments. The Company earns packing revenue for packing lemons grown on its orchards and lemons procured from third-party growers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards.

Segment information for the three months ended January 31, 2019 (in thousands):



	Fresh Lemons⁽¹⁾		Lemon Packing		Eliminations			Avocados			Other Agribusiness			Total Agribusiness		Rental Operations		Real Estate Development			Corporate and Other			Total
Revenues from external customers	$	34,493	$	4,103	$	—		$	3		$	2,201		$	40,800	$	1,218	$	—		$	—		$	42,018
Intersegment revenue	—		7,044		(7,044		)	—			—			—		—		—			—			—
Total net revenues	34,493		11,147		(7,044		)	3			2,201			40,800		1,218		—			—			42,018
Costs and expenses	32,082		8,784		(7,044		)	716			2,510			37,048		884		28			4,952			42,912
Depreciation and amortization	—		—		—			—			—			1,868		195		—			63			2,126
Operating income	$	2,411	$	2,363	$	—		$	(713	)	$	(309	)	$	1,884	$	139	$	(28	)	$	(5,015	)	$	(3,020	)

Segment information for the three months ended January 31, 2018 (in thousands):



	Fresh Lemons		Lemon Packing		Eliminations			Avocados			Other Agribusiness		Total Agribusiness		Rental Operations		Real Estate Development			Corporate and Other			Total
Revenues from external customers	$	24,976	$	2,833	$	—		$	—		$	2,524	$	30,333	$	1,260	$	—		$	—		$	31,593
Intersegment revenue	—		4,924		(4,924		)	—			—		—		—		—			—			—
Total net revenues	24,976		7,757		(4,924		)	—			2,524		30,333		1,260		—			—			31,593
Costs and expenses	22,890		5,724		(4,924		)	704			2,321		26,715		870		30			4,026			31,641
Depreciation and amortization	—		—		—			—			—		1,447		195		—			48			1,690
Operating income	$	2,086	$	2,033	$	—		$	(704	)	$	203	$	2,171	$	195	$	(30	)	$	(4,074	)	$	(1,738	)

24. Segment Information (continued)

The following table sets forth revenues by category, by segment for the three months ended January 31, 2019 and 2018 (in thousands):



	Three Months Ended January 31,
	2019			2018
Fresh lemons ⁽¹⁾	$	34,493		$	24,976
Lemon packing	11,147			7,757
Intersegment revenue	(7,044		)	(4,924		)
Lemon revenues	38,596			27,809

Avocados	3			—

Navel and Valencia oranges	946			1,343
Specialty citrus and other crops	1,255			1,181
Other agribusiness revenues	2,201			2,524
Agribusiness revenues	40,800			30,333

Residential and commercial rentals	877			850
Leased land	269			328
Organic recycling and other	72			82
Rental operations revenues	1,218			1,260

Real estate development revenues	—			—
Total net revenues	$	42,018		$	31,593

⁽¹⁾ During the first quarter of fiscal 2019, the Company adopted a comprehensive new revenue recognition standard using a modified retrospective method that does not restate prior periods to be comparable to the current period presentation. The adoption of this guidance primarily impacted the presentation of certain brokered fruit sales revenue received and the related cost of fruit incurred by the Company. The adoption of this guidance resulted in revenue within the Company’s fresh lemon segment of $294,000, during the three months ended January 31, 2019. See Note 2 - Summary of Significant Accounting Policies for additional information.

Subsequent Events	3 Months Ended
Subsequent Events	Jan. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated events subsequent to January 31, 2019 through the date of this filing, to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Based upon this evaluation, except as described below or in the notes to the interim consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements. Acquisition On February 4, 2019, the Company entered into an agreement with FGF Trapani (“FGF”), a multi-generational, family owned citrus operation in Argentina to form a joint venture, which will operate under the name Trapani Fresh. As part of the agreement, the Company will create a subsidiary in Argentina under the name Limoneira Argentina S.A.U. (“Limoneira Argentina”) and will acquire 25% of the parcels of Finca Santa Clara, approximately 1,200 acres of planted lemons, upfront for $6,500,000 with an additional 25% of such parcels to be acquired over a three-year period for an additional $8,500,000, through the loan agreement described below. As a result of the foregoing acquisitions, the Company will acquire 50% of the parcels of Finca Santa Clara for a combined purchase price of $15,000,000. Limoneira Argentina will act as the managing partner of Trapani Fresh (holding a 51% interest) and will be responsible for all fresh fruit sales. FGF will hold the remaining 49% interest in Trapani Fresh and the agreement is expected to close in the second quarter of fiscal year 2019. 25. Subsequent Events (continued) Acquisition (continued) On February 25, 2019, the Company entered into a loan agreement with FGF. The Company agreed to loan $8,500,000 to FGF in the form of two advances: first advance of $2,000,000 upon execution of the loan agreement and second advance of $6,500,000 at FGF’s request subject to certain conditions. The maturity date is February 15, 2024, the interest rate is LIBOR plus 2.5% and the loan is secured by the Finca Santa Clara property. The Company advanced $2,000,000 to FGF on February 25, 2019. Additionally, the Company and FGF entered into an Irrevocable Offer Agreement whereas FGF will repay the loan with 25% ownership in Finca Santa Clara.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jan. 31, 2019

Accounting Policies [Abstract]

Revenue Recognition

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

Revenue from crop insurance proceeds is recorded when the amount can be reasonably determined and upon establishment of the present right to payment.

Foreign Currency Translation

Recent Accounting Pronouncements

FASB – ASU 2014-09, Revenue from Contracts with Customers (Topic 606).


•	Identify the contract(s) with a customer.


•	Identify the performance obligations in the contract.


•	Determine the transaction price.


•	Allocate the transaction price to the performance obligations in the contract.


•	Recognize revenue when (or as) the entity satisfies a performance obligation.

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

FASB ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

FASB ASU 2016-02, Leases (Topic 842)

Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date:


•	A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and


•	A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

FASB ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business

This amendment clarifies the definition of a business. The amendment affects all companies and other reporting organizations that must determine whether they have acquired or sold a business.

FASB Accounting Standards Update No. 2017-04 -Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

FASB ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

FASB ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

FASB ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

FASB ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

This amendment adds removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans.

Acquisitions (Tables)

3 Months Ended

Jan. 31, 2019

Business Combinations [Abstract]

Schedule of Asset Acquisition



Cultural costs	$	579
Land and land improvements	9,114
Buildings and equipment	207
Orchards	2,058
Water rights	1,153
Total assets acquired	$	13,111

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



Land and land improvements	$	7,294
Buildings and equipment	14,866
Customer relationships and trade names	2,270
Goodwill	570
Total assets acquired	$	25,000

Fair Value Measurements (Tables)

3 Months Ended

Jan. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis



January 31, 2019	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	20,340	$	—	$	—	$	20,340



October 31, 2018	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	24,250	$	—	$	—	$	24,250

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Jan. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Prepaid insurance	$	846	$	647
Prepaid supplies	1,277		1,196
Lemon supplier advances	569		170
Note receivable, net	2,505		2,797
Real estate development held for sale	5,024		5,024
Water assessment fees and other	2,681		694
	$	12,902	$	10,528

Real Estate Development (Tables)

3 Months Ended

Jan. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate Properties

Real estate development assets are comprised primarily of land and land development costs and consist of the following (in thousands):



	January 31, 2019		October 31, 2018
East Area I	$	—	$	91,357
Retained Property - East Area I	10,456		10,408
East Area II	5,486		5,397
	$	15,942	$	107,162

Equity in Investments (Tables)

3 Months Ended

Jan. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity in Investments

Equity in investments consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Limoneira Lewis Community Builders, LLC	$	51,146	$	14,060
Limco Del Mar, Ltd.	2,140		1,935
Rosales	2,030		2,191
Romney Property Partnership	510		512
	$	55,826	$	18,698

Other Assets (Tables)

3 Months Ended

Jan. 31, 2019

Other Assets [Abstract]

Schedule of Other Assets

Other assets consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Investments in mutual water companies	$	5,482	$	5,026
Acquired water and mineral rights	3,902		3,783
Deposit for land purchase	624		593
Deferred lease assets and other	269		396
Note receivable	559		566
Revolving funds and memberships	244		267
Acquired trade names, trademarks and customer relationships	2,427		2,442
Goodwill	1,440		1,431
	$	14,947	$	14,504

Accrued Liabilities (Tables)

3 Months Ended

Jan. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Compensation	$	1,974	$	2,784
Property taxes	334		785
Interest	362		297
Deferred rental income and deposits	413		497
Lease expense	120		378
Lemon supplier payables	—		1,214
Capital expenditures and other	1,574		1,769
	$	4,777	$	7,724

Long-Term Debt (Tables)

3 Months Ended

Jan. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt is comprised of the following (in thousands):



	January 31, 2019		October 31, 2018
Farm Credit West revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 2.51% at January 31, 2019, plus 1.85%. Effective July 1, 2018, the interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77%. Interest is payable monthly and the principal is due in full on July 1, 2022.	$	68,688	$	50,888
Farm Credit West term loan: the interest rate is variable and was 4.95% at January 31, 2019. The loan is payable in quarterly installments through November 2022.	2,461		2,602
Farm Credit West term loan: the interest rate is variable and was 4.95% at January 31, 2019. The loan is payable in monthly installments through October 2035.	1,111		1,122
Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036.	9,086		9,172
Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036.	6,737		6,808
Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023.	6,018		6,367
Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	1,488		1,857
Note Payable: the interest rate ranges from 5.0% to 7.0% and was 5.0% at January 31, 2019. The loan includes interest-only monthly payments and principal is due in February 2023.	1,435		1,435
Subtotal	97,024		80,251
Less deferred financing costs, net of accumulated amortization	150		158
Total long-term debt, net	96,874		80,093
Less current portion	2,873		3,127
Long-term debt, less current portion	$	94,001	$	76,966

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Basic and Diluted Net (Loss) Income per Share (Tables)

3 Months Ended

Jan. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts):



	Three Months Ended January 31,
	2019			2018
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(4,818	)	$	8,500
Effect of unvested, restricted stock	(16		)	—
Numerator: Net (loss) income for basic EPS	(4,834		)	8,500
Denominator: Weighted average common shares-basic	17,488			14,466
Basic net (loss) income per common share	$	(0.28	)	$	0.59



Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$	(4,834	)	$	8,625
Denominator: Weighted average common shares–basic	17,488			14,466
Effect of dilutive unvested, restricted stock and preferred stock	—			518
Weighted average common shares–diluted	17,488			14,984
Diluted net (loss) income per common share	$	(0.28	)	$	0.58

Retirement Plans (Tables)

3 Months Ended

Jan. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Plan for the three months ended January 31, 2019 and 2018 were as follows (in thousands):

18. Retirement Plans (continued)



	Three Months Ended January 31,
	2019			2018
Administrative expenses	$	47		$	63
Interest cost	207			192
Expected return on plan assets	(272		)	(268		)
Prior service cost	11			11
Recognized actuarial loss	101			175
Net periodic benefit cost	$	94		$	173

Other Long-Term Liabilities (Tables)

3 Months Ended

Jan. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):



	January 31, 2019		October 31, 2018
Minimum pension liability	$	2,256	$	2,404
Loan guarantee	1,080		1,080
Deferred gain and other	162		163
	$	3,498	$	3,647

Stock-based Compensation (Tables)

3 Months Ended

Jan. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation

Stock-based compensation expense is recognized over the performance and vesting periods as summarized below ($ in thousands):



		Three Months Ended January 31,
Performance Year	Shares Granted	2019		2018
2016	44,688	$	—	$	25
2017	41,291	44		68
2018	130,094	177		306
2019	90,000	229		—
		$	450	$	399

Segment Information (Tables)

3 Months Ended

Jan. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Information by Segment

Segment information for the three months ended January 31, 2019 (in thousands):



	Fresh Lemons⁽¹⁾		Lemon Packing		Eliminations			Avocados			Other Agribusiness			Total Agribusiness		Rental Operations		Real Estate Development			Corporate and Other			Total
Revenues from external customers	$	34,493	$	4,103	$	—		$	3		$	2,201		$	40,800	$	1,218	$	—		$	—		$	42,018
Intersegment revenue	—		7,044		(7,044		)	—			—			—		—		—			—			—
Total net revenues	34,493		11,147		(7,044		)	3			2,201			40,800		1,218		—			—			42,018
Costs and expenses	32,082		8,784		(7,044		)	716			2,510			37,048		884		28			4,952			42,912
Depreciation and amortization	—		—		—			—			—			1,868		195		—			63			2,126
Operating income	$	2,411	$	2,363	$	—		$	(713	)	$	(309	)	$	1,884	$	139	$	(28	)	$	(5,015	)	$	(3,020	)

Segment information for the three months ended January 31, 2018 (in thousands):



	Fresh Lemons		Lemon Packing		Eliminations			Avocados			Other Agribusiness		Total Agribusiness		Rental Operations		Real Estate Development			Corporate and Other			Total
Revenues from external customers	$	24,976	$	2,833	$	—		$	—		$	2,524	$	30,333	$	1,260	$	—		$	—		$	31,593
Intersegment revenue	—		4,924		(4,924		)	—			—		—		—		—			—			—
Total net revenues	24,976		7,757		(4,924		)	—			2,524		30,333		1,260		—			—			31,593
Costs and expenses	22,890		5,724		(4,924		)	704			2,321		26,715		870		30			4,026			31,641
Depreciation and amortization	—		—		—			—			—		1,447		195		—			48			1,690
Operating income	$	2,086	$	2,033	$	—		$	(704	)	$	203	$	2,171	$	195	$	(30	)	$	(4,074	)	$	(1,738	)

24. Segment Information (continued)

The following table sets forth revenues by category, by segment for the three months ended January 31, 2019 and 2018 (in thousands):



	Three Months Ended January 31,
	2019			2018
Fresh lemons ⁽¹⁾	$	34,493		$	24,976
Lemon packing	11,147			7,757
Intersegment revenue	(7,044		)	(4,924		)
Lemon revenues	38,596			27,809

Avocados	3			—

Navel and Valencia oranges	946			1,343
Specialty citrus and other crops	1,255			1,181
Other agribusiness revenues	2,201			2,524
Agribusiness revenues	40,800			30,333

Residential and commercial rentals	877			850
Leased land	269			328
Organic recycling and other	72			82
Rental operations revenues	1,218			1,260

Real estate development revenues	—			—
Total net revenues	$	42,018		$	31,593

Business (Details)	Jan. 31, 2019	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage	90.00%	35.00%

Summary of Significant Accounting Policies (Details) - USD ($)		3 Months Ended
	Nov. 01, 2018	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		$ 42,018,000	$ 31,593,000
Increase to retained earnings		58,402,000		$ 50,354,000
Decrease to accumulated comprehensive income		4,263,000		$ (8,965,000)
Agribusiness [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		40,800,000	30,333,000
Costs and expenses		38,916,000	28,162,000
Brokerage Arrangements [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		294,000
Commissions [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		66,000	$ 23,000
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Agribusiness [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		42,000
Accounting Standards Update 2014-09 [Member] \| Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Agribusiness [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		294,000
Costs and expenses		$ 252,000
Accounting Standards Update 2018-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to retained earnings	$ 1,724,000
Calavo Growers, Inc. [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Decrease to accumulated comprehensive income	15,920,000
Calavo Growers, Inc. [Member] \| Accounting Standards Update 2016-01 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase to retained earnings	$ 15,920,000

Acquisitions (Textual) (Details) $ in Thousands				1 Months Ended	3 Months Ended			12 Months Ended
Acquisitions (Textual) (Details) $ in Thousands	Jul. 26, 2018 USD ($)	Jul. 24, 2018 USD ($)	Jul. 18, 2018 USD ($) a parcel	Jan. 31, 2019 USD ($) a	Jan. 31, 2019 USD ($) a	Oct. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2018 USD ($)
Business Acquisition [Line Items]
Agriculture property acquisition					$ 397		$ 0
Oxnard Lemon Associates, Ltd. [Member]
Business Acquisition [Line Items]
Purchase agreement, initial purchase price	$ 24,750
Purchase agreement, additional purchase price paid						$ 250
Acquisition price		$ 25,000						$ 25,000
Acquisition related costs						$ 142
Pro forma revenue								142,253
Pro forma, net income (loss)								19,728
Sheldon Property [Member]
Business Acquisition [Line Items]
Agriculture property acquisition				$ 397
Area of land \| a				26	26
Fruticola San Pablo S.A. [Member]
Business Acquisition [Line Items]
Area of land \| a			3,317
Asset acquisition, consideration transferred			$ 13,000
Number of parcels \| parcel			2
Asset acquisition, transaction costs			$ 111
Asset acquisition, pro forma revenue								130,262
Asset acquisition, pro forma net income								$ 18,785
Fruticola San Pablo S.A. [Member] \| Lemons [Member]
Business Acquisition [Line Items]
Area of land \| a			247
Fruticola San Pablo S.A. [Member] \| Oranges [Member]
Business Acquisition [Line Items]
Area of land \| a			61
Fruticola San Pablo S.A. [Member] \| Lemon production [Member]
Business Acquisition [Line Items]
Area of land \| a			120
Fruticola San Pablo S.A. [Member] \| Avocados [Member]
Business Acquisition [Line Items]
Area of land \| a			500

Acquisitions (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands	Jul. 18, 2018	Jan. 31, 2019	Oct. 31, 2018	Jul. 26, 2018
Business Acquisition [Line Items]
Goodwill		$ 1,440	$ 1,431
Oxnard Lemon Associates, Ltd. [Member]
Business Acquisition [Line Items]
Land and land improvements				$ 7,294
Buildings and equipment				14,866
Goodwill				570
Total assets acquired				25,000
Customer relationships and trade names [Member] \| Oxnard Lemon Associates, Ltd. [Member]
Business Acquisition [Line Items]
Customer relationships and trade names				$ 2,270
Fruticola San Pablo S.A. [Member]
Business Acquisition [Line Items]
Cultural costs	$ 579
Total assets acquired	13,111
Fruticola San Pablo S.A. [Member] \| Water Rights [Member]
Business Acquisition [Line Items]
Water rights	1,153
Land and Land Improvements [Member] \| Fruticola San Pablo S.A. [Member]
Business Acquisition [Line Items]
Asset additions	9,114
Buildings And Equipment [Member] \| Fruticola San Pablo S.A. [Member]
Business Acquisition [Line Items]
Asset additions	207
Land [Member] \| Fruticola San Pablo S.A. [Member]
Business Acquisition [Line Items]
Asset additions	$ 2,058

Fair Value Measurements (Schedule of Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Assets at fair value:
Equity securities	$ 20,340
Equity securities		$ 24,250
Level 1 [Member]
Assets at fair value:
Equity securities	20,340
Equity securities		24,250
Level 2 [Member]
Assets at fair value:
Equity securities	0
Equity securities		0
Level 3 [Member]
Assets at fair value:
Equity securities	$ 0
Equity securities		$ 0

Fair Value Measurements (Textual) (Details) - $ / shares	Jan. 31, 2019	Oct. 31, 2018	Oct. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	90.00%		35.00%
Calavo Growers, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned (in shares)	250,000	250,000
Ownership percentage	1.40%	1.40%
Equity method investment investee, price per share (in dollars per share)	$ 81.36	$ 97.00

Accounts Receivable (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts receivable, current	$ 643	$ 563

Concentrations (Details)	3 Months Ended
Concentrations (Details)	Jan. 31, 2019	Jan. 31, 2018
Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk	13.00%
Lemons [Member]
Concentration Risk [Line Items]
Concentration risk	59.00%	53.00%

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 846	$ 647
Prepaid supplies	1,277	1,196
Lemon supplier advances	569	170
Note receivable, net	2,505	2,797
Real estate development held for sale	5,024	5,024
Water assessment fees and other	2,681	694
Prepaid expenses and other current assets	$ 12,902	$ 10,528

Real Estate Development (Schedule of Real Estate Development) (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Real Estate Properties [Line Items]
Real estate development assets	$ 15,942	$ 107,162
East Area I [Member]
Real Estate Properties [Line Items]
Real estate development assets	0	91,357
Retained Property [Member]
Real Estate Properties [Line Items]
Real estate development assets	10,456	10,408
East Areas II [Member]
Real Estate Properties [Line Items]
Real estate development assets	$ 5,486	$ 5,397

Real Estate Development (Textual) (Details)					1 Months Ended						3 Months Ended			12 Months Ended
Real Estate Development (Textual) (Details)	Jan. 31, 2018 USD ($)	Jan. 28, 2016 USD ($)	Nov. 10, 2015 USD ($) representative	Sep. 30, 2015 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2018 USD ($)	Oct. 31, 2018 USD ($)	Feb. 28, 2018 USD ($)	Dec. 31, 2017 USD ($) extension	Nov. 30, 2017 USD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Jan. 31, 2017 USD ($)	Oct. 31, 2018 USD ($) payment	Oct. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)	Oct. 31, 2015 USD ($)	Oct. 31, 2014 USD ($)	Oct. 31, 2013 USD ($)	Mar. 12, 2019 property	Feb. 28, 2013 a	Oct. 31, 2005 a property
Real Estate Properties [Line Items]
Ownership percentage											90.00%						35.00%
Increase in real estate development and sale-leaseback deferral												$ 2,726,000
Decrease in real estate development and sale lease-back deferral					$ 58,330,000
Reclassification from joint venture to equity in investments											$ 33,353,000
Decrease in real estate development							$ (107,162,000)				(15,942,000)			$ (107,162,000)
Income (loss) from equity method investments											42,000	43,000
Outstanding long-term debt							80,251,000				97,024,000			80,251,000
Increase in equity in investments							18,698,000				55,826,000			18,698,000
Gains (losses) on sales of investment real estate											0	25,000
Unsecured Line of Credit Loan Agreement and Promissory Note [Member]
Real Estate Properties [Line Items]
Debt instrument, face amount	$ 45,000,000											45,000,000
Debt instrument, maturity date	The Loan matures in January 2020, with an option to extend the maturity date until 2021, subject to certain conditions
Debt instrument, basis spread on variable rate	2.85%
Outstanding long-term debt							36,243,000				45,000,000			36,243,000
Guarantee, fair value											1,080,000
East Areas I and II [Member]
Real Estate Properties [Line Items]
Number of properties \| property																						2
Number of acres \| a																						550
Real estate period increase (decrease)											137,000	3,189,000
Real estate development expense											2,000	1,000
Income (loss) from equity method investments												0
East Area I [Member]
Real Estate Properties [Line Items]
Decrease in real estate development							(91,357,000)				$ 0			(91,357,000)
Pro rata share percentage of improvement costs											28.50%
Maximum improvement costs											$ 5,000,000
Retained Property [Member]
Real Estate Properties [Line Items]
Real estate development							10,408,000				10,456,000			10,408,000
Decrease in real estate development							(10,408,000)				(10,456,000)			(10,408,000)
East Areas II [Member]
Real Estate Properties [Line Items]
Real estate development							5,397,000				5,486,000			5,397,000
Decrease in real estate development							(5,397,000)				(5,486,000)			(5,397,000)
Area of real estate property \| a																					7
Purchase of real estate development parcel															$ 50,000	$ 50,000	$ 50,000	$ 50,000	$ 75,000
Real estate investment property, net								$ 3,145,000
Payments to acquire and develop real estate								1,444,000
Notes payable								1,435,000
Purchase price of option payments								275,000
Payments of derivative issuance costs								$ 9,000
East Areas II [Member] \| Minimum [Member]
Real Estate Properties [Line Items]
Interest rate, stated percentage								5.00%
East Areas II [Member] \| Maximum [Member]
Real Estate Properties [Line Items]
Interest rate, stated percentage								7.00%
Limoneira Lewis Community Builders, LLC Agreement [Member]
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment											4,000,000	3,500,000
Due from joint ventures	$ 250,000											250,000
Rental income, non-operating											4,000	4,000
Templeton Santa Barbara Limited Liability Company [Member]
Real Estate Properties [Line Items]
Real estate development expense											26,000	29,000
Pacific Crest [Member]
Real Estate Properties [Line Items]
Impairments of real estate development assets							769,000							769,000
Proceeds from sale of real estate held-for-investment							5,200,000
Real estate, gross											2,481,000
Sevilla [Member]
Real Estate Properties [Line Items]
Impairments of real estate development assets							789,000							789,000
Proceeds from sale of real estate held-for-investment										$ 1,364,000
Real estate, gross							$ 2,543,000							$ 2,543,000
Gains (losses) on sales of investment real estate										10,000
Real estate held-for-sale										$ 1,452,000
Centennial Property [Member]
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment									$ 3,250,000
Proceeds from issuance of debt									3,000,000
Gains (losses) on sales of investment real estate											6,000	15,000			$ 194,000
Deferred gain on sale of property									$ 161,000
Number of extensions \| extension									3
Number of non-refundable payments \| payment														2
Proceeds from debt					$ 50,000	$ 100,000								$ 100,000
Interest income											33,000	$ 24,000
Limoneira Company [Member]
Real Estate Properties [Line Items]
Number of representatives \| representative			2
Lewis Group of Companies [Member]
Real Estate Properties [Line Items]
Ownership percentage			50.00%
Equity method investment, aggregate cost											$ 20,000,000
Number of representatives \| representative			2
Lewis Group of Companies [Member] \| East Area I [Member]
Real Estate Properties [Line Items]
Ownership percentage			50.00%
Equity method investment, aggregate cost			$ 20,000,000										$ 1,200,000
Proceeds from sale of equity method investments			$ 18,000,000	$ 2,000,000									$ 18,800,000
Payments of financing costs		$ 2,100,000
Centennial Property [Member]
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment									$ 179,000
Proceeds from issuance of debt									$ 3,000,000
Subsequent Event [Member] \| Limoneira Lewis Community Builders [Member]
Real Estate Properties [Line Items]
Number of residential units sold \| property																				174

Equity in Investments (Schedule of Equity in Investments) (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 55,826	$ 18,698
Limoneira Lewis Community Builders, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity in investments	51,146	14,060
Limco Del Mar, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Equity in investments	2,140	1,935
Rosales [Member]
Schedule of Equity Method Investments [Line Items]
Equity in investments	2,030	2,191
Romney Property Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 510	$ 512

Equity in Investments (Textual) (Details)	Jan. 31, 2019	Oct. 31, 2017	Oct. 31, 2015
Schedule of Equity Method Investments [Line Items]
Ownership percentage	90.00%		35.00%
Limoneira Company [Member]
Schedule of Equity Method Investments [Line Items]
Additional ownership percentage		12.00%

Investment in Calavo Growers, Inc. (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2005	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2013	Oct. 31, 2009
Debt and Equity Securities, FV-NI [Line Items]
Ownership percentage		90.00%				35.00%
Available-for-sale securities, change in unrealized holding gain (loss) before taxes		$ (3,910)	$ 3,990
Available-for-sale securities, change in net unrealized holding gain (loss), net of tax			$ 2,821
Calavo Growers, Inc [Member]
Debt and Equity Securities, FV-NI [Line Items]
Investment owned (in shares)	1,000,000	250,000
Ownership percentage	6.90%
Payments to acquire available-for-sale securities, equity	$ 10,000
Stock purchased during period (in shares)	1,728,570
Percentage of ownership interest sold	15.10%
Stock issued during period	$ 23,450
Proceeds from payment for stock purchase agreement	$ 13,450
Sale of available for sale securities (in shares)								335,000
Proceeds from available-for-sale securities, equity				$ 4,721				$ 6,079
Available-for-sale securities, realized gain					$ 3,419	$ 5,033	$ 3,138	$ 2,729
Sale of stock (in shares)				50,000	60,000	140,000	165,000
Proceeds from sale of available-for-sale securities					$ 4,019	$ 6,433	$ 4,788
Equity securities, realized gain (loss)				$ 4,223

Other Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Other Assets [Abstract]
Investments in mutual water companies	$ 5,482	$ 5,026
Acquired water and mineral rights	3,902	3,783
Deposit for land purchase	624	593
Deferred lease assets and other	269	396
Note receivable	559	566
Revolving funds and memberships	244	267
Acquired trade names, trademarks and customer relationships	2,427	2,442
Goodwill	1,440	1,431
Other assets	$ 14,947	$ 14,504

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation	$ 1,974	$ 2,784
Property taxes	334	785
Interest	362	297
Deferred rental income and deposits	413	497
Lease expense	120	378
Lemon supplier payables	0	1,214
Capital expenditures and other	1,574	1,769
Accrued liabilities	$ 4,777	$ 7,724

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 20, 2017	Jan. 31, 2019	Oct. 31, 2018	Jul. 01, 2018	May 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross		$ 97,024	$ 80,251
Less deferred financing costs, net of accumulated amortization		150	158
Total long-term debt, net		96,874	80,093
Less current portion		2,873	3,127
Long-term debt, less current portion		94,001	76,966
Farm Credit West Master Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 68,688	50,888
Debt instrument, maturity date		Jul. 01, 2022
Farm Credit West Master Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.60%
Farm Credit West Master Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.35%
Farm Credit West Term Loan One [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,461	2,602
Debt instrument, maturity date		Nov. 30, 2022
Interest rate, stated percentage		4.95%
Farm Credit West Term Loan Two [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,111	1,122
Debt instrument, maturity date		Oct. 31, 2035
Interest rate, stated percentage		4.95%
Farm Credit West Term Loan Three [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 9,086	9,172
Debt instrument, maturity date		Mar. 31, 2036
Interest rate, stated percentage		4.70%
Farm Credit West Term Loan Four [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,737	6,808
Debt instrument, maturity date		Mar. 31, 2036
Interest rate, stated percentage		3.62%
Wells Fargo Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,018	6,367
Debt instrument, maturity date		Jan. 31, 2023
Interest rate, stated percentage		3.58%
Banco de Chile term loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,488	1,857
Debt instrument, maturity date		Jan. 31, 2025
Interest rate, stated percentage		6.48%
Revolving Credit Facility [Member] \| Farm Credit West Master Loan [Member]
Debt Instrument [Line Items]
LIBOR rate		2.51%
Debt instrument, basis spread on variable rate		1.85%
Non-Revolving Credit Facility [Member] \| Farm Credit West Master Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 40,000
Interest rate, stated percentage				4.77%	4.77%
Notes Payable [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,435	$ 1,435
Interest rate, stated percentage		5.00%
Notes Payable [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		5.00%
Notes Payable [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		7.00%

Long-Term Debt (Textual) (Details)		1 Months Ended	3 Months Ended		12 Months Ended
Long-Term Debt (Textual) (Details)	Jun. 20, 2017 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2019 USD ($) payment	Jan. 31, 2018 USD ($)	Oct. 31, 2018 USD ($) payment	Oct. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)	Oct. 31, 2015 USD ($)	Oct. 31, 2014 USD ($)	Oct. 31, 2013 USD ($)	Jul. 01, 2018	May 31, 2018	Jan. 29, 2018 USD ($)	Feb. 16, 2016 USD ($)	Jan. 20, 2016 USD ($)	Feb. 28, 2013 a
Debt Instrument [Line Items]
Covenant description					The Company is also subject to a covenant that it will maintain a debt service coverage ratio greater than 1.25:1.0 measured annually at October 31
Debt service coverage ratio			1.25
Interest costs capitalized			$ 267,000	$ 577,000
Deferred financing costs			150,000		$ 158,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity													$ 75,000,000
Farm Credit West Master Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 115,000,000
Farm Credit West Master Loan [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000												75,000,000
Debt instrument, basis spread on variable rate			1.85%
Farm Credit West Master Loan [Member] \| Non-Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Interest rate, stated percentage											4.77%	4.77%
Prepayment fee percentage												0.50%
Farm Credit West Master Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.60%
Farm Credit West Master Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.35%
Rabobank Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity													$ 115,000,000
Collateral fees			$ 115,000,000
Banco De Chile Term Loan [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage			6.48%
Debt Instrument, Number Of Annual Payments \| payment			8
Wells Fargo Equipment Finance, Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, face amount															$ 10,000,000
Farm Credit West Term Loan Four [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage			3.62%
Debt instrument, face amount														$ 10,000,000
Farm Credit West Term Loan Five [Member]
Debt Instrument [Line Items]
Debt instrument, face amount														$ 7,500,000
East Areas II [Member]
Debt Instrument [Line Items]
Debt Instrument, Number Of Annual Payments \| payment					4
Area of real estate property \| a																7
Purchase of real estate development parcel						$ 50,000	$ 50,000	$ 50,000	$ 50,000	$ 75,000
Real estate investment property, net		$ 3,145,000
Payments to acquire and develop real estate		1,444,000
Notes payable		1,435,000
Purchase price of option payments		275,000
Payments of derivative issuance costs		$ 9,000
East Areas II [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		5.00%
East Areas II [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		7.00%

Derivative Instrument and Hedging Activities (Details) - Forward Interest Rate Swaps [Member] $ in Thousands	Nov. 30, 2011 USD ($)
Derivative [Line Items]
Fixed interest rate	4.30%
Notional Amount	$ 40,000

Basic and Diluted Net (Loss) Income per Share (Schedule of Net (Loss) Income per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$ (4,818)	$ 8,500
Effect of unvested, restricted stock	(16)	0
Numerator: Net (loss) income for basic EPS	$ (4,834)	$ 8,500
Denominator: Weighted average common shares–basic (in shares)	17,488,000	14,466,000
Basic net income per common share (in dollars per share)	$ (0.28)	$ 0.59
Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$ (4,834)	$ 8,625
Denominator: Weighted average common shares–basic (in shares)	17,488,000	14,466,000
Effect of dilutive unvested, restricted stock and preferred stock (in shares)	0	518,000
Weighted average common shares–diluted (in shares)	17,488,000	14,984,000
Diluted net income per common share (in dollars per share)	$ (0.28)	$ 0.58

Basic and Diluted Net (Loss) Income per Share (Textual) (Details) - shares shares in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	162	98

Related-Party Transactions (Details)			3 Months Ended
Related-Party Transactions (Details)	Feb. 05, 2015 USD ($) a	Aug. 14, 2014 USD ($)	Jan. 31, 2019 USD ($) a shares	Oct. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Feb. 28, 2017	Oct. 31, 2015	Apr. 30, 2014 shares	Jul. 01, 2013 a
Related Party Transaction [Line Items]
Ownership percentage			90.00%				35.00%
Income (loss) from equity method investments			$ 42,000		$ 43,000
Payments to acquire equity method investments			$ 4,000,000		3,500,000
Management [Member]
Related Party Transaction [Line Items]
Operating lease, area of land \| a			31
Rent expense, net			$ 23,000		6,000
Series B Two Preferred Stock [Member]
Related Party Transaction [Line Items]
Temporary equity, shares issued (in shares) \| shares			9,300					9,300
Oranges [Member] \| Fruticola San Pablo S.A. [Member]
Related Party Transaction [Line Items]
Revenue from related parties			$ 60,000
Oranges [Member] \| Fruticola Pan de Azucar S.A. [Member]
Related Party Transaction [Line Items]
Revenue from related parties			80,000		282,000
Employee [Member]
Related Party Transaction [Line Items]
Rental income			178,000		177,000
Mutual Water Companies [Member]
Related Party Transaction [Line Items]
Purchases from related party			777,000		720,000
Due to related parties			631,000	$ 142,000
Cooperative Association [Member]
Related Party Transaction [Line Items]
Purchases from related party			316,000		307,000
Due to related parties			6,000	142,000
Calavo Growers, Inc. [Member]
Related Party Transaction [Line Items]
Rental income			79,000		72,000
Purchases from related party			1,000		3,000
Due to related parties			0	3,000
Investment income, dividend			250,000		285,000
Dividend payments			129,000		108,000
Due from related parties			0
Calavo Growers, Inc. [Member] \| Avocados [Member]
Related Party Transaction [Line Items]
Revenue from related parties			3,000		0
Board Of Directors [Member]
Related Party Transaction [Line Items]
Purchases from related party			377,000		228,000
Due to related parties			267,000	487,000
Cadiz [Member]
Related Party Transaction [Line Items]
Rental income			$ 2,000		9,000
Purchases from related party	$ 1,212,000
Operating lease, area of land \| a									9,600
Term of contract			20 years
Additional lease expense gross harvest revenue percentage			20.00%
Cadiz [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Operating lease, area of land \| a									320
Lease expense per acre			$ 200
Acres of land \| a	200
Cadiz [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Operating lease, area of land \| a									960
Lease expense per acre			1,200
Cadiz [Member] \| Agribusiness [Member]
Related Party Transaction [Line Items]
Rent expense, net			66,000		36,000
Fenner Valley Farms, LLC [Member]
Related Party Transaction [Line Items]
Due to related parties			120,000	100,000
Law Firm [Member]
Related Party Transaction [Line Items]
Due to related parties			50,000	67,000
Colorado River Growers [Member]
Related Party Transaction [Line Items]
Revenue from related parties			306,000		218,000
Due from related parties			0	232,000
Payments for advance to affiliate			3,841,000		2,451,000
Yuma Mesa Irrigation And Drainage District [Member]
Related Party Transaction [Line Items]
Purchases from related party			32,000		84,000
Due to related parties			0	0
Limco Del Mar Limited [Member]
Related Party Transaction [Line Items]
Due to related parties			12,000	709,000
Cash distributions from equity investments			0		0
Income (loss) from equity method investments			$ 205,000		163,000
Limco Del Mar Limited [Member] \| General Partner [Member]
Related Party Transaction [Line Items]
Ownership percentage			1.30%
Limco Del Mar Limited [Member] \| Limited Partner [Member]
Related Party Transaction [Line Items]
Ownership percentage			26.80%
Limco Del Mar Limited [Member] \| Management, Development, and Accounting Services [Member]
Related Party Transaction [Line Items]
Revenue from related parties			$ 35,000		47,000
Rosales [Member]
Related Party Transaction [Line Items]
Ownership percentage		35.00%
Income (loss) from equity method investments			(77,000)		(36,000)
Payments to acquire equity method investments		$ 1,750,000
Amortization of intangible assets			84,000	84,000
Rosales [Member] \| Limoneira Company [Member]
Related Party Transaction [Line Items]
Additional ownership percentage						12.00%
Rosales [Member] \| Lemons [Member]
Related Party Transaction [Line Items]
Purchases from related party			359,000		0
Due to related parties				$ 65,000
Revenue from related parties			521,000		$ 141,000
Due from related parties			$ 107,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Income Tax Disclosure [Abstract]
Effective blended tax rate	28.00%
Effective income tax rate	27.40%
Deferred tax liability		$ 10,000

Retirement Plans (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Retirement Benefits [Abstract]
Average earnings	5 years
Contributions	$ 150	$ 150

Retirement Plans (Net Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Retirement Benefits [Abstract]
Administrative expenses	$ 47	$ 63
Interest cost	207	192
Expected return on plan assets	(272)	(268)
Prior service cost	11	11
Recognized actuarial loss	101	175
Net periodic benefit cost	$ 94	$ 173

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Oct. 31, 2018
Other Liabilities Disclosure [Abstract]
Minimum pension liability	$ 2,256	$ 2,404
Loan guarantee	1,080	1,080
Deferred gain and other	162	163
Other long-term liabilities	$ 3,498	$ 3,647

Series B and Series B-2 Preferred Stock (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2014 USD ($) $ / shares shares	Jan. 31, 2019 vote $ / shares shares	Oct. 31, 2017 shares	Oct. 31, 2016 shares	Oct. 31, 2018 $ / shares
Common Stock [Member]
Temporary Equity [Line Items]
Shares issued upon conversion (in shares) \| shares			177,624	6,250
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred stock, shares issued (in shares) \| shares		30,000
Preferred stock, par value per share (in dollars per share) \| $ / shares		$ 100.00
Cumulative cash dividend percentage		8.75%	8.75%
Number of votes \| vote		10
Stock redeemed (in shares) \| shares		14,790
Conversion price (in dollars per share) \| $ / shares		$ 8.00
Shares converted (in shares) \| shares			14,210	500
Series B-2 Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred stock, shares issued (in shares) \| shares	9,300	9,300
Preferred stock, par value per share (in dollars per share) \| $ / shares	$ 100.00
Cumulative cash dividend percentage	4.00%	4.00%	4.00%
Number of votes \| vote		1
Conversion price (in dollars per share) \| $ / shares		$ 15.00
Proceeds from issuance of preferred stock \| $	$ 9,300
Terms of conversion		Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company’s common stock based upon the closing price of the Company’s common stock on The NASDAQ Stock Market, LLC or on such other principal market on which the Company’s common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination.
Liquidation preference per share (in dollars per share) \| $ / shares		$ 1,000			$ 1,000

Stock-based Compensation (Textual) (Details) - USD ($)	1 Months Ended					3 Months Ended		12 Months Ended
Stock-based Compensation (Textual) (Details) - USD ($)	Jan. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Class of Stock [Line Items]
Shares granted (in shares)		40,094
Common stock per share (in dollars per share)		$ 18.74
Share-based compensation expense						$ 450,000	$ 399,000
Management [Member]
Class of Stock [Line Items]
Shares exchanged for payroll tax (in shares)						20,119	17,250
Fair value of shares exchanged						$ 305,252	$ 401,000
Stock Compensation Plan [Member] \| Management [Member]
Class of Stock [Line Items]
Vesting period								2 years	2 years	2 years
Shares granted (in shares)				41,291	44,688
Common stock per share (in dollars per share)				$ 22.86	$ 19.92
Cost from stock compensation								$ 751,000	$ 944,000	$ 890,000
Share-based compensation expense								$ 343,000	$ 605,000	$ 544,000
Stock Compensation Plan [Member] \| Executive Officer [Member]
Class of Stock [Line Items]
Vesting period								3 years	5 years
Shares granted (in shares)		90,000		90,000
Common stock per share (in dollars per share)		$ 19.84							$ 22.19
Cost from stock compensation								$ 1,786,000
Share-based compensation expense									$ 1,997,000
Stock Compensation Plan [Member] \| Nonemployee Directors [Member]
Class of Stock [Line Items]
Shares granted (in shares)	15,642		14,033
Share-based compensation expense						$ 339,000	$ 309,000
Minimum [Member] \| Stock Compensation Plan [Member]
Class of Stock [Line Items]
Vesting period						2 years
Maximum [Member] \| Stock Compensation Plan [Member]
Class of Stock [Line Items]
Vesting period						5 years

Stock-based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	40,094
Share-based compensation expense		$ 450	$ 399
2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		44,688
Share-based compensation expense		$ 0	25
2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		41,291
Share-based compensation expense		$ 44	68
2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		130,094
Share-based compensation expense		$ 177	306
2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		90,000
Share-based compensation expense		$ 229	$ 0

Public Offering of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2018	Jan. 31, 2019	Oct. 31, 2018
Class of Stock [Line Items]
Common Stock, outstanding (in shares)	17,669,314	17,772,753	17,647,135
Sale of stock, consideration received, gross	$ 69,000
Underwriting discount	4,485
Other offering expense	418
Sale of stock, consideration received	$ 64,097
Common Stock [Member]
Class of Stock [Line Items]
Sale of stock (in shares)	3,136,362
Sale of stock, price per share (in dollars per share)	$ 22.00
Sale of stock, percentage sold	18.00%

Segment Information (Textual) (Details)	3 Months Ended
Segment Information (Textual) (Details)	Jan. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Segment Reporting Information [Line Items]
Total net revenues	$ 42,018	$ 31,593
Costs and expenses	42,912	31,641
Depreciation and amortization	2,126	1,690
Operating income	(3,020)	(1,738)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	42,018	31,593
Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	(7,044)	(4,924)
Costs and expenses	(7,044)	(4,924)
Depreciation and amortization	0	0
Operating income	0	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Costs and expenses	4,952	4,026
Depreciation and amortization	63	48
Operating income	(5,015)	(4,074)
Total Agribusiness [Member]
Segment Reporting Information [Line Items]
Total net revenues	40,800	30,333
Costs and expenses	37,048	26,715
Depreciation and amortization	1,868	1,447
Operating income	1,884	2,171
Total Agribusiness [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	40,800	30,333
Total Agribusiness [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Fresh Lemons [Member]
Segment Reporting Information [Line Items]
Total net revenues	34,493	24,976
Costs and expenses	32,082	22,890
Depreciation and amortization	0	0
Operating income	2,411	2,086
Fresh Lemons [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	34,493	24,976
Fresh Lemons [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Lemon Packing [Member]
Segment Reporting Information [Line Items]
Total net revenues	4,103	2,833
Costs and expenses	8,784	5,724
Depreciation and amortization	0	0
Operating income	2,363	2,033
Lemon Packing [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	11,147	7,757
Lemon Packing [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	7,044	4,924
Avocados [Member]
Segment Reporting Information [Line Items]
Total net revenues	3	0
Costs and expenses	716	704
Depreciation and amortization	0	0
Operating income	(713)	(704)
Avocados [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	3	0
Avocados [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Other agribusiness [Member]
Segment Reporting Information [Line Items]
Total net revenues	2,201	2,524
Costs and expenses	2,510	2,321
Depreciation and amortization	0	0
Operating income	(309)	203
Other agribusiness [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	2,201	2,524
Other agribusiness [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Rental Operations [Member]
Segment Reporting Information [Line Items]
Total net revenues	1,218	1,260
Costs and expenses	884	870
Depreciation and amortization	195	195
Operating income	139	195
Rental Operations [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	1,218	1,260
Rental Operations [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Real Estate Development [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Costs and expenses	28	30
Depreciation and amortization	0	0
Operating income	(28)	(30)
Real Estate Development [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total net revenues	0	0
Real Estate Development [Member] \| Eliminations [Member]
Segment Reporting Information [Line Items]
Total net revenues	$ 0	$ 0

Segment Information (Segment Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	$ 42,018	$ 31,593
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	42,018	31,593
Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	(7,044)	(4,924)
Lemon revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	38,596	27,809
Fresh lemons [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	34,493	24,976
Fresh lemons [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	34,493	24,976
Fresh lemons [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Lemon packing [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	4,103	2,833
Lemon packing [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	11,147	7,757
Lemon packing [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	7,044	4,924
Avocados [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	3	0
Avocados [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	3	0
Avocados [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Other agribusiness [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	2,201	2,524
Other agribusiness [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	2,201	2,524
Other agribusiness [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Agribusiness revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	40,800	30,333
Agribusiness revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	40,800	30,333
Agribusiness revenues [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Rental operations revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	1,218	1,260
Rental operations revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	1,218	1,260
Rental operations revenues [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Real estate development revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Real estate development revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Real estate development revenues [Member] \| Intersegment revenue [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	0	0
Agribusiness [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	40,800	30,333
Navel and Valencia oranges [Member] \| Other agribusiness [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	946	1,343
Specialty citrus and other crops [Member] \| Other agribusiness [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	1,255	1,181
Residential And Commercial Rentals [Member] \| Rental operations revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	877	850
Leased Land [Member] \| Rental operations revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	269	328
Organic recycling [Member] \| Rental operations revenues [Member] \| Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	72	$ 82
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member] \| Agribusiness [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	294
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member] \| Agribusiness [Member] \| Fresh lemons [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net revenues	$ 294

Subsequent Events (Details) - Subsequent Event [Member]	3 Months Ended
Subsequent Events (Details) - Subsequent Event [Member]	Apr. 30, 2019 USD ($) a	Feb. 25, 2019 USD ($) loan_advance
Subsequent Event [Line Items]
Loan receivable, outstanding and borrowings		$ 8,500,000
Loan receivable		$ 2,000,000
Number of loan advances \| loan_advance		2
FGF Trapani [Member]
Subsequent Event [Line Items]
Loan receivable, outstanding and borrowings		$ 8,500,000
Second loan advance		$ 6,500,000
Ownership percentage to be received from loan repayment		25.00%
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Percentage of parcels acquired	50.00%
Payments to acquire business	$ 6,500,000
Purchase price	$ 15,000,000
Additional parcels acquired, percentage	25.00%
Additional parcels acquired, duration	3 years
Scenario, Forecast [Member] \| Trapani Fresh [Member] \| FGF Trapani [Member]
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners	49.00%
Scenario, Forecast [Member] \| Lemons [Member]
Subsequent Event [Line Items]
Percentage of parcels acquired	25.00%
Area of land \| a	1,200
LIBOR [Member]
Subsequent Event [Line Items]
Basis spread on loan receivable		2.50%
Subsidiaries [Member] \| Scenario, Forecast [Member] \| Trapani Fresh [Member]
Subsequent Event [Line Items]
Ownership percentage	51.00%