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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2019

The 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 consolidated financial statements represent the consolidated balance sheets, statements of operations, statements of comprehensive income, statements of stockholders’ equity and temporary equity and statements of cash flows of Limoneira Company and consolidated subsidiaries. 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, Consolidations, and the effect of variable interest entities, in its consolidation process.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Accounts Receivable

The Company grants credit in the course of its operations to 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 other factors.

Concentrations

The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage.

Cultural Costs

Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. Harvest costs are comprised of labor and equipment expenses incurred to harvest and deliver crops to the packinghouses.

Certain of the Company's crops have distinct growing periods and distinct harvest and selling periods, each of which lasts approximately four to eight months. During the growing period, cultural costs are capitalized as they are associated with benefiting and preparing the crops for the harvest and selling period. During the harvest and selling period, harvest costs and cultural costs are expensed when incurred and capitalized cultural costs are amortized as components of agribusiness costs and expenses.

Due to climate, growing conditions and the types of crops grown, certain of the Company's other crops may be harvested and sold on a year-round basis. Accordingly, the Company does not capitalize cultural costs associated with these crops and therefore such costs, as well as harvest costs associated with these crops, are expensed to operations when incurred as components of agribusiness costs and expenses.

Most cultural costs, including amortization of capitalized cultural costs, and harvest costs are associated with and charged to specific crops. Certain other costs, such as property taxes, indirect labor, including farm supervision and management, and irrigation that benefit multiple crops are allocated to crops on a per acre basis.

Income Taxes

Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount expected to be realized.

Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Property, Plant and Equipment

Property, plant and equipment is stated at original cost, net of accumulated depreciation. Depreciation is computed using the straight-line method at rates based upon the estimated useful lives of the related assets as follows (in years):



Land improvements	10 – 30
Buildings and building improvements	10 – 50
Equipment	5 – 20
Orchards and vineyards	20 – 40

Costs of planting and developing orchards are capitalized until the orchards become commercially productive. Planting costs consist primarily of the costs to purchase and plant nursery stock. Orchard development costs consist primarily of maintenance costs of orchards such as cultivation, pruning, irrigation, labor, spraying and fertilization, and interest costs during the development period. The Company ceases the capitalization of costs and commences depreciation when the orchards become commercially productive and orchard maintenance costs are accounted for as cultural costs as described above.

Capitalized Interest

Interest is capitalized on real estate development projects and significant construction in progress using the weighted average interest rate during the fiscal year.

Real Estate Development Costs

The Company capitalizes the planning, entitlement, construction, development costs and interest associated with its various real estate projects. Costs that are not capitalized, which include property maintenance and repairs, general and administrative and marketing expenses, are expensed as incurred. A real estate development project is considered substantially complete upon the cessation of construction and development activities. Once a project is substantially completed, future costs are expensed as incurred.

Equity in Investments

Investments in unconsolidated joint ventures in which the Company has significant influence but less than a controlling interest, or is not the primary beneficiary if the joint venture is determined to be a Variable Interest Entity (“VIE”), are accounted for under the equity method of accounting and, accordingly, are adjusted for capital contributions, distributions and the Company’s equity in net earnings or loss of the respective joint venture.

Marketable Securities

Equity Securities

Effective November 1, 2019 upon the adoption of ASU 2016-01, the Company’s equity securities, previously referred to as available-for-sale marketable securities, are stated at fair value with unrealized gains (losses) reported in net income. Previously the Company’s investments in marketable securities were stated at fair value with unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the Company’s consolidated statement of comprehensive income.

Long-Lived Assets

Long-Lived and Intangible Assets

Intangible assets consist primarily of customer relationships, trade names and trademarks and a non-competition agreement. The Company’s definite-life intangible assets are being amortized on a straight-line basis over their estimated lives ranging from eight to ten years. Acquired water and mineral rights are indefinite-life assets not subject to amortization and are included in Other Assets in the Consolidated Balance Sheets. Assets held for sale are carried at the lower of cost or fair value less estimated cost to sell.

Intangible Assets

Long-Lived and Intangible Assets

The Company evaluates long-lived assets, including its definite-life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated fair value or undiscounted future cash flows from the use of an asset are less than the carrying value of that asset, a write-down is recorded to reduce the carrying value of the asset to its fair value. The Company evaluates its indefinite-life intangible assets annually or whenever events or changes in circumstances indicate an impairment of the assets’ value may exist.

Goodwill

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. 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 is 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. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Goodwill impairment testing involves significant judgment and estimates.

Fair Values of Financial Instruments

The fair values of financial instruments are based on level-one indicators within the fair value hierarchy or quoted market prices, where available, or are estimated using the present value or other valuation techniques. Estimated fair values are significantly affected by the assumptions used.

2. Summary of Significant Accounting Policies (continued)

Fair Values of Financial Instruments (continued)

Accounts receivable, note receivable, accounts payable, growers payable and accrued liabilities reported on the Company’s consolidated balance sheets approximate their fair values due to the short-term nature of the instruments.

Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the fair value of long-term debt is approximately equal to its carrying amount as of October 31, 2019 and 2018.

Business Combinations and Asset Acquisitions

Business Combinations are accounted for under the acquisition method in accordance with ASC 805, Business Combinations. The acquisition method requires identifiable assets acquired and liabilities assumed and any noncontrolling interest in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. Acquisitions that do not meet the definition of a business under the ASC are accounted for as asset acquisitions. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired assets on a relative fair value basis. Transaction costs are expensed in a business combination and are considered a component of the cost of the acquisition in an asset acquisition.

Comprehensive Income (Loss)

Comprehensive (Loss) Income

Foreign Currency Translation

San Pablo and PDA’s 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.

Revenue Recognition

On November 1, 2018, the Company adopted Financial Accounting Standards Board (“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. The results for the reporting period beginning after November 1, 2018 are presented in accordance with the new standard which was adopted using the modified-retrospective method and applied to those contracts that were not completed as of November 1, 2018. 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. As a result, 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.

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.

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

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. Under previous guidance, the Company was considered an agent and recorded revenues for certain 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. This change resulted in the recognition of additional agribusiness revenue and agribusiness costs and expenses within the fresh lemons segment of $8,827,000 for the year ended October 31, 2019. Had it used the previous revenue recognition guidance, the Company would have recorded insignificant net agribusiness revenue for these transactions for the year ended October 31, 2019. No cumulative adjustment to retained earnings was necessary as there is no net effect to the consolidated statement of operations.

Agribusiness revenue - Revenue from lemon sales is generally recognized at a point in time when the customer takes control of the fruit from the Company’s packinghouse, which aligns with the transfer of title to the customer. 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.

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 controls the product until it 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.

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-

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

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 Company has entered into brokerage arrangements with third-party international packinghouses. In certain of these arrangements, the Company has the exclusive ability to direct the use of and obtains substantially all of the remaining benefits from the fruit, and therefore is 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 from crop insurance proceeds is recorded when the amount can be reasonably determined and upon establishment of the present right to payment. The Company recorded agribusiness revenues from crop insurance proceeds of $2,311,000, $54,000 and $74,000 in fiscal years 2019, 2018 and 2017, respectively.

Rental Operations 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 transfers 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 Accounting Standards Code (“ASC”) 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets.

Incidental operations may occur during the holding or development period of real estate development projects to reduce holding or development costs. Incremental revenue from incidental operations in excess of incremental costs from incidental operations is accounted for as a reduction of development costs. Incremental costs from incidental operations in excess of incremental revenue from incidental operations are charged to operations.

Advertising Expense

Advertising costs are expensed as incurred.

Leases

The Company records rent expense for its operating leases on a straight-line basis from the lease commencement date as defined in the lease agreement until the end of the base lease term.

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 preferred stock. Diluted net (loss) income per common share is calculated using the weighted-average number of common shares outstanding plus the dilutive effect of conversion of preferred stock. The Series B and Series B-2 convertible preferred shares were anti-dilutive for fiscal years ended October 31, 2019 and 2017 and dilutive for fiscal year ended October 31, 2018.

Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share using the treasury stock method. The Company’s unvested, restricted stock awards qualify as participating shares.

Defined Benefit Retirement Plan

The Company sponsors a defined benefit retirement plan that was frozen in June 2004, and no future benefits have been accrued to participants subsequent to that time. Ongoing accounting for this plan under FASB ASC 715, Compensation – Retirement Benefits, provides guidance as to, among other things, future estimated pension expense, pension liability and minimum funding requirements. This information is provided to the Company by third-party actuarial consultants. In developing this data, certain estimates and assumptions are used, including among other things, discount rate, long-term rate of return and mortality tables.

During 2019, the Society of Actuaries (SOA) released a new mortality improvement scale table, referred to as MP-2019, which is believed to better reflect mortality improvements and is to be used in calculating defined benefit pension obligations. In addition, during fiscal year 2019, the assumed discount rate to measure the pension obligation decreased to 3.0%. The Company used the latest mortality tables released by the SOA through October 2019 to measure its pension obligation as of October 31, 2019 and combined with the assumed discount rate and other demographic assumptions, its pension liability increased by approximately $634,000 as of October 31, 2019. Further changes in any of these estimates could materially affect the amounts recorded that are related to our defined benefit retirement plan.

Recent Accounting Pronouncements

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 securities (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 $15,921,000, net of taxes, in Calavo common stock to retained earnings from accumulated other comprehensive income ("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 subsequent to the adoption of ASU 2016-01.

FASB ASU 2016-02, Leases (Topic 842) and related ASUs, including ASU 2018-11, Leases (Topic 842): Targeted Improvements

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. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified

2. Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements (continued)

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. 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 these ASU's may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASUs.

The Company expects that most of its operating lease commitments will be recognized as lease liabilities and right-of-use assets upon adoption of this guidance. The Company’s leases primarily include agricultural land leases and equipment leases. The Company will adopt the guidance as of November 1, 2019, and prior periods will not be adjusted. The Company continues to implement changes to its systems, processes and controls in conjunction with its review of existing lease agreements. The Company expects the adoption of this guidance will result in an increase in assets and liabilities in the range of $2.0 million to $3.0 million on its opening balance sheet as a result of recognizing new right-of-use assets and lease liabilities. The Company does not expect the adoption of this guidance to have a material impact to its consolidated statements of operations or on its total cash flows from operating, investing or financing activities. The ultimate impact of adopting this guidance will depend on the Company's lease portfolio and other factors as of the transition date.

FASB ASU 2016-13, Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

This amendment requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses.

ASU 2016-13 is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

FASB ASU 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. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary.

ASU 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company early adopted the standard as of May 1, 2019 and followed this guidance during its annual impairment testing performed during the third quarter. The adoption did not have an impact on its financial position, results of operations, or cash flows.

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.

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 to retained earnings from AOCI at the date of adoption of $1,411,000 related to the investment in Calavo and pension liability.

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 postretirement 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. The Company adopted these amendments beginning in the first quarter of fiscal year 2019 and included a separate statement of stockholders’ equity and temporary equity in its Quarterly Reports on Form 10-Q.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Current assets:
Cash	$ 616	$ 609
Accounts receivable, net	18,099	14,116
Cultural costs	7,223	5,413
Prepaid expenses and other current assets	8,153	10,528
Income taxes receivable	979	378
Total current assets	35,070	31,044
Property, plant and equipment, net	248,114	225,681
Real estate development	17,602	107,162
Equity in investments	58,223	18,698
Investment in Calavo Growers, Inc.	17,346	24,250
Goodwill	1,839	1,431
Other intangible assets, net	12,407	6,225
Other assets	9,266	6,848
Total assets	399,867	421,339
Current liabilities:
Accounts payable	4,974	6,134
Growers payable	14,500	10,089
Accrued liabilities	9,167	7,724
Current portion of long-term debt	3,023	3,127
Total current liabilities	31,664	27,074
Long-term liabilities:
Long-term debt, less current portion	105,892	76,966
Deferred income taxes	24,346	25,372
Other long-term liabilities	5,467	3,647
Sale-leaseback deferral	0	58,330
Total liabilities	167,369	191,389
Commitments and contingencies	0	0
Stockholders' equity:
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,756,180 and 17,647,135 shares issued and outstanding at October 31, 2019 and 2018, respectively)	178	176
Additional paid-in capital	160,254	159,071
Retained earnings	53,089	50,354
Accumulated other comprehensive (loss) income	(7,255)	8,965
Noncontrolling interest	15,422	574
Total stockholders' equity	221,688	219,140
Total Liabilities and Stockholders' Equity	399,867	421,339
Series B Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	1,479	1,479
Series B-2 Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	9,331	9,331
Series A Junior Participating Preferred Stock
Stockholders' equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at October 31, 2019 and 2018)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (5,466)	$ 20,212	$ 6,549
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(1,103)	(1,255)	2
Minimum pension liability adjustments, net of tax of $(252), $415 and $767	(607)	1,137	1,175
Unrealized holding gains on security available for sale, net of tax of $0, $1,956 and $1,722	0	4,809	2,643
Reclassification of unrealized gain on security sold, net of tax of $0, $(1,160) and $0	0	(2,965)	0
Unrealized gains from derivative instruments, net of tax of $0, $79 and $330	0	163	553
Total other comprehensive (loss) income, net of tax	(1,710)	1,889	4,373
Comprehensive (loss) income	(7,176)	22,101	10,922
Comprehensive loss (income) attributable to noncontrolling interest	438	(13)	46
Comprehensive (loss) income attributable to Limoneira Company	$ (6,738)	$ 22,088	$ 10,968

Commitments and Contingencies (Tables)

12 Months Ended

Oct. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Minimum Future Lease Payments

Minimum future lease payments are as follows (in thousands):

18. Commitments and Contingencies (continued)

Operating Leases (continued)



2020	$	688
2021	492
2022	291
2023	154
2024	134
Thereafter	1,382
	$	3,141

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)		12 Months Ended
	Jul. 31, 2019	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Goodwill [Line Items]
Goodwill impairment losses	$ 0	$ 0	$ 0	$ 0
Goodwill		1,839,000	1,431,000	876,000
Amortization expense		689,000	$ 84,000	$ 85,000
Fresh Lemons
Goodwill [Line Items]
Goodwill		1,269,000
Lemon Packing
Goodwill [Line Items]
Goodwill		$ 570,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Dividends on common stock (in dollars per share)	$ 0.30	$ 0.25	$ 0.22
Series B Preferred Stock
Dividends on preferred stock (in dollars per share)	8.75	8.75	8.75
Series B-2 Preferred Stock
Dividends on preferred stock (in dollars per share)	$ 40	$ 40	$ 40

Real Estate Development - East Areas I and II, Narrative (Details)	1 Months Ended		12 Months Ended
	Dec. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2019 USD ($) Property	Jul. 31, 2019 USD ($)	Nov. 10, 2015 USD ($)	Oct. 31, 2005 a property
Real Estate Properties [Line Items]
Net carrying value of property			$ 107,162,000	$ 17,602,000	$ 17,602,000
Real estate development costs and corresponding increases in the sale-leaseback deferral			27,934,000
Decrease in real estate development and sale lease-back deferral	$ 58,330,000
Reclassification from joint venture to equity in investments	$ 33,353,000
Loan balance			80,093,000	$ 108,915,000
Limoneira Lewis Community Builders
Real Estate Properties [Line Items]
Number of residential units sold \| Property				210
Unsecured Line of Credit Loan Agreement and Promissory Note
Real Estate Properties [Line Items]
Estimated value of the guarantee obligation			1,080,000
Unsecured Line of Credit Loan Agreement and Promissory Note \| Limoneira Lewis Community Builders
Real Estate Properties [Line Items]
Face amount of loan		$ 45,000,000
Loan balance			43,158,000
Unsecured Line of Credit Loan Agreement and Promissory Note \| LIBOR \| Limoneira Lewis Community Builders
Real Estate Properties [Line Items]
Basis spread on variable rate		2.85%
East Areas I and II
Real Estate Properties [Line Items]
Number of real estate properties \| property							2
Number of acres of land for real estate development \| a							550
East Area I
Real Estate Properties [Line Items]
Net carrying value of property			91,357,000		0
East Area I \| Lewis Group of Companies
Real Estate Properties [Line Items]
Ownership interest						50.00%
Cost of equity method investment						$ 20,000,000
East Area I - Retained Property
Real Estate Properties [Line Items]
Net carrying value of property			10,408,000	$ 11,943,000	$ 11,943,000
Estimated costs incurred by and reimbursable to LLCB			$ 1,200,000

Long-Term Debt - Composition of Long-Term Debt (Details) - USD ($)	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 109,077,000	$ 80,251,000
Less deferred financing costs, net of accumulated amortization	162,000	158,000
Total long-term debt, net	108,915,000	80,093,000
Less current portion	3,023,000	3,127,000
Long-term debt, less current portion	105,892,000	76,966,000
Notes Payable
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,435,000	1,435,000
Variable interest rate	5.50%
Maturity date	Feb. 28, 2023
Notes Payable \| Minimum
Debt Instrument [Line Items]
Variable interest rate	5.00%
Notes Payable \| Maximum
Debt Instrument [Line Items]
Variable interest rate	7.00%
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 82,843,000	50,888,000
Maturity date	Jul. 01, 2022
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Reference rate	2.30%
Basis spread on variable rate	1.60%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Non-Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 40,000,000
Interest rate	4.77%
3.76% Farm Credit West Term Loan due November 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,035,000	2,602,000
Interest rate	3.76%
Maturity date	Nov. 30, 2022
4.14% Farm Credit West Term Loan due October 2035
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,078,000	1,122,000
Interest rate	4.14%
Maturity date	Oct. 31, 2035
4.17% Farm Credit West Term Loan due March 2036
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,823,000	9,172,000
Interest rate	4.17%
Maturity date	Mar. 31, 2036
3.62% Farm Credit West Term Loan due March 2036
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,522,000	6,808,000
Interest rate	3.62%
Maturity date	Mar. 31, 2036
3.58% Wells Fargo Term Loan due January 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,955,000	6,367,000
Interest rate	3.58%
Maturity date	Jan. 31, 2023
6.48% Banco de Chile Term Loan due January 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,386,000	$ 1,857,000
Interest rate	6.48%
Maturity date	Jan. 31, 2025

Income Taxes (Tables)

12 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Reconciliation of Income before Income Taxes for Domestic and Foreign Locations

A reconciliation of income before income taxes for domestic and foreign locations for the years ended October 31, 2019, 2018 and 2017 are as follows (in thousands):



	2019			2018		2017
United States	$	(6,285	)	$	13,099	$	11,386
Foreign	(278		)	384		(760		)
Income before income taxes	$	(6,563	)	$	13,483	$	10,626

Components of the Provisions for Income Taxes

The components of the provisions for income taxes for fiscal years 2019, 2018 and 2017 are as follows (in thousands):



	2019			2018			2017
Current:
Federal	$	(7	)	$	35		$	(1,217	)
State	563			(444		)	(527		)
Foreign	(232		)	(169		)	(41		)
Total current benefit (provision)	324			(578		)	(1,785		)

Deferred:
Federal	998			7,393			(2,282		)
State	(302		)	(212		)	(238		)
Foreign	77			126			228
Total deferred benefit (provision)	773			7,307			(2,292		)
Total benefit (provision)	$	1,097		$	6,729		$	(4,077	)

Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets (liabilities) at October 31, 2019 and 2018 are as follows (in thousands):



	2019			2018
Deferred income tax assets:
Labor accruals	$	236		$	194
State income taxes	—			97
Net operating losses	1,112			706
Prepaid insurance and other	422			457
Impairments of real estate development assets	719			1,557
Minimum pension liability adjustment	820			644
Amortization	295			203
Total deferred income tax assets	3,604			3,858
Valuation allowance	(362		)	—
Total net deferred income tax assets	3,242			3,858

Deferred income tax liabilities:
Property taxes	(150		)	(165		)
Depreciation	(13,630		)	(13,230		)
Book and tax basis difference of acquired assets	(9,661		)	(9,886		)
Unrealized net gain on Calavo investment	(4,142		)	(5,830		)
Other	(5		)	(119		)
Total deferred income tax liabilities	(27,588		)	(29,230		)
Net deferred income tax liabilities	$	(24,346	)	$	(25,372	)

Reconciliation of Income Tax Provision from that Computed Using the Federal Statutory Rate

15. Income Taxes (continued)



	2019					2018					2017
	Amount			%		Amount			%		Amount			%
Provision at statutory rates	$	1,351		(21.0	)%	$	(3,125	)	(23.3	)%	$	(3,613	)	(34.0	)%
State income tax, net of federal benefit	316			(4.9	)%	(768		)	(5.7	)%	(580		)	(5.5	)%
Dividend exclusion	28			(0.4	)%	49			0.4	%	67			0.6	%
Meals and entertainment	(90		)	1.4	%	—			—		—			—
Transaction costs	(137		)	2.1	%	—			—		—			—
Production deduction	—			—		—			—		148			1.4	%
Tax law change	—			—		10,295			76.4	%	$	—		—
State rate adjustment	(109		)	1.7	%	—			—		—			—
Valuation allowance	(393		)	6.1	%	—			—		—			—
Minority interest	116			(1.8	)%	—			—		—			—
Other permanent items	15			(0.3	)%	278			2.1	%	(99		)	(0.9	)%
Total income tax benefit (provision)	$	1,097		(17.1	)%	$	6,729		49.9	%	$	(4,077	)	(38.4	)%

Prepaid Expenses and Other Current Assets

12 Months Ended

Oct. 31, 2019

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

Prepaid Expenses And Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at October 31 (in thousands):



	2019		2018
Prepaid supplies and insurance	$	3,199	$	1,843
Note receivable and related interest	181		2,797
Real estate development held-for-sale	2,543		5,024
Lemon supplier advances, deferred lease expense and other	2,230		864
	$	8,153	$	10,528

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 7,944	$ 7,178	$ 6,370
Net proceeds from sales of property assets		3,978	0	0
Gain on sale of property assets		$ 1,069	$ 0	$ 0
Mercantile
Property, Plant and Equipment [Line Items]
Net proceeds from sales of property assets	$ 4,000
Gain on sale of property assets	$ 586

Income Taxes - Reconciliation of Income before Income Taxes for Domestic and Foreign Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ (6,285)	$ 13,099	$ 11,386
Foreign	(278)	384	(760)
(Loss) income before income tax benefit (provision)	$ (6,563)	$ 13,483	$ 10,626

Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Funding contributions	$ 600	$ 600
Pension Plan \| Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Long-term asset allocation target percentage	30.00%
Pension Plan \| International Equity
Defined Benefit Plan Disclosure [Line Items]
Long-term asset allocation target percentage	10.00%
Pension Plan \| Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Long-term asset allocation target percentage	60.00%
401(k) Plan
Defined Benefit Plan Disclosure [Line Items]
Matching contribution percentage (up to)	4.00%
Maximum annual earnings that may be deferred (up to)	100.00%
Additional matching contribution percentage on deferrals (up to)	4.00%
Period after which employees are 100% vested	6 years
Annual vesting rate	20.00%
Plan contribution expense	$ 927	$ 823	$ 774

Earnings Per Share - Computations for Basic and Diluted Net (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Basic net income per common share:
Net (loss) income applicable to common stock	$ (6,444)	$ 19,687	$ 6,035
Effect of unvested, restricted stock	(51)	(34)	0
Numerator: Net (loss) income for basic EPS	$ (6,495)	$ 19,653	$ 6,035
Denominator: Weighted-average common shares outstanding-basic (in shares)	17,580	15,581	14,315
Basic net (loss) income per common share (in dollars per share)	$ (0.37)	$ 1.26	$ 0.42
Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$ (6,495)	$ 20,188	$ 6,595
Weighted average common shares-basic (in shares)	17,580	15,581	14,315
Effect of dilutive unvested, restricted stock and preferred stock (in shares)	0	628	0
Weighted average common shares - diluted (in shares)	17,580	16,209	14,315
Diluted net (loss) income per common share (in dollars per share)	$ (0.37)	$ 1.25	$ 0.42

Stockholders' Equity (Tables)

12 Months Ended

Oct. 31, 2019

Stockholders' Equity Note [Abstract]

Summary of the Performance, Executive, and Director Awards Granted under the Stock Plan

A summary of the Performance, Executive, and Director awards granted under the Stock Plan during fiscal years 2019, 2018 and 2017, and the weighted average grant price is as follows:



	Year Ended October 31,
	2019			2018			2017
	Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price
Performance Awards	40,095	$	18.74	41,291	$	22.86	44,688	$	19.92
Executive Awards	90,000	$	19.84	90,000	$	22.19	—	$	—
Director Awards	15,642	$	21.65	14,033	$	22.00	18,956	$	17.02
Total	145,737	$	19.73	145,324	$	22.36	63,644	$	19.06

Summary of Restricted Stock Activity

A summary of the status of the Company’s nonvested shares as of October 31, 2019, and changes during the year ended October 31, 2019, is presented below.



	Number of Shares		Weighted-Average Grant Price
Nonvested at October 31, 2018	126,282		$	22.04
Vested	(85,271	)	$	20.97
Granted	130,095		$	19.50
Nonvested at October 31, 2019	171,106		$	20.64

Equity in Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2017	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2007	Feb. 24, 2017	Feb. 23, 2017	Oct. 31, 2014	Aug. 14, 2014	May 31, 2007
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity method investment		$ 4,000	$ 3,500	$ 7,450
Goodwill		1,839	1,431	876
Amortization of intangible assets		689	84	85
Expected future amortization of intangible assets in 2020		1,037
Expected future amortization of intangible assets in 2021		1,027
Expected future amortization of intangible assets in 2022		976
Expected future amortization of intangible assets in 2023		976
Expected future amortization of intangible assets in 2024		$ 976
PDA
Schedule of Equity Method Investments [Line Items]
Goodwill						$ 196
Limco Del Mar, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%
Expense reimbursements received		$ 159	163	146
Limco Del Mar, Ltd. \| General Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest		1.30%
Limco Del Mar, Ltd. \| Limited Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest		26.80%
Limco Del Mar, Ltd. \| Limco Del Mar, Ltd.
Schedule of Equity Method Investments [Line Items]
Purchases from related parties		$ 1,674	2,361	2,271
Amounts due to related parties		$ 554	709
Romney Property Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest										75.00%
Payment to acquire equity method investment					$ 489
Percentage of net profits, losses and cash flows received		75.00%
Romney Property Partnership \| Individual Partner in the Romney Property Partnership
Schedule of Equity Method Investments [Line Items]
Percentage of net profits, losses and cash flows received		25.00%
Rosales
Schedule of Equity Method Investments [Line Items]
Ownership interest		47.00%				47.00%	35.00%	35.00%
Difference between carrying amount and underlying equity	$ 925								$ 1,683
Goodwill	143								$ 343
Intangible assets acquired	$ 2,122
Amortization of intangible assets		$ 298	337	$ 290
Expected future amortization of intangible assets in 2020		179
Expected future amortization of intangible assets in 2021		179
Expected future amortization of intangible assets in 2022		118
Expected future amortization of intangible assets in 2023		87
Expected future amortization of intangible assets in 2024		76
Rosales \| PDA
Schedule of Equity Method Investments [Line Items]
Ownership interest				12.00%		13.00%
Rosales \| Rosales
Schedule of Equity Method Investments [Line Items]
Amounts due from (to) related parties		156	(65)
Rosales \| Rosales \| Lemons and Oranges
Schedule of Equity Method Investments [Line Items]
Purchases from related parties		4,315	7,658	$ 4,283
Rosales \| Rosales \| Lemons
Schedule of Equity Method Investments [Line Items]
Revenue from related parties		3,741	$ 3,849	$ 2,097
Limoneira Lewis Community Builders
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount and underlying equity		11,294
Net income from equity method investment prior to basis amortization		4,368
Historical investment in the project		42,722
Amortization of capitalized interest and certain other costs		$ 1,498

Related-Party Transactions

12 Months Ended

Oct. 31, 2019

Related-Party Transactions

The Company has transactions with various related-parties as summarized in the tables below (in thousands):



As of and for the year ending October 31, 2019:
		Balance Sheet										Consolidated Statement of Operations
Ref	Related Party	Accounts Receivable		Other Assets		Accounts Payable		Growers Payable		Dividends Paid		Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	—	$	—	$	—	$	—	$	—	$	744	$	—	$	—
2	Mutual water companies	—		473		11		—		—		—		—		838		—
3	Cooperative association	—		—		35		—		—		—		—		1,687		—
4	Calavo	—		—		—		—		506		3,080		400		1,096		250
5	Third party growers	—		—		—		2		—		—		—		10		—
6	Cadiz / Fenner / WAM	—		—		—		—		—		—		—		186		—
7	Colorado River Growers	376		—		—		—		—		306		—		5,476		—
8	YMIDD	—		—		—		—		—		—		—		150		—
9	FGF	2,609		—		906		—		—		867		—		10,300		—

14. Related-Party Transactions (continued)



As of and for the year ending October 31, 2018:
		Balance Sheet										Consolidated Statement of Operations
Ref	Related Party	Accounts Receivable		Other Assets		Accounts Payable		Growers Payable		Dividends Paid		Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	—	$	—	$	—	$	—	$	—	$	706	$	—	$	—
2	Mutual water companies	—		343		142		—		—		—		—		1,102		—
3	Cooperative association	—		—		142		—		—		—		—		1,869		—
4	Calavo	—		—		3		—		432		6,576		293		367		285
5	Third party growers	—		—		—		487		—		—		—		2,279		—
6	Cadiz / Fenner / WAM	—		—		100		—		—		—		—		178		—
7	Colorado River Growers	232		—		—		—		—		374		—		3,707		—
8	YMIDD	—		—		—		—		—		—		—		213		—



For the year ending October 31, 2017:
		Consolidated Statement of Operations
Ref	Related Party	Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	724	$	—	$	—
2	Mutual water companies	—		—		871		—
3	Cooperative association	—		—		1,843		—
4	Calavo	9,522		287		276		270
5	Third party growers	—		—		2,441		—
6	Cadiz / Fenner / WAM	—		—		144		—
7	Colorado River Growers	476		—		3,959		—
8	YMIDD	—		—		76		34

(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees. There were no rental payments due from employees at October 31, 2019 and 2018.

(2) Mutual water companies - 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, purchased water and water delivery services and had water payments due to the mutual water companies.

(3) Cooperative association - 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 from and had payments due to the cooperative association.

(4) Calavo - 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 through December 2018. The Company recorded dividend income on its investment in Calavo, paid dividends to Calavo and had avocado sales to Calavo. Additionally, the Company leases office space to Calavo, purchases storage services from Calavo and had amounts due to Calavo for those services.

(5) Third party growers - Certain members of the Company’s board of directors, or entities owned or controlled by members of the board of directors, market lemons through the Company and the Company had payments due to them for such lemon procurement.

(6) Cadiz / Fenner / WAM - 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. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and currently leases 670 acres located in eastern San Bernardino County, California. The annual base rental 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. In 2016, Cadiz assigned this lease to Fenner Valley Farms,

14. Related-Party Transactions (continued)

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.

(7) Colorado River Growers, Inc. (“CRG”) - The Company has representation on the board of directors of CRG, a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest expense to CRG, provided harvest management and administrative services to CRG and had a receivable due from CRG for such services.

(8) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had amounts payable to them for such purchases.

(9) FGF - The Company advances funds to FGF for fruit purchases which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. Additionally, FGF provided farming, packing and administrative services to Trapani Fresh from acquisition to October 31, 2019. The Company had a payable due to FGF for such fruit purchases and services.

Accrued Liabilities (Tables)

12 Months Ended

Oct. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following at October 31 (in thousands):



	2019		2018
Compensation	$	1,973	$	2,784
Property taxes	652		785
Lemon supplier payables	899		1,214
Capital expenditures, allowance and packing and harvest expenses	3,191		1,769
Payable to FGF	906		—
Other	1,546		1,172
	$	9,167	$	7,724

Real Estate Development - Schedule of Real Estate Development Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Jul. 31, 2019	Oct. 31, 2018
Real Estate Properties [Line Items]
Real estate development assets	$ 17,602	$ 17,602	$ 107,162
East Area I
Real Estate Properties [Line Items]
Real estate development assets		0	91,357
Retained property - East Area I
Real Estate Properties [Line Items]
Real estate development assets	$ 11,943	11,943	10,408
East Area II
Real Estate Properties [Line Items]
Real estate development assets		$ 5,659	$ 5,397

Earnings Per Share

12 Months Ended

Oct. 31, 2019

Earnings Per Share [Abstract]

Earnings 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 Series B and Series B-2 convertible preferred shares were anti-dilutive for fiscal years ended October 31, 2019 and 2017 and dilutive for fiscal years ended October 31, 2018. The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts):

13. Earnings Per Share (continued)



	Year ended October 31,
	2019			2018			2017
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(6,444	)	$	19,687		$	6,035
Effect of unvested, restricted stock	(51		)	(34		)	—
Numerator: Net (loss) income for basic EPS	(6,495		)	19,653			6,035
Denominator: Weighted average common shares-basic	17,580			15,581			14,315
Basic net (loss) income per common share	$	(0.37	)	$	1.26		$	0.42

Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$	(6,495	)	$	20,188		$	6,595
Weighted average common shares-basic	17,580			15,581			14,315
Effect of dilutive unvested, restricted stock and preferred stock	—			628			—
Denominator: Weighted average common shares-diluted	17,580			16,209			14,315
Diluted net (loss) income per common share	$	(0.37	)	$	1.25		$	0.42

Diluted (losses) earnings per common share are computed using the more dilutive method of either the two-class method or the treasury stock 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 119,000 and 70,000, unvested, restricted shares, as calculated under the treasury stock method, from its computation of diluted (losses) earnings per share for the fiscal years ended October 31, 2019 and 2018, respectively.

Retirement Plans (Tables)

12 Months Ended

Oct. 31, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the Plan for fiscal years 2019 and 2018 were as follows (in thousands):



	2019			2018
Administrative expenses	$	188		$	254
Interest cost	828			770
Expected return on plan assets	(1,088		)	(1,071		)
Prior service cost	45			45
Amortization of net loss	402			700
Net periodic benefit cost	$	375		$	698

Summary of the Plan's Funded Status

Following is a summary of the Plan’s funded status as of October 31 (in thousands):



	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	19,641		$	22,268
Administrative expenses	188			254
Interest cost	828			770
Benefits paid	(1,453		)	(1,555		)
Actuarial loss (gain)	3,063			(2,096		)
Benefit obligation at end of year	$	22,267		$	19,641

Change in plan assets:
Fair value of plan assets at beginning of year	$	17,237		$	18,410
Actual return on plan assets	2,845			(218		)
Employer contributions	600			600
Benefits paid	(1,453		)	(1,555		)
Fair value of plan assets at end of year	$	19,229		$	17,237

Reconciliation of funded status:
Fair value of plan assets	$	19,229		$	17,237
Benefit obligations	22,267			19,641
Net plan obligations	$	(3,038	)	$	(2,404	)

Amounts recognized in statements of financial position:
Noncurrent assets	$	—		$	—
Current liabilities	—			—
Noncurrent liabilities	(3,038		)	(2,404		)
Net obligation recognized in statements of financial position	$	(3,038	)	$	(2,404	)

Reconciliation of amounts recognized in statements of financial position:
Prior service cost	$	(189	)	$	(233	)
Net loss	(6,322		)	(5,418		)
Accumulated other comprehensive loss	(6,511		)	(5,651		)
Accumulated contributions in excess of net periodic benefit cost	3,473			3,247
Net deficit recognized in statements of financial position	$	(3,038	)	$	(2,404	)

Changes in Accumulated Other Comprehensive Income in the Plan

Presented below are changes in accumulated other comprehensive income, before tax, in the Plan as of October 31, (in thousands):



	2019			2018
Changes recognized in other comprehensive income:
Net loss (gain) arising during the year	$	1,306		$	(807	)
Amortization of prior service cost	(45		)	(45		)
Amortization of net loss	(402		)	(700		)
Total recognized in other comprehensive income	$	859		$	(1,552	)

Total recognized in net periodic benefit and other comprehensive income	$	1,234		$	(854	)

Estimated Amortization from Accumulated Other Comprehensive Income Over the Next Fiscal Year

Presented below is the October 31, year-ended estimated amount that will be amortized from accumulated other comprehensive income over the next fiscal year (in thousands):



	2019
Initial net asset (obligation)	$	—
Prior service cost	(45		)
Net loss	(739		)
Total	$	(784	)

Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost

The following assumptions, as of October 31, were used in determining benefit obligations and net periodic benefit cost ($ in thousands):



	2019			2018
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.00		%	4.40		%

Assumptions used to determine net periodic benefit cost:
Discount rate	4.40		%	3.60		%
Expected return on plan assets	6.31		%	6.21		%

Additional year-end information:
Projected benefit obligation	$	22,267		$	19,641
Accumulated benefit obligation	$	22,267		$	19,641
Fair value of plan assets	$	19,229		$	17,237

Benefits Expected to be Paid Over the Next 10 Fiscal Years

Benefit payments are expected to be paid over the next 10 fiscal years as follows (in thousands):



2020	$	1,251
2021	1,249
2022	1,268
2023	1,313
2024	1,332
Next five years	6,566
	$	12,979

Plan Assets Segregated by Fair Value Hierarchy Level

The following table sets forth the Plan’s assets as of October 31, 2019, segregated by level using the hierarchy established by FASB ASC 820, Fair Value Measurements and Disclosures (in thousands):



	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	134	$	—	$	—	$	134
Mutual funds	1,189		—		—		1,189
Pooled funds	—		17,906		—		17,906
	$	1,323	$	17,906	$	—	$	19,229

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)			12 Months Ended
	Jul. 31, 2019	Nov. 01, 2018	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017	Nov. 01, 2019
Accounting Policies [Line Items]
Allowance for accounts receivable			$ 631,000	$ 563,000
Capitalized interest costs			1,369,000	2,407,000
Real estate capitalized interest costs			1,797,000	32,662,000
Goodwill impairment	$ 0		0	0	$ 0
Foreign currency translation items included in accumulated other comprehensive loss			2,362,000
Pension liability items included in accumulated other comprehensive loss			4,753,000
Security available for sale items included in accumulated other comprehensive loss			140,000
Agribusiness revenues from crop insurance proceeds			2,311,000	54,000	74,000
Goodwill			1,839,000	1,431,000	876,000
Other intangible assets, net			$ 12,407,000	$ 6,225,000
Minimum
Accounting Policies [Line Items]
Estimated lives of definite-life intangible assets			8 years
Maximum
Accounting Policies [Line Items]
Estimated lives of definite-life intangible assets			10 years
Pension Plan
Accounting Policies [Line Items]
Assumed discount rate used to measure pension obligations			3.00%	4.40%
Increase in pension liability			$ 3,063,000	$ (2,096,000)
Pension Plan \| Change in Assumptions for Defined Benefit Plans
Accounting Policies [Line Items]
Increase in pension liability			634,000
ASU 2016-01 \| Retained Earnings
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		$ 15,921,000
ASU 2016-01 \| Accumulated Other Comprehensive Income
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		(15,921,000)
ASU 2016-02 \| Forecast \| Subsequent Event \| Minimum
Accounting Policies [Line Items]
Operating lease assets						$ 2,000,000
Operating lease liabilities						2,000,000
ASU 2016-02 \| Forecast \| Subsequent Event \| Maximum
Accounting Policies [Line Items]
Operating lease assets						3,000,000
Operating lease liabilities						$ 3,000,000
ASU 2018-02
Accounting Policies [Line Items]
Cumulative-effect reclassification in the statement of financial position to retained earnings from AOCI		1,411,000
ASU 2018-02 \| Retained Earnings
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		(1,411,000)
ASU 2018-02 \| Accumulated Other Comprehensive Income
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		1,411,000
Calavo Growers, Inc. \| ASU 2016-01 \| Retained Earnings
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		15,921,000
Calavo Growers, Inc. \| ASU 2016-01 \| Accumulated Other Comprehensive Income
Accounting Policies [Line Items]
Cumulative-effect adjustment to the statement of financial position		$ 15,921,000
Avocado
Accounting Policies [Line Items]
Revenues			$ 3,080,000	$ 6,576,000	$ 9,522,000
Lemon \| Revenue
Accounting Policies [Line Items]
Concentration risk, percentage			40.00%	50.00%
Lemon \| Supplier Concentration Risk \| Revenue
Accounting Policies [Line Items]
Concentration risk, percentage			60.00%	45.00%	44.00%
Agribusiness
Accounting Policies [Line Items]
Revenues			$ 166,549,000	$ 124,344,000	$ 115,869,000
Cost and expenses			152,372,000	98,083,000	91,162,000
Agribusiness \| ASU 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Accounting Policies [Line Items]
Revenues			8,827,000
Cost and expenses			8,827,000
Chile
Accounting Policies [Line Items]
Long-lived assets, net of accumulated depreciation			15,600,000	15,700,000
Chile \| Lemon and Orange
Accounting Policies [Line Items]
Revenues			3,200,000	$ 2,800,000	$ 1,100,000
Argentina
Accounting Policies [Line Items]
Long-lived assets, net of accumulated depreciation			18,700,000
Argentina \| Lemon
Accounting Policies [Line Items]
Revenues			$ 14,700,000

Retirement Plans - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.00%	4.40%
Assumptions used to determine net periodic benefit cost:
Discount rate	4.40%	3.60%
Expected return on plan assets	6.31%	6.21%
Additional year-end information:
Projected benefit obligation	$ 22,267	$ 19,641	$ 22,268
Accumulated benefit obligation	22,267	19,641
Fair value of plan assets	$ 19,229	$ 17,237	$ 18,410

Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Oct. 31, 2019
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Orchards and vineyards \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Orchards and vineyards \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years

Earnings Per Share (Tables)

12 Months Ended

Oct. 31, 2019

Earnings Per Share [Abstract]

Computations for Basic and Diluted Net (Loss) Income Per Common Share

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

13. Earnings Per Share (continued)



	Year ended October 31,
	2019			2018			2017
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(6,444	)	$	19,687		$	6,035
Effect of unvested, restricted stock	(51		)	(34		)	—
Numerator: Net (loss) income for basic EPS	(6,495		)	19,653			6,035
Denominator: Weighted average common shares-basic	17,580			15,581			14,315
Basic net (loss) income per common share	$	(0.37	)	$	1.26		$	0.42

Diluted net (loss) income per common share:
Numerator: Net (loss) income for diluted EPS	$	(6,495	)	$	20,188		$	6,595
Weighted average common shares-basic	17,580			15,581			14,315
Effect of dilutive unvested, restricted stock and preferred stock	—			628			—
Denominator: Weighted average common shares-diluted	17,580			16,209			14,315
Diluted net (loss) income per common share	$	(0.37	)	$	1.25		$	0.42

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net proceeds from sale of stock	$ 4,785	$ 4,721	$ 0
Gain (loss) on sale of stock	(63)	4,223	0
Net unrealized (loss)/gain on stock	(2,054)	0	0
Unrealized holding gain (loss) on stock		6,765	4,365
Unrealized holding gain (loss) on stock, net of tax	0	4,809	2,643
Reclassification of unrealized gain (loss) on securities sold		4,125
Reclassification of unrealized gain (loss) on securities sold, net of tax	$ 0	$ 2,965	$ 0
Calavo Growers, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned shares (in shares)	200,000	250,000
Ownership interest	1.10%	1.40%
Stock price (in dollars per share)	$ 86.73	$ 97.00
Number of shares sold (in shares)	50,000	50,000
Net proceeds from sale of stock	$ 4,786	$ 4,721
Gain (loss) on sale of stock	(63)	$ 4,223
Other (Expense) Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized (loss)/gain on stock	$ (2,054)

Goodwill and Other Intangible Assets - Summary of the Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Goodwill [Roll Forward]
Goodwill	$ 1,431	$ 876
Acquisition	420	570
Foreign currency translation adjustment	(12)	(15)
Goodwill	$ 1,839	$ 1,431

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017	Dec. 17, 2019	Oct. 31, 2006
Class of Stock [Line Items]
Vesting period		3 years
Unrecognized stock-based compensation expense		$ 2,460
Compensation expense recognized in the period		1,791	$ 1,368	$ 1,328
Income tax benefit recognized in the income statement for stock-based compensation arrangements		324	328	368
Fair value of shares vested		$ 1,788	$ 1,238	$ 199
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share)					$ 0.075
Dividends declared					$ 1,332
Management
Class of Stock [Line Items]
Shares exchanged for payroll taxes associated with the vesting of shares (in shares)		36,627	24,252	14,773
Fair value of shares exchanged for payroll taxes associated with the vesting of shares		$ 606	$ 570	$ 294
Shares repurchased (in shares)			15,330
Value of shares repurchased			$ 86
Performance Awards
Class of Stock [Line Items]
Vesting period		2 years
Restricted Stock \| Executive Awards \| Subsequent Event
Class of Stock [Line Items]
Vesting period	3 years
Shares granted (in shares)	95,000
Per share value of common stock granted (in dollars per share)	$ 20.31
Unrecognized stock-based compensation expense	$ 1,929
Restricted Stock \| Executive Awards \| Minimum
Class of Stock [Line Items]
Vesting period		3 years
Restricted Stock \| Executive Awards \| Maximum
Class of Stock [Line Items]
Vesting period		5 years
Series A Junior Participating Preferred Stock
Class of Stock [Line Items]
Shares of preferred stock authorized (in shares)		20,000	20,000			20,000
Par value of preferred stock (in dollars per share)		$ 0.01	$ 0.01			$ 0.01

Equity in Investments

12 Months Ended

Oct. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity in Investments

Limco Del Mar, Ltd.

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. Based on the terms of the partnership agreement, the Company may be removed as general partner without cause from the partnership upon the vote of the limited partners owning an aggregate of 50% or more interest in the partnership. Since the Company has significant influence, but less than a controlling interest, the Company’s investment in Del Mar is accounted for using the equity method of accounting.

The Company provides Del Mar with farm management, orchard land development and accounting services and received expense reimbursements of $159,000, $163,000 and $146,000 in fiscal years 2019, 2018 and 2017, respectively. Del Mar markets lemons through the Company pursuant to its customary marketing agreements and the amount of lemons procured from Del Mar was $1,674,000, $2,361,000 and $2,271,000 in fiscal years 2019, 2018 and 2017, respectively. Fruit proceeds due to Del Mar were $554,000 and $709,000 at October 31, 2019 and 2018, respectively, and are included in grower’s payable in the accompanying consolidated balance sheets.

Romney Property Partnership

In May 2007, the Company and an individual formed the Romney Property Partnership (“Romney”) for the purpose of owning and leasing an office building and adjacent lot in Santa Paula, California. The Company paid $489,000 in 2007 for 75% interest in Romney. The terms of the partnership agreement affirm the status of the Company as a noncontrolling investor in the partnership since the Company cannot exercise unilateral control over the partnership. Since the Company has significant influence, but less than a controlling interest, the Company’s investment in Romney is accounted for using the equity method of accounting. Net profits, losses and cash flows of Romney are shared by the Company, which receives 75% and the individual, who receives 25%.

Rosales S.A.

The Company currently has a 47% equity interest in Rosales S.A, (“Rosales”) of which 35% was acquired in fiscal 2014 and an additional 12% interest was acquired with the purchase of PDA in fiscal 2017. Rosales is a citrus packing, marketing and sales business located in La Serena, Chile. In addition, the Company has the right to acquire the interest of the majority shareholder of Rosales upon death or disability of Rosales’ general manager for the fair value of the interest on the date of the event as defined in the shareholders’ agreement. Since the Company has significant influence, but less than a controlling interest, the Company’s investment in Rosales is accounted for using the equity method of accounting.

Rosales’ functional currency is the Chilean Peso. The following financial information has been translated to U.S. dollars. In addition, as a result of the Company’s acquisition of its equity interest, basis differences were identified between the historical cost of the net assets of Rosales and the proportionate fair value of the net assets acquired. Such basis differences aggregated to $1,683,000 on the acquisition date and are primarily comprised of intangible assets, including $343,000 of equity method goodwill. An additional $925,000 of basis differences were identified with the February 2017 PDA acquisition, including $143,000 of equity method goodwill. The $2,122,000 in basis differences exclusive of goodwill is being amortized over the estimated life of the underlying intangible assets as a reduction in the equity investment and an expense included in equity in earnings (losses) of investments. Amortization amounted to $298,000, $337,000 and $290,000 for fiscal years 2019, 2018 and 2017, respectively, and is estimated to be approximately $179,000 per year for years ending October 31, 2020 and 2021 and $118,000, $87,000 and $76,000 per year for years ending October 31, 2022 through October 31, 2024, respectively.

The Company recognized $3,741,000, $3,849,000 and $2,097,000 of lemon sales to Rosales in fiscal years 2019, 2018 and 2017, respectively. In fiscal years 2019, 2018 and 2017, the aggregate amount of lemons and oranges procured from Rosales was $4,315,000, $7,658,000 and $4,283,000, respectively. Amounts due from (to) Rosales were $156,000 and $(65,000) at October 31, 2019 and 2018, respectively.

8. Equity in Investments (continued)

Limoneira Lewis Community Builders, LLC (the “LLCB” or "Joint Venture")

As described in Note 7 – Real Estate Development of the notes to consolidated financial statements included in this Annual Report, on November 10, 2015, the Company entered into a Joint Venture with Lewis for the residential development of its East Area I real estate development project. In addition to the assessment performed by the Company of its investment in LLCB under the requirements of Regulation S-X Rule 4-08(g), the Company also assessed its investment in LLCB under the requirements of Regulation S-X Rule 3-09(b) for the year ended October 31, 2019 and determined it was required to provide audited financial statements of LLCB. The audited financial statements of LLCB for the year ended October 31, 2019 and also the audited financial statements of LLCB for the years ended October 31, 2018 and 2017 are provided as exhibits to this document to comply with this rule. Additionally, there is a basis difference between the Company’s historical investment in the project and the amount recorded in members’ capital by LLCB of $42,722,000. The basis difference of $11,294,000 at October 31, 2019 is primarily comprised of capitalized interest, amounts related to the loan guarantee and certain other costs incurred by Limoneira Company during the development period. This basis difference is being amortized as lots are sold utilizing the relative sales value method and the amount amortized in fiscal year 2019 totaled $1,498,000. The Company's share of LLCB's net income for the fiscal year 2019 prior to basis amortization was $4,368,000.

The following is financial information of the equity method investees for fiscal years 2019, 2018 and 2017 (in thousands):



2019	Del Mar		Romney			Rosales			LLCB
Current assets	$	454	$	—		$	3,016		$	137,977
Non-current assets	$	742	$	671		$	1,497		$	—
Current liabilities	$	—	$	—		$	2,803		$	51,023
Non-current liabilities	$	—	$	—		$	161		$	—
Revenues	$	2,290	$	15		$	8,898		$	37,788
Operating income (loss)	$	1,299	$	(5	)	$	403		$	10,001
Net income (loss)	$	1,299	$	(5	)	$	288		$	10,001
2018
Current assets	$	438	$	—		$	5,823		$	125,886
Non-current assets	$	710	$	676		$	1,144		$	—
Current liabilities	$	—	$	—		$	4,860		$	56,932
Non-current liabilities	$	—	$	—		$	169		$	—
Revenues	$	2,893	$	21		$	13,630		$	40
Operating income (loss)	$	1,755	$	(4	)	$	1,745		$	(154	)
Net income (loss)	$	1,755	$	(4	)	$	1,243		$	(154	)
2017
Revenues	$	2,553	$	20		$	10,171		$	—
Operating income (loss)	$	1,587	$	(9	)	$	(43	)	$	(89	)
Net income (loss)	$	1,587	$	(9	)	$	(21	)	$	(89	)

8. Equity in Investments (continued)

Limoneira Lewis Community Builders, LLC (the “LLCB” or "Joint Venture") (continued)

The Company’s investment and equity in earnings (losses) of the equity method investees are as follows (in thousands):



	Del Mar			Romney			Rosales			LLCB			Total
Investment balance October 31, 2016	$	1,961		$	522		$	1,496		$	2,275		$	6,254
Equity earnings (losses)	446			(7		)	(299		)	(91		)	49
Cash distributions	(439		)	—			(273		)	—			(712		)
Investment contributions	—			—			1,020			7,450			8,470
Investment balance October 31, 2017	1,968			515			1,944			9,634			14,061
Equity earnings (losses)	493			(3		)	247			(154		)	583
Cash distributions	(526		)	—			—			—			(526		)
Investment contributions	—			—			—			3,500			3,500
Loan guarantee	—			—			—			1,080			1,080
Investment balance October 31, 2018	1,935			512			2,191			14,060			18,698
Equity earnings (losses)	366			—			(163		)	2,870			3,073
Cash distributions	(351		)	—			(283		)	—			(634		)
Investment contributions	—			—			—			4,000			4,000
Capitalized interest adjustment	—			—			—			(267		)	(267		)
Reclassification of sale and leaseback deferral	—			—			—			33,353			33,353
Investment balance October 31, 2019	$	1,950		$	512		$	1,745		$	54,016		$	58,223

Earnings Per Share - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Earnings Per Share [Abstract]
Shares excluded from the computation of diluted (losses) earnings per share (in shares)	119	70

Fruit Growers Supply Cooperative (Details) - USD ($)	1 Months Ended	12 Months Ended
Fruit Growers Supply Cooperative (Details) - USD ($)	Sep. 30, 2011	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Fruit Growers Supply Cooperative [Abstract]
Total amount of allocated after tax earnings from cooperative supply corporation		$ 729,000	$ 729,000
Amount of dividends received from cooperative supply corporation, recorded as reductions against agribusiness expenses		$ 0	$ 0	$ 0
Amount of refund being sought by cooperative supply corporation	$ 586,000
Percent of dividends assigned to claim		50.00%
Loss contingency accrual		$ 251,000

Related-Party Transactions (Tables)

12 Months Ended

Oct. 31, 2019

Summary of Transactions with Related-Parties

The Company has transactions with various related-parties as summarized in the tables below (in thousands):



As of and for the year ending October 31, 2019:
		Balance Sheet										Consolidated Statement of Operations
Ref	Related Party	Accounts Receivable		Other Assets		Accounts Payable		Growers Payable		Dividends Paid		Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	—	$	—	$	—	$	—	$	—	$	744	$	—	$	—
2	Mutual water companies	—		473		11		—		—		—		—		838		—
3	Cooperative association	—		—		35		—		—		—		—		1,687		—
4	Calavo	—		—		—		—		506		3,080		400		1,096		250
5	Third party growers	—		—		—		2		—		—		—		10		—
6	Cadiz / Fenner / WAM	—		—		—		—		—		—		—		186		—
7	Colorado River Growers	376		—		—		—		—		306		—		5,476		—
8	YMIDD	—		—		—		—		—		—		—		150		—
9	FGF	2,609		—		906		—		—		867		—		10,300		—

14. Related-Party Transactions (continued)



As of and for the year ending October 31, 2018:
		Balance Sheet										Consolidated Statement of Operations
Ref	Related Party	Accounts Receivable		Other Assets		Accounts Payable		Growers Payable		Dividends Paid		Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	—	$	—	$	—	$	—	$	—	$	706	$	—	$	—
2	Mutual water companies	—		343		142		—		—		—		—		1,102		—
3	Cooperative association	—		—		142		—		—		—		—		1,869		—
4	Calavo	—		—		3		—		432		6,576		293		367		285
5	Third party growers	—		—		—		487		—		—		—		2,279		—
6	Cadiz / Fenner / WAM	—		—		100		—		—		—		—		178		—
7	Colorado River Growers	232		—		—		—		—		374		—		3,707		—
8	YMIDD	—		—		—		—		—		—		—		213		—



For the year ending October 31, 2017:
		Consolidated Statement of Operations
Ref	Related Party	Net Revenue - Agribusiness		Net Revenue - Rental Operations		Agribusiness Expense and Other		Other Income, Net
1	Employees	$	—	$	724	$	—	$	—
2	Mutual water companies	—		—		871		—
3	Cooperative association	—		—		1,843		—
4	Calavo	9,522		287		276		270
5	Third party growers	—		—		2,441		—
6	Cadiz / Fenner / WAM	—		—		144		—
7	Colorado River Growers	476		—		3,959		—
8	YMIDD	—		—		76		34

14. Related-Party Transactions (continued)

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.

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Deferred income tax assets:
Labor accruals	$ 236	$ 194
State income taxes	0	97
Net operating losses	1,112	706
Prepaid insurance and other	422	457
Impairments of real estate development assets	719	1,557
Minimum pension liability adjustment	820	644
Amortization	295	203
Total deferred income tax assets	3,604	3,858
Valuation allowance	(362)	0
Total deferred income tax assets	3,242	3,858
Deferred income tax liabilities:
Property taxes	(150)	(165)
Depreciation	(13,630)	(13,230)
Book and tax basis difference of acquired assets	(9,661)	(9,886)
Unrealized net gain on Calavo investment	(4,142)	(5,830)
Other	(5)	(119)
Total deferred income tax liabilities	(27,588)	(29,230)
Net deferred income tax liabilities	$ (24,346)	$ (25,372)

Retirement Plans - Estimated Amortization from Accumulated Other Comprehensive Income Over the Next Fiscal Year (Details) - Pension Plan $ in Thousands	Oct. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Initial net asset (obligation)	$ 0
Prior service cost	(45)
Net loss	(739)
Total	$ (784)

Acquisitions

12 Months Ended

Oct. 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 is included in property, plant and equipment on the Company’s consolidated balance sheet.

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 is included in property, plant and equipment in the Company’s consolidated balance sheet. 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 (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

3. Acquisitions (continued)

Agriculture Property Acquisition (continued)

The unaudited, pro forma 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 would have resulted in revenues of $130,262,000 and net income of $18,785,000.

Business Combinations

Trapani Fresh

On May 30, 2019, the Company acquired a 51% interest in a joint venture, Trapani Fresh, formed with FGF Trapani (“FGF”), a multi-generational, family owned citrus operation in Argentina. To consummate the transaction, the Company formed a subsidiary under the name Limoneira Argentina S.A.U. (“Limoneira Argentina”) as the managing partner and acquired a 51% interest in an Argentine Trust that holds a 75% interest in Finca Santa Clara (“Santa Clara”), a ranch with approximately 1,200 acres of planted lemons. Trapani Fresh controls the trust and grows, packs, markets and sells fresh citrus.

Total consideration paid for the Company’s interest in Trapani Fresh was $15,000,000 of which $7,500,000 was paid to FGF on May 30, 2019. The remaining $7,500,000 was advanced to FGF, $4,000,000 in February 2019 and $3,500,000 in May 2019, as prepayments for the 25% interest in Santa Clara retained by FGF. Transaction costs of approximately $654,000 were included in selling, general and administrative expense. The Company has consolidated Trapani Fresh and has accounted for the acquisition of Trapani Fresh as a business combination, resulting in FGF’s 49% interest in Trapani Fresh being accounted for as a noncontrolling interest.

Below is a summary of the preliminary fair value of the net assets acquired on the acquisition date based on a third-party valuation which was updated during the fourth quarter of fiscal year 2019 due to changes in the enacted tax rates in Argentina which increased the customer relationships, trademarks and non-competition agreement and decreased goodwill (in thousands):



Cultural costs	$	3,270
Land and land improvements	9,520
Buildings and building improvements	870
Orchards	8,410
Customer relationships, trademarks and non-competition agreement (10 year useful life)	6,920
Goodwill	420
Total assets acquired	29,410
Noncontrolling interest	(14,410		)
Net cash paid	$	15,000

Preliminary goodwill of $420,000 relates to synergies of the operations, has been allocated to the fresh lemons segment and is currently not expected to be deductible for tax purposes. Revenue of $14,651,000 and net income of $999,000 of Trapani Fresh are included in the Company’s consolidated statement of operations from the acquisition date to the period ended October 31, 2019. The unaudited, pro forma consolidated statement of operations as if Trapani Fresh had been included in the consolidated results of the Company for the years ended October 31, 2019 and 2018 would have resulted in revenues of $177,625,000 and $153,033,000, respectively, and net (loss) income of $(6,092,000) and $21,942,055, respectively.

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 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.

3. Acquisitions (continued)

Business Combinations (continued)

Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands):



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, pro forma 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 would have resulted in revenues of $142,253,000 and net income of $19,728,000.

PDA

On February 24, 2017 (the “Acquisition Date”), the Company completed the acquisition of 90% of the outstanding stock of PDA, a privately-owned Chilean corporation, for $5,800,000 in cash (the “Acquisition”). PDA also had approximately $1,700,000 in long-term debt on the Acquisition Date, which was assumed by the Company in the Acquisition. A holdback of 10% of the purchase proceeds to be paid to the seller was withheld for a six-month period to allow for potential contingencies as defined in the purchase agreement. PDA is a 200-acre lemon and orange orchard located near La Serena, Chile. PDA’s total assets of $9,451,000 on the Acquisition Date included a 13% equity interest in Rosales S.A. (“Rosales”) in which the Company owns a 35% equity investment. After the Acquisition, the Company owns 47% of Rosales and PDA’s 10% stockholder owns the remaining 53% of Rosales. Rosales packs and sells all of PDA’s citrus production. PDA had approximately $450,000 of net income on approximately $1,900,000 in sales for the year ended December 31, 2016. Transactions costs incurred in connection with the Acquisition in 2017 were approximately $57,000, which are included in selling, general and administrative expense.

In August 2017, a third-party valuation of the fair value of the net assets was finalized, which resulted in a $193,000 increase in the investment in Rosales with a corresponding decrease in goodwill and increase in deferred income taxes. Additionally, a $94,000 reduction in the purchase price was agreed upon per the terms of the purchase agreement with corresponding decreases in goodwill and noncontrolling interest. The Company received the $94,000 in August 2017. Below is a summary of the fair value of the net assets acquired on the Acquisition Date based on the 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	$	473
Other current assets	166
Land and land improvements	2,748
Buildings and equipment	206
Orchards	2,876
Investment in Rosales	1,021
Water rights	1,120
Deposit for land purchase	645
Goodwill	196
Total assets acquired	9,451

Current liabilities	(122		)
Current and long-term debt	(1,964		)
Deferred income taxes	(1,026		)
Noncontrolling interest	(633		)
Net cash paid	$	5,706

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Oct. 31, 2018	Oct. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance on deferred tax assets	$ 0	$ 362,000
Unrecognized tax benefits	0	0
Provisional income tax expense related to deferred tax	$ 10,295,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		4,350,000
Net operating loss to be carried forward indefinitely without taxable income limitation		$ 2,720,000
Net operating loss carryforward limitation as a percent of taxable income		80.00%
Net operating loss to be carried forward indefinitely with taxable income limitation		$ 1,630,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		350,000
Foreign - Chile
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 815,000

Long-Term Debt - Principal Payments on Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Debt Disclosure [Abstract]
2020	$ 3,023
2021	3,045
2022	85,998
2023	2,969
2024	999
Thereafter	13,043
Total long-term debt, gross	$ 109,077	$ 80,251

Accrued Liabilities

12 Months Ended

Oct. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following at October 31 (in thousands):



	2019		2018
Compensation	$	1,973	$	2,784
Property taxes	652		785
Lemon supplier payables	899		1,214
Capital expenditures, allowance and packing and harvest expenses	3,191		1,769
Payable to FGF	906		—
Other	1,546		1,172
	$	9,167	$	7,724

Retirement Plans - Components of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Administrative expenses	$ 188	$ 254
Interest cost	828	770
Expected return on plan assets	(1,088)	(1,071)
Prior service cost	45	45
Amortization of net loss	402	700
Net periodic benefit cost	$ 375	$ 698

Fair Value Measurements

12 Months Ended

Oct. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Under the FASB ASC 820, Fair Value Measurements 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 October 31, 2019 and 2018, which are measured on a reoccurring basis during the period, segregated by level within the fair value hierarchy (in thousands):



2019	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	17,346	$	—	$	—	$	17,346



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 October 31, 2019 and 2018, the Company owned 200,000 and 250,000 shares, respectively, representing approximately 1.1% and 1.4% of Calavo’s outstanding common stock, respectively. 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 October 31, 2019 and 2018 was $86.73 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.

In fiscal year 2019, the Company sold 50,000 shares of Calavo common stock for a total of $4,786,000 recognizing a loss of $(63,000). 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 (losses) gains are included in other (expense) income in the consolidated statement of operations. With the adoption of ASU 2016-01 on November 1, 2018, changes in the fair value of the equity securities result in gains or losses recognized in net income. In fiscal year 2019 the Company recorded an unrealized loss of $2,054,000 which is included in other (expense) income in the consolidated statements of operations. In fiscal year 2018, the Company recorded unrealized holding gains of $6,765,000 ($4,809,000 net of tax) and reclassification of unrealized gain on securities sold of $4,125,000 ($2,965,000 net of tax). In fiscal year 2017, the Company recorded unrealized holding gains of $4,365,000 ($2,643,000 net of tax), which were included in AOCI in the consolidated balance sheet.

- 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

Other Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Other Assets [Abstract]
Investments in mutal water companies and acquired water rights	$ 5,499	$ 5,026

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Segment Reporting Information [Line Items]
Total net revenues	$ 171,398	$ 129,392	$ 121,309
Costs and expenses	168,279	112,631	102,979
Depreciation and amortization	8,633	7,275	6,467
Operating (loss) income	(5,514)	9,486	11,863
Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	171,398	129,392	121,309
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	(30,073)	(19,971)	(19,156)
Costs and expenses	(30,073)	(19,971)	(19,156)
Depreciation and amortization	0	0	0
Operating (loss) income	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Costs and expenses	19,850	15,800	13,731
Depreciation and amortization	251	253	216
Operating (loss) income	(20,101)	(16,053)	(13,947)
Total Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	166,549	124,344	115,869
Costs and expenses	144,749	91,839	85,673
Depreciation and amortization	7,623	6,244	5,489
Operating (loss) income	14,177	26,261	24,707
Total Agribusiness \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	166,549	124,344	115,869
Total Agribusiness \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Fresh Lemons
Segment Reporting Information [Line Items]
Total net revenues	134,342	94,840	85,439
Costs and expenses	120,998	74,809	67,414
Depreciation and amortization	0	0	0
Operating (loss) income	13,344	20,031	18,025
Fresh Lemons \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	134,342	94,840	85,439
Fresh Lemons \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Lemon Packing
Segment Reporting Information [Line Items]
Total net revenues	15,629	8,990	8,760
Costs and expenses	37,639	23,071	21,567
Depreciation and amortization	0	0	0
Operating (loss) income	8,063	5,890	6,349
Lemon Packing \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	45,702	28,961	27,916
Lemon Packing \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	30,073	19,971	19,156
Avocados
Segment Reporting Information [Line Items]
Total net revenues	5,391	6,576	9,522
Costs and expenses	3,150	4,399	4,136
Depreciation and amortization	0	0	0
Operating (loss) income	2,241	2,177	5,386
Avocados \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	5,391	6,576	9,522
Avocados \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Other Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	11,187	13,938	12,148
Costs and expenses	13,035	9,531	11,712
Depreciation and amortization	0	0	0
Operating (loss) income	(1,848)	4,407	436
Other Agribusiness \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	11,187	13,938	12,148
Other Agribusiness \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Rental Operations
Segment Reporting Information [Line Items]
Total net revenues	4,849	5,048	5,440
Costs and expenses	3,552	3,307	3,170
Depreciation and amortization	759	778	762
Operating (loss) income	538	963	1,508
Rental Operations \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	4,849	5,048	5,440
Rental Operations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Real Estate Development
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Costs and expenses	128	1,685	405
Depreciation and amortization	0	0	0
Operating (loss) income	(128)	(1,685)	(405)
Real Estate Development \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	0	0	0
Real Estate Development \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net revenues	$ 0	$ 0	$ 0

Segment Information (Tables)

12 Months Ended

Oct. 31, 2019

Segment Reporting [Abstract]

Summary of Segment Information and Revenues by Category

Segment information for fiscal year 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	$	134,342	$	15,629	$	—		$	5,391	$	11,187		$	166,549	$	4,849	$	—		$	—		$	171,398
Intersegment revenue	—		30,073		(30,073		)	—		—			—		—		—			—			—
Total net revenues	134,342		45,702		(30,073		)	5,391		11,187			166,549		4,849		—			—			171,398
Costs and expenses	120,998		37,639		(30,073		)	3,150		13,035			144,749		3,552		128			19,850			168,279
Depreciation and amortization	—		—		—			—		—			7,623		759		—			251			8,633
Operating income (loss)	$	13,344	$	8,063	$	—		$	2,241	$	(1,848	)	$	14,177	$	538	$	(128	)	$	(20,101	)	$	(5,514	)

23. Segment Information (continued)

Segment information for fiscal year 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	$	94,840	$	8,990	$	—		$	6,576	$	13,938	$	124,344	$	5,048	$	—		$	—		$	129,392
Intersegment revenue	—		19,971		(19,971		)	—		—		—		—		—			—			—
Total net revenues	94,840		28,961		(19,971		)	6,576		13,938		124,344		5,048		—						129,392
Costs and expenses	74,809		23,071		(19,971		)	4,399		9,531		91,839		3,307		1,685			15,800			112,631
Depreciation and amortization	—		—		—			—		—		6,244		778		—			253			7,275
Operating income	$	20,031	$	5,890	$	—		$	2,177	$	4,407	$	26,261	$	963	$	(1,685	)	$	(16,053	)	$	9,486

Segment information for fiscal year 2017 (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	$	85,439	$	8,760	$	—		$	9,522	$	12,148	$	115,869	$	5,440	$	—		$	—		$	121,309
Intersegment revenue	—		19,156		(19,156		)	—		—		—		—		—			—			—
Total net revenues	85,439		27,916		(19,156		)	9,522		12,148		115,869		5,440		—			—			121,309
Costs and expenses	67,414		21,567		(19,156		)	4,136		11,712		85,673		3,170		405			13,731			102,979
Depreciation and amortization	—		—		—			—		—		5,489		762		—			216			6,467
Operating income	$	18,025	$	6,349	$	—		$	5,386	$	436	$	24,707	$	1,508	$	(405	)	$	(13,947	)	$	11,863

23. Segment Information (continued)

The following table sets forth revenues by category, by segment for fiscal years 2019, 2018 and 2017 (in thousands):



	Year Ended October 31,
	2019			2018			2017
Fresh lemon	$	134,342		$	94,840		$	85,439
Lemon packing	45,702			28,961			27,916
Intersegment revenue	(30,073		)	(19,971		)	(19,156		)
Lemon revenues	149,971			103,830			94,199

Avocados	5,391			6,576			9,522

Navel and Valencia oranges	6,022			8,884			7,099
Specialty citrus and other crops	5,165			5,054			5,049
Other agribusiness revenues	11,187			13,938			12,148
Agribusiness revenues	166,549			124,344			115,869

Residential and commercial rentals	3,544			3,472			3,589
Leased land	951			1,252			1,440
Organic recycling and other	354			324			411
Rental operations revenues	4,849			5,048			5,440

Real estate development revenues	—			—			—
Total revenues	$	171,398		$	129,392		$	121,309

(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 us. The adoption of this guidance resulted in additional revenue and costs and expenses within our fresh lemon segment of $8,800,000, respectively, during the fiscal year 2019. See Note 2 - Summary of Significant Accounting Policies for additional information.

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Oct. 31, 2019

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

Schedule of Prepaid expenses

Prepaid expenses and other current assets consist of the following at October 31 (in thousands):



	2019		2018
Prepaid supplies and insurance	$	3,199	$	1,843
Note receivable and related interest	181		2,797
Real estate development held-for-sale	2,543		5,024
Lemon supplier advances, deferred lease expense and other	2,230		864
	$	8,153	$	10,528

Series B and Series B-2 Preferred Stock (Details) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2014 USD ($) $ / shares shares	Jan. 31, 2017 shares	Jan. 31, 2016 shares	Oct. 31, 2019 vote $ / shares shares	Oct. 31, 2018 $ / shares shares	Oct. 31, 2015 shares	Oct. 31, 2017 shares	Oct. 31, 1997 $ / shares shares
Common Stock
Temporary Equity [Line Items]
Shares issued upon conversion (in shares)			6,250			6,250	177,624
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Shares of convertible preferred stock issued (in shares)								30,000
Par value of convertible preferred stock (in dollars per share) \| $ / shares								$ 100
Cumulative cash dividend percentage				8.75%	8.75%
Number of votes \| vote				10
Preferred stock, shares outstanding (in shares)				14,790	14,790
Conversion price (in dollars per share) \| $ / shares				$ 8
Shares converted (in shares)		14,210	500			500
Series B-2 Convertible Preferred Stock
Temporary Equity [Line Items]
Shares of convertible preferred stock issued (in shares)	9,300
Par value of convertible preferred stock (in dollars per share) \| $ / shares	$ 100
Cumulative cash dividend percentage	4.00%			4.00%	4.00%
Number of votes \| vote				1
Preferred stock, shares outstanding (in shares)				9,300	9,300
Conversion price (in dollars per share) \| $ / shares				$ 15.00
Issuance of preferred stock \| $	$ 9,300
Conversion term				30 days
Liquidation preference per share (in dollars per share) \| $ / shares				$ 1,000	$ 1,000

Subsequent Events	12 Months Ended
Subsequent Events	Oct. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated events subsequent to October 31, 2019 through the date of this filing, to assess the need for potential recognition or disclosure in this Annual Report. Based upon this evaluation, except as disclosed in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the consolidated financial statements.

Stockholders' Equity - Summary of the Performance, Executive, and Director Awards Granted under the Stock Plan (Details) - $ / shares shares in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares	145,737	145,324	63,644
Weighted-Average Grant Price (in dollars per share)	$ 19.73	$ 22.36	$ 19.06
Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares	15,642	14,033	18,956
Weighted-Average Grant Price (in dollars per share)	$ 21.65	$ 22.00	$ 17.02
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares	40,095	41,291	44,688
Weighted-Average Grant Price (in dollars per share)	$ 18.74	$ 22.86	$ 19.92
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Price (in dollars per share)	$ 19.50
Restricted Stock \| Executive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares	90,000	90,000	0
Weighted-Average Grant Price (in dollars per share)	$ 19.84	$ 22.19	$ 0.00

Related-Party Transactions (Details)	3 Months Ended		12 Months Ended
Related-Party Transactions (Details)	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2019 USD ($) shares	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Oct. 31, 2013 USD ($) a
Balance Sheet
Accounts Payable			$ 906,000	$ 0
Affiliate of WAM \| Limoneira Company Series B-2 Convertible Preferred Stock
Consolidated Statement of Operations
Shares of Series B-2 convertible preferred stock held (in shares) \| shares			9,300
Employees \| Affiliated Entity
Balance Sheet
Accounts Receivable			$ 0	0
Other Assets			0	0
Accounts Payable			0	0
Growers Payable			0	0
Dividends Paid	$ 0	$ 0
Consolidated Statement of Operations
Net Revenue - Rental Operations			744,000	706,000	$ 724,000
Other Income, Net			0	0	0
Rental payments due from employees			0	0
Employees \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			0	0	0
Mutual water companies \| Affiliated Entity
Balance Sheet
Accounts Receivable			0	0
Other Assets			473,000	343,000
Accounts Payable			11,000	142,000
Growers Payable			0	0
Dividends Paid	0	0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	0
Mutual water companies \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			838,000	1,102,000	871,000
Cooperative association \| Affiliated Entity
Balance Sheet
Accounts Receivable			0	0
Other Assets			0	0
Accounts Payable			35,000	142,000
Growers Payable			0	0
Dividends Paid	0	0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	0
Cooperative association \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			1,687,000	1,869,000	1,843,000
Calavo \| Beneficial Owner
Balance Sheet
Accounts Receivable			0	0
Other Assets			0	0
Accounts Payable			0	3,000
Growers Payable			0	0
Dividends Paid	506,000	432,000
Consolidated Statement of Operations
Net Revenue - Rental Operations			400,000	293,000	287,000
Other Income, Net			250,000	285,000	270,000
Calavo \| Beneficial Owner \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			3,080,000	6,576,000	9,522,000
Agribusiness Expense and Other			1,096,000	367,000	276,000
Third party growers \| Affiliated Entity
Balance Sheet
Accounts Receivable			0	0
Other Assets			0	0
Accounts Payable			0	0
Growers Payable			2,000	487,000
Dividends Paid	0	0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	0
Third party growers \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			10,000	2,279,000	2,441,000
Cadiz / Fenner / WAM \| Affiliated Entity
Balance Sheet
Accounts Receivable			0	0
Other Assets			0	0
Accounts Payable			0	100,000
Growers Payable			0	0
Dividends Paid	0	0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	0
Area of land \| a						670
Annual base rental per planted acre						$ 200
Percent of gross revenues paid as annual base rental						20.00%
Maximum annual base rental per planted acre						$ 1,200
Cadiz / Fenner / WAM \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			186,000	178,000	144,000
Colorado River Growers \| Affiliated Entity
Balance Sheet
Accounts Receivable			376,000	232,000
Other Assets			0	0
Accounts Payable			0	0
Growers Payable			0	0
Dividends Paid	0	0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	0
Colorado River Growers \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			306,000	374,000	476,000
Agribusiness Expense and Other			5,476,000	3,707,000	3,959,000
YMIDD \| Affiliated Entity
Balance Sheet
Accounts Receivable			0	0
Other Assets			0	0
Accounts Payable			0	0
Growers Payable			0	0
Dividends Paid	0	$ 0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0	0	0
Other Income, Net			0	0	34,000
YMIDD \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			0	0	0
Agribusiness Expense and Other			150,000	$ 213,000	$ 76,000
FGF \| Co-venturer
Balance Sheet
Accounts Receivable			2,609,000
Other Assets			0
Accounts Payable			906,000
Growers Payable			0
Dividends Paid	$ 0
Consolidated Statement of Operations
Net Revenue - Rental Operations			0
FGF \| Co-venturer \| Agribusiness
Consolidated Statement of Operations
Net Revenue - Agribusiness			867,000
Agribusiness Expense and Other			$ 10,300,000

Commitments and Contingencies - Minimum Future Lease Payments (Details) $ in Thousands	Oct. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 688
2021	492
2022	291
2023	154
2024	134
Thereafter	1,382
Total	$ 3,141

Operating Lease Income - Future Minimum Lease Payments to be Received Related to Net Operating Lease Agreements (Details) $ in Thousands	Oct. 31, 2019 USD ($)
Leases, Operating [Abstract]
2020	$ 477
2021	246
2022	129
2023	84
2024	39
Thereafter	311
Total	$ 1,286

Real Estate Development (Tables)

12 Months Ended

Oct. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate Development Assets

Real estate development assets are comprised primarily of land and land development costs and consist of the following at October 31 (in thousands):



	2019		2018
East Area I	$	—	$	91,357
Retained property - East Area I	11,943		10,408
East Area II	5,659		5,397
	$	17,602	$	107,162

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Oct. 31, 2019	Dec. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Document Fiscal Period Focus	FY
Document Period End Date	Oct. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--10-31
Entity Registrant Name	LIMONEIRA CO
Entity Central Index Key	0001342423
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 347.0
Entity Common Stock, Shares Outstanding		17,840,055

Public Offering of Common Stock

12 Months Ended

Oct. 31, 2019

Equity [Abstract]

Public Offering of Common Stock

Stockholders’ Equity

Series A Junior Participating Preferred Stock and Shareholder Rights Agreement

During fiscal year 2007, the Company entered into a shareholder rights agreement with the Bank of New York acting as rights agent. In connection with this agreement, on October 31, 2006, the Company designated 20,000 shares of preferred stock as Series A Junior Participating Preferred Stock at $0.01 par value (the “Series A Stock”). Additionally, on October 31, 2006, the Company declared a dividend to be distributed on December 20, 2006, to each holder of record of the Company’s common stock the right to purchase one one-hundredth of a share of Series A Stock. If a triggering event occurred, the Board of Directors had the option to allow rights holders to exercise their rights. The shareholder rights agreement, and the rights thereunder, expired by its terms on December 19, 2016.

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, key executives and non-employee directors. The fair value of such awards is based on the fair value of the Company's stock on the date of grant and all are classified as equity awards.

Performance Awards

Certain restricted stock grants are made to management each December under the Stock Plan based on the achievement of certain annual financial performance and other criteria achieved during the previous fiscal year (“Performance Awards”). The performance grants are based on a percentage of the employee’s base salary divided by the stock price on the grant date once the performance criteria has been met, and generally vest over a two-year period as service is provided. During December 2019, there were no Performance Awards of restricted stock granted for fiscal year 2019 performance because the financial performance and other criteria were not met.

Executive Awards

Certain restricted stock grants are made to key executives under the Stock Plan (“Executive Awards”). These grants generally vest over a three to five-year period as service is provided. During December 2019, subsequent to fiscal year 2019, the Company granted 95,000 shares of common stock with a per share price of $20.31 to key executives under the Stock Plan. The related compensation expense of approximately $1,929,000 will be recognized equally over the next three years as the shares vest.

Director Awards

The Company issues shares of common stock to non-employee directors under the Stock Plan on an annual basis that vest upon grant (“Director Awards”).

A summary of the Performance, Executive, and Director awards granted under the Stock Plan during fiscal years 2019, 2018 and 2017, and the weighted average grant price is as follows:



	Year Ended October 31,
	2019			2018			2017
	Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price
Performance Awards	40,095	$	18.74	41,291	$	22.86	44,688	$	19.92
Executive Awards	90,000	$	19.84	90,000	$	22.19	—	$	—
Director Awards	15,642	$	21.65	14,033	$	22.00	18,956	$	17.02
Total	145,737	$	19.73	145,324	$	22.36	63,644	$	19.06

20. Stockholders’ Equity (continued)

Stock-based compensation (continued)

The Company recognized $1,791,000, $1,368,000 and $1,328,000 of stock-based compensation in fiscal years 2019, 2018 and 2017, respectively, of which substantially all of the expense has been included in selling, general and administrative expenses for all years presented. Forfeitures are accounted for in the period that the forfeiture occurs. The income tax benefit recognized in the income statement for stock-based compensation arrangements was $324,000, $328,000 and $368,000 for fiscal years 2019, 2018 and 2017, respectively. The total fair value of shares vested during the years ended October 31, 2019, 2018 and 2017 was $1,788,000, $1,238,000 and $199,000 respectively. The Company has unrecognized stock-based compensation expense of $2,460,000 as of October 31, 2019, which is expected to be recognized over the next three years as the shares vest. All unvested shares are expected to vest.

During fiscal years 2019, 2018 and 2017, respectively, members of management exchanged 36,627, 24,252 and 14,773 shares of common stock with fair values of $606,000, $570,000 and $294,000, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Company’s stock-based compensation programs. Additionally, in fiscal year 2018, the Company repurchased 15,330 shares from a retired member of management for $86,000 per the terms of a discontinued stock plan.

A summary of the status of the Company’s nonvested shares as of October 31, 2019, and changes during the year ended October 31, 2019, is presented below.



	Number of Shares		Weighted-Average Grant Price
Nonvested at October 31, 2018	126,282		$	22.04
Vested	(85,271	)	$	20.97
Granted	130,095		$	19.50
Nonvested at October 31, 2019	171,106		$	20.64

Dividend

On December 17, 2019, the Company declared a $0.075 per share dividend which is to be paid on January 15, 2020 in the aggregate amount of $1,332,000 to common shareholders of record as of December 30, 2019.

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.

Other Assets	12 Months Ended
Other Assets	Oct. 31, 2019
Other Assets [Abstract]
Other Assets	Other Assets Investments in Mutual Water Companies The Company’s investments in various not-for-profit mutual water companies provide the Company with the right to receive a proportionate share of water from each of the not-for-profit mutual water companies that have been invested in and do not constitute voting shares and/or rights. Amounts included in other assets in the consolidated balance sheets as of October 31, 2019 and 2018 were $5,499,000 and $5,026,000, respectively.

Accrued Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation	$ 1,973	$ 2,784
Property taxes	652	785
Lemon supplier payables	899	1,214
Capital expenditures, allowance and packing and harvest expenses	3,191	1,769
Payable to FGF	906	0
Other	1,546	1,172
Total accrued liabilities	$ 9,167	$ 7,724

Commitments and Contingencies - Narrative (Details)	1 Months Ended		12 Months Ended
Commitments and Contingencies - Narrative (Details)	Dec. 31, 2018 USD ($) kilowatt	Oct. 31, 2018 USD ($) kilowatt	Oct. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)
Commitment And Contingencies [Line Items]
Lease expense			$ 733,000	$ 2,028,000	$ 1,878,000
Minimum future payments under contract for pollination services in 2020			325,000
Minimum future payments under contract for pollination services in 2021			325,000
Minimum future payments under contract for pollination services in 2022			325,000
Minimum future payments under contract for pollination services in 2023			54,000
Letters of credit outstanding			$ 0
Photovoltaic Generator Purchased in October 2018
Commitment And Contingencies [Line Items]
Generator capacity \| kilowatt		1,000
Purchase price of generator previously under an operating lease agreement		$ 1,125,000
Lease term		10 years		10 years
Photovoltaic Generator Purchased in December 2018
Commitment And Contingencies [Line Items]
Generator capacity \| kilowatt	1,000
Purchase price of generator previously under an operating lease agreement	$ 1,275,000
Lease term	10 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Oct. 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)	17,756,180	17,647,135
Common stock, shares outstanding (in shares)	17,756,180	17,647,135
Series B Preferred Stock
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
Preferred stock coupon rate (percentage)	8.75%	8.75%
Series B-2 Preferred Stock
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
Preferred stock coupon rate (percentage)	4.00%	4.00%
Liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000
Series A Junior Participating Preferred Stock
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 STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY - USD ($) $ in Thousands	Total	Series B Preferred Stock	Series B-2 Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Series B Preferred Stock	Retained Earnings Series B-2 Preferred Stock	Accumulated Other Comprehensive Income	Noncontrolling Interest
Beginning balance (in shares) at Oct. 31, 2016				14,178,226
Beginning balance at Oct. 31, 2016	$ 126,498			$ 142	$ 91,841	$ 31,812			$ 2,703	$ 0
Beginning balance, temporary equity at Oct. 31, 2016		$ 2,900	$ 9,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends - common	(3,155)					(3,155)
Dividends - preferred		(188)	(372)				$ (188)	$ (372)
Stock compensation (in shares)				63,954
Stock compensation	1,328			$ 1	1,327
Exchange of common stock (in shares)				(14,773)
Exchange of common stock	(294)				(294)
Conversion of Series B preferred stock (in shares)				177,624
Conversion of Series B preferred stock	1,421			$ 1	1,420
Conversion of Series B preferred stock		(1,421)
Acquired noncontrolling interest	(633)									(633)
Net income	6,549					6,595				(46)
Other comprehensive income, net of tax	4,373								4,373
Ending balance (in shares) at Oct. 31, 2017				14,405,031
Ending balance at Oct. 31, 2017	136,793			$ 144	94,294	34,692			7,076	587
Ending balance, temporary equity at Oct. 31, 2017		1,479	9,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends - common	(4,025)					(4,025)
Dividends - preferred		(129)	(372)				(129)	(372)
Stock compensation (in shares)				145,324
Stock compensation	1,368			$ 1	1,367
Exchange of common stock (in shares)				(39,582)
Exchange of common stock	(656)				(656)
Conversion of Series B preferred stock	0
Issuance of common stock (in shares)				3,136,362
Issuance of common stock	64,097			$ 31	64,066
Noncontrolling interest	(37)									(37)
Net income	20,212					20,188				24
Other comprehensive income, net of tax	1,889								1,889
Ending balance (in shares) at Oct. 31, 2018				17,647,135
Ending balance at Oct. 31, 2018	219,140			$ 176	159,071	50,354			8,965	574
Ending balance, temporary equity at Oct. 31, 2018		1,479	9,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends - common	(5,331)					(5,331)
Dividends - preferred		(129)	(372)				$ (129)	$ (372)
Stock compensation (in shares)				145,737
Stock compensation	1,791			$ 2	1,789
Exchange of common stock (in shares)				(36,692)
Exchange of common stock	(606)				(606)
Conversion of Series B preferred stock	0
Acquired noncontrolling interest	(14,410)									(14,410)
Net income	(5,466)					(5,943)				477
Other comprehensive income, net of tax	(1,749)								(1,710)	(39)
Ending balance (in shares) at Oct. 31, 2019				17,756,180
Ending balance at Oct. 31, 2019	$ 221,688			$ 178	$ 160,254	$ 53,089			$ (7,255)	$ 15,422
Ending balance, temporary equity at Oct. 31, 2019		$ 1,479	$ 9,331

Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured on a Recurring Basis by Level in the Fair Value Hierarchy



2019	Level 1		Level 2		Level 3		Total
Assets at fair value:
Equity securities	$	17,346	$	—	$	—	$	17,346



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

Income Taxes

12 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

A reconciliation of income before income taxes for domestic and foreign locations for the years ended October 31, 2019, 2018 and 2017 are as follows (in thousands):



	2019			2018		2017
United States	$	(6,285	)	$	13,099	$	11,386
Foreign	(278		)	384		(760		)
Income before income taxes	$	(6,563	)	$	13,483	$	10,626

The components of the provisions for income taxes for fiscal years 2019, 2018 and 2017 are as follows (in thousands):



	2019			2018			2017
Current:
Federal	$	(7	)	$	35		$	(1,217	)
State	563			(444		)	(527		)
Foreign	(232		)	(169		)	(41		)
Total current benefit (provision)	324			(578		)	(1,785		)

Deferred:
Federal	998			7,393			(2,282		)
State	(302		)	(212		)	(238		)
Foreign	77			126			228
Total deferred benefit (provision)	773			7,307			(2,292		)
Total benefit (provision)	$	1,097		$	6,729		$	(4,077	)

The income tax provision differs from the amount which would result from the statutory federal income tax rate primarily as a result of remeasuring deferred tax assets and liabilities, the dividend exclusion and state income taxes.

15. Income Taxes (continued)

Deferred income taxes reflect the net of temporary differences between the carrying amount of the assets and liabilities for financial reporting and income tax purposes. The components of deferred income tax assets (liabilities) at October 31, 2019 and 2018 are as follows (in thousands):



	2019			2018
Deferred income tax assets:
Labor accruals	$	236		$	194
State income taxes	—			97
Net operating losses	1,112			706
Prepaid insurance and other	422			457
Impairments of real estate development assets	719			1,557
Minimum pension liability adjustment	820			644
Amortization	295			203
Total deferred income tax assets	3,604			3,858
Valuation allowance	(362		)	—
Total net deferred income tax assets	3,242			3,858

Deferred income tax liabilities:
Property taxes	(150		)	(165		)
Depreciation	(13,630		)	(13,230		)
Book and tax basis difference of acquired assets	(9,661		)	(9,886		)
Unrealized net gain on Calavo investment	(4,142		)	(5,830		)
Other	(5		)	(119		)
Total deferred income tax liabilities	(27,588		)	(29,230		)
Net deferred income tax liabilities	$	(24,346	)	$	(25,372	)

The Company periodically evaluates the recoverability of the deferred tax assets. The Company recognized deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company has recorded a valuation allowance of $362,000 on two Chilean subsidiaries deferred tax assets as of October 31, 2019 as the Company does not believe it is more likely than not that these deferred tax assets will be realized due to the recent history of cumulative pre-tax book losses and lack of objectively verifiable future source of taxable income.

At October 31, 2019, the Company had federal net operating loss carry-forwards of approximately $4,352,000, state net operating loss of $350,000 and Chile net operating loss of $815,000.

The federal net operating loss of $2,720,000 will be carried forward indefinitely without 80% taxable income limitation and $1,630,000 will be carried forward indefinitely with 80% limitation. State net operating loss begins to expire in 2039. Chilean net operating loss also can be carried forward indefinitely.

15. Income Taxes (continued)



	2019					2018					2017
	Amount			%		Amount			%		Amount			%
Provision at statutory rates	$	1,351		(21.0	)%	$	(3,125	)	(23.3	)%	$	(3,613	)	(34.0	)%
State income tax, net of federal benefit	316			(4.9	)%	(768		)	(5.7	)%	(580		)	(5.5	)%
Dividend exclusion	28			(0.4	)%	49			0.4	%	67			0.6	%
Meals and entertainment	(90		)	1.4	%	—			—		—			—
Transaction costs	(137		)	2.1	%	—			—		—			—
Production deduction	—			—		—			—		148			1.4	%
Tax law change	—			—		10,295			76.4	%	$	—		—
State rate adjustment	(109		)	1.7	%	—			—		—			—
Valuation allowance	(393		)	6.1	%	—			—		—			—
Minority interest	116			(1.8	)%	—			—		—			—
Other permanent items	15			(0.3	)%	278			2.1	%	(99		)	(0.9	)%
Total income tax benefit (provision)	$	1,097		(17.1	)%	$	6,729		49.9	%	$	(4,077	)	(38.4	)%

At October 31, 2019 and 2018, the Company had no unrecognized tax benefits. The Company reports accrued interest and penalties related to unrecognized tax benefits in income tax expense.

The Company files income tax returns in the U.S., California, Arizona, Chile and Argentina. The Company is no longer subject to significant U.S., state and Chilean income tax examinations for years prior to the statutory periods of three years for federal, four years for state and three years for Chilean tax jurisdictions. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of October 31, 2019.

On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted into law. The TCJA made significant changes to U.S. tax laws, including, but not limited to, the following: (a) reducing the federal corporate income tax rate from 35% to a flat 21%, effective January 1, 2018, (b) including two new U.S. tax base erosion provisions and the global intangible low-taxed income ("GILTI") provisions and (c) expanding the number of individuals whose compensation is subject to a $1.0 million cap on deductibility under Section 162(m) and includes performance-based compensation such as stock options and stock appreciation rights in the calculation. As a result of the rate reduction, the Company recorded a provisional amount related to the remeasurement of the Company's deferred tax balance as of October 31, 2018 of $10,295,000.

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. 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 completed its evaluation for all of the enactment-date income tax effects of the 2017 Act and no material adjustments were made on the provisional amounts recorded at January 31, 2018.

Segment Information

12 Months Ended

Oct. 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 inter-segment revenues between fresh lemons and lemon packing. The inter-segment 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 harvest costs 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 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.

Prior to October 31, 2017, the Company combined its fresh lemons and lemon packing segments into one reportable segment called lemon operations. During 2017, following the completion and start-up activities of its new lemon packinghouse in 2016, the Company and its chief operating decision maker have emphasized the strategic importance and financial performance of its lemon packing operations and expanded processing volume with a focus on increasing the quantity of lemons procured from third-party growers. As a result, during the fourth quarter of 2017, the Company separated its lemon operations segment into two segments: fresh lemons and lemon packing. This change was made to align operating segments with the basis that the chief operating decision maker uses to review financial information to make decisions, assess performance, develop strategy and allocate capital resources. Additionally, the Company determined that avocados, which was previously aggregated in the other agribusiness segment, should be a separate reportable segment based upon the Company’s chief operating decision maker’s review of its operating results.

Segment information for fiscal year 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	$	134,342	$	15,629	$	—		$	5,391	$	11,187		$	166,549	$	4,849	$	—		$	—		$	171,398
Intersegment revenue	—		30,073		(30,073		)	—		—			—		—		—			—			—
Total net revenues	134,342		45,702		(30,073		)	5,391		11,187			166,549		4,849		—			—			171,398
Costs and expenses	120,998		37,639		(30,073		)	3,150		13,035			144,749		3,552		128			19,850			168,279
Depreciation and amortization	—		—		—			—		—			7,623		759		—			251			8,633
Operating income (loss)	$	13,344	$	8,063	$	—		$	2,241	$	(1,848	)	$	14,177	$	538	$	(128	)	$	(20,101	)	$	(5,514	)

23. Segment Information (continued)

Segment information for fiscal year 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	$	94,840	$	8,990	$	—		$	6,576	$	13,938	$	124,344	$	5,048	$	—		$	—		$	129,392
Intersegment revenue	—		19,971		(19,971		)	—		—		—		—		—			—			—
Total net revenues	94,840		28,961		(19,971		)	6,576		13,938		124,344		5,048		—						129,392
Costs and expenses	74,809		23,071		(19,971		)	4,399		9,531		91,839		3,307		1,685			15,800			112,631
Depreciation and amortization	—		—		—			—		—		6,244		778		—			253			7,275
Operating income	$	20,031	$	5,890	$	—		$	2,177	$	4,407	$	26,261	$	963	$	(1,685	)	$	(16,053	)	$	9,486

Segment information for fiscal year 2017 (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	$	85,439	$	8,760	$	—		$	9,522	$	12,148	$	115,869	$	5,440	$	—		$	—		$	121,309
Intersegment revenue	—		19,156		(19,156		)	—		—		—		—		—			—			—
Total net revenues	85,439		27,916		(19,156		)	9,522		12,148		115,869		5,440		—			—			121,309
Costs and expenses	67,414		21,567		(19,156		)	4,136		11,712		85,673		3,170		405			13,731			102,979
Depreciation and amortization	—		—		—			—		—		5,489		762		—			216			6,467
Operating income	$	18,025	$	6,349	$	—		$	5,386	$	436	$	24,707	$	1,508	$	(405	)	$	(13,947	)	$	11,863

23. Segment Information (continued)

The following table sets forth revenues by category, by segment for fiscal years 2019, 2018 and 2017 (in thousands):



	Year Ended October 31,
	2019			2018			2017
Fresh lemon	$	134,342		$	94,840		$	85,439
Lemon packing	45,702			28,961			27,916
Intersegment revenue	(30,073		)	(19,971		)	(19,156		)
Lemon revenues	149,971			103,830			94,199

Avocados	5,391			6,576			9,522

Navel and Valencia oranges	6,022			8,884			7,099
Specialty citrus and other crops	5,165			5,054			5,049
Other agribusiness revenues	11,187			13,938			12,148
Agribusiness revenues	166,549			124,344			115,869

Residential and commercial rentals	3,544			3,472			3,589
Leased land	951			1,252			1,440
Organic recycling and other	354			324			411
Rental operations revenues	4,849			5,048			5,440

Real estate development revenues	—			—			—
Total revenues	$	171,398		$	129,392		$	121,309

Real Estate Development

12 Months Ended

Oct. 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 at October 31 (in thousands):



	2019		2018
East Area I	$	—	$	91,357
Retained property - East Area I	11,943		10,408
East Area II	5,659		5,397
	$	17,602	$	107,162

East Areas I and 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. 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 “LLCB” or “Joint Venture”) as the development entity, contributed its East Area I property to the LLCB and sold a 50% interest in the LLCB to Lewis for $20,000,000.

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 was transferred back to the Company. The net carrying value of the retained property as of October 31, 2019 and 2018 was $11,943,000 and $10,408,000, respectively and classified as real estate development. Such value as of October 31, 2019 includes $1,200,000 for estimated costs incurred by and reimbursable to LLCB, which is accrued in other long-term liabilities. 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.

7. Real Estate Development (continued)

East Areas I and II (continued)

The Company’s sale of an interest in the LLCB in which the Company’s contributed property comprises the LLCB’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 was recorded for the $20,000,000 payment made by Lewis for the purchase of the LLCB 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 year ended October 31, 2018, the Company recorded $27,934,000 of real estate development costs and corresponding increases in the sale-leaseback deferral to recognize real estate development costs capitalized by the LLCB. 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 and leaseback 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 at the inception of the Joint Venture, no gain or loss was recorded.

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 $43,158,000 as of October 31, 2019. 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. 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 fiscal year 2019, the Company announced that its Joint Venture closed the sales of the initial residential lots representing 210 residential units.

Other Real Estate Development Projects

The real estate development parcels within the Templeton Santa Barbara, LLCB project are described as Centennial Square (“Centennial”), The Terraces at Pacific Crest (“Pacific Crest”), and Sevilla. The Company's net carrying value of Sevilla was $2,543,000 and the net carrying values of Pacific Crest and Sevilla were $5,024,000 as of October 31, 2019 and 2018, respectively, which have been included in prepaid expenses and other current assets. The expenses associated with these properties were immaterial. The Company recognized impairment charges of $1,558,000 during fiscal year 2018 and an immaterial impairment charge related to the properties in fiscal year 2017.

In October 2019, the Company sold the Pacific Crest property with a net book value of $2,481,000 for approximately $3,000,000. The Company received net proceeds of $2,886,000 and recognized a gain of $405,000, which has been included in gain on sale of property assets in the consolidated statements of operations.

During December 2017, the Company sold its Centennial property with a net book value of $2,983,000 for $3,250,000. The Company received cash 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, that is being recognized under the installment method. The promissory note was originally scheduled to mature in June 2018 but provided for three potential extensions to December 2019 which were exercised. The holder of the promissory note made $200,000 and $150,000 of non-refundable principal payments during fiscal 2018 and 2019, respectively. In August 2019, the holder of the note requested an extension of the maturity date of the promissory

7. Real Estate Development (continued)

Other Real Estate Development Projects (continued)

note to December 15, 2020. The Company extended the maturity date concurrently with resetting the interest rate to equal to the 6-month LIBOR plus 2.75% on the outstanding principal balance of the note, interest only paid monthly on the first day of each month beginning January 1, 2020. At October 31, 2019 the carrying value of the note was $2,650,000 and classified in other assets.

During November 2017, the Company sold the commercial portion of its Sevilla property with a net book value of $1,354,000 for $1,452,000. Net proceeds received, after transaction costs were $1,364,000, and the resulting gain was immaterial.

Retirement Plans

12 Months Ended

Oct. 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 $600,000 and $600,000 for fiscal years 2019 and 2018, respectively. Plan assets are invested in a group trust consisting primarily of pooled funds, mutual funds, short-term investment funds and cash.

The investment policy and strategy has been established to provide a total investment return that will, over time, maintain purchasing power parity for the Plan’s variable benefits and keep the Plan funding at a reasonable level. The long-term target asset allocations are Domestic Equity 30%, International Equity 10% and Fixed Income 60%.

16. Retirement Plans (continued)

The following tables set forth the Plan’s net periodic cost, changes in benefit obligation and Plan assets, funded status, amounts recognized in the Company’s consolidated balance sheets, additional year-end information and assumptions used in determining the benefit obligations and net periodic benefit cost.

The components of net periodic benefit cost for the Plan for fiscal years 2019 and 2018 were as follows (in thousands):



	2019			2018
Administrative expenses	$	188		$	254
Interest cost	828			770
Expected return on plan assets	(1,088		)	(1,071		)
Prior service cost	45			45
Amortization of net loss	402			700
Net periodic benefit cost	$	375		$	698

Following is a summary of the Plan’s funded status as of October 31 (in thousands):



	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	19,641		$	22,268
Administrative expenses	188			254
Interest cost	828			770
Benefits paid	(1,453		)	(1,555		)
Actuarial loss (gain)	3,063			(2,096		)
Benefit obligation at end of year	$	22,267		$	19,641

Change in plan assets:
Fair value of plan assets at beginning of year	$	17,237		$	18,410
Actual return on plan assets	2,845			(218		)
Employer contributions	600			600
Benefits paid	(1,453		)	(1,555		)
Fair value of plan assets at end of year	$	19,229		$	17,237

Reconciliation of funded status:
Fair value of plan assets	$	19,229		$	17,237
Benefit obligations	22,267			19,641
Net plan obligations	$	(3,038	)	$	(2,404	)

Amounts recognized in statements of financial position:
Noncurrent assets	$	—		$	—
Current liabilities	—			—
Noncurrent liabilities	(3,038		)	(2,404		)
Net obligation recognized in statements of financial position	$	(3,038	)	$	(2,404	)

Reconciliation of amounts recognized in statements of financial position:
Prior service cost	$	(189	)	$	(233	)
Net loss	(6,322		)	(5,418		)
Accumulated other comprehensive loss	(6,511		)	(5,651		)
Accumulated contributions in excess of net periodic benefit cost	3,473			3,247
Net deficit recognized in statements of financial position	$	(3,038	)	$	(2,404	)

16. Retirement Plans (continued)

Presented below are changes in accumulated other comprehensive income, before tax, in the Plan as of October 31, (in thousands):



	2019			2018
Changes recognized in other comprehensive income:
Net loss (gain) arising during the year	$	1,306		$	(807	)
Amortization of prior service cost	(45		)	(45		)
Amortization of net loss	(402		)	(700		)
Total recognized in other comprehensive income	$	859		$	(1,552	)

Total recognized in net periodic benefit and other comprehensive income	$	1,234		$	(854	)

Presented below is the October 31, year-ended estimated amount that will be amortized from accumulated other comprehensive income over the next fiscal year (in thousands):



	2019
Initial net asset (obligation)	$	—
Prior service cost	(45		)
Net loss	(739		)
Total	$	(784	)

The following assumptions, as of October 31, were used in determining benefit obligations and net periodic benefit cost ($ in thousands):



	2019			2018
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.00		%	4.40		%

Assumptions used to determine net periodic benefit cost:
Discount rate	4.40		%	3.60		%
Expected return on plan assets	6.31		%	6.21		%

Additional year-end information:
Projected benefit obligation	$	22,267		$	19,641
Accumulated benefit obligation	$	22,267		$	19,641
Fair value of plan assets	$	19,229		$	17,237

Benefit payments are expected to be paid over the next 10 fiscal years as follows (in thousands):



2020	$	1,251
2021	1,249
2022	1,268
2023	1,313
2024	1,332
Next five years	6,566
	$	12,979

16. Retirement Plans (continued)

The following table sets forth the Plan’s assets as of October 31, 2019, segregated by level using the hierarchy established by FASB ASC 820, Fair Value Measurements and Disclosures (in thousands):



	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	134	$	—	$	—	$	134
Mutual funds	1,189		—		—		1,189
Pooled funds	—		17,906		—		17,906
	$	1,323	$	17,906	$	—	$	19,229

The Company has a 401(k) plan in which it contributes an amount equal to 4% of an eligible employee’s annual earnings beginning after one year of employment. Employees may elect to defer up to 100% of their annual earnings subject to Internal Revenue Code limits. The Company makes an additional matching contribution on these deferrals up to 4% of the employee’s annual earnings. Employees are 100% vested in the Company’s contribution after six years of employment. Participants vest in any matching contribution at a rate of 20% per year beginning after one year of employment. During fiscal years 2019, 2018 and 2017, the Company contributed to the plan and recognized expenses of $927,000, $823,000 and $774,000, respectively.

Property, Plant and Equipment

12 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consists of the following at October 31 (in thousands):



	2019			2018
Land	$	100,503		$	93,245
Land improvements	31,897			30,134
Buildings and building improvements	48,348			49,814
Equipment	56,709			54,854
Orchards	54,251			44,337
Construction in progress	26,934			20,709
	318,642			293,093
Less accumulated depreciation	(70,528		)	(67,412		)
	$	248,114		$	225,681

Depreciation expense was $7,944,000, $7,178,000 and $6,370,000 for fiscal years 2019, 2018 and 2017, respectively.

In September 2019, the Company sold its multi-use Mercantile property consisting of a retail convenience store, gas station, car wash and quick serve restaurant located in Santa Paula, California. The Company received net proceeds of $4,000,000 and recognized a gain of approximately $586,000, which is included in gain on sale of property assets in the consolidated statement of operations.

Long-Term Debt

12 Months Ended

Oct. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt is comprised of the following at October 31 (in thousands):



	2019		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 2.30% at October 31, 2019, plus 1.60%. 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.	$	82,843	$	50,888

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 3.76%. The loan is payable in quarterly installments through November 2022.	2,035		2,602

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 4.14%. The loan is payable in monthly installments through October 2035.	1,078		1,122

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 4.17%. The loan is payable in monthly installments through March 2036.	8,823		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.	6,522		6,808

Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023.	4,955		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.	1,386		1,857

Note Payable: the interest rate ranges from 5.00% to 7.00% and was 5.50% at October 31, 2019. The loan includes interest-only monthly payments and principal is due in February 2023.	1,435		1,435
Subtotal	109,077		80,251
Less deferred financing costs, net of accumulated amortization	162		158
Total long-term debt, net	108,915		80,093
Less current portion	3,023		3,127
Long-term debt, less current portion	$	105,892	$	76,966

On September 26, 2019, the Company and Farm Credit West, FLCA ("Farm Credit West") entered into Rate Lock Agreements ("Rate Lock Agreements") which fixed the interest rates effective October 1, 2019 for the term loans noted above. Conversion Agreements were also signed as of October 1, 2019 documenting the key terms of the modified lending arrangements. No changes were made to the outstanding principal balances on the loans and no cash repayments of principal were made by the Company. The rates are subject to a prepayment restriction period for a portion of the fixed rate term that will expire on March 1, 2020, after which the Company may prepay any amounts without penalty.

On June 20, 2017, the Company entered into a Master Loan Agreement (the “Loan Agreement”) with Farm Credit West that 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. The borrowing capacity based on collateral value was $115,000,000 at October 31, 2019.

12. Long-Term Debt (continued)

All indebtedness under the Loan Agreement, including any indebtedness under the Supplements, is secured by a first lien on certain of our 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.

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 not in compliance with covenants at October 31, 2019, but the non-compliance was waived by Farm Credit West and Wells Fargo.

In fiscal year 2019 the Company paid and capitalized debt financing costs of $35,000 related to the Rate Lock Agreements. In fiscal year 2017 the Company paid and capitalized debt financing costs of $108,000 related to the Loan Agreement and expensed $45,000 of capitalized debt financing costs related to the Rabobank revolving credit facility.

Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $1,369,000 and $2,407,000 during the years ended October 31, 2019 and 2018, respectively. Capitalized interest is included in property, plant and equipment and real estate development assets 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 was $162,000 and $158,000, net of amortization at October 31, 2019 and 2018, respectively and was included in long-term debt on the Company’s consolidated balance sheet.

Principal payments on the Company’s long-term debt are due as follows (in thousands):



2020	$	3,023
2021	3,045
2022	85,998
2023	2,969
2024	999
Thereafter	13,043
	$	109,077

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Net revenues:
Rental operations	$ 4,849	$ 5,048	$ 5,440
Total net revenues	171,398	129,392	121,309
Costs and expenses:
Rental operations	4,311	4,085	3,932
Impairment of real estate development assets	0	1,558	120
Gain on sale of property assets	(1,069)	0	0
Selling, general and administrative	21,170	16,053	13,947
Total costs and expenses	176,912	119,906	109,446
Operating (loss) income	(5,514)	9,486	11,863
Other (expense) income:
Interest expense, net	(2,134)	(1,122)	(1,778)
Equity in earnings of investments	3,073	583	49
(Loss) gain on sale of stock in Calavo Growers, Inc.	(63)	4,223	0
Net unrealized loss on stock in Calavo Growers, Inc.	(2,054)	0	0
Other income, net	129	313	492
Total other (expense) income	(1,049)	3,997	(1,237)
(Loss) income before income tax benefit (provision)	(6,563)	13,483	10,626
Income tax benefit (provision)	1,097	6,729	(4,077)
Net (loss) income	(5,466)	20,212	6,549
(Income) loss attributable to noncontrolling interest	(477)	(24)	46
Net (loss) income attributable to Limoneira Company	(5,943)	20,188	6,595
Preferred dividends	(501)	(501)	(560)
Net (loss) income applicable to common stock	$ (6,444)	$ 19,687	$ 6,035
Basic net income per common share (in dollars per share)	$ (0.37)	$ 1.26	$ 0.42
Diluted net income per common share (in dollars per share)	$ (0.37)	$ 1.25	$ 0.42
Weighted-average common shares outstanding-basic (in shares)	17,580	15,581	14,315
Weighted-average common shares outstanding-diluted (in shares)	17,580	16,209	14,315
Agribusiness
Net revenues:
Revenues	$ 166,549	$ 124,344	$ 115,869
Costs and expenses:
Cost and expenses	152,372	98,083	91,162
Real estate development
Costs and expenses:
Cost and expenses	$ 128	$ 127	$ 285

Acquisitions - San Pablo Acquisition (Details) - San Pablo Ranch and Related Assets $ in Thousands	Jul. 18, 2018 USD ($)
Business Acquisition [Line Items]
Cultural costs	$ 579
Water rights	1,153
Total assets acquired	13,111
Land and land improvements
Business Acquisition [Line Items]
Property, plant and equipment	9,114
Buildings and equipment
Business Acquisition [Line Items]
Property, plant and equipment	207
Orchards
Business Acquisition [Line Items]
Property, plant and equipment	$ 2,058

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense of Other Intangible Assets (Details) $ in Thousands	Oct. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 1,037
2021	1,027
2022	976
2023	976
2024	976
Thereafter	3,760
Net Carrying Amount	$ 8,752

Equity in Investments - Financial Information of Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Del Mar
Schedule of Equity Method Investments [Line Items]
Current assets	$ 454	$ 438
Non-current assets	742	710
Current liabilities	0	0
Non-current liabilities	0	0
Revenues	2,290	2,893	$ 2,553
Operating income (loss)	1,299	1,755	1,587
Net income (loss)	1,299	1,755	1,587
Romney
Schedule of Equity Method Investments [Line Items]
Current assets	0	0
Non-current assets	671	676
Current liabilities	0	0
Non-current liabilities	0	0
Revenues	15	21	20
Operating income (loss)	(5)	(4)	(9)
Net income (loss)	(5)	(4)	(9)
Rosales
Schedule of Equity Method Investments [Line Items]
Current assets	3,016	5,823
Non-current assets	1,497	1,144
Current liabilities	2,803	4,860
Non-current liabilities	161	169
Revenues	8,898	13,630	10,171
Operating income (loss)	403	1,745	(43)
Net income (loss)	288	1,243	(21)
LLCB
Schedule of Equity Method Investments [Line Items]
Current assets	137,977	125,886
Non-current assets	0	0
Current liabilities	51,023	56,932
Non-current liabilities	0	0
Revenues	37,788	40	0
Operating income (loss)	10,001	(154)	(89)
Net income (loss)	$ 10,001	$ (154)	$ (89)

Goodwill and Other Intangible Assets

12 Months Ended

Oct. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of the change in the carrying amount of goodwill is as follows (in thousands):



	Goodwill Net Carrying Amount
October 31, 2017	$	876
Acquisition of Oxnard Lemon	570
Foreign currency translation adjustment	(15		)
October 31, 2018	1,431
Acquisition of Trapani Fresh	420
Foreign currency translation adjustment	(12		)
October 31, 2019	$	1,839

See Note 3 - Acquisitions - of the notes to consolidated financial statements included in this Annual Report for additional information regarding the acquisitions of Oxnard Lemon and Trapani Fresh.

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. The Company concluded that no potential impairment indicators existed during any interim period and performed its annual assessment of goodwill impairment as of July 31, 2019 with no impairment noted. The Company did not incur any goodwill impairment losses in fiscal years 2019, 2018 or 2017, as the estimated fair values of its reporting units were in excess of their carrying values.

As of October 31, 2019, the Company has allocated goodwill to its reportable segments as follows: Fresh Lemons $1,269,000 and Lemon Packing $570,000.

9. Goodwill and Other Intangible Assets (continued)

Other intangible assets which continue to be amortized as of October 31, 2019 and 2018 are as follows (in thousands):



	October 31, 2019								October 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years
Amortizable other intangible assets:
Trade names and trademarks	$	3,786	$	(542	)	$	3,244	10	$	916	$	(315	)	$	601	8
Customer relationships	5,010		(500		)	4,510		9	2,000		(160		)	1,840		8
Non-competition agreement	1,040		(42		)	998		10	—		—			—		0
Acquired water and mineral rights	3,655		—			3,655		Indefinite	$	3,784	$	—		$	3,784	Indefinite
Other intangible assets	$	13,491	$	(1,084	)	$	12,407		$	6,700	$	(475	)	$	6,225

Amortization expense totaled $689,000, $84,000, and $85,000 for the years ended October 31, 2019, 2018 and 2017, respectively.

Estimated future amortization expense of other intangible assets for each of the next five fiscal years and thereafter are as follows (in thousands):



2020	$	1,037
2021	1,027
2022	976
2023	976
2024	976
Thereafter	3,760
	$	8,752

Acquisitions - Schedule of the Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands	May 30, 2019	Oct. 31, 2019	Oct. 31, 2018	Jul. 26, 2018	Oct. 31, 2017	Feb. 24, 2017
Business Acquisition [Line Items]
Goodwill		$ 1,839	$ 1,431		$ 876
Trapani Fresh
Business Acquisition [Line Items]
Cultural costs	$ 3,270
Buildings and building improvements	870
Intangible assets	6,920
Goodwill	420
Total assets acquired	29,410
Noncontrolling interest	(14,410)
Net cash paid	$ 15,000
Useful life	10 years
Trapani Fresh \| Land and land improvements
Business Acquisition [Line Items]
Land	$ 9,520
Trapani Fresh \| Orchards
Business Acquisition [Line Items]
Land	$ 8,410
Oxnard Lemon
Business Acquisition [Line Items]
Land				$ 7,294
Buildings and equipment				14,866
Intangible assets				2,270
Goodwill				570
Total assets acquired				$ 25,000
PDA
Business Acquisition [Line Items]
Cultural costs						$ 473
Other current assets						166
Investment in Rosales						1,021
Buildings and equipment						206
Intangible assets						1,120
Deposit for land purchase						645
Goodwill						196
Total assets acquired						9,451
Current liabilities						(122)
Current and long-term debt						(1,964)
Deferred income taxes						(1,026)
Noncontrolling interest						(633)
Net cash paid						5,706
PDA \| Land and land improvements
Business Acquisition [Line Items]
Land						2,748
PDA \| Orchards
Business Acquisition [Line Items]
Land						$ 2,876

Commitments and Contingencies

12 Months Ended

Oct. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company has operating leases for agricultural land and packinghouse equipment. Total lease expense for fiscal years 2019, 2018 and 2017 was $733,000, $2,028,000 and $1,878,000, respectively, which is included in agribusiness costs and expenses in the Company’s consolidated statements of operations.

In October 2018, the Company purchased a 1,000 KW photovoltaic generator for $1,125,000 that was previously under a 10-year operating lease agreement with Farm Credit West. In December 2018, the Company purchased another 1,000 KW photovoltaic generator for $1,275,000 that was previously under a 10-year operating lease agreement with Farm Credit West.

Minimum future lease payments are as follows (in thousands):

18. Commitments and Contingencies (continued)

Operating Leases (continued)



2020	$	688
2021	492
2022	291
2023	154
2024	134
Thereafter	1,382
	$	3,141

In addition to operating lease commitments, the Company also has a contract for pollination services with minimum future payments of $325,000 for each of the years 2020 - 2022 and $54,000 in 2023.

Letters of Credit

The Company utilizes standby letters of credit to satisfy workers’ compensation insurance security deposit requirements. At October 31, 2019, there were no outstanding letters of credit.

Litigation and Legal Proceedings

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.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Operating activities
Net (loss) income	$ (5,466)	$ 20,212	$ 6,549
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	8,633	7,275	6,467
Impairment of real estate development assets	0	1,558	120
(Gain) loss on disposals of assets	(664)	178	300
Gain on sales of real estate development assets	(405)	(25)	0
Stock compensation expense	1,791	1,368	1,328
Equity in earnings of investments	(3,073)	(583)	(49)
Cash distributions from equity investments	351	526	712
Deferred income taxes	(773)	(7,307)	2,292
Amortization of deferred financing costs	30	30	90
Accrued interest on note receivable	(198)	(192)	(23)
Loss (gain) on sale of stock in Calavo Growers, Inc.	63	(4,223)	0
Unrealized loss on stock in Calavo Growers, Inc.	2,054	0	0
Changes in operating assets and liabilities, net of business combinations:
Account receivable, net	(4,012)	(3,235)	(1,557)
Cultural costs	1,447	(746)	193
Prepaid expenses and other current assets	(2,548)	99	138
Income taxes receivable	(601)	192	2,240
Other assets	(7)	(134)	275
Accounts payable and growers payable	3,392	707	471
Accrued liabilities	1,542	2,601	(1,263)
Other long-term liabilities	(191)	96	199
Net cash provided by operating activities	1,365	18,397	18,482
Investing activities
Capital expenditures	(15,867)	(13,873)	(12,901)
Purchase of real estate development parcel	0	(1,444)	0
Net proceeds from sales of property assets	3,978	0	0
Net proceeds from sales of real estate development assets	2,886	1,543	0
Agriculture property acquisitions	(397)	(13,111)	0
Business combinations	(15,000)	(25,000)	(5,706)
Net proceeds from sale of stock in Calavo Growers, Inc.	4,785	4,721	0
Collections of installments on note receivable	150	200	0
Equity investment contributions	(4,000)	(3,500)	(7,450)
Cash distribution from equity investment	283	0	0
Investments in mutual water companies and water rights	(472)	(343)	(359)
Net cash used in investing activities	(23,654)	(50,807)	(26,416)
Financing activities
Borrowings of long-term debt	122,899	167,356	181,429
Repayments of long-term debt	(93,994)	(193,723)	(168,932)
Dividends paid - common	(5,331)	(4,025)	(3,155)
Dividends paid - preferred	(501)	(501)	(560)
Exchange of common stock	(605)	(656)	(294)
Issuance of common stock	0	64,097	0
Payments of deferred financing costs	(35)	0	(108)
Net cash provided by financing activities	22,433	32,548	8,380
Effect of exchange rate changes on cash	(137)	(21)	8
Net increase in cash	7	117	454
Cash at beginning of year	609	492	38
Cash at end of year	616	609	492
Supplemental disclosures of cash flow information
Net cash paid during the year for interest (net of amounts capitalized)	2,532	1,585	1,641
Cash paid during the year for income taxes, net of (refunds received)	130	210	(540)
Non-cash investing and financing activities:
Unrealized holding gain on Calavo investment	0	(6,765)	(4,365)
(Decrease) increase in real estate development and sale-leaseback deferral	(58,330)	27,934	7,047
Increase in equity in investments and other long-term liabilities	0	1,080	0
Non-cash receipt of note receivable	0	3,000	0
Non-cash reduction of note receivable			0
Capital expenditures accrued but not paid at year-end	133	399	427
Accrued interest on note receivable	198	192	23
Conversion of preferred stock to common stock	0	0	1,421
Non-cash issuance of notes payable	$ 0	$ 1,435	$ 0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Oct. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	6

Business	12 Months Ended
Business	Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Limoneira Company (together with its consolidated subsidiaries, 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, Europe 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.

Acquisitions - Business Combinations, Narrative (Details) $ in Thousands						1 Months Ended			3 Months Ended	4 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	May 30, 2019 USD ($) a	Oct. 31, 2018 USD ($)	Jul. 26, 2018 USD ($)	Jul. 24, 2018 USD ($)	Feb. 24, 2017 USD ($) a	May 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Aug. 31, 2017 USD ($)	Oct. 31, 2018 USD ($)	May 30, 2019 USD ($) a	Oct. 31, 2019 USD ($)	Aug. 31, 2017 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Feb. 28, 2017 USD ($)	Feb. 23, 2017	Oct. 31, 2014	Aug. 14, 2014 USD ($)
Business Acquisition [Line Items]
Consideration paid													$ 397	$ 13,111	$ 0
Goodwill		$ 1,431							$ 1,431		$ 1,839		$ 1,839	1,431	876
Trapani Fresh \| FGF Trapani
Business Acquisition [Line Items]
Ownership interest	49.00%									49.00%
Finca Santa Clara \| FGF Trapani
Business Acquisition [Line Items]
Ownership interest	25.00%									25.00%
Finca Santa Clara \| Argentine Trust
Business Acquisition [Line Items]
Ownership interest	75.00%									75.00%
Rosales
Business Acquisition [Line Items]
Ownership interest					47.00%						47.00%		47.00%					35.00%	35.00%
Goodwill																	$ 143			$ 343
Rosales \| PDA's 10% Stockholder
Business Acquisition [Line Items]
Ownership interest					53.00%
PDA \| PDA's 10% Stockholder
Business Acquisition [Line Items]
Ownership interest					10.00%
Trapani Fresh
Business Acquisition [Line Items]
Ownership interest acquired	51.00%									51.00%
Total consideration paid	$ 15,000
Consideration paid	7,500
Consideration advanced as prepayments						$ 3,500	$ 4,000			$ 7,500
Transaction costs	654
Goodwill	$ 420									$ 420
Revenue since the acquisition date included in the statement of operations											$ 14,651
Net income (loss) since the acquisition date included in the statement of operations											$ 999
Pro forma revenues													$ 177,625	153,033
Pro forma net income (loss)													$ (6,092)	21,900
Trapani Fresh \| Finca Santa Clara
Business Acquisition [Line Items]
Area of land \| a	1,200									1,200
Argentine Trust
Business Acquisition [Line Items]
Ownership interest acquired	51.00%									51.00%
Oxnard Lemon
Business Acquisition [Line Items]
Total consideration paid				$ 25,000
Transaction costs									$ 142
Goodwill			$ 570
Pro forma revenues														142,253
Pro forma net income (loss)														$ 19,728
Purchase price of initial acquisition			$ 24,750
Addition to purchase price at final closing date		$ 250
PDA
Business Acquisition [Line Items]
Ownership interest acquired					90.00%
Area of land \| a					200
Consideration paid					$ 5,800							$ 5,706
Transaction costs															$ 57
Goodwill					196
Revenue since the acquisition date included in the statement of operations																$ 1,900
Pro forma net income (loss)																$ 450
Term purchase proceeds withheld					$ 1,700
Percent of purchase proceeds withheld to allow for potential contingencies					10.00%
Period over which purchase proceeds are withheld to allow for potential contingencies					6 months
Total assets					$ 9,451
Change in contingent consideration asset								$ 193
Change in contingent consideration liability								94
Cash received								$ 94
PDA \| Rosales
Business Acquisition [Line Items]
Ownership interest					13.00%										12.00%

Retirement Plans - Changes in Accumulated Other Comprehensive Income in the Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Changes recognized in other comprehensive income:
Net loss (gain) arising during the year	$ 1,306	$ (807)
Amortization of prior service cost	(45)	(45)
Amortization of net loss	(402)	(700)
Total recognized in other comprehensive income	859	(1,552)
Total recognized in net periodic benefit and other comprehensive income	$ 1,234	$ (854)

Long-Term Debt (Tables)

12 Months Ended

Oct. 31, 2019

Debt Disclosure [Abstract]

Composition of Long-Term Debt

Long-term debt is comprised of the following at October 31 (in thousands):



	2019		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 2.30% at October 31, 2019, plus 1.60%. 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.	$	82,843	$	50,888

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 3.76%. The loan is payable in quarterly installments through November 2022.	2,035		2,602

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 4.14%. The loan is payable in monthly installments through October 2035.	1,078		1,122

Farm Credit West term loan: Effective October 1, 2019, the interest rate was fixed at 4.17%. The loan is payable in monthly installments through March 2036.	8,823		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.	6,522		6,808

Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023.	4,955		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.	1,386		1,857

Note Payable: the interest rate ranges from 5.00% to 7.00% and was 5.50% at October 31, 2019. The loan includes interest-only monthly payments and principal is due in February 2023.	1,435		1,435
Subtotal	109,077		80,251
Less deferred financing costs, net of accumulated amortization	162		158
Total long-term debt, net	108,915		80,093
Less current portion	3,023		3,127
Long-term debt, less current portion	$	105,892	$	76,966

Principal Payments on Long-Term Debt

Principal payments on the Company’s long-term debt are due as follows (in thousands):



2020	$	3,023
2021	3,045
2022	85,998
2023	2,969
2024	999
Thereafter	13,043
	$	109,077

- 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

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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+ Details

Series B and Series B-2 Preferred Stock	12 Months Ended
Series B and Series B-2 Preferred Stock	Oct. 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. 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. 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 the control of the Company and accordingly, the Series B Stock has been classified as temporary equity. 19. Series B and Series B-2 Preferred Stock (continued) Series B Convertible Preferred Stock (continued) 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. In fiscal year 2015, 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. 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 the control of 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 Citrus Packers, Inc. (“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. 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.

Public Offering of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2018	Oct. 31, 2019	Oct. 31, 2018
Class of Stock [Line Items]
Common stock, outstanding (in shares)	17,669,314	17,756,180	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
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%

Acquisitions - Asset Acquisitions, Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 18, 2018 USD ($) a parcel	Jan. 31, 2019 USD ($) a	Oct. 31, 2018 USD ($)
San Pablo Ranch and Related Assets
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Area of land	3,317
Consideration transferred \| $	$ 13,111
Number of parcels \| parcel	2
Transaction costs \| $	$ 111
Pro forma revenue \| $			$ 130,262
Pro forma net income (loss) \| $			$ 18,785
San Pablo Ranch and Related Assets \| Lemons
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Area of land	247
San Pablo Ranch and Related Assets \| Oranges
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Area of land	61
San Pablo Ranch and Related Assets \| Lemon Production
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Area of land	120
San Pablo Ranch and Related Assets \| Avocados
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Area of land	500
Orchard In Lindsay, California
Schedule Of Asset Acquisitions, By Acquisition [Line Items]
Cash purchase price \| $		$ 397
Area of land		26

Operating Lease Income

12 Months Ended

Oct. 31, 2019

Leases, Operating [Abstract]

Operating Lease Income

The Company rents certain of its assets under net operating lease agreements ranging from one month to 18 years. The cost of land subject to agricultural land leases was $1,279,000 at October 31, 2019. The total cost and accumulated depreciation of buildings, equipment and building improvements subject to leases was $22,841,000 and $7,551,000, respectively, at October 31, 2019. The Company’s rental operations revenue includes contingent rental revenue of $355,000, $324,000 and $251,000 for fiscal years 2019, 2018 and 2017, respectively.

The future minimum lease payments to be received by the Company related to these net operating lease agreements as of October 31, 2019, are as follows (in thousands):



2020	$	477
2021	246
2022	129
2023	84
2024	39
Thereafter	311
	$	1,286

Retirement Plans - Plan Assets Segregated by Fair Value Hierarchy Level (Details) - Pension Plan - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 19,229	$ 17,237	$ 18,410
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	134
Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,189
Pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,906
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,323
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	134
Level 1 \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,189
Level 1 \| Pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,906
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 2 \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 2 \| Pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,906
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 3 \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 3 \| Pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Statement of Comprehensive Income [Abstract]
Minimum pension liability adjustment, tax	$ (252)	$ 415	$ 767
Unrealized holding gains on security available for sale, tax	0	1,956	1,722
Reclassification of unrealized gain on security sold, tax	0	(1,160)	0
Unrealized gain from derivative instrument, tax	$ 0	$ 79	$ 330

Property, Plant and Equipment (Tables)

12 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consists of the following at October 31 (in thousands):



	2019			2018
Land	$	100,503		$	93,245
Land improvements	31,897			30,134
Buildings and building improvements	48,348			49,814
Equipment	56,709			54,854
Orchards	54,251			44,337
Construction in progress	26,934			20,709
	318,642			293,093
Less accumulated depreciation	(70,528		)	(67,412		)
	$	248,114		$	225,681

Segment Information - Revenues by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	$ 4,849	$ 5,048	$ 5,440
Total revenues	171,398	129,392	121,309
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	171,398	129,392	121,309
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(30,073)	(19,971)	(19,156)
Total revenues	(30,073)	(19,971)	(19,156)
Fresh Lemons and Lemon Packing \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	149,971	103,830	94,199
Fresh lemon
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	134,342	94,840	85,439
Fresh lemon \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	134,342	94,840	85,439
Total revenues	134,342	94,840	85,439
Fresh lemon \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Lemon packing
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	15,629	8,990	8,760
Lemon packing \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	45,702	28,961	27,916
Total revenues	45,702	28,961	27,916
Lemon packing \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	30,073	19,971	19,156
Avocados
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	5,391	6,576	9,522
Avocados \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,391	6,576	9,522
Total revenues	5,391	6,576	9,522
Avocados \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Other Agribusiness
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	11,187	13,938	12,148
Other Agribusiness \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,187	13,938	12,148
Total revenues	11,187	13,938	12,148
Other Agribusiness \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Total Agribusiness
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	166,549	124,344	115,869
Total Agribusiness \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	166,549	124,344	115,869
Total revenues	166,549	124,344	115,869
Total Agribusiness \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Rental Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	4,849	5,048	5,440
Rental Operations \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	4,849	5,048	5,440
Total revenues	4,849	5,048	5,440
Rental Operations \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Real Estate Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Real Estate Development \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0	0
Total revenues	0	0	0
Real Estate Development \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0
Navel and Valencia oranges \| Other Agribusiness \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,022	8,884	7,099
Specialty citrus and other crops \| Other Agribusiness \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,165	5,054	5,049
Residential and commercial rentals \| Rental Operations \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	3,544	3,472	3,589
Leased land \| Rental Operations \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	951	1,252	1,440
Organic recycling and other \| Rental Operations \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	354	$ 324	$ 411
ASU 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Fresh lemon
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	8,800
Cost and expenses	$ 8,800

Fruit Growers Supply Cooperative	12 Months Ended
Fruit Growers Supply Cooperative	Oct. 31, 2019
Fruit Growers Supply Cooperative [Abstract]
Fruit Growers Supply Cooperative	Fruit Growers Supply Cooperative The Company is a member of Fruit Growers Supply (“FGS”), a cooperative supply corporation. FGS is the manufacturing and supply affiliate of Sunkist. FGS allocates after-tax earnings derived from non-member business to members. The allocations may then be disbursed to members as dividends no less than five years after allocation. As of October 31, 2019 and 2018, the Company has been allocated $729,000; however, the declaration of dividends is subject to approval by the FGS Board of Directors and members may receive amounts less than those originally allocated. The Company records allocations disbursed by FGS as reductions of agribusiness expenses. The Company received no dividends in fiscal years 2019, 2018 or 2017. During September 2011, the Company settled a claim with Sunkist in which Sunkist requested a refund of $586,000 of fiscal year 2010 lemon by-products revenue. The Company assigned 50% of future dividends it receives from FGS up to the amount of claim in the unconditional settlement of the claim. The balance of the claim as of October 31, 2019 was $251,000.

Stockholders' Equity - Summary of Restricted Stock Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Weighted-Average Grant Price
Granted (in dollars per share)	$ 19.73	$ 22.36	$ 19.06
Restricted Stock
Number of Shares
Beginning balance (in shares)	126,282
Vested (in shares)	(85,271)
Granted (in shares)	130,095
Ending balance (in shares)	171,106	126,282
Weighted-Average Grant Price
Outstanding (in dollars per share)	$ 22.04
Vested (in dollars per share)	20.97
Granted (in dollars per share)	19.50
Outstanding (in dollars per share)	$ 20.64	$ 22.04

Income Taxes - Components of the Provisions for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Current:
Federal	$ (7)	$ 35	$ (1,217)
State	563	(444)	(527)
Foreign	(232)	(169)	(41)
Total current benefit (provision)	324	(578)	(1,785)
Deferred:
Federal	998	7,393	(2,282)
State	(302)	(212)	(238)
Foreign	77	126	228
Total deferred benefit (provision)	773	7,307	(2,292)
Total income tax benefit (provision)	$ 1,097	$ 6,729	$ (4,077)

Equity in Investments (Tables)

12 Months Ended

Oct. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Financial Information of Equity Method Investees

The following is financial information of the equity method investees for fiscal years 2019, 2018 and 2017 (in thousands):



2019	Del Mar		Romney			Rosales			LLCB
Current assets	$	454	$	—		$	3,016		$	137,977
Non-current assets	$	742	$	671		$	1,497		$	—
Current liabilities	$	—	$	—		$	2,803		$	51,023
Non-current liabilities	$	—	$	—		$	161		$	—
Revenues	$	2,290	$	15		$	8,898		$	37,788
Operating income (loss)	$	1,299	$	(5	)	$	403		$	10,001
Net income (loss)	$	1,299	$	(5	)	$	288		$	10,001
2018
Current assets	$	438	$	—		$	5,823		$	125,886
Non-current assets	$	710	$	676		$	1,144		$	—
Current liabilities	$	—	$	—		$	4,860		$	56,932
Non-current liabilities	$	—	$	—		$	169		$	—
Revenues	$	2,893	$	21		$	13,630		$	40
Operating income (loss)	$	1,755	$	(4	)	$	1,745		$	(154	)
Net income (loss)	$	1,755	$	(4	)	$	1,243		$	(154	)
2017
Revenues	$	2,553	$	20		$	10,171		$	—
Operating income (loss)	$	1,587	$	(9	)	$	(43	)	$	(89	)
Net income (loss)	$	1,587	$	(9	)	$	(21	)	$	(89	)

Investment and Equity in Earnings (Losses) of Equity Method Investees

The Company’s investment and equity in earnings (losses) of the equity method investees are as follows (in thousands):



	Del Mar			Romney			Rosales			LLCB			Total
Investment balance October 31, 2016	$	1,961		$	522		$	1,496		$	2,275		$	6,254
Equity earnings (losses)	446			(7		)	(299		)	(91		)	49
Cash distributions	(439		)	—			(273		)	—			(712		)
Investment contributions	—			—			1,020			7,450			8,470
Investment balance October 31, 2017	1,968			515			1,944			9,634			14,061
Equity earnings (losses)	493			(3		)	247			(154		)	583
Cash distributions	(526		)	—			—			—			(526		)
Investment contributions	—			—			—			3,500			3,500
Loan guarantee	—			—			—			1,080			1,080
Investment balance October 31, 2018	1,935			512			2,191			14,060			18,698
Equity earnings (losses)	366			—			(163		)	2,870			3,073
Cash distributions	(351		)	—			(283		)	—			(634		)
Investment contributions	—			—			—			4,000			4,000
Capitalized interest adjustment	—			—			—			(267		)	(267		)
Reclassification of sale and leaseback deferral	—			—			—			33,353			33,353
Investment balance October 31, 2019	$	1,950		$	512		$	1,745		$	54,016		$	58,223

Long-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017	Jan. 29, 2018	Jun. 20, 2017
Debt Instrument [Line Items]
Debt issuance costs	$ 35,000	$ 0	$ 108,000
Capitalized interest costs	1,369,000	2,407,000
Deferred financing costs, net of amortization	162,000	$ 158,000
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 115,000,000
Current borrowing capacity	$ 115,000,000
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				75,000,000	$ 60,000,000
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Non-Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000,000
Rabobank Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fees and issuance costs			$ 45,000

Retirement Plans - Benefits Expected to be Paid Over the Next 10 Fiscal Years (Details) - Pension Plan $ in Thousands	Oct. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2020	$ 1,251
2021	1,249
2022	1,268
2023	1,313
2024	1,332
Next five years	6,566
Total	$ 12,979

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 318,642	$ 293,093
Less accumulated depreciation	(70,528)	(67,412)
Total property, plant and equipment	248,114	225,681
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	100,503	93,245
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	31,897	30,134
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	48,348	49,814
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	56,709	54,854
Orchards and vineyards
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	54,251	44,337
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 26,934	$ 20,709

Operating Lease Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Property Subject to or Available for Operating Lease [Line Items]
Contingent rental revenue	$ 355	$ 324	$ 251
Land
Property Subject to or Available for Operating Lease [Line Items]
Total cost of property subject to leases	1,279
Buildings and building improvements
Property Subject to or Available for Operating Lease [Line Items]
Total cost of property subject to leases	22,841
Accumulated depreciation on property subject to leases	$ 7,551
Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 month
Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	18 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Estimated Useful Lives of Property, Plant and Equipment

Depreciation is computed using the straight-line method at rates based upon the estimated useful lives of the related assets as follows (in years):



Land improvements	10 – 30
Buildings and building improvements	10 – 50
Equipment	5 – 20
Orchards and vineyards	20 – 40

Operating Lease Income (Tables)

12 Months Ended

Oct. 31, 2019

Leases, Operating [Abstract]

Future Minimum Lease Payments to be Received Related to Net Operating Lease Agreements

The future minimum lease payments to be received by the Company related to these net operating lease agreements as of October 31, 2019, are as follows (in thousands):



2020	$	477
2021	246
2022	129
2023	84
2024	39
Thereafter	311
	$	1,286

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis by Level in the Fair Value Hierarchy (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Assets at fair value:
Equity securities	$ 17,346
Equity securities		$ 24,250
Level 1
Assets at fair value:
Equity securities	17,346
Equity securities		24,250
Level 2
Assets at fair value:
Equity securities	0
Equity securities		0
Level 3
Assets at fair value:
Equity securities	$ 0
Equity securities		$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands			12 Months Ended
	Feb. 28, 2018 USD ($)	Jun. 20, 2017 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Feb. 28, 2013 a
Notes reduction					$ 0
Net proceeds from sales of real estate development assets			$ 2,886	$ 1,543	0
Repayments of long-term debt			93,994	193,723	168,932
Consideration paid			397	13,111	0
Rabobank Revolving Credit Facility
Repayments of long-term debt		$ 68,572
Centennial
Real estate development held-for-sale					$ 3,250
East Area II
Area of real estate property (acres) \| a						7
Real estate, net	$ 3,145
Payment to acquire and develop real estate	1,444
Notes payable	$ 1,435
La Campana Ranch
Notes reduction			$ 89	$ 79

Acquisitions (Tables)

12 Months Ended

Oct. 31, 2019

Business Combinations [Abstract]

Schedule of the Fair Value of Net Assets Acquired

Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (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

Schedule of the Fair Value of Net Assets Acquired



Cultural costs	$	3,270
Land and land improvements	9,520
Buildings and building improvements	870
Orchards	8,410
Customer relationships, trademarks and non-competition agreement (10 year useful life)	6,920
Goodwill	420
Total assets acquired	29,410
Noncontrolling interest	(14,410		)
Net cash paid	$	15,000

Below is a summary of the fair value of the net assets acquired on the Acquisition Date based on the 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	$	473
Other current assets	166
Land and land improvements	2,748
Buildings and equipment	206
Orchards	2,876
Investment in Rosales	1,021
Water rights	1,120
Deposit for land purchase	645
Goodwill	196
Total assets acquired	9,451

Current liabilities	(122		)
Current and long-term debt	(1,964		)
Deferred income taxes	(1,026		)
Noncontrolling interest	(633		)
Net cash paid	$	5,706

Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands):



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

Real Estate Development - Other Real Estate Development Projects, Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2019	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Real Estate Properties [Line Items]
Net proceeds from sale of real estate property	$ 2,543,000			$ 2,543,000	$ 5,024,000
Impairment of real estate development assets				0	1,558,000	$ 120,000
Net proceeds from sales of real estate development assets				2,886,000	1,543,000	0
Gain on sales of real estate development assets				405,000	25,000	$ 0
Pacific Crest and Sevilla
Real Estate Properties [Line Items]
Net proceeds from sale of real estate property					5,024,000
Impairment of real estate development assets					1,558,000
Sevilla
Real Estate Properties [Line Items]
Net proceeds from sale of real estate property	2,543,000		$ 1,354,000	2,543,000
Proceeds from sale of real estate property			1,452,000
Net proceeds from sales of real estate development assets			$ 1,364,000
Pacific Crest
Real Estate Properties [Line Items]
Net proceeds from sale of real estate property	2,481,000			2,481,000
Proceeds from sale of real estate property	3,000,000
Net proceeds from sales of real estate development assets	2,886,000
Gain on sales of real estate development assets	405,000
Centennial
Real Estate Properties [Line Items]
Net proceeds from sale of real estate property		$ 2,983,000
Net proceeds from sales of real estate development assets		3,250,000
Gain on sales of real estate development assets		194,000
Proceeds from issuance of debt		$ 3,000,000
Proceeds from debt				150,000	$ 200,000
Carrying value of note	$ 2,650,000			$ 2,650,000
Centennial \| LIBOR
Real Estate Properties [Line Items]
Interest rate spread on variable rate	2.75%			2.75%

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid supplies and insurance	$ 3,199	$ 1,843
Note receivable and related interest	181	2,797
Real estate development held-for-sale	2,543	5,024
Lemon supplier advances, deferred lease expense and other	2,230	864
Prepaid expenses and other current assets	$ 8,153	$ 10,528

Stockholders' Equity

12 Months Ended

Oct. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Series A Junior Participating Preferred Stock and Shareholder Rights Agreement

Stock-based compensation

Performance Awards

Executive Awards

Director Awards

The Company issues shares of common stock to non-employee directors under the Stock Plan on an annual basis that vest upon grant (“Director Awards”).

A summary of the Performance, Executive, and Director awards granted under the Stock Plan during fiscal years 2019, 2018 and 2017, and the weighted average grant price is as follows:



	Year Ended October 31,
	2019			2018			2017
	Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price		Number of Shares	Weighted-Average Grant Price
Performance Awards	40,095	$	18.74	41,291	$	22.86	44,688	$	19.92
Executive Awards	90,000	$	19.84	90,000	$	22.19	—	$	—
Director Awards	15,642	$	21.65	14,033	$	22.00	18,956	$	17.02
Total	145,737	$	19.73	145,324	$	22.36	63,644	$	19.06

20. Stockholders’ Equity (continued)

Stock-based compensation (continued)

A summary of the status of the Company’s nonvested shares as of October 31, 2019, and changes during the year ended October 31, 2019, is presented below.



	Number of Shares		Weighted-Average Grant Price
Nonvested at October 31, 2018	126,282		$	22.04
Vested	(85,271	)	$	20.97
Granted	130,095		$	19.50
Nonvested at October 31, 2019	171,106		$	20.64

Dividend

Public Offering of Common Stock

Summary of Significant Accounting Policies

12 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Accounts Receivable

Concentrations and Geographic Information

The Company sells all of its avocado production to Calavo. Sales of avocados to Calavo were $3,080,000, $6,576,000 and $9,522,000 in fiscal years 2019, 2018 and 2017, respectively. The Company sells the majority of its oranges and specialty citrus to a third-party packinghouse.

Lemons procured from third-party growers were approximately 60%, 45% and 44% of the Company's lemon supply in fiscal years 2019, 2018 and 2017, respectively. One third-party grower was 40% and 50% of grower payable at October 31, 2019 and 2018, respectively.

2. Summary of Significant Accounting Policies (continued)

Concentrations and Geographic Information (continued)

During fiscal year 2019, the Company had approximately $3.2 million of lemon and orange sales in Chile by PDA and San Pablo and $14.7 million of lemon sales in Argentina by Trapani Fresh. During fiscal year 2018, the Company had approximately $2.8 million of lemon and orange sales in Chile by PDA and San Pablo. During fiscal year 2017, the Company had approximately $1.1 million of lemon and orange sales in Chile by PDA. The majority of our avocados, oranges and specialty citrus and other crops are sold to packinghouses and processors located in the United States. Most of its long-lived assets are located within the United States. Long-lived assets, net of accumulated depreciation, located in Chile and Argentina were $15.6 million and $18.7 million, respectively, as of October 31, 2019 and $15.7 million in Chile as of October 31, 2018.

Cultural Costs

Income Taxes

Property, Plant and Equipment



Land improvements	10 – 30
Buildings and building improvements	10 – 50
Equipment	5 – 20
Orchards and vineyards	20 – 40

2. Summary of Significant Accounting Policies (continued)

Capitalized Interest

Interest is capitalized on real estate development projects and significant construction in progress using the weighted average interest rate during the fiscal year. Interest of $1,369,000 and $2,407,000 was capitalized during the years ended October 31, 2019 and 2018, respectively, and is included in property, plant, and equipment and real estate development assets in the Company’s consolidated balance sheets.

Real Estate Development Costs

Equity in Investments

Equity Securities

Long-Lived and Intangible Assets

Goodwill

Fair Values of Financial Instruments

2. Summary of Significant Accounting Policies (continued)

Fair Values of Financial Instruments (continued)

Business Combinations and Asset Acquisitions

Comprehensive (Loss) Income

Comprehensive (loss) income represents all changes in a company’s net assets, except changes resulting from transactions with shareholders, and is reported as a component of the Company’s stockholders’ equity. As of October 31, 2019, accumulated other comprehensive loss consists of foreign currency translation items of $2,362,000, pension liability items of $4,753,000 and security available for sale items of $140,000.

Foreign Currency Translation

Revenue Recognition


•	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)

Revenue Recognition (continued)

2. Summary of Significant Accounting Policies (continued)

Revenue Recognition (continued)

Advertising Expense

Advertising costs are expensed as incurred. Advertising costs were not material in all years presented.

Leases

The Company records rent expense for its operating leases on a straight-line basis from the lease commencement date as defined in the lease agreement until the end of the base lease term.

Basic and Diluted Net (Loss) Income per Share

2. Summary of Significant Accounting Policies (continued)

Reclassifications and Adjustments

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the October 31, 2019 presentation. The Company reclassified goodwill and other intangible assets of $1,431,000 and $6,225,000, respectively, as of October 31, 2018, from other assets to goodwill and other intangible assets.

Defined Benefit Retirement Plan

Recent Accounting Pronouncements

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) and related ASUs, including ASU 2018-11, Leases (Topic 842): Targeted Improvements

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 2016-13, Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

FASB ASU 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

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

SEC Amendments to Certain Disclosure Requirements

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Oct. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of the Change in the Carrying Amount of Goodwill

A summary of the change in the carrying amount of goodwill is as follows (in thousands):



	Goodwill Net Carrying Amount
October 31, 2017	$	876
Acquisition of Oxnard Lemon	570
Foreign currency translation adjustment	(15		)
October 31, 2018	1,431
Acquisition of Trapani Fresh	420
Foreign currency translation adjustment	(12		)
October 31, 2019	$	1,839

Other Indefinite-Lived Intangible Assets

Other intangible assets which continue to be amortized as of October 31, 2019 and 2018 are as follows (in thousands):



	October 31, 2019								October 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years
Amortizable other intangible assets:
Trade names and trademarks	$	3,786	$	(542	)	$	3,244	10	$	916	$	(315	)	$	601	8
Customer relationships	5,010		(500		)	4,510		9	2,000		(160		)	1,840		8
Non-competition agreement	1,040		(42		)	998		10	—		—			—		0
Acquired water and mineral rights	3,655		—			3,655		Indefinite	$	3,784	$	—		$	3,784	Indefinite
Other intangible assets	$	13,491	$	(1,084	)	$	12,407		$	6,700	$	(475	)	$	6,225

Other Finite-Lived Intangible Assets

Other intangible assets which continue to be amortized as of October 31, 2019 and 2018 are as follows (in thousands):



	October 31, 2019								October 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years
Amortizable other intangible assets:
Trade names and trademarks	$	3,786	$	(542	)	$	3,244	10	$	916	$	(315	)	$	601	8
Customer relationships	5,010		(500		)	4,510		9	2,000		(160		)	1,840		8
Non-competition agreement	1,040		(42		)	998		10	—		—			—		0
Acquired water and mineral rights	3,655		—			3,655		Indefinite	$	3,784	$	—		$	3,784	Indefinite
Other intangible assets	$	13,491	$	(1,084	)	$	12,407		$	6,700	$	(475	)	$	6,225

Estimated Future Amortization Expense of Other Intangible Assets

Estimated future amortization expense of other intangible assets for each of the next five fiscal years and thereafter are as follows (in thousands):



2020	$	1,037
2021	1,027
2022	976
2023	976
2024	976
Thereafter	3,760
	$	8,752

Retirement Plans - Summary of the Plan's Funded Status (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Change in benefit obligation:
Benefit obligation at beginning of year	$ 19,641	$ 22,268
Administrative expenses	188	254
Interest cost	828	770
Benefits paid	(1,453)	(1,555)
Actuarial loss (gain)	3,063	(2,096)
Benefit obligation at end of year	22,267	19,641
Change in plan assets:
Fair value of plan assets at beginning of year	17,237	18,410
Actual return on plan assets	2,845	(218)
Employer contributions	600	600
Benefits paid	(1,453)	(1,555)
Fair value of plan assets at end of year	19,229	17,237
Amounts recognized in statements of financial position:
Noncurrent assets	0	0
Current liabilities	0	0
Noncurrent liabilities	(3,038)	(2,404)
Net obligation recognized in statements of financial position	(3,038)	(2,404)
Reconciliation of amounts recognized in statements of financial position:
Prior service cost	(189)	(233)
Net loss	(6,322)	(5,418)
Accumulated other comprehensive loss	(6,511)	(5,651)
Accumulated contributions in excess of net periodic benefit cost	$ 3,473	$ 3,247

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (1,084)	$ (475)
Net Carrying Amount	8,752
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	13,491	6,700
Accumulated Amortization	(1,084)	(475)
Net Carrying Amount	12,407	6,225
Acquired water and mineral rights
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	3,655	3,784
Net Carrying Amount	3,655	3,784
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,786	916
Accumulated Amortization	(542)	(315)
Net Carrying Amount	$ 3,244	$ 601
Weighted Average Useful Life	10 years	8 years
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (542)	$ (315)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,010	2,000
Accumulated Amortization	(500)	(160)
Net Carrying Amount	$ 4,510	$ 1,840
Weighted Average Useful Life	9 years	8 years
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (500)	$ (160)
Non-competition agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,040	0
Accumulated Amortization	(42)	0
Net Carrying Amount	$ 998	$ 0
Weighted Average Useful Life	10 years	0 years
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (42)	$ 0

Income Taxes - Reconciliation of Income Tax Provision from that Computed Using the Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Amount
Provision at statutory rates	$ 1,351	$ (3,125)	$ (3,613)
State income tax, net of federal benefit	316	(768)	(580)
Dividend exclusion	28	49	67
Meals and entertainment	(90)	0	0
Transaction costs	(137)	0	0
Production deduction	0	0	148
Tax law change	0	10,295	0
State rate adjustment	(109)	0	0
Valuation allowance	(393)	0	0
Minority interest	116	0	0
Other permanent items	15	278	(99)
Total income tax benefit (provision)	$ 1,097	$ 6,729	$ (4,077)
%
Provision at statutory rates	(21.00%)	(23.30%)	(34.00%)
State income tax, net of federal benefit	(4.90%)	(5.70%)	(5.50%)
Dividend exclusion	(0.40%)	0.40%	0.60%
Meals and entertainment	1.40%	(0.00%)	(0.00%)
Transaction costs	2.10%	(0.00%)	(0.00%)
Production deduction	0.00%	0.00%	1.40%
Tax law change	(0.00%)	76.40%	(0.00%)
State rate adjustment	1.70%	(0.00%)	(0.00%)
Valuation allowance	6.10%	(0.00%)	(0.00%)
Minority interest	(1.80%)	0.00%	0.00%
Other permanent items	(0.30%)	2.10%	(0.90%)
Total income tax benefit (provision)	(17.10%)	49.90%	(38.40%)

Equity in Investments - Investment and Equity in Earnings (Losses) of Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward]
Investment balance	$ 18,698	$ 14,061	$ 6,254
Equity earnings (losses)	3,073	583	49
Cash distributions	(634)	(526)	(712)
Investment contributions	4,000	3,500	8,470
Loan guarantee		1,080
Capitalized interest adjustment	(267)
Reclassification of sale and leaseback deferral	33,353
Investment balance	58,223	18,698	14,061
Del Mar
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward]
Investment balance	1,935	1,968	1,961
Equity earnings (losses)	366	493	446
Cash distributions	(351)	(526)	(439)
Investment contributions	0	0	0
Loan guarantee		0
Capitalized interest adjustment	0
Reclassification of sale and leaseback deferral	0
Investment balance	1,950	1,935	1,968
Romney
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward]
Investment balance	512	515	522
Equity earnings (losses)	0	(3)	(7)
Cash distributions	0	0	0
Investment contributions	0	0	0
Loan guarantee		0
Capitalized interest adjustment	0
Reclassification of sale and leaseback deferral	0
Investment balance	512	512	515
Rosales
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward]
Investment balance	2,191	1,944	1,496
Equity earnings (losses)	(163)	247	(299)
Cash distributions	(283)	0	(273)
Investment contributions	0	0	1,020
Loan guarantee		0
Capitalized interest adjustment	0
Reclassification of sale and leaseback deferral	0
Investment balance	1,745	2,191	1,944
LLCB
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward]
Investment balance	14,060	9,634	2,275
Equity earnings (losses)	2,870	(154)	(91)
Cash distributions	0	0	0
Investment contributions	4,000	3,500	7,450
Loan guarantee		1,080
Capitalized interest adjustment	(267)
Reclassification of sale and leaseback deferral	33,353
Investment balance	$ 54,016	$ 14,060	$ 9,634