0001342423-23-000019 | 10-Q | XBRL Viewer

Retirement Plans (Tables)

6 Months Ended

Apr. 30, 2023

The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Administrative expenses	$	—	$	179	$	20	$	359
Interest cost	—		130		34		260
Expected return on plan assets	—		(128)		(17)		(255)
Prior service cost	—		11		4		22
Recognized actuarial loss	—		100		—		199
Settlement loss recognized	—		—		2,700		—
Net periodic benefit cost	$	—	$	292	$	2,741	$	585

Equity in Investments

6 Months Ended

Apr. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity in Investments

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


	April 30, 2023		October 31, 2022
Limoneira Lewis Community Builders, LLC	$	61,409	$	61,154
LLCB II, LLC	8,297		8,023
Limco Del Mar, Ltd.	2,072		2,024
Rosales	1,162		1,147
Romney Property Partnership	505		507
	$	73,445	$	72,855

Net amounts due from Rosales were $442,000 and $270,000 at April 30, 2023 and October 31, 2022, respectively, and are included in receivables/other from related parties and payables to related parties.

Unconsolidated Significant Subsidiary

In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries." In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim periods for the six months ended April 30, 2023 and 2022, this threshold was not met for any of the Company's equity investments.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022
Operating activities
Net (loss) income	$ (1,630)	$ 15,534	$ 1,572	$ (6,606)	$ 13,904	$ (5,034)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,044		2,483		4,491	4,963
(Gain) loss on disposal of assets, net					(30,744)	261
Gain on legal settlement					(853)	0
Stock compensation expense					2,029	1,375
Non-cash lease expense					802	207
Equity in earnings of investments, net	(62)		(299)		(315)	(350)
Cash distributions from equity investments					0	132
Deferred income taxes					5,915	(1,928)
Other, net					162	360
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties					(1,583)	(3,877)
Cultural costs					2,051	4,640
Prepaid expenses and other current assets					(5,105)	(2,392)
Income taxes payable					(330)	0
Other assets					21	33
Accounts payable and growers and suppliers payable					(5,340)	(413)
Accrued liabilities and payables to related parties					(2,708)	1,030
Other long-term liabilities					(840)	(167)
Net cash used in operating activities					(18,443)	(1,160)
Investing activities
Capital expenditures					(5,417)	(4,123)
Net proceeds from sales of assets					98,506	1,121
Net proceeds from sale of real estate development assets					2,577	0
Cash distribution from Trapani Fresh					82	0
Collection on note receivable					0	2,600
Equity investment contributions					(275)	0
Investments in mutual water companies and water rights					(51)	(40)
Net cash provided by (used in) investing activities					95,422	(442)
Financing activities
Borrowings of long-term debt					57,940	75,247
Repayments of long-term debt					(122,775)	(68,762)
Principal paid on finance lease and equipment financings					(215)	(169)
Dividends paid – common					(2,685)	(2,653)
Dividends paid – preferred					(251)	(251)
Exchange of common stock					(26)	(1,086)
Net cash (used in) provided by financing activities					(68,012)	2,326
Effect of exchange rate changes on cash					9	(203)
Net increase in cash					8,976	521
Cash at beginning of period		$ 857		$ 439	857	439	$ 439
Cash at end of period	$ 9,833		$ 960		9,833	960	$ 857
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)					397	431
Cash paid during the period for income taxes					330	0
Non-cash investing and financing activities:
Capital expenditures accrued but not paid at period-end					325	88
Accrued contribution obligation of investment in water company					$ 450	$ 450

Leases

6 Months Ended

Apr. 30, 2023

Leases [Abstract]

Leases

Lessor Arrangements

The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 20 years, with various renewal terms available. All of the residential rentals have month-to-month lease terms.

The Company’s rental operations revenue consists of the following (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Operating lease revenue	$	1,274	$	1,295	$	2,564	$	2,413
Variable lease revenue	120		86		203		159
Total lease revenue	$	1,394	$	1,381	$	2,767	$	2,572

Lessee Arrangements

The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land and packinghouse facilities and equipment with remaining lease terms ranging from one to 15 years, with various term extensions available. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. All lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations.

Operating lease costs were $491,000 and $135,000 for the three months ended April 30, 2023 and 2022, respectively, and $982,000 and $258,000 for the six months ended April 30, 2023 and 2022, respectively. Finance lease costs were immaterial and $98,000 for the three months ended April 30, 2023 and 2022, respectively and immaterial and $156,000 for the six months ended April 30, 2023 and 2022, respectively. Variable lease costs were immaterial for the three and six months ended April 30, 2023 and 2022. Short term lease costs were $175,000 and immaterial for the three months ended April 30, 2023 and 2022, respectively, and $338,000 and immaterial for the six months ended April 30, 2023 and 2022, respectively.

Supplemental balance sheet information related to leases consists of the following (in thousands):


	Classification	April 30, 2023		October 31, 2022
Assets
Operating lease ROU assets	Other assets	$	5,522	$	6,190
Finance lease assets	Other assets	1,025		1,091
		$	6,547	$	7,281

Liabilities and Stockholders' Equity
Current operating lease liabilities	Accrued liabilities and payables to related parties	$	1,820	$	1,892
Current finance lease liabilities	Accrued liabilities	268		268
Non-current operating lease liabilities	Other long-term liabilities	3,722		4,347
Non-current finance lease liabilities	Other long-term liabilities	596		715
		$	6,406	$	7,222

12. Leases (continued)

Supplemental cash flow information related to leases consists of the following (in thousands):


	Six Months Ended April 30,
		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		$	961	$	315
Operating cash outflows from finance leases		$	16	$	30
Financing cash outflows from finance leases		$	118	$	169
ROU assets obtained in exchange for new operating lease liabilities		$	114	$	350

Leases

Lessor Arrangements

The Company’s rental operations revenue consists of the following (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Operating lease revenue	$	1,274	$	1,295	$	2,564	$	2,413
Variable lease revenue	120		86		203		159
Total lease revenue	$	1,394	$	1,381	$	2,767	$	2,572

Lessee Arrangements

Supplemental balance sheet information related to leases consists of the following (in thousands):


	Classification	April 30, 2023		October 31, 2022
Assets
Operating lease ROU assets	Other assets	$	5,522	$	6,190
Finance lease assets	Other assets	1,025		1,091
		$	6,547	$	7,281

Liabilities and Stockholders' Equity
Current operating lease liabilities	Accrued liabilities and payables to related parties	$	1,820	$	1,892
Current finance lease liabilities	Accrued liabilities	268		268
Non-current operating lease liabilities	Other long-term liabilities	3,722		4,347
Non-current finance lease liabilities	Other long-term liabilities	596		715
		$	6,406	$	7,222

12. Leases (continued)

Supplemental cash flow information related to leases consists of the following (in thousands):


	Six Months Ended April 30,
		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		$	961	$	315
Operating cash outflows from finance leases		$	16	$	30
Financing cash outflows from finance leases		$	118	$	169
ROU assets obtained in exchange for new operating lease liabilities		$	114	$	350

Long-Term Debt - Narrative (Details)		1 Months Ended			3 Months Ended	6 Months Ended
Long-Term Debt - Narrative (Details)	Jul. 01, 2021	Mar. 09, 2023 USD ($)	Feb. 28, 2022 USD ($)	Mar. 31, 2020 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Oct. 31, 2023	Feb. 28, 2023	Oct. 31, 2022 USD ($)	Jul. 02, 2022	Jun. 01, 2021 USD ($)	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross						$ 41,283,000				$ 105,902,000
Interest costs capitalized					$ 0	306,000	$ 0
AgWest Farm Credit
Debt Instrument [Line Items]
Annual patronage dividend rate									1.25%				1.25%
Dividends received		$ 1,413,000	$ 1,582,000
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 115,000,000
Long-term debt, gross						40,000,000				$ 88,521,000
Available to borrow						75,000,000
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Forecast
Debt Instrument [Line Items]
Minimum debt service coverage ratio								1.25
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Equity Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 15,000,000
Long-term debt, gross						$ 40,000,000
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity												75,000,000
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate						1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.28%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Non-Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 40,000,000
Long-term debt, gross						$ 40,000,000
Interest rate											3.57%
Prepayment fee percent						0.50%
Farm Credit West Loan Agreement Secured by Windfall Investors, LLC Property \| Revolving Equity Line of Credit
Debt Instrument [Line Items]
Draw period				3 years
Payment period				20 years

Leases (Tables)

6 Months Ended

Apr. 30, 2023

Leases [Abstract]

Composition of Rental Operations Revenue

The Company’s rental operations revenue consists of the following (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Operating lease revenue	$	1,274	$	1,295	$	2,564	$	2,413
Variable lease revenue	120		86		203		159
Total lease revenue	$	1,394	$	1,381	$	2,767	$	2,572

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases consists of the following (in thousands):


	Classification	April 30, 2023		October 31, 2022
Assets
Operating lease ROU assets	Other assets	$	5,522	$	6,190
Finance lease assets	Other assets	1,025		1,091
		$	6,547	$	7,281

Liabilities and Stockholders' Equity
Current operating lease liabilities	Accrued liabilities and payables to related parties	$	1,820	$	1,892
Current finance lease liabilities	Accrued liabilities	268		268
Non-current operating lease liabilities	Other long-term liabilities	3,722		4,347
Non-current finance lease liabilities	Other long-term liabilities	596		715
		$	6,406	$	7,222

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases consists of the following (in thousands):


	Six Months Ended April 30,
		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		$	961	$	315
Operating cash outflows from finance leases		$	16	$	30
Financing cash outflows from finance leases		$	118	$	169
ROU assets obtained in exchange for new operating lease liabilities		$	114	$	350

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022	Jan. 31, 2022
Dividends Common (in dollars per share)	$ 0.075	$ 0.075	$ 0.075	$ 0.075
Series B Preferred
Dividends preferred (in dollars per share)	2.19	2.19	2.19	2.19
Series B-2 Preferred
Dividends preferred (in dollars per share)	$ 10	$ 10	$ 10	$ 10

Summary of Significant Accounting Policies - Summary of the Changes in Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Pre-tax Amount	$ (50)	$ (906)	$ 4,518	$ (752)
Other comprehensive income (loss), Tax Benefit (Expense)	0	(27)	(621)	(54)
Total other comprehensive (loss) income, net of tax	(50)	(933)	3,897	(806)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive (loss) income, net of tax			1,724	145
Other comprehensive (loss) income before reclassifications, Pre-tax Amount	0	100	(355)	199
Other comprehensive (loss) income before reclassifications, Tax Benefit (Expense)	0	(27)	135	(54)
Net Amount	0	73	(220)	145
Amounts reclassified to earnings included in "Other (expense) income, net", Pre-Tax Amount			2,700	0
Amounts reclassified to earnings included in "Other (expense) income, net", Tax Benefit (Expense)			(756)	0
Amounts reclassified to earnings included in "Other (expense) income, net", Net Amount			1,944	0
Foreign Currency Translation (Loss) Gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Pre-tax Amount	(50)	(1,006)	2,173	(951)
Other comprehensive income (loss), Tax Benefit (Expense)	0	0	0	0
Total other comprehensive (loss) income, net of tax	$ (50)	$ (1,006)	$ 2,173	$ (951)

Asset Sales and Disposals

6 Months Ended

Apr. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Asset Sales and Disposals

Northern Properties

In October 2022, the Company entered into a Purchase and Sale Agreement, as amended, (the “Agreement”) with PGIM Real Estate Finance, LLC (“PGIM”) to sell 3,537 acres of land and citrus orchards in Tulare County, California (the “Northern Properties”) for a purchase price of approximately $100,405,000. On January 25, 2023, the Board approved the Agreement creating a binding agreement of the Company to sell the Northern Properties and the transaction closed on January 31, 2023. During the quarter ended April 30, 2023, the purchase price was decreased by $397,000 for reimbursement of certain cultural costs and prepaid expenses, resulting in a final purchase price of $100,008,000.

The following is a summary of the transaction (in thousands):


Net cash proceeds received	$	85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
	58,416
Gain on disposal of assets	$	39,995

The proceeds were used to pay down all of the Company’s domestic debt except the AgWest Farm Credit $40,000,000 non-revolving line of credit. The Northern Properties component, including an allocation of interest expense related to the debt directly repaid through the transaction, had a pretax loss of $1,677,000 and $1,423,000 for the six months ended April 30, 2023 and 2022, respectively.

On January 31, 2023, the Company entered into a Farm Management Agreement (“FMA”) with an affiliate of PGIM to provide farming, management and operations services related to the Northern Properties. The FMA has an initial term expiring March 31, 2024, and thereafter continuing from year to year unless earlier terminated under the terms of the FMA. Further, on January 31, 2023, the Company entered into a Grower Packing and Marketing Agreement to provide packing, marketing and selling services for lemons harvested on the Northern Properties for a minimum five-year term, subject to certain benchmarking standards.

Cadiz Ranch

In April 2023, the Company determined that citrus farming operations were economically unviable on 670 acres of leased agricultural land at the Cadiz Ranch. As a result, the Company ceased farming operations, disposed of the related property, plant and equipment and recorded a loss on disposal of assets of $9,012,000 as of April 30, 2023.

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Revenues	$ 46,676	$ 45,369	$ 83,204	$ 83,452
Operating lease, lease income	$ 1,394	$ 1,381	$ 2,767	$ 2,572
Revenue, Product and Service Benchmark \| Supplier Concentration Risk \| Lemon
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			57.00%	54.00%
Revenue, Product and Service Benchmark \| Supplier Concentration Risk \| Lemon \| Third-Party Grower One
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			23.00%	13.00%
Revenue, Product and Service Benchmark \| Supplier Concentration Risk \| Lemon \| Third-Party Grower Two
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			19.00%
First Customer \| Revenue Benchmark \| Customer Concentration Risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			12.00%
First Customer \| Accounts Receivable Benchmark \| Customer Concentration Risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			10.00%
First Customer \| Accounts Payable Benchmark \| Supplier Concentration Risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage			11.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Statement of Other Comprehensive Income [Abstract]
After reclassification adjustment, tax	$ 0	$ 27
Minimum pension liability adjustment, tax			$ (135)	$ 54
Pension settlement cost, tax	$ 0		$ 756

Long-Term Debt (Tables)

6 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


	April 30, 2023		October 31, 2022
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month Secured Overnight Financing Rate ("SOFR"), which was 4.80% at April 30, 2023, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	40,000	$	88,521

AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023.	—		919
AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023.	—		7,562
AgWest Farm Credit term loan: The interest rate was fixed at 2.77% until July 1, 2025, becoming variable for the remainder of the loan. The loan was repaid in January 2023.	—		5,555
AgWest Farm Credit term loan: The interest rate was fixed at 3.19%. The loan was repaid in January 2023.	—		2,003
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	653		675
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.	200		233
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.	430		434
Subtotal	41,283		105,902
Less deferred financing costs, net of accumulated amortization	—		94
Total long-term debt, net	41,283		105,808
Less current portion	446		1,732
Long-term debt, less current portion	$	40,837	$	104,076

- 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.

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. The Company was party to a lawsuit, initiated on March 27, 2018, against Southern California Edison in Superior Court of the State of California, County of Los Angeles whereby the Company claimed unspecified damages, attorneys’ fees and other costs, as a result of the Thomas Fire in fiscal year 2018. On April 18, 2023, the Company entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) with Southern California Edison Company and Edison International to formally resolve any and all claims related to the fire. Under the terms of the Settlement Agreement, the Company was awarded a total settlement of $9,000,000. On May 19, 2023, the Company received $6,109,000, net of legal and related costs, of which $3,840,000 is recorded in agribusiness revenues and $2,269,000 is recorded in gain on legal settlement as of April 30, 2023.

Income Taxes	6 Months Ended
Income Taxes	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate for the six months ended April 30, 2023 was higher than the federal statutory tax rate of 21% mainly due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of executive compensation, and nondeductible tax items. The Company has no material uncertain tax positions as of April 30, 2023. 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 April 30, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Equity in Investments (Tables)

6 Months Ended

Apr. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity in Investments

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


	April 30, 2023		October 31, 2022
Limoneira Lewis Community Builders, LLC	$	61,409	$	61,154
LLCB II, LLC	8,297		8,023
Limco Del Mar, Ltd.	2,072		2,024
Rosales	1,162		1,147
Romney Property Partnership	505		507
	$	73,445	$	72,855

Other Assets	6 Months Ended
Other Assets	Apr. 30, 2023
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 it 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. In January 2023, the Company sold an investment in a mutual water company with a net book value of $1,320,000 as part of the Northern Properties sale described in Note 3 - Asset Sales and Disposals. As of April 30, 2023 and October 31, 2022, $5,681,000 and $6,500,000, respectively, were included in other assets.

Cover - shares	6 Months Ended
Cover - shares	Apr. 30, 2023	May 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2023
Document Transition Report	false
Entity File Number	001-34755
Entity Registrant Name	LIMONEIRA COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0260692
Entity Address, Address Line One	1141 Cummings Road
Entity Address, City or Town	Santa Paula
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93060
City Area Code	805
Local Phone Number	525-5541
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	LMNR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		17,978,910
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001342423
Current Fiscal Year End Date	--10-31

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Current assets:
Cash	$ 9,833	$ 857
Accounts receivable, net	17,766	15,651
Cultural costs	2,744	8,643
Prepaid expenses and other current assets	11,749	8,496
Receivables/other from related parties	3,245	3,888
Total current assets	45,337	37,535
Property, plant and equipment, net	163,541	222,628
Real estate development	9,858	9,706
Equity in investments	73,445	72,855
Goodwill	1,529	1,506
Intangible assets, net	7,238	7,317
Other assets	15,378	16,971
Total assets	316,326	368,518
Current liabilities:
Accounts payable	8,375	10,663
Growers and suppliers payable	8,109	10,740
Accrued liabilities	7,940	11,060
Payables to related parties	5,390	4,860
Income taxes payable	8,108	219
Current portion of long-term debt	446	1,732
Total current liabilities	38,368	39,274
Long-term liabilities:
Long-term debt, less current portion	40,837	104,076
Deferred income taxes	21,797	23,497
Other long-term liabilities	6,670	9,807
Total liabilities	107,672	176,654
Commitments and contingencies	0	0
Stockholders' Equity:
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,229,887 and 17,935,292 shares issued and 17,978,910 and 17,684,315 shares outstanding at April 30, 2023 and October 31, 2022, respectively)	180	177
Additional paid-in capital	167,169	165,169
Retained earnings	26,582	15,500
Accumulated other comprehensive loss	(4,011)	(7,908)
Treasury stock, at cost, 250,977 shares at April 30, 2023 and October 31, 2022	(3,493)	(3,493)
Noncontrolling interest	11,417	11,609
Total stockholders' equity	197,844	181,054
Total liabilities and stockholders' equity	316,326	368,518
Series B Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	1,479	1,479
Series B-2 Preferred
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 April 30, 2023 and October 31, 2022)	$ 0	$ 0

Real Estate Development	6 Months Ended
Real Estate Development	Apr. 30, 2023
Real Estate [Abstract]
Real Estate Development	Real Estate Development Real estate development assets are comprised primarily of land and land development costs for the East Area II property in the amount of $9,858,000 and $9,706,000 at April 30, 2023 and October 31, 2022, respectively. East Area I, Retained Property and East Area II In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. In November 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 (“LLCB”) as the development entity, contributed its East Area I property to LLCB and sold a 50% interest to Lewis for $20,000,000. The Company and LLCB also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, LLCB transferred certain contributed East Area I property, which is entitled for commercial development, back to the Company (the "Retained Property") and arranged for the design and construction of certain improvements to the Retained Property, subject to certain reimbursements by the Company. The balance in East Area II includes estimated costs incurred by and reimbursable to LLCB of $3,444,000 at April 30, 2023 and October 31, 2022, which is included in payables to related parties. In January 2018, LLCB 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. Effective as of February 22, 2023, the Loan maturity date was extended to February 22, 2024, and the maximum borrowing amount was reduced to $35,000,000. As of February 1, 2023, the interest rate on the Loan transitioned from the London Interbank Offered Rate ("LIBOR") to the Bloomberg Short-Term Bank Yield Index rate ("BSBY") plus 2.85% and is payable monthly. The Loan contains certain customary default provisions and LLCB may prepay any amounts outstanding under the Loan without penalty. The Loan had an outstanding balance of $13,100,000 as of April 30, 2023. In February 2018, the Company and certain principals from Lewis guaranteed the obligations under the Loan. The guarantors are jointly and severally liable for all Loan obligations in the event of default by LLCB. The guarantee continues in effect until all of the Loan obligations are fully paid. 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 value in equity in investments. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company, which provides for unpaid liabilities of LLCB to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in LLCB. In October 2022, the Company entered into a joint venture with Lewis for the development of the Retained Property. The Company formed LLCB II, LLC ("LLCB II") as the development entity, contributed the Retained Property to the joint venture and sold a 50% interest to Lewis for $7,975,000. The Company recorded a deferred gain of $465,000 on the transaction, which is included in other long-term liabilities as of April 30, 2023 and October 31, 2022. The joint venture partners will share in the capital contributions to fund project costs until loan proceeds and/or revenues are sufficient to fund the project. The Company made contributions of $275,000 to LLCB II during the six months ended April 30, 2023. Through April 30, 2023, LLCB has closed sales of initial residential lots representing 586 residential units. 5. Real Estate Development (continued) Other Real Estate Development Projects In fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which closed in November 2022. After transaction and other costs, the Company received cash proceeds of approximately $2,577,000 and recorded an immaterial loss on disposal of assets during the six months ended April 30, 2023.

Long-Term Debt

6 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

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


	April 30, 2023		October 31, 2022
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month Secured Overnight Financing Rate ("SOFR"), which was 4.80% at April 30, 2023, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	40,000	$	88,521

AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023.	—		919
AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023.	—		7,562
AgWest Farm Credit term loan: The interest rate was fixed at 2.77% until July 1, 2025, becoming variable for the remainder of the loan. The loan was repaid in January 2023.	—		5,555
AgWest Farm Credit term loan: The interest rate was fixed at 3.19%. The loan was repaid in January 2023.	—		2,003
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	653		675
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.	200		233
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.	430		434
Subtotal	41,283		105,902
Less deferred financing costs, net of accumulated amortization	—		94
Total long-term debt, net	41,283		105,808
Less current portion	446		1,732
Long-term debt, less current portion	$	40,837	$	104,076

The Company entered into a Master Loan Agreement (the “MLA”) with AgWest Farm Credit, formerly known as Farm Credit West, (the "Lender") dated June 1, 2021, together with a revolving credit facility supplement (the “Revolving Credit Supplement”), a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement,” and together with the Revolving Credit Supplement, the “Supplements”) and an agreement to convert to a fixed interest rate for a period of time as described in the table above ("Fixed Interest Rate Agreement"). The MLA governs the terms of the Supplements. The MLA amends and restates the previous Master Loan Agreement between the Company and the Lender, dated June 19, 2017, and extends the principal repayment to July 1, 2026.

In March 2020, the Company entered into a revolving equity line of credit promissory note and loan agreement with the Lender for a $15,000,000 Revolving Equity Line of Credit (the "RELOC") secured by a first lien on the Windfall Investors, LLC property. The RELOC featured a 3-year draw period followed by 20 years of fully amortized loan payments. On March 31, 2023, the draw period expired and the RELOC was closed as there was no balance outstanding.

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. As of April 30, 2023, the Company's outstanding borrowings under the Supplements were $40,000,000 and it had $75,000,000 available to borrow.

In January 2023, the Company used the proceeds from the Northern Properties sale as described in Note 3 - Asset Sales and Disposals to reduce the Company's long-term debt.

10. Long-Term Debt (continued)

The interest rate in effect under the Revolving Credit Supplement automatically adjusts on the first day of each month. The interest rate for any amount outstanding under the Revolving Credit Supplement was based on the one-month LIBOR plus or minus an applicable margin. As of January 1, 2023, the rate transitioned from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The applicable margin ranges from 1.78% to 2.28% depending on the ratio of current assets, plus the remaining available commitment divided by current liabilities. On each one-year anniversary of July 1, the Company has the option to convert the interest rate in use under the Revolving Credit Supplement from the preceding SOFR-based calculation to a variable interest rate. The Company may prepay any amounts outstanding under the Revolving Credit Supplement without penalty.

The interest rate in effect under the Non-Revolving Credit Supplement is a fixed interest rate of 3.57% per year until July 1, 2025 (the “Fixed Rate Term”). Thereafter, the interest rate will convert to a variable interest rate established by the Lender corresponding to the applicable interest rate group. The Company may not prepay any amounts under the outstanding Non-Revolving Credit Supplement during the Fixed Rate Term. Thereafter, the Company may prepay any amounts outstanding under the Non-Revolving Credit Supplement, provided that a fee equal to 0.50% of the amount prepaid and any other cost or loss suffered by the Lender must be paid with any prepayment.

All indebtedness under the MLA, including any indebtedness under the Supplements, is secured by a first lien on Company-owned stock or participation certificates, Company funds maintained with the Lender, the Lender’s unallocated surplus, and certain of the Company’s agricultural properties in 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 MLA includes customary default provisions that provide should an event of default occur, the Lender, at its option, may declare all or any portion of the indebtedness under the MLA to be immediately due and payable without demand, notice of nonpayment, 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 MLA 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 financial covenant that requires it to maintain compliance with a specific debt service coverage ratio greater than or equal to 1.25:1.0 when measured at October 31, 2023 and annually thereafter. The Company was in compliance as of October 31, 2022.

In February 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $1,413,000 in the second quarter of fiscal year 2023. In December 2021, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $1,582,000 in February 2022.

Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of zero during the three months ended April 30, 2023 and 2022, and $306,000 and zero during the six months ended April 30, 2023 and 2022, respectively. Capitalized interest is included in property, plant and equipment and real estate development assets in the Company’s consolidated balance sheets.

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 01, 2021	Apr. 30, 2023	Oct. 31, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Long-term debt, gross		$ 41,283	$ 105,902
Less deferred financing costs, net of accumulated amortization		0	94
Total long-term debt, net		41,283	105,808
Less current portion		446	1,732
Long-term debt, less current portion		40,837	104,076
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 40,000	88,521
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Base rate		4.80%
Basis spread on variable rate		1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Revolving Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.28%
Farm Credit West Revolving and Non-Revolving Lines of Credit \| Non-Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 40,000
Fixed interest rate				3.57%
Farm Credit West Term Loan due October 2035
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	919
Fixed interest rate		3.24%
Farm Credit West Term Loan due March 2036
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	7,562
Fixed interest rate		3.24%
Farm Credit West Term Loan due March 2036
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	5,555
Fixed interest rate		2.77%
Farm Credit West Term Loan due Sept 2026
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	2,003
Fixed interest rate		3.19%
Banco de Chile Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 653	675
Fixed interest rate		6.48%
Banco De Chile COVID-19 Loans
Debt Instrument [Line Items]
Long-term debt, gross		$ 200	233
Fixed interest rate		3.48%
Banco De Chile COVID-19 Loan Two
Debt Instrument [Line Items]
Long-term debt, gross		$ 430	$ 434
Fixed interest rate			4.26%

Basic and Diluted Net (Loss) Income Per Share - Schedule of Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$ (1,739)	$ 1,435	$ 13,767	$ (5,208)
Effect of unvested, restricted stock	(23)	(15)	(188)	(29)
Numerator: Net (loss) income for basic EPS	$ (1,762)	$ 1,420	$ 13,579	$ (5,237)
Denominator: Weighted average common shares–basic (in shares)	17,597,000	17,511,000	17,587,000	17,461,000
Basic net income (loss) per common share (in dollars per share)	$ (0.10)	$ 0.08	$ 0.77	$ (0.30)
Diluted net (loss) income per common share:
Net (loss) income for basic EPS	$ (1,762)	$ 1,420	$ 13,579	$ (5,237)
Effect of dilutive preferred stock	0	0	251	0
Numerator: Net (loss) income for diluted EPS	$ (1,762)	$ 1,420	$ 13,830	$ (5,237)
Denominator: Weighted average common shares–basic (in shares)	17,597,000	17,511,000	17,587,000	17,461,000
Effect of dilutive unvested, restricted stock and preferred stock (in shares)	0	0	741,000	0
Denominator: Weighted average common shares–diluted (in shares)	17,597,000	17,511,000	18,328,000	17,461,000
Diluted net income (loss) per common share (in dollars per share)	$ (0.10)	$ 0.08	$ 0.75	$ (0.30)

Retirement Plans - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Retirement Plans - Narrative (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023
Retirement Benefits [Abstract]
Average earnings period			5 years
Funding contributions	$ 2,550,000	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Apr. 30, 2023	Oct. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (2,992)	$ (2,617)
Net Carrying Amount	3,590
Gross Carrying Amount	10,230	9,934
Net Carrying Amount	7,238	7,317
Acquired water and mineral rights
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	3,648	3,352
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,108	2,108
Accumulated Amortization	(1,002)	(881)
Net Carrying Amount	$ 1,106	$ 1,227
Weighted Average Useful Life in Years	8 years	8 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,037	$ 4,037
Accumulated Amortization	(1,885)	(1,660)
Net Carrying Amount	$ 2,152	$ 2,377
Weighted Average Useful Life in Years	9 years	9 years
Non-competition agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 437	$ 437
Accumulated Amortization	(105)	(76)
Net Carrying Amount	$ 332	$ 361
Weighted Average Useful Life in Years	8 years	8 years

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 961	$ 315
Operating cash outflows from finance leases	16	30
Financing cash outflows from finance leases	118	169
ROU assets obtained in exchange for new operating lease liabilities	$ 114	$ 350

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Apr. 30, 2023

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

Schedule of Prepaid Expenses and Other Current Assets

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


	April 30, 2023		October 31, 2022
Prepaid supplies and insurance	$	2,638	$	2,958
Real estate development held for sale	—		2,670
Sales tax receivable	422		475
Lemon supplier advances	1,434		1,188
Legal settlement receivable	6,109		—
Other	1,146		1,205
	$	11,749	$	8,496

Leases - Lessor Arrangements, Narrative (Details)	Apr. 30, 2023
Minimum
Lessor, Lease, Description [Line Items]
Remaining terms of operating leases	1 month
Maximum
Lessor, Lease, Description [Line Items]
Remaining terms of operating leases	20 years

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

6 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) per Share

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


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(1,739)	$	1,435	$	13,767	$	(5,208)
Effect of unvested, restricted stock	(23)		(15)		(188)		(29)
Numerator: Net (loss) income for basic EPS	(1,762)		1,420		13,579		(5,237)
Denominator: Weighted average common shares-basic	17,597		17,511		17,587		17,461
Basic net (loss) income per common share	$	(0.10)	$	0.08	$	0.77	$	(0.30)
Diluted net (loss) income per common share:
Net (loss) income for basic EPS	$	(1,762)	$	1,420	$	13,579	$	(5,237)
Effect of dilutive preferred stock	—		—		251		—
Numerator: Net (loss) income for diluted EPS	(1,762)		1,420		13,830		(5,237)
Weighted average common shares–basic	17,597		17,511		17,587		17,461
Effect of dilutive preferred stock	—		—		741		—
Denominator: Weighted average common shares–diluted	17,597		17,511		18,328		17,461
Diluted net (loss) income per common share	$	(0.10)	$	0.08	$	0.75	$	(0.30)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Series B Preferred	Series B-2 Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Series B Preferred	Retained Earnings Series B-2 Preferred	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Oct. 31, 2021				17,685,400
Beginning balance at Oct. 31, 2021	$ 188,435			$ 179	$ 163,965	$ 21,552			$ (5,733)	$ (3,493)	$ 11,965
Stockholders' Equity
Dividends Common	(1,328)					(1,328)
Dividends preferred		$ (32)	$ (93)				$ (32)	$ (93)
Stock compensation (in shares)				70,000
Stock compensation	997			$ 1	996
Exchange of common stock (in shares)				(55,362)
Exchange of common stock	(900)			$ 0	(900)
Net income	(6,606)					(6,518)					(88)
Other comprehensive income, net of tax	129								127		2
Ending balance (in shares) at Jan. 31, 2022				17,700,038
Ending balance at Jan. 31, 2022	180,602			$ 180	164,061	13,581			(5,606)	(3,493)	11,879
Beginning balance, temporary equity at Oct. 31, 2021		1,479	9,331
Ending balance, temporary equity at Jan. 31, 2022		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2021				17,685,400
Beginning balance at Oct. 31, 2021	188,435			$ 179	163,965	21,552			(5,733)	(3,493)	11,965
Stockholders' Equity
Net income	(5,034)
Ending balance (in shares) at Apr. 30, 2022				17,721,551
Ending balance at Apr. 30, 2022	179,976			$ 180	164,253	13,691			(6,539)	(3,493)	11,884
Beginning balance, temporary equity at Oct. 31, 2021		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2022		1,479	9,331
Beginning balance (in shares) at Jan. 31, 2022				17,700,038
Beginning balance at Jan. 31, 2022	180,602			$ 180	164,061	13,581			(5,606)	(3,493)	11,879
Stockholders' Equity
Dividends Common	(1,325)					(1,325)
Dividends preferred		(33)	(93)				(33)	(93)
Stock compensation (in shares)				34,231
Stock compensation	378				378
Exchange of common stock (in shares)				(12,718)
Exchange of common stock	(186)				(186)
Net income	1,572					1,561					11
Other comprehensive income, net of tax	(939)								(933)		(6)
Ending balance (in shares) at Apr. 30, 2022				17,721,551
Ending balance at Apr. 30, 2022	179,976			$ 180	164,253	13,691			(6,539)	(3,493)	11,884
Beginning balance, temporary equity at Jan. 31, 2022		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2022		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2022				17,684,315
Beginning balance at Oct. 31, 2022	181,054			$ 177	165,169	15,500			(7,908)	(3,493)	11,609
Stockholders' Equity
Dividends Common	(1,337)					(1,337)
Dividends preferred		(32)	(93)				(32)	(93)
Stock compensation (in shares)				146,289
Stock compensation	1,064			$ 1	1,063
Noncontrolling interest adjustment	(78)										(78)
Net income	15,534					15,631					(97)
Other comprehensive income, net of tax	3,947								3,947		0
Ending balance (in shares) at Jan. 31, 2023				17,830,604
Ending balance at Jan. 31, 2023	200,059			$ 178	166,232	29,669			(3,961)	(3,493)	11,434
Beginning balance, temporary equity at Oct. 31, 2022		1,479	9,331
Ending balance, temporary equity at Jan. 31, 2023		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2022				17,684,315
Beginning balance at Oct. 31, 2022	181,054			$ 177	165,169	15,500			(7,908)	(3,493)	11,609
Stockholders' Equity
Net income	13,904
Ending balance (in shares) at Apr. 30, 2023				17,978,910
Ending balance at Apr. 30, 2023	197,844			$ 180	167,169	26,582			(4,011)	(3,493)	11,417
Beginning balance, temporary equity at Oct. 31, 2022		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2023		1,479	9,331
Beginning balance (in shares) at Jan. 31, 2023				17,830,604
Beginning balance at Jan. 31, 2023	200,059			$ 178	166,232	29,669			(3,961)	(3,493)	11,434
Stockholders' Equity
Dividends Common	(1,348)					(1,348)
Dividends preferred		(33)	(93)				$ (33)	$ (93)
Stock compensation (in shares)				149,900
Stock compensation	965			$ 2	963
Exchange of common stock (in shares)				(1,594)
Exchange of common stock	(26)				(26)
Net income	(1,630)					(1,613)					(17)
Other comprehensive income, net of tax	(50)								(50)		0
Ending balance (in shares) at Apr. 30, 2023				17,978,910
Ending balance at Apr. 30, 2023	$ 197,844			$ 180	$ 167,169	$ 26,582			$ (4,011)	$ (3,493)	$ 11,417
Beginning balance, temporary equity at Jan. 31, 2023		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2023		$ 1,479	$ 9,331

Asset Sales and Disposals (Tables)

6 Months Ended

Apr. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Asset Sale

The following is a summary of the transaction (in thousands):


Net cash proceeds received	$	85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
	58,416
Gain on disposal of assets	$	39,995

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Summary of Significant Accounting Policies

6 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Comprehensive (Loss) Income

Comprehensive (loss) income represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.

The following table summarizes other comprehensive (loss) income by component (in thousands):


	Three Months Ended April 30,
	2023						2022
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	(50)	$	—	$	(50)	$	(1,006)	$	—	$	(1,006)
Minimum pension liability adjustments:
Other comprehensive income before reclassifications	—		—		—		100		(27)		73

Other comprehensive loss	$	(50)	$	—	$	(50)	$	(906)	$	(27)	$	(933)

Summary of Significant Accounting Policies (continued)



	Six Months Ended April 30,
	2023						2022
	Pre-tax Amount		Tax Benefit (Expense)		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	2,173	$	—	$	2,173	$	(951)	$	—	$	(951)
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications	(355)		135		(220)		199		(54)		145
Amounts reclassified to earnings included in "Other income (expense), net"	2,700		(756)		1,944		—		—		—
Other comprehensive income (loss)	$	4,518	$	(621)	$	3,897	$	(752)	$	(54)	$	(806)

The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):


	Foreign Currency Translation (Loss) Gain		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2022	$	(6,184)	$	(1,724)	$	(7,908)
Other comprehensive income	2,173		1,724		3,897
Balance at April 30, 2023	$	(4,011)	$	—	$	(4,011)


	Foreign Currency Translation Loss		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2021	$	(3,754)	$	(1,979)	$	(5,733)
Other comprehensive (loss) income	(951)		145		(806)
Balance at April 30, 2022	$	(4,705)	$	(1,834)	$	(6,539)

COVID-19 Pandemic

There is continued uncertainty around the breadth and duration of the Company's business disruptions related to the COVID-19 pandemic. The decline in demand for the Company's products has negatively impacted the Company's sales and profitability since the beginning of the second quarter of fiscal year 2020. The COVID-19 pandemic may continue to impact the Company's sales and profitability in future periods. The duration of these trends and the magnitude of such impacts are uncertain and therefore cannot be estimated at this time, as they are influenced by a number of factors, many of which are outside management’s control. The full impact of the COVID-19 pandemic on the Company's results of operations, financial condition, and liquidity, including its ability to comply with debt covenants, for fiscal year 2023 and beyond, is driven by estimates that contain uncertainties.

Concentrations

Concentrations of credit risk with respect to revenues and accounts receivable are limited due to a large, diverse customer base. One individual customer represented 12% of revenue for the six months ended April 30, 2023. One individual customer represented 10% of accounts receivable, net as of April 30, 2023.

One individual supplier represented 11% of accounts payable as of April 30, 2023.

Lemons procured from third-party growers were 57% and 54% of the Company's lemon supply for the six months ended April 30, 2023 and 2022, respectively. Two third-party growers were 23% and 19% of the lemon supply for the six months ended April 30, 2023, respectively. One third-party grower was 13% of the lemon supply for the six months ended April 30, 2022.

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.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Net revenues:
Agribusiness	$ 46,676	$ 45,369	$ 83,204	$ 83,452
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Agribusiness	Agribusiness
Other operations	$ 1,394	$ 1,381	2,767	2,572
Total net revenues	48,070	46,750	85,971	86,024
Costs and expenses:
Agribusiness	$ 38,189	$ 37,599	79,430	78,843
Cost, Product and Service [Extensible List]	Agribusiness	Agribusiness
Other operations	$ 1,009	$ 1,093	2,247	2,167
Loss (gain) on disposal of assets, net	8,998	346	(30,744)	261
Gain on legal settlement	(2,269)	0	(2,269)	0
Selling, general and administrative	6,005	5,126	15,285	11,725
Total costs and expenses	51,932	44,164	63,949	92,996
Operating (loss) income	(3,862)	2,586	22,022	(6,972)
Other income (expense):
Interest income	62	27	70	48
Interest (expense), net of patronage dividends	996	(696)	(176)	(481)
Equity in earnings of investments, net	62	299	315	350
Other income (expense), net	200	78	(2,412)	93
Total other income (expense)	1,320	(292)	(2,203)	10
(Loss) income before income tax benefit (provision)	(2,542)	2,294	19,819	(6,962)
Income tax benefit (provision)	912	(722)	(5,915)	1,928
Net (loss) income	(1,630)	1,572	13,904	(5,034)
Net loss (income) attributable to noncontrolling interest	17	(11)	114	77
Net (loss) income attributable to Limoneira Company	(1,613)	1,561	14,018	(4,957)
Preferred dividends	(126)	(126)	(251)	(251)
Net (loss) income applicable to common stock	$ (1,739)	$ 1,435	$ 13,767	$ (5,208)
Basic net (loss) income per common share (in dollars per share)	$ (0.10)	$ 0.08	$ 0.77	$ (0.30)
Diluted net (loss) income per common share (in dollars per share)	$ (0.10)	$ 0.08	$ 0.75	$ (0.30)
Weighted-average common shares outstanding-basic (in shares)	17,597,000	17,511,000	17,587,000	17,461,000
Weighted-average common shares outstanding-diluted (in shares)	17,597,000	17,511,000	18,328,000	17,461,000

Commitments and Contingencies (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	May 19, 2023	Apr. 30, 2023	Apr. 18, 2023	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Other Commitments [Line Items]
Gain on legal settlement				$ 2,269	$ 0	$ 2,269	$ 0
Revenues				$ 46,676	$ 45,369	$ 83,204	$ 83,452
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]				Agribusiness	Agribusiness
Southern California Edison
Other Commitments [Line Items]
Legal settlement awarded			$ 9,000
Gain on legal settlement		$ 2,269
Revenues		$ 3,840
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Agribusiness
Subsequent Event \| Southern California Edison
Other Commitments [Line Items]
Net proceeds from legal settlement	$ 6,109

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Goodwill and Intangible Assets, Net - Change in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Apr. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,506
Foreign currency translation adjustment	23
Ending balance	$ 1,529

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Assets
Operating lease ROU assets	$ 5,522	$ 6,190
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease assets	$ 1,025	$ 1,091
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating and finance lease assets	$ 6,547	$ 7,281
Liabilities and Stockholders' Equity
Current operating lease liabilities	$ 1,820	$ 1,892
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current, Payables to related parties	Accrued Liabilities, Current, Payables to related parties
Current finance lease liabilities	$ 268	$ 268
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-current operating lease liabilities	$ 3,722	$ 4,347
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Non-current finance lease liabilities	$ 596	$ 715
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating and finance lease liabilities	$ 6,406	$ 7,222

Accrued Liabilities (Tables)

6 Months Ended

Apr. 30, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	April 30, 2023		October 31, 2022
Compensation	$	2,192	$	3,572
Property taxes	—		664

Operating expenses	2,411		2,341
Leases	2,044		2,026
Other	1,293		2,457

	$	7,940	$	11,060

Other Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in mutual water companies	$ 5,681		$ 6,500
Disposed of by Sale \| Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in mutual water companies		$ 1,320

Retirement Plans

6 Months Ended

Apr. 30, 2023

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 Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021.

During the three months ended January 31, 2023, the Company made funding contributions of $2,550,000 to fully fund and settle the plan obligations. Lump sum payments were made to a portion of the active and vested terminated participants and annuities were purchased for all remaining participants from an insurance company. There are no remaining benefit obligations or plan assets and the remaining accumulated other comprehensive loss was fully recognized.

The Plan was funded consistent with the funding requirements of federal law and regulations. There were no funding contributions during the six months ended April 30, 2022. Plan assets were invested in a group trust consisting primarily of pooled funds, mutual funds, cash and cash equivalents.

16. Retirement Plans (continued)

The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Administrative expenses	$	—	$	179	$	20	$	359
Interest cost	—		130		34		260
Expected return on plan assets	—		(128)		(17)		(255)
Prior service cost	—		11		4		22
Recognized actuarial loss	—		100		—		199
Settlement loss recognized	—		—		2,700		—
Net periodic benefit cost	$	—	$	292	$	2,741	$	585

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Schedule of Comprehensive Income (Loss) by Component

The following table summarizes other comprehensive (loss) income by component (in thousands):


	Three Months Ended April 30,
	2023						2022
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	(50)	$	—	$	(50)	$	(1,006)	$	—	$	(1,006)
Minimum pension liability adjustments:
Other comprehensive income before reclassifications	—		—		—		100		(27)		73

Other comprehensive loss	$	(50)	$	—	$	(50)	$	(906)	$	(27)	$	(933)



	Six Months Ended April 30,
	2023						2022
	Pre-tax Amount		Tax Benefit (Expense)		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	2,173	$	—	$	2,173	$	(951)	$	—	$	(951)
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications	(355)		135		(220)		199		(54)		145
Amounts reclassified to earnings included in "Other income (expense), net"	2,700		(756)		1,944		—		—		—
Other comprehensive income (loss)	$	4,518	$	(621)	$	3,897	$	(752)	$	(54)	$	(806)

Schedule of Accumulated Other Comprehensive Income (Loss) by Component

The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):


	Foreign Currency Translation (Loss) Gain		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2022	$	(6,184)	$	(1,724)	$	(7,908)
Other comprehensive income	2,173		1,724		3,897
Balance at April 30, 2023	$	(4,011)	$	—	$	(4,011)


	Foreign Currency Translation Loss		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2021	$	(3,754)	$	(1,979)	$	(5,733)
Other comprehensive (loss) income	(951)		145		(806)
Balance at April 30, 2022	$	(4,705)	$	(1,834)	$	(6,539)

Other Long-Term Liabilities

6 Months Ended

Apr. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

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


	April 30, 2023		October 31, 2022
Minimum pension liability	$	—	$	2,272
Loan guarantee	1,080		1,080
Leases	4,318		5,062
Other	1,272		1,393
	$	6,670	$	9,807

Asset Sales and Disposals - Narrative (Details) $ in Thousands				1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023 USD ($) a	Apr. 28, 2023 USD ($) a	Jan. 31, 2023 USD ($)	Oct. 31, 2022 USD ($) a	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jun. 01, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss					$ 2,542	$ (2,294)	$ (19,819)	$ 6,962
Farm Credit West Revolving and Non-Revolving Lines of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum borrowing capacity									$ 115,000
Non-Revolving Credit Facility \| Farm Credit West Revolving and Non-Revolving Lines of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum borrowing capacity									$ 40,000
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of acres sold \| a		670
Net cash proceeds received		$ 9,012
Disposed of by Sale \| Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of acres sold \| a	397,000			3,537
Sales price	$ 100,008			$ 100,405	$ 100,008		100,008
Pre-tax loss							$ 1,677	$ 1,423
Minimum year term			5 years
Net cash proceeds received			$ 85,494

Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022
Class of Stock [Line Items]
Stock compensation expense			$ 2,029	$ 1,375
Retention Bonus Agreements
Class of Stock [Line Items]
Stock compensation expense		$ 122
Management
Class of Stock [Line Items]
Shares exchanged (in shares)			1,594	68,080
Fair value of common stock for the payment of payroll taxes associated with the vesting of shares under stock-based compensation programs			$ 26	$ 1,086
Performance Shares
Class of Stock [Line Items]
Vesting period			2 years		2 years
Unrecognized stock-based compensation expense					$ 1,055
Stock compensation expense					$ 365
Performance Shares \| Stock Plan
Class of Stock [Line Items]
Shares granted (in shares)		79,972
Common stock per share (in dollars per share)		$ 13.19
Restricted Shares \| Retention Bonus Agreements
Class of Stock [Line Items]
Shares granted (in shares)	127,064	11,317
Common stock per share (in dollars per share)	$ 15.74	$ 13.19
Unrecognized stock-based compensation expense	$ 2,000	$ 149
Restricted Shares \| Key Executives
Class of Stock [Line Items]
Vesting period			3 years
Shares granted (in shares)		55,000
Common stock per share (in dollars per share)		$ 13.19
Unrecognized stock-based compensation expense		$ 725
Restricted Shares \| Non-Employee Directors
Class of Stock [Line Items]
Vesting period	1 year		1 year
Shares granted (in shares)	22,836
Common stock per share (in dollars per share)	$ 16.26
Stock-Based Compensation \| Non-Employee Directors
Class of Stock [Line Items]
Share-based Payment Arrangement, Expense	$ 371

Real Estate Development - Narrative (Details) $ in Thousands		1 Months Ended		6 Months Ended
	Feb. 01, 2023	Apr. 30, 2023 USD ($) residential_unit	Oct. 31, 2022 USD ($)	Apr. 30, 2023 USD ($) residential_unit	Apr. 30, 2022 USD ($)	Feb. 22, 2023 USD ($)	Jan. 31, 2020 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)	Nov. 10, 2015 USD ($)	Oct. 31, 2005 a property
Real Estate Properties [Line Items]
Real estate development assets		$ 9,858	$ 9,706	$ 9,858
Loan balance		$ 41,283	105,808	41,283
Equity method investments				$ 275	$ 0
LLCB
Real Estate Properties [Line Items]
Number of residential units sold \| residential_unit		586		586
Unsecured Line of Credit Loan Agreement and Promissory Note
Real Estate Properties [Line Items]
Estimated value of the guarantee obligation								$ 1,080
Unsecured Line of Credit Loan Agreement and Promissory Note \| LLCB
Real Estate Properties [Line Items]
Face amount of loan									$ 45,000
Maximum borrowing capacity						$ 35,000
Loan balance		$ 13,100		$ 13,100
Unsecured Line of Credit Loan Agreement and Promissory Note \| LLCB \| Bloomberg Short-Term Bank Yield Index rate (BSBY)
Real Estate Properties [Line Items]
Basis spread on variable rate	2.85%
LLCB \| Affiliated Entity
Real Estate Properties [Line Items]
Payables to Related Parties		3,444	3,444	3,444
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 \| LLCB II, LLC
Real Estate Properties [Line Items]
Deferred on sales of investment real estate		$ 465	$ 465
East Area I \| Lewis Group of Companies
Real Estate Properties [Line Items]
Equity method investment, aggregate cost										$ 20,000
East Area I \| Lewis Group of Companies \| Limoneira Lewis Community Builders
Real Estate Properties [Line Items]
Ownership percentage			50.00%							50.00%
East Area I \| Lewis Group of Companies \| LLCB II, LLC
Real Estate Properties [Line Items]
Proceeds from sale of equity method investments			$ 7,975
Limoneira Lewis Community Builders, LLC Agreement
Real Estate Properties [Line Items]
Equity method investments				275
Sevilla \| Disposal Group, Not Discontinued Operations
Real Estate Properties [Line Items]
Consideration for sale of property							$ 2,700
Net cash proceeds received				$ 2,577

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining six months)	$ 354
2024	711
2025	711
2026	711
2027	427
Thereafter	676
Net Carrying Amount	$ 3,590

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Apr. 30, 2023	Oct. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	39,000,000	39,000,000
Common stock, shares issued	18,229,887	17,935,292
Common stock, shares outstanding	17,978,910	17,684,315
Treasury stock (in shares)	250,977	250,977
Series B Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100.00	$ 100.00
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	14,790	14,790
Preferred stock, shares outstanding	14,790	14,790
Preferred stock coupon rate	8.75%	8.75%
Series B-2 Preferred
Preferred stock, par value (in dollars per share)	$ 100.00	$ 100.00
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	9,300	9,300
Preferred stock, shares outstanding	9,300	9,300
Preferred stock coupon rate	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	20,000	20,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of PresentationBusiness 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 citrus. The Company is also engaged in residential rentals and other rental operations and real estate development activities. The Company markets and sells citrus 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 a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. Basis of Presentation and Preparation The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes 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. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.

Goodwill and Intangible Assets, Net

6 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

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


	Goodwill Carrying Amount
Balance at October 31, 2022	$	1,506

Foreign currency translation adjustment	23
Balance at April 30, 2023	$	1,529

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. There have been no impairment charges recorded against goodwill as of April 30, 2023.

Intangible assets consisted of the following (in thousands):


	April 30, 2023							October 31, 2022
	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
Trade names and trademarks	$	2,108	(1,002)		1,106		8	$	2,108	$	(881)	$	1,227	8
Customer relationships	4,037		(1,885)		2,152		9	4,037		(1,660)		2,377		9
Non-competition agreement	437		(105)		332		8	437		(76)		361		8
Acquired water and mineral rights	3,648		—		3,648		Indefinite	3,352		—		3,352		Indefinite
	$	10,230	$	(2,992)	$	7,238		$	9,934	$	(2,617)	$	7,317

7. Goodwill and Intangible Assets, Net (continued)

Amortization expense totaled $178,000 and $180,000 for the three months ended April 30, 2023 and 2022, respectively. Amortization expense totaled $375,000 and $361,000 for the six months ended April 30, 2023 and 2022 respectively.

Estimated future amortization expense of intangible assets as of April 30, 2023 is as follows (in thousands):


2023 (remaining six months)	$	354
2024	711
2025	711
2026	711
2027	427
Thereafter	676
	$	3,590

Prepaid Expenses and Other Current Assets

6 Months Ended

Apr. 30, 2023

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

Prepaid Expenses and Other Current Assets

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


	April 30, 2023		October 31, 2022
Prepaid supplies and insurance	$	2,638	$	2,958
Real estate development held for sale	—		2,670
Sales tax receivable	422		475
Lemon supplier advances	1,434		1,188
Legal settlement receivable	6,109		—
Other	1,146		1,205
	$	11,749	$	8,496

Leases - Lessee Arrangements, Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 491	$ 135	$ 982	$ 258
Variable lease	98	98		156
Short-term lease	$ 175	$ 175	$ 338	$ 338
Minimum
Lessee, Lease, Description [Line Items]
Remaining terms of operating leases	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining terms of operating leases	15 years		15 years

Leases - Composition of Rental Operations Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Leases [Abstract]
Operating lease revenue	$ 1,274	$ 1,295	$ 2,564	$ 2,413
Variable lease revenue	120	86	203	159
Total lease revenue	$ 1,394	$ 1,381	$ 2,767	$ 2,572

Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2023

Summary of Transactions with Related Parties

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):


		April 30, 2023								October 31, 2022
		Balance Sheet								Balance Sheet
Ref	Related Party	Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities		Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities
2	Mutual water companies	$	—	$	501	$	763	$	—	$	—	$	506	$	133	$	—
5	Cadiz / Fenner / WAM	$	—	$	1,247	$	347	$	1,247	$	—	$	1,288	$	446	$	1,198
8	FGF	$	2,738	$	2,652	$	837	$	—	$	2,965	$	2,652	$	837	$	—
9	LLCB	$	66	$	—	$	3,444	$	—	$	66	$	—	$	3,444	$	—


		Three Months Ended April 30, 2023						Three Months Ended April 30, 2022
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid			Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	221	$	—	$	—		$	—	$	219	$	—	$	—
2	Mutual water companies	$	—	$	—	$	406	$	—		$	—	$	—	$	355	$	—
3	Cooperative association	$	—	$	—	$	473	$	—		$	—	$	—	$	419	$	—

5	Cadiz / Fenner / WAM	$	—	$	—	$	417	$	—		$	—	$	—	$	472	$	—

7	YMIDD	$	135	$	—	$	62	$	—		$	—	$	—	$	62	$	—
8	FGF	$	33	$	50	$	—	$	—		$	83	$	171	$	—	$	—

11	Third-party growers	$	—	$	—	$	—	$	—		$	104	$	—	$	—	$	—
12	Principal owner	$	—	$	—	$	—	$	222		$	—	$	—	$	—	$	—


		Six Months Ended April 30, 2023						Six Months Ended April 30, 2022
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid			Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	444	$	—	$	—		$	—	$	430	$	—	$	—
2	Mutual water companies	$	—	$	—	$	778	$	—		$	—	$	—	$	494	$	—
3	Cooperative association	$	—	$	—	$	866	$	—		$	—	$	—	$	784	$	—
4	Calavo	$	—	$	—	$	—	$	—		$	—	$	80	$	2	$	126
5	Cadiz / Fenner / WAM	$	—	$	—	$	1,555	$	—		$	—	$	—	$	1,189	$	—

7	YMIDD	$	270	$	—	$	72	$	—		$	—	$	—	$	76	$	—
8	FGF	$	116	$	124	$	—	$	—		$	165	$	171	$	—	$	—

11	Third-party growers	$	—	$	—	$	—	$	—		$	104	$	—	$	12	$	—
12	Principal owner	$	—	$	—	$	—	$	431		$	—	$	—	$	—	$	—

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Other Liabilities Disclosure [Abstract]
Minimum pension liability	$ 0	$ 2,272
Loan guarantee	1,080	1,080
Leases	4,318	5,062
Other	1,272	1,393
Other long-term liabilities	$ 6,670	$ 9,807

Subsequent Events	6 Months Ended
Subsequent Events	Apr. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company evaluated events subsequent to April 30, 2023 through the date of this filing, to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Based upon this evaluation, except as described in the notes to the interim consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements.

Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation	$ 2,192	$ 3,572
Property taxes	0	664
Operating expenses	2,411	2,341
Leases	2,044	2,026
Other	1,293	2,457
Accrued liabilities	$ 7,940	$ 11,060

Basic and Diluted Net (Loss) Income Per Share

6 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income Per Share

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


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Basic net (loss) income per common share:
Net (loss) income applicable to common stock	$	(1,739)	$	1,435	$	13,767	$	(5,208)
Effect of unvested, restricted stock	(23)		(15)		(188)		(29)
Numerator: Net (loss) income for basic EPS	(1,762)		1,420		13,579		(5,237)
Denominator: Weighted average common shares-basic	17,597		17,511		17,587		17,461
Basic net (loss) income per common share	$	(0.10)	$	0.08	$	0.77	$	(0.30)
Diluted net (loss) income per common share:
Net (loss) income for basic EPS	$	(1,762)	$	1,420	$	13,579	$	(5,237)
Effect of dilutive preferred stock	—		—		251		—
Numerator: Net (loss) income for diluted EPS	(1,762)		1,420		13,830		(5,237)
Weighted average common shares–basic	17,597		17,511		17,587		17,461
Effect of dilutive preferred stock	—		—		741		—
Denominator: Weighted average common shares–diluted	17,597		17,511		18,328		17,461
Diluted net (loss) income per common share	$	(0.10)	$	0.08	$	0.75	$	(0.30)

Diluted net (loss) income per common share is 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. Diluted net (loss) income per common share was calculated under the two-class method for the three and six months ended April 30, 2023 and 2022

Retirement Plans - Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Retirement Benefits [Abstract]
Administrative expenses	$ 0	$ 179	$ 20	$ 359
Interest cost	0	130	34	260
Expected return on plan assets	0	(128)	(17)	(255)
Prior service cost	0	11	4	22
Recognized actuarial loss	0	100	0	199
Settlement loss recognized	0	0	2,700	0
Net periodic benefit cost	$ 0	$ 292	$ 2,741	$ 585

Related Party Transactions

6 Months Ended

Apr. 30, 2023

Related Party Transactions

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):


		April 30, 2023								October 31, 2022
		Balance Sheet								Balance Sheet
Ref	Related Party	Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities		Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities
2	Mutual water companies	$	—	$	501	$	763	$	—	$	—	$	506	$	133	$	—
5	Cadiz / Fenner / WAM	$	—	$	1,247	$	347	$	1,247	$	—	$	1,288	$	446	$	1,198
8	FGF	$	2,738	$	2,652	$	837	$	—	$	2,965	$	2,652	$	837	$	—
9	LLCB	$	66	$	—	$	3,444	$	—	$	66	$	—	$	3,444	$	—


		Three Months Ended April 30, 2023						Three Months Ended April 30, 2022
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid			Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	221	$	—	$	—		$	—	$	219	$	—	$	—
2	Mutual water companies	$	—	$	—	$	406	$	—		$	—	$	—	$	355	$	—
3	Cooperative association	$	—	$	—	$	473	$	—		$	—	$	—	$	419	$	—

5	Cadiz / Fenner / WAM	$	—	$	—	$	417	$	—		$	—	$	—	$	472	$	—

7	YMIDD	$	135	$	—	$	62	$	—		$	—	$	—	$	62	$	—
8	FGF	$	33	$	50	$	—	$	—		$	83	$	171	$	—	$	—

11	Third-party growers	$	—	$	—	$	—	$	—		$	104	$	—	$	—	$	—
12	Principal owner	$	—	$	—	$	—	$	222		$	—	$	—	$	—	$	—


		Six Months Ended April 30, 2023						Six Months Ended April 30, 2022
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid			Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	444	$	—	$	—		$	—	$	430	$	—	$	—
2	Mutual water companies	$	—	$	—	$	778	$	—		$	—	$	—	$	494	$	—
3	Cooperative association	$	—	$	—	$	866	$	—		$	—	$	—	$	784	$	—
4	Calavo	$	—	$	—	$	—	$	—		$	—	$	80	$	2	$	126
5	Cadiz / Fenner / WAM	$	—	$	—	$	1,555	$	—		$	—	$	—	$	1,189	$	—

7	YMIDD	$	270	$	—	$	72	$	—		$	—	$	—	$	76	$	—
8	FGF	$	116	$	124	$	—	$	—		$	165	$	171	$	—	$	—

11	Third-party growers	$	—	$	—	$	—	$	—		$	104	$	—	$	12	$	—
12	Principal owner	$	—	$	—	$	—	$	431		$	—	$	—	$	—	$	—

(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 material rental payments due from employees at April 30, 2023 or October 31, 2022.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, as well as other water districts. Refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies and districts.

(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 immaterial payments due to the cooperative association.

14. Related Party Transactions (continued)

(4) Calavo - Through January 2022, the Company had representation on the board of directors of Calavo. Calavo owned common stock of the Company and the Company paid dividends on such common stock to Calavo. Additionally, the Company leases office space to Calavo. As of February 2022, Calavo is no longer a related party.

(5) 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 leased 670 acres located in eastern San Bernardino County, California. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). As of the date of this lease assignment, the Company no longer has any related party transactions with Cadiz. An affiliate of WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock. The annual base rent 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. Upon the adoption of ASC 842, the Company recorded a right-of-use, or ROU, asset and corresponding lease liability.

(7) 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 no amounts payable to them for such purchases. Additionally, the Company received fallowing revenue from YMIDD.

(8) 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. The Company has a receivable from FGF for lemon sales and the sale of packing supplies and a payable due to FGF for fruit purchases and services. The Company records revenue related to the licensing of intangible assets to FGF. The Company leases the Santa Clara ranch to FGF and records rental revenue related to the leased land.

(9) LLCB - Refer to Note 5 - Real Estate Development.

(11) Third-party growers - A former member of the Company's board of directors marketed lemons through the Company. The former board member resigned effective June 14, 2022 and is no longer a related-party.

(12) Principal owner - The Company has one principal owner with ownership shares over 10% and paid dividends to such owner.

Equity in Investments - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Rosales \| Rosales
Schedule of Equity Method Investments [Line Items]
Amounts due from (to) related parties	$ 442	$ 270

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

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Summary of Significant Accounting Policies - Accumulated Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 200,059	$ 180,602	$ 181,054	$ 188,435
Other comprehensive income	(50)	(933)	3,897	(806)
Ending balance	197,844	179,976	197,844	179,976
Foreign Currency Translation (Loss) Gain
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(6,184)	(3,754)
Other comprehensive income	(50)	(1,006)	2,173	(951)
Ending balance	(4,011)	(4,705)	(4,011)	(4,705)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(1,724)	(1,979)
Other comprehensive income			1,724	145
Ending balance	0	(1,834)	0	(1,834)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(7,908)	(5,733)
Ending balance	$ (4,011)	$ (6,539)	$ (4,011)	$ (6,539)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2023 USD ($) segment	Apr. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Number of operating segments \| segment			4
Total net revenues	$ 48,070	$ 46,750	$ 85,971	$ 86,024
Other Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	3,803	4,058	6,202	5,807
Other Agribusiness \| Oranges
Segment Reporting Information [Line Items]
Total net revenues	1,383	2,617	2,535	3,490
Other Agribusiness \| Specialty Citrus and Other Crops
Segment Reporting Information [Line Items]
Total net revenues	$ 2,420	$ 1,441	$ 3,667	$ 2,317

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Accrued Liabilities

6 Months Ended

Apr. 30, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	April 30, 2023		October 31, 2022
Compensation	$	2,192	$	3,572
Property taxes	—		664

Operating expenses	2,411		2,341
Leases	2,044		2,026
Other	1,293		2,457

	$	7,940	$	11,060

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 30, 2023
Accounting Policies [Abstract]
Comprehensive income (loss)	Comprehensive (loss) income represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment loss	$ 0		$ 0
Amortization expense	$ 178,000	$ 180,000	$ 375,000	$ 361,000

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid supplies and insurance	$ 2,638	$ 2,958
Real estate development held for sale	0	2,670
Sales tax receivable	422	475
Lemon supplier advances	1,434	1,188
Legal settlement receivable	6,109	0
Other	1,146	1,205
Prepaid expenses and other current assets	$ 11,749	$ 8,496

Asset Sales and Disposals - Proceeds and Net Book Value of Assets Sold (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 28, 2023	Jan. 31, 2023	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022
Less: net book value of assets sold
Prepaid expenses and other current assets			$ 11,749		$ 11,749		$ 8,496
Gain on disposal of assets			$ (8,998)	$ (346)	$ 30,744	$ (261)
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds received	$ 9,012
Disposed of by Sale \| Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds received		$ 85,494
Debt directly repaid through the transaction		12,917
Total net proceeds received		98,411
Less: net book value of assets sold
Cultural costs		3,853
Prepaid expenses and other current assets		155
Property, plant and equipment, net		53,144
Intangible assets, net		12
Other assets		1,320
Accrued liabilities		(68)
Net book value of assets sold		58,416
Gain on disposal of assets		$ 39,995

Segment Information

6 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Segment Information

The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. 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 harvest costs and third-party grower and supplier costs relative to fresh lemons. The lemon packing segment includes packing revenues and shipping and handling revenues relative to lemon packing. The lemon packing segment expenses are comprised of lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment includes sales, farm management, farming and harvest costs and brokered fruit costs of oranges, specialty citrus and other crops.

Revenues related to rental operations are included in “Corporate and Other.” Other agribusiness revenues consisted of oranges of $1,383,000 and $2,535,000 and specialty citrus and other of $2,420,000 and $3,667,000 for the three and six months ended April 30, 2023. Other agribusiness revenues consisted of oranges of $2,617,000 and $3,490,000 and specialty citrus and other of $1,441,000 and $2,317,000 for the three and six months ended April 30, 2022.

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

Segment information for the three months ended April 30, 2023 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	32,847	$	6,423	$	—	$	3,603	$	3,803	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	32,847		16,732		(10,309)		3,603		3,803		46,676		1,394		48,070
Costs and expenses	29,977		12,075		(10,309)		1,023		3,683		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating income (loss)	$	2,870	$	4,657	$	—	$	2,580	$	120	$	8,487	$	(12,349)	$	(3,862)

Segment information for the three months ended April 30, 2022 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,992	$	6,743	$	—	$	3,576	$	4,058	$	45,369	$	1,381	$	46,750
Intersegment revenue	—		9,373		(9,373)		—		—		—		—		—
Total net revenues	30,992		16,116		(9,373)		3,576		4,058		45,369		1,381		46,750
Costs and expenses	27,222		11,662		(9,373)		2,073		3,828		35,412		6,269		41,681
Depreciation and amortization	—		—		—		—		—		2,187		296		2,483
Operating income (loss)	$	3,770	$	4,454	$	—	$	1,503	$	230	$	7,770	$	(5,184)	$	2,586

Segment information for the six months ended April 30, 2023 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	61,328	$	12,071	$	—	$	3,603	$	6,202	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	61,328		29,743		(17,672)		3,603		6,202		83,204		2,767		85,971
Costs and expenses (gains)	63,277		23,428		(17,672)		1,023		5,499		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(1,949)	$	6,315	$	—	$	2,580	$	703	$	3,774	$	18,248	$	22,022

Segment information for the six months ended April 30, 2022 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	60,592	$	12,711	$	—	$	4,342	$	5,807	$	83,452	$	2,572	$	86,024
Intersegment revenue	—		15,962		(15,962)		—		—		—		—		—
Total net revenues	60,592		28,673		(15,962)		4,342		5,807		83,452		2,572		86,024
Costs and expenses	59,383		22,218		(15,962)		2,394		6,438		74,471		13,562		88,033
Depreciation and amortization	—		—		—		—		—		4,372		591		4,963
Operating income (loss)	$	1,209	$	6,455	$	—	$	1,948	$	(631)	$	4,609	$	(11,581)	$	(6,972)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Equity in Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 73,445	$ 72,855
Limoneira Lewis Community Builders, LLC
Schedule of Equity Method Investments [Line Items]
Equity in investments	61,409	61,154
LLCB II, LLC
Schedule of Equity Method Investments [Line Items]
Equity in investments	8,297	8,023
Limco Del Mar, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in investments	2,072	2,024
Rosales
Schedule of Equity Method Investments [Line Items]
Equity in investments	1,162	1,147
Romney Property Partnership
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 505	$ 507

Other Long-Term Liabilities (Tables)

6 Months Ended

Apr. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

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


	April 30, 2023		October 31, 2022
Minimum pension liability	$	—	$	2,272
Loan guarantee	1,080		1,080
Leases	4,318		5,062
Other	1,272		1,393
	$	6,670	$	9,807

Segment Information (Tables)

6 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information by Segment

Segment information for the three months ended April 30, 2023 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	32,847	$	6,423	$	—	$	3,603	$	3,803	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	32,847		16,732		(10,309)		3,603		3,803		46,676		1,394		48,070
Costs and expenses	29,977		12,075		(10,309)		1,023		3,683		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating income (loss)	$	2,870	$	4,657	$	—	$	2,580	$	120	$	8,487	$	(12,349)	$	(3,862)

Segment information for the three months ended April 30, 2022 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,992	$	6,743	$	—	$	3,576	$	4,058	$	45,369	$	1,381	$	46,750
Intersegment revenue	—		9,373		(9,373)		—		—		—		—		—
Total net revenues	30,992		16,116		(9,373)		3,576		4,058		45,369		1,381		46,750
Costs and expenses	27,222		11,662		(9,373)		2,073		3,828		35,412		6,269		41,681
Depreciation and amortization	—		—		—		—		—		2,187		296		2,483
Operating income (loss)	$	3,770	$	4,454	$	—	$	1,503	$	230	$	7,770	$	(5,184)	$	2,586

Segment information for the six months ended April 30, 2023 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	61,328	$	12,071	$	—	$	3,603	$	6,202	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	61,328		29,743		(17,672)		3,603		6,202		83,204		2,767		85,971
Costs and expenses (gains)	63,277		23,428		(17,672)		1,023		5,499		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(1,949)	$	6,315	$	—	$	2,580	$	703	$	3,774	$	18,248	$	22,022

Segment information for the six months ended April 30, 2022 (in thousands):


	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	60,592	$	12,711	$	—	$	4,342	$	5,807	$	83,452	$	2,572	$	86,024
Intersegment revenue	—		15,962		(15,962)		—		—		—		—		—
Total net revenues	60,592		28,673		(15,962)		4,342		5,807		83,452		2,572		86,024
Costs and expenses	59,383		22,218		(15,962)		2,394		6,438		74,471		13,562		88,033
Depreciation and amortization	—		—		—		—		—		4,372		591		4,963
Operating income (loss)	$	1,209	$	6,455	$	—	$	1,948	$	(631)	$	4,609	$	(11,581)	$	(6,972)

Related Party Transactions (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Related Party Transactions (Details)	Apr. 30, 2023 USD ($) shares	Apr. 30, 2022 USD ($)	Apr. 30, 2023 USD ($) shares	Apr. 30, 2022 USD ($)	Oct. 31, 2013 USD ($) a	Oct. 31, 2022 USD ($)
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		9,300
Mutual water companies \| Affiliated Entity
Balance Sheet
Receivable/Other from Related Parties	$ 0		$ 0			$ 0
Other Assets	501,000		501,000			506,000
Payables to Related Parties	763,000		763,000			133,000
Other Long-Term Liabilities	0		0			0
Consolidated Statement of Operations
Net Revenue Other Operations	0	$ 0	0	$ 0
Dividends Paid	0	0	0	0
Mutual water companies \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	0	0	0	0
Agribusiness Expense and Other	406,000	355,000	778,000	494,000
Employees \| Affiliated Entity
Consolidated Statement of Operations
Net Revenue Other Operations	221,000	219,000	444,000	430,000
Dividends Paid	0	0	0	0
Employees \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	0	0	0	0
Agribusiness Expense and Other	0	0	0	0
Cooperative Association [Member] \| Affiliated Entity
Consolidated Statement of Operations
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Cooperative Association [Member] \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	0	0	0	0
Agribusiness Expense and Other	473,000	419,000	866,000	784,000
Calavo Growers, Inc \| Beneficial Owner
Consolidated Statement of Operations
Net Revenue Other Operations			0	80,000
Dividends Paid			0	126,000
Calavo Growers, Inc \| Beneficial Owner \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness			0	0
Agribusiness Expense and Other			0	2,000
Cadiz / Fenner / WAM \| Affiliated Entity
Balance Sheet
Receivable/Other from Related Parties	0		0			0
Other Assets	1,247,000		1,247,000			1,288,000
Payables to Related Parties	347,000		347,000			446,000
Other Long-Term Liabilities	1,247,000		1,247,000			1,198,000
Consolidated Statement of Operations
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Area of land (in acres) \| 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	0
Agribusiness Expense and Other	417,000	472,000	1,555,000	1,189,000
YMIDD [Member] \| Affiliated Entity
Consolidated Statement of Operations
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
YMIDD [Member] \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	135,000	0	270,000	0
Agribusiness Expense and Other	62,000	62,000	72,000	76,000
FGF \| Co-venturer
Balance Sheet
Receivable/Other from Related Parties	2,738,000		2,738,000			2,965,000
Other Assets	2,652,000		2,652,000			2,652,000
Payables to Related Parties	837,000		837,000			837,000
Other Long-Term Liabilities	0		0			0
Consolidated Statement of Operations
Net Revenue Other Operations	50,000	171,000	124,000	171,000
Dividends Paid	0	0	0	0
FGF \| Co-venturer \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	33,000	83,000	116,000	165,000
Agribusiness Expense and Other	0	0	0	0
LLCB \| Affiliated Entity
Balance Sheet
Receivable/Other from Related Parties	66,000		66,000			66,000
Other Assets	0		0			0
Payables to Related Parties	3,444,000		3,444,000			3,444,000
Other Long-Term Liabilities	0		0			$ 0
Third-party growers \| Affiliated Entity
Consolidated Statement of Operations
Net Revenue Agribusiness				104,000
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Third-party growers \| Affiliated Entity \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	0	104,000	0
Agribusiness Expense and Other	0	0	0	12,000
Principal owner \| Co-venturer
Consolidated Statement of Operations
Net Revenue Other Operations	0	0	0	0
Dividends Paid	222,000	0	431,000	0
Principal owner \| Co-venturer \| Agribusiness
Consolidated Statement of Operations
Net Revenue Agribusiness	0	0	0	0
Agribusiness Expense and Other	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,630)	$ 1,572	$ 13,904	$ (5,034)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(50)	(1,006)	2,173	(951)
Minimum pension liability adjustments, net of tax of $0, $27, $(135) and $54 for the three and six months ended April 30, 2023 and 2022, respectively	0	73	(220)	145
Pension settlement cost, net of tax of $0 and $756 for the three and six months ended April 30, 2023	0	0	1,944	0
Total other comprehensive (loss) income, net of tax	(50)	(933)	3,897	(806)
Comprehensive (loss) income	(1,680)	639	17,801	(5,840)
Comprehensive loss (income) attributable to noncontrolling interest	17	(5)	114	81
Comprehensive (loss) income attributable to Limoneira Company	$ (1,663)	$ 634	$ 17,915	$ (5,759)

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Segment Reporting Information [Line Items]
Total net revenues	$ (48,070)	$ (46,750)	$ (85,971)	$ (86,024)
Costs and expenses	49,888	41,681	59,458	88,033
Depreciation and amortization	2,044	2,483	4,491	4,963
Operating income (loss)	(3,862)	2,586	22,022	(6,972)
Eliminations
Segment Reporting Information [Line Items]
Total net revenues	10,309	9,373	17,672	15,962
Costs and expenses	(10,309)	(9,373)	(17,672)	(15,962)
Depreciation and amortization	0	0	0	0
Operating income (loss)	0	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Total net revenues	(1,394)	(1,381)	(2,767)	(2,572)
Costs and expenses	13,439	6,269	(16,097)	13,562
Depreciation and amortization	304	296	616	591
Operating income (loss)	(12,349)	(5,184)	18,248	(11,581)
Total Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	(46,676)	(45,369)	(83,204)	(83,452)
Costs and expenses	36,449	35,412	75,555	74,471
Depreciation and amortization	1,740	2,187	3,875	4,372
Operating income (loss)	8,487	7,770	3,774	4,609
Total Agribusiness \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	(46,676)	(45,369)	(83,204)	(83,452)
Fresh Lemons
Segment Reporting Information [Line Items]
Total net revenues	(32,847)	(30,992)	(61,328)	(60,592)
Costs and expenses	29,977	27,222	63,277	59,383
Depreciation and amortization	0	0	0	0
Operating income (loss)	2,870	3,770	(1,949)	1,209
Fresh Lemons \| Eliminations
Segment Reporting Information [Line Items]
Total net revenues	0	0	0	0
Fresh Lemons \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	(32,847)	(30,992)	(61,328)	(60,592)
Lemon Packing
Segment Reporting Information [Line Items]
Total net revenues	(6,423)	(6,743)	(12,071)	(12,711)
Costs and expenses	12,075	11,662	23,428	22,218
Depreciation and amortization	0	0	0	0
Operating income (loss)	4,657	4,454	6,315	6,455
Lemon Packing \| Eliminations
Segment Reporting Information [Line Items]
Total net revenues	10,309	9,373	17,672	15,962
Lemon Packing \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	(16,732)	(16,116)	(29,743)	(28,673)
Avocados
Segment Reporting Information [Line Items]
Total net revenues	(3,603)	(3,576)	(3,603)	(4,342)
Costs and expenses	1,023	2,073	1,023	2,394
Depreciation and amortization	0	0	0	0
Operating income (loss)	2,580	1,503	2,580	1,948
Avocados \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	(3,603)	(3,576)	(3,603)	(4,342)
Other Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	(3,803)	(4,058)	(6,202)	(5,807)
Costs and expenses	3,683	3,828	5,499	6,438
Depreciation and amortization	0	0	0	0
Operating income (loss)	120	230	703	(631)
Other Agribusiness \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	$ (3,803)	$ (4,058)	$ (6,202)	$ (5,807)

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company has a stock-based compensation plan (the "Stock Plan") that allows for the grant of restricted 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 common 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 Awards are based on a percentage of the employee’s base salary divided by the stock price on the grant date once the performance criteria have been met, and generally vest over a two-year period as service is provided. During December 2022, 79,972 shares of restricted stock with a per share price of $13.19 were granted to management under the Stock Plan for fiscal year 2022 performance, resulting in total compensation expense of approximately $1,055,000, with $365,000 recognized in the fiscal year ended October 31, 2022, and the balance will be recognized over the next two years as the shares vest. Executive Awards Certain restricted stock grants are made to key executives under the Stock Plan (“Executive Awards”). Executive Awards generally vest over a three-year period as service is provided. During December 2022, the Company granted 55,000 shares of restricted stock with a per share price of $13.19 to key executives under the Stock Plan. The related compensation expense of approximately $725,000 will be recognized equally over the next three years as the shares vest. 18. Stock-based Compensation (continued) In fiscal year 2022, the Company entered into Retention Bonus Agreements with key executives (collectively, the “Retention Bonus Agreements”) whereby the executives will be eligible to receive cash and restricted stock grants. During December 2022, the Company granted 11,317 shares of restricted stock with a per share price of $13.19 to key executives related to the Retention Bonus Agreements. The related compensation expense of approximately $149,000 had $122,000 recognized in the fiscal year ended October 31, 2022, and the balance will be recognized over the next year as the shares vest. During March 2023, the Company granted 127,064 shares of restricted stock with a per share price of $15.74 to key executives related to the Retention Bonus Agreements. The related compensation expense of approximately $2,000,000 will be recognized over the next year as the shares vest. Director Awards The Company issues shares of restricted stock to non-employee directors under the Stock Plan on an annual basis that generally vest over a one-year period (“Director Awards”). During March 2023, 22,836 shares of restricted stock were granted with a per share price of $16.26 as Director Awards, which vest over a one-year period from date of grant. The related compensation expense of approximately $371,000 will be recognized equally over the next year as the shares vest. Exchange of Common Stock During the six months ended April 30, 2023 and 2022, members of management exchanged 1,594 and 68,080 shares of common stock with fair values totaling $26,000 and $1,086,000, respectively, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Stock Plan.

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Change in the Carrying Amount of Goodwill

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


	Goodwill Carrying Amount
Balance at October 31, 2022	$	1,506

Foreign currency translation adjustment	23
Balance at April 30, 2023	$	1,529

Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	April 30, 2023							October 31, 2022
	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
Trade names and trademarks	$	2,108	(1,002)		1,106		8	$	2,108	$	(881)	$	1,227	8
Customer relationships	4,037		(1,885)		2,152		9	4,037		(1,660)		2,377		9
Non-competition agreement	437		(105)		332		8	437		(76)		361		8
Acquired water and mineral rights	3,648		—		3,648		Indefinite	3,352		—		3,352		Indefinite
	$	10,230	$	(2,992)	$	7,238		$	9,934	$	(2,617)	$	7,317

Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	April 30, 2023							October 31, 2022
	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
Trade names and trademarks	$	2,108	(1,002)		1,106		8	$	2,108	$	(881)	$	1,227	8
Customer relationships	4,037		(1,885)		2,152		9	4,037		(1,660)		2,377		9
Non-competition agreement	437		(105)		332		8	437		(76)		361		8
Acquired water and mineral rights	3,648		—		3,648		Indefinite	3,352		—		3,352		Indefinite
	$	10,230	$	(2,992)	$	7,238		$	9,934	$	(2,617)	$	7,317

Estimated Future Amortization Expense of Intangible Assets

Estimated future amortization expense of intangible assets as of April 30, 2023 is as follows (in thousands):


2023 (remaining six months)	$	354
2024	711
2025	711
2026	711
2027	427
Thereafter	676
	$	3,590

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details