We procure avocados from California, Mexico and other growing regions around the world. This generated a gain of $6.4 million. We paid $18.4 million in cash for 100% of SFFI (net of cash acquired). The Mexican avocado crop will typically have three to four blooms in a single year. Generally, larger crops will result in a lower per pound handling cost. One of the key benefits of frozen products is their relatively longer shelf-life. Approximately 1,900 of Calavo's Mexican employees are represented by a union. In the most recent years, there has been an increase in organized crime in Mexico. We sort and pack certain other fresh products as well. Mr. Araiza served as Vice President at Del Rey Avocado from January 2015 to January 2016. The Company adopted this new standard at the beginning of fiscal 2019. In February 2020, we completed our acquisition of SFFI. On December 4, 2020, the Company paid this cash dividend, which totaled $20.3 million. &# We believe this recent ruling undermines the Assessment we received in April 2019. &# In August 2018, we filed an administrative appeal on the 2013 Assessment. Measurement of the deferred items is based on enacted tax laws. We do not plan to invest or loan any additional capital to FreshRealm. See discussion below for further details. We were in compliance with all such covenants at October 31, 2020. &# HAB assessments are primarily used to fund marketing and promotion efforts. &# The new guidance is effective for fiscal years beginning after December 15, 2019. This ASU will be effective for us beginning the first day of our 2021 fiscal year. Actual results could differ materially from those estimates. &# Infrastructure advances are discussed below. In fiscal 2018, we contributed $0.1 million as investments in Don Memo. We use the equity method to account for this investment. See Note 16 and Note 20 for additional information. Typically, we obtain collateral (i.e. fruit, fixed assets, etc.) that approximates the value at risk, prior to making such advances. These advances will be collected through settlements by the end of each year. This infrastructure loan will incur interest at 7.25%. Belher may prepay, without penalty, all or any portion of the loans at any time. Contracts are at standalone pricing. The offsetting credit is made to accrued expenses. Dividend income totaled $0.6 million and $0.6 million for fiscal years 2019 and 2018. The functional currency of our foreign subsidiaries is the United States dollar. Sales and expenses are translated using a weighted-average exchange rate for the period. Gains and losses resulting from those remeasurements are included in income. Limoneira's stock price at October 31, 2018 equaled $24.65 per share. &# These shares vest in one-third increments, on an annual basis. These shares were granted pursuant to our 2011 Plan. We may, however, voluntarily contribute funds. 8203; We lease property and equipment under finance and operating leases. 1110 4444 %%%% M!1110 4444 %%%% ! 1110 4444 4KO\\ MX_[#_KHW_H#5=JE=_P#\'_8?]=&_] :KM ! 1110!2N_^/^P_ZZ-_Z U7:I7?_\'_8?]=&_P#0 M&J[0 4444 %%%% ! @0IZ%YF MH7#S7L4KQ3;[80,K#^$JK,/Q!-=#5\'2=(LM$L5L["(QP@ECNI+$DD^Y MJ]0 4444 %%%% ! All intercompany accounts and transactions have been eliminated in consolidation. & On-going maintenance and repairs are charged to expense. &
