Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 25

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 1
Chunk 25
---
    2024 

    Unrecognized tax benefits, beginning of period 
    $18,978  
    $18,965 

    Changes for prior years’ tax positions 
     20  
     21 

    Changes for current year tax positions 
     -  
     - 

    Unrecognized tax benefits, end of period 
    $18,998  
    $18,986 

At October 31, 2025 and January 31, 2025
the unrecognized tax benefits were included within the following lines on the accompanying Consolidated Balance Sheets (amounts
in thousands):

    October 31, 2025  
    January 31, 2025 

    Refundable income taxes 
    $2,002  
    $2,002 

    Deferred taxes 
     8,583  
     12,037 

    Long-term taxes payable 
     7,788  
     4,334 

    Other long-term liabilities 
     625  
     605 

    Unrecognized tax benefits, end of period 
    $18,998  
    $18,978 

Note 13. Commitments and Contingencies

The Company may be involved in various legal
actions arising in the normal course of business, from time to time. After taking into consideration legal counsel’s evaluations
of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s
Consolidated Financial Statements. There were no material liabilities recorded for legal actions at October 31, 2025 and January
31, 2025, as the Company did not believe that there was a probable and reasonably estimable significant loss associated with any
legal contingencies.

24

At October 31, 2025, One Earth and NuGen
had combined forward purchase contracts for approximately 14.3 million bushels of corn, the principal raw material for their ethanol
plants, and they had combined forward purchase contracts for approximately 1.7 million MmBtu (million British thermal unit) of
natural gas.

At October 31, 2025, One Earth and NuGen
had combined sales commitments for approximately 81.7 million gallons of ethanol, approximately 97,800 tons of distillers grains
and approximately 11.0 million pounds of distillers corn oil.

One Earth entered into a