Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 26

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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29.0 million and $28.3 million, respectively, of corn (and other supplies) from
minority equity investors and board members of those affiliates. Such purchases totaled approximately $53.9 million and $59.0 million
for the six months ended July 31, 2025 and 2024, respectively. The Company had amounts payable to related parties of approximately $1.8
million and $1.4 million at July 31, 2025 and January 31, 2025, respectively.

Note 15. Segment Reporting

The Company has one reportable segment, ethanol
and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies,
two of which are majority ownership interests and are consolidated in the financial statements presented. Prior period amounts have been
reclassified to conform to current segment reporting.

The Company’s chief operating decision maker is
the members of the Executive Committee, consisting of the Executive Chairman of the Board and the Chief Executive Officer. The chief operating
decision maker uses net income generated from operating segments in determining the allocation of resources and making assessment of Company
performance.

In applying the criteria set forth in ASC 280, the
Company determined that based on the nature of the products and production process and the expected financial results, the Company’s
operations at its ethanol plants are aggregated into one reporting segment, each of which is reviewed in the same manner by the chief
operating decision maker. Aggregation into one reporting segment is appropriate based upon the

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similarity of economic characteristics of the operating segments, including
the markets for identical revenue sources and the primary input, corn. The plants in all locations operate in a similar manner to produce
ethanol and by-products. The types of customers and how the products are distributed to the customers are similar across each operating
entity, consisting of a combination of rail and truck shipments. Finally, the regulatory environment is largely impacted by guidance from
the federal level, impacting each operating segment the same.

The measure of segment assets is reported on the
balance sheet as total consolidated assets.

The following tables set forth certain financial
data for the Company’s reportable segment for the three- and six-month periods ended July 31, 2025 and 2024 (in thousands):

    Three Months Ended July 31,  
    Six Months Ended July 31, 

    2025  
    2024  
    2025