Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 68

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 8
Chunk 68
---
357  
     25,032  
     65,903  
     77,564 

    Distillers corn oil 
     16,353  
     10,249  
     38,741  
     28,633 

    Modified distillers grains 
     1,180  
     1,159  
     4,053  
     3,479 

    Derivative financial instruments (losses) gains 
     (328)  
     300  
     (110)  
     737 

    Other 
     32  
     30  
     202  
     216 

    Total 
    $175,625  
    $174,877  
    $492,528  
    $484,263 

Note 4. Leases

Operating Leases

At October 31, 2025, the Company had lease
agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain
a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the
present value of future minimum lease payments. The lease term for all of the Company’s leases includes the noncancelable period
of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include
rent escalations pre-set in the agreements, which are factored into the lease payment stream.

The components of lease expense, classified
as SG&A expenses on the Consolidated Statement of Operations and total cash paid for amounts included in the measurement of
lease liabilities are as follows (amounts in thousands):

    Three Months Ended October 31,  
    Nine Months Ended October 31, 

    2025  
    2024  
    2025  
    2024 

    Operating lease expense 
    $2,059  
    $2,014  
    $6,133  
    $5,384 

    Variable lease expense 
     46  
     134  
     150  
     129 

    Total lease expense 
    $2,105  
    $2,148  
    $6,283  
    $5,513 

    Total cash paid in measurement of lease liability