[1]	Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 11.8 million and 9.3 million bushels of corn at October 31, 2024 and January 31, 2024, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 4.7 million and 8.2 million bushels of corn at October 31, 2024 and January 31, 2024, respectively.
[2]	As of October 31, 2024 and January 31, 2024, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of October 31, 2024 and January 31, 2024, the Company was required to maintain collateral with the counterparty in the amount of approximately $1.2 million and $2.2 million, respectively, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. See Note 5 which contains fair value information related to derivative financial instruments.
[3]	Commodity futures assets and liabilities are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 7.0 million bushels of corn and 2.1 million gallons of ethanol at October 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively, at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024.

- Definition

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REX AMERICAN RESOURCES Corp 10-Q