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Leases | 6 Months Ended
--- | ---
Apr. 30, 2023
Leases [Abstract] |
Leases | Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 20 years, with various renewal terms available. All of the residential rentals have month-to-month lease terms. The Company’s rental operations revenue consists of the following (in thousands):
| Three Months Ended April 30, |  | Six Months Ended April 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease revenue | $ | 1,274 |  |  | $ | 1,295 |  |  | $ | 2,564 |  |  | $ | 2,413 |
Variable lease revenue | 120 |  |  | 86 |  |  | 203 |  |  | 159 |
Total lease revenue | $ | 1,394 |  |  | $ | 1,381 |  |  | $ | 2,767 |  |  | $ | 2,572 |
Lessee Arrangements The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land and packinghouse facilities and equipment with remaining lease terms ranging from one to 15 years, with various term extensions available. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. All lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations. Operating lease costs were $491,000 and $135,000 for the three months ended April 30, 2023 and 2022, respectively, and $982,000 and $258,000 for the six months ended April 30, 2023 and 2022, respectively. Finance lease costs were immaterial and $98,000 for the three months ended April 30, 2023 and 2022, respectively and immaterial and $156,000 for the six months ended April 30, 2023 and 2022, respectively. Variable lease costs were immaterial for the three and six months ended April 30, 2023 and 2022. Short term lease costs were $175,000 and immaterial for the three months ended April 30, 2023 and 2022, respectively, and $338,000 and immaterial for the six months ended April 30, 2023 and 2022, respectively. Supplemental balance sheet information related to leases consists of the following (in thousands):
| Classification |  | April 30, 2023 |  | October 31, 2022
Assets |  |  |  |  |
Operating lease ROU assets | Other assets |  | $ | 5,522 |  |  | $ | 6,190 |
Finance lease assets | Other assets |  | 1,025 |  |  | 1,091 |
|  |  | $ | 6,547 |  |  | $ | 7,281 |
Liabilities and Stockholders' Equity |  |  |  |  |
Current operating lease liabilities | Accrued liabilities and payables to related parties |  | $ | 1,820 |  |  | $ | 1,892 |
Current finance lease liabilities | Accrued liabilities |  | 268 |  |  | 268 |
Non-current operating lease liabilities | Other long-term liabilities |  | 3,722 |  |  | 4,347 |
Non-current finance lease liabilities | Other long-term liabilities |  | 596 |  |  | 715 |
|  |  | $ | 6,406 |  |  | $ | 7,222 |
12. Leases (continued) Supplemental cash flow information related to leases consists of the following (in thousands):
|  |  | Six Months Ended April 30,
|  |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash outflows from operating leases |  |  |  |  | $ | 961 |  |  | $ | 315 |
Operating cash outflows from finance leases |  |  |  |  | $ | 16 |  |  | $ | 30 |
Financing cash outflows from finance leases |  |  |  |  | $ | 118 |  |  | $ | 169 |
ROU assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 114 |  |  | $ | 350 |
Leases | Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 20 years, with various renewal terms available. All of the residential rentals have month-to-month lease terms. The Company’s rental operations revenue consists of the following (in thousands):
| Three Months Ended April 30, |  | Six Months Ended April 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease revenue | $ | 1,274 |  |  | $ | 1,295 |  |  | $ | 2,564 |  |  | $ | 2,413 |
Variable lease revenue | 120 |  |  | 86 |  |  | 203 |  |  | 159 |
Total lease revenue | $ | 1,394 |  |  | $ | 1,381 |  |  | $ | 2,767 |  |  | $ | 2,572 |
Lessee Arrangements The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land and packinghouse facilities and equipment with remaining lease terms ranging from one to 15 years, with various term extensions available. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. All lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations. Operating lease costs were $491,000 and $135,000 for the three months ended April 30, 2023 and 2022, respectively, and $982,000 and $258,000 for the six months ended April 30, 2023 and 2022, respectively. Finance lease costs were immaterial and $98,000 for the three months ended April 30, 2023 and 2022, respectively and immaterial and $156,000 for the six months ended April 30, 2023 and 2022, respectively. Variable lease costs were immaterial for the three and six months ended April 30, 2023 and 2022. Short term lease costs were $175,000 and immaterial for the three months ended April 30, 2023 and 2022, respectively, and $338,000 and immaterial for the six months ended April 30, 2023 and 2022, respectively. Supplemental balance sheet information related to leases consists of the following (in thousands):
| Classification |  | April 30, 2023 |  | October 31, 2022
Assets |  |  |  |  |
Operating lease ROU assets | Other assets |  | $ | 5,522 |  |  | $ | 6,190 |
Finance lease assets | Other assets |  | 1,025 |  |  | 1,091 |
|  |  | $ | 6,547 |  |  | $ | 7,281 |
Liabilities and Stockholders' Equity |  |  |  |  |
Current operating lease liabilities | Accrued liabilities and payables to related parties |  | $ | 1,820 |  |  | $ | 1,892 |
Current finance lease liabilities | Accrued liabilities |  | 268 |  |  | 268 |
Non-current operating lease liabilities | Other long-term liabilities |  | 3,722 |  |  | 4,347 |
Non-current finance lease liabilities | Other long-term liabilities |  | 596 |  |  | 715 |
|  |  | $ | 6,406 |  |  | $ | 7,222 |
12. Leases (continued) Supplemental cash flow information related to leases consists of the following (in thousands):
|  |  | Six Months Ended April 30,
|  |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash outflows from operating leases |  |  |  |  | $ | 961 |  |  | $ | 315 |
Operating cash outflows from finance leases |  |  |  |  | $ | 16 |  |  | $ | 30 |
Financing cash outflows from finance leases |  |  |  |  | $ | 118 |  |  | $ | 169 |
ROU assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 114 |  |  | $ | 350 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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