Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 30, 2015 | 26-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | REX AMERICAN RESOURCES Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -30 | |
Entity Common Stock, Shares Outstanding | 7,870,507 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 744187 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $141,886 | $137,697 |
Accounts receivable | 9,928 | 8,794 |
Inventory | 19,566 | 18,062 |
Refundable income taxes | 843 | 3,019 |
Prepaid expenses and other | 6,116 | 5,810 |
Deferred taxes, net | 2,363 | 2,363 |
Total current assets | 180,702 | 175,745 |
Property and equipment, net | 190,310 | 194,447 |
Other assets | 6,155 | 6,366 |
Equity method investments | 78,200 | 80,389 |
Total assets | 455,367 | 456,947 |
Current liabilities: | ||
Accounts payable, trade | 6,778 | 9,210 |
Accrued expenses and other current liabilities | 6,746 | 10,347 |
Total current liabilities | 13,524 | 19,557 |
Long-term liabilities: | ||
Deferred taxes | 42,768 | 42,768 |
Other long-term liabilities | 1,672 | 1,658 |
Total long-term liabilities | 44,440 | 44,426 |
REX shareholders’ equity: | ||
Common stock | 299 | 299 |
Paid-in capital | 144,791 | 144,791 |
Retained earnings | 448,365 | 444,438 |
Treasury stock | -239,557 | -239,557 |
Total REX shareholders’ equity | 353,898 | 349,971 |
Noncontrolling interests | 43,505 | 42,993 |
Total equity | 397,403 | 392,964 |
Total liabilities and equity | $455,367 | $456,947 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Net sales and revenue | $105,197 | $155,924 |
Cost of sales | 96,070 | 119,289 |
Gross profit | 9,127 | 36,635 |
Selling, general and administrative expenses | -4,453 | -6,171 |
Equity in income of unconsolidated affiliates | 1,480 | 8,297 |
Gain on disposal of property and equipment, net | 483 | |
Interest and other income | 218 | 48 |
Interest expense | -692 | |
Income from continuing operations before income taxes | 6,855 | 38,117 |
Provision for income taxes | -2,416 | -13,920 |
Income from continuing operations | 4,439 | 24,197 |
Income from discontinued operations, net of tax | 3 | |
Net income | 4,439 | 24,200 |
Net income attributable to noncontrolling interests | -512 | -2,458 |
Net income attributable to REX common shareholders | 3,927 | 21,742 |
Weighted average shares outstanding – basic (in Shares) | 7,900 | 8,117 |
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.68 |
Basic net income per share attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.68 |
Weighted average shares outstanding – diluted (in Shares) | 7,900 | 8,149 |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.67 |
Diluted net income per share attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.67 |
Amounts attributable to REX common shareholders: | ||
Income from continuing operations, net of tax | 3,927 | 21,739 |
Income from discontinued operations, net of tax | 3 | |
Net income | $3,927 | $21,742 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Net income including noncontrolling interests | $4,439 | $24,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, impairment charges and amortization | 4,956 | 4,187 |
Income from equity method investments | -1,480 | -8,297 |
(Gain) loss on disposal of property and equipment, net | -483 | 5 |
Dividends received from equity method investees | 3,634 | 5,012 |
Derivative financial instruments | -394 | |
Deferred income tax | 5,339 | |
Excess tax benefit from stock option exercises | -241 | |
Changes in assets and liabilities: | ||
Accounts receivable | -1,133 | -406 |
Inventories | -1,504 | 177 |
Other assets | 2,075 | -1,020 |
Accounts payable, trade | -1,629 | 580 |
Other liabilities | -3,587 | -2,320 |
Net cash provided by operating activities | 5,288 | 26,822 |
Cash flows from investing activities: | ||
Capital expenditures | -2,507 | -547 |
Other | 6 | 500 |
Proceeds from sale of property and equipment, net | 1,402 | 30 |
Net cash used in investing activities | -1,099 | -17 |
Cash flows from financing activities: | ||
Payments of long-term debt | -7,476 | |
Stock options exercised | 930 | |
Excess tax benefit from stock option exercises | 241 | |
Net cash used in financing activities | -6,305 | |
Net increase in cash and cash equivalents | 4,189 | 20,500 |
Cash and cash equivalents, beginning of period | 137,697 | 105,149 |
Cash and cash equivalents, end of period | 141,886 | 125,649 |
Non cash investing activities – Accrued capital expenditures | $250 |
Consolidated_Condensed_Financi
Consolidated Condensed Financial Statements | 3 Months Ended |
Apr. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Consolidated Condensed Financial Statements |
The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2015 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015 (fiscal year 2014). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. | |
Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month. | |
Nature of Operations – The Company operates in one reportable segment, alternative energy, and has equity investments in four ethanol limited liability companies, two of which are majority ownership interests. |
Accounting_Policies
Accounting Policies | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | Note 2. Accounting Policies | ||||||||
The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2014 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. | |||||||||
Revenue Recognition | |||||||||
The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Shipping and handling charges billed to customers are included in net sales and revenue. | |||||||||
Cost of Sales | |||||||||
Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges. | |||||||||
Selling, General and Administrative Expenses | |||||||||
The Company includes non-production related costs such as professional fees, selling charges and certain payroll in selling, general and administrative expenses. | |||||||||
Interest Expense | |||||||||
No interest was paid for the three months ended April 30, 2015. Interest paid for the three months ended April 30, 2014 was approximately $820,000. | |||||||||
Financial Instruments | |||||||||
The Company used derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”). The interest rate swap, which terminated on July 8, 2014, was recorded at its fair value and the changes in fair value were recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid no settlements of interest rate swaps during the three months ended April 30, 2015. The Company paid settlements of interest rate swaps of approximately $398,000 during the three months ended April 30, 2014. | |||||||||
Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. | |||||||||
Income Taxes | |||||||||
The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid no income taxes during the three months ended April 30, 2015 and paid income taxes of approximately $10,050,000 during the three months ended April 30, 2014. | |||||||||
As of April 30, 2015, total unrecognized tax benefits were approximately $1,191,000 and accrued penalties and interest were approximately $481,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. | |||||||||
Inventories | |||||||||
Inventories are carried at the lower of cost or market on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There was no permanent write-down of inventory at April 30, 2015 and January 31, 2015, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory are as follows for the periods presented (amounts in thousands): | |||||||||
April 30, | January 31, | ||||||||
2015 | 2015 | ||||||||
Ethanol and other finished goods | $ | 4,402 | $ | 3,039 | |||||
Work in process | 2,420 | 2,609 | |||||||
Grain and other raw materials | 12,744 | 12,414 | |||||||
Total | $ | 19,566 | $ | 18,062 | |||||
Property and Equipment | |||||||||
Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. | |||||||||
In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were approximately $125,000 and $68,000 of impairment charges in the first quarters of fiscal years 2015 and 2014, respectively. Fiscal year 2015 impairment charges are included in cost of sales while fiscal year 2014 impairment charges are included in discontinued operations in the Consolidated Condensed Statements of Operations. These impairment charges are related to unfavorable changes in real estate conditions in local markets. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for real estate asset groups) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for alternative energy asset groups). | |||||||||
The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). | |||||||||
For real estate assets, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. Real estate assets include both income producing and non-income producing asset groups. | |||||||||
For alternative energy reportable assets, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. Alternative energy assets include only income producing asset groups. | |||||||||
Investments | |||||||||
The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. NuGen has the same fiscal year as the parent, and therefore, there is no lag in reporting the results of NuGen. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month as they have a fiscal year end of December 31. | |||||||||
The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. | |||||||||
Comprehensive Income | |||||||||
The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. | |||||||||
Accounting Changes and Recently Issued Accounting Standards | |||||||||
The Company will be required to adopt the amended guidance in Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers”, which requires revenue recognition to reflect the transfer of promised goods or services to customers and replaces existing revenue recognition guidance. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from February 1, 2017 to February 1, 2018. Early application beginning February 1, 2017 would be permitted. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures. | |||||||||
Effective February 1, 2015, the Company was required to adopt Accounting Standard Update (“ASU”) No. 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. Under this new guidance, only disposals of a component that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results are to be classified as a discontinued operation. The adoption of ASU 2014-08 resulted in the Company classifying sales of individual real estate properties as continuing operations instead of discontinued operations as the sale of individual properties does not represent a strategic shift for the Company. |
Leases
Leases | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Leases [Abstract] | |||||
Leases of Lessor Disclosure [Text Block] | Note 3. Leases | ||||
At April 30, 2015, the Company has lease agreements, as lessee, for rail cars and a natural gas pipeline. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands): | |||||
Years Ended January 31, | Minimum Rentals | ||||
Remainder of 2016 | $ | 5,532 | |||
2017 | 7,340 | ||||
2018 | 6,575 | ||||
2019 | 5,845 | ||||
2020 | 4,341 | ||||
Thereafter | 6,956 | ||||
Total | $ | 36,589 | |||
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | Note 4. Fair Value | ||||||||||||||||
The Company applies ASC 820, “Fair Value Measurements and Disclosures”, (“ASC 820”) which provides a framework for measuring fair value under GAAP. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries an investment in cooperative at fair value. | |||||||||||||||||
The fair values of property and equipment, as applicable, are determined by using various models that discount future expected cash flows. Estimation risk is greater for vacant properties as the probability of expected cash flows from the use of vacant properties is difficult to predict. | |||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2015 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Investment in cooperative (1) | $ | — | $ | — | $ | 333 | $ | 333 | |||||||||
Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2015 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Investment in cooperative (1) | $ | — | $ | — | $ | 333 | $ | 333 | |||||||||
(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. | |||||||||||||||||
The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. | |||||||||||||||||
Assets measured at fair value on a non-recurring basis as of April 30, 2015 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Losses (1) | |||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | 522 | $ | 216 | |||||||||
-1 | Total losses include impairment charges and loss on disposal. | ||||||||||||||||
There were no assets measured at fair value on a non-recurring basis at January 31, 2015. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and Equipment | ||||||||
The components of property and equipment are as follows for the periods presented (amounts in thousands): | |||||||||
April 30, | January 31, | ||||||||
2015 | 2015 | ||||||||
Land and improvements | $ | 20,401 | $ | 20,844 | |||||
Buildings and improvements | 26,037 | 27,069 | |||||||
Machinery, equipment and fixtures | 233,385 | 231,422 | |||||||
Construction in progress | 884 | 1,290 | |||||||
280,707 | 280,625 | ||||||||
Less: accumulated depreciation | (90,397 | ) | (86,178 | ) | |||||
$ | 190,310 | $ | 194,447 | ||||||
Other_Assets
Other Assets | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Assets Disclosure [Text Block] | Note 6. Other Assets | ||||||||
The components of other assets are as follows for the periods presented (amounts in thousands): | |||||||||
30-Apr-15 | January 31, | ||||||||
2015 | |||||||||
Deposits | $ | 914 | $ | 914 | |||||
Real estate taxes refundable | 4,395 | 4,395 | |||||||
Other | 846 | 1,057 | |||||||
Total | $ | 6,155 | $ | 6,366 | |||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 7. Accrued Expenses and Other Current Liabilities | ||||||||
The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): | |||||||||
30-Apr-15 | January 31, | ||||||||
2015 | |||||||||
Accrued utility charges | $ | 2,296 | $ | 3,085 | |||||
Accrued payroll and related items | 847 | 3,798 | |||||||
Accrued real estate taxes | 2,631 | 2,507 | |||||||
Other | 972 | 957 | |||||||
Total | $ | 6,746 | $ | 10,347 | |||||
Revolving_Lines_of_Credit
Revolving Lines of Credit | 3 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8. Revolving Lines of Credit |
Effective April 1, 2015, One Earth and NuGen each entered into $10.0 million revolving loan facilities that mature April 1, 2016. Any borrowings will be secured by inventory and accounts receivable of One Earth or NuGen. These revolving loan facilities are recourse only to One Earth and NuGen and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings under these facilities bear interest at LIBOR plus 250 basis points. Neither One Earth nor NuGen had outstanding borrowings on the revolving loans as of April 30, 2015. One Earth and NuGen are also subject to certain financial covenants under the revolving loan facilities, including working capital requirements. |
Income_Per_Share_from_Continui
Income Per Share from Continuing Operations Attributable to REX Common Shareholders | 3 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Earnings Per Share [Text Block] | Note 9. Income Per Share from Continuing Operations Attributable to REX Common Shareholders | ||||||||||||||||||||||||
The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 3,927 | 7,900 | $ | 0.5 | $ | 21,739 | 8,117 | $ | 2.68 | |||||||||||||||
Effect of stock options | — | — | — | 32 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 3,927 | 7,900 | $ | 0.5 | $ | 21,739 | 8,149 | $ | 2.67 | |||||||||||||||
For the three months ended April 30, 2015, there were no shares subject to outstanding options. For the three months ended April 30, 2014, all shares subject to outstanding options were dilutive. |
Investments
Investments | 3 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Investments And Deposits [Abstract] | |||||||||||||||||
Investments And Deposits [Text Block] | Note 10. Investments | ||||||||||||||||
The following table summarizes equity method investments at April 30, 2015 and January 31, 2015 (amounts in thousands): | |||||||||||||||||
Entity | Ownership | Carrying Amount | Carrying Amount | ||||||||||||||
Percentage | 30-Apr-15 | 31-Jan-15 | |||||||||||||||
Big River | 10 | % | $ | 41,195 | $ | 40,188 | |||||||||||
Patriot | 27 | % | 37,005 | 40,201 | |||||||||||||
Total Equity Method Investments | $ | 78,200 | $ | 80,389 | |||||||||||||
The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Big River | $ | 1,007 | $ | 5,059 | |||||||||||||
Patriot | 473 | 3,238 | |||||||||||||||
Total | $ | 1,480 | $ | 8,297 | |||||||||||||
Undistributed earnings of Big River and Patriot totaled approximately $39.8 million and $41.9 million at April 30, 2015 and January 31, 2015, respectively. During the first quarters of fiscal years 2015 and 2014, the Company received dividends from equity method investees of approximately $3.6 million and $5.0 million, respectively. | |||||||||||||||||
Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands): | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
30-Apr-15 | 30-Apr-14 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 63,239 | $ | 184,806 | $ | 80,409 | $ | 280,423 | |||||||||
Gross profit | 3,818 | 10,805 | 13,785 | 83,833 | |||||||||||||
Income from continuing operations | 1,779 | 10,377 | 12,195 | 52,121 | |||||||||||||
Net income | 1,779 | 10,377 | 12,195 | 52,121 | |||||||||||||
Patriot and Big River have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot and Big River combined at April 30, 2015 and January 31, 2015 are approximately $429.7 million and $421.9 million, respectively. | |||||||||||||||||
See Note 16 for a discussion of a merger agreement involving Patriot. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Tax Disclosure [Text Block] | Note 11. Income Taxes | ||||
The effective tax rate on consolidated pre-tax income from continuing operations was 35.2% for the three months ended April 30, 2015, and 36.5% for the three months ended April 30, 2014. The fluctuations in the effective tax rate primarily relate to the presentation of noncontrolling interests in the income of consolidated subsidiaries as noncontrolling interests are presented in the Consolidated Condensed Statements of Operations after the income tax provision or benefit. Net income attributable to noncontrolling interests was a higher percentage of income from continuing operations before income taxes in the first quarter of fiscal year 2015 compared to the first quarter of fiscal year 2014. | |||||
The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2011 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): | |||||
Unrecognized tax benefits, January 31, 2015 | $ | 1,658 | |||
Changes for prior years’ tax positions | 14 | ||||
Changes for current year tax positions | — | ||||
Unrecognized tax benefits, April 30, 2015 | $ | 1,672 | |||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 12. Discontinued Operations | ||||||||
During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, certain of the Company’s former retail operations and certain sold properties had been classified as discontinued operations prior to the adoption of ASU 2014-08 effective February 1, 2015. Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods presented (amounts in thousands): | |||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
2015 | 2014 | ||||||||
Net sales and revenue | $ | — | $ | 12 | |||||
Cost of sales | — | 12 | |||||||
Income before income taxes | — | 5 | |||||||
Provision for income taxes | — | (2 | ) | ||||||
Income from discontinued operations, net of tax | $ | — | $ | 3 | |||||
The cash flows provided from operating activities of the discontinued operations was approximately $17,000 for the three months ended April 30, 2014. Discontinued operations did not generate or use cash flows from investing activities for the three months ended April 30, 2015 and 2014. There were no cash flows from operating activities of the discontinued operations for the three months ended April 30, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. Commitments and Contingencies |
The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated condensed financial statements. | |
One Earth and NuGen have combined forward purchase contracts for approximately 8.6 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through June 2015. | |
One Earth and NuGen have combined sales commitments for approximately 51.3 million gallons of ethanol, approximately 95,000 tons of distillers grains and approximately 10.2 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through September 2015. |
Net_Sales_and_Revenue
Net Sales and Revenue | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Net Sales And Revenue [Abstract] | |||||||||
Net Sales And Revenue [Text Block] | Note 14. Net Sales and Revenue | ||||||||
The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): | |||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
Product or Service Category | 2015 | 2014 | |||||||
Ethanol | $ | 78,572 | $ | 119,106 | |||||
Dried distillers grains | 20,251 | 31,029 | |||||||
Non-food grade corn oil | 3,959 | 3,930 | |||||||
Modified distillers grains | 2,305 | 1,490 | |||||||
Other | 110 | 369 | |||||||
Total | $ | 105,197 | $ | 155,924 | |||||
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 15. Related-Party Transactions |
During the first quarters of fiscal year 2015 and 2014, One Earth and NuGen purchased approximately $38.1 million and $44.8 million, respectively, of corn from minority equity investors. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 16. Subsequent Events |
On May 19, 2015, the members of Patriot approved a merger agreement with a subsidiary of CHS Inc. (“CHS”) that would result in CHS acquiring 100% of the ownership interest in Patriot. The merger agreement is subject to normal and customary conditions to closing. The Company expects to receive a cash payment of approximately $44 million at the closing, representing its proportionate share of the merger proceeds. Assuming the full payment of escrow holdbacks, the Company would receive an additional amount of approximately $5 million within 18 months of the closing. The merger is expected to close on or about June 1, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2014 Annual Report on Form 10-K. |
Revenue Recognition, Policy [Policy Text Block] | The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Shipping and handling charges billed to customers are included in net sales and revenue. |
Cost of Sales, Policy [Policy Text Block] | Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | The Company includes non-production related costs such as professional fees, selling charges and certain payroll in selling, general and administrative expenses. |
Interest Expense, Policy [Policy Text Block] | No interest was paid for the three months ended April 30, 2015. Interest paid for the three months ended April 30, 2014 was approximately $820,000. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company used derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”). The interest rate swap, which terminated on July 8, 2014, was recorded at its fair value and the changes in fair value were recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid no settlements of interest rate swaps during the three months ended April 30, 2015. The Company paid settlements of interest rate swaps of approximately $398,000 during the three months ended April 30, 2014. |
Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. | |
Income Tax, Policy [Policy Text Block] | The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid no income taxes during the three months ended April 30, 2015 and paid income taxes of approximately $10,050,000 during the three months ended April 30, 2014. |
As of April 30, 2015, total unrecognized tax benefits were approximately $1,191,000 and accrued penalties and interest were approximately $481,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. | |
Inventory, Policy [Policy Text Block] | Inventories are carried at the lower of cost or market on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There was no permanent write-down of inventory at April 30, 2015 and January 31, 2015, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. |
In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were approximately $125,000 and $68,000 of impairment charges in the first quarters of fiscal years 2015 and 2014, respectively. Fiscal year 2015 impairment charges are included in cost of sales while fiscal year 2014 impairment charges are included in discontinued operations in the Consolidated Condensed Statements of Operations. These impairment charges are related to unfavorable changes in real estate conditions in local markets. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for real estate asset groups) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for alternative energy asset groups). | |
The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). | |
For real estate assets, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. Real estate assets include both income producing and non-income producing asset groups. | |
For alternative energy reportable assets, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. Alternative energy assets include only income producing asset groups. | |
Investment, Policy [Policy Text Block] | The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. NuGen has the same fiscal year as the parent, and therefore, there is no lag in reporting the results of NuGen. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month as they have a fiscal year end of December 31. |
The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. | |
Comprehensive Income, Policy [Policy Text Block] | The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. |
New Accounting Pronouncements, Policy [Policy Text Block] | The Company will be required to adopt the amended guidance in Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers”, which requires revenue recognition to reflect the transfer of promised goods or services to customers and replaces existing revenue recognition guidance. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has proposed deferral of required adoption of the amended guidance by one year, from February 1, 2017 to February 1, 2018. Early application beginning February 1, 2017 would be permitted. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures. |
Effective February 1, 2015, the Company was required to adopt Accounting Standard Update (“ASU”) No. 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. Under this new guidance, only disposals of a component that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results are to be classified as a discontinued operation. The adoption of ASU 2014-08 resulted in the Company classifying sales of individual real estate properties as continuing operations instead of discontinued operations as the sale of individual properties does not represent a strategic shift for the Company. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows for the periods presented (amounts in thousands): | ||||||||
April 30, | January 31, | ||||||||
2015 | 2015 | ||||||||
Ethanol and other finished goods | $ | 4,402 | $ | 3,039 | |||||
Work in process | 2,420 | 2,609 | |||||||
Grain and other raw materials | 12,744 | 12,414 | |||||||
Total | $ | 19,566 | $ | 18,062 |
Leases_Tables
Leases (Tables) | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At April 30, 2015, the Company has lease agreements, as lessee, for rail cars and a natural gas pipeline. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands): | ||||
Years Ended January 31, | Minimum Rentals | ||||
Remainder of 2016 | $ | 5,532 | |||
2017 | 7,340 | ||||
2018 | 6,575 | ||||
2019 | 5,845 | ||||
2020 | 4,341 | ||||
Thereafter | 6,956 | ||||
Total | $ | 36,589 |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2015 are summarized below (amounts in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Investment in cooperative (1) | $ | — | $ | — | $ | 333 | $ | 333 | |||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Investment in cooperative (1) | $ | — | $ | — | $ | 333 | $ | 333 | |||||||||
(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | Assets measured at fair value on a non-recurring basis as of April 30, 2015 are summarized below (amounts in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Losses (1) | |||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | 522 | $ | 216 | |||||||||
-1 | Total losses include impairment charges and loss on disposal. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows for the periods presented (amounts in thousands): | ||||||||
April 30, | January 31, | ||||||||
2015 | 2015 | ||||||||
Land and improvements | $ | 20,401 | $ | 20,844 | |||||
Buildings and improvements | 26,037 | 27,069 | |||||||
Machinery, equipment and fixtures | 233,385 | 231,422 | |||||||
Construction in progress | 884 | 1,290 | |||||||
280,707 | 280,625 | ||||||||
Less: accumulated depreciation | (90,397 | ) | (86,178 | ) | |||||
$ | 190,310 | $ | 194,447 |
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets [Table Text Block] | The components of other assets are as follows for the periods presented (amounts in thousands): | ||||||||
30-Apr-15 | January 31, | ||||||||
2015 | |||||||||
Deposits | $ | 914 | $ | 914 | |||||
Real estate taxes refundable | 4,395 | 4,395 | |||||||
Other | 846 | 1,057 | |||||||
Total | $ | 6,155 | $ | 6,366 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Current Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): | ||||||||
30-Apr-15 | January 31, | ||||||||
2015 | |||||||||
Accrued utility charges | $ | 2,296 | $ | 3,085 | |||||
Accrued payroll and related items | 847 | 3,798 | |||||||
Accrued real estate taxes | 2,631 | 2,507 | |||||||
Other | 972 | 957 | |||||||
Total | $ | 6,746 | $ | 10,347 |
Income_Per_Share_from_Continui1
Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 3,927 | 7,900 | $ | 0.5 | $ | 21,739 | 8,117 | $ | 2.68 | |||||||||||||||
Effect of stock options | — | — | — | 32 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 3,927 | 7,900 | $ | 0.5 | $ | 21,739 | 8,149 | $ | 2.67 |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Investments And Deposits [Abstract] | |||||||||||||||||
Equity Method Investments [Table Text Block] | The following table summarizes equity method investments at April 30, 2015 and January 31, 2015 (amounts in thousands): | ||||||||||||||||
Entity | Ownership | Carrying Amount | Carrying Amount | ||||||||||||||
Percentage | 30-Apr-15 | 31-Jan-15 | |||||||||||||||
Big River | 10 | % | $ | 41,195 | $ | 40,188 | |||||||||||
Patriot | 27 | % | 37,005 | 40,201 | |||||||||||||
Total Equity Method Investments | $ | 78,200 | $ | 80,389 | |||||||||||||
Schedule Of Income Loss Recognized From Equity Method Investments [Table Text Block] | The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): | ||||||||||||||||
Three Months Ended | |||||||||||||||||
April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Big River | $ | 1,007 | $ | 5,059 | |||||||||||||
Patriot | 473 | 3,238 | |||||||||||||||
Total | $ | 1,480 | $ | 8,297 | |||||||||||||
Schedule of Financial Information for Equity Method Investments [Table Text Block] | Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands): | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
30-Apr-15 | 30-Apr-14 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 63,239 | $ | 184,806 | $ | 80,409 | $ | 280,423 | |||||||||
Gross profit | 3,818 | 10,805 | 13,785 | 83,833 | |||||||||||||
Income from continuing operations | 1,779 | 10,377 | 12,195 | 52,121 | |||||||||||||
Net income | 1,779 | 10,377 | 12,195 | 52,121 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): | ||||
Unrecognized tax benefits, January 31, 2015 | $ | 1,658 | |||
Changes for prior years’ tax positions | 14 | ||||
Changes for current year tax positions | — | ||||
Unrecognized tax benefits, April 30, 2015 | $ | 1,672 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods presented (amounts in thousands): | ||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
2015 | 2014 | ||||||||
Net sales and revenue | $ | — | $ | 12 | |||||
Cost of sales | — | 12 | |||||||
Income before income taxes | — | 5 | |||||||
Provision for income taxes | — | (2 | ) | ||||||
Income from discontinued operations, net of tax | $ | — | $ | 3 |
Net_Sales_and_Revenue_Tables
Net Sales and Revenue (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Net Sales And Revenue [Abstract] | |||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): | ||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
Product or Service Category | 2015 | 2014 | |||||||
Ethanol | $ | 78,572 | $ | 119,106 | |||||
Dried distillers grains | 20,251 | 31,029 | |||||||
Non-food grade corn oil | 3,959 | 3,930 | |||||||
Modified distillers grains | 2,305 | 1,490 | |||||||
Other | 110 | 369 | |||||||
Total | $ | 105,197 | $ | 155,924 |
Consolidated_Condensed_Financi1
Consolidated Condensed Financial Statements (Details) | 3 Months Ended |
Apr. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Number of Reportable Segments | 1 |
Number of Ethanol Entities Under Ownership Interest | 4 |
Number of Ethanol Entities Under Majority Ownership Interest | 2 |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Accounting Policies (Details) [Line Items] | ||
Interest Paid | $0 | $820,000 |
Derivative Settlement on Interest Rate Swap | 0 | 398,000 |
Income Taxes Paid | 0 | 10,050,000 |
Unrecognized Tax Benefit | 1,191,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 481,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 24,000 | |
Property, Plant and Equipment, Depreciation Methods | Depreciation is computed using the straight-line method. | |
Asset Impairment Charges | $125,000,000,000 | $68,000,000,000 |
Number of Ethanol Entities Under Majority Ownership Interest | 2 | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Fixtures And Equipment [Member] | Minimum [Member] | ||
Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Fixtures And Equipment [Member] | Maximum [Member] | ||
Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Cost of Sales [Member] | ||
Accounting Policies (Details) [Line Items] | ||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20.00% |
Accounting_Policies_Details_Sc
Accounting Policies (Details) - Schedule of components of inventory (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of components of inventory [Abstract] | ||
Ethanol and other finished goods | $4,402 | $3,039 |
Work in process | 2,420 | 2,609 |
Grain and other raw materials | 12,744 | 12,414 |
Total | $19,566 | $18,062 |
Leases_Details_Schedule_of_Fut
Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
Remainder of 2016 | $5,532 |
2017 | 7,340 |
2018 | 6,575 |
2019 | 5,845 |
2020 | 4,341 |
Thereafter | 6,956 |
Total | $36,589 |
Fair_Value_Details_Schedule_of
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | ||
In Thousands, unless otherwise specified | ||||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Investment in cooperative | $333 | [1] | $333 | [1] |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Investment in cooperative | [1] | [1] | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Investment in cooperative | [1] | [1] | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Investment in cooperative | $333 | [1] | $333 | [1] |
[1] | The investment in cooperative is included in "Other assets" on the accompanying Consolidated Condensed Balance Sheets. |
Fair_Value_Details_Assets_meas
Fair Value (Details) - Assets measured at fair value on a non-recurring basis (USD $) | Apr. 30, 2015 | |
In Thousands, unless otherwise specified | ||
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items] | ||
Property and equipment, net | $216 | [1] |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items] | ||
Property and equipment, net | $522 | |
[1] | Total losses include impairment charges and loss on disposal. |
Property_and_Equipment_Details
Property and Equipment (Details) - Schedule of Property Plant and Equipment (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of Property Plant and Equipment [Abstract] | ||
Land and improvements | $20,401 | $20,844 |
Buildings and improvements | 26,037 | 27,069 |
Machinery, equipment and fixtures | 233,385 | 231,422 |
Construction in progress | 884 | 1,290 |
280,707 | 280,625 | |
Less: accumulated depreciation | -90,397 | -86,178 |
$190,310 | $194,447 |
Other_Assets_Details_Schedule_
Other Assets (Details) - Schedule of Other Assets (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of Other Assets [Abstract] | ||
Deposits | $914 | $914 |
Real estate taxes refundable | 4,395 | 4,395 |
Other | 846 | 1,057 |
Total | $6,155 | $6,366 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of accrued expenses and other current liabilities [Abstract] | ||
Accrued utility charges | $2,296 | $3,085 |
Accrued payroll and related items | 847 | 3,798 |
Accrued real estate taxes | 2,631 | 2,507 |
Other | 972 | 957 |
Total | $6,746 | $10,347 |
Revolving_Lines_of_Credit_Deta
Revolving Lines of Credit (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2015 |
Debt Disclosure [Abstract] | |
Line of Credit, Current | $10 |
Line of Credit Facility, Interest Rate Description | LIBOR plus 250 basis points |
Income_Per_Share_from_Continui2
Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars) | $3,927 | $21,739 |
Basic income per share from continuing operations attributable to REX common shareholders | 7,900 | 8,117 |
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.68 |
Effect of stock options | 32 | |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars) | $3,927 | $21,739 |
Diluted income per share from continuing operations attributable to REX common shareholders | 7,900 | 8,149 |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $0.50 | $2.67 |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Jan. 31, 2015 | |
Investments (Details) [Line Items] | |||
Proceeds from Equity Method Investment, Dividends or Distributions | ($3,634,000) | ($5,012,000) | |
Patriot And Big River [Member] | |||
Investments (Details) [Line Items] | |||
Retained Earnings, Undistributed Earnings from Equity Method Investees | 39,800,000 | 41,900,000 | |
Proceeds from Equity Method Investment, Dividends or Distributions | 3,600,000 | 5,000,000 | |
Proportionate Share of Restricted Net Assets | $429,700,000 | $421,900,000 |
Investments_Details_Schedule_o
Investments (Details) - Schedule of Equity Method Investments (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Equity Method Investments, Carrying Amount | $78,200 | $80,389 |
Big River [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Equity Method Investments, Ownership Percentage | 10.00% | |
Total Equity Method Investments, Carrying Amount | 41,195 | 40,188 |
Patriot [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Equity Method Investments, Ownership Percentage | 27.00% | |
Total Equity Method Investments, Carrying Amount | $37,005 | $40,201 |
Investments_Details_Schedule_o1
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items] | ||
Income (Loss) From Equity Method Investments | $1,480 | $8,297 |
Big River [Member] | ||
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items] | ||
Income (Loss) From Equity Method Investments | 1,007 | 5,059 |
Patriot [Member] | ||
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items] | ||
Income (Loss) From Equity Method Investments | $473 | $3,238 |
Investments_Details_Schedule_o2
Investments (Details) - Schedule of Financial information For Equity Method Investment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Patriot [Member] | ||
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | ||
Net sales and revenue | $63,239 | $80,409 |
Gross profit | 3,818 | 13,785 |
Income from continuing operations | 1,779 | 12,195 |
Net income | 1,779 | 12,195 |
Big River [Member] | ||
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | ||
Net sales and revenue | 184,806 | 280,423 |
Gross profit | 10,805 | 83,833 |
Income from continuing operations | 10,377 | 52,121 |
Net income | $10,377 | $52,121 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 35.20% | 36.50% |
Income_Taxes_Details_Schedule_
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | |
Unrecognized tax benefits, January 31, 2015 | $1,658 |
Changes for prior years’ tax positions | 14 |
Unrecognized tax benefits, April 30, 2015 | $1,672 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Discontinued Operations (Details) [Line Items] | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $0 | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 |
Levelland Hockley County Ethanol LLC [Member] | ||
Discontinued Operations (Details) [Line Items] | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $17,000,000,000 |
Discontinued_Operations_Detail1
Discontinued Operations (Details) - Schedule of Disposal Groups Including Discontinued Operations (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 |
Schedule of Disposal Groups Including Discontinued Operations [Abstract] | |
Net sales and revenue | $12 |
Cost of sales | 12 |
Income before income taxes | 5 |
Provision for income taxes | -2 |
Income from discontinued operations, net of tax | $3 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (One Earth Energy And Nu Gen Energy [Member]) | 3 Months Ended |
Apr. 30, 2015 | |
lb | |
bu | |
gal | |
T | |
One Earth Energy And Nu Gen Energy [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Quantity of Bushels under Forward Purchase Contract | 8,600,000 |
Quantity of Ethanol under Sales Commitment | 51,300,000 |
Quantity of Distillers Grains Under Sales Commitment | 95,000 |
Quantity of Non-food Grade Corn Oil Under Sales Commitments | 10,200,000 |
Supply Commitment Expected Period Of Delivery | They expect to deliver the ethanol, distillers grains and non-food grade corn oil through September 2015. |
Net_Sales_and_Revenue_Details_
Net Sales and Revenue (Details) - Schedule of Net Sales and Revenue for Each Product and Service Group (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Revenue from External Customer [Line Items] | ||
Product or Service | $105,197 | $155,924 |
Ethanol [Member] | ||
Revenue from External Customer [Line Items] | ||
Product or Service | 78,572 | 119,106 |
Dried distillers grains [Member] | ||
Revenue from External Customer [Line Items] | ||
Product or Service | 20,251 | 31,029 |
Non-food grade corn oil [Member] | ||
Revenue from External Customer [Line Items] | ||
Product or Service | 3,959 | 3,930 |
Modified distillers grains [Member] | ||
Revenue from External Customer [Line Items] | ||
Product or Service | 2,305 | 1,490 |
Other [Member] | ||
Revenue from External Customer [Line Items] | ||
Product or Service | $110 | $369 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (One Earth Energy [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
One Earth Energy [Member] | ||
Related-Party Transactions (Details) [Line Items] | ||
Costs and Expenses, Related Party | $38.10 | $44.80 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2015 |
Subsequent Events (Details) [Line Items] | |
Subsequent Event, Description | On May 19, 2015, the members of Patriot approved a merger agreement with a subsidiary of CHS Inc. (“CHS”) that would result in CHS acquiring 100% of the ownership interest in Patriot. |
Additional Proceeds From Sales Of Business Affiliate And Productive Assets | $5 |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Proceeds from Sales of Business, Affiliate and Productive Assets | $44 |