Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Mar. 28, 2018 | Jul. 31, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | REX AMERICAN RESOURCES Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 6,496,518 | ||
Entity Public Float | $ 576,633,450 | ||
Amendment Flag | false | ||
Entity Central Index Key | 744,187 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 31, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 190,988 | $ 188,576 |
Restricted cash | 354 | 130 |
Accounts receivable | 12,913 | 11,901 |
Inventory | 20,755 | 17,057 |
Refundable income taxes | 6,612 | 1,070 |
Prepaid expenses and other | 7,412 | 6,959 |
Deferred taxes - net | 824 | |
Total current assets | 239,034 | 226,517 |
Property and equipment - net | 197,827 | 182,761 |
Other assets | 7,454 | 6,913 |
Equity method investments | 34,549 | 37,833 |
TOTAL ASSETS | 478,864 | 454,024 |
CURRENT LIABILITIES: | ||
Accounts payable – trade | 8,149 | 9,171 |
Accrued expenses and other current liabilities | 13,716 | 13,348 |
Total current liabilities | 21,865 | 22,519 |
LONG TERM LIABILITIES: | ||
Deferred taxes | 21,706 | 41,135 |
Other long term liabilities | 3,367 | 2,096 |
Total long term liabilities | 25,073 | 43,231 |
Common stock, 45,000 shares authorized, 29,853 shares issued at par | 299 | 299 |
Paid in capital | 146,923 | 145,767 |
Retained earnings | 547,913 | 508,207 |
Treasury stock, 23,287 and 23,292 shares, respectively | (313,643) | (313,838) |
Total REX shareholders’ equity | 381,492 | 340,435 |
Noncontrolling interests | 50,434 | 47,839 |
Total equity | 431,926 | 388,274 |
TOTAL LIABILITIES AND EQUITY | $ 478,864 | $ 454,024 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 29,853 | 29,853 |
Treasury stock, shares | 23,287 | 23,292 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Net sales and revenue | $ 452,586 | $ 453,799 | $ 436,488 |
Cost of sales | 408,425 | 382,760 | 385,654 |
Gross profit | 44,161 | 71,039 | 50,834 |
Selling, general and administrative expenses | (24,060) | (21,388) | (19,813) |
Equity in income of unconsolidated affiliates | 3,232 | 6,144 | 8,984 |
(Loss) gain on sale of investment | (13) | 192 | 10,385 |
Interest and other income | 2,265 | 596 | 625 |
(Loss) gain on disposal of real estate and property and equipment, net | (192) | 328 | 503 |
Income before income taxes | 25,393 | 56,911 | 51,518 |
Benefit (provision) for income taxes | 19,519 | (17,393) | (14,108) |
Net income | 44,912 | 39,518 | 37,410 |
Net income attributable to noncontrolling interests | (5,206) | (7,185) | (5,974) |
Net income attributable to REX common shareholders | $ 39,706 | $ 32,333 | $ 31,436 |
Weighted average shares outstanding – basic (in Shares) | 6,596 | 6,587 | 7,297 |
Basic net income per share attributable to REX common shareholders (in Dollars per share) | $ 6.02 | $ 4.91 | $ 4.31 |
Weighted average shares outstanding – diluted (in Shares) | 6,596 | 6,587 | 7,307 |
Diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 6.02 | $ 4.91 | $ 4.30 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jan. 31, 2015 | $ 299,000 | $ (239,557,000) | $ 144,791,000 | $ 444,438,000 | $ 42,993,000 | $ 392,964,000 |
Balance (in Shares) at Jan. 31, 2015 | 29,853,000 | 21,954,000 | ||||
Net income | 31,436,000 | 5,974,000 | 37,410,000 | |||
Treasury stock acquired | $ (70,208,000) | $ (70,208,000) | ||||
Treasury stock acquired (in Shares) | 1,254,000 | 1,254,344 | ||||
Noncontrolling interests distribution and other | (4,471,000) | $ (4,471,000) | ||||
Stock options and related tax effects | $ 11,000 | 53,000 | 64,000 | |||
Stock options and related tax effects (in Shares) | (4,000) | |||||
Balance at Jan. 31, 2016 | $ 299,000 | $ (309,754,000) | 144,844,000 | 475,874,000 | 44,496,000 | 355,759,000 |
Balance (in Shares) at Jan. 31, 2016 | 29,853,000 | 23,204,000 | ||||
Net income | 32,333,000 | 7,185,000 | 39,518,000 | |||
Treasury stock acquired | $ (4,353,000) | $ (4,353,000) | ||||
Treasury stock acquired (in Shares) | 88,000 | 87,904 | ||||
Noncontrolling interests distribution and other | (3,842,000) | $ (3,842,000) | ||||
Stock options and related tax effects | $ 269,000 | 923,000 | 1,192,000 | |||
Balance at Jan. 31, 2017 | $ 299,000 | $ (313,838,000) | 145,767,000 | 508,207,000 | 47,839,000 | 388,274,000 |
Balance (in Shares) at Jan. 31, 2017 | 29,853,000 | 23,292,000 | ||||
Net income | 39,706,000 | 5,206,000 | 44,912,000 | |||
Capital contributions | 918,000 | 918,000 | ||||
Noncontrolling interests distribution and other | (3,529,000) | (3,529,000) | ||||
Stock options and related tax effects | $ 195,000 | 1,156,000 | 1,351,000 | |||
Stock options and related tax effects (in Shares) | (5,000) | |||||
Balance at Jan. 31, 2018 | $ 299,000 | $ (313,643,000) | $ 146,923,000 | $ 547,913,000 | $ 50,434,000 | $ 431,926,000 |
Balance (in Shares) at Jan. 31, 2018 | 29,853,000 | 23,287,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 44,912 | $ 39,518 | $ 37,410 |
Depreciation | 21,462 | 19,519 | 18,639 |
Impairment charges on real estate | 125 | ||
Stock based compensation expense | 1,641 | 1,314 | 64 |
Income from equity method investments | (3,232) | (6,144) | (8,984) |
Dividends received from equity method investments | 6,516 | 7,018 | 11,151 |
Loss (gain) on sale of investment | 13 | (192) | (10,385) |
Loss (gain) on disposal of real estate and property and equipment | 192 | (328) | (503) |
Deferred income tax | (18,605) | 3,043 | (4,196) |
Changes in assets and liabilities: | |||
Accounts receivable | (1,089) | (2,535) | (496) |
Inventory | (3,649) | 121 | 884 |
Prepaid expenses and other assets | (1,170) | (1,357) | (1,135) |
Income taxes refundable | (5,542) | 4,184 | (2,235) |
Accounts payable-trade | (1,705) | 36 | 387 |
Accrued expenses and other liabilities | 1,225 | 4,912 | (536) |
Net cash provided by operating activities | 40,969 | 69,109 | 40,190 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (24,017) | (14,208) | (15,495) |
Acquisition of business, net of cash acquired | (12,049) | ||
Proceeds from sale of investment | 64 | 4,492 | 45,476 |
Proceeds from sale of real estate and property and equipment | 104 | 1,511 | 2,001 |
Restricted cash | (224) | (76) | (54) |
Repayment of note receivable | 26 | 24 | 23 |
Restricted investments and deposits | 150 | 510 | 250 |
Net cash (used in) provided by investing activities | (35,946) | (7,747) | 32,201 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments to noncontrolling interests holders | (3,529) | (3,842) | (4,471) |
Capital contributions from minority investor | 918 | ||
Treasury stock acquired | (4,709) | (69,852) | |
Net cash used in financing activities | (2,611) | (8,551) | (74,323) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,412 | 52,811 | (1,932) |
CASH AND CASH EQUIVALENTS-Beginning of year | 188,576 | 135,765 | 137,697 |
CASH AND CASH EQUIVALENTS-End of year | 190,988 | 188,576 | 135,765 |
Non cash financing activities-Accrued common stock repurchase | 356 | ||
Non cash financing activities-Equity awards issued | 1,195 | 1,095 | |
Non cash financing activities-Equity awards accrued | 1,485 | 1,217 | |
Non cash investing activities-Accrued capital expenditures | $ 1,149 | $ 342 | $ 1,063 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – Fiscal Year – Segments 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. Use of Estimates – Cash Equivalents – Concentrations of Risk – Inventory . January 31, 2018 2017 Ethanol and other finished goods $ 8,402 $ 5,262 Work in process 2,824 2,359 Grain and other raw materials 9,529 9,436 Total $ 20,755 $ 17,057 Property and Equipment – January 31, 2018 2017 Land and improvements $ 21,074 $ 20,951 Buildings and improvements 23,272 23,203 Machinery, equipment and fixtures 288,832 255,348 Construction in progress 3,155 1,046 336,333 300,548 Less: accumulated depreciation (138,506 ) (117,787 ) Total $ 197,827 $ 182,761 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets 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). Depreciation expense was approximately $21,462,000, $19,519,000 and $18,638,000 in fiscal years 2017, 2016 and 2015, respectively. Investments – The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, 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 Statements of Operations and a new cost basis in the investment is established. Revenue Recognition Cost of Sales – Selling, General and Administrative Expenses – Financial Instruments The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Stock Compensation Income Taxes Comprehensive Income New Accounting Pronouncements – “Improvements to Employee Share-Based Payment Accounting” Effective February 1, 2017, the Company adopted the amended guidance in ASC Topic 330, “ Inventory: Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17 “ Balance Sheet Classification of Deferred Taxes” In August 2016, the FASB issued ASU 2016-15 “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments The Company will be required to adopt the amended guidance in ASC Topic 606 “ Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, “ Leases In November 2016, the FASB issued ASU 2016-18 “ Statement of Cash Flows (Topic 230), Restricted Cash |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jan. 31, 2018 | |
Investments Schedule [Abstract] | |
Investment [Text Block] | 2. INVESTMENTS The Company’s equity method investment in Big River is accounted for under ASC 323. The following table summarizes the investment at January 31, 2018 and 2017 (amounts in thousands): January 31, 2018 January 31, 2017 Carrying amount $ 34,549 $ 37,833 Ownership percentage 10.3 % 9.7 % The Company invested $20.0 million in Big River which is a holding company for several entities. Big River Resources West Burlington, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in West Burlington, Iowa. During fiscal year 2017, the plant shipped 108 million gallons of ethanol. The plant has been in operation since 2004. Big River Resources Galva, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in Galva, Illinois. During fiscal year 2017, the plant shipped 126 million gallons of ethanol. The plant has been in operation since 2009. Big River Resources United Energy, LLC, a 55.3% owned subsidiary of Big River, operates an ethanol manufacturing plant in Dyersville, Iowa. During fiscal year 2017, the plant shipped 130 million gallons of ethanol. Big River acquired a 50.5% ownership interest in this plant in 2009 and increased its ownership to 55.3% during fiscal year 2015. Big River Resources Boyceville, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in Boyceville, Wisconsin. During fiscal year 2017, the plant shipped 57 million gallons of ethanol. Big River acquired its interest in this plant in 2011. The Company recorded income of approximately $3.2 million, $6.1 million and $6.0 million as its share of earnings from Big River during fiscal years 2017, 2016 and 2015, respectively. The Company received dividends of approximately $6.5 million, $7.0 million and $7.5 million from Big River during fiscal years 2017, 2016 and 2015, respectively. At January 31, 2018, the carrying value of the investment in Big River is approximately $34.5 million; the amount of underlying equity in the net assets of Big River is approximately $32.2 million. On June 1, 2015, Patriot Holdings, LLC (“Patriot”) and a subsidiary of CHS Inc. (“CHS”) completed a merger that resulted in CHS acquiring 100% of the ownership interest in Patriot. The Company received a cash payment of approximately $45.5 million at the closing, representing its proportionate share of the merger consideration for its 27% ownership interest. The total merger consideration was approximately $196 million in cash subject to certain adjustments and certain escrow holdbacks. In connection with this transaction, the Company recognized a gain of approximately $10.4 million during fiscal year 2015 (included in the ethanol and by-products segment). During fiscal year 2016, the Company received proceeds of approximately $4.5 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, the Company recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. The Company does not expect any further proceeds or gain/loss on sale of investment to be significant. The Company recorded income of approximately $2.9 million as its share of earnings from Patriot during fiscal years 2015. The Company received dividends of approximately $3.6 million from Patriot during fiscal year 2015. Summarized financial information for the Company’s equity method investee as of its fiscal year end is presented in the following table (amounts in thousands): Big River December 31, 2017 December 31, 2016 Current assets $ 149,436 $ 175,299 Non current assets 261,443 311,450 Total assets $ 410,879 $ 486,749 Current liabilities $ 49,130 $ 50,798 Long-term liabilities 10,599 — Total liabilities $ 59,729 $ 50,798 Noncontrolling interests $ 38,412 $ 52,336 Summarized financial information for each of the Company’s equity method investees is presented in the following table for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands): Year Ended December 31, Big River 2017 2016 Net sales and revenue $ 817,112 $ 851,434 Gross profit $ 60,259 $ 88,841 Income from continuing operations $ 32,243 $ 63,292 Net income $ 32,243 $ 63,292 Year Ended December 31, 2015 Patriot (1) Big River Net sales and revenue $ 115,614 $ 863,554 Gross profit $ 14,424 $ 85,451 Income from continuing operations $ 11,100 $ 62,193 Net income $ 11,100 $ 62,193 (1) For Patriot, results are for the five month period ended May 31, 2015 as the Company’s equity interest in Patriot was sold June 1, 2015. Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2018 are approximately $202.6 million. At January 31, 2018, the Company’s proportionate share of restricted net assets of Big River is approximately $20.9 million. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. BUSINESS COMBINATIONS On August 10, 2017, the Company, through a 95.35% owned subsidiary, purchased the entire ownership interest of an entity that owns a refined coal facility. The Company began operating its refined coal facility immediately after the acquisition. The Company expects that the revenues from the sale of refined coal produced in the facility will be subsidized by federal production tax credits through November 2021, subject to meeting qualified emissions reductions as governed by Section 45 of the Internal Revenue Code. The results of the Company’s refined coal operations (approximately $0.4 million of net sales and revenue and approximately $5.6 million of net income attributable to REX common shareholders, including the income tax benefit of estimated Section 45 credits to be earned) have been included in the consolidated financial statements subsequent to the acquisition date and are included in the Company’s refined coal segment. Pro forma net sales and revenue and net income attributable to REX common shareholders, had the acquisition occurred on February 1, 2016 would have been $453.8 million and $29.2 million, respectively for the year ended January 31, 2017. Basic and diluted earnings per share would have been $4.43 for the year ended January 31, 2017. Pro forma net sales and revenue and net income attributable to REX common shareholders, had the acquisition occurred on February 1, 2016 would have been $452.6 million and $40.4 million, respectively for the year ended January 31, 2018. Basic and diluted earnings per share would have been $6.12 for the year ended January 31, 2018. The purchase price was $12,049,000, which was paid in cash. The acquisition was recorded by allocating the total purchase price to the assets acquired, based on their estimated fair values at the acquisition date. The purchase price allocation is based on the preliminary results of a valuation analysis. The purchase price allocation is preliminary until the valuation analysis is completed. The income approach was used to determine the fair values of assets acquired. The following table summarizes the estimated fair values of the assets acquired at the acquisition date (amounts in thousands): Inventory $ 49 Property, plant and equipment 12,000 Total assets acquired and purchase price $ 12,049 Transaction costs totaled approximately $2.5 million during fiscal year 2017 and are included in selling, general and administrative expenses in the Consolidated Statement of Operations. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE The Company applies ASC 820, “ Fair Value Measurements and Disclosures 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 certain cash equivalents, investments and derivative financial instruments at fair value. Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs are developed based on the best information available, which may include the Company’s own data. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value at January 31, 2018 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Value Forward purchase contracts asset (4) $ — $ 72 $ — $ 72 Investment in cooperative (1) — — 333 333 Total assets $ — $ 72 $ 333 $ 405 Commodity futures (5) $ — $ 87 $ — $ 87 Forward purchase contracts liability (2) — 34 — 34 Total liabilities $ — $ 121 $ — $ 121 Financial assets and liabilities measured at fair value at January 31, 2017 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Value Commodity futures (3) $ — $ 45 $ — $ 45 Forward purchase contracts asset (4) — 163 — 163 Investment in cooperative (1) — — 333 333 Total assets $ — $ 208 $ 333 $ 541 Forward purchase contracts liability (2) $ — $ 136 $ — $ 136 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (2) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contract asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated 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. No other financial instruments were elected to be measured at fair value in accordance with ASC 470-20-25-21. There were no assets measured at fair value at January 31, 2018 and 2017 on a non-recurring basis. As discussed in Note 3, the Company estimated the fair values of refined coal assets acquired using the income approach. This estimated fair value is a level 3 measurement. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 5. OTHER ASSETS The components of other noncurrent assets at January 31, 2018 and 2017 are as follows (amounts in thousands): January 31, 2018 2017 Real estate taxes refundable $ 6,719 $ 5,923 Deposits 5 155 Other 730 835 Total $ 7,454 $ 6,913 Real estate taxes refundable represent amounts due One Earth associated with refunds of previously paid taxes in connection with a tax increment financing arrangement with local taxing authorities. Deposits are with vendors and governmental authorities. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The components of accrued expenses and other current liabilities at January 31, 2018 and 2017 are as follows (amounts in thousands): January 31, 2018 2017 Accrued payroll and related items $ 5,108 $ 4,279 Accrued utility charges 2,639 2,414 Accrued real estate taxes 2,678 2,716 Accrued income taxes 61 2,120 Other 3,230 1,819 Total $ 13,716 $ 13,348 |
NET INCOME PER SHARE FROM CONTI
NET INCOME PER SHARE FROM CONTINUING OPERATIONS | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 7. NET INCOME PER SHARE The Company reports net income per share in accordance with ASC 260, “ Earnings per Share The following table reconciles the basic and diluted net income per share computations for fiscal year 2015 (amounts in thousands, except per-share amounts): 2015 Income Shares Per Share Basic net income per share attributable to REX common shareholders $ 31,436 7,297 $ 4.31 Effect of restricted stock 10 Diluted net income per share attributable to REX common shareholders $ 31,436 7,307 $ 4.30 |
LEASES
LEASES | 12 Months Ended |
Jan. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 8. LEASES At January 31, 2018, 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. As of January 31, 2018, future minimum annual rentals on such leases are as follows (amounts in thousands): Years Ended Minimum January 31, Rentals 2019 7,209 2020 5,700 2021 3,931 2022 3,299 2023 1,734 Thereafter 4,130 $ 26,003 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 9. COMMON STOCK During fiscal year 2017, the Company did not purchase any of its common stock. During fiscal years 2016 and 2015, the Company purchased 87,904 shares and 1,254,344 shares, respectively, of its common stock for approximately $4,353,000 and $70,208,000, respectively. At January 31, 2018, the Company had prior authorization by its Board of Directors to purchase, in open market transactions, an additional 155,334 shares of its common stock. Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2018 2017 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 6,566 6,561 |
REVOLVING LINES OF CREDIT
REVOLVING LINES OF CREDIT | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10. REVOLVING LINES OF CREDIT Effective April 1, 2016, One Earth and NuGen each entered into $10.0 million revolving loan facilities that matured April 1, 2017. During the second quarter of fiscal year 2017, One Earth and NuGen renewed the revolving loan facilities, which now mature June 1, 2018. Any borrowings will be secured by the inventory and accounts receivable of One Earth or NuGen, specific to which entity borrows money under these facilities. These revolving loan facilities are recourse only to One Earth and NuGen, respectively, and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings under these facilities bear interest at the one month LIBOR rate plus 225 basis points. Neither One Earth nor NuGen had outstanding borrowings on the revolving loans during the years ended January 31, 2018 or 2017. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Jan. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2018 2017 2018 2017 Commodity futures (1) $ — $ 45 $ 87 $ — Forward purchase contracts (2) $ 72 $ 163 $ 34 $ 136 (1) Commodity futures liabilities are included in accrued expenses and other current liabilities. Commodity futures assets are included in prepaid expense and other. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. These contracts are short/sell positions for approximately 0.7 million bushels of corn at January 31, 2017. (2) Forward purchase contracts assets are included in prepaid expenses and other while forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 11.7 million bushels of corn at January 31, 2018 and 5.3 million bushels of corn at January 31, 2017. As of January 31, 2018 and 2017, 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 positions owed or owing with the same counterparty. As of January 31, 2018 and 2017, the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. As of January 31, 2018, the Company was required to maintain collateral with the counterparty in the amount of approximately $354,000 to secure the Company’s derivative liability position. See Note 4 which contains fair value information related to derivative financial instruments. The Company recognized gains (included in cost of sales) on derivative financial instruments of approximately $1,317,000, $2,131,000 and $382,000 in fiscal years 2017, 2016 and 2015, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 12. EMPLOYEE BENEFITS The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At January 31, 2018, 511,174 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the market price of REX common stock on the date of the grant. In addition one third of executives’ incentive compensation is payable by an award of restricted stock based on the then market price of REX common stock. At January 31, 2018 and 2017, unrecognized compensation cost related to nonvested restricted stock was approximately $233,000 and $214,000, respectively. The following table summarizes non-vested restricted stock award activity for the fiscal years 2017, 2016 and 2015: 2017 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2017 23,350 $ 1,386 2 Granted 14,156 1,370 Forfeited — — Vested 8,091 481 Non-Vested at January 31, 2018 29,415 $ 2,275 2 2016 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2016 3,168 $ 200 2 Granted 21,502 1,269 Forfeited — — Vested 1,320 83 Non-Vested at January 31, 2017 23,350 $ 1,386 2 2015 Weighted Weighted Average Grant Remaining Vesting Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2015 — $ — Granted 3,168 200 Forfeited — — Vested — — Non-Vested at January 31, 2016 3,168 $ 200 2 The above tables include 24,711 and 18,541 non-vested shares at January 31, 2018 and 2017, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 13. COMMITMENTS One Earth and NuGen have combined forward purchase contracts for approximately 14.1 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of a majority of the corn through May 2018. One Earth and NuGen have combined sales commitments for approximately 29.4 million gallons of ethanol, 118,000 tons of distillers grains and 12.8 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and corn oil through March 2018. One Earth has entered into an agreement with an unrelated party for the use of a portion of the party’s natural gas pipeline. The term of the agreement is 10 years, and the amount is $4,380,000, which is paid over 120 equal monthly installments of $36,500. Payments began in February 2009. An additional lease for a term of 15 years will be effective February 1, 2019 and will require monthly payments of $29,250. One Earth paid approximately $438,000 pursuant to the lease in each of fiscal years 2017, 2016 and 2015. One Earth and NuGen have entered into agreements with unrelated parties for the lease of railcars used to ship ethanol and distillers grains. These leases expire on various dates through February 1, 2024. One Earth and NuGen pay a monthly lease amount per railcar. One Earth and NuGen incurred combined expenses of approximately $8,600,000, $8,515,000 and $7,221,000 pursuant to the leases in fiscal years 2017, 2016 and 2015, respectively. One Earth and NuGen each have a contract with an unrelated party (“Distillers Grains Marketer”) for distillers grains marketing services. Under the terms of the contracts, the Distillers Grains Marketers will purchase all of One Earth’s and NuGen’s distillers grains production during the term of the contracts. The contracts call for One Earth and NuGen to pay a fee per ton of distillers grains for the Distillers Grains Marketers’ services. The terms of the agreements are for one year and shall renew automatically for additional one year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 90 days prior to the expiration of the then current term of the agreement. One Earth and NuGen incurred fees of approximately $1,354,000, $1,194,000 and $1,169,000 in fiscal years 2017, 2016 and 2015, respectively, for these marketing services. One Earth has a grain origination agreement with a minority equity owner, under which it purchased 100% of its grain during fiscal years 2017, 2016 and 2015. One Earth pays a certain amount per bushel for procurement fees. The agreement expires October 31, 2018, and renews automatically for additional one year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 180 days prior to the expiration of the then current term of the agreement. The refined coal entity has various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company is required to pay various fees. These fees totaled approximately $5.5 million in fiscal year 2017. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES The (benefit) provision for income taxes for fiscal years 2017, 2016 and 2015 consists of the following (amounts in thousands): 2017 2016 2015 Federal: Current $ (2,094 ) $ 12,197 $ 15,804 Deferred (19,528 ) 3,568 (2,867 ) (21,622 ) 15,765 12,937 State and Local: Current 1,180 2,153 2,651 Deferred 923 (525 ) (1,480 ) 2,103 1,628 1,171 (Benefit) provision for income taxes $ (19,519 ) $ 17,393 $ 14,108 The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows as of January 31, 2018 and 2017 (amounts in thousands): January 31, 2018 2017 Assets: Section 45 credit carryforward $ 3,897 $ — Accrued liabilities 687 539 State net operating loss carryforward 241 412 Other items 576 513 Valuation allowance (241 ) (417 ) Total 5,160 1,047 Liabilities: Basis in pass through entities, including depreciation (26,717 ) (41,080 ) Other (149 ) (278 ) Total (26,866 ) (41,358 ) Net deferred tax liability $ (21,706 ) $ (40,311 ) The Company has a valuation allowance of approximately $241,000 and $417,000 at January 31, 2018 and 2017, respectively. The Company decreased the valuation allowance by $176,000, $734,000 and $601,000 in fiscal years 2017, 2016 and 2015, respectively. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits and federal capital loss carryforwards. The Tax Act signed into law on December 22, 2017, reduced the federal corporate income tax rate to 21% effective January 1, 2018. The Tax Act also makes numerous other changes to the U.S. tax code, including, but not limited to, permitting full expensing of qualified property acquired after September 27, 2017, and expanding prior limitations on the deductibility of certain executive compensation. The SEC issued Staff Account bulleting 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. In recognition of the inherent complexities associated with accounting for the effects of the Tax Act, SAB 118 provides a measurement period of up to one year from enactment of the Tax Act for companies to complete the accounting for the tax effects of the Tax Act. Although the accounting for the tax effects of the Tax Act are not yet complete, at January 31, 2018 the Company made a preliminary estimate of the effect of the tax rate reducing on the existing deferred tax balances and recorded a tax benefit of approximately $14,362,000 to remeasure the deferred tax liability at the new 21% rate. The Company will continue to refine the calculation as additional analysis is completed; including a final determination of the deferred tax balances at January 31, 2018 after the federal income tax return is filed, and as further guidance is provided by the Internal Revenue Service. Through its refined coal operation, the Company earns production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years. The Company paid income taxes of approximately $6,920,000, $7,090,000 and $20,253,000 in fiscal years 2017, 2016 and 2015, respectively. The Company received refunds of income taxes of approximately $476,000, $150,000 and $132,000 in fiscal years 2017, 2016 and 2015, respectively. The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2017, 2016 and 2015 as follows: 2017 2016 2015 Federal income tax at statutory rate 33.8 % 35.0 % 35.0 % State and local taxes, net of federal tax benefit 3.2 2.3 (1.3 ) Section 45 production tax credits (45.4 ) — — Tax Cuts and Jobs Act (56.6 ) — — Net change in valuation allowance — — (1.2 ) Domestic production activities deduction (5.9 ) (2.9 ) (1.7 ) Uncertain tax positions 1.4 0.8 1.0 Noncontrolling interest (7.6 ) (4.6 ) (4.4 ) Other 0.2 — — Total (76.9 )% 30.6 % 27.4 % 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 fiscal years ended January 31, 2013 and prior. The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2018, total unrecognized tax benefits were approximately $1,963,000, and accrued penalties and interest were approximately $362,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $1,518,000. 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. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (dollars in thousands): Years Ended January 31, 2018 2017 Unrecognized tax benefits, beginning of year $ 2,096 $ 987 Changes for tax positions for prior years 269 1,109 Changes for tax positions for current year (40 ) — Unrecognized tax benefits, end of year $ 2,325 $ 2,096 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Jan. 31, 2018 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | 15. CONTINGENCIES The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluation of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated financial statements. There were no liabilities recorded at January 31, 2018 or 2017 as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT REPORTING In the third quarter of fiscal year 2017, the Company began reporting the results of its refined coal operations as a new segment as a result of the refined coal acquisition (see Note 3). The Company has two segments: ethanol and by-products and refined coal. Historical amounts have been reclassified to conform to the current year segment reporting presentation. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. The following tables summarize segment and other results and assets (amounts in thousands): Fiscal Year 2017 2016 2015 Net sales and revenue: Ethanol and by-products $ 452,153 $ 453,799 $ 436,488 Refined coal 1 433 — — Total net sales and revenue $ 452,586 $ 453,799 $ 436,488 Segment gross profit (loss): Ethanol and by-products $ 51,509 $ 71,039 $ 50,834 Refined coal (7,348 ) — — Total gross profit $ 44,161 $ 71,039 $ 50,834 Income (loss) before income taxes: Ethanol and by-products $ 38,352 $ 59,447 $ 53,469 Refined coal (10,021 ) — — Corporate and other (2,938 ) (2,536 ) (1,951 ) Total income (loss) before income taxes $ 25,393 $ 56,911 $ 51,518 Benefit (provision) for income taxes: Ethanol and by-products $ 3,245 $ (18,259 ) $ (14,690 ) Refined coal 15,168 — — Corporate and other 1,106 866 582 Total benefit (provision) for income taxes $ 19,519 $ (17,393 ) $ (14,108 ) Segment profit (loss): Ethanol and by-products $ 35,880 $ 33,950 $ 32,734 Refined coal 5,628 — — Corporate and other (1,802 ) (1,617 ) (1,298 ) Net income attributable to REX common shareholders $ 39,706 $ 32,333 $ 31,436 1 Fiscal Year 2017 2016 2015 Sales of products, ethanol and by-products segment: Ethanol $ 359,239 $ 358,349 $ 333,200 Dried distillers grains 63,120 71,204 81,116 Non-food grade corn oil 21,195 18,518 15,510 Modified distillers grains 8,525 5,326 5,999 Other 74 402 663 Total sales $ 452,153 $ 453,799 $ 436,488 Sales of products, refined coal segment: Refined coal $ 433 $ — $ — Interest income: Ethanol and by-products $ 878 $ 212 $ 176 Refined coal — — — Corporate and other 678 222 205 Total interest income $ 1,556 $ 434 $ 381 Depreciation expense: Ethanol and by-products $ 20,037 $ 19,464 $ 18,559 Refined coal 1,385 — — Corporate and other 40 55 79 Total depreciation expense $ 21,462 $ 19,519 $ 18,638 Equity in income of unconsolidated affiliates: Ethanol and by-products $ 3,232 $ 6,144 $ 8,984 Refined coal — — — Corporate and other — — — Total equity in income of unconsolidated affiliates $ 3,232 $ 6,144 $ 8,984 (Loss) gain on sale of investment: Ethanol and by-products $ (13 ) $ 192 $ 10,385 Refined coal — — — Corporate and other — — — Total gain on sale of investment $ (13 ) $ 192 $ 10,385 January 31, Assets: 2018 2017 2016 Ethanol and by-products $ 384,997 $ 371,464 $ 348,779 Refined coal 12,165 — — Corporate and other 81,702 82,560 65,906 Total assets $ 478,864 $ 454,024 $ 414,685 Additions to other long lived assets: Ethanol and by-products $ 796 $ 832 $ 696 Refined coal — — — Corporate and other — — — Total additions to other long lived assets $ 796 $ 832 $ 696 Additions to property and equipment: Ethanol and by-products $ 24,017 $ 14,208 $ 15,495 Refined coal — — — Corporate and other — — — Total additions to property and equipment $ 24,017 $ 14,208 $ 15,495 All of the Company’s ethanol and distillers grains are sold in the domestic market. The Company’s marketers make all decisions with regard to where products they purchase from the Company are distributed. |
QUARTERLY UNAUDITED INFORMATION
QUARTERLY UNAUDITED INFORMATION | 12 Months Ended |
Jan. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 17. QUARTERLY UNAUDITED INFORMATION The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2017 2017 2017 2018 Net sales and revenue $ 113,143 $ 108,744 $ 121,164 $ 109,535 Gross profit 12,489 10,781 14,867 6,024 Net income 5,612 4,171 14,994 20,135 Net income attributable to REX common shareholders 4,544 2,941 13,168 19,053 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.69 $ 0.45 $ 2.00 $ 2.89 Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2016 2016 2016 2017 Net sales and revenue $ 100,222 $ 115,707 $ 116,283 $ 121,587 Gross profit 8,422 17,284 20,162 25,171 Net income 3,466 9,029 11,474 15,549 Net income attributable to REX common shareholders 2,838 8,176 8,938 12,381 Basic and diluted net income per share attributable to REX common shareholders $ 0.43 $ 1.24 $ 1.36 $ 1.88 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. RELATED PARTIES During fiscal years 2017, 2016 and 2015, One Earth and NuGen purchased approximately $154.5 million, $148.5 million and $148.2 million, respectively, of corn from minority equity investors. The Company had amounts payable to related parties for corn purchases of approximately $0.9 million and $1.7 million at January 31, 2018 and 2017, respectively. During fiscal year 2017, the Company recognized commission expense of approximately $1.8 million, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal acquisition. The Company had accrued liabilities related to the commission expense of approximately $1.5 million at January 31, 2018. During fiscal year 2017, the Company received approximately $0.9 million in capital contributions from the minority investor in the refined coal entity. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jan. 31, 2018 | |
Table Text Block [Abstract] | |
Schedule of Subsequent Events [Table Text Block] | 19. SUBSEQUENT EVENT On March 20, 2018, the Company’s Board of Directors increased its share repurchase authorization by an additional 500,000 shares. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Jan. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED JANUARY 31, 2018, 2017 AND 2016 (Amounts in thousands) Additions Deductions Balance Charged to Charges for Balance Beginning Cost and Which Reserves End of Year Expenses Were Created of Year 2018: Deferred tax valuation allowance $ 417 $ — $ 176 $ 241 2017: Deferred tax valuation allowance $ 1,151 $ — $ 734 $ 417 2016: Deferred tax valuation allowance $ 1,752 $ — $ 601 $ 1,151 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year – |
Segment Reporting, Policy [Policy Text Block] | Segments 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. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents – |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk – |
Inventory, Policy [Policy Text Block] | Inventory . January 31, 2018 2017 Ethanol and other finished goods $ 8,402 $ 5,262 Work in process 2,824 2,359 Grain and other raw materials 9,529 9,436 Total $ 20,755 $ 17,057 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – January 31, 2018 2017 Land and improvements $ 21,074 $ 20,951 Buildings and improvements 23,272 23,203 Machinery, equipment and fixtures 288,832 255,348 Construction in progress 3,155 1,046 336,333 300,548 Less: accumulated depreciation (138,506 ) (117,787 ) Total $ 197,827 $ 182,761 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets 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). Depreciation expense was approximately $21,462,000, $19,519,000 and $18,638,000 in fiscal years 2017, 2016 and 2015, respectively. |
Investment, Policy [Policy Text Block] | Investments – The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, 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 Statements of Operations and a new cost basis in the investment is established. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales – |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses – |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – “Improvements to Employee Share-Based Payment Accounting” Effective February 1, 2017, the Company adopted the amended guidance in ASC Topic 330, “ Inventory: Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17 “ Balance Sheet Classification of Deferred Taxes” In August 2016, the FASB issued ASU 2016-15 “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments The Company will be required to adopt the amended guidance in ASC Topic 606 “ Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, “ Leases In November 2016, the FASB issued ASU 2016-18 “ Statement of Cash Flows (Topic 230), Restricted Cash |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory at January 31, 2018, and January 31, 2017 are as follows (amounts in thousands): January 31, 2018 2017 Ethanol and other finished goods $ 8,402 $ 5,262 Work in process 2,824 2,359 Grain and other raw materials 9,529 9,436 Total $ 20,755 $ 17,057 |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment at January 31, 2018 and 2017 are as follows (amounts in thousands): January 31, 2018 2017 Land and improvements $ 21,074 $ 20,951 Buildings and improvements 23,272 23,203 Machinery, equipment and fixtures 288,832 255,348 Construction in progress 3,155 1,046 336,333 300,548 Less: accumulated depreciation (138,506 ) (117,787 ) Total $ 197,827 $ 182,761 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Investments Schedule [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the investment at January 31, 2018 and 2017 (amounts in thousands): January 31, 2018 January 31, 2017 Carrying amount $ 34,549 $ 37,833 Ownership percentage 10.3 % 9.7 % |
Condensed Balance Sheet [Table Text Block] | Summarized financial information for the Company’s equity method investee as of its fiscal year end is presented in the following table (amounts in thousands): Big River December 31, 2017 December 31, 2016 Current assets $ 149,436 $ 175,299 Non current assets 261,443 311,450 Total assets $ 410,879 $ 486,749 Current liabilities $ 49,130 $ 50,798 Long-term liabilities 10,599 — Total liabilities $ 59,729 $ 50,798 Noncontrolling interests $ 38,412 $ 52,336 |
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 years ended December 31, 2017, 2016 and 2015 (amounts in thousands): Year Ended December 31, Big River 2017 2016 Net sales and revenue $ 817,112 $ 851,434 Gross profit $ 60,259 $ 88,841 Income from continuing operations $ 32,243 $ 63,292 Net income $ 32,243 $ 63,292 Year Ended December 31, 2015 Patriot (1) Big River Net sales and revenue $ 115,614 $ 863,554 Gross profit $ 14,424 $ 85,451 Income from continuing operations $ 11,100 $ 62,193 Net income $ 11,100 $ 62,193 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired at the acquisition date (amounts in thousands): Inventory $ 49 Property, plant and equipment 12,000 Total assets acquired and purchase price $ 12,049 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
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 at January 31, 2018 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Value Forward purchase contracts asset (4) $ — $ 72 $ — $ 72 Investment in cooperative (1) — — 333 333 Total assets $ — $ 72 $ 333 $ 405 Commodity futures (5) $ — $ 87 $ — $ 87 Forward purchase contracts liability (2) — 34 — 34 Total liabilities $ — $ 121 $ — $ 121 Level 1 Level 2 Level 3 Total Fair Value Commodity futures (3) $ — $ 45 $ — $ 45 Forward purchase contracts asset (4) — 163 — 163 Investment in cooperative (1) — — 333 333 Total assets $ — $ 208 $ 333 $ 541 Forward purchase contracts liability (2) $ — $ 136 $ — $ 136 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (2) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contract asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | The components of other noncurrent assets at January 31, 2018 and 2017 are as follows (amounts in thousands): January 31, 2018 2017 Real estate taxes refundable $ 6,719 $ 5,923 Deposits 5 155 Other 730 835 Total $ 7,454 $ 6,913 |
ACCRUED EXPENSES AND OTHER CU33
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities at January 31, 2018 and 2017 are as follows (amounts in thousands): January 31, 2018 2017 Accrued payroll and related items $ 5,108 $ 4,279 Accrued utility charges 2,639 2,414 Accrued real estate taxes 2,678 2,716 Accrued income taxes 61 2,120 Other 3,230 1,819 Total $ 13,716 $ 13,348 |
NET INCOME PER SHARE FROM CON34
NET INCOME PER SHARE FROM CONTINUING OPERATIONS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the basic and diluted net income per share computations for fiscal year 2015 (amounts in thousands, except per-share amounts): 2015 Income Shares Per Share Basic net income per share attributable to REX common shareholders $ 31,436 7,297 $ 4.31 Effect of restricted stock 10 Diluted net income per share attributable to REX common shareholders $ 31,436 7,307 $ 4.30 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At January 31, 2018, 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. As of January 31, 2018, future minimum annual rentals on such leases are as follows (amounts in thousands): Years Ended Minimum January 31, Rentals 2019 7,209 2020 5,700 2021 3,931 2022 3,299 2023 1,734 Thereafter 4,130 $ 26,003 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2018 2017 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 6,566 6,561 |
DERIVATIVE FINANCIAL INSTRUME37
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2018 2017 2018 2017 Commodity futures (1) $ — $ 45 $ 87 $ — Forward purchase contracts (2) $ 72 $ 163 $ 34 $ 136 (1) Commodity futures liabilities are included in accrued expenses and other current liabilities. Commodity futures assets are included in prepaid expense and other. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. These contracts are short/sell positions for approximately 0.7 million bushels of corn at January 31, 2017. (2) Forward purchase contracts assets are included in prepaid expenses and other while forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 11.7 million bushels of corn at January 31, 2018 and 5.3 million bushels of corn at January 31, 2017. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes non-vested restricted stock award activity for the fiscal years 2017, 2016 and 2015: 2017 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2017 23,350 $ 1,386 2 Granted 14,156 1,370 Forfeited — — Vested 8,091 481 Non-Vested at January 31, 2018 29,415 $ 2,275 2 2016 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2016 3,168 $ 200 2 Granted 21,502 1,269 Forfeited — — Vested 1,320 83 Non-Vested at January 31, 2017 23,350 $ 1,386 2 2015 Weighted Weighted Average Grant Remaining Vesting Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2015 — $ — Granted 3,168 200 Forfeited — — Vested — — Non-Vested at January 31, 2016 3,168 $ 200 2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The (benefit) provision for income taxes for fiscal years 2017, 2016 and 2015 consists of the following (amounts in thousands): 2017 2016 2015 Federal: Current $ (2,094 ) $ 12,197 $ 15,804 Deferred (19,528 ) 3,568 (2,867 ) (21,622 ) 15,765 12,937 State and Local: Current 1,180 2,153 2,651 Deferred 923 (525 ) (1,480 ) 2,103 1,628 1,171 (Benefit) provision for income taxes $ (19,519 ) $ 17,393 $ 14,108 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows as of January 31, 2018 and 2017 (amounts in thousands): January 31, 2018 2017 Assets: Section 45 credit carryforward $ 3,897 $ — Accrued liabilities 687 539 State net operating loss carryforward 241 412 Other items 576 513 Valuation allowance (241 ) (417 ) Total 5,160 1,047 Liabilities: Basis in pass through entities, including depreciation (26,717 ) (41,080 ) Other (149 ) (278 ) Total (26,866 ) (41,358 ) Net deferred tax liability $ (21,706 ) $ (40,311 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2017, 2016 and 2015 as follows: 2017 2016 2015 Federal income tax at statutory rate 33.8 % 35.0 % 35.0 % State and local taxes, net of federal tax benefit 3.2 2.3 (1.3 ) Section 45 production tax credits (45.4 ) — — Tax Cuts and Jobs Act (56.6 ) — — Net change in valuation allowance — — (1.2 ) Domestic production activities deduction (5.9 ) (2.9 ) (1.7 ) Uncertain tax positions 1.4 0.8 1.0 Noncontrolling interest (7.6 ) (4.6 ) (4.4 ) Other 0.2 — — Total (76.9 )% 30.6 % 27.4 % |
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 (dollars in thousands): Years Ended January 31, 2018 2017 Unrecognized tax benefits, beginning of year $ 2,096 $ 987 Changes for tax positions for prior years 269 1,109 Changes for tax positions for current year (40 ) — Unrecognized tax benefits, end of year $ 2,325 $ 2,096 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
SEGMENT REPORTING (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize segment and other results and assets (amounts in thousands): Fiscal Year 2017 2016 2015 Net sales and revenue: Ethanol and by-products $ 452,153 $ 453,799 $ 436,488 Refined coal 1 433 — — Total net sales and revenue $ 452,586 $ 453,799 $ 436,488 Segment gross profit (loss): Ethanol and by-products $ 51,509 $ 71,039 $ 50,834 Refined coal (7,348 ) — — Total gross profit $ 44,161 $ 71,039 $ 50,834 Income (loss) before income taxes: Ethanol and by-products $ 38,352 $ 59,447 $ 53,469 Refined coal (10,021 ) — — Corporate and other (2,938 ) (2,536 ) (1,951 ) Total income (loss) before income taxes $ 25,393 $ 56,911 $ 51,518 Benefit (provision) for income taxes: Ethanol and by-products $ 3,245 $ (18,259 ) $ (14,690 ) Refined coal 15,168 — — Corporate and other 1,106 866 582 Total benefit (provision) for income taxes $ 19,519 $ (17,393 ) $ (14,108 ) Segment profit (loss): Ethanol and by-products $ 35,880 $ 33,950 $ 32,734 Refined coal 5,628 — — Corporate and other (1,802 ) (1,617 ) (1,298 ) Net income attributable to REX common shareholders $ 39,706 $ 32,333 $ 31,436 Fiscal Year 2017 2016 2015 Sales of products, ethanol and by-products segment: Ethanol $ 359,239 $ 358,349 $ 333,200 Dried distillers grains 63,120 71,204 81,116 Non-food grade corn oil 21,195 18,518 15,510 Modified distillers grains 8,525 5,326 5,999 Other 74 402 663 Total sales $ 452,153 $ 453,799 $ 436,488 Sales of products, refined coal segment: Refined coal $ 433 $ — $ — Interest income: Ethanol and by-products $ 878 $ 212 $ 176 Refined coal — — — Corporate and other 678 222 205 Total interest income $ 1,556 $ 434 $ 381 Depreciation expense: Ethanol and by-products $ 20,037 $ 19,464 $ 18,559 Refined coal 1,385 — — Corporate and other 40 55 79 Total depreciation expense $ 21,462 $ 19,519 $ 18,638 Equity in income of unconsolidated affiliates: Ethanol and by-products $ 3,232 $ 6,144 $ 8,984 Refined coal — — — Corporate and other — — — Total equity in income of unconsolidated affiliates $ 3,232 $ 6,144 $ 8,984 (Loss) gain on sale of investment: Ethanol and by-products $ (13 ) $ 192 $ 10,385 Refined coal — — — Corporate and other — — — Total gain on sale of investment $ (13 ) $ 192 $ 10,385 1 |
Assets [Member] | |
SEGMENT REPORTING (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | January 31, Assets: 2018 2017 2016 Ethanol and by-products $ 384,997 $ 371,464 $ 348,779 Refined coal 12,165 — — Corporate and other 81,702 82,560 65,906 Total assets $ 478,864 $ 454,024 $ 414,685 Additions to other long lived assets: Ethanol and by-products $ 796 $ 832 $ 696 Refined coal — — — Corporate and other — — — Total additions to other long lived assets $ 796 $ 832 $ 696 Additions to property and equipment: Ethanol and by-products $ 24,017 $ 14,208 $ 15,495 Refined coal — — — Corporate and other — — — Total additions to property and equipment $ 24,017 $ 14,208 $ 15,495 |
QUARTERLY UNAUDITED INFORMATI41
QUARTERLY UNAUDITED INFORMATION (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2017 2017 2017 2018 Net sales and revenue $ 113,143 $ 108,744 $ 121,164 $ 109,535 Gross profit 12,489 10,781 14,867 6,024 Net income 5,612 4,171 14,994 20,135 Net income attributable to REX common shareholders 4,544 2,941 13,168 19,053 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.69 $ 0.45 $ 2.00 $ 2.89 Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2016 2016 2016 2017 Net sales and revenue $ 100,222 $ 115,707 $ 116,283 $ 121,587 Gross profit 8,422 17,284 20,162 25,171 Net income 3,466 9,029 11,474 15,549 Net income attributable to REX common shareholders 2,838 8,176 8,938 12,381 Basic and diluted net income per share attributable to REX common shareholders $ 0.43 $ 1.24 $ 1.36 $ 1.88 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 31, 2018USD ($)shares | Oct. 31, 2017 | Dec. 31, 2017 | Jan. 31, 2018USD ($)shares | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Entities Under Ownership Interest (in Dollars) | $ 5 | |||||
Number of Consolidated Subsidiaries | 4 | |||||
Number of Equity Method Investments | 1 | |||||
Number of Reportable Segments | 2 | 2 | 1 | |||
Inventory Write-down (in Dollars) | $ 0 | $ 0 | $ 0 | |||
Property, Plant and Equipment, Depreciation Methods | Depreciation is computed using the straight-line method. | |||||
Asset Impairment Charges (in Dollars) | $ 0 | 0 | 125,000 | |||
Depreciation (in Dollars) | 21,462,000 | 19,519,000 | 18,638,000 | |||
Material Settlements of Forward Contracts (in Dollars) | 0 | 0 | 0 | |||
Assets (in Dollars) | $ 478,864,000 | 478,864,000 | 454,024,000 | $ 414,685,000 | ||
Liabilities (in Dollars) | $ 121,000 | $ 121,000 | $ 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | shares | 550,000 | 550,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 33.80% | 35.00% | 35.00% | |
Other Comprehensive Income (Loss), Net of Tax (in Dollars) | $ 0 | |||||
Customer Concentration Risk [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Concentration Risk Number of Customer | 6 | 5 | 4 | |||
Concentration Risk, Percentage | 87.00% | 83.00% | 75.00% | |||
Refined Coal [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Entities Under Ownership Interest (in Dollars) | $ 5 | |||||
Assets (in Dollars) | $ 12,165,000 | $ 12,165,000 | ||||
Ethanol [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Operating Segments | 3 | |||||
Assets (in Dollars) | $ 384,997,000 | $ 384,997,000 | $ 371,464,000 | $ 348,779,000 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Consolidated Subsidiaries | 2 | |||||
Majority-Owned Subsidiary, Unconsolidated [Member] | Refined Coal [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Operating Segments | 1 | |||||
Majority-Owned Subsidiary, Unconsolidated [Member] | Ethanol [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Number of Operating Segments | 2 | |||||
Accounts Receivable Balance [Member] | Customer Concentration Risk [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 89.00% | 88.00% | ||||
Cost of Sales [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20.00% | |||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | 5 | |||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | |||||
Fixtures And Equipment [Member] | Minimum [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | 2 | |||||
Fixtures And Equipment [Member] | Maximum [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | |||||
Not Accounted For Under "Normal Purchases and Normal Sales" Scope [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||||
Assets (in Dollars) | $ 100,000 | |||||
Liabilities (in Dollars) | $ 200,000 |
SUMMARY OF SIGNIFICANT ACCOUN43
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of components of inventory - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of components of inventory [Abstract] | ||
Ethanol and other finished goods | $ 8,402 | $ 5,262 |
Work in process | 2,824 | 2,359 |
Grain and other raw materials | 9,529 | 9,436 |
Total | $ 20,755 | $ 17,057 |
SUMMARY OF SIGNIFICANT ACCOUN44
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of Property Plant and Equipment [Abstract] | ||
Land and improvements | $ 21,074 | $ 20,951 |
Buildings and improvements | 23,272 | 23,203 |
Machinery, equipment and fixtures | 288,832 | 255,348 |
Construction in progress | 3,155 | 1,046 |
336,333 | 300,548 | |
Less: accumulated depreciation | (138,506) | (117,787) |
Total | $ 197,827 | $ 182,761 |
INVESTMENTS (Details)
INVESTMENTS (Details) $ in Thousands, gal in Millions | Jun. 01, 2015USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2018USD ($)gal | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2009 |
INVESTMENTS (Details) [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 27.00% | 10.30% | 9.70% | |||
Income (Loss) from Equity Method Investments | $ 3,232 | $ 6,144 | $ 8,984 | |||
Proceeds from Equity Method Investment, Distribution | 6,516 | 7,018 | 11,151 | |||
Equity Method Investments | 34,549 | 37,833 | ||||
Gain (Loss) on Sale of Investments | (13) | 192 | 10,385 | |||
Big River [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Payments to Acquire Equity Method Investments | 20,000 | |||||
Income (Loss) from Equity Method Investments | 3,200 | 6,100 | 6,000 | |||
Proceeds from Equity Method Investment, Distribution | 6,500 | 7,000 | $ 7,500 | |||
Equity Method Investments | 34,500 | |||||
Equity Method Investment, Underlying Equity in Net Assets | 32,200 | |||||
Other Restricted Assets | 202,600 | |||||
Proportionate Share of Restricted Net Assets | $ 20,900 | |||||
Big River [Member] | Burlington [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Quantity of ethanol shipped (in US Gallons) | gal | 108 | |||||
Big River [Member] | Illinois [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Quantity of ethanol shipped (in US Gallons) | gal | 126 | |||||
Big River [Member] | Dyersville [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Quantity of ethanol shipped (in US Gallons) | gal | 130 | |||||
Equity Method Investment, Ownership Percentage | 55.30% | 50.50% | ||||
Big River [Member] | Boyceville [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Quantity of ethanol shipped (in US Gallons) | gal | 57 | |||||
Big River [Member] | Big River Resources United Energy LLC [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 55.30% | |||||
Patriot [Member] | ||||||
INVESTMENTS (Details) [Line Items] | ||||||
Income (Loss) from Equity Method Investments | $ 2,900 | |||||
Proceeds from Equity Method Investment, Distribution | $ 3,600 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Gain (Loss) on Disposition of Business | $ 45,500 | |||||
Business Combination, Consideration Transferred | 196,000 | |||||
Gain (Loss) on Sale of Investments | $ 10,400 | $ 200 | ||||
Proceeds From Payment For Escrow Holdbacks And Adjustments | $ 4,500 |
INVESTMENTS (Details) - Schedul
INVESTMENTS (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 01, 2015 |
Schedule of Equity Method Investments [Abstract] | |||
Carrying amount | $ 34,549 | $ 37,833 | |
Ownership percentage | 10.30% | 9.70% | 27.00% |
INVESTMENTS (Details) - Sched47
INVESTMENTS (Details) - Schedule of Condensed Balance Sheet - USD ($) $ in Thousands | Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Current assets | $ 239,034 | $ 226,517 | |||
Total assets | 478,864 | 454,024 | $ 414,685 | ||
Current liabilities | 21,865 | 22,519 | |||
Long-term liabilities | 25,073 | 43,231 | |||
Total liabilities | $ 121 | $ 100 | |||
Big River [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Current assets | $ 149,436 | $ 175,299 | |||
Non current assets | 261,443 | 311,450 | |||
Total assets | 410,879 | 486,749 | |||
Current liabilities | 49,130 | 50,798 | |||
Long-term liabilities | 10,599 | ||||
Total liabilities | 59,729 | 50,798 | |||
Noncontrolling interests | $ 38,412 | $ 52,336 |
INVESTMENTS (Details) - Sched48
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | ||
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||||||||||||||
Net income | $ 19,053 | $ 13,168 | $ 2,941 | $ 4,544 | $ 12,381 | $ 8,938 | $ 8,176 | $ 2,838 | $ 39,706 | $ 32,333 | $ 31,436 | ||||
Big River [Member] | |||||||||||||||
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||||||||||||||
Net sales and revenue | $ 817,112 | $ 851,434 | $ 863,554 | ||||||||||||
Gross profit | 60,259 | 88,841 | 85,451 | ||||||||||||
Income from continuing operations | 32,243 | 63,292 | 62,193 | ||||||||||||
Net income | $ 32,243 | $ 63,292 | 62,193 | ||||||||||||
Patriot [Member] | |||||||||||||||
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||||||||||||||
Net sales and revenue | [1] | 115,614 | |||||||||||||
Gross profit | [1] | 14,424 | |||||||||||||
Income from continuing operations | [1] | 11,100 | |||||||||||||
Net income | [1] | $ 11,100 | |||||||||||||
[1] | For Patriot, results are for the five month period ended May 31, 2015 as the Company's equity interest in Patriot was sold June 1, 2015. |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Aug. 10, 2017 | |
Business Combinations [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 95.35% | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 400,000 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 5,600,000 | ||
Business Acquisition, Pro Forma Revenue | 452,600,000 | $ 453,800,000 | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 40,400,000 | $ 29,200,000 | |
Business Acquisition, Pro Forma Earnings Per Share, Basic (in Dollars per share) | $ 6.12 | $ 4.43 | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted (in Dollars per share) | $ 6.12 | $ 4.43 | |
Payments to Acquire Businesses, Gross | $ 12,049,000 | ||
Business Acquisition, Transaction Costs | $ 2,500,000 |
BUSINESS COMBINATIONS (Detail50
BUSINESS COMBINATIONS (Details) - Schedule of Estimated Fair Values of Assets Acquired at Acquisition Date | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Schedule of Estimated Fair Values of Assets Acquired at Acquisition Date [Abstract] | |
Inventory | $ 49,000 |
Property, plant and equipment | 12,000,000 |
Total assets acquired and purchase price | $ 12,049,000 |
FAIR VALUE (Details) - Schedule
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | |||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset (4) | [1] | $ 72 | $ 163 | ||
Investment in cooperative (1) | [2] | 333 | 333 | ||
Total assets | 405 | 541 | |||
Commodity futures (5) | 87 | [3] | 45 | [4] | |
Forward purchase contracts liability (2) | [5] | 34 | 136 | ||
Total liabilities | 121 | 100 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset (4) | [1] | ||||
Investment in cooperative (1) | [2] | ||||
Commodity futures (5) | [3] | [4] | |||
Forward purchase contracts liability (2) | [5] | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset (4) | [1] | 72 | 163 | ||
Investment in cooperative (1) | [2] | ||||
Total assets | 72 | 208 | |||
Commodity futures (5) | 87 | [3] | 45 | [4] | |
Forward purchase contracts liability (2) | [5] | 34 | 136 | ||
Total liabilities | 121 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset (4) | [1] | ||||
Investment in cooperative (1) | [2] | 333 | 333 | ||
Total assets | 333 | 333 | |||
Commodity futures (5) | [3] | [4] | |||
Forward purchase contracts liability (2) | [5] | ||||
[1] | The forward purchase contract asset is included in "Prepaid expenses and other" on the accompanying Consolidated Balance Sheets. | ||||
[2] | The investment in cooperative is included in "Other assets" on the accompanying Consolidated Balance Sheets. | ||||
[3] | The commodity futures liability is included in "Accrued expenses and other current liabilities" on the accompanying Consolidated Balance Sheets. | ||||
[4] | The commodity futures asset is included in "Prepaid expenses and other" on the accompanying Consolidated Balance Sheets. | ||||
[5] | The forward purchase contract liability is included in "Accrued expenses and other current liabilities" on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Details) - Schedu
OTHER ASSETS (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of Other Assets [Abstract] | ||
Real estate taxes refundable | $ 6,719 | $ 5,923 |
Deposits | 5 | 155 |
Other | 730 | 835 |
Total | $ 7,454 | $ 6,913 |
ACCRUED EXPENSES AND OTHER CU53
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of accrued expenses and other current liabilities [Abstract] | ||
Accrued payroll and related items | $ 5,108 | $ 4,279 |
Accrued utility charges | 2,639 | 2,414 |
Accrued real estate taxes | 2,678 | 2,716 |
Accrued income taxes | 61 | 2,120 |
Other | 3,230 | 1,819 |
Total | $ 13,716 | $ 13,348 |
NET INCOME PER SHARE FROM CON54
NET INCOME PER SHARE FROM CONTINUING OPERATIONS (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||
Basic net income per share attributable to REX common shareholders (in Dollars) | $ 31,436 | ||
Basic net income per share attributable to REX common shareholders | 6,596 | 6,587 | 7,297 |
Basic net income per share attributable to REX common shareholders (in Dollars per share) | $ 4.31 | ||
Effect of restricted stock | 10 | ||
Diluted net income per share attributable to REX common shareholders (in Dollars) | $ 31,436 | ||
Diluted net income per share attributable to REX common shareholders | 6,596 | 6,587 | 7,307 |
Diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 4.30 |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands | Jan. 31, 2018USD ($) |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
2,019 | $ 7,209 |
2,020 | 5,700 |
2,021 | 3,931 |
2,022 | 3,299 |
2,023 | 1,734 |
Thereafter | 4,130 |
$ 26,003 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Treasury Stock, Shares, Acquired | 87,904 | 1,254,344 | |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $ 4,353,000 | $ 70,208,000 | |
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | 155,334 |
COMMON STOCK (Details) - Schedu
COMMON STOCK (Details) - Schedule of Stock by Class - shares shares in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of Stock by Class [Abstract] | ||
Authorized shares | 45,000 | 45,000 |
Issued shares | 29,853 | 29,853 |
Outstanding shares | 6,566 | 6,561 |
REVOLVING LINES OF CREDIT (Deta
REVOLVING LINES OF CREDIT (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | |
Debt Instrument, Maturity Date | Jun. 1, 2018 | |
Line of Credit Facility, Interest Rate Description | LIBOR rate plus225 basis points |
DERIVATIVE FINANCIAL INSTRUME59
DERIVATIVE FINANCIAL INSTRUMENTS (Details) gal in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2018USD ($)galbu | Jan. 31, 2017USD ($)bu | Jan. 31, 2016USD ($) | |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Debt Instrument, Collateral Amount | $ | $ 354,000 | ||
Derivative, Gain on Derivative | $ | $ 1,317,000 | $ 2,131,000 | $ 382,000 |
Corn [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity | bu | 11.7 | 5.3 | |
Corn [Member] | Short/Sell [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | bu | 2.5 | 0.7 | |
Ethanol [Member] | Short/Sell [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | gal | 2.8 | ||
Ethanol [Member] | Long/Buy [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | gal | 2.8 |
DERIVATIVE FINANCIAL INSTRUME60
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | |
Commodity Contract [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | $ 45 | |
Liability Derivatives, Fair Value | [1] | 87 | |
Forward Contracts [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 72 | 163 |
Liability Derivatives, Fair Value | [2] | $ 34 | $ 136 |
[1] | Commodity futures liabilities are included in accrued expenses and other current liabilities. Commodity futures assets are included in prepaid expense and other. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. These contracts are short/sell positions for approximately 0.7 million bushels of corn at January 31, 2017. | ||
[2] | Forward purchase contracts assets are included in prepaid expenses and other while forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 11.7 million bushels of corn at January 31, 2018 and 5.3 million bushels of corn at January 31, 2017. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 550,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 233,000 | $ 214,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 29,415 | 23,350 | 3,168 | |
Employee Stock Option [Member] | Stock Option Plans 2015 [Member] | ||||
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 550,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 511,174 | |||
Rex Shareholders [Member] | ||||
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 24,711 | 18,541 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) $ / shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Schedule of Non-Vested Restricted Stock Award Activity [Abstract] | |||
Non-Vested Shares, Beginning of Period | 23,350 | 3,168 | |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 1,386 | $ 200 | |
Weighted Average Vesting Term, Beginning of Period | 2 years | 2 years | 2 years |
Non-Vested Shares, Granted | 14,156 | 21,502 | 3,168 |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ 1,370 | $ 1,269 | $ 200 |
Non-Vested Shares, Forfeited | |||
Weighted Average Grant Date Fair Value, Forfeited (in Dollars) | |||
Non-Vested Shares, Vested | 8,091 | 1,320 | |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 481 | $ 83 | |
Non-Vested Shares, End of Period | 29,415 | 23,350 | 3,168 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 2,275 | $ 1,386 | $ 200 |
Weighted Average Vesting Term, End of Period | 2 years | 2 years | 2 years |
COMMITMENTS (Details)
COMMITMENTS (Details) lb in Millions, gal in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2018USD ($)Tlbgalbu | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | |
COMMITMENTS (Details) [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 26,003,000 | ||
One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 14.1 | ||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 29.4 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 118,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 12.8 | ||
Supply Commitment Expected Period Of Delivery | They expect to deliver the ethanol, distillers grains and corn oil through March 2018. | ||
Alliance Grain [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Percentage of Grain Purchase Under Agreement | 100.00% | ||
Expiration Date of Grain Agreement | Oct. 31, 2018 | ||
Maximum Period to Notify Other Party for Grain Agreement Period Extension | 180 days | ||
Refined Coal [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Fees Incurred By Subsidiary | $ 5,500,000 | ||
Natural Gas Pipeline [Member] | One Earth Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 10 years | ||
Operating Leases, Future Minimum Payments Due | $ 4,380,000 | ||
Number of installments payable | 120 | ||
Installment amount | $ 36,500 | ||
Operating Leases, Rent Expense, Net | $ 438,000 | $ 438,000 | $ 438,000 |
Natural Gas Pipeline [Member] | One Earth Energy [Member] | Renewal [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 15 years | ||
Installment amount | $ 29,250 | ||
Railcars One [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 8,600,000 | 8,515,000 | 7,221,000 |
Lease Expiration Date | Feb. 1, 2024 | ||
Distillers Grains Marketing Services [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Marketing Expense | $ 1,354,000 | $ 1,194,000 | $ 1,169,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||||
Deferred Tax Assets, Valuation Allowance | $ 241,000 | $ 241,000 | $ 417,000 | $ 1,151,000 | $ 1,752,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (176,000) | $ (734,000) | $ (601,000) | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 33.80% | 35.00% | 35.00% | |
Deferred Other Tax Expense (Benefit) | $ 14,362,000 | |||||
Income Taxes Paid | $ 6,920,000 | $ 7,090,000 | $ 20,253,000 | |||
Proceeds from Income Tax Refunds | 476,000 | 150,000 | 132,000 | |||
Unrecognized Tax Benefits | 1,963,000 | 1,963,000 | $ 2,096,000 | $ 987,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 362,000 | 362,000 | ||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 1,518,000 | $ 1,518,000 |
INCOME TAXES (Details) - Sched
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Federal: | |||
Current | $ (2,094) | $ 12,197 | $ 15,804 |
Deferred | (19,528) | 3,568 | (2,867) |
(21,622) | 15,765 | 12,937 | |
State and Local: | |||
Current | 1,180 | 2,153 | 2,651 |
Deferred | 923 | (525) | (1,480) |
2,103 | 1,628 | 1,171 | |
(Benefit) provision for income taxes | $ (19,519) | $ 17,393 | $ 14,108 |
INCOME TAXES (Details) - Sch66
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Assets: | ||||
Section 45 credit carryforward | $ 3,897,000 | |||
Accrued liabilities | 687,000 | $ 539,000 | ||
State net operating loss carryforward | 241,000 | 412,000 | ||
Other items | 576,000 | 513,000 | ||
Valuation allowance | (241,000) | (417,000) | $ (1,151,000) | $ (1,752,000) |
Total | 5,160,000 | 1,047,000 | ||
Liabilities: | ||||
Basis in pass through entities, including depreciation | (26,717,000) | (41,080,000) | ||
Other | (149,000) | (278,000) | ||
Total | (26,866,000) | (41,358,000) | ||
Net deferred tax liability | $ (21,706,000) | $ (40,311,000) |
INCOME TAXES (Details) - Sch67
INCOME TAXES (Details) - Schedule of Effective Income Tax Reconciliation | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Schedule of Effective Income Tax Reconciliation [Abstract] | |||||
Federal income tax at statutory rate | 21.00% | 35.00% | 33.80% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit | 3.20% | 2.30% | (1.30%) | ||
Section 45 production tax credits | (45.40%) | ||||
Tax Cuts and Jobs Act | (56.60%) | ||||
Net change in valuation allowance | (1.20%) | ||||
Domestic production activities deduction | (5.90%) | (2.90%) | (1.70%) | ||
Uncertain tax positions | 1.40% | 0.80% | 1.00% | ||
Noncontrolling interest | (7.60%) | (4.60%) | (4.40%) | ||
Other | 0.20% | ||||
Total | (76.90%) | 30.60% | 27.40% |
INCOME TAXES (Details) - Sch68
INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Unrecognized tax benefits, beginning of year | $ 2,096 | $ 987 |
Changes for tax positions for prior years | 269 | 1,109 |
Changes for tax positions for current year | (40) | |
Unrecognized tax benefits, end of year | $ 2,325 | $ 2,096 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) | Jan. 31, 2018 | Jan. 31, 2017 |
Loss Contingency [Abstract] | ||
Loss Contingency Accrual | $ 0 | $ 0 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 2 | 2 | 1 |
SEGMENT REPORTING (Details) - S
SEGMENT REPORTING (Details) - Schedule Of Segment Results And Assets - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | $ 452,586 | $ 453,799 | $ 436,488 | |||||||||
Segment gross profit (loss): | $ 6,024 | $ 14,867 | $ 10,781 | $ 12,489 | $ 25,171 | $ 20,162 | $ 17,284 | $ 8,422 | 44,161 | 71,039 | 50,834 | |
Income (loss) before income taxes: | 25,393 | 56,911 | 51,518 | |||||||||
Benefit (provision) for income taxes: | 19,519 | (17,393) | (14,108) | |||||||||
Segment profit (loss): | 39,706 | 32,333 | 31,436 | |||||||||
Sales of products | 452,153 | 453,799 | 436,488 | |||||||||
Interest income: | 1,556 | 434 | 381 | |||||||||
Depreciation expense: | 21,462 | 19,519 | 18,638 | |||||||||
Equity in income of unconsolidated affiliates: | 3,232 | 6,144 | 8,984 | |||||||||
(Loss) gain on sale of investment: | (13) | 192 | 10,385 | |||||||||
Ethanol [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | 452,153 | 453,799 | 436,488 | |||||||||
Segment gross profit (loss): | 51,509 | 71,039 | 50,834 | |||||||||
Income (loss) before income taxes: | 38,352 | 59,447 | 53,469 | |||||||||
Benefit (provision) for income taxes: | 3,245 | (18,259) | (14,690) | |||||||||
Segment profit (loss): | 35,880 | 33,950 | 32,734 | |||||||||
Sales of products | 359,239 | 358,349 | 333,200 | |||||||||
Interest income: | 878 | 212 | 176 | |||||||||
Depreciation expense: | 20,037 | 19,464 | 18,559 | |||||||||
Equity in income of unconsolidated affiliates: | 3,232 | 6,144 | 8,984 | |||||||||
(Loss) gain on sale of investment: | (13) | 192 | 10,385 | |||||||||
Refined Coal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | [1] | 433 | ||||||||||
Segment gross profit (loss): | (7,348) | |||||||||||
Income (loss) before income taxes: | (10,021) | |||||||||||
Benefit (provision) for income taxes: | 15,168 | |||||||||||
Segment profit (loss): | 5,628 | |||||||||||
Sales of products | 433 | |||||||||||
Depreciation expense: | 1,385 | |||||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income (loss) before income taxes: | (2,938) | (2,536) | (1,951) | |||||||||
Benefit (provision) for income taxes: | 1,106 | 866 | 582 | |||||||||
Segment profit (loss): | (1,802) | (1,617) | (1,298) | |||||||||
Interest income: | 678 | 222 | 205 | |||||||||
Depreciation expense: | 40 | 55 | 79 | |||||||||
Dried Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products | 63,120 | 71,204 | 81,116 | |||||||||
Non-Food Grade Corn Oil [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products | 21,195 | 18,518 | 15,510 | |||||||||
Modified Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products | 8,525 | 5,326 | 5,999 | |||||||||
Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products | $ 74 | $ 402 | $ 663 | |||||||||
[1] | Sales in the refined coal segment are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold. |
SEGMENT REPORTING (Details) -72
SEGMENT REPORTING (Details) - Schedule Of Segment Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Assets: | $ 478,864 | $ 454,024 | $ 414,685 |
Additions to other long lived assets: | 796 | 832 | 696 |
Additions to property and equipment: | 24,017 | 14,208 | 15,495 |
Ethanol [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets: | 384,997 | 371,464 | 348,779 |
Additions to other long lived assets: | 796 | 832 | 696 |
Additions to property and equipment: | 24,017 | 14,208 | 15,495 |
Refined Coal [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets: | 12,165 | ||
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets: | $ 81,702 | $ 82,560 | $ 65,906 |
QUARTERLY UNAUDITED INFORMATI73
QUARTERLY UNAUDITED INFORMATION (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |||||
Schedule of Quarterly Financial Information [Abstract] | |||||||||||||||
Net sales and revenue | $ 109,535 | $ 121,164 | $ 108,744 | $ 113,143 | $ 121,587 | $ 116,283 | $ 115,707 | $ 100,222 | $ 452,586 | $ 453,799 | $ 436,488 | ||||
Gross profit | 6,024 | 14,867 | 10,781 | 12,489 | 25,171 | 20,162 | 17,284 | 8,422 | 44,161 | 71,039 | 50,834 | ||||
Net income | 20,135 | 14,994 | 4,171 | 5,612 | 15,549 | 11,474 | 9,029 | 3,466 | 44,912 | 39,518 | 37,410 | ||||
Net income attributable to REX common shareholders | $ 19,053 | $ 13,168 | $ 2,941 | $ 4,544 | $ 12,381 | $ 8,938 | $ 8,176 | $ 2,838 | $ 39,706 | $ 32,333 | $ 31,436 | ||||
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 2.89 | [1] | $ 2 | [1] | $ 0.45 | [1] | $ 0.69 | [1] | $ 1.88 | $ 1.36 | $ 1.24 | $ 0.43 | |||
[1] | The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
RELATED PARTIES (Details) [Line Items] | |||
Accounts Payable, Related Parties, Current | $ 900 | $ 1,700 | |
Proceeds from Contributions from Affiliates | 918 | ||
Refined Coal [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,800 | ||
Accrued Liabilities for Commissions, Expense and Taxes | 1,500 | ||
Proceeds from Contributions from Affiliates | 900 | ||
One Earth Energy And Nu Gen Energy [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Costs and Expenses, Related Party | $ 154,500 | $ 148,500 | $ 148,200 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) | Mar. 20, 2018shares |
Subsequent Event [Member] | |
SUBSEQUENT EVENT (Details) [Line Items] | |
Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased, Increase (Decrease) | 500,000 |
Schedule II - VALUATION AND Q76
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
2018: | |||
Balance | $ 417,000 | $ 1,151,000 | $ 1,752,000 |
Deductions Charges for Which Reserves Were Created | 176,000 | 734,000 | 601,000 |
Balance | $ 241,000 | $ 417,000 | $ 1,151,000 |