Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 31, 2021 | Sep. 02, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | REX AMERICAN RESOURCES CORPORATION | |
Trading Symbol | REX | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 5,970,938 | |
Amendment Flag | false | |
Entity Central Index Key | 0000744187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-09097 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-1095548 | |
Entity Address, Address Line One | 7720 Paragon Road | |
Entity Address, City or Town | Dayton | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45459 | |
City Area Code | 937 | |
Local Phone Number | 276-3931 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 154,312 | $ 144,501 |
Short-term investments | 33,282 | 36,194 |
Restricted cash | 6,758 | 1,657 |
Accounts receivable | 29,521 | 19,713 |
Inventory | 41,759 | 37,880 |
Refundable income taxes | 6,892 | 6,020 |
Prepaid expenses and other | 12,175 | 12,785 |
Total current assets | 284,699 | 258,750 |
Property and equipment, net | 145,078 | 153,186 |
Operating lease right-of-use assets | 13,211 | 12,678 |
Deferred taxes and other assets | 30,649 | 25,275 |
Equity method investment | 31,870 | 29,456 |
Total assets | 505,507 | 479,345 |
Current liabilities: | ||
Accounts payable, trade (includes $2.5 million and $0.7 million with related parties at July 31, 2021 and January 31, 2021, respectively) | 22,041 | 16,907 |
Current operating lease liabilities | 5,380 | 4,875 |
Accrued expenses and other current liabilities (includes $0.1 million with related parties at July 31, 2021 and January 31, 2021) | 11,274 | 8,955 |
Total current liabilities | 38,695 | 30,737 |
Long-term liabilities: | ||
Deferred taxes | 4,030 | 3,713 |
Long-term operating lease liabilities | 7,534 | 7,439 |
Other long-term liabilities | 1,951 | 273 |
Total long-term liabilities | 13,515 | 11,425 |
REX shareholders’ equity: | ||
Common stock | 299 | 299 |
Paid-in capital | 149,263 | 149,110 |
Retained earnings | 605,646 | 589,986 |
Treasury stock | (355,936) | (354,612) |
Total REX shareholders’ equity | 399,272 | 384,783 |
Noncontrolling interests | 54,025 | 52,400 |
Total equity | 453,297 | 437,183 |
Total liabilities and equity | $ 505,507 | $ 479,345 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts payable, related parties | $ 2.5 | $ 0.7 |
Accrued expenses, related parties | $ 0.1 | $ 0.1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales and revenue | $ 195,843 | $ 39,327 | $ 359,947 | $ 122,577 |
Cost of sales (includes $20,650 and $4,887 with related parties for the quarters ended July 31, 2021 and 2020, respectively, and $37,383 and $17,159 with related parties for the six months ended July 31, 2021 and 2020, respectively) | 184,769 | 40,658 | 331,071 | 133,238 |
Gross profit (loss) | 11,074 | (1,331) | 28,876 | (10,661) |
Selling, general and administrative expenses (includes $154 and $152 with related parties for the quarters ended July 31, 2021 and 2020, respectively, and $191 and $(145) with related parties for the six months ended July 31, 2021 and 2020, respectively) | (6,582) | (4,438) | (16,570) | (9,043) |
Equity in income (loss) of unconsolidated affiliates | 1,844 | (507) | 2,414 | (984) |
Interest and other income, net | 39 | 197 | 82 | 866 |
Income (loss) before income taxes | 6,375 | (6,079) | 14,802 | (19,822) |
Benefit for income taxes | 3,677 | 4,046 | 3,648 | 9,359 |
Net income (loss) | 10,052 | (2,033) | 18,450 | (10,463) |
Net (income) loss attributable to noncontrolling interests | (2,176) | 285 | (2,790) | 1,080 |
Net income (loss) attributable to REX common shareholders | $ 7,876 | $ (1,748) | $ 15,660 | $ (9,383) |
Weighted average shares outstanding – basic and diluted (in Shares) | 6,011 | 6,216 | 6,010 | 6,261 |
Basic and diluted net income (loss) per share attributable to REX common shareholders (in Dollars per share) | $ 1.31 | $ (0.28) | $ 2.61 | $ (1.50) |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
Cost of sales, related parties | $ 20,650 | $ 4,887 | $ 37,383 | $ 17,159 |
Selling, general and administrative expenses, related parties | $ 154 | $ 152 | $ 191 | $ (145) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jan. 31, 2020 | $ 299 | $ (335,066) | $ 148,789 | $ 586,985 | $ 52,599 | $ 453,606 |
Balance (in Shares) at Jan. 31, 2020 | 29,853 | 23,561 | ||||
Net (loss) income | (7,635) | (795) | (8,430) | |||
Treasury stock acquired | $ (3,923) | (3,923) | ||||
Treasury stock acquired (in Shares) | 78 | |||||
Noncontrolling interests distribution and other | (35) | (35) | ||||
Capital contributions | 10 | 10 | ||||
Stock based compensation expense | $ 7 | 32 | 39 | |||
Balance at Apr. 30, 2020 | $ 299 | $ (338,982) | 148,821 | 579,350 | 51,779 | 441,267 |
Balance (in Shares) at Apr. 30, 2020 | 29,853 | 23,639 | ||||
Balance at Jan. 31, 2020 | $ 299 | $ (335,066) | 148,789 | 586,985 | 52,599 | 453,606 |
Balance (in Shares) at Jan. 31, 2020 | 29,853 | 23,561 | ||||
Net (loss) income | (10,463) | |||||
Capital contributions | 23 | |||||
Stock based compensation expense | 80 | |||||
Balance at Jul. 31, 2020 | $ 299 | $ (340,591) | 149,044 | 577,602 | 51,385 | 437,739 |
Balance (in Shares) at Jul. 31, 2020 | 29,853 | 23,655 | ||||
Balance at Apr. 30, 2020 | $ 299 | $ (338,982) | 148,821 | 579,350 | 51,779 | 441,267 |
Balance (in Shares) at Apr. 30, 2020 | 29,853 | 23,639 | ||||
Net (loss) income | (1,748) | (285) | (2,033) | |||
Treasury stock acquired | $ (1,667) | (1,667) | ||||
Treasury stock acquired (in Shares) | 31 | |||||
Noncontrolling interests distribution and other | (124) | (124) | ||||
Capital contributions | 15 | 15 | ||||
Issuance of equity awards and stock based compensation expense | $ 58 | 223 | 281 | |||
Issuance of equity awards and stock based compensation expense (in Shares) | (15) | |||||
Balance at Jul. 31, 2020 | $ 299 | $ (340,591) | 149,044 | 577,602 | 51,385 | 437,739 |
Balance (in Shares) at Jul. 31, 2020 | 29,853 | 23,655 | ||||
Balance at Jan. 31, 2021 | $ 299 | $ (354,612) | 149,110 | 589,986 | 52,400 | 437,183 |
Balance (in Shares) at Jan. 31, 2021 | 29,853 | 23,861 | ||||
Net (loss) income | 7,784 | 614 | 8,398 | |||
Noncontrolling interests distribution and other | (75) | (75) | ||||
Capital contributions | 68 | 68 | ||||
Issuance of equity awards and stock based compensation expense | $ 8 | 34 | 42 | |||
Balance at Apr. 30, 2021 | $ 299 | $ (354,604) | 149,144 | 597,770 | 53,007 | 445,616 |
Balance (in Shares) at Apr. 30, 2021 | 29,853 | 23,861 | ||||
Balance at Jan. 31, 2021 | $ 299 | $ (354,612) | 149,110 | 589,986 | 52,400 | 437,183 |
Balance (in Shares) at Jan. 31, 2021 | 29,853 | 23,861 | ||||
Net (loss) income | 18,450 | |||||
Capital contributions | 139 | |||||
Stock based compensation expense | 567 | |||||
Balance at Jul. 31, 2021 | $ 299 | $ (355,936) | 149,263 | 605,646 | 54,025 | 453,297 |
Balance (in Shares) at Jul. 31, 2021 | 29,853 | 23,866 | ||||
Balance at Apr. 30, 2021 | $ 299 | $ (354,604) | 149,144 | 597,770 | 53,007 | 445,616 |
Balance (in Shares) at Apr. 30, 2021 | 29,853 | 23,861 | ||||
Net (loss) income | 7,876 | 2,176 | 10,052 | |||
Treasury stock acquired | $ (1,356) | (1,356) | ||||
Treasury stock acquired (in Shares) | 17 | |||||
Noncontrolling interests distribution and other | (1,229) | (1,229) | ||||
Capital contributions | 71 | 71 | ||||
Issuance of equity awards and stock based compensation expense | $ 24 | 119 | 143 | |||
Issuance of equity awards and stock based compensation expense (in Shares) | (12) | |||||
Balance at Jul. 31, 2021 | $ 299 | $ (355,936) | $ 149,263 | $ 605,646 | $ 54,025 | $ 453,297 |
Balance (in Shares) at Jul. 31, 2021 | 29,853 | 23,866 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) including noncontrolling interests | $ 18,450 | $ (10,463) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 10,451 | 10,491 |
Amortization of operating lease right-of-use assets | 2,734 | 2,691 |
(Income) loss from equity method investments | (2,414) | 984 |
Dividends received from equity method investee | 2,005 | |
Interest income from investments | (27) | (179) |
Deferred income tax | (4,741) | (4,784) |
Stock based compensation expense | 567 | 80 |
Gain on sale of property and equipment – net | (3) | (22) |
Changes in assets and liabilities: | ||
Accounts receivable | (9,808) | 3,225 |
Inventories | (3,879) | 5,251 |
Refundable income taxes | (872) | (4,591) |
Other assets | 293 | (481) |
Accounts payable, trade | 5,457 | (10,301) |
Other liabilities | 949 | (2,940) |
Net cash provided by (used in) operating activities | 17,157 | (9,034) |
Cash flows from investing activities: | ||
Capital expenditures | (2,693) | (5,692) |
Purchase of short-term investments | (49,281) | (45,450) |
Sale of short-term investments | 52,220 | 39,046 |
Proceeds from sale of real estate and property and equipment | 30 | |
Other | (259) | |
Net cash provided by (used in) investing activities | 276 | (12,355) |
Treasury stock acquired | (1,356) | (5,590) |
Payments to noncontrolling interests holders | (1,304) | (157) |
Capital contributions from minority investor | 139 | 23 |
Net cash used in financing activities | (2,521) | (5,724) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 14,912 | (27,113) |
Cash, cash equivalents and restricted cash, beginning of period | 146,158 | 180,771 |
Cash, cash equivalents and restricted cash, end of period | 161,070 | 153,658 |
Non cash investing activities – Accrued capital expenditures | 67 | 22 |
Non cash financing activities – Stock awards accrued | 482 | |
Non cash financing activities – Stock awards issued | 100 | 240 |
Right-of-use assets acquired and liabilities incurred upon lease execution | 3,267 | 1,863 |
Cash and cash equivalents | 154,312 | 152,708 |
Restricted cash | $ 6,758 | $ 950 |
Consolidated Condensed Financia
Consolidated Condensed Financial Statements | 6 Months Ended |
Jul. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1. Consolidated Condensed Financial Statements References to the Company – References to “REX” or the “Company” in the consolidated condensed financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries. The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2021 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 (fiscal year 2020). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of the Company. All intercompany balances and transactions have been eliminated. The Company consolidates the results of its four majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31. Nature of Operations – The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests. Within the refined coal segment, the Company has a majority equity interest in one refined coal limited liability company. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. Accounting Policies The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2020 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. Revenue Recognition For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold. Cost of Sales Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges. Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight charges were approximately $1,561,000 and $839,000 in the second quarter of fiscal years 2021 and 2020, respectively and approximately $7,156,000 and $2,162,000 in the first six months of fiscal years 2021 and 2020, respectively. Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging 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 sales 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. Income Taxes The Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $1.9 million and received no refunds of income taxes during the six months ended July 31, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020. As of July 31, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,655,000 and $8,380,000, respectively. Accrued penalties and interest were approximately $30,000 and approximately $20,000 at July 31, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.6 million. 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 basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products and refined coal. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $1.3 million and approximately $1.0 million of inventory write-downs in cost of sales at July 31, 2021 and January 31, 2021, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 15,986 $ 18,346 Work in process 6,451 4,374 Grain and other raw materials 19,322 15,160 Total $ 41,759 $ 37,880 Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ 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 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. Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost. Comprehensive Income The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. Accounting Changes and Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Net Sales and Revenue
Net Sales and Revenue | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 3. Net Sales and Revenue The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue. The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter into sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue. See Note 14 for disaggregation of net sales and revenue by operating segment and by product. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 4. Leases At July 31, 2021, the Company has lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows: Three Months Ended Six Months Ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Operating lease expense $ 1,565 $ 1,548 $ 3,115 $ 3,234 Variable lease expense 520 207 564 338 Total lease expense $ 2,085 $ 1,755 $ 3,679 $ 3,572 The following table is a summary of future minimum rentals on such leases at July 31, 2021 (amounts in thousands): Years Ended January 31, Minimum Remainder of 2022 $ 3,015 2023 4,836 2024 3,670 2025 2,221 2026 49 Total 13,791 Less: present value discount 877 Operating lease liabilities $ 12,914 At July 31, 2021, the weighted average remaining lease term is 2.7 years, and the weighted average discount rate is 4.88% for the above leases. The following table is a summary of future minimum rentals on such leases at January 31, 2021 (amounts in thousands): Years Ended January 31, Minimum 2022 $ 5,397 2023 3,690 2024 2,524 2025 1,648 2026 49 Total 13,308 Less: present value discount 994 Operating lease liabilities $ 12,314 At January 31, 2021, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate was 5.26% for the above leases. |
Fair Value
Fair Value | 6 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5. 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 instruments at fair value. 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. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments 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 on a recurring basis at July 31, 2021 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Commodity futures asset (2) - 784 - 784 Forward purchase contracts (2) - 673 - 673 Total assets $ - $ 1,457 $ 354 $ 1,811 Commodity futures liability (3) $ - $ 4,590 $ - $ 4,590 Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2021 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Forward purchase contracts asset (2) - 2,144 - 2,144 Total assets $ - $ 2,144 $ 354 $ 2,498 Commodity futures liability (3) $ - $ 1,794 $ - $ 1,794 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. (2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. (3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. There were no assets measured at fair value on a non-recurring basis at July 31, 2021 or January 31, 2021. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Property and Equipment The components of property and equipment are as follows for the periods presented (amounts in thousands): July 31, January 31, Land and improvements $ 27,437 $ 27,437 Buildings and improvements 23,701 23,701 Machinery, equipment and fixtures 306,514 305,640 Construction in progress 1,173 215 358,825 356,993 Less: accumulated depreciation (213,747) (203,807) Total $ 145,078 $ 153,186 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 7. Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): July 31, January 31, Accrued payroll and related items $ 1,882 $ 690 Accrued utility charges 2,708 2,515 Accrued transportation related items 204 1,560 Accrued real estate taxes 1,220 1,778 Commodity futures 4,590 1,794 Accrued income taxes 51 55 Other 619 563 Total $ 11,274 $ 8,955 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jul. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 8. 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 natural gas) 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 (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives July 31, January 31, July 31, January 31, Commodity futures (1) $ 784 $ - $ 4,590 $ 1,794 Forward purchase contracts (2) 673 2,144 - - Total $ 1,457 $ 2,144 $ 4,590 $ 1,794 (1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 8.6 million bushels of corn at July 31, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021. Commodity futures assets are included in prepaid expenses and other assets. These contracts are long/buy positions for approximately 5.8 million bushels of corn at July 31, 2021. There were no long/buy positions at January 31, 2021. (2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 10.6 million bushels of corn at July 31, 2021 and 6.4 million bushels of corn at January 31, 2021. As of July 31, 2021, and January 31, 2021, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of July 31, 2021, and January 31, 2021, 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. The Company was required to maintain collateral in the amount of approximately $6,758,000 and approximately $1,657,000 to secure the Company’s derivative position at July 31, 2021 and January 31, 2021, respectively. See Note 5 which contains fair value information related to derivative financial instruments. The Company recognized losses (included in net sales and revenue) on derivative financial instruments of approximately $1,638,000 and $298,000 for the second quarter of fiscal years 2021 and 2020, respectively. The Company recognized losses (included in net sales and revenue) on derivative financial instruments of approximately $2,764,000 and $298,000 for the first six months of fiscal years 2021 and 2020, respectively. The Company recognized losses (included in cost of sales) on derivative financial instruments of approximately $6,142,000 and approximately $4,613,000 for the second quarter of fiscal years 2021 and 2020, respectively. The Company recognized losses (included in cost of sales) on derivative financial instruments of approximately $8,036,000 and approximately $1,758,000 for the first six months of fiscal years 2021 and 2020, respectively. |
Investments
Investments | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | Note 9. Investments The following table summarizes the Company’s equity method investment at July 31, 2021 and January 31, 2021 (dollars in thousands): Carrying Amount Entity Ownership Percentage July 31, 2021 January 31, 2021 Big River 10.3% $ 31,870 $ 29,456 Undistributed earnings of the Company’s equity method investee totaled approximately $11.8 million and approximately $9.4 million at July 31, 2021 and January 31, 2021, respectively. The Company did not receive any dividends from its equity method investee in the first six months of fiscal year 2021 and received dividends of approximately $2.0 million in the first six months of fiscal year 2020. Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales and revenue $ 363,383 $ 130,126 $ 619,799 $ 327,758 Gross profit (loss) $ 19,357 $ 3,565 $ 20,901 $ (2,378) Income (loss) from continuing operations $ 17,877 $ (4,914) $ 23,412 $ (9,540) Net income (loss) $ 17,877 $ (4,914) $ 23,412 $ (9,540) At July 31, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $33,282,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant. At January 31, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $36,194,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.2%. Unrealized gains or losses were insignificant. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 10. 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. Since plan inception, the Company has only granted restricted stock awards. 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 July 31, 2021, 471,027 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the grant date. In addition, one third of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15 th th At July 31, 2021 and January 31, 2021, unrecognized compensation cost related to nonvested restricted stock was approximately $155,000 and $272,000, respectively. The following tables summarize non-vested restricted stock award activity for the periods presented: Six Months Ended July 31, 2021 Non-Vested Weighted Weighted Non-Vested at January 31, 2021 19,705 $ 1,398 1 Granted 2,803 275 Forfeited - - Vested 12,447 900 Non-Vested at July 31, 2021 10,061 $ 773 2 Six Months Ended July 31, 2020 Non-Vested Weighted Weighted Non-Vested at January 31, 2020 28,576 $ 2,193 2 Granted 6,158 416 Forfeited - - Vested 15,029 1,211 Non-Vested at July 31, 2020 19,705 $ 1,398 2 The above tables include 5,714 and 14,777 non-vested shares at July 31, 2021 and 2020, 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 . Income Taxes The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020. The Company’s income tax benefit was approximately $3.7 million and approximately $4.0 million for the three months ended July 31, 2021 and 2020, respectively. The Company’s income tax benefit was approximately $3.6 million and approximately $9.4 million for the six months ended July 31, 2021 and 2020, respectively. We had a higher benefit in the prior year periods based upon pre-tax losses for those periods versus pre-tax income in the current periods. The benefit is also largely impacted by the level of tax credits generated from the refined coal operation. 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. In addition, the Company’s income tax benefit for the first six months of fiscal year 2020 includes approximately $1.8 million related to the lengthening of a net operating loss carryback allowed by the CARES Act. The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. For the three year period ended July 31, 2021, the Company has a cumulative pre-tax book loss on a comprehensive basis, including the impact of an operation that has historically produced pre-tax book losses, but after tax net income. The Company expects that this entity will cease operations by November 18, 2021. There is sufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration. The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020. 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 (amounts in thousands): Six Months Ended 2021 2020 Unrecognized tax benefits, beginning of period $ 8,400 $ 7,370 Changes for prior years’ tax positions 10 (53) Changes for current year tax positions 275 - Unrecognized tax benefits, end of period $ 8,685 $ 7,317 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. Commitments and Contingencies The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements. One Earth and NuGen have combined forward purchase contracts for approximately 10.6 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 639,000 MmBtu (million british thermal units) of natural gas. One Earth and NuGen have combined sales commitments for approximately 31.7 million gallons of ethanol, approximately 46,000 tons of distillers grains and approximately 9.6 million pounds of non-food grade corn oil. 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 $2.2 million and approximately $1.1 million in the second quarter of fiscal years 2021 and 2020, respectively. Such fees totaled approximately $3.1 million and approximately $1.4 million for the six months ended July 31, 2021 and 2020, respectively. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13. Related-Party Transactions During the second quarters of fiscal years 2021 and 2020, One Earth and NuGen purchased approximately $20.7 million and approximately $4.9 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $37.4 million and approximately $17.2 million for the six months ended July 31, 2021 and 2020, respectively. The Company had amounts payable to related parties of approximately $2.5 million and approximately $0.7 million at July 31, 2021 and January 31, 2021, respectively. During each of the second quarters of fiscal years 2021 and 2020, the Company recognized commission expense of approximately $0.2 million, payable to the minority investor in the refined coal entity. During the first six months of fiscal years 2021 and 2020, the company recognized commission expense of approximately $0.2 million and income of approximately $0.1 million, respectively. The commission expense is associated with the refined coal segment. The Company had accrued liabilities and accounts payable related to the commission expense of approximately $0.1 million at July 31, 2021 and January 31, 2021. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 14. Segment Reporting The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. Segment profitability measures are determined using the same accounting policies used in the preparations of the consolidated condensed financial statements. The following tables summarize segment and other results and assets (amounts in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales and revenue: Ethanol and by-products $ 195,678 $ 39,242 $ 359,720 $ 122,477 Refined coal 1 165 85 227 100 Total net sales and revenue $ 195,843 $ 39,327 $ 359,947 $ 122,577 1 The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold. Three Months Ended Six Months Ended 2021 2020 2021 2020 Segment gross profit (loss): Ethanol and by-products $ 14,155 $ 553 $ 33,631 $ (7,670) Refined coal (3,081) (1,884) (4,755) (2,991) Total gross profit (loss) $ 11,074 $ (1,331) $ 28,876 $ (10,661) Income (loss) before income taxes: Ethanol and by-products $ 10,732 $ (3,259) $ 21,820 $ (15,610) Refined coal (3,455) (2,118) (5,260) (2,965) Corporate and other (902) (702) (1,758) (1,247) Total income (loss) before income taxes $ 6,375 $ (6,079) $ 14,802 $ (19,822) (Provision) benefit for income taxes: Ethanol and by-products $ (1,985) $ 893 $ (4,423) $ 5,054 Refined coal 5,441 2,919 7,639 3,878 Corporate and other 221 234 432 427 Total benefit for income taxes $ 3,677 $ 4,046 $ 3,648 $ 9,359 Three Months Ended Six Months Ended 2021 2020 2021 2020 Net income (loss) (net of noncontrolling interests): Ethanol and by-products $ 6,418 $ (2,178) $ 14,374 $ (9,611) Refined coal 2,139 898 2,612 1,048 Corporate and other (681) (468) (1,326) (820) Net income (loss) attributable to REX common shareholders $ 7,876 $ (1,748) $ 15,660 $ (9,383) Assets: July 31, January 31, Ethanol and by-products $ 424,470 $ 397,281 Refined coal 1,540 2,861 Corporate and other 79,497 79,203 Total assets $ 505,507 $ 479,345 Three Months Ended Six Months Ended Sales of products, ethanol and by-products segment: 2021 2020 2021 2020 Ethanol $ 153,990 $ 32,524 $ 280,059 $ 93,121 Dried distillers grains 31,573 5,480 62,691 24,398 Non-food grade corn oil 9,813 1,313 15,407 4,501 Modified distillers grains 1,934 209 4,227 666 Derivative financial instruments losses (1,638) (298) (2,764) (298) Other 6 14 100 89 Total $ 195,678 $ 39,242 $ 359,720 $ 122,477 Sales of products, refined coal segment: Refined coal $ 165 $ 85 $ 227 $ 100 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. | |
Revenue [Policy Text Block] | Revenue Recognition For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold. | |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges. | |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight charges were approximately $1,561,000 and $839,000 in the second quarter of fiscal years 2021 and 2020, respectively and approximately $7,156,000 and $2,162,000 in the first six months of fiscal years 2021 and 2020, respectively. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging 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 sales 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. | |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $1.9 million and received no refunds of income taxes during the six months ended July 31, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020. As of July 31, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,655,000 and $8,380,000, respectively. Accrued penalties and interest were approximately $30,000 and approximately $20,000 at July 31, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.6 million. 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 basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. | |
Inventory, Policy [Policy Text Block] | Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products and refined coal. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $1.3 million and approximately $1.0 million of inventory write-downs in cost of sales at July 31, 2021 and January 31, 2021, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 15,986 $ 18,346 Work in process 6,451 4,374 Grain and other raw materials 19,322 15,160 Total $ 41,759 $ 37,880 | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ 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 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. | |
Investment, Policy [Policy Text Block] | Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost. | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Changes and Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 15,986 $ 18,346 Work in process 6,451 4,374 Grain and other raw materials 19,322 15,160 Total $ 41,759 $ 37,880 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows: Three Months Ended Six Months Ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Operating lease expense $ 1,565 $ 1,548 $ 3,115 $ 3,234 Variable lease expense 520 207 564 338 Total lease expense $ 2,085 $ 1,755 $ 3,679 $ 3,572 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table is a summary of future minimum rentals on such leases at July 31, 2021 (amounts in thousands): Years Ended January 31, Minimum Remainder of 2022 $ 3,015 2023 4,836 2024 3,670 2025 2,221 2026 49 Total 13,791 Less: present value discount 877 Operating lease liabilities $ 12,914 Years Ended January 31, Minimum 2022 $ 5,397 2023 3,690 2024 2,524 2025 1,648 2026 49 Total 13,308 Less: present value discount 994 Operating lease liabilities $ 12,314 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2021 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Commodity futures asset (2) - 784 - 784 Forward purchase contracts (2) - 673 - 673 Total assets $ - $ 1,457 $ 354 $ 1,811 Commodity futures liability (3) $ - $ 4,590 $ - $ 4,590 Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Forward purchase contracts asset (2) - 2,144 - 2,144 Total assets $ - $ 2,144 $ 354 $ 2,498 Commodity futures liability (3) $ - $ 1,794 $ - $ 1,794 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. (2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. (3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows for the periods presented (amounts in thousands): July 31, January 31, Land and improvements $ 27,437 $ 27,437 Buildings and improvements 23,701 23,701 Machinery, equipment and fixtures 306,514 305,640 Construction in progress 1,173 215 358,825 356,993 Less: accumulated depreciation (213,747) (203,807) Total $ 145,078 $ 153,186 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): July 31, January 31, Accrued payroll and related items $ 1,882 $ 690 Accrued utility charges 2,708 2,515 Accrued transportation related items 204 1,560 Accrued real estate taxes 1,220 1,778 Commodity futures 4,590 1,794 Accrued income taxes 51 55 Other 619 563 Total $ 11,274 $ 8,955 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
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 (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives July 31, January 31, July 31, January 31, Commodity futures (1) $ 784 $ - $ 4,590 $ 1,794 Forward purchase contracts (2) 673 2,144 - - Total $ 1,457 $ 2,144 $ 4,590 $ 1,794 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the Company’s equity method investment at July 31, 2021 and January 31, 2021 (dollars in thousands): Carrying Amount Entity Ownership Percentage July 31, 2021 January 31, 2021 Big River 10.3% $ 31,870 $ 29,456 |
Schedule of Financial Information for Equity Method Investments [Table Text Block] | Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales and revenue $ 363,383 $ 130,126 $ 619,799 $ 327,758 Gross profit (loss) $ 19,357 $ 3,565 $ 20,901 $ (2,378) Income (loss) from continuing operations $ 17,877 $ (4,914) $ 23,412 $ (9,540) Net income (loss) $ 17,877 $ (4,914) $ 23,412 $ (9,540) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following tables summarize non-vested restricted stock award activity for the periods presented: Six Months Ended July 31, 2021 Non-Vested Weighted Weighted Non-Vested at January 31, 2021 19,705 $ 1,398 1 Granted 2,803 275 Forfeited - - Vested 12,447 900 Non-Vested at July 31, 2021 10,061 $ 773 2 Six Months Ended July 31, 2020 Non-Vested Weighted Weighted Non-Vested at January 31, 2020 28,576 $ 2,193 2 Granted 6,158 416 Forfeited - - Vested 15,029 1,211 Non-Vested at July 31, 2020 19,705 $ 1,398 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Six Months Ended 2021 2020 Unrecognized tax benefits, beginning of period $ 8,400 $ 7,370 Changes for prior years’ tax positions 10 (53) Changes for current year tax positions 275 - Unrecognized tax benefits, end of period $ 8,685 $ 7,317 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
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): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales and revenue: Ethanol and by-products $ 195,678 $ 39,242 $ 359,720 $ 122,477 Refined coal 1 165 85 227 100 Total net sales and revenue $ 195,843 $ 39,327 $ 359,947 $ 122,577 Three Months Ended Six Months Ended 2021 2020 2021 2020 Segment gross profit (loss): Ethanol and by-products $ 14,155 $ 553 $ 33,631 $ (7,670) Refined coal (3,081) (1,884) (4,755) (2,991) Total gross profit (loss) $ 11,074 $ (1,331) $ 28,876 $ (10,661) Income (loss) before income taxes: Ethanol and by-products $ 10,732 $ (3,259) $ 21,820 $ (15,610) Refined coal (3,455) (2,118) (5,260) (2,965) Corporate and other (902) (702) (1,758) (1,247) Total income (loss) before income taxes $ 6,375 $ (6,079) $ 14,802 $ (19,822) (Provision) benefit for income taxes: Ethanol and by-products $ (1,985) $ 893 $ (4,423) $ 5,054 Refined coal 5,441 2,919 7,639 3,878 Corporate and other 221 234 432 427 Total benefit for income taxes $ 3,677 $ 4,046 $ 3,648 $ 9,359 Three Months Ended Six Months Ended 2021 2020 2021 2020 Net income (loss) (net of noncontrolling interests): Ethanol and by-products $ 6,418 $ (2,178) $ 14,374 $ (9,611) Refined coal 2,139 898 2,612 1,048 Corporate and other (681) (468) (1,326) (820) Net income (loss) attributable to REX common shareholders $ 7,876 $ (1,748) $ 15,660 $ (9,383) Three Months Ended Six Months Ended Sales of products, ethanol and by-products segment: 2021 2020 2021 2020 Ethanol $ 153,990 $ 32,524 $ 280,059 $ 93,121 Dried distillers grains 31,573 5,480 62,691 24,398 Non-food grade corn oil 9,813 1,313 15,407 4,501 Modified distillers grains 1,934 209 4,227 666 Derivative financial instruments losses (1,638) (298) (2,764) (298) Other 6 14 100 89 Total $ 195,678 $ 39,242 $ 359,720 $ 122,477 Sales of products, refined coal segment: Refined coal $ 165 $ 85 $ 227 $ 100 |
Assets [Member] | |
Segment Reporting (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Assets: July 31, January 31, Ethanol and by-products $ 424,470 $ 397,281 Refined coal 1,540 2,861 Corporate and other 79,497 79,203 Total assets $ 505,507 $ 479,345 |
Consolidated Condensed Financ_2
Consolidated Condensed Financial Statements (Details) | 6 Months Ended |
Jul. 31, 2021 | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Consolidated Subsidiaries | 4 |
Number of Reportable Segments | 2 |
Ethanol [Member] | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 3 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Ethanol [Member] | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 2 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Refined Coal [Member] | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 1 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Accounting Policies (Details) [Line Items] | |||||
Outbound Freight Charges | $ 1,561,000 | $ 839,000 | $ 7,156,000 | $ 2,162,000 | |
Income Taxes Paid | 1,900,000 | 300,000 | |||
Proceeds from Income Tax Refunds | 0 | $ 300,000 | |||
Unrecognized Tax Benefits | 8,655,000 | 8,655,000 | $ 8,380,000 | ||
Income Tax Examination, Penalties and Interest Accrued | 30,000 | 30,000 | 20,000 | ||
Inventory Write-down | $ 1,300,000 | $ 1,000,000 | |||
Minimum [Member] | Building and Building Improvements [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 5 | ||||
Minimum [Member] | Fixtures And Equipment [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 2 | ||||
Maximum [Member] | Building and Building Improvements [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | ||||
Maximum [Member] | Fixtures And Equipment [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||||
Provision for Income Taxes [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Unrecognized Tax Benefits | $ (8,600,000) | $ (8,600,000) | |||
Cost of Sales [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20.00% |
Accounting Policies (Details) -
Accounting Policies (Details) - Schedule of Components of Inventory - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Schedule of Components of Inventory [Abstract] | ||
Ethanol and other finished goods | $ 15,986 | $ 18,346 |
Work in process | 6,451 | 4,374 |
Grain and other raw materials | 19,322 | 15,160 |
Total | $ 41,759 | $ 37,880 |
Leases (Details)
Leases (Details) | Jul. 31, 2021 | Jan. 31, 2021 |
Disclosure Text Block [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days | 3 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.88% | 5.26% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Schedule of Components of Lease Expense [Abstract] | ||||
Operating lease expense | $ 1,565 | $ 1,548 | $ 3,115 | $ 3,234 |
Variable lease expense | 520 | 207 | 564 | 338 |
Total lease expense | $ 2,085 | $ 1,755 | $ 3,679 | $ 3,572 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | ||
2022 | $ 3,015 | $ 5,397 |
2023 | 4,836 | 3,690 |
2024 | 3,670 | 2,524 |
2025 | 2,221 | 1,648 |
2026 | 49 | 49 |
Total | 13,791 | 13,308 |
Less: present value discount | 877 | 994 |
Operating lease liabilities | $ 12,914 | $ 12,314 |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | |
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Investment in cooperative | [1] | $ 354 | $ 354 |
Commodity futures asset | [2] | 784 | |
Forward purchase contracts asset (liabilities) | [2] | 673 | 2,144 |
Total assets | 1,811 | 2,498 | |
Commodity futures liability | [3] | 4,590 | 1,794 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Investment in cooperative | [1] | ||
Commodity futures asset | [2] | ||
Forward purchase contracts asset (liabilities) | [2] | ||
Commodity futures liability | [3] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Investment in cooperative | [1] | ||
Commodity futures asset | [2] | 784 | |
Forward purchase contracts asset (liabilities) | [2] | 673 | 2,144 |
Total assets | 1,457 | 2,144 | |
Commodity futures liability | [3] | 4,590 | 1,794 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Investment in cooperative | [1] | 354 | 354 |
Commodity futures asset | [2] | ||
Forward purchase contracts asset (liabilities) | [2] | ||
Total assets | 354 | 354 | |
Commodity futures liability | [3] | ||
[1] | The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. | ||
[2] | The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. | ||
[3] | The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. |
Property and Equipment (Details
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Schedule of Property and Equipment [Abstract] | ||
Land and improvements | $ 27,437 | $ 27,437 |
Buildings and improvements | 23,701 | 23,701 |
Machinery, equipment and fixtures | 306,514 | 305,640 |
Construction in progress | 1,173 | 215 |
358,825 | 356,993 | |
Less: accumulated depreciation | (213,747) | (203,807) |
Total | $ 145,078 | $ 153,186 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Schedule of Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued payroll and related items | $ 1,882 | $ 690 |
Accrued utility charges | 2,708 | 2,515 |
Accrued transportation related items | 204 | 1,560 |
Accrued real estate taxes | 1,220 | 1,778 |
Commodity futures | 4,590 | 1,794 |
Accrued income taxes | 51 | 55 |
Other | 619 | 563 |
Total | $ 11,274 | $ 8,955 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) bu in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021USD ($)bu | Jul. 31, 2020USD ($) | Jul. 31, 2021USD ($)bu | Jul. 31, 2020USD ($) | Jan. 31, 2021USD ($)bul | |
Derivative Financial Instruments (Details) [Line Items] | |||||
Debt Instrument, Collateral Amount | $ 6,758,000 | $ 6,758,000 | $ 1,657,000 | ||
Gain (Loss) on Derivative Instruments, Net, Sales and Revenue | 1,638,000 | $ 298,000 | 2,764,000 | $ 298,000 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 6,142,000 | $ 4,613,000 | $ 8,036,000 | $ 1,758,000 | |
Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 10.6 | 10.6 | 6.4 | ||
Short/Sell [Member] | Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity | bu | 8.6 | 8.6 | 6.9 | ||
Long/Buy [Member] | Assets [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity | 5.8 | 5.8 | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | |
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | $ 1,457 | $ 2,144 | |
Liability Derivatives, Fair Value | 4,590 | 1,794 | |
Commodity Contract [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | 784 | |
Liability Derivatives, Fair Value | [1] | 4,590 | 1,794 |
Forward Contracts [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 673 | 2,144 |
Liability Derivatives, Fair Value | [2] | ||
[1] | Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 8.6 million bushels of corn at July 31, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021. Commodity futures assets are included in prepaid expenses and other assets. These contracts are long/buy positions for approximately 5.8 million bushels of corn at July 31, 2021. There were no long/buy positions at January 31, 2021. | ||
[2] | Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 10.6 million bushels of corn at July 31, 2021 and 6.4 million bushels of corn at January 31, 2021. |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2021 | Jan. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |||
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 11,800 | $ 9,400 | |
Proceeds from Equity Method Investment, Distribution | $ 2,005 | ||
Short-term Investments | $ 33,282 | $ 36,194 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One | 0.10% | 0.20% |
Investments (Details) - Schedul
Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Schedule of Equity Method Investments [Abstract] | ||
Big River | 10.30% | |
Big River | $ 31,870 | $ 29,456 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Financial Information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items] | ||||
Net sales and revenue | $ 363,383 | $ 130,126 | $ 619,799 | $ 327,758 |
Gross profit (loss) | 19,357 | 3,565 | 20,901 | (2,378) |
Income (loss) from continuing operations | 17,877 | (4,914) | 23,412 | (9,540) |
Net income (loss) | $ 17,877 | $ (4,914) | $ 23,412 | $ (9,540) |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Employee Benefits (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 10,061,000 | 19,705,000 | 19,705,000 | 28,576,000 |
Rex Shareholders [Member] | ||||
Employee Benefits (Details) [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars) | $ 155 | $ 272 | ||
Share-based Payment Arrangement, Option [Member] | Rex Shareholders [Member] | ||||
Employee Benefits (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 5,714 | 14,777 | ||
Stock Option Plans 2015 [Member] | Share-based Payment Arrangement, Option [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 | 471,027 |
Employee Benefits (Details) - S
Employee Benefits (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Schedule of Non-Vested Restricted Stock Award Activity [Abstract] | ||
Non-Vested Shares, Beginning of Period | 19,705 | 28,576 |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 1,398 | $ 2,193 |
Weighted Average Vesting Term, Beginning of Period | 1 year | 2 years |
Non-Vested Shares, Granted | 2,803 | 6,158 |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ 275 | $ 416 |
Non-Vested Shares, Vested | 12,447 | 15,029 |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 900 | $ 1,211 |
Non-Vested Shares, End of Period | 10,061 | 19,705 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 773 | $ 1,398 |
Weighted Average Vesting Term, End of Period | 2 years | 2 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Taxes (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | $ (3,677) | $ (4,046) | $ (3,648) | $ (9,359) |
CARES Act Net Operating Loss Carryback [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (1,800) |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Unrecognized tax benefits, beginning of period | $ 8,400 | $ 7,370 |
Changes for prior years’ tax positions | 10 | (53) |
Changes for current year tax positions | 275 | |
Unrecognized tax benefits, end of period | $ 8,685 | $ 7,317 |
Commitments and Contingencies (
Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021USD ($)MMBTUTlbbugal | Jul. 31, 2020USD ($) | Jul. 31, 2021USD ($)MMBTUTlbbugal | Jul. 31, 2020USD ($) | |
One Earth Energy And Nu Gen Energy [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Quantity of Bushels under Forward Purchase Contract (in US Bushels) | bu | 10.6 | 10.6 | ||
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) | MMBTU | 639,000 | 639,000 | ||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 31.7 | 31.7 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 46,000 | 46,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 9.6 | 9.6 | ||
Refined Coal [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Fees Incurred By Subsidiary | $ | $ 2.2 | $ 1.1 | $ 3.1 | $ 1.4 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Related-Party Transactions (Details) [Line Items] | |||||
Accounts Payable, Related Parties, Current | $ 2.5 | $ 2.5 | $ 0.7 | ||
One Earth Energy And Nu Gen Energy [Member] | |||||
Related-Party Transactions (Details) [Line Items] | |||||
Costs and Expenses, Related Party | 20.7 | $ 4.9 | 37.4 | $ 17.2 | |
Accounts Payable, Related Parties, Current | 2.5 | 2.5 | 0.7 | ||
Refined Coal [Member] | |||||
Related-Party Transactions (Details) [Line Items] | |||||
Costs and Expenses, Related Party | 0.2 | $ 0.2 | 0.2 | $ 0.1 | |
Accrued Liabilities for Commissions, Expense and Taxes | $ 0.1 | $ 0.1 | $ 0.1 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule Of Segment Results And Assets - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |||
Segment Reporting Information [Line Items] | ||||||
Net sales and revenue: | $ 195,843 | $ 39,327 | $ 359,947 | $ 122,577 | ||
Segment gross (loss) profit: | 11,074 | (1,331) | 28,876 | (10,661) | ||
(Loss) income before income taxes: | 6,375 | (6,079) | 14,802 | (19,822) | ||
Benefit (provision) for income taxes: | 3,677 | 4,046 | 3,648 | 9,359 | ||
Segment (loss) profit (net of noncontrolling interests): | 7,876 | (1,748) | 15,660 | (9,383) | ||
Sales of products, ethanol and by-products segment: | 195,678 | 39,242 | 359,720 | 122,477 | ||
Ethanol [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales and revenue: | 195,678 | 39,242 | 359,720 | 122,477 | ||
Segment gross (loss) profit: | 14,155 | 553 | 33,631 | (7,670) | ||
(Loss) income before income taxes: | 10,732 | (3,259) | 21,820 | (15,610) | ||
Benefit (provision) for income taxes: | (1,985) | 893 | (4,423) | 5,054 | ||
Segment (loss) profit (net of noncontrolling interests): | 6,418 | (2,178) | 14,374 | (9,611) | ||
Sales of products, ethanol and by-products segment: | 153,990 | 32,524 | 280,059 | 93,121 | ||
Refined Coal [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales and revenue: | 165 | [1] | 85 | [1] | 227 | 100 |
Segment gross (loss) profit: | (3,081) | (1,884) | (4,755) | (2,991) | ||
(Loss) income before income taxes: | (3,455) | (2,118) | (5,260) | (2,965) | ||
Benefit (provision) for income taxes: | 5,441 | 2,919 | 7,639 | 3,878 | ||
Segment (loss) profit (net of noncontrolling interests): | 2,139 | 898 | 2,612 | 1,048 | ||
Sales of products, ethanol and by-products segment: | 165 | 85 | 227 | 100 | ||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
(Loss) income before income taxes: | (902) | (702) | (1,758) | (1,247) | ||
Benefit (provision) for income taxes: | 221 | 234 | 432 | 427 | ||
Segment (loss) profit (net of noncontrolling interests): | (681) | (468) | (1,326) | (820) | ||
Dried Distillers Grains [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales of products, ethanol and by-products segment: | 31,573 | 5,480 | 62,691 | 24,398 | ||
Non-Food Grade Corn Oil [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales of products, ethanol and by-products segment: | 9,813 | 1,313 | 15,407 | 4,501 | ||
Modified Distillers Grains [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales of products, ethanol and by-products segment: | 1,934 | 209 | 4,227 | 666 | ||
Derivative Financial Instruments, Assets [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales of products, ethanol and by-products segment: | (1,638) | (298) | (2,764) | (298) | ||
Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales of products, ethanol and by-products segment: | $ 6 | $ 14 | $ 100 | $ 89 | ||
[1] | The Company records sales in the refined coal segment 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) -_2
Segment Reporting (Details) - Schedule Of Segment Assets - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 505,507 | $ 479,345 |
Ethanol [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 424,470 | 397,281 |
Refined Coal [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,540 | 2,861 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 79,497 | $ 79,203 |