Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2022 | Dec. 02, 2022 | |
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 | 17,390,469 | |
Amendment Flag | false | |
Entity Central Index Key | 0000744187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Oct. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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, $0.01 par value | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 135,986 | $ 229,846 |
Short-term investments | 153,819 | 25,877 |
Restricted cash | 1,308 | 2,222 |
Accounts receivable | 22,675 | 25,821 |
Inventory | 42,045 | 42,225 |
Refundable income taxes | 6,611 | 6,677 |
Prepaid expenses and other | 11,576 | 12,499 |
Total current assets | 374,020 | 345,167 |
Property and equipment, net | 131,235 | 137,554 |
Operating lease right-of-use assets | 14,748 | 11,221 |
Deferred taxes and other assets | 21,267 | 25,853 |
Equity method investment | 33,769 | 30,566 |
Total assets | 575,039 | 550,361 |
Current liabilities: | ||
Accounts payable, trade (includes $1.6 million and $0.5 million with related parties at October 31, 2022 and January 31, 2022, respectively) | 40,271 | 32,266 |
Current operating lease liabilities | 4,902 | 4,600 |
Accrued expenses and other current liabilities | 12,109 | 13,617 |
Total current liabilities | 57,282 | 50,483 |
Long-term liabilities: | ||
Deferred taxes | 3,132 | 3,132 |
Long-term operating lease liabilities | 9,883 | 6,390 |
Other long-term liabilities | 2,997 | 2,794 |
Total long-term liabilities | 16,012 | 12,316 |
REX shareholders’ equity: | ||
Common stock | 299 | 299 |
Paid-in capital | 278 | |
Retained earnings | 632,665 | 611,607 |
Treasury stock | (193,770) | (181,114) |
Total REX shareholders’ equity | 439,472 | 430,792 |
Noncontrolling interests | 62,273 | 56,770 |
Total equity | 501,745 | 487,562 |
Total liabilities and equity | $ 575,039 | $ 550,361 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($) $ in Millions | Oct. 31, 2022 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts payable, related parties | $ 1.6 | $ 0.5 |
Consolidated Condensed Statemen
Consolidated Condensed Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales and revenue | $ 220,277 | $ 203,066 | $ 654,833 | $ 562,786 |
Cost of sales (includes $35,155 and $22,928 with related parties for the quarters ended October 31, 2022 and 2021, respectively, and $101,240 and $60,311 with related parties for the nine months ended October 31, 2022 and 2021, respectively) | 208,941 | 177,914 | 615,001 | 504,003 |
Gross profit | 11,336 | 25,152 | 39,832 | 58,783 |
Selling, general and administrative expenses | (7,886) | (6,310) | (22,237) | (22,444) |
Equity in income of unconsolidated affiliates | 661 | 349 | 6,210 | 2,763 |
Interest and other income, net | 1,983 | 35 | 10,338 | 117 |
Income before income taxes | 6,094 | 19,226 | 34,143 | 39,219 |
Provision for income taxes | (1,196) | (4,338) | (7,374) | (8,329) |
Net income from continuing operations | 4,898 | 14,888 | 26,769 | 30,890 |
Net income attributable to noncontrolling interests (continuing operations) | (1,714) | (1,562) | (7,233) | (4,585) |
Net income attributable to REX common shareholders (continuing operations) | 3,184 | 13,326 | 19,536 | 26,305 |
Net income from discontinued operations, net of tax (includes expense of $39 with related parties for the quarter ended October 31, 2021 and $230 with related parties for the nine months ended October 31, 2021) | 1,815 | 4,263 | ||
Net loss attributable to noncontrolling interests (discontinued operations) | 137 | 370 | ||
Net income attributable to REX common shareholders (discontinued operations) | 1,952 | 4,633 | ||
Net income attributable to REX common shareholders | $ 3,184 | $ 15,278 | $ 19,536 | $ 30,938 |
Weighted average shares outstanding – basic and diluted (in Shares) | 17,591 | 17,890 | 17,714 | 17,983 |
Basic and diluted net income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $ 0.18 | $ 0.74 | $ 1.1 | $ 1.46 |
Basic and diluted net income per share from discontinued operations attributable to REX common shareholders (in Dollars per share) | 0.11 | 0.26 | ||
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 0.18 | $ 0.85 | $ 1.1 | $ 1.72 |
Consolidated Condensed Statem_2
Consolidated Condensed Statement of Operations (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Cost of sales, related parties | $ 35,155 | $ 22,928 | $ 101,240 | $ 60,311 |
Net income from discontinued operations, net of tax, related parties | $ 39 | $ 230 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] |
Balance at Jan. 31, 2021 | $ 437,183 | $ 299 | $ (174,535) | $ 559,019 | $ 52,400 | |
Balance (in Shares) at Jan. 31, 2021 | 29,853 | 11,877 | ||||
Net (loss) income | 35,153 | 30,938 | 4,215 | |||
Treasury stock acquired | (6,627) | $ (6,627) | ||||
Treasury stock acquired (in Shares) | 252 | |||||
Noncontrolling interests distribution and other | (1,515) | (1,515) | ||||
Capital contributions | 280 | 280 | ||||
Issuance of equity awards and stock based compensation expense | 229 | $ 40 | 189 | |||
Issuance of equity awards and stock based compensation expense (in Shares) | (37) | |||||
Balance at Oct. 31, 2021 | 464,703 | $ 299 | $ (181,122) | 590,146 | 55,380 | |
Balance (in Shares) at Oct. 31, 2021 | 29,853 | 12,092 | ||||
Balance at Jul. 31, 2021 | 453,297 | $ 299 | $ (175,859) | 574,832 | 54,025 | |
Balance (in Shares) at Jul. 31, 2021 | 29,853 | 11,892 | ||||
Net (loss) income | 16,703 | 15,278 | 1,425 | |||
Treasury stock acquired | (5,271) | $ (5,271) | ||||
Treasury stock acquired (in Shares) | 200 | |||||
Noncontrolling interests distribution and other | (211) | (211) | ||||
Capital contributions | 141 | 141 | ||||
Issuance of equity awards and stock based compensation expense | 44 | $ 8 | 36 | |||
Balance at Oct. 31, 2021 | 464,703 | $ 299 | $ (181,122) | 590,146 | 55,380 | |
Balance (in Shares) at Oct. 31, 2021 | 29,853 | 12,092 | ||||
Balance at Jan. 31, 2022 | 487,562 | $ 299 | $ (181,114) | 611,607 | 56,770 | |
Balance (in Shares) at Jan. 31, 2022 | 29,853 | 12,092 | ||||
Net (loss) income | 26,769 | 19,536 | 7,233 | |||
Treasury stock acquired | (13,012) | $ (13,012) | ||||
Treasury stock acquired (in Shares) | 472 | |||||
Noncontrolling interests distribution and other | (1,730) | (1,730) | ||||
Issuance of equity awards and stock based compensation expense | 2,156 | $ 356 | 1,522 | $ 278 | ||
Issuance of equity awards and stock based compensation expense (in Shares) | (101) | |||||
Balance at Oct. 31, 2022 | 501,745 | $ 299 | $ (193,770) | 632,665 | 62,273 | 278 |
Balance (in Shares) at Oct. 31, 2022 | 29,853 | 12,463 | ||||
Balance at Jul. 31, 2022 | 503,440 | $ 299 | $ (186,996) | 629,481 | 60,656 | |
Balance (in Shares) at Jul. 31, 2022 | 29,853 | 12,213 | ||||
Net (loss) income | 4,898 | 3,184 | 1,714 | |||
Treasury stock acquired | (6,819) | $ (6,819) | ||||
Treasury stock acquired (in Shares) | 250 | |||||
Noncontrolling interests distribution and other | (97) | (97) | ||||
Issuance of equity awards and stock based compensation expense | 323 | $ 45 | 278 | |||
Balance at Oct. 31, 2022 | $ 501,745 | $ 299 | $ (193,770) | $ 632,665 | $ 62,273 | $ 278 |
Balance (in Shares) at Oct. 31, 2022 | 29,853 | 12,463 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities: | ||
Net income including noncontrolling interests | $ 26,769 | $ 35,153 |
Net income from discontinued operations, net of tax | 4,263 | |
Net income from continuing operations | 26,769 | 30,890 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 13,503 | 13,505 |
Amortization of operating lease right-of-use assets | 4,105 | 4,128 |
Income from equity method investments | (6,210) | (2,763) |
Dividends received from equity method investments | 3,007 | 1,504 |
Interest income from investments | (1,098) | (36) |
Deferred income tax | 4,964 | 5,840 |
Stock based compensation expense | 1,295 | 1,100 |
Gain on sale of property and equipment – net | (91) | (1) |
Changes in assets and liabilities: | ||
Accounts receivable | 3,146 | (20,313) |
Inventories | 180 | 7,673 |
Refundable income taxes | 66 | (332) |
Other assets | 649 | 1,912 |
Accounts payable, trade | 7,990 | 10,916 |
Other liabilities | (4,281) | 2,776 |
Net cash provided by operating activities from continuing operations | 53,994 | 56,799 |
Net cash used in operating activities from discontinued operations | (6,368) | |
Net cash provided by operating activities | 53,994 | 50,431 |
Cash flows from investing activities: | ||
Capital expenditures | (7,182) | (4,245) |
Purchase of short-term investments | (307,371) | (67,412) |
Sale of short-term investments | 180,527 | 82,022 |
Other | 40 | |
Net cash (used in) provided by investing activities | (134,026) | 10,405 |
Cash flows from financing activities: | ||
Treasury stock acquired | (13,012) | (6,627) |
Payments to noncontrolling interests holders | (1,730) | (1,515) |
Net cash used in financing activities from continuing operations | (14,742) | (8,142) |
Net cash provided by financing activities from discontinued operations | 280 | |
Net cash used in financing activities | (14,742) | (7,862) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (94,774) | 52,974 |
Cash, cash equivalents and restricted cash, beginning of period | 232,068 | 146,158 |
Cash, cash equivalents and restricted cash, end of period | 137,294 | 199,132 |
Non cash investing activities – Accrued capital expenditures | 93 | 34 |
Non cash financing activities – Stock awards accrued | 679 | 972 |
Non cash financing activities – Stock awards issued | 1,539 | 100 |
Right-of-use assets acquired and liabilities incurred upon lease execution | 7,632 | 3,267 |
Cash and cash equivalents | 135,986 | 197,395 |
Restricted cash | 1,308 | 1,737 |
Total cash, cash equivalents and restricted cash | $ 137,294 | $ 199,132 |
Consolidated Condensed Financia
Consolidated Condensed Financial Statements | 9 Months Ended |
Oct. 31, 2022 | |
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, 2022 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, 2022 (fiscal year 2021). 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, 2022. 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 wholly owned and 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. On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operations. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business were recognized in discontinued operations. Stock Split – On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements. Nature of Operations – Beginning in the third quarter of fiscal year 2021, the Company now has one reportable segment, ethanol and by-products. 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. Prior period amounts have been reclassified to conform to the current segment reporting. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Oct. 31, 2022 | |
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 2021 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 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. 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 repair and maintenance costs, plant management, certain compensation 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 $2,463,000 and $210,000 in the third quarter of fiscal years 2022 and 2021, respectively and approximately $5,363,000 and $7,366,000 in the first nine months of fiscal years 2022 and 2021, 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 of ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. 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 applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. 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 approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 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. 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 $0.4 million and $0.5 million of inventory write-downs in cost of sales at October 31, 2022 and January 31, 2022, 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): October 31, 2022 January 31, 2022 Ethanol and other finished goods $ 10,592 $ 13,158 Work in process 6,809 5,473 Grain and other raw materials 24,644 23,594 Total $ 42,045 $ 42,225 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 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets The 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 Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost. Other Income As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Condensed Statements of Operations for the nine months ended October 31, 2022. Discontinued Operations On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting. 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 November 2021, the FASB issued ASU 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance The Company does not expect this accounting guidance to materially impact its consolidated financial statements. |
Net Sales and Revenue
Net Sales and Revenue | 9 Months Ended |
Oct. 31, 2022 | |
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 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. The following tables shows disaggregated revenue by product (amounts in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales of products, continuing operations: Ethanol $ 165,135 $ 161,598 $ 502,404 $ 441,657 Dried distillers grains 38,009 28,717 104,167 91,408 Non-food grade corn oil 14,648 11,958 39,973 27,364 Modified distillers grains 2,477 2,930 9,288 7,157 Derivative financial instrument gains (losses) 8 (2,144) (1,144) (4,907) Other - 7 145 107 Total $ 220,277 $ 203,066 $ 654,833 $ 562,786 Sales of products, discontinued operations: Refined coal 1 $ - $ 151 $ - $ 377 1 |
Leases
Leases | 9 Months Ended |
Oct. 31, 2022 | |
ASU 2016-02 Transition [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Note 4. Leases At October 31, 2022, the Company had 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 option 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 (amounts in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Operating lease expense $ 2,060 $ 1,690 $ 5,661 $ 4,805 Variable lease expense 92 1,090 757 1,654 Total lease expense $ 2,152 $ 2,780 $ 6,418 $ 6,459 The following table is a summary of future minimum rentals on such leases at October 31, 2022 (amounts in thousands): Years Ended January 31, Minimum Rentals Remainder of 2023 $ 1,392 2024 5,563 2025 4,114 2026 1,942 2027 1,877 Thereafter 1,474 Total 16,362 Less: present value discount 1,577 Operating lease liabilities $ 14,785 At October 31, 2022, the weighted average remaining lease term is 3.5 years, and the weighted average discount rate is 5.43% for the above leases. At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% for the above leases. |
Fair Value
Fair Value | 9 Months Ended |
Oct. 31, 2022 | |
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 October 31, 2022 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) - 800 - 800 Total assets $ - $ 800 $ 354 $ 1,154 Forward purchase contracts liability (3) $ - $ 30 $ - $ 30 Commodity futures liability (3) - 285 - 285 Total liabilities $ - $ 315 $ - $ 315 Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2022 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Forward purchase contracts (2) - 993 - 993 Total assets $ - $ 993 $ 354 $ 1,347 Commodity futures liability (3) $ - $ 933 $ - $ 933 (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 and forward purchase contracts liabilities are 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 October 31, 2022 or January 31, 2022. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Oct. 31, 2022 | |
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): October 31, 2022 January 31, 2022 Land and improvements $ 27,461 $ 27,329 Buildings and improvements 23,707 23,617 Machinery, equipment and fixtures 298,822 296,243 Construction in progress 5,201 1,515 355,191 348,704 Less: Accumulated depreciation (223,956) (211,150) Total $ 131,235 $ 137,554 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Oct. 31, 2022 | |
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): October 31, 2022 January 31, 2022 Accrued payroll and related items $ 3,441 $ 5,407 Accrued utility charges 4,500 4,297 Accrued transportation related items 899 593 Accrued real estate taxes 1,489 1,857 Commodity futures 285 933 Forward purchase contracts 30 - Accrued income taxes 82 95 Other 1,383 435 Total $ 12,109 $ 13,617 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Oct. 31, 2022 | |
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 October 31, 2022 January 31, 2022 October 31, 2022 January 31, 2022 Commodity futures (1) $ - $ - $ 285 $ 933 Forward purchase contracts (2) 800 993 30 - Total $ 800 $ 993 $ 315 $ 933 (1) Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively. As of October 31, 2022, and January 31, 2022, 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 October 31, 2022, and January 31, 2022, the gross positions of the enforceable master netting agreements were 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 $1,308,000 and approximately $2,222,000 to secure the Company’s derivative liability position at October 31, 2022 and January 31, 2022, respectively, which is recorded as “Restricted cash” on the accompanying Consolidated Condensed Balance Sheets. See Note 5 which contains fair value information related to derivative financial instruments. The Company recognized gains, which are included in “Net sales and revenue” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $8,000 and losses of $2,144,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $1,144,000 and $4,907,000 for the first nine months of fiscal years 2022 and 2021, respectively. The Company recognized gains, which are included in “Cost of sales” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $9,000 and of $5,474,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $12,920,000 and $2,562,000 for the first nine months of fiscal years 2022 and 2021, respectively. |
Investments
Investments | 9 Months Ended |
Oct. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | Note 9. Investments Equity Method Investment in Big River The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands): Carrying Amount Entity Ownership Percentage October 31, 2022 January 31, 2022 Big River 10.3% $33,769 $ 30,566 Undistributed earnings of the Company’s equity method investee totaled approximately $13.7 million and approximately $10.5 million at October 31, 2022 and January 31, 2022, respectively. The Company received dividends from its equity method investee of approximately $3.0 million and approximately $1.5 million in the first nine months of fiscal year 2022 and 2021. 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 Nine Months Ended 2022 2021 2022 2021 Net sales and revenue $ 398,838 $ 347,059 $ 1,200,980 $ 966,858 Gross profit $ 11,432 $ 7,092 $ 60,593 $ 27,993 Income from continuing operations $ 6,415 $ 3,390 $ 60,230 $ 26,802 Net income $ 6,415 $ 3,390 $ 60,230 $ 26,802 Short-term Investments At October 31, 2022, the Company owned United States Treasury Bills that had an amortized cost, or carrying value, of approximately $153.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.1%. Unrealized gains or losses were insignificant. At January 31, 2022, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $25,877,000. 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. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Oct. 31, 2022 | |
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 1,650,000 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. Until the current year, the Company had only granted restricted stock awards. In May 2022, the Company issued restricted stock units to certain officers of the Company which vest based on the Company’s Total Shareholder Return (TSR) compared to the TSRs of companies that comprise the Russell 2000 Index over a three-year performance period. 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 October 31, 2022, 1,342,392 shares remain available for issuance under the Plan. Restricted Stock Awards As a component of their compensation, restricted stock has been granted to directors and certain employees at the closing market price of REX common stock on the grant date. In addition, one quarter (one third prior to 2022) 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 October 31, 2022 and January 31, 2022, unrecognized compensation cost related to nonvested restricted stock awards was approximately $551,000 and $97,000 respectively. The following tables summarize non-vested restricted stock award activity for the periods presented: Nine Months Ended October 31, 2022 Non-Vested Shares Weighted (000’s) Weighted (in years) Non-Vested at January 31, 2022 30,167 $ 773 1 Granted 70,689 2,032 Forfeited - - Vested 18,403 451 Non-Vested at October 31, 2022 82,453 $ 2,354 2 Nine Months Ended October 31, 2021 Non-Vested Shares Weighted (000’s) Weighted (in years) Non-Vested at January 31, 2021 59,102 $ 1,398 1 Granted 8,409 275 Forfeited - - Vested 37,344 900 Non-Vested at October 31, 2021 30,167 $ 773 2 Restricted Stock Units (RSUs) In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period. For the three and nine month period ended October 31, 2022, the Company recognized compensation cost of approximately $253,000 and $441,100, respectively, related to the RSUs. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 . Income Taxes The Company’s income tax provision from continuing operations was approximately $1.2 million and approximately $4.3 million for the three months ended October 31, 2022 and 2021, respectively. The Company’s income tax provision from continuing operations was approximately $7.4 million and approximately $8.3 million for the nine months ended October 31, 2022 and 2021, respectively. The Company did not have any activity classified as discontinued operations in the current fiscal year and therefore, did not have an income tax provision or benefit from discontinued operations. The Company’s income tax benefit from discontinued operations was approximately $4.9 million and approximately $12.6 million for the three and nine months ended October 31, 2021, respectively. The benefit is derived from the level of tax credits generated from the refined coal business and the tax benefit of the loss from operations. Through its refined coal business, the Company earned 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 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. The Company ceased operation of its refined coal business on 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): Nine Months Ended 2022 2021 Unrecognized tax benefits, beginning of period $ 16,781 $ 8,400 Changes for prior years’ tax positions 94 15 Changes for current year tax positions - 413 Unrecognized tax benefits, end of period $ 16,875 $ 8,828 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2022 | |
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 9.2 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 613,000 MmBtu (million British thermal unit) of natural gas. One Earth and NuGen have combined sales commitments for approximately 46.1 million gallons of ethanol, approximately 88,000 tons of distillers grains and approximately 12.3 million pounds of non-food grade corn oil. The refined coal entity had various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company was required to pay various fees. As production ceased in November 2021, there were no fees paid in fiscal year 2022. These fees totaled approximately $2.0 million and approximately $5.1 million for the three and nine months ended October 31, 2021, respectively. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13. Related-Party Transactions During the third quarters of fiscal years 2022 and 2021, One Earth and NuGen purchased approximately $35.2 million and approximately $22.9 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $101.2 million and approximately $60.3 million for the nine months ended October 31, 2022 and 2021, respectively. The Company had amounts payable to related parties of approximately $1.6 and approximately $0.5 million at October 31, 2022 and January 31, 2022, respectively. During the three and nine months ended October 31, 2021 the Company recognized commission expense of approximately $40,000 and $230,000, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business which is classified within discontinued operations. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
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 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. |
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 repair and maintenance costs, plant management, certain compensation 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 $2,463,000 and $210,000 in the third quarter of fiscal years 2022 and 2021, respectively and approximately $5,363,000 and $7,366,000 in the first nine months of fiscal years 2022 and 2021, 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 of ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. 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 approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 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. 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 $0.4 million and $0.5 million of inventory write-downs in cost of sales at October 31, 2022 and January 31, 2022, 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. |
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 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets The 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 Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost. |
Interest and Other Income [Text Block] | Other Income As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Condensed Statements of Operations for the nine months ended October 31, 2022. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting. |
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 November 2021, the FASB issued ASU 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance The Company does not expect this accounting guidance to materially impact its consolidated financial statements. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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): October 31, 2022 January 31, 2022 Ethanol and other finished goods $ 10,592 $ 13,158 Work in process 6,809 5,473 Grain and other raw materials 24,644 23,594 Total $ 42,045 $ 42,225 |
Net Sales and Revenue (Tables)
Net Sales and Revenue (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables shows disaggregated revenue by product (amounts in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales of products, continuing operations: Ethanol $ 165,135 $ 161,598 $ 502,404 $ 441,657 Dried distillers grains 38,009 28,717 104,167 91,408 Non-food grade corn oil 14,648 11,958 39,973 27,364 Modified distillers grains 2,477 2,930 9,288 7,157 Derivative financial instrument gains (losses) 8 (2,144) (1,144) (4,907) Other - 7 145 107 Total $ 220,277 $ 203,066 $ 654,833 $ 562,786 Sales of products, discontinued operations: Refined coal 1 $ - $ 151 $ - $ 377 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
ASU 2016-02 Transition [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 (amounts in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Operating lease expense $ 2,060 $ 1,690 $ 5,661 $ 4,805 Variable lease expense 92 1,090 757 1,654 Total lease expense $ 2,152 $ 2,780 $ 6,418 $ 6,459 |
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 October 31, 2022 (amounts in thousands): Years Ended January 31, Minimum Rentals Remainder of 2023 $ 1,392 2024 5,563 2025 4,114 2026 1,942 2027 1,877 Thereafter 1,474 Total 16,362 Less: present value discount 1,577 Operating lease liabilities $ 14,785 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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 October 31, 2022 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) - 800 - 800 Total assets $ - $ 800 $ 354 $ 1,154 Forward purchase contracts liability (3) $ - $ 30 $ - $ 30 Commodity futures liability (3) - 285 - 285 Total liabilities $ - $ 315 $ - $ 315 Level 1 Level 2 Level 3 Fair Value Investment in cooperative (1) $ - $ - $ 354 $ 354 Forward purchase contracts (2) - 993 - 993 Total assets $ - $ 993 $ 354 $ 1,347 Commodity futures liability (3) $ - $ 933 $ - $ 933 (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 and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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): October 31, 2022 January 31, 2022 Land and improvements $ 27,461 $ 27,329 Buildings and improvements 23,707 23,617 Machinery, equipment and fixtures 298,822 296,243 Construction in progress 5,201 1,515 355,191 348,704 Less: Accumulated depreciation (223,956) (211,150) Total $ 131,235 $ 137,554 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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): October 31, 2022 January 31, 2022 Accrued payroll and related items $ 3,441 $ 5,407 Accrued utility charges 4,500 4,297 Accrued transportation related items 899 593 Accrued real estate taxes 1,489 1,857 Commodity futures 285 933 Forward purchase contracts 30 - Accrued income taxes 82 95 Other 1,383 435 Total $ 12,109 $ 13,617 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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 October 31, 2022 January 31, 2022 October 31, 2022 January 31, 2022 Commodity futures (1) $ - $ - $ 285 $ 933 Forward purchase contracts (2) 800 993 30 - Total $ 800 $ 993 $ 315 $ 933 (1) Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands): Carrying Amount Entity Ownership Percentage October 31, 2022 January 31, 2022 Big River 10.3% $33,769 $ 30,566 |
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 Nine Months Ended 2022 2021 2022 2021 Net sales and revenue $ 398,838 $ 347,059 $ 1,200,980 $ 966,858 Gross profit $ 11,432 $ 7,092 $ 60,593 $ 27,993 Income from continuing operations $ 6,415 $ 3,390 $ 60,230 $ 26,802 Net income $ 6,415 $ 3,390 $ 60,230 $ 26,802 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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: Nine Months Ended October 31, 2022 Non-Vested Shares Weighted (000’s) Weighted (in years) Non-Vested at January 31, 2022 30,167 $ 773 1 Granted 70,689 2,032 Forfeited - - Vested 18,403 451 Non-Vested at October 31, 2022 82,453 $ 2,354 2 Nine Months Ended October 31, 2021 Non-Vested Shares Weighted (000’s) Weighted (in years) Non-Vested at January 31, 2021 59,102 $ 1,398 1 Granted 8,409 275 Forfeited - - Vested 37,344 900 Non-Vested at October 31, 2021 30,167 $ 773 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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): Nine Months Ended 2022 2021 Unrecognized tax benefits, beginning of period $ 16,781 $ 8,400 Changes for prior years’ tax positions 94 15 Changes for current year tax positions - 413 Unrecognized tax benefits, end of period $ 16,875 $ 8,828 |
Consolidated Condensed Financ_2
Consolidated Condensed Financial Statements (Details) | 9 Months Ended |
Oct. 31, 2022 | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 1 |
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 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Accounting Policies (Details) [Line Items] | |||||
Outbound Freight Charges | $ 2,463,000 | $ 210,000 | $ 5,363,000 | $ 7,366,000 | |
Income Taxes Paid | 2,200,000 | 2,800,000 | |||
Proceeds from Income Tax Refunds | 0 | 0 | |||
Unrecognized Tax Benefits | $ 16,825,000 | $ 16,825,000 | $ 16,741,000 | ||
Income Tax Examination, Penalties and Interest Accrued | 50,000 | 50,000 | 40,000 | ||
Inventory Write-down | 400,000 | $ 500,000 | |||
Government Assistance, Amount | $ 7,800,000 | ||||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 15 | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | ||||
Fixtures And Equipment [Member] | Minimum [Member] | |||||
Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 3 | ||||
Fixtures And Equipment [Member] | Maximum [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 | $ 16,700,000 | $ 16,700,000 | |||
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% |
Accounting Policies (Details) -
Accounting Policies (Details) - Schedule of Components of Inventory - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Schedule Of Components Of Inventory Abstract | ||
Ethanol and other finished goods | $ 10,592 | $ 13,158 |
Work in process | 6,809 | 5,473 |
Grain and other raw materials | 24,644 | 23,594 |
Total | $ 42,045 | $ 42,225 |
Net Sales and Revenue (Details)
Net Sales and Revenue (Details) - Schedule of Disaggregated Revenue by Product - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | $ 220,277 | $ 203,066 | $ 654,833 | $ 562,786 | |
Sales of products, discontinued operations | [1] | 151 | 377 | ||
Ethanol [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | 165,135 | 161,598 | 502,404 | 441,657 | |
Dried Distillers Grains [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | 38,009 | 28,717 | 104,167 | 91,408 | |
Non-Food Grade Corn Oil [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | 14,648 | 11,958 | 39,973 | 27,364 | |
Modified Distillers Grains [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | 2,477 | 2,930 | 9,288 | 7,157 | |
Derivative financial instruments losses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | $ 8 | (2,144) | (1,144) | (4,907) | |
Other[Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales of products, continuing operations | $ 7 | $ 145 | $ 107 | ||
[1]Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold. |
Leases (Details)
Leases (Details) | Oct. 31, 2022 | Jan. 31, 2022 |
ASU 2016-02 Transition [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 6 months | 2 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 5.43% | 4.85% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Components Of Lease Expense Abstract | ||||
Operating lease expense | $ 2,060 | $ 1,690 | $ 5,661 | $ 4,805 |
Variable lease expense | 92 | 1,090 | 757 | 1,654 |
Total lease expense | $ 2,152 | $ 2,780 | $ 6,418 | $ 6,459 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands | Oct. 31, 2022 USD ($) |
Schedule Of Future Minimum Rental Payments For Operating Leases Abstract | |
Remainder of 2023 | $ 1,392 |
2024 | 5,563 |
2025 | 4,114 |
2026 | 1,942 |
2027 | 1,877 |
Thereafter | 1,474 |
Total | 16,362 |
Less: present value discount | 1,577 |
Operating lease liabilities | $ 14,785 |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | |
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Investment in cooperative | [1] | $ 354 | $ 354 |
Forward purchase contracts | [2] | 800 | 993 |
Total assets | 1,154 | 1,347 | |
Forward purchase contracts | [3] | 30 | |
Commodity futures liability | [3] | 285 | 933 |
Total liabilities | 315 | ||
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] | ||
Forward purchase contracts | [2] | ||
Forward purchase contracts | [3] | ||
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] | ||
Forward purchase contracts | [2] | 800 | 993 |
Total assets | 800 | 993 | |
Forward purchase contracts | [3] | 30 | |
Commodity futures liability | [3] | 285 | 933 |
Total liabilities | 315 | ||
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 |
Forward purchase contracts | [2] | ||
Total assets | 354 | 354 | |
Forward purchase contracts | [3] | ||
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 and forward purchase contracts liabilities are 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 | Oct. 31, 2022 | Jan. 31, 2022 |
Schedule Of Property And Equipment Abstract | ||
Land and improvements | $ 27,461 | $ 27,329 |
Buildings and improvements | 23,707 | 23,617 |
Machinery, equipment and fixtures | 298,822 | 296,243 |
Construction in progress | 5,201 | 1,515 |
355,191 | 348,704 | |
Less: accumulated depreciation | (223,956) | (211,150) |
Total | $ 131,235 | $ 137,554 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | |
Schedule Of Accrued Expenses And Other Current Liabilities Abstract | |||
Accrued payroll and related items | $ 3,441 | $ 5,407 | |
Accrued utility charges | 4,500 | 4,297 | |
Accrued transportation related items | 899 | 593 | |
Accrued real estate taxes | 1,489 | 1,857 | |
Commodity futures | 285 | 933 | |
Forward purchase contracts | [1] | 30 | |
Accrued income taxes | 82 | 95 | |
Other | 1,383 | 435 | |
Total | $ 12,109 | $ 13,617 | |
[1]The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) bu in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 USD ($) bu | Oct. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) bu | Oct. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) bu | |
Derivative Financial Instruments (Details) [Line Items] | |||||
Debt Instrument, Collateral Amount | $ | $ 1,308,000 | $ 1,308,000 | $ 2,222,000 | ||
Gain (Loss) on Derivative Instruments, Net, Sales and Revenue | $ | 8,000 | $ 2,144,000 | 1,144,000 | $ 4,907,000 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | $ | $ 9,000 | $ 5,474,000 | $ 12,920,000 | $ 2,562,000 | |
Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Forward Purchase Contracts, Quantity (in US Bushels) | 5.3 | 5.3 | |||
Assets [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Forward Purchase Contracts, Quantity (in US Bushels) | 3.9 | 3.9 | 19.2 | ||
Short/Sell [Member] | Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity (in US Bushels) | 3.4 | 3.4 | 7.4 | ||
Long/Buy [Member] | Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity (in US Bushels) | 90,000 | 90,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | |
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | $ 800 | $ 993 | |
Liability Derivatives, Fair Value | 315 | 933 | |
Commodity Contract [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | ||
Liability Derivatives, Fair Value | [1] | 285 | 933 |
Forward Contracts [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 800 | 993 |
Liability Derivatives, Fair Value | [2] | $ 30 | |
[1]Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022.[2]Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively. |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |||
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 13,700 | $ 10,500 | |
Proceeds from Equity Method Investment, Distribution | 3,007 | $ 1,504 | |
Short-Term Investments | $ 153,819 | $ 25,877 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One | 3.10% | 0.10% |
Investments (Details) - Schedul
Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Schedule Of Equity Method Investments Abstract | ||
Big River | 10.30% | |
Big River | $ 33,769 | $ 30,566 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Financial Information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items] | ||||
Net sales and revenue | $ 398,838 | $ 347,059 | $ 1,200,980 | $ 966,858 |
Gross profit | 11,432 | 7,092 | 60,593 | 27,993 |
Income from continuing operations | 6,415 | 3,390 | 60,230 | 26,802 |
Net income | $ 6,415 | $ 3,390 | $ 60,230 | $ 26,802 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2022 | Jan. 31, 2022 | |
Employee Benefits (Details) [Line Items] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 67,500 | ||
Restricted Stock or Unit Expense | $ 253,000 | $ 441,100 | |
Rex Shareholders [Member] | |||
Employee Benefits (Details) [Line Items] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 551,000 | $ 551,000 | $ 97,000 |
Share-Based Payment Arrangement, 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 (in Shares) | 1,650,000 | 1,650,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares) | 1,342,392 | 1,342,392 |
Employee Benefits (Details) - S
Employee Benefits (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Non Vested Restricted Stock Award Activity Abstract | ||
Non-Vested Shares, Beginning of Period | 30,167,000 | 59,102,000 |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 773 | $ 1,398 |
Weighted Average Vesting Term, Beginning of Period | 1 year | 1 year |
Non-Vested Shares, Granted | 70,689,000 | 8,409,000 |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ 2,032 | $ 275 |
Non-Vested Shares, Vested | 18,403,000 | 37,344,000 |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 451 | $ 900 |
Non-Vested Shares, End of Period | 82,453,000 | 30,167,000 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 2,354 | $ 773 |
Weighted Average Vesting Term, End of Period | 2 years | 2 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 1,196 | $ 4,338 | $ 7,374 | $ 8,329 |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 4,900 | $ 12,600 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract | ||
Unrecognized tax benefits, beginning of period | $ 16,781 | $ 8,400 |
Changes for prior years’ tax positions | 94 | 15 |
Changes for current year tax positions | 413 | |
Unrecognized tax benefits, end of period | $ 16,875 | $ 8,828 |
Commitments and Contingencies (
Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2022 MMBTU T lb bu gal | |
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 | 9.2 | ||
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) | MMBTU | 613,000 | ||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 46.1 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 88,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 12.3 | ||
Refined Coal [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Fees Incurred By Subsidiary | $ | $ 2 | $ 5.1 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Related-Party Transactions (Details) [Line Items] | |||||
Accounts Payable, Related Parties, Current | $ 1,600,000 | $ 1,600,000 | $ 500,000 | ||
One Earth Energy And Nu Gen Energy [Member] | |||||
Related-Party Transactions (Details) [Line Items] | |||||
Costs and Expenses, Related Party | $ 35,200,000 | $ 22,900,000 | $ 101,200,000 | $ 60,300,000 | |
Refined Coal [Member] | |||||
Related-Party Transactions (Details) [Line Items] | |||||
Payments for Commissions | $ 40,000 | $ 230,000 |