Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Mar. 29, 2023 | Jul. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | REX AMERICAN RESOURCES CORPORATION | ||
Trading Symbol | REX | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 17,390,019 | ||
Entity Public Float | $ 493,699,933 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000744187 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 31, 2023 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
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, $.01 par value | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference [Text Block] | Documents Incorporated by Reference Portions of REX American Resources Corporation’s definitive Proxy Statement for its Annual Meeting of Shareholders on June 15, 2023 are incorporated by reference into Part III of this Form 10-K. | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte and Touche LLP | ||
Auditor Location | Dayton, Ohio | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 69,612 | $ 229,846 |
Short-term investments | 211,331 | 25,877 |
Restricted cash | 1,735 | 2,222 |
Accounts receivable | 25,162 | 25,821 |
Inventory | 48,744 | 42,225 |
Refundable income taxes | 2,962 | 6,677 |
Prepaid expenses and other | 13,098 | 12,499 |
Total current assets | 372,644 | 345,167 |
Property and equipment - net | 135,497 | 137,554 |
Operating lease right-of-use assets | 15,214 | 11,221 |
Other assets | 23,179 | 25,853 |
Equity method investments | 33,045 | 30,566 |
TOTAL ASSETS | 579,579 | 550,361 |
CURRENT LIABILITIES: | ||
Accounts payable – trade (includes $1.5 million and $0.5 million with related parties at January 31, 2023 and 2022, respectively) | 34,091 | 32,266 |
Current operating lease liabilities | 5,180 | 4,600 |
Accrued expenses and other current liabilities | 15,328 | 13,617 |
Total current liabilities | 54,599 | 50,483 |
LONG-TERM LIABILITIES: | ||
Deferred taxes | 1,097 | 3,132 |
Long-term operating lease liabilities | 9,855 | 6,390 |
Other long-term liabilities | 3,034 | 2,794 |
Total long-term liabilities | 13,986 | 12,316 |
EQUITY: | ||
Common stock, 45,000 shares authorized, 29,853 shares issued at par | 299 | 299 |
Paid in capital | 578 | |
Retained earnings | 640,826 | 611,607 |
Treasury stock, 12,463 and 12,092 shares, respectively | (193,721) | (181,114) |
Total REX shareholders’ equity | 447,982 | 430,792 |
Noncontrolling interests | 63,012 | 56,770 |
Total equity | 510,994 | 487,562 |
TOTAL LIABILITIES AND EQUITY | $ 579,579 | $ 550,361 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts payable - trade, related parties (in Dollars) | $ 1,500 | $ 500 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 29,853 | 29,853 |
Treasury stock, shares | 12,463 | 12,092 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | ||
Income Statement [Abstract] | ||||
Net sales and revenue | $ 855,000,000 | $ 774,802,000 | $ 372,664,000 | |
Cost of sales (includes $135.4 million, $90.2 million and $54.8 million with related parties for the years ended January 31, 2023, 2022 and 2021, respectively) | 800,269,000 | 677,242,000 | 353,131,000 | |
Gross profit | 54,731,000 | 97,560,000 | 19,533,000 | |
Selling, general and administrative expenses | (28,956,000) | (28,476,000) | (17,639,000) | |
Equity in income of unconsolidated affiliates | 8,745,000 | 6,624,000 | 500,000 | |
Interest and other income, net | 12,959,000 | 130,000 | 1,818,000 | |
Income before income taxes | 47,479,000 | 75,838,000 | 4,212,000 | |
(Provision) benefit for income taxes | (9,542,000) | (19,031,000) | 546,000 | |
Net income from continuing operations | 37,937,000 | 56,807,000 | 4,758,000 | |
Net income attributable to noncontrolling interests (continuing operations) | (10,240,000) | (9,235,000) | (2,878,000) | |
Net income attributable to REX common shareholders (continuing operations) | 27,697,000 | 47,572,000 | 1,880,000 | |
Net income from discontinued operations, net of tax (includes expense of $0.3 million and $(0.2) million with related parties for the years ended January 31, 2022 and 2021, respectively. | 4,395,000 | 860,000 | ||
Net loss attributable to noncontrolling interests (discontinued operations) | [1] | 397,000 | 261,000 | |
Net income attributable to REX common shareholders (discontinued operations) | 4,792,000 | 1,121,000 | ||
Net income attributable to REX common shareholders | 27,697,000 | 52,364,000 | 3,001,000 | |
Weighted average shares outstanding – basic and diluted | 17,638,000 | 17,946,000 | 18,502,000 | |
Basic and diluted net income per share from continuing operations attributable to REX common shareholders | 1.57 | 2.65 | 0.1 | |
Basic and diluted net income per share from discontinued operations attributable to REX common shareholders | 0.27 | 0.06 | ||
Basic and diluted net income per share attributable to REX common shareholders | $ 1.57 | $ 2.92 | $ 0.16 | |
[1]Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits. |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | |||
Cost of sales, related parties | $ 135.4 | $ 90.2 | $ 54.8 |
Net income from discontinued operations, net of tax, related parties | $ 0.3 | $ (0.2) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Total |
Balance at Jan. 31, 2020 | $ 299 | $ (154,989) | $ 555,697 | $ 52,599 | $ 453,606 | |
Balance (in Shares) at Jan. 31, 2020 | 29,853 | 10,973 | ||||
Net (loss) income | 3,001 | 2,617 | 5,618 | |||
Capital contributions | 112 | 112 | ||||
Treasury stock acquired | $ (19,629) | (19,629) | ||||
Treasury stock acquired (in Shares) | 949 | |||||
Noncontrolling interests distribution and other | (2,928) | (2,928) | ||||
Issuance of equity awards, stock based compensation expense | $ 83 | 321 | 404 | |||
Issuance of equity awards, stock based compensation expense (in Shares) | (45) | |||||
Balance at Jan. 31, 2021 | $ 299 | $ (174,535) | 559,019 | 52,400 | 437,183 | |
Balance (in Shares) at Jan. 31, 2021 | 29,853 | 11,877 | ||||
Net (loss) income | 52,364 | 8,838 | 61,202 | |||
Capital contributions | 304 | 304 | ||||
Treasury stock acquired | $ (6,627) | (6,627) | ||||
Treasury stock acquired (in Shares) | 252 | |||||
Noncontrolling interests distribution and other | (4,772) | (4,772) | ||||
Issuance of equity awards, stock based compensation expense | $ 48 | 224 | 272 | |||
Issuance of equity awards, stock based compensation expense (in Shares) | (37) | |||||
Balance at Jan. 31, 2022 | $ 299 | $ (181,114) | 611,607 | 56,770 | 487,562 | |
Balance (in Shares) at Jan. 31, 2022 | 29,853 | 12,092 | ||||
Net (loss) income | 27,697 | 10,240 | 37,937 | |||
Treasury stock acquired | $ (13,012) | (13,012) | ||||
Treasury stock acquired (in Shares) | 472 | |||||
Noncontrolling interests distribution and other | (3,998) | (3,998) | ||||
Issuance of equity awards, stock based compensation expense | $ 405 | 1,522 | $ 578 | 2,505 | ||
Issuance of equity awards, stock based compensation expense (in Shares) | (101) | |||||
Balance at Jan. 31, 2023 | $ 299 | $ (193,721) | $ 640,826 | $ 63,012 | $ 578 | $ 510,994 |
Balance (in Shares) at Jan. 31, 2023 | 29,853 | 12,463 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income including noncontrolling interests | $ 37,937 | $ 61,202 | $ 5,618 |
Net income from discontinued operations, net of tax | 4,395 | 860 | |
Net income from continuing operations | 37,937 | 56,807 | 4,758 |
Depreciation | 17,976 | 18,031 | 18,116 |
Amortization of operating lease right-of-use assets | 5,328 | 5,560 | 5,358 |
Stock based compensation expense | 1,930 | 1,753 | 264 |
Income from equity method investments | (8,745) | (6,624) | (500) |
Dividends received from equity method investments | 6,266 | 5,514 | 3,508 |
Interest income from investments | (2,839) | (43) | (216) |
(Gain) loss on disposal of real estate and property and equipment | (102) | 30 | (58) |
Deferred income tax | 915 | 12,730 | (1,110) |
Changes in assets and liabilities: | |||
Accounts receivable | 659 | (6,108) | (6,744) |
Inventory | (6,519) | (4,799) | (2,307) |
Prepaid expenses and other assets | (452) | 199 | (3,243) |
Income taxes refundable | 3,715 | (1,103) | (276) |
Accounts payable-trade | 1,478 | 16,005 | (2,618) |
Accrued expenses and other liabilities | (2,752) | 475 | (3,523) |
Net cash provided by operating activities from continuing operations | 54,795 | 98,427 | 11,409 |
Net cash used in operating activities from discontinued operations | (6,716) | (2,786) | |
Net cash provided by operating activities | 54,795 | 91,711 | 8,623 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (15,578) | (5,126) | (10,412) |
Purchases of short-term investments | (399,350) | (88,949) | (96,233) |
Sales of short-term investments | 216,735 | 99,309 | 86,328 |
Proceeds from sale of real estate and property and equipment | 5 | 60 | 58 |
Deposits | (319) | (532) | |
Net cash (used in) provided by investing activities | (198,507) | 5,294 | (20,791) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock acquired | (13,012) | (6,627) | (19,629) |
Payments to noncontrolling interests holders | (3,997) | (4,772) | (2,928) |
Net cash used in financing activities from continuing operations | (17,009) | (11,399) | (22,557) |
Net cash provided by financing activities from discontinued operations | 304 | 112 | |
Net cash used in financing activities | (17,009) | (11,095) | (22,445) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (160,721) | 85,910 | (34,613) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year | 232,068 | 146,158 | 180,771 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year | 71,347 | 232,068 | 146,158 |
Non cash financing activities-Stock awards issued | 1,539 | 100 | 241 |
Non cash financing activities-Stock awards accrued | 965 | 1,580 | 99 |
Non cash investing activities-Accrued capital expenditures | 425 | 78 | 390 |
Right-of-use assets acquired and liabilities incurred upon lease execution | 9,321 | 4,103 | 1,863 |
Cash and cash equivalents | 69,612 | 229,846 | 144,501 |
Restricted cash | 1,735 | 2,222 | 1,657 |
Total cash, cash equivalents and restricted cash | $ 71,347 | $ 232,068 | $ 146,158 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – Stock Split – Fiscal Year – Segments In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment. Use of Estimates – Cash Equivalents – Concentrations of Risk – The Company sells its products to a limited number of larger commercial buyers, which may increase the chance of loss due to non-performance by a counterparty. Eight (fiscal year 2022), nine (fiscal year 2021), and seven (fiscal year 2020) customers accounted for approximately 90%, 85%, and 89% of the Company’s net sales and revenue during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023 and 2022, four and five customers represented approximately 81% and 82%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts. Inventory . January 31, 2023 2022 Ethanol and other finished goods $ 12,695 $ 13,158 Work in process 10,194 5,473 Grain and other raw materials 25,855 23,594 Total $ 48,744 $ 42,225 Property and Equipment – January 31, 2023 2022 Land and improvements $ 30,194 $ 27,329 Buildings and improvements 23,707 23,617 Machinery, equipment and fixtures 299,665 296,243 Construction in progress 10,255 1,515 363,821 348,704 Less: accumulated depreciation (228,324 ) (211,150 ) Total $ 135,497 $ 137,554 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets Impairment of Long-Lived Assets The Company reviews its long-lived assets, consisting of property and equipment, equity method investments and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The Company assesses long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset group is expected to generate. If this total is less than the carrying value of the asset, the Company will then determine the fair value of the asset group. An impairment loss would be recognized in the amount by which the carrying amount of the asset exceeded the fair value of the asset. Significant management judgement is required to determine the fair value of long-lived assets, which includes discounted cash flows. Such estimates could be significantly affected by future changes in market conditions. The Company recorded no impairment charges in fiscal years 2022, 2021, and 2020. During fiscal year 2020, the Company concluded the impact of the COVID-19 pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment. Depreciation expense was approximately $18.0 million, $18.0 million, and $18.1 million in fiscal years 2022, 2021, and 2020, respectively. Investments – 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, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established. Short-term investments, consisting of U.S. government obligations and certificates of deposit, are considered held-to-maturity, and therefore are carried at amortized historical cost. Revenue Recognition Cost of Sales – SG&A Expenses – Financial Instruments The Company uses derivative financial instruments (exchange-traded futures contracts and swaps) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn and ethanol. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Stock Compensation 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 Statements of Operations for fiscal year 2022. The Company has no further reporting or other obligations related to the receipt of these funds. Income Taxes Comprehensive Income New Accounting Pronouncements – In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company adopted this update effective February 1, 2022 by providing all disclosures required related to government assistance. The adoption of this update did not materially impact the consolidated financial statements. |
NET SALES AND REVENUE
NET SALES AND REVENUE | 12 Months Ended |
Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. 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 table shows disaggregated revenue by product (amounts in thousands): Fiscal Year 2022 2021 2020 Sales of products, continuing operations: Ethanol $ 649,501 $ 613,597 $ 284,191 Dried distillers grains 139,118 125,009 71,774 Non-food grade corn oil 55,595 38,852 15,066 Modified distillers grains 11,579 9,104 2,626 Derivative financial instruments losses (1,024) (12,109) (1,167) Other 231 349 174 Total sales $ 855,000 $ 774,802 $ 372,664 Sales of products, discontinued operations: Refined coal 1 $ - $ 400 $ 182 1 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | 3. INVESTMENTS Equity Method Investment in Big River The Company’s equity method investment in Big River is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands): January 31, 2023 2022 Carrying amount $ 33,045 $ 30,566 Ownership percentage 10.3% 10.3% The Company invested approximately $20.0 million in Big River which is a holding company for several entities. Big River, through its various entities (both wholly and partially owned), operates four ethanol manufacturing facilities, that combined shipped approximately 425.4 million gallons of ethanol in the twelve months ended January 31, 2023. The Company recorded income of approximately $8.7 million, $6.6 million, and $0.5 million as its share of earnings from Big River during fiscal years 2022, 2021, and 2020, respectively. The Company received dividends of approximately $6.3 million, $5.5 million, and $3.5 million from Big River during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023, the carrying value of the investment in Big River was approximately $33.0 million; the amount of underlying equity in the net assets of Big River was approximately $31.5 million. Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands): December 31, 2022 2021 Current assets $ 319,367 $ 310,411 Non current assets 151,039 146,384 Total assets $ 470,406 $ 456,795 Current liabilities $ 118,946 $ 131,317 Long-term liabilities 8,686 - Total liabilities $ 127,632 $ 131,317 Noncontrolling interests $ 37,326 $ 36,786 Years Ended December 31, 2022 2021 2020 Net sales and revenue $ 1,509,406 $ 1,332,555 $ 736,225 Gross profit $ 94,106 $ 85,401 $ 18,858 Income from continuing operations $ 84,814 $ 64,243 $ 4,850 Net income $ 84,814 $ 64,243 $ 4,850 Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2023 are approximately $113.4 million; the Company’s proportionate share of restricted net assets of Big River is approximately $11.7 million. Short-term Investments At January 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $211.3 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.9%. Unrealized gains or losses were insignificant. At January 31, 2022, the Company owned certificates of deposit (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $25.9 million. 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. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE The Company applies ASC 820, “ Fair Value Measurements and Disclosures The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative financial instruments at fair value. Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs are developed based on the best information available, which may include the Company’s own data. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value at January 31, 2023 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures (4) - 80 - 80 Investment in cooperative (2) - - 354 354 Total assets $ - $ 185 $ 354 $ 539 Forward purchase contracts liability (5) - 355 - 355 Commodity futures (3) - 67 - 67 Total liabilities $ - $ 422 $ - $ 422 Financial assets and liabilities measured at fair value at January 31, 2022 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Forward purchase contracts asset (1) $ - $ 993 $ - $ 993 Investment in cooperative (2) - - 354 354 Total assets $ - $ 993 $ 354 $ 1,347 Commodity futures (3) $ - $ 933 $ - $ 933 (1) The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (4) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. The changes in the balances of the investment in cooperative represent the change in the fair value. No other financial instruments were elected to be measured at fair value in accordance with ASC 470-20-25-21. There were no assets measured at fair value at January 31, 2023 and 2022 on a non-recurring basis. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 5. OTHER ASSETS The components of other noncurrent assets are as follows (amounts in thousands): January 31, 2023 2022 Deferred taxes $ 21,964 $ 24,914 Other 1,215 939 Total $ 23,179 $ 25,853 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The components of accrued expenses and other current liabilities are as follows (amounts in thousands): January 31, 2023 2022 Accrued payroll and related items $ 4,428 $ 5,407 Accrued utility charges 4,116 4,297 Accrued transportation related items 1,311 593 Commodity futures 67 933 Forward purchase contracts 355 - Accrued real estate taxes 1,850 1,857 Accrued income taxes 2,049 95 Other 1,152 435 Total $ 15,328 $ 13,617 |
LEASES
LEASES | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 7. LEASES The Company elected the practical expedient, available pursuant to ASC 842, for lessees to include both lease and non-lease components as a single component and account for it as a lease. In general, certain maintenance costs are the responsibility of the Company under its railcar leases. These maintenance costs are a non-lease component which the Company elected to combine with rental payments and account for the total amount as operating lease expense. At January 31, 2023, the Company has lease agreements, as lessee, for railcars. All 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 lease term for all 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. For fiscal years 2022 and 2021, the components of lease expense, classified as SG&A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands): Fiscal Year 2022 2021 Operating lease expense $ 7,360 $ 6,346 Variable lease expense 399 1,907 Total lease expense $ 7,759 $ 8,253 The following table is a summary of future minimum rentals on such leases at January 31, 2023 (amounts in thousands): Years Ended January 31, Minimum Rentals 2024 $ 5,639 2025 4,450 2026 2,277 2027 2,229 2028 1,799 Thereafter 617 Total 17,011 Less: present value discount 1,976 Operating lease liabilities $ 15,035 At January 31, 2023, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 5.51% 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%. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 8. COMMON STOCK 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. During fiscal years 2022, 2021, and 2020 the Company purchased approximately 472,000 shares, 252,000 shares, and 949,000 shares of its common stock for approximately $13.0 million, $6.6 million, and $19.6 million, respectively. At January 31, 2023, the Company had prior authorization by its Board of Directors to purchase, in open market transactions, an additional approximately 877,000 shares of its common stock. Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2023 2022 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 17,390 17,761 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Jan. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. 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 (exchange-traded futures contracts and swaps) and forward purchase (corn) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2023 2022 2023 2022 Commodity futures (1) $ 80 $ - $ 67 $ 933 Forward purchase contracts (2) $ 105 $ 993 $ 355 $ - (1) Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively. (2) Forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 5.2 million bushels and 19.2 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 12.8 million bushels of corn at January 31, 2023 As of January 31, 2023, and 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 owed or owing with the same counterparty. As of January 31, 2023, and 2022 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 unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of January 31, 2023, and 2022, the Company was required to maintain collateral with the counterparty in the amount of approximately $1,735,000 and $2,222,000, respectively, to secure the Company’s derivative liability position, which has been recorded on the balance sheet as restricted cash. See Note 4 which contains fair value information related to derivative financial instruments. The Company recognized losses (included in cost of sales) on corn and natural gas derivative financial instruments of approximately $12,714,000, $3,427,000, and $5,552,000 in fiscal years 2022, 2021, and 2020, respectively. The Company recognized losses (included in net sales and revenue) on ethanol derivative financial instruments of $1,024,000, $12,109,000 and $1,167,000 in fiscal years 2022, 2021, and 2020, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 10. EMPLOYEE BENEFITS The Company maintains the REX American Resources Corporation 2015 Incentive Plan, approved by its shareholders, which reserved 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. 1,342,842 shares remain available for issuance under the Plan at January 31, 2023. Restricted Stock Awards As a component of their compensation, restricted stock has been granted to directors and certain employees at the market price of REX common stock on the date of the grant. 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 market price of REX common stock. The Company’s board of directors has determined that the grant date will be June 15 th At January 31, 2023 and 2022, unrecognized compensation cost related to nonvested restricted stock was approximately $450,000 and $97,000. The following table summarizes non-vested restricted stock award activity for fiscal years 2022, 2021, and 2020: 2022 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2022 30,167 $ 773 1 Granted 70,689 2,032 Forfeited 450 13 Vested 19,142 472 Non-Vested at January 31, 2023 81,264 $ 2,320 2 2021 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (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 January 31, 2022 30,167 $ 773 1 2020 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2020 85,970 $ 2,193 2 Granted 18,474 416 Forfeited - - Vested 45,342 1,211 Non-Vested at January 31, 2021 59,102 $ 1,398 1 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 three-year 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. At grant date, the fair value of the RSUs was approximately $2.7 million based on a Monte-Carlo simulation model. At January 31, 2023, unrecognized compensation cost related to nonvested RSUs was approximately $2.0 million. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 11. COMMITMENTS At January 31, 2023, One Earth and NuGen had combined forward purchase contracts for approximately 18.0 million bushels of corn, the principal raw material for their ethanol plants and they had combined forward purchase contracts for approximately 2.7 MmBtu of natural gas. At January 31, 2023, One Earth and NuGen had combined sales commitments for approximately 46.5 million gallons of ethanol, 101,000 tons of distillers grains and 9.9 million pounds of non-food grade corn oil. At January 31, 2023, One Earth had signed contracts in place for capital projects of approximately $29.3 million. One Earth has entered into a 10-year agreement in 2009 with an unrelated party for the use of a portion of that party’s natural gas pipeline. A new 15-year agreement, with monthly payments of $29,250 was effective February 1, 2019. One Earth paid approximately $351,000 in fiscal years 2022, 2021, and 2020 pursuant to the agreement. One Earth and NuGen each have a contract with an unrelated party (“Distillers Grains Marketers”) for distillers grains marketing services. Under the terms of the contracts, the Distillers Grains Marketers will purchase all of One Earth’s and NuGen’s distillers grains production during the term of the contracts. The contracts call for One Earth and NuGen to pay a fee per ton of distillers grains sold for the Distillers Grains Marketers’ services. The terms of the agreements are for one year and renew automatically for additional one-year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 90 days prior to the expiration of the then current term of the agreement. One Earth and NuGen combined incurred fees of approximately $1,159,000, $1,190,000, and $841,000 in fiscal years 2022, 2021, and 2020, respectively, for these marketing services. 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. These fees totaled approximately $5,404,000 and $2,500,000 in fiscal years 2021 and 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The provision for income taxes for fiscal years 2022, 2021, and 2020 consist of the following (amounts in thousands): 2022 2021 2020 Federal: Current $ 4,485 $ 4,450 $ 1,323 Deferred 2,925 12,064 (1,850 ) 7,410 16,514 (527 ) State and Local: Current 4,167 3,098 602 Deferred (2,035 ) (581 ) (621 ) 2,132 2,517 (19 ) Provision (benefit) for income taxes $ 9,542 $ 19,031 $ (546 ) The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands): January 31, 2023 2022 Assets: General business credit carryforward $ 26,061 $ 39,199 Accrued liabilities 627 582 State net operating loss carryforward 244 269 Other items 240 280 Valuation allowance (192 ) (213 ) Total 26,980 40,117 Liabilities: Basis in pass through entities, including depreciation (5,821 ) (17,995 ) Other (292 ) (340 ) Total (6,113 ) (18,335 ) Net deferred tax asset $ 20,867 $ 21,782 The Company has a general business credit carryforward of approximately $26.1 million and $39.2 million at January 31, 2023 and 2022, respectively. The Company can carry these credits forward for up to twenty years. The carryforward period begins to expire in fiscal year 2038. The Company has a valuation allowance of approximately $192,000 and $213,000 at January 31, 2023 and 2022, respectively, related to state net operating loss carryforwards. The Company decreased the valuation allowance by $21,000 in fiscal year 2022. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits. 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. 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. Through its refined coal operation, the Company earned production tax credits pursuant to IRC Section 45. The Company ceased operation of its refined coal business on November 18, 2021. The credits can be used to reduce future income tax liabilities for up to 20 years. These credits increased the income tax benefit from discontinued operations by approximately $11.3 million and $5.2 million during fiscal years 2021 and 2020, respectively. During fiscal years 2022, 2021, and 2020, the Company recognized an income tax benefit (provision) for federal and state research and experimentation credits (net of uncertain tax position expense) of approximately $0.4 million, $(3.0) million, and $0.9 million, respectively. The credits can be used to reduce future income tax liabilities for up to 20 years. The Company paid income taxes of approximately $2,795,000, $7,239,000, and $1,274,000 in fiscal years 2022, 2021, and 2020, respectively. The Company received refunds of income taxes of approximately $655,000 in fiscal year 2020. The Company did not receive any refunds in fiscal years 2022 and 2021. Reconciliations of the federal statutory tax and the Company’s income tax (benefit) expense for fiscal years 2022, 2021, and 2020 are as follows (amounts in thousands): 2022 2021 2020 Federal income tax at statutory rate $ 9,971 $ 15,926 $ 885 State and local taxes, net of federal tax benefit 1,725 2,396 150 Research and experimentation credits (2,542 ) (5,184 ) (2,008 ) Uncertain tax positions 2,281 8,340 1,046 Noncontrolling interest (2,523 ) (2,231 ) (707 ) Other 630 (216 ) 88 Total $ 9,542 $ 19,031 $ (546 ) The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020. The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2023, total unrecognized tax benefits were approximately $19,033,000, and accrued penalties and interest were approximately $55,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18,925,000. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Fiscal Year 2022 2021 Unrecognized tax benefits, beginning of year $ 16,781 $ 8,400 Changes for tax positions for prior years 165 3,827 Changes for tax positions for current year 2,142 4,554 Unrecognized tax benefits, end of year $ 19,088 $ 16,781 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Jan. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | 13. CONTINGENCIES The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluation of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated financial statements. The Company recorded a liability of $250,000 at January 31, 2023 as a probable and reasonably estimable loss associated with a legal contingency for a patent infringement case involving our refined coal facility which is no longer in operation. There were no liabilities recorded at January 31, 2022 as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Jan. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 14. 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 operations of the refined coal business have been recognized as discontinued operations. There were no amounts reclassified as discontinued operations in fiscal year 2022. Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal years 2021 and 2020 (amounts in thousands): 2021 2020 Net sales and revenue 1 $ 400 $ 182 Cost of Sales 8,602 5,854 Gross loss (8,202) (5,672) Selling, general and administrative 698 22 Loss before income taxes (8,900) (5,694) Benefit for income taxes 13,295 6,554 Net income from discontinued operations, net of tax 4,395 860 Net loss attributable to noncontrolling interests 2 397 261 Net income attributable to REX common shareholders $ 4,792 $ 1,121 1 2 As of January 31, 2023 and 2022, there were no amounts on the balance sheet reclassified to discontinued operations. |
QUARTERLY UNAUDITED INFORMATION
QUARTERLY UNAUDITED INFORMATION | 12 Months Ended |
Jan. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 15. QUARTERLY UNAUDITED INFORMATION The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended April 30, July 31, October 31, January 31, Net sales and revenue $ 194,228 $ 240,328 $ 220,277 $ 200,167 Gross profit 11,912 16,584 11,336 14,899 Net income from continuing operations 6,986 14,885 4,898 11,168 Net income attributable to REX common shareholders 5,182 11,170 3,184 8,161 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.29 $ 0.63 $ 0.18 $ 0.47 Quarters Ended April 30, July 31, October 31, January 31, Net sales and revenue $ 164,042 $ 195,678 $ 203,066 $ 212,016 Gross profit 19,477 14,154 25,152 38,777 Net income from continuing operations 7,963 8,039 14,888 25,917 Net income attributable to REX common shareholders (continuing operations) 7,269 5,710 13,326 21,267 Net income attributable to REX common shareholders (discontinued operations) 515 2,166 1,952 159 Net income attributable to REX common shareholders 7,784 7,876 15,278 21,426 Basic and diluted net income per share attributable to REX common shareholders (continuing operations) (a) 0.40 0.32 0.74 1.19 Basic and diluted net income per share attributable to REX common shareholders (discontinued operations) (a) 0.03 0.12 0.11 0.01 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.43 $ 0.44 $ 0.85 $ 1.20 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 16. RELATED PARTIES During fiscal years 2022, 2021, and 2020, One Earth and NuGen, combined, purchased approximately $135.4 million, $90.2 million, and $54.8 million, respectively, of corn and other supplies from minority equity investors. The Company had amounts payable to related parties of approximately $1.5 million and $0.5 million at January 31, 2023 and 2022, respectively. During fiscal years 2021 and 2020, the Company recognized (reduced) commission expense of approximately $0.3 million, $(0.2) million, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business, and as such, there was no commission expense recorded in fiscal year 2022. During fiscal year 2021, the Company received approximately $0.3 million in capital contributions from the minority investor in the refined coal entity. The Company did not receive capital contributions related to the refined coal entity in fiscal year 2022. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – |
Stock Split, Policy [Policy Text Block] | Stock Split – |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year – |
Segment Reporting, Policy [Policy Text Block] | Segments In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents – |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk – The Company sells its products to a limited number of larger commercial buyers, which may increase the chance of loss due to non-performance by a counterparty. Eight (fiscal year 2022), nine (fiscal year 2021), and seven (fiscal year 2020) customers accounted for approximately 90%, 85%, and 89% of the Company’s net sales and revenue during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023 and 2022, four and five customers represented approximately 81% and 82%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts. |
Inventory, Policy [Policy Text Block] | Inventory . January 31, 2023 2022 Ethanol and other finished goods $ 12,695 $ 13,158 Work in process 10,194 5,473 Grain and other raw materials 25,855 23,594 Total $ 48,744 $ 42,225 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – January 31, 2023 2022 Land and improvements $ 30,194 $ 27,329 Buildings and improvements 23,707 23,617 Machinery, equipment and fixtures 299,665 296,243 Construction in progress 10,255 1,515 363,821 348,704 Less: accumulated depreciation (228,324 ) (211,150 ) Total $ 135,497 $ 137,554 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews its long-lived assets, consisting of property and equipment, equity method investments and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The Company assesses long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset group is expected to generate. If this total is less than the carrying value of the asset, the Company will then determine the fair value of the asset group. An impairment loss would be recognized in the amount by which the carrying amount of the asset exceeded the fair value of the asset. Significant management judgement is required to determine the fair value of long-lived assets, which includes discounted cash flows. Such estimates could be significantly affected by future changes in market conditions. The Company recorded no impairment charges in fiscal years 2022, 2021, and 2020. During fiscal year 2020, the Company concluded the impact of the COVID-19 pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment. Depreciation expense was approximately $18.0 million, $18.0 million, and $18.1 million in fiscal years 2022, 2021, and 2020, respectively. |
Investment, Policy [Policy Text Block] | Investments – 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, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established. Short-term investments, consisting of U.S. government obligations and certificates of deposit, are considered held-to-maturity, and therefore are carried at amortized historical cost. |
Revenue [Policy Text Block] | Revenue Recognition |
Cost of Goods and Service [Policy Text Block] | Cost of Sales – |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | SG&A Expenses – |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The Company uses derivative financial instruments (exchange-traded futures contracts and swaps) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn and ethanol. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. |
Share-Based Payment Arrangement, Director [Policy Text Block] | Stock Compensation |
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 Statements of Operations for fiscal year 2022. The Company has no further reporting or other obligations related to the receipt of these funds. |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company adopted this update effective February 1, 2022 by providing all disclosures required related to government assistance. The adoption of this update did not materially impact the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows (amounts in thousands): January 31, 2023 2022 Ethanol and other finished goods $ 12,695 $ 13,158 Work in process 10,194 5,473 Grain and other raw materials 25,855 23,594 Total $ 48,744 $ 42,225 |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows (amounts in thousands): January 31, 2023 2022 Land and improvements $ 30,194 $ 27,329 Buildings and improvements 23,707 23,617 Machinery, equipment and fixtures 299,665 296,243 Construction in progress 10,255 1,515 363,821 348,704 Less: accumulated depreciation (228,324 ) (211,150 ) Total $ 135,497 $ 137,554 |
NET SALES AND REVENUE (Tables)
NET SALES AND REVENUE (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table shows disaggregated revenue by product (amounts in thousands): Fiscal Year 2022 2021 2020 Sales of products, continuing operations: Ethanol $ 649,501 $ 613,597 $ 284,191 Dried distillers grains 139,118 125,009 71,774 Non-food grade corn oil 55,595 38,852 15,066 Modified distillers grains 11,579 9,104 2,626 Derivative financial instruments losses (1,024) (12,109) (1,167) Other 231 349 174 Total sales $ 855,000 $ 774,802 $ 372,664 Sales of products, discontinued operations: Refined coal 1 $ - $ 400 $ 182 1 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the investment (amounts in thousands): January 31, 2023 2022 Carrying amount $ 33,045 $ 30,566 Ownership percentage 10.3% 10.3% |
Condensed Balance Sheet [Table Text Block] | Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands): December 31, 2022 2021 Current assets $ 319,367 $ 310,411 Non current assets 151,039 146,384 Total assets $ 470,406 $ 456,795 Current liabilities $ 118,946 $ 131,317 Long-term liabilities 8,686 - Total liabilities $ 127,632 $ 131,317 Noncontrolling interests $ 37,326 $ 36,786 |
Schedule of Financial Information for Equity Method Investments [Table Text Block] | Years Ended December 31, 2022 2021 2020 Net sales and revenue $ 1,509,406 $ 1,332,555 $ 736,225 Gross profit $ 94,106 $ 85,401 $ 18,858 Income from continuing operations $ 84,814 $ 64,243 $ 4,850 Net income $ 84,814 $ 64,243 $ 4,850 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value at January 31, 2023 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures (4) - 80 - 80 Investment in cooperative (2) - - 354 354 Total assets $ - $ 185 $ 354 $ 539 Forward purchase contracts liability (5) - 355 - 355 Commodity futures (3) - 67 - 67 Total liabilities $ - $ 422 $ - $ 422 Financial assets and liabilities measured at fair value at January 31, 2022 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Forward purchase contracts asset (1) $ - $ 993 $ - $ 993 Investment in cooperative (2) - - 354 354 Total assets $ - $ 993 $ 354 $ 1,347 Commodity futures (3) $ - $ 933 $ - $ 933 (1) The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (4) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | The components of other noncurrent assets are as follows (amounts in thousands): January 31, 2023 2022 Deferred taxes $ 21,964 $ 24,914 Other 1,215 939 Total $ 23,179 $ 25,853 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities are as follows (amounts in thousands): January 31, 2023 2022 Accrued payroll and related items $ 4,428 $ 5,407 Accrued utility charges 4,116 4,297 Accrued transportation related items 1,311 593 Commodity futures 67 933 Forward purchase contracts 355 - Accrued real estate taxes 1,850 1,857 Accrued income taxes 2,049 95 Other 1,152 435 Total $ 15,328 $ 13,617 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | For fiscal years 2022 and 2021, the components of lease expense, classified as SG&A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands): Fiscal Year 2022 2021 Operating lease expense $ 7,360 $ 6,346 Variable lease expense 399 1,907 Total lease expense $ 7,759 $ 8,253 |
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 January 31, 2023 (amounts in thousands): Years Ended January 31, Minimum Rentals 2024 $ 5,639 2025 4,450 2026 2,277 2027 2,229 2028 1,799 Thereafter 617 Total 17,011 Less: present value discount 1,976 Operating lease liabilities $ 15,035 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2023 2022 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 17,390 17,761 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2023 2022 2023 2022 Commodity futures (1) $ 80 $ - $ 67 $ 933 Forward purchase contracts (2) $ 105 $ 993 $ 355 $ - (1) Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively. (2) Forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 5.2 million bushels and 19.2 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 12.8 million bushels of corn at January 31, 2023 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes non-vested restricted stock award activity for fiscal years 2022, 2021, and 2020: 2022 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2022 30,167 $ 773 1 Granted 70,689 2,032 Forfeited 450 13 Vested 19,142 472 Non-Vested at January 31, 2023 81,264 $ 2,320 2 2021 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (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 January 31, 2022 30,167 $ 773 1 2020 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2020 85,970 $ 2,193 2 Granted 18,474 416 Forfeited - - Vested 45,342 1,211 Non-Vested at January 31, 2021 59,102 $ 1,398 1 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for fiscal years 2022, 2021, and 2020 consist of the following (amounts in thousands): 2022 2021 2020 Federal: Current $ 4,485 $ 4,450 $ 1,323 Deferred 2,925 12,064 (1,850 ) 7,410 16,514 (527 ) State and Local: Current 4,167 3,098 602 Deferred (2,035 ) (581 ) (621 ) 2,132 2,517 (19 ) Provision (benefit) for income taxes $ 9,542 $ 19,031 $ (546 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands): January 31, 2023 2022 Assets: General business credit carryforward $ 26,061 $ 39,199 Accrued liabilities 627 582 State net operating loss carryforward 244 269 Other items 240 280 Valuation allowance (192 ) (213 ) Total 26,980 40,117 Liabilities: Basis in pass through entities, including depreciation (5,821 ) (17,995 ) Other (292 ) (340 ) Total (6,113 ) (18,335 ) Net deferred tax asset $ 20,867 $ 21,782 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliations of the federal statutory tax and the Company’s income tax (benefit) expense for fiscal years 2022, 2021, and 2020 are as follows (amounts in thousands): 2022 2021 2020 Federal income tax at statutory rate $ 9,971 $ 15,926 $ 885 State and local taxes, net of federal tax benefit 1,725 2,396 150 Research and experimentation credits (2,542 ) (5,184 ) (2,008 ) Uncertain tax positions 2,281 8,340 1,046 Noncontrolling interest (2,523 ) (2,231 ) (707 ) Other 630 (216 ) 88 Total $ 9,542 $ 19,031 $ (546 ) |
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): Fiscal Year 2022 2021 Unrecognized tax benefits, beginning of year $ 16,781 $ 8,400 Changes for tax positions for prior years 165 3,827 Changes for tax positions for current year 2,142 4,554 Unrecognized tax benefits, end of year $ 19,088 $ 16,781 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal years 2021 and 2020 (amounts in thousands): 2021 2020 Net sales and revenue 1 $ 400 $ 182 Cost of Sales 8,602 5,854 Gross loss (8,202) (5,672) Selling, general and administrative 698 22 Loss before income taxes (8,900) (5,694) Benefit for income taxes 13,295 6,554 Net income from discontinued operations, net of tax 4,395 860 Net loss attributable to noncontrolling interests 2 397 261 Net income attributable to REX common shareholders $ 4,792 $ 1,121 1 2 |
QUARTERLY UNAUDITED INFORMATI_2
QUARTERLY UNAUDITED INFORMATION (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended April 30, July 31, October 31, January 31, Net sales and revenue $ 194,228 $ 240,328 $ 220,277 $ 200,167 Gross profit 11,912 16,584 11,336 14,899 Net income from continuing operations 6,986 14,885 4,898 11,168 Net income attributable to REX common shareholders 5,182 11,170 3,184 8,161 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.29 $ 0.63 $ 0.18 $ 0.47 Quarters Ended April 30, July 31, October 31, January 31, Net sales and revenue $ 164,042 $ 195,678 $ 203,066 $ 212,016 Gross profit 19,477 14,154 25,152 38,777 Net income from continuing operations 7,963 8,039 14,888 25,917 Net income attributable to REX common shareholders (continuing operations) 7,269 5,710 13,326 21,267 Net income attributable to REX common shareholders (discontinued operations) 515 2,166 1,952 159 Net income attributable to REX common shareholders 7,784 7,876 15,278 21,426 Basic and diluted net income per share attributable to REX common shareholders (continuing operations) (a) 0.40 0.32 0.74 1.19 Basic and diluted net income per share attributable to REX common shareholders (discontinued operations) (a) 0.03 0.12 0.11 0.01 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.43 $ 0.44 $ 0.85 $ 1.20 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Jan. 31, 2023 USD ($) shares | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 3 | ||
Inventory Write-down (in Dollars) | $ 700,000 | $ 500,000 | |
Property, Plant and Equipment, Depreciation Methods | Depreciation is computed using the straight-line method | ||
Depreciation (in Dollars) | $ 18,000,000 | 18,000,000 | $ 18,100,000 |
Outbound Freight Charges (in Dollars) | 6,901,000 | 7,321,000 | $ 3,482,000 |
Assets (in Dollars) | $ 579,579,000 | $ 550,361,000 | |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | shares | 1,650,000 | ||
Interest and Fee Income, Other Loans (in Dollars) | $ 7,800,000 | ||
Ethanol [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of Reportable Segments | 1 | ||
Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Number of Customers | 8 | 9 | 7 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 90% | 85% | 89% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 81% | 82% | |
Contracts Not Accounted For Under Normal Purchases and Normal Sales | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Assets (in Dollars) | $ 100,000 | $ 1,000,000 | |
Liabilities (in Dollars) | $ 400,000 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 15 | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | ||
Fixtures And Equipment [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 | ||
Fixtures And Equipment [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||
Consolidated Entities [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 2 | ||
Equity Method Investee [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 1 | ||
Cost of Sales [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of components of Inventory - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Components Of Inventory Abstract | ||
Ethanol and other finished goods | $ 12,695 | $ 13,158 |
Work in process | 10,194 | 5,473 |
Grain and other raw materials | 25,855 | 23,594 |
Total | $ 48,744 | $ 42,225 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Property Plant And Equipment Abstract | ||
Land and improvements | $ 30,194 | $ 27,329 |
Buildings and improvements | 23,707 | 23,617 |
Machinery, equipment and fixtures | 299,665 | 296,243 |
Construction in progress | 10,255 | 1,515 |
363,821 | 348,704 | |
Less: accumulated depreciation | (228,324) | (211,150) |
Total | $ 135,497 | $ 137,554 |
NET SALES AND REVENUE (Details)
NET SALES AND REVENUE (Details) - Schedule of Disaggregated Revenue by Product - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | $ 200,167 | $ 220,277 | $ 240,328 | $ 194,228 | $ 212,016 | $ 203,066 | $ 195,678 | $ 164,042 | $ 855,000 | $ 774,802 | $ 372,664 | |
Sales of products, discontinued operations: | [1] | 400 | 182 | |||||||||
Ethanol [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | 649,501 | 613,597 | 284,191 | |||||||||
Dried Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | 139,118 | 125,009 | 71,774 | |||||||||
Non-Food Grade Corn Oil [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | 55,595 | 38,852 | 15,066 | |||||||||
Modified Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | 11,579 | 9,104 | 2,626 | |||||||||
Derivative Financial Instrument Losses [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | (1,024) | (12,109) | (1,167) | |||||||||
Other[Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, continuing operations: | 231 | 349 | 174 | |||||||||
Refined Coal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, discontinued operations: | [2] | $ 400 | $ 182 | |||||||||
[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.[2]Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the same customer to which the processed refined coal was sold. |
INVESTMENTS (Details)
INVESTMENTS (Details) $ in Thousands, gal in Millions | 12 Months Ended | ||
Jan. 31, 2023 USD ($) gal | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
INVESTMENTS (Details) [Line Items] | |||
Income (Loss) from Equity Method Investments | $ 8,745 | $ 6,624 | $ 500 |
Proceeds from Equity Method Investment, Distribution | 6,266 | 5,514 | 3,508 |
Equity Method Investments | 33,045 | 30,566 | |
Short-Term Investments | 211,331 | 25,877 | |
Certificates of Deposit [Member] | |||
INVESTMENTS (Details) [Line Items] | |||
Short-Term Investments | $ 211,300 | $ 25,900 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One | 3.90% | 0.10% | |
Big River [Member] | |||
INVESTMENTS (Details) [Line Items] | |||
Payments to Acquire Equity Method Investments | $ 20,000 | ||
Quantity of ethanol shipped (in US Gallons) | gal | 425.4 | ||
Income (Loss) from Equity Method Investments | $ 8,700 | $ 6,600 | 500 |
Proceeds from Equity Method Investment, Distribution | 6,300 | $ 5,500 | $ 3,500 |
Equity Method Investments | 33,000 | ||
Equity Method Investment, Underlying Equity in Net Assets | 31,500 | ||
Other Restricted Assets | 113,400 | ||
Proportionate Share of Restricted Net Assets | $ 11,700 |
INVESTMENTS (Details) - Schedul
INVESTMENTS (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Equity Method Investments Abstract | ||
Carrying amount | $ 33,045 | $ 30,566 |
Ownership percentage | 10.30% | 10.30% |
INVESTMENTS (Details) - Sched_2
INVESTMENTS (Details) - Schedule of Condensed Balance Sheet - Big River [Member] - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | $ 319,367 | $ 310,411 |
Non current assets | 151,039 | 146,384 |
Total assets | 470,406 | 456,795 |
Current liabilities | 118,946 | 131,317 |
Long-term liabilities | 8,686 | |
Total liabilities | 127,632 | 131,317 |
Noncontrolling interests | $ 37,326 | $ 36,786 |
INVESTMENTS (Details) - Sched_3
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||
Net sales and revenue | $ 1,509,406 | $ 1,332,555 | $ 736,225 |
Gross profit | 94,106 | 85,401 | 18,858 |
Income from continuing operations | 84,814 | 64,243 | 4,850 |
Net income | $ 84,814 | $ 64,243 | $ 4,850 |
FAIR VALUE (Details) - Schedule
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 | |||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset | [1] | $ 105 | $ 993 | ||
Commodity futures | 80 | [2] | 933 | [3] | |
Investment in cooperative | [4] | 354 | 354 | ||
Total assets | 539 | 1,347 | |||
Forward purchase contracts liability | [5] | 355 | |||
Commodity futures | [3] | 67 | |||
Total liabilities | 422 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset | [1] | ||||
Commodity futures | [2] | [3] | |||
Investment in cooperative | [4] | ||||
Forward purchase contracts liability | [5] | ||||
Commodity futures | [3] | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset | [1] | 105 | 993 | ||
Commodity futures | 80 | [2] | 933 | [3] | |
Investment in cooperative | [4] | ||||
Total assets | 185 | 993 | |||
Forward purchase contracts liability | [5] | 355 | |||
Commodity futures | [3] | 67 | |||
Total liabilities | 422 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset | [1] | ||||
Commodity futures | [2] | [3] | |||
Investment in cooperative | [4] | 354 | 354 | ||
Total assets | 354 | $ 354 | |||
Forward purchase contracts liability | [5] | ||||
Commodity futures | [3] | ||||
[1] The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Details) - Schedu
OTHER ASSETS (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Other Assets Abstract | ||
Deferred taxes | $ 21,964 | $ 24,914 |
Other | 1,215 | 939 |
Total | $ 23,179 | $ 25,853 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Accrued Expenses And Other Current Liabilities Abstract | ||
Accrued payroll and related items | $ 4,428 | $ 5,407 |
Accrued utility charges | 4,116 | 4,297 |
Accrued transportation related items | 1,311 | 593 |
Commodity futures | 67 | 933 |
Forward purchase contracts | 355 | |
Accrued real estate taxes | 1,850 | 1,857 |
Accrued income taxes | 2,049 | 95 |
Other | 1,152 | 435 |
Total | $ 15,328 | $ 13,617 |
LEASES (Details)
LEASES (Details) | Jan. 31, 2023 | Jan. 31, 2022 |
Disclosure Text Block [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 8 months 12 days | 2 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 5.51% | 4.85% |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Components Of Lease Expense Abstract | ||
Operating lease expense | $ 7,360 | $ 6,346 |
Variable lease expense | 399 | 1,907 |
Total lease expense | $ 7,759 | $ 8,253 |
LEASES (Details) - Schedule o_2
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (FY2021) - Minimum [Member] $ in Thousands | Jan. 31, 2023 USD ($) |
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (FY2021) [Line Items] | |
2024 | $ 5,639 |
2025 | 4,450 |
2026 | 2,277 |
2027 | 2,229 |
2028 | 1,799 |
Thereafter | 617 |
Total | 17,011 |
Less: present value discount | 1,976 |
Operating lease liabilities | $ 15,035 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Preferred Stock, Dividend Rate, Percentage | 200% | ||
Stock Repurchased During Period, Shares | 472,000 | 252,000 | 949,000 |
Stock Repurchased During Period, Value (in Dollars) | $ 13 | $ 6.6 | $ 19.6 |
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | 877,000 |
COMMON STOCK (Details) - Schedu
COMMON STOCK (Details) - Schedule of Common Stock - shares shares in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule Of Common Stock Abstract | ||
Authorized shares | 45,000 | 45,000 |
Issued shares | 29,853 | 29,853 |
Outstanding shares | 17,390 | 17,761 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) | 12 Months Ended | ||
Jan. 31, 2023 USD ($) bu | Jan. 31, 2022 USD ($) bu | Jan. 31, 2021 USD ($) | |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | 18,000,000 | ||
Debt Instrument, Collateral Amount | $ | $ 1,735,000 | $ 2,222,000 | |
Assets [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | 5,200,000 | 19,200,000 | |
Liabilities, Total [Member] | Corn [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | 12,800,000 | ||
Short [Member] | Assets [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity (in US Bushels) | 3,200,000 | ||
Short [Member] | Liabilities, Total [Member] | Corn [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity (in US Bushels) | 1,400,000 | 7,400,000 | |
Long [Member] | Assets [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity (in US Bushels) | 725,000 | ||
Cost of Sales [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Derivative, Loss on Derivative | $ | $ 12,714,000 | $ 3,427,000 | $ 5,552,000 |
Revenue Benchmark [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Derivative, Loss on Derivative | $ | $ 1,024,000 | $ 12,109,000 | $ 1,167,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 | |
Commodity Contract [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | $ 80 | |
Liability Derivatives, Fair Value | [1] | 67 | 933 |
Forward Contracts [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 105 | 993 |
Liability Derivatives, Fair Value | [2] | $ 355 | |
[1] Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
EMPLOYEE BENEFITS (Details) [Line Items] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 450,000 | $ 97,000 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 67,500 | ||
Restricted Investments, at Fair Value | $ 2,700,000 | ||
Share-Based Payment Arrangement, Expense | 1,930,000 | $ 1,753,000 | $ 264,000 |
Restricted Stock [Member] | |||
EMPLOYEE BENEFITS (Details) [Line Items] | |||
Share-Based Payment Arrangement, Expense | $ 2,000,000 | ||
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 Available for Grant (in Shares) | 1,650,000 | ||
Performance Shares [Member] | Stock Option Plans 2015 [Member] | |||
EMPLOYEE BENEFITS (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares) | 1,342,842 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Non-Vested Restricted Stock Award Activity $ / shares in Thousands | 12 Months Ended | |||
Jan. 31, 2023 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2021 USD ($) $ / shares shares | Jan. 31, 2020 USD ($) shares | |
Schedule Of Non Vested Restricted Stock Award Activity Abstract | ||||
Non-Vested Shares, Beginning of Period | 30,167 | 59,102 | 85,970 | |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ | $ 773,000 | $ 1,398,000 | $ 2,193,000 | |
Weighted Average Vesting Term, Beginning of Period | 1 | 1 | 2 | |
Non-Vested Shares, Granted | 70,689 | 8,409 | 18,474 | |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ / shares | $ 2,032 | $ 275 | $ 416 | |
Forfeited | 450,000 | 0 | 0 | |
Forfeited (in Dollars) | $ | $ 13,000 | $ 0 | $ 0 | |
Non-Vested Shares, Vested | 19,142 | 37,344 | 45,342 | |
Weighted Average Grant Date Fair Value, Vested (in Dollars per share) | $ / shares | $ 472 | $ 900 | $ 1,211 | |
Non-Vested Shares, End of Period | 81,264 | 30,167 | 59,102 | 85,970 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ | $ 2,320,000 | $ 773,000 | $ 1,398,000 | $ 2,193,000 |
Weighted Average Vesting Term, End of Period | 2 | 1 | 1 | 2 |
COMMITMENTS (Details)
COMMITMENTS (Details) lb in Millions, gal in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2023 USD ($) MMBTU T lb gal bu | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
COMMITMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 18 | ||
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) | MMBTU | 2.7 | ||
Payments to Acquire Projects | $ 29,300,000 | ||
Refined Coal [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Fees Incurred By Subsidiary | $ 5,404,000 | $ 2,500,000 | |
One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 46.5 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 101,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 9.9 | ||
Natural Gas Pipeline [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 351,000 | 351,000 | 351,000 |
Natural Gas Pipeline [Member] | One Earth Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 10 years | ||
Natural Gas Pipeline [Member] | Renewal [Member] | One Earth Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 15 years | ||
Installment amount | $ 29,250 | ||
Distillers Grains Marketing Services [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Marketing Expense | $ 1,159,000 | $ 1,190,000 | $ 841,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 26,061,000 | $ 39,199,000 | |
Deferred Tax Assets, Valuation Allowance | 192,000 | 213,000 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 21,000 | ||
Tax Credit Carryforward, Amount | 11,300,000 | $ 5,200,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 400,000 | (3,000,000) | 900,000 |
Income Taxes Paid | 2,795,000 | $ 7,239,000 | 1,274,000 |
Proceeds from Income Tax Refunds | $ 655,000 | ||
Unrecognized Tax Benefits Without Accrued Penalties and Interest | 19,033,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 55,000 | ||
Increase (Decrease) in Provision For Income Taxes | $ (18,925,000) |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of the Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Federal: | |||
Current | $ 4,485 | $ 4,450 | $ 1,323 |
Deferred | 2,925 | 12,064 | (1,850) |
7,410 | 16,514 | (527) | |
State and Local: | |||
Current | 4,167 | 3,098 | 602 |
Deferred | (2,035) | (581) | (621) |
2,132 | 2,517 | (19) | |
Benefit for income taxes | $ 9,542 | $ 19,031 | $ (546) |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Assets: | ||
General business credit carryforward | $ 26,061,000 | $ 39,199,000 |
Accrued liabilities | 627,000 | 582,000 |
State net operating loss carryforward | 244,000 | 269,000 |
Other items | 240,000 | 280,000 |
Valuation allowance | (192,000) | (213,000) |
Total | 26,980,000 | 40,117,000 |
Liabilities: | ||
Basis in pass through entities, including depreciation | (5,821,000) | (17,995,000) |
Other | (292,000) | (340,000) |
Total | (6,113,000) | (18,335,000) |
Net deferred tax asset | $ 20,867,000 | $ 21,782,000 |
INCOME TAXES (Details) - Sche_3
INCOME TAXES (Details) - Schedule of Effective Income Tax Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Schedule Of Effective Income Tax Reconciliation Abstract | |||
Federal income tax at statutory rate | $ 9,971 | $ 15,926 | $ 885 |
State and local taxes, net of federal tax benefit | 1,725 | 2,396 | 150 |
Research and experimentation credits | (2,542) | (5,184) | (2,008) |
Uncertain tax positions | 2,281 | 8,340 | 1,046 |
Noncontrolling interest | (2,523) | (2,231) | (707) |
Other | 630 | (216) | 88 |
Total | $ 9,542 | $ 19,031 | $ (546) |
INCOME TAXES (Details) - Sche_4
INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract | ||
Unrecognized tax benefits, beginning of year | $ 16,781 | $ 8,400 |
Changes for tax positions for prior years | 165 | 3,827 |
Changes for tax positions for current year | 2,142 | 4,554 |
Unrecognized tax benefits, end of year | $ 19,088 | $ 16,781 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | 12 Months Ended |
Jan. 31, 2023 USD ($) | |
Loss Contingency [Abstract] | |
Legal Fees | $ 250,000 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - Schedule Of Discontinued Items Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | ||
Schedule Of Discontinued Items Statement Of Operations Abstract | |||||||
Net sales and revenue | [1] | $ 400 | $ 182 | ||||
Cost of Sales | 8,602 | 5,854 | |||||
Gross loss | (8,202) | (5,672) | |||||
Selling, general and administrative | 698 | 22 | |||||
Loss before income taxes | (8,900) | (5,694) | |||||
Benefit for income taxes | 13,295 | 6,554 | |||||
Net income from discontinued operations, net of tax | 4,395 | 860 | |||||
Net loss attributable to noncontrolling interests | [2] | 397 | 261 | ||||
Net income attributable to REX common shareholders | $ 159 | $ 1,952 | $ 2,166 | $ 515 | $ 4,792 | $ 1,121 | |
[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.[2]Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits. |
QUARTERLY UNAUDITED INFORMATI_3
QUARTERLY UNAUDITED INFORMATION (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Schedule Of Quarterly Financial Information Abstract | |||||||||||
Net sales and revenue | $ 200,167 | $ 220,277 | $ 240,328 | $ 194,228 | $ 212,016 | $ 203,066 | $ 195,678 | $ 164,042 | $ 855,000 | $ 774,802 | $ 372,664 |
Gross profit | 14,899 | 11,336 | 16,584 | 11,912 | 38,777 | 25,152 | 14,154 | 19,477 | 54,731 | 97,560 | 19,533 |
Net income from continuing operations | 11,168 | 4,898 | 14,885 | 6,986 | 25,917 | 14,888 | 8,039 | 7,963 | 37,937 | 56,807 | 4,758 |
Net income attributable to REX common shareholders (continuing operations) | 21,267 | 13,326 | 5,710 | 7,269 | $ 27,697 | 47,572 | 1,880 | ||||
Net income attributable to REX common shareholders (discontinued operations) | 159 | 1,952 | 2,166 | 515 | $ 4,792 | $ 1,121 | |||||
Net income attributable to REX common shareholders | $ 8,161 | $ 3,184 | $ 11,170 | $ 5,182 | $ 21,426 | $ 15,278 | $ 7,876 | $ 7,784 | |||
Basic and diluted net income per share attributable to REX common shareholders (continuing operations) (in Dollars per share) | $ 1.19 | $ 0.74 | $ 0.32 | $ 0.4 | |||||||
Basic and diluted net income per share attributable to REX common shareholders (discontinued operations) (in Dollars per share) | 0.01 | 0.11 | 0.12 | 0.03 | |||||||
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 0.47 | $ 0.18 | $ 0.63 | $ 0.29 | $ 1.2 | $ 0.85 | $ 0.44 | $ 0.43 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
One Earth Energy And Nu Gen Energy [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Costs and Expenses, Related Party | $ 135.4 | $ 90.2 | $ 54.8 |
Accounts Payable, Related Parties, Current | $ 1.5 | 0.5 | |
Refined Coal [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0.3 | $ (0.2) | |
Proceeds from Contributions from Affiliates | $ 0.3 |