Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 31, 2023 | Aug. 31, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | REX AMERICAN RESOURCES CORPORATION | |
Trading Symbol | REX | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 17,503,745 | |
Amendment Flag | false | |
Entity Central Index Key | 0000744187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Jul. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-09097 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-1095548 | |
Entity Address, Address Line One | 7720 Paragon Road | |
Entity Address, City or Town | Dayton | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45459 | |
City Area Code | 937 | |
Local Phone Number | 276-3931 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 102,166 | $ 69,612 |
Short-term investments | 182,209 | 211,331 |
Restricted cash | 2,009 | 1,735 |
Accounts receivable | 31,998 | 25,162 |
Inventory | 45,960 | 48,744 |
Refundable income taxes | 5,654 | 2,962 |
Prepaid expenses and other | 17,947 | 13,098 |
Total current assets | 387,943 | 372,644 |
Property and equipment, net | 135,144 | 135,497 |
Operating lease right-of-use assets | 12,713 | 15,214 |
Other assets | 19,554 | 23,179 |
Equity method investment | 37,582 | 33,045 |
Total assets | 592,936 | 579,579 |
Current liabilities: | ||
Accounts payable – trade (includes $1.2 million and $1.5 million with related parties at July 31, 2023 and January 31, 2023, respectively) | 22,100 | 34,091 |
Current operating lease liabilities | 5,095 | 5,180 |
Accrued expenses and other current liabilities | 20,346 | 15,328 |
Total current liabilities | 47,541 | 54,599 |
Long-term liabilities: | ||
Deferred taxes | 1,097 | 1,097 |
Long-term operating lease liabilities | 7,605 | 9,855 |
Other long-term liabilities | 3,144 | 3,034 |
Total long-term liabilities | 11,846 | 13,986 |
REX shareholders’ equity: | ||
Common stock | 299 | 299 |
Paid-in capital | 3,181 | 578 |
Retained earnings | 655,117 | 640,826 |
Treasury stock | (192,037) | (193,721) |
Total REX shareholders’ equity | 466,560 | 447,982 |
Noncontrolling interests | 66,989 | 63,012 |
Total equity | 533,549 | 510,994 |
Total liabilities and equity | $ 592,936 | $ 579,579 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Statement of Financial Position [Abstract] | ||
Accounts payable, related parties | $ 1.2 | $ 1.5 |
Consolidated Condensed Statemen
Consolidated Condensed Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||||
Net sales and revenue | $ 211,977 | $ 240,328 | $ 424,691 | $ 434,556 |
Cost of sales (includes $26,399 and $35,319 with related parties for the quarters ended July 31, 2023 and 2022, respectively, and $59,887 and $66,077 with related parties for the six months ended July 31, 2023 and 2022, respectively) | 193,625 | 226,225 | 396,173 | 408,545 |
Gross profit | 18,352 | 14,103 | 28,518 | 26,011 |
Selling, general and administrative expenses | (8,618) | (6,667) | (14,387) | (11,866) |
Equity in income of unconsolidated affiliates | 3,047 | 3,598 | 4,537 | 5,549 |
Interest and other income, net | 3,271 | 8,181 | 6,072 | 8,355 |
Income before income taxes | 16,052 | 19,215 | 24,740 | 28,049 |
Provision for income taxes | (3,768) | (4,330) | (5,756) | (6,178) |
Net income | 12,284 | 14,885 | 18,984 | 21,871 |
Net income attributable to noncontrolling interests | (3,229) | (3,715) | (4,693) | (5,519) |
Net income attributable to REX common shareholders | $ 9,055 | $ 11,170 | $ 14,291 | $ 16,352 |
Weighted average shares outstanding – basic and diluted (in Shares) | 17,460 | 17,772 | 17,427 | 17,777 |
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 0.52 | $ 0.63 | $ 0.82 | $ 0.92 |
Consolidated Condensed Statem_2
Consolidated Condensed Statement of Operations (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||||
Cost of sales, related parties | $ 26,399 | $ 35,319 | $ 59,887 | $ 66,077 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Balance at Jan. 31, 2022 | $ 487,562 | $ 299 | $ (181,114) | $ 611,607 | $ 56,770 | |
Balance (in Shares) at Jan. 31, 2022 | 29,853,000 | 12,092,000 | ||||
Net income | 6,986 | 5,182 | 1,804 | |||
Noncontrolling interests distribution and other | (1) | (1) | ||||
Issuance of equity awards and stock based compensation expense | 44 | $ 8 | 36 | |||
Balance at Apr. 30, 2022 | 494,591 | $ 299 | $ (181,106) | 616,825 | 58,573 | |
Balance (in Shares) at Apr. 30, 2022 | 29,853,000 | 12,092,000 | ||||
Balance at Jan. 31, 2022 | 487,562 | $ 299 | $ (181,114) | 611,607 | 56,770 | |
Balance (in Shares) at Jan. 31, 2022 | 29,853,000 | 12,092,000 | ||||
Net income | 21,871 | |||||
Balance at Jul. 31, 2022 | 503,440 | $ 299 | $ (186,996) | 629,481 | 60,656 | |
Balance (in Shares) at Jul. 31, 2022 | 29,853,000 | 12,213,000 | ||||
Balance at Apr. 30, 2022 | 494,591 | $ 299 | $ (181,106) | 616,825 | 58,573 | |
Balance (in Shares) at Apr. 30, 2022 | 29,853,000 | 12,092,000 | ||||
Net income | 14,885 | 11,170 | 3,715 | |||
Treasury stock acquired | (6,193) | $ (6,193) | ||||
Treasury stock acquired (in Shares) | 222,000 | |||||
Noncontrolling interests distribution and other | (1,632) | (1,632) | ||||
Issuance of equity awards and stock based compensation expense | 1,789 | $ 303 | 1,486 | |||
Issuance of equity awards and stock based compensation expense (in Shares) | (101,000) | |||||
Balance at Jul. 31, 2022 | 503,440 | $ 299 | $ (186,996) | 629,481 | 60,656 | |
Balance (in Shares) at Jul. 31, 2022 | 29,853,000 | 12,213,000 | ||||
Balance at Jan. 31, 2023 | 510,994 | $ 299 | $ (193,721) | $ 578 | 640,826 | 63,012 |
Balance (in Shares) at Jan. 31, 2023 | 29,853,000 | 12,463,000 | ||||
Net income | 6,700 | 5,236 | 1,464 | |||
Noncontrolling interests distribution and other | (716) | (716) | ||||
Issuance of equity awards and stock based compensation expense | 423 | $ 61 | 362 | |||
Balance at Apr. 30, 2023 | 517,401 | $ 299 | $ (193,660) | 940 | 646,062 | 63,760 |
Balance (in Shares) at Apr. 30, 2023 | 29,853,000 | 12,463,000 | ||||
Balance at Jan. 31, 2023 | 510,994 | $ 299 | $ (193,721) | 578 | 640,826 | 63,012 |
Balance (in Shares) at Jan. 31, 2023 | 29,853,000 | 12,463,000 | ||||
Net income | 18,984 | |||||
Balance at Jul. 31, 2023 | 533,549 | $ 299 | $ (192,037) | 3,181 | 655,117 | 66,989 |
Balance (in Shares) at Jul. 31, 2023 | 29,853,000 | 12,350,000 | ||||
Balance at Apr. 30, 2023 | 517,401 | $ 299 | $ (193,660) | 940 | 646,062 | 63,760 |
Balance (in Shares) at Apr. 30, 2023 | 29,853,000 | 12,463,000 | ||||
Net income | 12,284 | 9,055 | 3,229 | |||
Issuance of equity awards and stock based compensation expense | 3,864 | $ 1,623 | 2,241 | |||
Issuance of equity awards and stock based compensation expense (in Shares) | (113,000) | |||||
Balance at Jul. 31, 2023 | $ 533,549 | $ 299 | $ (192,037) | $ 3,181 | $ 655,117 | $ 66,989 |
Balance (in Shares) at Jul. 31, 2023 | 29,853,000 | 12,350,000 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows Unaudited - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net income including noncontrolling interests | $ 18,984 | $ 21,871 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 8,915 | 8,984 |
Amortization of operating lease right-of-use assets | 2,671 | 2,835 |
Income from equity method investments | (4,537) | (5,549) |
Interest income from investments | (3,967) | (488) |
Deferred income tax | 3,947 | 4,153 |
Stock based compensation expense | 3,892 | 856 |
Loss on sale of property and equipment – net | 205 | 5 |
Changes in assets and liabilities: | ||
Accounts receivable | (6,836) | (12,738) |
Inventories | 2,784 | (7,703) |
Refundable income taxes | (2,692) | 779 |
Other assets | (5,153) | (2,153) |
Accounts payable, trade | (12,595) | (11,254) |
Other liabilities | 3,019 | 1,173 |
Net cash provided by operating activities | 8,637 | 771 |
Cash flows from investing activities: | ||
Capital expenditures | (8,173) | (2,936) |
Purchase of short-term investments | (194,400) | (189,988) |
Sale of short-term investments | 227,490 | 25,882 |
Proceeds from sale of real estate and property and equipment | 10 | |
Deposits | (20) | |
Net cash provided by (used in) investing activities | 24,907 | (167,042) |
Cash flows from financing activities: | ||
Treasury stock acquired | (6,193) | |
Payments to noncontrolling interests holders | (716) | (1,633) |
Net cash used in financing activities | (716) | (7,826) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 32,828 | (174,097) |
Cash, cash equivalents and restricted cash, beginning of period | 71,347 | 232,068 |
Cash, cash equivalents and restricted cash, end of period | 104,175 | 57,971 |
Non cash investing activities – Accrued capital expenditures | 1,029 | 260 |
Non cash financing activities – Stock awards accrued | 570 | 563 |
Non cash financing activities – Stock awards issued | 965 | 1,539 |
Right-of-use assets acquired and liabilities incurred upon lease execution | 312 | 4,507 |
Cash and cash equivalents | 102,166 | 54,639 |
Restricted cash | 2,009 | 3,332 |
Total cash, cash equivalents and restricted cash | $ 104,175 | $ 57,971 |
Consolidated Condensed Financia
Consolidated Condensed Financial Statements | 6 Months Ended |
Jul. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1. Consolidated Financial Statements References to the Company – References to “REX” or the “Company” in the consolidated financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries. The consolidated financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2023 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2023 (fiscal year 2022). These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2023. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. Basis of Consolidation Stock Split Nature of Operations |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. Accounting Policies The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2022 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. Revenue Recognition The Company recognizes sales of ethanol, distillers grains and distillers corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Cost of Sales Cost of sales includes depreciation, costs of raw materials, third-party freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges. Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, selling charges and certain payroll in SG&A expenses. Change in Accounting Principles Effective for the second quarter of fiscal year 2023, the Company changed the method of accounting for shipping and handling costs for products sold to customers from recorded within “Selling, general and administrative expenses” to recorded within “Cost of sales” on the accompanying Consolidated Statements of Operations. While both presentations are allowable under accounting principles generally accepted in the United States of America, the Company believes that this change in classification is preferable because it improves the comparability of gross margin between periods and among industry peers. The following tables show the effect of the retrospective change to the Consolidated Statements of Operations previously presented: Three Months Ended As Previously Effect of As Currently Cost of sales $197,685 $4,863 $202,548 Gross profit $15,029 $(4,863) $10,166 Selling, general and administrative $(10,632) $4,863 $(5,769) Three Months Ended As Previously Effect of As Currently Cost of sales $223,744 $2,481 $226,225 Gross profit $16,584 $(2,481) $14,103 Selling, general and administrative $(9,148) $2,481 $(6,667) Six Months Ended As Previously Effect of As Currently Cost of sales $406,060 $2,485 $408,545 Gross profit $28,496 $(2,485) $26,011 Selling, general and administrative $(14,351) $2,485 $(11,866) Financial Instruments Certain of the forward corn purchase and ethanol, distillers grains and distillers corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging are for purchases of corn that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and distillers corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $6.4 million and $1.1 million and received no refunds during the six months ended July 31, 2023 and 2022, respectively. As of July 31, 2023, and January 31, 2023, total unrecognized tax benefits were approximately $19,034,000. Accrued penalties and interest were approximately $57,000 and approximately $55,000 at July 31, 2023 and January 31, 2023, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18.9 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded inventory write-downs of approximately $0.2 million and $0.7 million in cost of sales at July 31, 2023 and January 31, 2023, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 7,072 $ 12,695 Work in process 7,297 10,194 Corn and other raw materials 31,591 25,855 Total $ 45,960 $ 48,744 Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than 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. |
Net Sales and Revenue
Net Sales and Revenue | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 3. Net Sales and Revenue The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue. The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically entered into sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue. The following tables shows disaggregated revenue by product (amounts in thousands): Three Months Ended Six Months Ended July 31, July 31, 2023 2022 2023 2022 Sales of products Ethanol $ 167,360 $ 190,807 $ 324,908 $ 337,269 Dried distillers grains 31,943 34,261 71,649 66,158 Distillers corn oil 11,419 14,223 24,500 25,325 Modified distillers grains 1,090 2,456 2,656 6,811 Derivative financial instrument gains (losses) 130 (1,474) 860 (1,152) Other 35 55 118 145 Total $ 211,977 $ 240,328 $ 424,691 $ 434,556 |
Leases
Leases | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 4. Leases At July 31, 2023, the Company had lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expense $ 1,431 $ 1,991 $ 3,192 $ 3,601 Variable lease expense 61 271 303 665 Total lease expense $ 1,492 $ 2,262 $ 3,495 $ 4,266 The following table is a summary of future minimum rentals on such leases at July 31, 2023 (amounts in thousands): Years Ended January 31, Minimum Rentals Remainder of 2024 $ 2,853 2025 4,477 2026 2,325 2027 2,276 2028 1,846 Thereafter 491 Total 14,268 Less: present value discount 1,568 Operating lease liabilities $ 12,700 At July 31, 2023, the weighted average remaining lease term is 3.4 years, and the weighted average discount rate is 5.53% for the outstanding leases. |
Fair Value
Fair Value | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5. Fair Value The Company applies ASC 820, “ Fair Value Measurements and Disclosures” The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative instruments at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2023 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Commodity futures asset (1) $ - $ 5,673 $ - $ 5,673 Forward purchase contracts liability (2) $ - $ 10,707 $ - $ 10,707 Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2023 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures asset (1) - 80 - 80 Total assets $ - $ 185 $ - $ 185 Forward purchase contracts liability (2) $ - $ 355 $ - $ 355 Commodity futures liability (2) - 67 - 67 Total liabilities $ - $ 422 $ - $ 422 (1) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. There were no assets measured at fair value on a non-recurring basis at July 31, 2023 or January 31, 2023. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Property and Equipment The components of property and equipment are as follows for the periods presented (amounts in thousands): July 31, January 31, 2023 Land and improvements $ 31,130 $ 30,194 Buildings and improvements 23,784 23,707 Machinery, equipment, and fixtures 303,730 299,665 Construction in progress 13,162 10,255 371,806 363,821 Less: Accumulated depreciation (236,662) (228,324) Total $ 135,144 $ 135,497 |
Other Assets
Other Assets | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | Note 7. Other Assets The components of other assets are as follows for the periods presented (amounts in thousands): July 31, January 31, 2023 Deferred taxes $ 18,018 $ 21,964 Other 1,536 1,215 Total $ 19,554 $ 23,179 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8. Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): July 31, January 31, Accrued payroll and related items $ 2,820 $ 4,428 Accrued utility charges 2,507 4,116 Accrued transportation related items 530 1,311 Accrued real estate taxes 2,463 1,850 Commodity futures - 67 Forward purchase contracts 10,707 355 Accrued income taxes 64 2,049 Other 1,255 1,152 Total $ 20,346 $ 15,328 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jul. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 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 and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and distillers corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value July 31, January 31, July 31, January 31, Commodity futures (1) $ 5,673 $ 80 $ - $ 67 Forward purchase contracts (2) - 105 10,707 355 Total $ 5,673 $ 185 $ 10,707 $ 422 (1) Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts include short/sell positions for approximately 9.6 million bushels at July 31, 2023. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels of corn, respectively at January 31, 2023. Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 1.4 million bushels of corn at January 31, 2023. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 16.3 million bushels and 12.8 million bushels of corn at July 31, 2023 and January 31, 2023, respectively. Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 5.2 million bushels of corn at January 31, 2023. As of July 31, 2023, and January 31, 2023, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparties. The Company’s accounting policy is to offset positions and amounts owed with the same counterparties. As of July 31, 2023, and January 31, 2023, the gross positions of the enforceable master netting agreements were not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparties may require collateral to secure the Company’s derivative contract position. The Company was required to maintain collateral in the amount of approximately $2.0 million and $1.7 million to secure the Company’s derivative liability positions at July 31, 2023 and January 31, 2023, respectively, which is recorded as “Restricted cash” on the accompanying Consolidated Balance Sheets. See Note 5 which contains fair value information related to derivative financial instruments. The Company recognized gains and (losses), which are included in “Net sales and revenue” in the accompanying Consolidated Statement of Operations, on derivative financial instruments related to ethanol sales contracts of approximately $0.1 million and $(1.5) million for the second quarter of fiscal years 2023 and 2022, respectively. The Company recognized gains and (losses) on derivative financial instruments related to ethanol sales contracts of approximately $0.9 million and $(1.2) million for the first six months of fiscal years 2023 and 2022, respectively. The Company recognized losses, which are included in “Cost of sales” in the accompanying Consolidated Statement of Operations, on derivative financial instruments related to corn purchase contracts of approximately $0.8 and of $1.2 million for the second quarter of fiscal years 2023 and 2022, respectively. The Company recognized gains (losses) on derivative financial instruments related to corn purchase contracts of approximately $5.0 million and $(12.9) million for the first six months of fiscal years 2023 and 2022, respectively. |
Investments
Investments | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | Note 10. Investments Equity Method Investment in Big River The following table summarizes the Company’s equity method investment at July 31, 2023 and January 31, 2023 (dollars in thousands): Carrying Amount Entity Ownership Percentage July 31, 2023 January 31, 2023 Big River 10.3% $37,582 $33,045 Undistributed earnings of the Company’s equity method investee totaled approximately $17.6 million and approximately $13.0 million at July 31, 2023 and January 31, 2023, respectively. The Company did not receive any dividends from its equity method investee in the first six months of fiscal year 2023 or 2022. Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net sales and revenue $ 402,119 $ 450,396 $ 776,622 $ 802,142 Gross profit $ 36,973 $ 27,137 $ 54,525 $ 49,161 Income from continuing operations $ 29,552 $ 34,891 $ 43,999 $ 53,816 Net income $ 29,552 $ 34,891 $ 43,999 $ 53,816 Short-term Investments At July 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $182.2 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.1%. Unrealized gains or losses were insignificant. 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. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 11. Employee Benefits The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Until 2022, 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 non-cash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At July 31, 2023, 1,229,116 shares remain available for issuance under the Plan, excluding the impact of the 67,500 restricted stock units that may vest between zero and 135,000 shares of stock depending on certain performance metrics being achieved. Restricted Stock Awards As a component of their compensation, restricted stock has been granted to directors and certain employees at the closing market price of REX common stock on the grant date. In addition, one quarter of executives’ incentive compensation is payable by an award of restricted stock-based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15 th th At July 31, 2023 and January 31, 2023, unrecognized compensation cost related to nonvested restricted stock awards was approximately $638,000 and $450,000 respectively. The following tables summarize non-vested restricted stock award activity for the periods presented: Six Months Ended July 31, 2023 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2023 81,264 $ 2,320 2 Granted 113,726 3,945 Forfeited - - Vested 32,135 896 Non-Vested at July 31, 2023 162,855 $ 5,369 3 Six Months Ended July 31, 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 - - Vested 18,403 451 Non-Vested at July 31, 2022 82,453 $ 2,354 3 Restricted Stock Units (“RSUs”) In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period. While dilutive, the impact to earnings per share is not material to the financial statements. For the three and six-month periods ended July 31, 2023, the Company recognized compensation cost of approximately $265,000 and $529,000, respectively related to the RSUs. For the three and six-month periods ended July 31, 2022, the Company recognized compensation cost of approximately $188,000 related to the RSUs. Unrecognized compensation cost related to the RSUs at July 31, 2023 and January 31, 2023, was approximately $1.5 million and 2.0 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 12 . Income Taxes The Company’s income tax provision was approximately $3.8 million and $4.3 million for the three months ended July 31, 2023 and 2022, respectively. The Company’s income tax provision was approximately $5.8 and $6.2 million for the six months ended July 31, 2023 and 2022, respectively. The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. The Company ceased operation of its refined coal business on November 18, 2021. There is sufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration. The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Six Months Ended 2023 2022 Unrecognized tax benefits, beginning of period $ 19,088 $ 16,781 Changes for prior years’ tax positions 3 93 Changes for current year tax positions - - Unrecognized tax benefits, end of period $ 19,091 $ 16,874 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. Commitments and Contingencies The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Financial Statements. The Company recorded a liability of $250,000 at July 31, 2023 and 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. At July 31, 2023, One Earth and NuGen had combined forward purchase contracts for approximately 16.3 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 2.6 million MmBtu (million British thermal unit) of natural gas. At July 31, 2023, One Earth and NuGen had combined sales commitments for approximately 41.3 million gallons of ethanol, approximately 88,000 tons of distillers grains and approximately 15.7 million pounds of distillers corn oil. At July 31, 2023, One Earth had signed contracts in place for capital projects with approximately $28.5 million remaining in future payments. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 14. Related-Party Transactions During the second quarters of fiscal years 2023 and 2022, One Earth and NuGen purchased approximately $26.4 million and $35.3 million, respectively, of corn (and other supplies) from minority equity investors and board members of those affiliates. Such purchases totaled approximately $59.9 million and $66.1 million for the six months ended July 31, 2023 and 2022, respectively. The Company had amounts payable to related parties of approximately $1.2 million and $1.5 million at July 31, 2023 and January 31, 2023, respectively. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes sales of ethanol, distillers grains and distillers corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes depreciation, costs of raw materials, third-party freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, selling charges and certain payroll in SG&A expenses. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Certain of the forward corn purchase and ethanol, distillers grains and distillers corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging are for purchases of corn that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and distillers corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $6.4 million and $1.1 million and received no refunds during the six months ended July 31, 2023 and 2022, respectively. As of July 31, 2023, and January 31, 2023, total unrecognized tax benefits were approximately $19,034,000. Accrued penalties and interest were approximately $57,000 and approximately $55,000 at July 31, 2023 and January 31, 2023, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18.9 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded inventory write-downs of approximately $0.2 million and $0.7 million in cost of sales at July 31, 2023 and January 31, 2023, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 7,072 $ 12,695 Work in process 7,297 10,194 Corn and other raw materials 31,591 25,855 Total $ 45,960 $ 48,744 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. |
Investment, Policy [Policy Text Block] | Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than 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. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The following tables show the effect of the retrospective change to the Consolidated Statements of Operations previously presented: Three Months Ended As Previously Effect of As Currently Cost of sales $197,685 $4,863 $202,548 Gross profit $15,029 $(4,863) $10,166 Selling, general and administrative $(10,632) $4,863 $(5,769) Three Months Ended As Previously Effect of As Currently Cost of sales $223,744 $2,481 $226,225 Gross profit $16,584 $(2,481) $14,103 Selling, general and administrative $(9,148) $2,481 $(6,667) Six Months Ended As Previously Effect of As Currently Cost of sales $406,060 $2,485 $408,545 Gross profit $28,496 $(2,485) $26,011 Selling, general and administrative $(14,351) $2,485 $(11,866) |
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows as of the dates presented (amounts in thousands): July 31, January 31, Ethanol and other finished goods $ 7,072 $ 12,695 Work in process 7,297 10,194 Corn and other raw materials 31,591 25,855 Total $ 45,960 $ 48,744 |
Net Sales and Revenue (Tables)
Net Sales and Revenue (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables shows disaggregated revenue by product (amounts in thousands): Three Months Ended Six Months Ended July 31, July 31, 2023 2022 2023 2022 Sales of products Ethanol $ 167,360 $ 190,807 $ 324,908 $ 337,269 Dried distillers grains 31,943 34,261 71,649 66,158 Distillers corn oil 11,419 14,223 24,500 25,325 Modified distillers grains 1,090 2,456 2,656 6,811 Derivative financial instrument gains (losses) 130 (1,474) 860 (1,152) Other 35 55 118 145 Total $ 211,977 $ 240,328 $ 424,691 $ 434,556 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense, classified as SG&A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expense $ 1,431 $ 1,991 $ 3,192 $ 3,601 Variable lease expense 61 271 303 665 Total lease expense $ 1,492 $ 2,262 $ 3,495 $ 4,266 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table is a summary of future minimum rentals on such leases at July 31, 2023 (amounts in thousands): Years Ended January 31, Minimum Rentals Remainder of 2024 $ 2,853 2025 4,477 2026 2,325 2027 2,276 2028 1,846 Thereafter 491 Total 14,268 Less: present value discount 1,568 Operating lease liabilities $ 12,700 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 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 on a recurring basis at July 31, 2023 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Commodity futures asset (1) $ - $ 5,673 $ - $ 5,673 Forward purchase contracts liability (2) $ - $ 10,707 $ - $ 10,707 Level 1 Level 2 Level 3 Fair Value Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures asset (1) - 80 - 80 Total assets $ - $ 185 $ - $ 185 Forward purchase contracts liability (2) $ - $ 355 $ - $ 355 Commodity futures liability (2) - 67 - 67 Total liabilities $ - $ 422 $ - $ 422 (1) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows for the periods presented (amounts in thousands): July 31, January 31, 2023 Land and improvements $ 31,130 $ 30,194 Buildings and improvements 23,784 23,707 Machinery, equipment, and fixtures 303,730 299,665 Construction in progress 13,162 10,255 371,806 363,821 Less: Accumulated depreciation (236,662) (228,324) Total $ 135,144 $ 135,497 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | July 31, January 31, 2023 Deferred taxes $ 18,018 $ 21,964 Other 1,536 1,215 Total $ 19,554 $ 23,179 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): July 31, January 31, Accrued payroll and related items $ 2,820 $ 4,428 Accrued utility charges 2,507 4,116 Accrued transportation related items 530 1,311 Accrued real estate taxes 2,463 1,850 Commodity futures - 67 Forward purchase contracts 10,707 355 Accrued income taxes 64 2,049 Other 1,255 1,152 Total $ 20,346 $ 15,328 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jul. 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 (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value July 31, January 31, July 31, January 31, Commodity futures (1) $ 5,673 $ 80 $ - $ 67 Forward purchase contracts (2) - 105 10,707 355 Total $ 5,673 $ 185 $ 10,707 $ 422 (1) Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts include short/sell positions for approximately 9.6 million bushels at July 31, 2023. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels of corn, respectively at January 31, 2023. Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 1.4 million bushels of corn at January 31, 2023. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 16.3 million bushels and 12.8 million bushels of corn at July 31, 2023 and January 31, 2023, respectively. Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 5.2 million bushels of corn at January 31, 2023. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the Company’s equity method investment at July 31, 2023 and January 31, 2023 (dollars in thousands): Carrying Amount Entity Ownership Percentage July 31, 2023 January 31, 2023 Big River 10.3% $37,582 $33,045 |
Schedule of Financial Information for Equity Method Investments [Table Text Block] | Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net sales and revenue $ 402,119 $ 450,396 $ 776,622 $ 802,142 Gross profit $ 36,973 $ 27,137 $ 54,525 $ 49,161 Income from continuing operations $ 29,552 $ 34,891 $ 43,999 $ 53,816 Net income $ 29,552 $ 34,891 $ 43,999 $ 53,816 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following tables summarize non-vested restricted stock award activity for the periods presented: Six Months Ended July 31, 2023 Weighted Weighted Average Grant Average Remaining Non-Vested Date Fair Value Vesting Term Shares (000’s) (in years) Non-Vested at January 31, 2023 81,264 $ 2,320 2 Granted 113,726 3,945 Forfeited - - Vested 32,135 896 Non-Vested at July 31, 2023 162,855 $ 5,369 3 Six Months Ended July 31, 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 - - Vested 18,403 451 Non-Vested at July 31, 2022 82,453 $ 2,354 3 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Six Months Ended 2023 2022 Unrecognized tax benefits, beginning of period $ 19,088 $ 16,781 Changes for prior years’ tax positions 3 93 Changes for current year tax positions - - Unrecognized tax benefits, end of period $ 19,091 $ 16,874 |
Consolidated Condensed Financ_2
Consolidated Condensed Financial Statements (Details) | 6 Months Ended |
Jul. 31, 2023 | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 1 |
Ethanol [Member] | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 3 |
Majority-Owned Subsidiary, Nonconsolidated [Member] | Ethanol [Member] | |
Consolidated Condensed Financial Statements (Details) [Line Items] | |
Number of Operating Segments | 2 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Accounting Policies (Details) [Line Items] | |||
Income Taxes Paid | $ 6,400 | $ 1,100 | |
Proceeds from Income Tax Refunds | 0 | $ 0 | |
Unrecognized Tax Benefits | 19,034 | $ 19,034 | |
Income Tax Examination, Penalties and Interest Accrued | 57 | 55 | |
Inventory Write-down | $ 200 | 700 | |
Provision for Income Taxes [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Unrecognized Tax Benefits | $ 18,900 | ||
Cost of Sales [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20% | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Fixtures And Equipment [Member] | Minimum [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Fixtures And Equipment [Member] | Maximum [Member] | |||
Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Accounting Policies (Details) -
Accounting Policies (Details) - Change to Schedule of Consolidated Statements of Operation - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Cost of sales | $ 193,625 | $ 202,548 | $ 226,225 | $ 396,173 | $ 408,545 |
Gross profit | 18,352 | 10,166 | 14,103 | 28,518 | 26,011 |
Selling, general and administrative | $ (8,618) | (5,769) | (6,667) | $ (14,387) | (11,866) |
Previously Reported [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Cost of sales | 197,685 | 223,744 | 406,060 | ||
Gross profit | 15,029 | 16,584 | 28,496 | ||
Selling, general and administrative | (10,632) | (9,148) | (14,351) | ||
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Cost of sales | 4,863 | 2,481 | 2,485 | ||
Gross profit | (4,863) | (2,481) | (2,485) | ||
Selling, general and administrative | $ 4,863 | $ 2,481 | $ 2,485 |
Accounting Policies (Details)_2
Accounting Policies (Details) - Schedule of Components of Inventory - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Schedule Of Components Of Inventory Abstract | ||
Ethanol and other finished goods | $ 7,072 | $ 12,695 |
Work in process | 7,297 | 10,194 |
Grain and other raw materials | 31,591 | 25,855 |
Total | $ 45,960 | $ 48,744 |
Net Sales and Revenue (Details)
Net Sales and Revenue (Details) - Schedule of Disaggregated Revenue by Product - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | $ 211,977 | $ 240,328 | $ 424,691 | $ 434,556 |
Ethanol [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | 167,360 | 190,807 | 324,908 | 337,269 |
Dried Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | 31,943 | 34,261 | 71,649 | 66,158 |
Distillers Corn Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | 11,419 | 14,223 | 24,500 | 25,325 |
Modified Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | 1,090 | 2,456 | 2,656 | 6,811 |
Derivative financial instruments losses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | 130 | (1,474) | 860 | (1,152) |
Other[Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations | $ 35 | $ 55 | $ 118 | $ 145 |
Leases (Details)
Leases (Details) | Jul. 31, 2023 | Jan. 31, 2023 |
Disclosure Text Block [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 4 months 24 days | 3 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.53% | 5.51% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Schedule Of Components Of Lease Expense Abstract | ||||
Operating lease expense | $ 1,431 | $ 1,991 | $ 3,192 | $ 3,601 |
Variable lease expense | 61 | 271 | 303 | 665 |
Total lease expense | $ 1,492 | $ 2,262 | $ 3,495 | $ 4,266 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands | Jul. 31, 2023 USD ($) |
Schedule Of Future Minimum Rental Payments For Operating Leases Abstract | |
2024 | $ 2,853 |
2025 | 4,477 |
2026 | 2,325 |
2027 | 2,276 |
2028 | 1,846 |
Thereafter | 491 |
Total | 14,268 |
Less: present value discount | 1,568 |
Operating lease liabilities | $ 12,700 |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Commodity futures asset | [1] | $ 5,673 | $ 80 |
Total assets | 185 | ||
Forward purchase contracts liability | [2] | 10,707 | 355 |
Commodity futures liability | [2] | 67 | |
Total liabilities | 422 | ||
Forward purchase contracts asset | [1] | 105 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Commodity futures asset | [1] | ||
Forward purchase contracts liability | [2] | ||
Commodity futures liability | [2] | ||
Forward purchase contracts asset | [1] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Commodity futures asset | [1] | 5,673 | 80 |
Total assets | 185 | ||
Forward purchase contracts liability | [2] | 10,707 | 355 |
Commodity futures liability | [2] | 67 | |
Total liabilities | 422 | ||
Forward purchase contracts asset | [1] | 105 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Commodity futures asset | [1] | ||
Forward purchase contracts liability | [2] | ||
Commodity futures liability | [2] | ||
Forward purchase contracts asset | [1] | ||
[1]The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.[2]The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
Property and Equipment (Details
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Schedule Of Property And Equipment Abstract | ||
Land and improvements | $ 31,130 | $ 30,194 |
Buildings and improvements | 23,784 | 23,707 |
Machinery, equipment, and fixtures | 303,730 | 299,665 |
Construction in progress | 13,162 | 10,255 |
371,806 | 363,821 | |
Less: Accumulated depreciation | (236,662) | (228,324) |
Total | $ 135,144 | $ 135,497 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Schedule Of Other Assets Abstract | ||
Deferred taxes | $ 18,018 | $ 21,964 |
Other | 1,536 | 1,215 |
Total | $ 19,554 | $ 23,179 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Schedule Of Accrued Expenses And Other Current Liabilities Abstract | |||
Accrued payroll and related items | $ 2,820 | $ 4,428 | |
Accrued utility charges | 2,507 | 4,116 | |
Accrued transportation related items | 530 | 1,311 | |
Accrued real estate taxes | 2,463 | 1,850 | |
Commodity futures | 67 | ||
Forward purchase contracts | [1] | 10,707 | 355 |
Accrued income taxes | 64 | 2,049 | |
Other | 1,255 | 1,152 | |
Total | $ 20,346 | $ 15,328 | |
[1]The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) bu in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 USD ($) bu | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) bu | Jul. 31, 2022 | Jan. 31, 2023 USD ($) bu | |
Derivative Financial Instruments (Details) [Line Items] | |||||
Debt Instrument, Collateral Amount (in Dollars) | $ | $ 2 | $ 2 | $ 1.7 | ||
Gain (Loss) on Derivative Instruments, Net, Sales and Revenue (in Dollars) | $ | 0.1 | $ (1.5) | |||
Gain (Loss) on Derivative Instruments, Net, Pretax (in Dollars) | $ | $ 0.8 | $ 1.2 | |||
Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | $5.0 | (12.9) | |||
Ethanol [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | $0.9 | (1.2) | |||
Assets [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Forward Purchase Contracts, Quantity | 16.3 | 16.3 | 12.8 | ||
Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Forward Purchase Contracts, Quantity | 5.2 | ||||
Short/Sell [Member] | Assets [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity | 9.6 | 9.6 | 3.2 | ||
Short/Sell [Member] | Liability [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity | 1.4 | ||||
Long/Buy [Member] | Assets [Member] | Corn [Member] | |||||
Derivative Financial Instruments (Details) [Line Items] | |||||
Commodity Futures, Quantity | 725,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | $ 5,673 | $ 185 | |
Liability Derivatives, Fair Value | 10,707 | 422 | |
Commodity Contract [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | 5,673 | 80 |
Liability Derivatives, Fair Value | [1] | 67 | |
Forward Contracts [Member] | |||
Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 105 | |
Liability Derivatives, Fair Value | [2] | $ 10,707 | $ 355 |
[1]Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts include short/sell positions for approximately 9.6 million bushels at July 31, 2023. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels of corn, respectively at January 31, 2023. Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 1.4 million bushels of corn at January 31, 2023.[2]Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 16.3 million bushels and 12.8 million bushels of corn at July 31, 2023 and January 31, 2023, respectively. Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 5.2 million bushels of corn at January 31, 2023. |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Disclosure Text Block Supplement [Abstract] | ||
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 17,600 | $ 13,000 |
Short-Term Investments | $ 182,209 | $ 211,331 |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One | 5.10% | 3.90% |
Investments (Details) - Schedul
Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Schedule Of Equity Method Investments Abstract | ||
Big River | 10.30% | |
Big River | $ 37,582 | $ 33,045 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Financial Information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items] | ||||
Net sales and revenue | $ 402,119 | $ 450,396 | $ 776,622 | $ 802,142 |
Gross profit | 36,973 | 27,137 | 54,525 | 49,161 |
Income from continuing operations | 29,552 | 34,891 | 43,999 | 53,816 |
Net income | $ 29,552 | $ 34,891 | $ 43,999 | $ 53,816 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Employee Benefits (Details) [Line Items] | |||||
Restricted Stock or Unit Expense | $ 265,000 | $ 188,000 | $ 529,000 | $ 188,000 | |
Rex Shareholders [Member] | |||||
Employee Benefits (Details) [Line Items] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 638,000 | $ 638,000 | $ 450,000 | ||
Share-Based Payment Arrangement, Option [Member] | Stock Option Plans 2015 [Member] | |||||
Employee Benefits (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in Shares) | 1,650,000 | 1,650,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares) | 1,229,116 | 1,229,116 |
Employee Benefits (Details) - S
Employee Benefits (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Schedule Of Non Vested Restricted Stock Award Activity Abstract | ||
Non-Vested Shares, Beginning of Period | 81,264 | 30,167 |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 2,320 | $ 773 |
Weighted Average Vesting Term, Beginning of Period | 2 years | 1 year |
Non-Vested Shares, Granted | 113,726 | 70,689 |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ 3,945 | $ 2,032 |
Non-Vested Shares, Vested | 32,135 | 18,403 |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 896 | $ 451 |
Non-Vested Shares, End of Period | 162,855 | 82,453 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 5,369 | $ 2,354 |
Weighted Average Vesting Term, End of Period | 3 years | 3 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3.8 | $ 4.3 | $ 5.8 | $ 6.2 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract | ||
Unrecognized tax benefits, beginning of period | $ 19,088 | $ 16,781 |
Changes for prior years’ tax positions | 3 | 93 |
Unrecognized tax benefits, end of period | $ 19,091 | $ 16,874 |
Commitments and Contingencies (
Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions | Jul. 31, 2023 USD ($) MMBTU T lb bu gal | Jan. 31, 2023 USD ($) |
Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 250,000 | $ 250,000 |
Capital Projects Remaining Future Payments | $ 28,500,000 | |
One Earth Energy And Nu Gen Energy [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Quantity of Bushels under Forward Purchase Contract (in US Bushels) | bu | 16.3 | |
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) | MMBTU | 2.6 | |
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 41.3 | |
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 88,000 | |
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 15.7 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - One Earth Energy And Nu Gen Energy [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Related-Party Transactions (Details) [Line Items] | |||||
Costs and Expenses, Related Party | $ 26.4 | $ 35.3 | $ 59.9 | $ 66.1 | |
Accounts Payable, Related Parties | $ 1.2 | $ 1.5 |