Cover
Cover - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Mar. 28, 2024 | Jul. 31, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
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 11, 2024 are incorporated by reference into Part III of this Form 10-K. | ||
Entity Information [Line Items] | |||
Entity Registrant Name | REX AMERICAN RESOURCES CORPORATION | ||
Entity Central Index Key | 0000744187 | ||
Entity File Number | 001-09097 | ||
Entity Tax Identification Number | 31-1095548 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 565,698,474 | ||
Entity Contact Personnel [Line Items] | |||
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 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 937 | ||
Local Phone Number | 276-3931 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 par valueREXNew York Stock Exchange | ||
Trading Symbol | REX | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 17,503,745 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 31, 2024 | |
Auditor [Table] | |
Auditor Name | RSM US LLP |
Auditor Firm ID | 49 |
Auditor Location | Des Moines, Iowa |
Auditor Firm [Member] | |
Auditor [Table] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Dayton, Ohio |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 223,397 | $ 69,612 |
Short-term investments | 155,260 | 211,331 |
Restricted cash | 1,735 | |
Accounts receivable | 23,185 | 25,162 |
Inventory | 26,984 | 48,744 |
Refundable income taxes | 5,728 | 2,962 |
Prepaid expenses and other | 17,549 | 13,098 |
Total current assets | 452,103 | 372,644 |
Property and equipment - net | 155,587 | 135,497 |
Operating lease right-of-use assets | 13,038 | 15,214 |
Other assets | 9,138 | 23,179 |
Equity method investments | 34,936 | 33,045 |
TOTAL ASSETS | 664,802 | 579,579 |
CURRENT LIABILITIES: | ||
Accounts payable – trade (includes $5.8 million and $1.5 million with related parties at January 31, 2024 and 2023, respectively) | 42,073 | 34,091 |
Current operating lease liabilities | 4,469 | 5,180 |
Accrued expenses and other current liabilities | 19,717 | 15,328 |
Total current liabilities | 66,259 | 54,599 |
LONG-TERM LIABILITIES: | ||
Deferred taxes | 1,598 | 1,097 |
Long-term operating lease liabilities | 8,378 | 9,855 |
Other long-term liabilities | 970 | 3,034 |
Total long-term liabilities | 10,946 | 13,986 |
EQUITY: | ||
Common stock, $0.01 par value; 45,000 shares authorized; 29,853 shares issued | 299 | 299 |
Paid in capital | 3,769 | 578 |
Retained earnings | 701,761 | 640,826 |
Treasury stock, 12,350 and 12,463 shares, respectively | (191,911) | (193,721) |
Total REX shareholders’ equity | 513,918 | 447,982 |
Noncontrolling interests | 73,679 | 63,012 |
Total equity | 587,597 | 510,994 |
TOTAL LIABILITIES AND EQUITY | $ 664,802 | $ 579,579 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Millions | Jan. 31, 2024 | Jan. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts payable - trade, related parties (in Dollars) | $ 5.8 | $ 1.5 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 29,853 | 29,853 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Treasury stock, shares | 12,350 | 12,463 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Income Statement [Abstract] | ||||
Net sales and revenue | $ 833,384 | $ 855,000 | $ 774,802 | |
Cost of sales (includes $117.0 million, $135.4 million and $90.2 million with related parties for the years ended January 31, 2024, 2023 and 2022, respectively) | 735,166 | 806,398 | 684,173 | |
Gross profit | 98,218 | 48,602 | 90,629 | |
Selling, general and administrative expenses | (29,379) | (22,827) | (21,545) | |
Equity in income of unconsolidated affiliates | 13,921 | 8,745 | 6,624 | |
Interest and other income, net | 15,724 | 12,959 | 130 | |
Income before income taxes | 98,484 | 47,479 | 75,838 | |
Provision for income taxes | (22,560) | (9,542) | (19,031) | |
Net income from continuing operations | 75,924 | 37,937 | 56,807 | |
Net income attributable to noncontrolling interests (continuing operations) | (14,989) | (10,240) | (9,235) | |
Net income attributable to REX common shareholders (continuing operations) | 60,935 | 27,697 | 47,572 | |
Net income from discontinued operations, net of tax (includes expense of $0.3 million with related parties for the year ended January 31, 2022) | 4,395 | |||
Net loss attributable to noncontrolling interests (discontinued operations) | 397 | [1] | ||
Net income attributable to REX common shareholders (discontinued operations) | 4,792 | |||
Net income attributable to REX common shareholders | $ 60,935 | $ 27,697 | $ 52,364 | |
Weighted average shares outstanding – basic (in Shares) | 17,482 | 17,638 | 17,946 | |
Basic net income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $ 3.49 | $ 1.57 | $ 2.65 | |
Basic net income per share from discontinued operations attributable to REX common shareholders (in Dollars per share) | 0.27 | |||
Basic net income per share attributable to REX common shareholders (in Dollars per share) | $ 3.49 | $ 1.57 | $ 2.92 | |
Weighted average shares outstanding – diluted (in Shares) | 17,576 | 17,638 | 17,946 | |
Diluted net income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $ 3.47 | $ 1.57 | $ 2.65 | |
Diluted net income per share from discontinued operations attributable to REX common shareholders (in Dollars per share) | 0.27 | |||
Diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 3.47 | $ 1.57 | $ 2.92 | |
[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, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | |||
Cost of sales, related parties | $ 117 | $ 135.4 | $ 90.2 |
Net income from discontinued operations, net of tax, related parties | $ 0.3 |
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, 2021 | $ 299 | $ (174,535) | $ 559,019 | $ 52,400 | $ 437,183 | |
Balance (in Shares) at Jan. 31, 2021 | 29,853 | 11,877 | ||||
Net 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 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 | ||||
Net income | 60,935 | 14,989 | 75,924 | |||
Capital contributions | 22 | 22 | ||||
Noncontrolling interests distribution and other | (4,344) | (4,344) | ||||
Issuance of equity awards, stock based compensation expense | $ 1,810 | 3,191 | 5,001 | |||
Issuance of equity awards, stock based compensation expense (in Shares) | (113) | |||||
Balance at Jan. 31, 2024 | $ 299 | $ (191,911) | $ 701,761 | $ 73,679 | $ 3,769 | $ 587,597 |
Balance (in Shares) at Jan. 31, 2024 | 29,853 | 12,350 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income including noncontrolling interests | $ 75,924 | $ 37,937 | $ 61,202 |
Net income from discontinued operations, net of tax | 4,395 | ||
Net income from continuing operations | 75,924 | 37,937 | 56,807 |
Depreciation | 17,794 | 17,976 | 18,031 |
Amortization of operating lease right-of-use assets | 5,245 | 5,328 | 5,560 |
Stock based compensation expense | 6,209 | 1,930 | 1,753 |
Income from equity method investments | (13,921) | (8,745) | (6,624) |
Dividends received from equity method investments | 12,030 | 6,266 | 5,514 |
Interest income from investments | (10,008) | (2,839) | (43) |
Loss (gain) on disposal of real estate and property and equipment | 243 | (102) | 30 |
Deferred income tax | 14,627 | 915 | 12,730 |
Changes in assets and liabilities: | |||
Accounts receivable | 1,977 | 659 | (6,108) |
Inventory | 21,760 | (6,519) | (4,799) |
Prepaid expenses and other assets | (4,495) | (452) | 199 |
Income taxes refundable | (2,766) | 3,715 | (1,103) |
Accounts payable – trade | 7,868 | 1,478 | 16,005 |
Accrued expenses and other liabilities | (4,517) | (2,752) | 475 |
Net cash provided by operating activities from continuing operations | 127,970 | 54,795 | 98,427 |
Net cash used in operating activities from discontinued operations | (6,716) | ||
Net cash provided by operating activities | 127,970 | 54,795 | 91,711 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (37,663) | (15,578) | (5,126) |
Purchases of short-term investments | (448,507) | (399,350) | (88,949) |
Maturities of short-term investments | 514,586 | 216,735 | 99,309 |
Proceeds from sale of real estate and property and equipment | 29 | 5 | 60 |
Deposits | (43) | (319) | |
Net cash provided by (used in) investing activities | 28,402 | (198,507) | 5,294 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock acquired | (13,012) | (6,627) | |
Capital contributions from minority investor | 22 | ||
Payments to noncontrolling interests holders | (4,344) | (3,997) | (4,772) |
Net cash used in financing activities from continuing operations | (4,322) | (17,009) | (11,399) |
Net cash provided by financing activities from discontinued operations | 304 | ||
Net cash used in financing activities | (4,322) | (17,009) | (11,095) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 152,050 | (160,721) | 85,910 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year | 71,347 | 232,068 | 146,158 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year | 223,397 | 71,347 | 232,068 |
Non cash financing activities-Stock awards issued | 965 | 1,539 | 100 |
Non cash financing activities-Stock awards accrued | 2,172 | 965 | 1,580 |
Non cash investing activities-Accrued capital expenditures | 918 | 425 | 78 |
Right-of-use assets acquired and liabilities incurred upon lease execution | 3,210 | 9,321 | 4,103 |
Cash and cash equivalents | 223,397 | 69,612 | 229,846 |
Restricted cash | 1,735 | 2,222 | |
Total cash, cash equivalents and restricted cash | $ 223,397 | $ 71,347 | $ 232,068 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2024 | |
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, Segment Reporting 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. 2022), and nine (fiscal year 2021) customers accounted for approximately 92%, 90%, and 85% of the Company’s net sales and revenue during fiscal years 2023, 2022, and 2021, respectively. At January 31, 2024 and 2023, six and four customers represented approximately 93% and 81%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts. Trade Receivables — Inventory . January 31, 2024 2023 Ethanol and other finished goods $ 9,102 $ 12,695 Work in process 5,299 10,194 Grain and other raw materials 12,583 25,855 Total $ 26,984 $ 48,744 Property and Equipment – The components of property and equipment are as follows (amounts in thousands): January 31, 2024 2023 Land and improvements $ 32,403 $ 30,194 Buildings and improvements 23,810 23,707 Machinery, equipment and fixtures 307,326 299,665 Construction in progress 37,334 10,255 400,873 363,821 Less: accumulated depreciation (245,286 ) (228,324 ) Total $ 155,587 $ 135,497 Impairment of Long-Lived Assets In accordance with ASC 360-05, Impairment or Disposal of Long-Lived Assets Depreciation expense was approximately $17.8 million, $18.0 million, and $18.0 million in fiscal years 2023, 2022, and 2021, 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, are considered held-to-maturity, and therefore are carried at amortized historical cost. Revenue Recognition Cost of Sales – SG&A Expenses – Change in Accounting Principles– during 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: Year Ended As Previously Effect of As Currently Cost of sales $ 800,269 $ 6,129 $ 806,398 Gross profit $ 54,731 $ (6,129) $ 48,602 Selling, general and administrative $ (28,956) $ 6,129 $ (22,827) Year Ended As Previously Effect of As Currently Cost of sales $ 677,242 $ 6,931 $ 684,173 Gross profit $ 97,560 $ (6,931) $ 90,629 Selling, general and administrative $ (28,476) $ 6,931 $ (21,545) Financial Instruments Derivatives and Hedging , 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 $1.0 million and $7.8 million from this program in fiscal years 2023 and 2022, respectively, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations. The Company has no further reporting or other obligations related to the receipt of these funds. Income Taxes Comprehensive Income New Accounting Pronouncements – In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for all entities that are subject to Topic 740 for fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted, but not required. The Company is currently evaluating the impact of this ASU. |
NET SALES AND REVENUE
NET SALES AND REVENUE | 12 Months Ended |
Jan. 31, 2024 | |
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 2023 2022 2021 Sales of products, continuing operations: Ethanol $ 635,420 $ 649,501 $ 613,597 Dried distillers grains 139,173 139,118 125,009 Distillers corn oil 52,935 55,595 38,852 Modified distillers grains 5,584 11,579 9,104 Derivative financial instruments losses (37) (1,024) (12,109) Other 309 231 349 Total sales $ 833,384 $ 855,000 $ 774,802 Sales of products, discontinued operations: Refined coal 1 $ — $ — $ 400 1 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 2023 Carrying amount $ 34,936 $ 33,045 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 430.0 million gallons of ethanol in the twelve months ended January 31, 2024. The Company recorded income of approximately $13.9 million, $8.7 million, and $6.6 million as its share of earnings from Big River during fiscal years 2023, 2022, and 2021, respectively. The Company received dividends of approximately $12.0 million, $6.3 million, and $5.5 million from Big River during fiscal years 2023, 2022, and 2021, respectively. At January 31, 2024, the carrying value of the investment in Big River was approximately $34.9 million; the amount of underlying equity in the net assets of Big River was approximately $36.6 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, 2023 2022 Current assets $ 351,278 $ 319,367 Non current assets 144,933 151,039 Total assets $ 496,211 $ 470,406 Current liabilities $ 98,187 $ 118,946 Long-term liabilities 7,559 8,686 Total liabilities $ 105,746 $ 127,632 Members’ capital $ 355,385 $ 305,447 Noncontrolling interests 35,080 37,326 Total members’ equity $ 390,465 $ 342,773 Years Ended December 31, 2023 2022 2021 Net sales and revenue $ 1,379,651 $ 1,509,406 $ 1,332,555 Gross profit $ 160,549 $ 94,106 $ 85,401 Depreciation expense $ 26,142 $ 27,752 $ 34,258 Income from continuing operations $ 135,012 $ 84,814 $ 64,243 Net income $ 135,012 $ 84,814 $ 64,243 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, 2024 are approximately $110.3 million; the Company’s proportionate share of restricted net assets of Big River is approximately $11.4 million. Short-term Investments At January 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $155.3 million, which materially approximates fair value. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.5%. As carrying value materially approximates fair value, unrecognized holding 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, which materially approximates fair value. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.9%. As carrying value materially approximates fair value, unrecognized holding gains or losses were insignificant. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Jan. 31, 2024 | |
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 derivative contracts that are traded in an active exchange market. 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, 2024 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Forward purchase contracts asset (1) $ - $ 579 $ - $ 579 Forward purchase contracts liability (4) $ - $ 802 $ - $ 802 Commodity futures – in a loss position(2) 297 - - 297 Total liabilities $ 297 $ 802 $ - $ 1,099 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 Fair Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures – in a gain position (3) 80 - - 80 Total assets $ 80 $ 105 $ - $ 185 Forward purchase contracts liability (4) $ - $ 355 $ - $ 355 Commodity futures – in a loss position(5) 67 - - 67 Total liabilities $ 67 $ 355 $ - $ 422 (1) The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The commodity futures liability is netted with cash collateral due from broker and included in “Prepaid expense and other” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (5) The commodity futures asset is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. No other financial instruments were elected to be measured at fair value in accordance with ASC 470-20-25-21. The carrying value of all other financial assets and liabilities approximate fair value. There were no assets measured at fair value at January 31, 2024 and 2023 on a non-recurring basis. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 2023 Deferred taxes $ 7,837 $ 21,964 Other 1,301 1,215 Total $ 9,138 $ 23,179 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 2023 Accrued payroll and related items $ 9,457 $ 4,428 Accrued utility charges 3,373 4,116 Accrued transportation related items 2,972 1,311 Commodity futures - 67 Forward purchase contracts 802 355 Accrued real estate taxes 1,742 1,850 Accrued income taxes - 2,049 Other 1,371 1,152 Total $ 19,717 $ 15,328 |
LEASES
LEASES | 12 Months Ended |
Jan. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 7. LEASES The Company elected the practical expedient, available pursuant to ASC 842, Leases At January 31, 2024, 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 2023, 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 2023 2022 2021 Operating lease expense $ 6,386 $ 7,360 $ 6,346 Variable lease expense 301 399 1,907 Total lease expense $ 6,687 $ 7,759 $ 8,253 The following table is a summary of future minimum rentals on such leases at January 31, 2024 (amounts in thousands): Years Ended January 31, Minimum 2025 $ 5,137 2026 2,985 2027 2,935 2028 2,506 2029 1,178 Total 14,741 Less: present value discount 1,894 Operating lease liabilities $ 12,847 At January 31, 2024, the weighted average remaining lease term was 3.4 years, and the weighted average discount rate was 5.94% for the above leases. At January 31, 2023, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 5.51%. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Equity [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. The Company did not purchase any shares of its common stock during fiscal year 2023. During fiscal years 2022 and 2021 the Company purchased approximately 472,000 shares and 252,000 shares of its common stock for approximately $13.0 million and $6.6 million, respectively. At January 31, 2024, 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, 2024 2023 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 17,504 17,390 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Jan. 31, 2024 | |
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 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 and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives 2024 2023 2024 2023 Forward purchase contracts (1) $ 579 $ 105 $ 802 $ 355 Cash collateral balance (3) $ 2,152 $ 1,735 - - Commodity futures (2) (297) 80 - 67 Net position with broker $ 1,855 $ 1,815 - - Total $ 2,434 $ 1,920 $ 802 $ 422 (1) Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 9.3 million and 5.2 million bushels of corn at January 31, 2024 and 2023, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 8.2 million and 12.8 million bushels of corn at January 31, 2024 and 2023, respectively. (2) Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 3.2 million and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in “Accrued expense and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 1.4 million bushels at January 31, 2023. (3) As of January 31, 2024, and 2023, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. 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, 2024 and 2023, the Company was required to maintain collateral with the counterparty in the amount of approximately $2,152,000, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets and $1,735,000, included with “Restricted cash” on the accompanying Consolidated Balance Sheets, respectively. See Note 4 which contains fair value information related to derivative financial instruments. The following table provides information about gains (losses) recognized in income on the Company’s derivative financial instruments and the line items on the accompanying Consolidated Statements of Operations in which the fair values are reflected for the years ended January 31, 2024, 2023 and 2022 (amounts in thousands): Year Ended January 31, 2024 2023 2022 Net sales $ (37) $ (1,024) $ (12,109) Cost of sales $ 15,023 $ (12,714) $ (3,427) |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Jan. 31, 2024 | |
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 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. 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, 2024 and 2023, unrecognized compensation cost related to nonvested restricted stock was approximately $453,000 and $450,000, related to shares not considered vested for accounting purposes due to retirement eligibility. Based on retirement eligibility provisions, a portion of restricted stock grants are expensed at grant date, based on grant date fair value. At January 31, 2024, 21,778 shares were unvested for accounting purposes. The following table summarizes legally non-vested restricted stock award activity for fiscal years 2023, 2022, and 2021: 2023 Non-Vested Weighted Weighted Non-Vested at January 31, 2023 81,264 $ 2,320 2 Granted 113,726 3,945 Forfeited - - Vested 32,135 896 Non-Vested at January 31, 2024 162,855 $ 5,369 2 2022 Non-Vested Weighted Weighted 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 Non-Vested Weighted Weighted 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 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. For the years ended January 31, 2024 and 2023, the Company recognized compensation cost of approximately $1.1 million and $0.7 million, respectively, related to RSUs. Unrecognized compensation cost related to nonvested RSUs was approximately $0.9 million and $2.0 million at January 31, 2024 and 2023, respectively. The Company determined there to be no dilutive impact on earnings per shares for January 31, 2023 and 2022. At January 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands): Weighted average shares - basic 17,482 Dilutive effect of RSUs 94 Weighted average shares - diluted 17,576 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jan. 31, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 11. COMMITMENTS At January 31, 2024, One Earth and NuGen had combined forward purchase contracts for approximately 17.4 million bushels of corn, the principal raw material for their ethanol plants and they had combined forward purchase contracts for approximately 1.9 MmBtu of natural gas. At January 31, 2024, One Earth and NuGen had combined sales commitments for approximately 52.7 million gallons of ethanol, 120,000 tons of distillers grains and 14.9 million pounds of distillers corn oil. At January 31, 2024, One Earth had signed contracts in place for capital projects of approximately $34.9 million, primarily related to its carbon capture and sequestration project and plant expansion. 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 2023, 2022, and 2021 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 $1,199,000, $1,159,000, and $1,190,000 in fiscal years 2023, 2022, and 2021, 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 in fiscal year 2021. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The provision for income taxes for fiscal years 2023, 2022, and 2021 consist of the following (amounts in thousands): 2023 2022 2021 Federal: Current $ 4,580 $ 4,485 $ 4,450 Deferred 14,102 2,925 12,064 Total 18,682 7,410 16,514 State and Local: Current 3,377 4,167 3,098 Deferred 501 (2,035 ) (581 ) Total 3,878 2,132 2,517 Provision for income taxes $ 22,560 $ 9,542 $ 19,031 The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands): January 31, 2024 2023 Assets: General business credit carryforward $ 12,296 $ 26,061 Accrued liabilities 611 627 State net operating loss carryforward 202 244 Other items 288 240 Valuation allowance (160 ) (192 ) Total 13,237 26,980 Liabilities: Basis in pass through entities, including depreciation (6,334 ) (5,821 ) Other (664 ) (292 ) Total (6,998 ) (6,113 ) Net deferred tax asset $ 6,239 $ 20,867 The net deferred tax asset is reported on the accompanying Consolidated Balance Sheets based on net position by tax jurisdiction, with federal positions recorded as net assets and state positions recorded as net liabilities. At January 31, 2024 and 2023, respectively, approximately $7.8 million and $22.0 million are recorded as assets on the Consolidated Balance Sheets within “Other assets” and $1.6 million and $1.1 million are recorded as liabilities on the accompanying Consolidated Balance Sheets within “Deferred taxes”. The Company has a general business credit carryforward of approximately $12.3 million and $26.1 million at January 31, 2024 and 2023, respectively. The Company can carry these credits forward for up to twenty years. The carryforward period begins to expire in fiscal year 2039. The Company has a valuation allowance of approximately $160,000 and $192,000 at January 31, 2024 and 2023, respectively, related to state net operating loss carryforwards. The Company decreased the valuation allowance by $32,000 in fiscal year 2023. 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 during fiscal year 2021. During fiscal years 2022 and 2021, 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 and $(3.0) 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 $12,730,000, $2,795,000, and $7,239,0000 in fiscal years 2023, 2022, and 2021, respectively. The Company did not receive any refunds in fiscal years 2023, 2022 and 2021. Reconciliations of the federal statutory tax and the Company’s income tax expense for fiscal years 2023, 2022, and 2021 are as follows (amounts in thousands): 2023 2022 2021 Federal income tax at statutory rate $ 20,682 $ 9,971 $ 15,926 State and local taxes, net of federal tax benefit 3,299 1,725 2,396 Research and experimentation credits - (2,542 ) (5,184 ) Nondeductibe compensation expense 2,150 508 - Uncertain tax positions (98 ) 2,281 8,340 Noncontrolling interest (3,650 ) (2,523 ) (2,231 ) Other 177 122 (216 ) Total $ 22,560 $ 9,542 $ 19,031 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, 2022 related to tax credits claimed on returns during those years. The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2024, total unrecognized tax benefits were approximately $18,895,000, and accrued penalties and interest were approximately $70,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18,812,000. 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. The Company accounts for uncertainty in income taxes by determining whether it is more likely than not the position will be sustained on audit, including resolution of any related tax audits. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Fiscal Year 2023 2022 Unrecognized tax benefits, beginning of year $ 19,088 $ 16,781 Changes for tax positions for prior years 45 165 Changes for tax positions for current year (168 ) 2,142 Unrecognized tax benefits, end of year $ 18,965 $ 19,088 At January 31, 2024 and 2023, approximately $16.4 million of the unrecognized tax benefits balance was recorded on the accompanying Consolidated Balance Sheets within “Other assets” and $0.6 million was recorded within “Other long-term liabilities”. At January 31, 2024 and 2023, respectively, approximately $2.0 million and $2.1 million of the unrecognized tax benefits balance was recorded on the accompanying Consolidated Balance Sheets within “Refundable income taxes”. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Jan. 31, 2024 | |
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. There were no liabilities recorded at January 31, 2024 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, 2024 | |
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 years 2023 and 2022. Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal year 2021 (amounts in thousands): 2021 Net sales and revenue 1 $ 400 Cost of Sales 8,602 Gross loss (8,202) Selling, general and administrative 698 Loss before income taxes (8,900) Benefit for income taxes 13,295 Net income from discontinued operations, net of tax 4,395 Net loss attributable to noncontrolling interests 2 397 Net income attributable to REX common shareholders $ 4,792 1 2 As of January 31, 2024 and 2023, there were no amounts on the balance sheet reclassified to discontinued operations. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 15. RELATED PARTIES During fiscal years 2023, 2022, and 2021, One Earth and NuGen, combined, purchased approximately $117.0 million, $135.4 million, and $90.2 million, respectively, of corn and other supplies from minority equity investors. The Company had amounts payable to related parties of approximately $5.8 million, and $1.5 million at January 31, 2024 and 2023, respectively. During fiscal year 2021, the Company recognized commission expense of approximately $0.3 million, 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 2023 or 2022. During fiscal year 2023 and 2021, the Company received approximately $22,000 and $304,000 in capital contributions from the minority investor in the refined coal entity. The Company did not receive capital contributions related to the refined coal entity in fiscal year 2022. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 60,935 | $ 27,697 | $ 52,364 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Jan. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
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, Segment Reporting |
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. 2022), and nine (fiscal year 2021) customers accounted for approximately 92%, 90%, and 85% of the Company’s net sales and revenue during fiscal years 2023, 2022, and 2021, respectively. At January 31, 2024 and 2023, six and four customers represented approximately 93% and 81%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts. |
Receivable [Policy Text Block] | Trade Receivables — |
Inventory, Policy [Policy Text Block] | Inventory . January 31, 2024 2023 Ethanol and other finished goods $ 9,102 $ 12,695 Work in process 5,299 10,194 Grain and other raw materials 12,583 25,855 Total $ 26,984 $ 48,744 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – The components of property and equipment are as follows (amounts in thousands): January 31, 2024 2023 Land and improvements $ 32,403 $ 30,194 Buildings and improvements 23,810 23,707 Machinery, equipment and fixtures 307,326 299,665 Construction in progress 37,334 10,255 400,873 363,821 Less: accumulated depreciation (245,286 ) (228,324 ) Total $ 155,587 $ 135,497 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets In accordance with ASC 360-05, Impairment or Disposal of Long-Lived Assets Depreciation expense was approximately $17.8 million, $18.0 million, and $18.0 million in fiscal years 2023, 2022, and 2021, 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, 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 – |
Changes in Accounting Principles [Policy Text Block] | Change in Accounting Principles– during 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: Year Ended As Previously Effect of As Currently Cost of sales $ 800,269 $ 6,129 $ 806,398 Gross profit $ 54,731 $ (6,129) $ 48,602 Selling, general and administrative $ (28,956) $ 6,129 $ (22,827) Year Ended As Previously Effect of As Currently Cost of sales $ 677,242 $ 6,931 $ 684,173 Gross profit $ 97,560 $ (6,931) $ 90,629 Selling, general and administrative $ (28,476) $ 6,931 $ (21,545) |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Derivatives and Hedging , 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 $1.0 million and $7.8 million from this program in fiscal years 2023 and 2022, respectively, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations. 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 December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for all entities that are subject to Topic 740 for fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted, but not required. The Company is currently evaluating the impact of this ASU. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows (amounts in thousands): January 31, 2024 2023 Ethanol and other finished goods $ 9,102 $ 12,695 Work in process 5,299 10,194 Grain and other raw materials 12,583 25,855 Total $ 26,984 $ 48,744 |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows (amounts in thousands): January 31, 2024 2023 Land and improvements $ 32,403 $ 30,194 Buildings and improvements 23,810 23,707 Machinery, equipment and fixtures 307,326 299,665 Construction in progress 37,334 10,255 400,873 363,821 Less: accumulated depreciation (245,286 ) (228,324 ) Total $ 155,587 $ 135,497 |
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: Year Ended As Previously Effect of As Currently Cost of sales $ 800,269 $ 6,129 $ 806,398 Gross profit $ 54,731 $ (6,129) $ 48,602 Selling, general and administrative $ (28,956) $ 6,129 $ (22,827) Year Ended As Previously Effect of As Currently Cost of sales $ 677,242 $ 6,931 $ 684,173 Gross profit $ 97,560 $ (6,931) $ 90,629 Selling, general and administrative $ (28,476) $ 6,931 $ (21,545) |
NET SALES AND REVENUE (Tables)
NET SALES AND REVENUE (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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 2023 2022 2021 Sales of products, continuing operations: Ethanol $ 635,420 $ 649,501 $ 613,597 Dried distillers grains 139,173 139,118 125,009 Distillers corn oil 52,935 55,595 38,852 Modified distillers grains 5,584 11,579 9,104 Derivative financial instruments losses (37) (1,024) (12,109) Other 309 231 349 Total sales $ 833,384 $ 855,000 $ 774,802 Sales of products, discontinued operations: Refined coal 1 $ — $ — $ 400 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, 2024 2023 Carrying amount $ 34,936 $ 33,045 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, 2023 2022 Current assets $ 351,278 $ 319,367 Non current assets 144,933 151,039 Total assets $ 496,211 $ 470,406 Current liabilities $ 98,187 $ 118,946 Long-term liabilities 7,559 8,686 Total liabilities $ 105,746 $ 127,632 Members’ capital $ 355,385 $ 305,447 Noncontrolling interests 35,080 37,326 Total members’ equity $ 390,465 $ 342,773 |
Schedule of Financial Information for Equity Method Investments [Table Text Block] | Years Ended December 31, 2023 2022 2021 Net sales and revenue $ 1,379,651 $ 1,509,406 $ 1,332,555 Gross profit $ 160,549 $ 94,106 $ 85,401 Depreciation expense $ 26,142 $ 27,752 $ 34,258 Income from continuing operations $ 135,012 $ 84,814 $ 64,243 Net income $ 135,012 $ 84,814 $ 64,243 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Forward purchase contracts asset (1) $ - $ 579 $ - $ 579 Forward purchase contracts liability (4) $ - $ 802 $ - $ 802 Commodity futures – in a loss position(2) 297 - - 297 Total liabilities $ 297 $ 802 $ - $ 1,099 Level 1 Level 2 Level 3 Total Fair Forward purchase contracts asset (1) $ - $ 105 $ - $ 105 Commodity futures – in a gain position (3) 80 - - 80 Total assets $ 80 $ 105 $ - $ 185 Forward purchase contracts liability (4) $ - $ 355 $ - $ 355 Commodity futures – in a loss position(5) 67 - - 67 Total liabilities $ 67 $ 355 $ - $ 422 (1) The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (2) The commodity futures liability is netted with cash collateral due from broker and included in “Prepaid expense and other” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (5) The commodity futures asset 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, 2024 | |
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, 2024 2023 Deferred taxes $ 7,837 $ 21,964 Other 1,301 1,215 Total $ 9,138 $ 23,179 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 2023 Accrued payroll and related items $ 9,457 $ 4,428 Accrued utility charges 3,373 4,116 Accrued transportation related items 2,972 1,311 Commodity futures - 67 Forward purchase contracts 802 355 Accrued real estate taxes 1,742 1,850 Accrued income taxes - 2,049 Other 1,371 1,152 Total $ 19,717 $ 15,328 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | For fiscal years 2023, 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 2023 2022 2021 Operating lease expense $ 6,386 $ 7,360 $ 6,346 Variable lease expense 301 399 1,907 Total lease expense $ 6,687 $ 7,759 $ 8,253 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | The following table is a summary of future minimum rentals on such leases at January 31, 2024 (amounts in thousands): Years Ended January 31, Minimum 2025 $ 5,137 2026 2,985 2027 2,935 2028 2,506 2029 1,178 Total 14,741 Less: present value discount 1,894 Operating lease liabilities $ 12,847 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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, 2024 2023 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 17,504 17,390 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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 2024 2023 2024 2023 Forward purchase contracts (1) $ 579 $ 105 $ 802 $ 355 Cash collateral balance (3) $ 2,152 $ 1,735 - - Commodity futures (2) (297) 80 - 67 Net position with broker $ 1,855 $ 1,815 - - Total $ 2,434 $ 1,920 $ 802 $ 422 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table provides information about gains (losses) recognized in income on the Company’s derivative financial instruments and the line items on the accompanying Consolidated Statements of Operations in which the fair values are reflected for the years ended January 31, 2024, 2023 and 2022 (amounts in thousands): Year Ended January 31, 2024 2023 2022 Net sales $ (37) $ (1,024) $ (12,109) Cost of sales $ 15,023 $ (12,714) $ (3,427) |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes legally non-vested restricted stock award activity for fiscal years 2023, 2022, and 2021: 2023 Non-Vested Weighted Weighted Non-Vested at January 31, 2023 81,264 $ 2,320 2 Granted 113,726 3,945 Forfeited - - Vested 32,135 896 Non-Vested at January 31, 2024 162,855 $ 5,369 2 2022 Non-Vested Weighted Weighted 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 Non-Vested Weighted Weighted 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 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The Company determined there to be no dilutive impact on earnings per shares for January 31, 2023 and 2022. At January 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands): Weighted average shares - basic 17,482 Dilutive effect of RSUs 94 Weighted average shares - diluted 17,576 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for fiscal years 2023, 2022, and 2021 consist of the following (amounts in thousands): 2023 2022 2021 Federal: Current $ 4,580 $ 4,485 $ 4,450 Deferred 14,102 2,925 12,064 Total 18,682 7,410 16,514 State and Local: Current 3,377 4,167 3,098 Deferred 501 (2,035 ) (581 ) Total 3,878 2,132 2,517 Provision for income taxes $ 22,560 $ 9,542 $ 19,031 |
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, 2024 2023 Assets: General business credit carryforward $ 12,296 $ 26,061 Accrued liabilities 611 627 State net operating loss carryforward 202 244 Other items 288 240 Valuation allowance (160 ) (192 ) Total 13,237 26,980 Liabilities: Basis in pass through entities, including depreciation (6,334 ) (5,821 ) Other (664 ) (292 ) Total (6,998 ) (6,113 ) Net deferred tax asset $ 6,239 $ 20,867 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliations of the federal statutory tax and the Company’s income tax expense for fiscal years 2023, 2022, and 2021 are as follows (amounts in thousands): 2023 2022 2021 Federal income tax at statutory rate $ 20,682 $ 9,971 $ 15,926 State and local taxes, net of federal tax benefit 3,299 1,725 2,396 Research and experimentation credits - (2,542 ) (5,184 ) Nondeductibe compensation expense 2,150 508 - Uncertain tax positions (98 ) 2,281 8,340 Noncontrolling interest (3,650 ) (2,523 ) (2,231 ) Other 177 122 (216 ) Total $ 22,560 $ 9,542 $ 19,031 |
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 2023 2022 Unrecognized tax benefits, beginning of year $ 19,088 $ 16,781 Changes for tax positions for prior years 45 165 Changes for tax positions for current year (168 ) 2,142 Unrecognized tax benefits, end of year $ 18,965 $ 19,088 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
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 year 2021 (amounts in thousands): 2021 Net sales and revenue 1 $ 400 Cost of Sales 8,602 Gross loss (8,202) Selling, general and administrative 698 Loss before income taxes (8,900) Benefit for income taxes 13,295 Net income from discontinued operations, net of tax 4,395 Net loss attributable to noncontrolling interests 2 397 Net income attributable to REX common shareholders $ 4,792 1 2 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 USD ($) shares | Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 3 | ||
Concentration Risk, Number of Customers | 9 | 8 | 9 |
Inventory Write-down (in Dollars) | $ 800 | $ 700 | |
Depreciation (in Dollars) | 17,800 | 18,000 | $ 18,000 |
Assets (in Dollars) | $ 664,802 | 579,579 | |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | shares | 1,650,000 | ||
Interest and Fee Income, Other Loans (in Dollars) | $ 1,000 | $ 7,800 | |
Ethanol [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of Reportable Segments | 1 | ||
Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 92% | 90% | 85% |
Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 93% | 81% | |
Contracts Not Accounted For Under Normal Purchases and Normal Sales | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Assets (in Dollars) | $ 600 | $ 100 | |
Liabilities (in Dollars) | $ 800 | $ 400 | |
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% | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Fixtures And Equipment [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Fixtures And Equipment [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 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 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of components of Inventory - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Schedule Of Components Of Inventory Abstract | ||
Ethanol and other finished goods | $ 9,102 | $ 12,695 |
Work in process | 5,299 | 10,194 |
Grain and other raw materials | 12,583 | 25,855 |
Total | $ 26,984 | $ 48,744 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Schedule Of Property Plant And Equipment Abstract | ||
Land and improvements | $ 32,403 | $ 30,194 |
Buildings and improvements | 23,810 | 23,707 |
Machinery, equipment and fixtures | 307,326 | 299,665 |
Construction in progress | 37,334 | 10,255 |
400,873 | 363,821 | |
Less: accumulated depreciation | (245,286) | (228,324) |
Total | $ 155,587 | $ 135,497 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Error Corrections and Prior Period Adjustments - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cost of sales | $ 735,166 | $ 806,398 | $ 684,173 |
Gross profit | $ 98,218 | 48,602 | 90,629 |
Selling, general and administrative | (22,827) | (21,545) | |
Previously Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cost of sales | 800,269 | 677,242 | |
Gross profit | 54,731 | 97,560 | |
Selling, general and administrative | (28,956) | (28,476) | |
Effect Of Retrospective Change To Classification Of Shipping Costs [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cost of sales | 6,129 | 6,931 | |
Gross profit | (6,129) | (6,931) | |
Selling, general and administrative | $ 6,129 | $ 6,931 |
NET SALES AND REVENUE (Details)
NET SALES AND REVENUE (Details) - Schedule of Disaggregated Revenue by Product - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | $ 833,384 | $ 855,000 | $ 774,802 | |
Sales of products, discontinued operations: | [1] | 400 | ||
Ethanol [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | 635,420 | 649,501 | 613,597 | |
Dried Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | 139,173 | 139,118 | 125,009 | |
Distillers Corn Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | 52,935 | 55,595 | 38,852 | |
Modified Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | 5,584 | 11,579 | 9,104 | |
Derivative Financial Instrument Losses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | (37) | (1,024) | (12,109) | |
Other[Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, continuing operations: | 309 | 231 | 349 | |
Refined Coal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales of products, discontinued operations: | [2] | $ 400 | ||
[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, 2024 USD ($) gal | Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | |
INVESTMENTS (Details) [Line Items] | |||
Income (Loss) from Equity Method Investments | $ 13,921 | $ 8,745 | $ 6,624 |
Proceeds from Equity Method Investment, Distribution | 12,030 | 6,266 | 5,514 |
Equity Method Investments | 34,936 | 33,045 | |
Short-Term Investments | 155,260 | 211,331 | |
Certificates of Deposit [Member] | |||
INVESTMENTS (Details) [Line Items] | |||
Short-Term Investments | $ 155,300 | $ 211,300 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One | 5.50% | 3.90% | |
Big River [Member] | |||
INVESTMENTS (Details) [Line Items] | |||
Payments to Acquire Equity Method Investments | $ 20,000 | ||
Quantity of ethanol shipped (in US Gallons) | gal | 430 | ||
Income (Loss) from Equity Method Investments | $ 13,900 | $ 8,700 | 6,600 |
Proceeds from Equity Method Investment, Distribution | 12,000 | $ 6,300 | $ 5,500 |
Equity Method Investments | 34,900 | ||
Equity Method Investment, Underlying Equity in Net Assets | 36,600 | ||
Other Restricted Assets | 110,300 | ||
Proportionate Share of Restricted Net Assets | $ 11,400 |
INVESTMENTS (Details) - Schedul
INVESTMENTS (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | $ 34,936 | $ 33,045 |
Big River [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | $ 34,900 | |
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, 2024 | Jan. 31, 2023 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | $ 351,278 | $ 319,367 |
Non current assets | 144,933 | 151,039 |
Total assets | 496,211 | 470,406 |
Current liabilities | 98,187 | 118,946 |
Long-term liabilities | 7,559 | 8,686 |
Total liabilities | 105,746 | 127,632 |
Members’ capital | 355,385 | 305,447 |
Noncontrolling interests | 35,080 | 37,326 |
Total members’ equity | $ 390,465 | $ 342,773 |
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, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||
Net sales and revenue | $ 1,379,651 | $ 1,509,406 | $ 1,332,555 |
Gross profit | 160,549 | 94,106 | 85,401 |
Depreciation expense | 26,142 | 27,752 | 34,258 |
Income from continuing operations | 135,012 | 84,814 | 64,243 |
Net income | $ 135,012 | $ 84,814 | $ 64,243 |
FAIR VALUE (Details) - Schedule
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 | |||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Forward purchase contracts asset | [1] | $ 579 | $ 105 | ||
Commodity futures – in a gain position | [2] | 80 | |||
Total assets | 185 | ||||
Forward purchase contracts liability | [3] | 802 | 355 | ||
Commodity futures – in a loss position | 297 | [4] | 67 | [5] | |
Total liabilities | 1,099 | 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 – in a gain position | [2] | 80 | |||
Total assets | 80 | ||||
Forward purchase contracts liability | [3] | ||||
Commodity futures – in a loss position | 297 | [4] | 67 | [5] | |
Total liabilities | 297 | 67 | |||
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] | 579 | 105 | ||
Commodity futures – in a gain position | [2] | ||||
Total assets | 105 | ||||
Forward purchase contracts liability | [3] | 802 | 355 | ||
Commodity futures – in a loss position | [4] | [5] | |||
Total liabilities | 802 | 355 | |||
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 – in a gain position | [2] | ||||
Total assets | |||||
Forward purchase contracts liability | [3] | ||||
Commodity futures – in a loss position | [4] | [5] | |||
Total liabilities | |||||
[1]The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.[2]The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.[3] The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. The commodity futures asset 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, 2024 | Jan. 31, 2023 |
Schedule Of Other Assets Abstract | ||
Deferred taxes | $ 7,837 | $ 21,964 |
Other | 1,301 | 1,215 |
Total | $ 9,138 | $ 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 | Jan. 31, 2024 | Jan. 31, 2023 |
Schedule Of Accrued Expenses And Other Current Liabilities Abstract | ||
Accrued payroll and related items | $ 9,457 | $ 4,428 |
Accrued utility charges | 3,373 | 4,116 |
Accrued transportation related items | 2,972 | 1,311 |
Commodity futures | 67 | |
Forward purchase contracts | 802 | 355 |
Accrued real estate taxes | 1,742 | 1,850 |
Accrued income taxes | 2,049 | |
Other | 1,371 | 1,152 |
Total | $ 19,717 | $ 15,328 |
LEASES (Details)
LEASES (Details) | Jan. 31, 2024 | 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 | 5.94% | 5.51% |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Components Of Lease Expense Abstract | |||
Operating lease expense | $ 6,386 | $ 7,360 | $ 6,346 |
Variable lease expense | 301 | 399 | 1,907 |
Total lease expense | $ 6,687 | $ 7,759 | $ 8,253 |
LEASES (Details) - Schedule o_2
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases - Minimum [Member] $ in Thousands | Jan. 31, 2024 USD ($) |
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | |
2025 | $ 5,137 |
2026 | 2,985 |
2027 | 2,935 |
2028 | 2,506 |
2029 | 1,178 |
Total | 14,741 |
Less: present value discount | 1,894 |
Operating lease liabilities | $ 12,847 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |||
Preferred Stock, Dividend Rate, Percentage | 200% | ||
Stock Repurchased During Period, Shares | 472,000 | 252,000 | |
Stock Repurchased During Period, Value (in Dollars) | $ 13 | $ 6.6 | |
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, 2024 | Jan. 31, 2023 |
Schedule Of Common Stock Abstract | ||
Authorized shares | 45,000 | 45,000 |
Issued shares | 29,853 | 29,853 |
Outstanding shares | 17,504 | 17,390 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) | Jan. 31, 2024 USD ($) gal bu | Jan. 31, 2023 USD ($) bu |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Forward Purchase Contracts, Quantity | 17,400,000 | |
Prepaid Expense and Other Assets (in Dollars) | $ | $ 2,152,000 | $ 2,152,000 |
Restricted Cash (in Dollars) | $ | $ 1,735,000 | $ 1,735,000 |
Assets [Member] | Corn [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Forward Purchase Contracts, Quantity | 9,300,000 | 5,200,000 |
Liabilities, Total [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Forward Purchase Contracts, Quantity | 8,200,000 | 12,800,000 |
Short [Member] | Assets [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | 1,400,000 | |
Short [Member] | Liabilities, Total [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | 3,200,000 | |
Short [Member] | Liabilities, Total [Member] | Corn [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | 255,000 | |
Short [Member] | Liabilities, Total [Member] | Ethanol [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | gal | 210,000 | |
Long [Member] | Liabilities, Total [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | 725,000 | |
Long [Member] | Liabilities, Total [Member] | Corn [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Commodity Futures, Quantity | 6,900,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 | |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | $ 2,434 | $ 1,920 | |
Liability Derivatives, Fair Value | 802 | 422 | |
Asset Derivatives, Net position with broker | 1,855 | 1,815 | |
Liability Derivatives, Net position with broker | |||
Forward Contracts [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | 579 | 105 |
Liability Derivatives, Fair Value | [1] | 802 | 355 |
Cash Collateral Balance [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 2,152 | 1,735 |
Liability Derivatives, Fair Value | [2] | ||
Commodity Contract [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [3] | (297) | 80 |
Liability Derivatives, Fair Value | [3] | $ 67 | |
[1]Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 9.3 million and 5.2 million bushels of corn at January 31, 2024 and 2023, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 8.2 million and 12.8 million bushels of corn at January 31, 2024 and 2023, respectively.[2]As of January 31, 2024, and 2023, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. 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, 2024 and 2023, the Company was required to maintain collateral with the counterparty in the amount of approximately $2,152,000, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets and $1,735,000, included with “Restricted cash” on the accompanying Consolidated Balance Sheets, respectively.[3]Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 3.2 million and 725,000 bushels, respectively at January 31, 2023. |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Derivative Financial Instruments, Gain (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Derivative Financial Instruments Gain Loss Abstract | |||
Net sales | $ (37) | $ (1,024) | $ (12,109) |
Cost of sales | $ 15,023 | $ (12,714) | $ (3,427) |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
EMPLOYEE BENEFITS (Details) [Line Items] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 453,000 | $ 450,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in Shares) | 21,778 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 67,500 | |
Restricted Investments, at Fair Value | $ 2,700,000 | |
Restricted Stock or Unit Expense | $ 1,100,000 | 700,000 |
Restricted Stock [Member] | ||
EMPLOYEE BENEFITS (Details) [Line Items] | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 900,000 | $ 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) | 1,229,116 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Non Vested Restricted Stock Award Activity Abstract | |||
Non-Vested Shares, Beginning of Period | 81,264 | 30,167 | 59,102 |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 2,320 | $ 773 | $ 1,398 |
Weighted Average Vesting Term, Beginning of Period | 2 years | 1 year | 1 year |
Non-Vested Shares, Granted | 113,726 | 70,689 | 8,409 |
Weighted Average Grant Date Fair Value, Granted (in Dollars) | $ 3,945 | $ 2,032 | $ 275 |
Forfeited | 450 | ||
Forfeited | $ 13 | ||
Non-Vested Shares, Vested | 32,135 | 19,142 | 37,344 |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 896 | $ 472 | $ 900 |
Non-Vested Shares, End of Period | 162,855 | 81,264 | 30,167 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 5,369 | $ 2,320 | $ 773 |
Weighted Average Vesting Term, End of Period | 2 years | 2 years | 1 year |
EMPLOYEE BENEFITS (Details) -_2
EMPLOYEE BENEFITS (Details) - Schedule of Diluted Imapct on Earnings Per Shares - shares shares in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Diluted Imapct On Earnings Per Shares Abstract | |||
Weighted average shares - basic | 17,482 | 17,638 | 17,946 |
Dilutive effect of RSUs | 94 | ||
Weighted average shares - diluted | 17,576 | 17,638 | 17,946 |
COMMITMENTS (Details)
COMMITMENTS (Details) lb in Millions, gal in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2024 USD ($) MMBTU T lb gal bu | Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | |
COMMITMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 17.4 | ||
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) | MMBTU | 1.9 | ||
Payments to Acquire Projects | $ 34,900,000 | ||
Refined Coal [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Fees Incurred By Subsidiary | $ 5,404,000 | ||
One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 52.7 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 120,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 14.9 | ||
Natural Gas Pipeline [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lessee, Operating Lease, Liability, to be Paid | $ 351,000 | $ 351,000 | 351,000 |
Natural Gas Pipeline [Member] | One Earth Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 10 years | ||
Distillers Grains Marketing Services [Member] | One Earth Energy And Nu Gen Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Marketing Expense | $ 1,199,000 | $ 1,159,000 | $ 1,190,000 |
Renewal [Member] | Natural Gas Pipeline [Member] | One Earth Energy [Member] | |||
COMMITMENTS (Details) [Line Items] | |||
Lease Expiration Period | 15 years | ||
Installment amount | $ 29,250 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
INCOME TAXES (Details) [Line Items] | |||
Deferred Tax Assets, Other | $ 288,000 | $ 240,000 | |
Deferred Tax Liabilities, Other | 664,000 | 292,000 | |
Deferred Tax Assets, Tax Credit Carryforwards | 12,296,000 | 26,061,000 | |
Deferred Tax Assets, Valuation Allowance | 160,000 | 192,000 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 32,000 | ||
Tax Credit Carryforward, Amount | $ 11,300,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 400,000 | (3,000,000) | |
Income Taxes Paid | 12,730,000 | 2,795,000 | $ 7,239,000 |
Unrecognized Tax Benefits Without Accrued Penalties and Interest | 18,895,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 70,000 | ||
Increase (Decrease) in Provision For Income Taxes | (18,812,000) | ||
Other Assets [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Deferred Tax Assets, Other | 7,800,000 | 22,000,000 | |
Unrecognized Tax Benefits Without Accrued Penalties and Interest | 16,400,000 | 16,400,000 | |
Deferred Taxes [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Deferred Tax Liabilities, Other | 1,600,000 | 1,100,000 | |
Other Noncurrent Liabilities [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 600,000 | 600,000 | |
Refundable income taxes [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2,000,000 | $ 2,100,000 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of the Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Federal: | |||
Current | $ 4,580 | $ 4,485 | $ 4,450 |
Deferred | 14,102 | 2,925 | 12,064 |
Total | 18,682 | 7,410 | 16,514 |
State and Local: | |||
Current | 3,377 | 4,167 | 3,098 |
Deferred | 501 | (2,035) | (581) |
Total | 3,878 | 2,132 | 2,517 |
Provision for income taxes | $ 22,560 | $ 9,542 | $ 19,031 |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Assets: | ||
General business credit carryforward | $ 12,296,000 | $ 26,061,000 |
Accrued liabilities | 611,000 | 627,000 |
State net operating loss carryforward | 202,000 | 244,000 |
Other items | 288,000 | 240,000 |
Valuation allowance | (160,000) | (192,000) |
Total | 13,237,000 | 26,980,000 |
Liabilities: | ||
Basis in pass through entities, including depreciation | (6,334,000) | (5,821,000) |
Other | (664,000) | (292,000) |
Total | (6,998,000) | (6,113,000) |
Net deferred tax asset | $ 6,239,000 | $ 20,867,000 |
INCOME TAXES (Details) - Sche_3
INCOME TAXES (Details) - Schedule of Effective Income Tax Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Schedule Of Effective Income Tax Reconciliation Abstract | |||
Federal income tax at statutory rate | $ 20,682 | $ 9,971 | $ 15,926 |
State and local taxes, net of federal tax benefit | 3,299 | 1,725 | 2,396 |
Research and experimentation credits | (2,542) | (5,184) | |
Nondeductibe compensation expense | 2,150 | 508 | |
Uncertain tax positions | (98) | 2,281 | 8,340 |
Noncontrolling interest | (3,650) | (2,523) | (2,231) |
Other | 177 | 122 | (216) |
Total | $ 22,560 | $ 9,542 | $ 19,031 |
INCOME TAXES (Details) - Sche_4
INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract | ||
Unrecognized tax benefits, beginning of year | $ 19,088 | $ 16,781 |
Changes for tax positions for prior years | 45 | 165 |
Changes for tax positions for current year | (168) | 2,142 |
Unrecognized tax benefits, end of year | $ 18,965 | $ 19,088 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - Schedule Of Discontinued Items Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |||
Schedule Of Discontinued Items Statement Of Operations Abstract | |||||
Net sales and revenue | [1] | $ 400 | |||
Cost of Sales | 8,602 | ||||
Gross loss | (8,202) | ||||
Selling, general and administrative | 698 | ||||
Loss before income taxes | (8,900) | ||||
Benefit for income taxes | 13,295 | ||||
Net income from discontinued operations, net of tax | 4,395 | ||||
Net loss attributable to noncontrolling interests | 397 | [2] | |||
Net income attributable to REX common shareholders | $ 4,792 | ||||
[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. |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
RELATED PARTIES (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 300,000 | ||
Proceeds from Contributions from Affiliates | $ 22,000 | ||
One Earth Energy And Nu Gen Energy [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Costs and Expenses, Related Party | 117,000,000 | 135,400,000 | 90,200,000 |
Accounts Payable, Other | 5,800,000 | $ 1,500,000 | |
Refined Coal [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Proceeds from Contributions from Affiliates | $ 22,000 | $ 304,000 |