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Investments

3 Months Ended

Apr. 30, 2016

Note 12. Investments

The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2016		Carrying Amount January 31, 2016

Big River		9.7	%	$	38,940	$	38,707

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2016		2015

Big River	$	233	$	1,007
Patriot (sold June 1, 2015)		—		473
Total	$	233	$	1,480

Undistributed earnings of the equity method investee totaled approximately $18.9 million and $18.7 million at April 30, 2016 and January 31, 2016, respectively. During the first quarter of fiscal year 2015, the Company received dividends from equity method investees of approximately $3.6 million. The Company did not receive dividends from the equity method investee in the first quarter of fiscal year 2016.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended April 30, 2016				Three Months Ended April 30, 2015
	Patriot (1)		Big River		Patriot (1)		Big River

Net sales and revenue	$	—	$	183,571	$	63,239	$	184,806
Gross profit	$	—	$	5,870	$	3,818	$	10,805
Income from continuing operations	$	—	$	2,404	$	1,779	$	10,377
Net income	$	—	$	2,404	$	1,779	$	10,377

(1)

The Company’s equity interest in Patriot was sold June 1, 2015.

Big River has debt agreements that limit amounts Big River can pay in the form of dividends or advances to owners. The restricted net assets of Big River at April 30, 2016 and January 31, 2016 are approximately $309.9 million and $306.3 million, respectively.

On June 1, 2015, Patriot and a subsidiary of CHS Inc. (“CHS”) completed a merger that resulted in CHS acquiring 100% of the ownership interest in Patriot. During the first quarter of fiscal year 2016, the Company received proceeds of approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, the Company recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. At April 30, 2016, the Company has approximately $2.3 million in accounts receivable on the accompanying Consolidated Condensed Balance Sheet related to estimated escrow proceeds that were recognized as income. The Company expects that a determination of the final payment of escrowed proceeds to be received will occur by December 1, 2016.