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INVESTMENTS | 12 Months Ended
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Jan. 31, 2017
Investments and Deposits [Abstract] |
Investments and Deposits [Text Block] |
2. | INVESTMENTS
The Company’s equity method investment is accounted for under ASC 323 “Investments-Equity Method and Joint Ventures”. The following table summarizes the investment at January 31, 2017 and 2016 (amounts in thousands):
Entity |  | Ownership Percentage |  |  | Carrying Amount January 31, 2017 |  |  | Carrying Amount January 31, 2016 |
Big River Resources, LLC |  |  | 9.7% |  |  | $ | 37,833 |  |  | $ | 38,707 |
The Company invested $20.0 million in Big River, a holding company for several entities, for a 9.7% ownership interest. Big River Resources West Burlington, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in West Burlington, Iowa. During fiscal year 2016, the plant shipped 107 million gallons of ethanol. The plant has been in operation since 2004. Big River Resources Galva, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in Galva, Illinois. During fiscal year 2016, the plant shipped 125 million gallons of ethanol. The plant has been in operation since 2009. Big River Resources United Energy, LLC, a 55.3% owned subsidiary of Big River, operates an ethanol manufacturing plant in Dyersville, Iowa. During fiscal year 2016, the plant shipped 128 million gallons of ethanol. Big River acquired a 50.5% ownership interest in this plant in 2009 and increased its ownership to 55.3% during fiscal year 2015. Big River Resources Boyceville, LLC, a wholly owned subsidiary of Big River, operates an ethanol manufacturing plant in Boyceville, Wisconsin. During fiscal year 2016, the plant shipped 57 million gallons of ethanol. Big River acquired its interest in this plant in 2011. The Company recorded income of approximately $6.1 million, $6.0 million and $18.2 million as its share of earnings from Big River during fiscal years 2016, 2015 and 2014, respectively. The Company received dividends of approximately $7.0 million, $7.5 million and $18.0 million from Big River during fiscal years 2016, 2015 and 2014, respectively. At January 31, 2017, the carrying value of the investment in Big River is approximately $37.8 million; the amount of underlying equity in the net assets of Big River is approximately $37.2 million. The Company invested $17.9 million in Patriot for a 27% ownership interest. Patriot operated an ethanol manufacturing plant in Annawan, Illinois. 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. The Company received a cash payment of approximately $45.5 million at the closing, representing its proportionate share of the merger consideration for its 27% ownership interest. The total merger consideration was approximately $196 million in cash subject to certain adjustments and certain escrow holdbacks. In connection with this transaction, the Company recognized a gain of approximately $10.4 million during fiscal year 2015. During fiscal year 2016, the Company received proceeds of approximately $4.5 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 January 31, 2017, the Company has approximately $0.1 million in accounts receivable on the accompanying Consolidated Balance Sheets related to estimated escrow proceeds that were recognized as income in fiscal year 2015. The Company recorded income of approximately $2.9 million and $14.0 million as its share of earnings from Patriot during fiscal years 2015 and 2014, respectively. The Company received dividends of approximately $3.6 million and $4.9 million from Patriot during fiscal years 2015 and 2014, respectively. Undistributed earnings of equity method investees totaled approximately $17.8 million and $18.7 million at January 31, 2017 and 2016, respectively. Summarized financial information for the Company’s equity method investee as of its fiscal year end is presented in the following table (amounts in thousands): As of December 31, 2016
|  | Big River |
Current assets |  | $ | 175,299 |
Non current assets |  |  | 311,450 |
Total assets |  | $ | 486,749 |
Current liabilities |  | $ | 50,798 |
Long-term liabilities |  |  | — |
Total liabilities |  | $ | 50,798 |
Noncontrolling interests |  | $ | 52,336 |
As of December 31, 2015
|  | Big River |
Current assets |  | $ | 137,758 |
Non current assets |  |  | 341,907 |
Total assets |  | $ | 479,665 |
Current liabilities |  | $ | 49,224 |
Long-term liabilities |  |  | — |
Total liabilities |  | $ | 49,224 |
Noncontrolling interests |  | $ | 48,156 |
Summarized financial information for each of the Company’s equity method investees is presented in the following table for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands): Year Ended December 31, 2016
|  | Big River |
Net sales and revenue |  | $ | 851,434 |
Gross profit |  | $ | 88,841 |
Income from continuing operations |  | $ | 63,292 |
Net income |  | $ | 63,292 |
Year Ended December 31, 2015
|  | Patriot (1) |  |  | Big River |
Net sales and revenue |  | $ | 115,614 |  |  | $ | 863,554 |
Gross profit |  | $ | 14,424 |  |  | $ | 85,451 |
Income from continuing operations |  | $ | 11,100 |  |  | $ | 62,193 |
Net income |  | $ | 11,100 |  |  | $ | 62,193 |
(1) | For Patriot, results are for the five month period ended May 31, 2015 as the Company’s equity interest in Patriot was sold June 1, 2015.
Year Ended December 31, 2014
|  | Patriot |  |  | Big River |
Net sales and revenue |  | $ | 331,260 |  |  | $ | 1,184,505 |
Gross profit |  | $ | 59,980 |  |  | $ | 241,963 |
Income from continuing operations |  | $ | 52,875 |  |  | $ | 187,388 |
Net income |  | $ | 52,875 |  |  | $ | 187,388 |
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, 2017 are approximately $278.7 million. At January 31, 2017, the Company’s proportionate share of restricted net assets of Big River is approximately $27.0 million.

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- Definition The entire disclosure for equity method investment, joint ventures, deposits, and investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. + References No definition available. + Details
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