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Leases

3 Months Ended

Apr. 30, 2020

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At April 30, 2020, the Company has lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows:

	Three Months Ended					Three Months Ended
	April 30, 2020					April 30, 2019
Operating lease expense		$	1,686				$	1,609
Variable lease expense			131					193
Total lease expense		$	1,817				$	1,802

The following table is a summary of future minimum rentals on such leases at April 30, 2020 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
Remainder of 2021			$	4,500
2022				5,376
2023				3,669
2024				2,503
2025				1,646
Thereafter				49
Total				17,743
Less: present value discount				1,558
Operating lease liabilities			$	16,185

At April 30, 2020, the weighted average remaining lease term is 3.5 years and the weighted average discount rate is 5.28% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2020 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
2021			$	5,668
2022				4,958
2023				3,251
2024				2,085
2025				1,228
Thereafter				29
Total				17,219
Less: present value discount				1,596
Operating lease liabilities			$	15,623

At January 31, 2020, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 5.46% for the above leases.

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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