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Leases

9 Months Ended

Oct. 31, 2020

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At October 31, 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 October 31,								Nine Months Ended October 31,
		2020				2019				2020				2019
Operating lease expense		$	1,545			$	1,557			$	4,779			$	4,867
Variable lease expense			79				139				417				491
Total lease expense		$	1,624			$	1,696			$	5,196			$	5,358

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

Years Ended January 31,		Minimum Rentals
Remainder of 2021		$	1,516
2022			5,397
2023			3,690
2024			2,524
2025			1,648
Thereafter			49
Total			14,824
Less: present value discount			1,171
Operating lease liabilities		$	13,653

At October 31, 2020, the weighted average remaining lease term is 3.1 years and the weighted average discount rate is 5.27% 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

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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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