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Leases

9 Months Ended

Oct. 31, 2021

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At October 31, 2021, 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,
			2021					2020					2021					2020
Operating lease expense			$	1,690				$	1,545				$	4,805				$	4,779
Variable lease expense				1,090					79					1,654					417
Total lease expense			$	2,780				$	1,624				$	6,459				$	5,196

The following table is a summary of future minimum rentals on such leases at October 31, 2021 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
Remainder of 2022			$1,506
2023			4,836
2024			3,670
2025			2,221
2026			49
Total			12,282
Less: present value discount			730
Operating lease liabilities			$11,552

At October 31, 2021, the weighted average remaining lease term is 2.6 years, and the weighted average discount rate is 4.87% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2021 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
2022			$5,397
2023			3,690
2024			2,524
2025			1,648
2026			49
Total			13,308
Less: present value discount			994
Operating lease liabilities			$12,314

At January 31, 2021, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate was 5.26% 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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