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Leases

3 Months Ended

Apr. 30, 2022

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At April 30, 2022, 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 (amounts in thousands):

		Three Months Ended April 30,
			2022					2021
Operating lease expense			$	1,610				$	1,550
Variable lease expense				394					44
Total lease expense			$	2,004				$	1,594

The following table is a summary of future minimum rentals on such leases at April 30, 2022 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
Remainder of 2023			$	3,839
2024				4,636
2025				3,188
2026				1,015
2027				951
Thereafter				510
Total				14,139
Less: present value discount				1,085
Operating lease liabilities			$	13,054

At April 30, 2022, the weighted average remaining lease term is 2.9 years, and the weighted average discount rate is 5.05% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2022 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
2023			$	5,015
2024				3,856
2025				2,408
2026				235
2027				171
Total				11,685
Less: present value discount				695
Operating lease liabilities			$	10,990

At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% 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 https://asc.fasb.org/topic&trid=2208923

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