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Net Sales and Revenue
 9 Months Ended
Oct. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]

Note 3. Net Sales and Revenue

 

The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.

The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.

 

The following tables shows disaggregated revenue by product (amounts in thousands):

 

   Three Months Ended
October 31,		   Nine Months Ended
October 31,		 
   2022   2021   2022   2021 
Sales of products, continuing operations:                     
Ethanol  $165,135   $161,598   $502,404   $441,657 
Dried distillers grains   38,009    28,717    104,167    91,408 
Non-food grade corn oil   14,648    11,958    39,973    27,364 
Modified distillers grains   2,477    2,930    9,288    7,157 
Derivative financial instrument gains (losses)   8    (2,144)   (1,144)   (4,907)
Other   -    7    145    107 
Total  $220,277   $203,066   $654,833   $562,786 
                     
Sales of products, discontinued operations:                    
Refined coal1  $
-
   $151   $
-
   $377 

 

1 Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.