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LEASES

12 Months Ended

Jan. 31, 2023

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

7. LEASES

The Company elected the practical expedient, available pursuant to ASC 842, for lessees to include both lease and non-lease components as a single component and account for it as a lease. In general, certain maintenance costs are the responsibility of the Company under its railcar leases. These maintenance costs are a non-lease component which the Company elected to combine with rental payments and account for the total amount as operating lease expense.

At January 31, 2023, the Company has lease agreements, as lessee, for railcars. All 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 lease term for all 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.

For fiscal years 2022 and 2021, the components of lease expense, classified as SG&A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands):

		Fiscal Year
		2022				2021
Operating lease expense		$	7,360			$	6,346
Variable lease expense			399				1,907
Total lease expense		$	7,759			$	8,253

The following table is a summary of future minimum rentals on such leases at January 31, 2023 (amounts in thousands):

Years Ended January 31,		Minimum Rentals
2024		$	5,639
2025			4,450
2026			2,277
2027			2,229
2028			1,799
Thereafter			617
Total			17,011
Less: present value discount			1,976
Operating lease liabilities		$	15,035

At January 31, 2023, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 5.51% for the above leases.

At January 31, 2022, the weighted average remaining lease term was 2.5 years and the weighted average discount rate was 4.85%.

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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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