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Leases

3 Months Ended

Apr. 30, 2023

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At April 30, 2023, the Company had 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 option 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 Statement of Operations are as follows (amounts in thousands):

		Three Months Ended April 30,
		2023					2022

Operating lease expense			$	1,761				$	1,610
Variable lease expense				242					394
Total lease expense			$	2,003				$	2,004

The following table is a summary of future minimum rentals on such leases at April 30, 2023 (amounts in thousands):

Years Ended January 31,	Minimum Rentals

Remainder of 2024		$	3,796
2025			4,432
2026			2,277
2027			2,229
2028			1,799
Thereafter			446
Total			14,979
Less: present value discount			1,141
Operating lease liabilities		$	13,838

At April 30, 2023, the weighted average remaining lease term is 3.5 years, and the weighted average discount rate is 5.55% for the above leases. 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.