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Investments

3 Months Ended

Apr. 30, 2023

Disclosure Text Block Supplement [Abstract]

Investment [Text Block]

Note 9. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at April 30, 2023 and January 31, 2023 (dollars in thousands):

				Carrying Amount
Entity		Ownership Percentage		April 30, 2023		January 31, 2023

Big River		10.3%		$34,535		$ 33,045

Undistributed earnings of the Company’s equity method investee totaled approximately $14.5 million and approximately $13.0 million at April 30, 2023 and January 31, 2023, respectively. The Company did not receive any dividends from its equity method investee in the first quarter of fiscal year 2023 or 2022.

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):

		Three Months Ended April 30,
			2023				2022

Net sales and revenue		$	374,503			$	351,746
Gross profit		$	17,552			$	22,024
Income from continuing operations		$	14,447			$	18,925
Net income		$	14,447			$	18,925

Short-term Investments

At April 30, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $188.1 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 4.7%. Unrealized gains or losses were insignificant.

At January 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $211.3 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.9%. Unrealized gains or losses were insignificant.