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Leases

6 Months Ended

Jul. 31, 2023

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At July 31, 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 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 July 31,								Six Months Ended July 31,
		2023				2022				2023				2022
Operating lease expense		$	1,431			$	1,991			$	3,192			$	3,601
Variable lease expense			61				271				303				665
Total lease expense		$	1,492			$	2,262			$	3,495			$	4,266

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

Years Ended January 31,		Minimum Rentals
Remainder of 2024		$	2,853
2025			4,477
2026			2,325
2027			2,276
2028			1,846
Thereafter			491
Total			14,268
Less: present value discount			1,568
Operating lease liabilities		$	12,700

At July 31, 2023, the weighted average remaining lease term is 3.4 years, and the weighted average discount rate is 5.53% for the outstanding 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 outstanding leases.