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Investments

3 Months Ended

Apr. 30, 2024

Disclosure Text Block Supplement [Abstract]

Note 10. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at April 30, 2024 and January 31, 2024 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	April 30, 2024	January 31, 2024

Big River	10.3%	$36,654	$ 34,936

Undistributed earnings of the Company’s equity method investee totaled approximately $16.6 million and approximately $14.9 million at April 30, 2024 and January 31, 2024, respectively. The Company did not receive dividends from its equity method investee in the first quarter of fiscal year 2024 or 2023.

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,
	2024		2023

Net sales and revenue	$	273,199	$	374,503
Gross profit	$	18,262	$	17,552
Depreciation expense	$	6,546	$	6,556
Income from continuing operations	$	16,659	$	14,447
Net income	$	16,659	$	14,447

Short-term Investments

At April 30, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $120.6 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.4%. Unrecognized holding losses at April 30, 2024 were approximately $80,000.

At January 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $155.3 million. The

contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.5%. Unrecognized holding losses at January 31, 2024 were approximately $94,000.