XML 57 R48.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value - USD ($)
$ in Thousands
Apr. 30, 2024
Jan. 31, 2024
Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]    
Derivative Asset $ 2,012 $ 2,434
Derivative Liability 227 802
Asset Derivatives Net Position With Broker 574 1,855
Liability Derivatives Net Position With Broker 0 0
Forward Contracts [Member]    
Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]    
Derivative Asset [1] 1,438 579
Derivative Liability [1] 227 802
Cash Collateral Balance [Member]    
Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]    
Derivative Asset [2] 549 2,152
Derivative Liability [2] 0 0
Commodity Contract [Member]    
Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]    
Derivative Asset [3] 25 (297)
Derivative Liability [3] $ 0 $ 0
[1] Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 14.6 million and 9.3 million bushels of corn at April 30, 2024 and January 31, 2024, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 2.5 million and 8.2 million bushels of corn at April 30, 2024 and January 31, 2024, respectively.
[2]
(3)As of April 30, 2024 and January 31, 2024, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of April 30, 2024 and January 31, 2024, the Company was required to maintain collateral with the counterparty in the amount of approximately $0.5 million and $2.2 million, respectively, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.
[3]
(2)Commodity futures assets and liabilities are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.0 million and 0.7 million bushels of corn, respectively, at April 30, 2024. These contracts also included short/sell positions for approximately 420,000 gallons of ethanol at April 30, 2024. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively, at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024.