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Investments | 3 Months Ended
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Jul. 31, 2024
Disclosure Text Block Supplement [Abstract] |
Investment [Text Block] | Note 10. Investments Equity Method Investment in Big River The following table summarizes the Company’s equity method investment at July 31, 2024 and January 31, 2024 (dollars in thousands):
|  |  |  |  | Carrying Amount |
Entity |  | Ownership Percentage |  |  | July 31, 2024 |  |  | January 31, 2024 |
Big River |  |  | 10.3% |  |  |  | $38,401 |  |  |  | $34,936 |
Undistributed earnings of the Company’s equity method investee totaled approximately $18.4 million and approximately $14.9 million at July 31, 2024 and January 31, 2024, respectively. The Company did not receive dividends from its equity method investee in the first six months 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 July 31, |  |  | Six Months Ended July 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales and revenue |  | $ | 263,164 |  |  | $ | 402,119 |  |  | $ | 536,363 |  |  | $ | 776,622 |
Gross profit |  | $ | 22,852 |  |  | $ | 36,973 |  |  | $ | 41,114 |  |  | $ | 54,525 |
Depreciation expense |  | $ | 6,660 |  |  | $ | 6,602 |  |  | $ | 13,206 |  |  | $ | 13,158 |
Income from continuing operations |  | $ | 16,944 |  |  | $ | 29,552 |  |  | $ | 33,603 |  |  | $ | 43,999 |
Net income |  | $ | 16,944 |  |  | $ | 29,552 |  |  | $ | 33,603 |  |  | $ | 43,999 |
Short-term Investments At July 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $84.9 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 July 31, 2024 were approximately $43,000. 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.

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