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Net Sales and Revenue
 3 Months Ended
Jul. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]

Note 3. Net Sales and Revenue

 

The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.

 

The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically entered into sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.

 

The following tables shows disaggregated revenue by product (amounts in thousands):

 

   Three Months Ended
July 31,		   Six Months Ended
July 31,		 
   2024   2023   2024   2023 
Ethanol  $116,100   $167,519   $235,527   $325,798 
Dried distillers grains   21,847    31,943    52,533    71,649 
Distillers corn oil   8,578    11,419    18,384    24,500 
Modified distillers grains   1,123    1,090    2,320    2,656 
Derivative financial instruments gains (losses)   429    (29)   436    (29)
Other   78    35    186    117 
Total  $148,155   $211,977   $309,386   $424,691