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Investments
 3 Months Ended
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.