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Investments
 3 Months Ended
Oct. 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 October 31, 2024 and January 31, 2024 (dollars in thousands):

 

      Carrying Amount
Entity  Ownership Percentage  October 31, 2024  January 31, 2024
          
Big River  10.3%  $39,015  $34,936

 

Undistributed earnings of the Company’s equity method investee totaled approximately $19.0 million and approximately $14.9 million at October 31, 2024 and January 31, 2024, respectively. The Company received dividends from its equity method investee of approximately $3.0 million and $5.5 million in the first nine months of fiscal year 2024 or 2023, respectively.

 

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
 October 31,		   Nine Months Ended
 October 31,		 
   2024   2023   2024   2023 
                 
Net sales and revenue  $272,481   $351,390   $808,844   $1,128,012 
Gross profit  $46,996   $52,869   $88,110   $107,395 
Depreciation expense  $3,433   $6,470   $16,639   $19,629 
Net income  $44,900   $53,112   $84,127   $104,930 
Net income attributable to members  $38,708   $45,955   $72,311   $89,954 

 

Short-term Investments

 

At October 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $66.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.1%. Unrecognized holding gains at October 31, 2024 were approximately $18,000.

 

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.