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INVESTMENTS | 12 Months Ended
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Jan. 31, 2025
Disclosure Text Block Supplement [Abstract] |
Investment [Text Block] |
| 3. | INVESTMENTS
Equity Method Investment in Big River The Company’s equity method investment in Big River Resources, LLC (“Big River”) is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands):
|  | January 31, |
|  | 2025 |  |  | 2024 |
Carrying amount |  | $ | 35,800 |  |  | $ | 34,936 |
Ownership percentage |  | 10.3% |  |  | 10.3% |
The Company invested approximately $20.0 million in Big River which is a holding company for several entities. Big River, through its various entities (both wholly and partially owned), operates four ethanol manufacturing facilities that combined shipped approximately 437.8 million gallons of ethanol in the twelve months ended January 31, 2025. The Company recorded income of approximately $9.4 million, $13.9 million, and $8.7 million as its share of earnings from Big River during fiscal years 2024, 2023, and 2022, respectively. The Company received dividends of approximately $8.5 million, $12.0 million, and $6.3 million from Big River during fiscal years 2024, 2023, and 2022, respectively. At January 31, 2025, the carrying value of the investment in Big River was approximately $35.8 million; the amount of underlying equity in the net assets of Big River was approximately $36.7 million. Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Current assets |  | $ | 300,492 |  |  | $ | 351,278 |
Non current assets |  |  | 181,235 |  |  |  | 144,933 |
Total assets |  | $ | 481,727 |  |  | $ | 496,211 |
Current liabilities |  | $ | 89,409 |  |  | $ | 98,187 |
Long-term liabilities |  |  | 12,235 |  |  |  | 7,559 |
Total liabilities |  | $ | 101,644 |  |  | $ | 105,746 |
Members’ capital |  | $ | 356,340 |  |  | $ | 355,385 |
Noncontrolling interests |  |  | 23,743 |  |  |  | 35,080 |
Total members’ equity |  | $ | 380,083 |  |  | $ | 390,465 |
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales and revenue |  | $ | 1,021,561 |  |  | $ | 1,379,651 |  |  | $ | 1,509,406 |
Gross profit |  | $ | 117,159 |  |  | $ | 160,549 |  |  | $ | 94,106 |
Depreciation expense |  | $ | 20,314 |  |  | $ | 26,142 |  |  | $ | 27,752 |
Net income attributable to members |  | $ | 93,321 |  |  | $ | 135,012 |  |  | $ | 84,814 |
Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2025 are approximately $144.3 million; the Company’s proportionate share of restricted net assets of Big River is approximately $14.9 million. Short-term Investments At January 31, 2025, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $162.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 4.4%. Unrecognized holding losses at January 31, 2025 were approximately $19,000. 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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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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