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SEGMENT REPORTING | 12 Months Ended
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Jan. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] |
15. | SEGMENT REPORTING
The Company has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests and are consolidated in the financial statements presented. Prior period amounts have been reclassified to conform to current segment reporting. The Company’s chief operating decision maker is the Executive Committee that includes the Executive Chairman of the Board and The Chief Executive Officer. The chief operating decision maker uses net income generated from operating segments in determining the allocation of resources and making assessment of Company performance. In applying the criteria set forth in ASC 280, Segment Reporting, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment, each of which is reviewed in the same manner by the CODM. Aggregation into one reporting segment is appropriate based upon the similarity of economic characteristics of the operating segments, including the markets for identical revenue sources and the primary input, corn. The plants in all locations operate in a similar manner to produce ethanol and by-products. The types of customers and how the products are distributed to the customers are similar across each operating entity, consisting of a combination of rail and truck shipments. Finally, the regulatory environment is largely impacted by guidance from the federal level, impacting each operating segment the same. The measure of segment assets is reported on the balance sheet as total consolidated assets.
|  | Fiscal Year |
Net sales and revenue |  | 2024 |  |  | 2023 |  |  | 2022 |
Ethanol and by-products |  | $ | 1,664,052 |  |  | $ | 2,213,035 |  |  | $ | 2,364,406 |
Reconciling Item: Equity method ethanol investment |  |  | (1,021,561 | ) |  |  | (1,379,651 | ) |  |  | (1,509,406 | )
Total consolidated net sales and revenue |  | $ | 642,491 |  |  | $ | 833,384 |  |  | $ | 855,000 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Ethanol and by-products: |  |  |  |  |  |  |  |  |  |  |  |
Cost of corn |  | $ | 1,094,364 |  |  | $ | 1,542,265 |  |  | $ | 1,791,876 |
Other cost of sales (1) |  |  | 361,052 |  |  |  | 412,003 |  |  |  | 429,822 |
Reconciling Item: Equity method ethanol investment |  |  | (904,402 | ) |  |  | (1,219,102 | ) |  |  | (1,415,300 | )
Total cost of sales |  | $ | 551,014 |  |  | $ | 735,166 |  |  | $ | 806,398 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |
Ethanol and by-products |  | $ | 208,636 |  |  | $ | 258,767 |  |  | $ | 142,708 |
Reconciling Item: Equity method ethanol investment |  |  | (117,159 | ) |  |  | (160,549 | ) |  |  | (94,106 | )
Total consolidated gross profit |  | $ | 91,477 |  |  | $ | 98,218 |  |  | $ | 48,602 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |
Ethanol and by-products |  | $ | 49,071 |  |  | $ | 56,207 |  |  | $ | 56,993 |
Reconciling Item: Equity method ethanol investment |  |  | (27,356 | ) |  |  | (33,168 | ) |  |  | (33,689 | )
Total consolidated depreciation and amortization expense |  | $ | 21,715 |  |  | $ | 23,039 |  |  | $ | 23,304 |
Income before taxes |  |  |  |  |  |  |  |  |  |  |  |
Ethanol and by-products |  | $ | 201,650 |  |  | $ | 253,600 |  |  | $ | 148,469 |
Reconciling Item: Equity method ethanol investment |  |  | (108,778 | ) |  |  | (155,116 | ) |  |  | (100,990 | )
Total consolidated income before income taxes |  |  | 92,872 |  |  |  | 98,484 |  |  |  | 47,479 |
Provision for income taxes |  |  | (21,386 | ) |  |  | (22,560 | ) |  |  | (9,542 | )
Total consolidated net income |  | $ | 71,486 |  |  | $ | 75,924 |  |  | $ | 37,937 |
| (1) | Expenses within “Other cost of sales” consists primarily of depreciation, other raw materials such as denaturant and chemicals, utilities, repair and maintenance and production labor.

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- Definition The entire disclosure for reporting segments including data and tables. 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