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INVESTMENTS

12 Months Ended

Jan. 31, 2025

Disclosure Text Block Supplement [Abstract]

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.