INVESTMENTS

3 Months Ended

Apr. 30, 2017

Investments Schedule [Abstract]

Investment [Text Block]

Note 10.  Investments

The following table summarizes the equity method investment at April 30, 2017 and January 31, 2017 (dollars in thousands):

Entity	Ownership Percentage			Carrying Amount  April 30, 2017		Carrying Amount January 31, 2017
Big River		9.7	%	$	38,533	$	37,833

Undistributed earnings of the equity method investee totaled approximately $18.5 million and $17.8 million at April 30, 2017 and January 31, 2017, respectively. The Company did not receive dividends from its equity method investee in the first quarter of fiscal year 2017 or 2016.

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 April 30,
	2017		2016
Net sales and revenue	$	192,500	$	183,571
Gross profit	$	8,181	$	5,870
Income from continuing operations	$	7,206	$	2,404
Net income	$	7,206	$	2,404

Big River has debt agreements that limit amounts Big River can pay in the form of dividends or advances to owners. The restricted net assets of Big River at April 30, 2017 and January 31, 2017 are approximately $284.7 million and $278.7 million, respectively.

On June 1, 2015, Patriot and a subsidiary of CHS Inc. (“CHS”) completed a merger that resulted in CHS acquiring 100% of the ownership interest in Patriot. During the first quarter of fiscal year 2016, the Company received proceeds of approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, the Company recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. The Company does not expect any further proceeds or gain/loss on sale of investment to be significant.