INVESTMENTS

12 Months Ended

Jan. 31, 2019

Investments Schedule [Abstract]

Investment [Text Block]

2. INVESTMENTS

The Company’s equity method investment in Big River is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands):

	January 31, 2019			January 31, 2018
Carrying amount	$	32,075		$	34,549
Ownership percentage		10.3	%		10.3	%

The Company invested $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 428.6 million gallons of ethanol in the twelve months ended January 31, 2019. The Company recorded income of approximately $1.5 million, $3.2 million and $6.1 million as its share of earnings from Big River during fiscal years 2018, 2017 and 2016, respectively. The Company received dividends of approximately $4.0 million, $6.5 million and $7.0 million from Big River during fiscal years 2018, 2017 and 2016, respectively. At January 31, 2019, the carrying value of the investment in Big River is approximately $32.1 million; the amount of underlying equity in the net assets of Big River is approximately $28.3 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):

Big River
	December 31, 2018		December 31, 2017
Current assets	$	117,796	$	149,436
Non current assets		241,382		261,443
Total assets	$	359,178	$	410,879
Current liabilities	$	50,172	$	49,130
Long-term liabilities		701		10,599
Total liabilities	$	50,873	$	59,729
Noncontrolling interests	$	34,149	$	38,412

	Years Ended December 31,
Big River	2018		2017		2016
Net sales and revenue	$	802,523	$	817,112	$	851,434
Gross profit	$	33,782	$	60,259	$	88,841
Income from continuing operations	$	14,893	$	32,243	$	63,292
Net income	$	14,893	$	32,243	$	63,292

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, 2019 are approximately $185.1 million; the Company’s proportionate share of restricted net assets of Big River is approximately $19.1 million.

The following table summarizes the Company’s held-to-maturity security at January 31, 2019 (amounts in thousands):

	Amortized Cost		Gross Unrealized Losses		Estimated Fair Value
United States Treasury Bill	$	14,975	$	2	$	14,973

As of January 31, 2019, the contractual maturity of this investment was less than one year. The yield to maturity rate is 2.29%.

The Company had no held-to-maturity investments as of January 31, 2018.