Leases

6 Months Ended

Jul. 31, 2020

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At July 31, 2020, the Company has lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any

periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations, are as follows:

	Three Months Ended						Six Months Ended
	July 31, 2020			July 31, 2019			July 31, 2020			July 31, 2019
Operating lease expense		$	1,548		$	1,701		$	3,234		$	3,310
Variable lease expense			207			159			338			352
Total lease expense		$	1,755		$	1,860		$	3,572		$	3,662

The following table is a summary of future minimum rentals on such leases at July 31, 2020 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2021		$	3,024
2022			5,376
2023			3,669
2024			2,503
2025			1,646
Thereafter			49
Total			16,267
Less:  present value discount			1,357
Operating lease liabilities		$	14,910

At July 31, 2020, the weighted average remaining lease term is 3.3 years and the weighted average discount rate is 5.27% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2020 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
2021		$	5,668
2022			4,958
2023			3,251
2024			2,085
2025			1,228
Thereafter			29
Total			17,219
Less:  present value discount			1,596
Operating lease liabilities		$	15,623

At January 31, 2020, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 5.46% for the above leases.