SEGMENT REPORTING

12 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. SEGMENT REPORTING

The Company has two segments: ethanol and by-products and refined coal. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. Segment profitability measures are determined using the same accounting policies used in the preparation of the consolidated financial statements.

The following tables summarize segment and other results and assets (amounts in thousands):

	Fiscal Year
	2020		2019		2018
Net sales and revenue:
Ethanol and by-products	$	372,664	$	417,700	$	485,885
Refined coal 1		182		334		786
Total net sales and revenue	$	372,846	$	418,034	$	486,671
Segment gross profit (loss):
Ethanol and by-products	$	19,533	$	20,402	$	43,856
Refined coal		(5,672)		(7,917)		(13,641)
Total gross profit	$	13,861	$	12,485	$	30,215
(Loss) income before income taxes:
Ethanol and by-products	$	6,696	$	8,469	$	31,545
Refined coal		(5,826)		(7,778)		(15,204)
Corporate and other		(2,352)		(1,860)		(1,753)
Total (loss) income before income taxes	$	(1,482)	$	(1,169)	$	14,588
Benefit (provision) for income taxes:
Ethanol and by-products	$	(31)	$	1,528	$	(2,343)
Refined coal		6,554		10,828		24,674
Corporate and other		577		457		591
Total benefit for income taxes	$	7,100	$	12,813	$	22,922
Net income attributable to REX common shareholders:
Ethanol and by-products	$	3,788	$	5,439	$	23,346
Refined coal		988		3,391		10,148
Corporate and other		(1,775)		(1,403)		(1,849)
Net income attributable to REX common shareholders	$	3,001	$	7,427	$	31,645

¹ Sales in the refined coal segment are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.

	Fiscal Year
	2020		2019		2018
Sales of products, ethanol and by-products segment:
Ethanol	$	284,191	$	321,434	$	368,319
Dried distillers grains		71,774		71,755		85,417
Non-food grade corn oil		15,066		17,135		20,097
Modified distillers grains		2,626		7,240		11,950
Derivative financial instruments losses		(1,167)		-		-
Other		174		136		102
Total sales	$	372,664	$	417,700	$	485,885
Sales of products, refined coal segment:
Refined coal	$	182	$	334	$	786
Interest income:
Ethanol and by-products	$	675	$	2,949	$	2,460
Refined coal		-		-		-
Corporate and other		289		1,171		1,054
Total interest income	$	964	$	4,120	$	3,514
Depreciation expense:
Ethanol and by-products	$	18,081	$	20,182	$	22,004
Refined coal		2,790		2,790		2,784
Corporate and other		35		35		40
Total depreciation expense	$	20,906	$	23,007	$	24,828
Equity in income of unconsolidated affiliates:
Ethanol and by-products	$	500	$	1,392	$	1,536
Refined coal		-		-		-
Corporate and other		-		-		-
Total equity in income of unconsolidated affiliates	$	500	$	1,392	$	1,536

	January 31,
Assets:	2021		2020
Ethanol and by-products	$	397,281	$	408,746
Refined coal		2,861		6,101
Corporate and other		79,203		85,655
Total assets	$	479,345	$	500,502
Additions to property and equipment:
Ethanol and by-products	$	10,409	$	3,776
Refined coal		-		-
Corporate and other		3		-
Total additions to property and equipment	$	10,412	$	3,776

All of the Company’s sales are in the domestic market. The Company’s customers make all decisions with regard to where products they purchase from the Company are distributed.