INVESTMENTS

12 Months Ended

Jan. 31, 2021

Disclosure Text Block Supplement [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,
	2021		2020
Carrying amount	$	29,456	$	32,464
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 387.7 million gallons of ethanol in the twelve months ended January 31, 2021. The Company recorded income of approximately $0.5 million, $1.4 million and $1.5 million as its share of earnings from Big River during fiscal years 2020, 2019 and 2018, respectively. The Company received dividends of approximately $3.5 million, $1.0 million and $4.0 million from Big River during fiscal years 2020, 2019 and 2018, respectively. At January 31, 2021, the carrying value of the investment in Big River is approximately $29.5 million; the amount of underlying equity in the net assets of Big River is approximately $25.6 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,
	2020		2019
Current assets	$	172,742	$	146,494
Non current assets		178,221		211,235
Total assets	$	350,963	$	357,729
Current liabilities	$	69,259	$	55,552
Long-term liabilities		2,832		-
Total liabilities	$	72,091	$	55,552
Noncontrolling interests	$	30,116	$	33,966

	Years Ended December 31,
	2020		2019		2018
Net sales and revenue	$	736,225	$	823,718	$	802,523
Gross profit	$	18,858	$	30,774	$	33,782
Income from continuing operations	$	4,850	$	13,502	$	14,893
Net income	$	4,850	$	13,502	$	14,893

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, 2021 are approximately $150.0 million; the Company’s proportionate share of restricted net assets of Big River is approximately $15.5 million.

At January 31, 2021, the Company owned certificates of deposit (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $36.2 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.2%. Unrealized gains or losses were insignificant.

At January 31, 2020, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $26.1 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 1.8%. Unrealized gains or losses were insignificant.