Leases

3 Months Ended

Apr. 30, 2021

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At April 30, 2021, 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		Three Months Ended
	April 30, 2021		April 30, 2020
Operating lease expense	$	1,550	$	1,686
Variable lease expense		44		131
Total lease expense	$	1,594	$	1,817

The following table is a summary of future minimum rentals on such leases at April 30, 2021 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2022	$	3,881
2023		3,690
2024		2,524
2025		1,648
2026		49
Total		11,792
Less: present value discount		833
Operating lease liabilities	$	10,959

At April 30, 2021, the weighted average remaining lease term is 2.8 years, and the weighted average discount rate is 5.24% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2021 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
2022	$	5,397
2023		3,690
2024		2,524
2025		1,648
2026		49
Total		13,308
Less:  present value discount		994
Operating lease liabilities	$	12,314

At January 31, 2021, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate was 5.26% for the above leases.