Leases

6 Months Ended

Jul. 31, 2022

Disclosure Text Block [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 4. Leases

At July 31, 2022, the Company had 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 (amounts in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
Operating lease expense	$	1,991	$	1,565	$	3,601	$	3,115
Variable lease expense		271		520		665		564
Total lease expense	$	2,262	$	2,085	$	4,266	$	3,679

The following table is a summary of future minimum rentals on such leases at July 31, 2022 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2023		$	2,438
2024			4,870
2025			3,422
2026			1,249
2027			1,185
Thereafter			713
Total			13,877
Less:  present value discount			1,115
Operating lease liabilities		$	12,762

At July 31, 2022, the weighted average remaining lease term is 2.7 years, and the weighted average discount rate is 4.63% for the above leases.

The following table is a summary of future minimum rentals on such leases at January 31, 2022 (amounts in thousands):

Years Ended January 31,	Minimum Rentals
2023		$	5,015
2024			3,856
2025			2,408
2026			235
2027			171
Total			11,685
Less:  present value discount			695
Operating lease liabilities		$	10,990

At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% for the above leases.