NET SALES AND REVENUE

12 Months Ended

Jan. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

2. NET SALES AND REVENUE

The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.

The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.

The following table shows disaggregated revenue by product (amounts in thousands):

	Fiscal Year
	2022		2021		2020
Sales of products, continuing operations:
Ethanol	$	649,501	$	613,597	$	284,191
Dried distillers grains		139,118		125,009		71,774
Non-food grade corn oil		55,595		38,852		15,066
Modified distillers grains		11,579		9,104		2,626
Derivative financial instruments losses		(1,024)		(12,109)		(1,167)
Other		231		349		174
Total sales	$	855,000	$	774,802	$	372,664
Sales of products, discontinued operations:
Refined coal1	$	-	$	400	$	182

¹ Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the same customer to which the processed refined coal was sold.