Net Sales and Revenue

6 Months Ended

Jul. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 3. 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 entered into 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 tables shows disaggregated revenue by product (amounts in thousands):

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Sales of products
Ethanol	$	167,360	$	190,807	$	324,908	$	337,269
Dried distillers grains		31,943		34,261		71,649		66,158
Distillers corn oil		11,419		14,223		24,500		25,325
Modified distillers grains		1,090		2,456		2,656		6,811
Derivative financial instrument gains (losses)		130		(1,474)		860		(1,152)
Other		35		55		118		145
Total	$	211,977	$	240,328	$	424,691	$	434,556