Investments

6 Months Ended

Jul. 31, 2023

Disclosure Text Block Supplement [Abstract]

Investment [Text Block]

Note 10. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at July 31, 2023 and January 31, 2023 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	July 31, 2023	January 31, 2023
Big River	10.3%	$37,582	$33,045

Undistributed earnings of the Company’s equity method investee totaled approximately $17.6 million and approximately $13.0 million at July 31, 2023 and January 31, 2023, respectively. The Company did not receive any dividends from its equity method investee in the first six months of fiscal year 2023 or 2022.

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Net sales and revenue	$	402,119	$	450,396	$	776,622	$	802,142
Gross profit	$	36,973	$	27,137	$	54,525	$	49,161
Income from continuing operations	$	29,552	$	34,891	$	43,999	$	53,816
Net income	$	29,552	$	34,891	$	43,999	$	53,816

Short-term Investments

At July 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $182.2 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.1%. Unrealized gains or losses were insignificant.

At January 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $211.3 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.9%. Unrealized gains or losses were insignificant.