Net Sales and Revenue

9 Months Ended

Oct. 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 October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Ethanol	$	170,194	$	165,135	$	495,103	$	502,404
Dried distillers grains		34,983		38,009		106,632		104,167
Distillers corn oil		14,756		14,648		39,257		39,973
Modified distillers grains		1,159		2,477		3,814		9,288
Derivative financial instrument (losses) gains		(20)		8		840		(1,144)
Other		7		-		124		145
Total	$	221,079	$	220,277	$	645,770	$	654,833