Investments

9 Months Ended

Oct. 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 October 31, 2023 and January 31, 2023 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	October 31, 2023	January 31, 2023
Big River	10.3%	$36,807	$ 33,045

Undistributed earnings of the Company’s equity method investee totaled approximately $16.8 million and approximately $13.0 million at October 31, 2023 and January 31, 2023, respectively. The Company received dividends from its equity method investee of approximately $5.5 million and $3.0 million in the first nine months of fiscal year 2023 and 2022, respectively.

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 October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Net sales and revenue	$	351,390	$	398,838	$	1,128,012	$	1,200,980
Gross profit	$	52,869	$	11,432	$	107,395	$	60,593
Income from continuing operations	$	45,955	$	6,415	$	89,954	$	60,230
Net income	$	45,955	$	6,415	$	89,954	$	60,230

Short-term Investments

At October 31, 2023, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $259.2 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.5%. 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.