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rex:OneEarthEnergyAndNuGenEnergyMember 2021-02-01 2022-01-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2020-02-01 2021-01-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2023-01-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2022-01-31 0000744187 rex:RefinedCoalMember 2021-02-01 2022-01-31 0000744187 rex:RefinedCoalMember 2020-02-01 2021-01-31 iso4217:USD shares pure utr:gal utr:bu iso4217:USD shares utr:MMBTU utr:T utr:lb 10-K true 2023-01-31 --01-31 001-09097 REX AMERICAN RESOURCES CORPORATION DE 31-1095548 7720 Paragon Road Dayton OH 45459 937 276-3931 Common Stock, $.01 par value REX NYSE No No Yes Yes Accelerated Filer false false true false 493699933 17390019 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Documents Incorporated by Reference</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Portions of REX American Resources Corporation’s definitive Proxy Statement for its Annual Meeting of Shareholders on June 15, 2023 are incorporated by reference into Part III of this Form 10-K.</p> 69612000 229846000 211331000 25877000 1735000 2222000 25162000 25821000 48744000 42225000 2962000 6677000 13098000 12499000 372644000 345167000 135497000 137554000 15214000 11221000 23179000 25853000 33045000 30566000 579579000 550361000 1500 500 34091000 32266000 5180000 4600000 15328000 13617000 54599000 50483000 1097000 3132000 9855000 6390000 3034000 2794000 13986000 12316000 45000000 45000000 29853000 29853000 299000 299000 578000 640826000 611607000 12463000 12092000 193721000 181114000 447982000 430792000 63012000 56770000 510994000 487562000 579579000 550361000 855000000 774802000 372664000 135400000 90200000 54800000 800269000 677242000 353131000 54731000 97560000 19533000 28956000 28476000 17639000 8745000 6624000 500000 12959000 130000 1818000 47479000 75838000 4212000 9542000 19031000 -546000 37937000 56807000 4758000 10240000 9235000 2878000 27697000 47572000 1880000 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SIGNIFICANT ACCOUNTING POLICIES</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Principles of Consolidation – </i></b>The accompanying financial statements consolidate the operating results and financial position of REX American Resources Corporation and its wholly-owned and majority owned subsidiaries (the “Company” or “REX”). All intercompany balances and transactions have been eliminated. As of January 31, 2023, the Company owns interests in three operating entities – two are consolidated and one is accounted for using the equity method of accounting. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. The other consolidated entity has the same fiscal year end as the parent company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Stock Split</i></b><i> – </i>On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Fiscal Year – </i></b>All references in these consolidated financial statements to a particular fiscal year are to the Company’s fiscal year ended January 31. The Company refers to its fiscal year by reference to the year immediately preceding the January 31 fiscal year end date. For example, “fiscal year 2022” means the period February 1, 2022 to January 31, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Segments </i></b>– Beginning in the third quarter of 2021, the Company has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests. Prior period amounts have been reclassified to conform to current segment reporting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Use of Estimates – </i></b>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Cash Equivalents – </i></b>Cash equivalents are principally short-term investments with original maturities of three months or less. The carrying amount of cash equivalents approximates fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Concentrations of Risk </i></b><i>–</i>The Company maintains cash and cash equivalents in accounts with financial institutions which exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company does not believe there is significant credit risk related to its cash and cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company sells its products to a limited number of larger commercial buyers, which may increase the chance of loss due to non-performance by a counterparty. Eight (fiscal year 2022), nine (fiscal year 2021), and seven (fiscal year 2020) customers accounted for approximately 90%, 85%, and 89% of the</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Company’s net sales and revenue during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023 and 2022, four and five customers represented approximately 81% and 82%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Inventory </i></b>– Inventories are carried at the lower of cost or net realizable value. Cost for all inventories is determined using the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products and refined coal. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The company recorded approximately $0.7 and $0.5 million of inventory write-downs in cost of sales at January 31, 2023 and January 31, 2022, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time and commodity prices<b><i>. </i></b>The components of inventory are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Ethanol and other finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">12,695</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">13,158</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,473</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">25,855</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">23,594</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">48,744</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">42,225</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Property and Equipment – </i></b>Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. The components of property and equipment are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 62%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Land and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">30,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">10,255</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,515</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(228,324</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(211,150</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">135,497</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">137,554</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In accordance with ASC 360-05 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company reviews its long-lived assets, consisting of property and equipment, equity method investments and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The Company assesses long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset group is expected to generate. If this total is less than the carrying value of the asset, the Company will then determine the fair value of the asset group. An impairment loss would be recognized in the amount by which the carrying amount of the asset exceeded the fair value of the asset. Significant management judgement is required to determine the fair value of long-lived assets, which includes discounted cash flows. Such estimates could be significantly affected by future changes in market conditions. The Company recorded no impairment charges in fiscal years 2022, 2021, and 2020. During fiscal year 2020, the Company concluded the impact of the COVID-19 pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Depreciation expense was approximately $18.0 million, $18.0 million, and $18.1 million in fiscal years 2022, 2021, and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Investments – </i></b>The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323 “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River using the equity method of accounting and includes the results of Big River on a delayed basis of one month as it has a fiscal year end of December 31.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Short-term investments, consisting of U.S. government obligations and certificates of deposit, are considered held-to-maturity, and therefore are carried at amortized historical cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Revenue Recognition</i></b> – The Company recognizes sales of ethanol, distillers grains and non-food grade corn oil 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Cost of Sales – </i></b>Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>SG&amp;A Expenses – </i></b>The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $6,901,000, $7,321,000, and $3,482,000 in fiscal years 2022, 2021, and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Financial Instruments</i></b> – Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815, because these arrangements are for purchases of grain that will be delivered in quantities expected to be used and sales of ethanol, distillers grains and non-food grade corn oil that will be produced in quantities expected to be sold by us over a reasonable period of time in the normal course of business. During fiscal years 2022, 2021, and 2020 there were no material settlements of forward contracts that were recorded at fair value. The Company recorded an asset and liability of $0.1 million and $0.4 million, respectively, associated with contracts not accounted for under the “normal purchases and normal sales” scope exception of ASC 815 at January 31, 2023. The Company recorded an asset of approximately $1.0 million at January 31, 2022 associated with contracts not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company uses derivative financial instruments (exchange-traded futures contracts and swaps) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn and ethanol. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Stock Compensation </i></b>– The Company has a stock-based compensation plan, approved by its shareholders, which reserved a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity and liability awards in its consolidated financial statements over the requisite service period on a straight-line basis. See Note 10 for a further discussion of restricted stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Other Income </i></b>– <span style="color: black; ">As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations for fiscal year 2022. The Company has no further reporting or other obligations related to the receipt of these funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Income Taxes</i></b> – The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s annual effective tax rate includes the impact of research and experimentation credits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Comprehensive Income</i></b> – The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>New Accounting Pronouncements – </i></b>In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company adopted this update effective February 1, 2022 by providing all disclosures required related to government assistance. The adoption of this update did not materially impact the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Principles of Consolidation – </i></b>The accompanying financial statements consolidate the operating results and financial position of REX American Resources Corporation and its wholly-owned and majority owned subsidiaries (the “Company” or “REX”). All intercompany balances and transactions have been eliminated. As of January 31, 2023, the Company owns interests in three operating entities – two are consolidated and one is accounted for using the equity method of accounting. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. The other consolidated entity has the same fiscal year end as the parent company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 3 2 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Stock Split</i></b><i> – </i>On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Fiscal Year – </i></b>All references in these consolidated financial statements to a particular fiscal year are to the Company’s fiscal year ended January 31. The Company refers to its fiscal year by reference to the year immediately preceding the January 31 fiscal year end date. For example, “fiscal year 2022” means the period February 1, 2022 to January 31, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Segments </i></b>– Beginning in the third quarter of 2021, the Company has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests. Prior period amounts have been reclassified to conform to current segment reporting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Use of Estimates – </i></b>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Cash Equivalents – </i></b>Cash equivalents are principally short-term investments with original maturities of three months or less. The carrying amount of cash equivalents approximates fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Concentrations of Risk </i></b><i>–</i>The Company maintains cash and cash equivalents in accounts with financial institutions which exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company does not believe there is significant credit risk related to its cash and cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company sells its products to a limited number of larger commercial buyers, which may increase the chance of loss due to non-performance by a counterparty. Eight (fiscal year 2022), nine (fiscal year 2021), and seven (fiscal year 2020) customers accounted for approximately 90%, 85%, and 89% of the</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Company’s net sales and revenue during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023 and 2022, four and five customers represented approximately 81% and 82%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 8 9 7 0.90 0.85 0.89 0.81 0.82 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Inventory </i></b>– Inventories are carried at the lower of cost or net realizable value. Cost for all inventories is determined using the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products and refined coal. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The company recorded approximately $0.7 and $0.5 million of inventory write-downs in cost of sales at January 31, 2023 and January 31, 2022, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time and commodity prices<b><i>. </i></b>The components of inventory are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Ethanol and other finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">12,695</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">13,158</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,473</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">25,855</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">23,594</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">48,744</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">42,225</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p> 700000 500000 The components of inventory are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Ethanol and other finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">12,695</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">13,158</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,473</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">25,855</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">23,594</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">48,744</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">42,225</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p> 12695000 13158000 10194000 5473000 25855000 23594000 48744000 42225000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Property and Equipment – </i></b>Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. The components of property and equipment are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 62%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Land and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">30,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">10,255</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,515</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(228,324</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(211,150</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">135,497</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">137,554</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In accordance with ASC 360-05 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> Depreciation is computed using the straight-line method 15 40 years 3 20 years The components of property and equipment are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 62%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%; text-align: left; text-indent: -10pt; padding-left: 10pt">Land and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">30,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">10,255</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,515</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(228,324</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(211,150</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">135,497</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">137,554</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 30194000 27329000 23707000 23617000 299665000 296243000 10255000 1515000 363821000 348704000 228324000 211150000 135497000 137554000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company reviews its long-lived assets, consisting of property and equipment, equity method investments and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The Company assesses long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset group is expected to generate. If this total is less than the carrying value of the asset, the Company will then determine the fair value of the asset group. An impairment loss would be recognized in the amount by which the carrying amount of the asset exceeded the fair value of the asset. Significant management judgement is required to determine the fair value of long-lived assets, which includes discounted cash flows. Such estimates could be significantly affected by future changes in market conditions. The Company recorded no impairment charges in fiscal years 2022, 2021, and 2020. During fiscal year 2020, the Company concluded the impact of the COVID-19 pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Depreciation expense was approximately $18.0 million, $18.0 million, and $18.1 million in fiscal years 2022, 2021, and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 18000000 18000000 18100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Investments – </i></b>The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323 “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River using the equity method of accounting and includes the results of Big River on a delayed basis of one month as it has a fiscal year end of December 31.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Short-term investments, consisting of U.S. government obligations and certificates of deposit, are considered held-to-maturity, and therefore are carried at amortized historical cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p> 0.20 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Revenue Recognition</i></b> – The Company recognizes sales of ethanol, distillers grains and non-food grade corn oil 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Cost of Sales – </i></b>Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>SG&amp;A Expenses – </i></b>The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $6,901,000, $7,321,000, and $3,482,000 in fiscal years 2022, 2021, and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 6901000 7321000 3482000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Financial Instruments</i></b> – Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815, because these arrangements are for purchases of grain that will be delivered in quantities expected to be used and sales of ethanol, distillers grains and non-food grade corn oil that will be produced in quantities expected to be sold by us over a reasonable period of time in the normal course of business. During fiscal years 2022, 2021, and 2020 there were no material settlements of forward contracts that were recorded at fair value. The Company recorded an asset and liability of $0.1 million and $0.4 million, respectively, associated with contracts not accounted for under the “normal purchases and normal sales” scope exception of ASC 815 at January 31, 2023. The Company recorded an asset of approximately $1.0 million at January 31, 2022 associated with contracts not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company uses derivative financial instruments (exchange-traded futures contracts and swaps) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn and ethanol. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 100000 400000 1000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Stock Compensation </i></b>– The Company has a stock-based compensation plan, approved by its shareholders, which reserved a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity and liability awards in its consolidated financial statements over the requisite service period on a straight-line basis. See Note 10 for a further discussion of restricted stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 1650000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Other Income </i></b>– <span style="color: black; ">As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations for fiscal year 2022. The Company has no further reporting or other obligations related to the receipt of these funds.</span></p> 7800000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Income Taxes</i></b> – The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s annual effective tax rate includes the impact of research and experimentation credits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Comprehensive Income</i></b> – The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>New Accounting Pronouncements – </i></b>In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company adopted this update effective February 1, 2022 by providing all disclosures required related to government assistance. The adoption of this update did not materially impact the consolidated financial statements.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">2.</td><td style="text-align: justify">NET SALES AND REVENUE</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><span style="font-weight: normal"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table shows disaggregated revenue by product (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Fiscal Year</b></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; padding-left: 10pt; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt"><span style="text-decoration:underline">Sales of products, continuing operations:</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 67%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Ethanol</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">649,501</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">613,597</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">284,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,774</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,579</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,024)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,109)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,167)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">231</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">349</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">174</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total sales</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">855,000</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">774,802</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">372,664</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="text-decoration:underline">Sales of products, discontinued operations:</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px"><span style="font-size: 10pt">Refined coal¹</span></td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">400</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">182</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">¹Refined 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table shows disaggregated revenue by product (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Fiscal Year</b></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; padding-left: 10pt; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt"><span style="text-decoration:underline">Sales of products, continuing operations:</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 67%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Ethanol</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">649,501</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">613,597</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">284,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,774</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,579</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,024)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,109)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,167)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">231</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">349</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">174</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total sales</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">855,000</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">774,802</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">372,664</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="text-decoration:underline">Sales of products, discontinued operations:</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px"><span style="font-size: 10pt">Refined coal¹</span></td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">400</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">182</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">¹Refined 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.</p> 649501000 613597000 284191000 139118000 125009000 71774000 55595000 38852000 15066000 11579000 9104000 2626000 -1024000 -12109000 -1167000 231000 349000 174000 855000000 774802000 372664000 400000 182000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">3.</td><td style="text-align: justify">INVESTMENTS</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><span style="font-weight: normal"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Equity Method Investment in Big River</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company’s equity method investment in Big River is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%; text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Carrying amount</td><td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 7%; text-align: right; border-bottom: Black 3px double">33,045</td><td style="width: 1%; text-align: left; padding-bottom: 3px"> </td><td style="width: 8%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 7%; text-align: right; border-bottom: Black 3px double">30,566</td><td style="width: 1%; text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Ownership percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10.3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10.3%</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company invested approximately $20.0 million in Big River which is a holding company for several entities. Big River, through its various entities (both wholly and partially owned), operates four ethanol manufacturing facilities, that combined shipped approximately 425.4 million gallons of ethanol in the twelve months ended January 31, 2023. The Company recorded income of approximately $8.7 million, $6.6 million, and $0.5 million as its share of earnings from Big River during fiscal years 2022, 2021, and 2020, respectively. The Company received dividends of approximately $6.3 million, $5.5 million, and $3.5 million from Big River during fiscal years 2022, 2021, and 2020, respectively. At January 31, 2023, the carrying value of the investment in Big River was approximately $33.0 million; the amount of underlying equity in the net assets of Big River was approximately $31.5 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">319,367</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">310,411</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Non current assets</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">151,039</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">146,384</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">470,406</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">456,795</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">118,946</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">131,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Long-term liabilities</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">8,686</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">127,632</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">131,317</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Noncontrolling interests</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">37,326</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">36,786</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Years Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1,509,406</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1,332,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">736,225</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">94,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,858</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">84,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">84,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,850</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2023 are approximately $113.4 million; the Company’s proportionate share of restricted net assets of Big River is approximately $11.7 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Short-term Investments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2022, the Company owned certificates of deposit (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $25.9 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant.</p> The following table summarizes the investment (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%; text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Carrying amount</td><td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 7%; text-align: right; border-bottom: Black 3px double">33,045</td><td style="width: 1%; text-align: left; padding-bottom: 3px"> </td><td style="width: 8%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 7%; text-align: right; border-bottom: Black 3px double">30,566</td><td style="width: 1%; text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Ownership percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10.3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10.3%</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 33045000 30566000 0.103 0.103 20000000 425400000 8700000 6600000 500000 6300000 5500000 3500000 33000000 31500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">319,367</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">310,411</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Non current assets</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">151,039</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">146,384</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">470,406</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">456,795</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">118,946</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">131,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Long-term liabilities</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">8,686</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">127,632</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">131,317</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Noncontrolling interests</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">37,326</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">36,786</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 319367000 310411000 151039000 146384000 470406000 456795000 118946000 131317000 8686000 127632000 131317000 37326000 36786000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Years Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1,509,406</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1,332,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">736,225</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">94,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,858</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">84,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">84,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,850</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 1509406000 1332555000 736225000 94106000 85401000 18858000 84814000 64243000 4850000 84814000 64243000 4850000 113400000 11700000 211300000 0.039 25900000 0.001 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">4.</td><td style="text-align: justify">FAIR VALUE</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company applies ASC 820, “<i>Fair Value Measurements and Disclosures</i>” (“ASC 820”) which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative financial instruments at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: 15pt">Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: 15pt">Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: 15pt">Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs are developed based on the best information available, which may include the Company’s own data.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Financial assets and liabilities measured at fair value at January 31, 2023 on a recurring basis are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Total <br/> Fair<br/> Value</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts asset (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Investment in cooperative (2)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; padding-bottom: 1px; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">354</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">354</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; padding-bottom: 3px; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">185</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">354</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">539</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts liability (5)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Commodity futures (3)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; padding-bottom: 1px; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">67</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">67</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; padding-bottom: 3px; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">422</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">422</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Financial assets and liabilities measured at fair value at January 31, 2022 on a recurring basis are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px; border-bottom: Black 1px solid"><b>Total<br/> Fair <br/> Value</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts asset (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">993</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-18">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">354</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">354</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,347</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Commodity futures (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-19">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 23.4pt"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50.4pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><span style="font-weight: normal">The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. The changes in the balances of the investment in cooperative represent the change in the fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: 0pt"><span style="font-weight: normal">No other financial instruments were elected to be measured at fair value in accordance with ASC 470-20-25-21.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><span style="font-weight: normal"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">There were no assets measured at fair value at January 31, 2023 and 2022 on a non-recurring basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Financial assets and liabilities measured at fair value at January 31, 2023 on a recurring basis are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Total <br/> Fair<br/> Value</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts asset (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Investment in cooperative (2)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; padding-bottom: 1px; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">354</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">354</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; padding-bottom: 3px; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">185</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">354</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">539</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts liability (5)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Commodity futures (3)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; padding-bottom: 1px; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">67</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">67</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; padding-bottom: 3px; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">422</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">422</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Financial assets and liabilities measured at fair value at January 31, 2022 on a recurring basis are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px; border-bottom: Black 1px solid"><b>Total<br/> Fair <br/> Value</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts asset (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">993</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-18">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">354</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">354</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,347</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Commodity futures (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-19">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 23.4pt"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td/><td><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50.4pt; text-align: justify"> </p> 105000 105000 80000 80000 354000 354000 185000 354000 539000 355000 355000 67000 67000 -422000 -422000 993000 993000 354000 354000 993000 354000 1347000 933000 933000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">5.</td><td style="text-align: justify">OTHER ASSETS</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">The components of other noncurrent assets are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">21,964</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">24,914</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,215</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">939</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">23,179</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">25,853</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">The components of other noncurrent assets are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">21,964</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">24,914</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,215</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">939</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">23,179</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">25,853</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 21964000 24914000 1215000 939000 23179000 25853000 <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" width="100%"><tr style="vertical-align: top"> <td style="width: 0"/><td style="width: 24pt">6.</td><td style="text-align: justify">ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">The components of accrued expenses and other current liabilities are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,407</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,297</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">593</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,152</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">435</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,328</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">13,617</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">The components of accrued expenses and other current liabilities are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,407</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,297</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">593</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,152</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">435</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,328</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">13,617</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 4428000 5407000 4116000 4297000 1311000 593000 67000 933000 355000 1850000 1857000 2049000 95000 1152000 435000 15328000 13617000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">7.</td><td style="text-align: justify">LEASES</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company elected the practical expedient, available pursuant to ASC 842, for lessees to include both lease and non-lease components as a single component and account for it as a lease. In general, certain maintenance costs are the responsibility of the Company under its railcar leases. These maintenance costs are a non-lease component which the Company elected to combine with rental payments and account for the total amount as operating lease expense.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, the Company has lease agreements, as lessee, for railcars. All the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The lease term for all the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">For fiscal years 2022 and 2021, the components of lease expense, classified as SG&amp;A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-size: 10pt"><b> Fiscal Year</b></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease expense</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">399</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,907</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,759</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,253</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table is a summary of future minimum rentals on such leases at January 31, 2023 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid; text-align: left">Years Ended January 31,</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Minimum Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 79%; text-align: left; text-indent: -10pt; padding-left: 10pt">2024</td> <td style="width: 9%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,639</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2025</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,450</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2026</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2027</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2028</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; text-align: left">Thereafter</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">617</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Total</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,011</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: present value discount</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,976</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,035</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 5.51% for the above leases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2022, the weighted average remaining lease term was 2.5 years and the weighted average discount rate was 4.85%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">For fiscal years 2022 and 2021, the components of lease expense, classified as SG&amp;A expenses on the Consolidated Statement of Operations are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-size: 10pt"><b> Fiscal Year</b></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease expense</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">399</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,907</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,759</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,253</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 7360000 6346000 399000 1907000 7759000 8253000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table is a summary of future minimum rentals on such leases at January 31, 2023 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid; text-align: left">Years Ended January 31,</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Minimum Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 79%; text-align: left; text-indent: -10pt; padding-left: 10pt">2024</td> <td style="width: 9%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,639</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2025</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,450</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2026</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2027</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2028</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; text-align: left">Thereafter</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">617</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Total</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,011</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: present value discount</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,976</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,035</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> 5639000 4450000 2277000 2229000 1799000 617000 17011000 1976000 15035000 P3Y8M12D 0.0551 P2Y6M 0.0485 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">8.</td><td style="text-align: justify">COMMON STOCK</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">During fiscal years 2022, 2021, and 2020 the Company purchased approximately 472,000 shares, 252,000 shares, and 949,000 shares of its common stock for approximately $13.0 million, $6.6 million, and $19.6 million, respectively. At January 31, 2023, the Company had prior authorization by its Board of Directors to purchase, in open market transactions, an additional approximately 877,000 shares of its common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Information regarding the Company’s common stock is as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b> January 31,</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="width: 53%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Authorized shares</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Issued shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,853</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Outstanding shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,761</td><td style="text-align: left"> </td></tr> </table> 2 472000 252000 949000 13000000 6600000 19600000 877000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">Information regarding the Company’s common stock is as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b> January 31,</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="width: 53%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Authorized shares</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Issued shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,853</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Outstanding shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,761</td><td style="text-align: left"> </td></tr> </table> 45000000 45000000 29853000 29853000 17390000 17761000 <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" width="100%"><tr style="vertical-align: top"> <td style="width: 0"/><td style="width: 24pt">9.</td><td style="text-align: justify">DERIVATIVE FINANCIAL INSTRUMENTS</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements (exchange-traded futures contracts and swaps) and forward purchase (corn) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value at <br/> January 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value at <br/> January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-21">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">933</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (2)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">-</div></td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" width="100%"><tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 24.5pt"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 24.5pt"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 5.2 million bushels and 19.2 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts liabilities are included in accrued</span></td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr> <td style="vertical-align: top; width: 24pt; text-align: justify"> </td> <td style="vertical-align: bottom; width: 24.5pt; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">expenses and other current liabilities. These contracts are for purchases of approximately 12.8 million bushels of corn at January 31, 2023</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">As of January 31, 2023, and 2022, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions owed or owing with the same counterparty. As of January 31, 2023, and 2022 the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of January 31, 2023, and 2022, the Company was required to maintain collateral with the counterparty in the amount of approximately $1,735,000 and $2,222,000, respectively, to secure the Company’s derivative liability position, which has been recorded on the balance sheet as restricted cash. See Note 4 which contains fair value information related to derivative financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company recognized losses (included in cost of sales) on corn and natural gas derivative financial instruments of approximately $12,714,000, $3,427,000, and $5,552,000 in fiscal years 2022, 2021, and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company recognized losses (included in net sales and revenue) on ethanol derivative financial instruments of $1,024,000, $12,109,000 and $1,167,000 in fiscal years 2022, 2021, and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value at <br/> January 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value at <br/> January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-21">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">933</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (2)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">-</div></td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" width="100%"><tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 24.5pt"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively.</span></td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="width: 24pt"/><td style="width: 24.5pt"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 5.2 million bushels and 19.2 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts liabilities are included in accrued</span></td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr> <td style="vertical-align: top; width: 24pt; text-align: justify"> </td> <td style="vertical-align: bottom; width: 24.5pt; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">expenses and other current liabilities. These contracts are for purchases of approximately 12.8 million bushels of corn at January 31, 2023</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p> 80000 67000 933000 105000 993000 355000 3200000 725000 1400000 7400000 5200000 19200000 12800000 1735000 2222000 12714000 3427000 5552000 1024000 12109000 1167000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">10.</td><td style="text-align: justify">EMPLOYEE BENEFITS</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The Company maintains the REX American Resources Corporation 2015 Incentive Plan, approved by its shareholders, which reserved a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Until the current year, the Company had only granted restricted stock awards. In May 2022, the Company issued restricted stock units to certain officers of the Company which vest based on the Company’s Total Shareholder Return (TSR) compared to the TSRs of companies that comprise the Russell 2000 Index over a three-year performance period. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. 1,342,842 shares remain available for issuance under the Plan at January 31, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Restricted Stock Awards</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">As a component of their compensation, restricted stock has been granted to directors and certain employees at the market price of REX common stock on the date of the grant. In addition, one-quarter (one-third prior to 2022) of executives’ incentive compensation is payable by an award of restricted stock based on the then market price of REX common stock. The Company’s board of directors has determined that the grant date will be June 15^th, or the next business day, for all grants of restricted stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023 and 2022, unrecognized compensation cost related to nonvested restricted stock was approximately $450,000 and $97,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table summarizes non-vested restricted stock award activity for fiscal years 2022, 2021, and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td><b> </b></td><td style="padding-bottom: 1px"><b> </b></td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2022</b></td><td style="padding-bottom: 1px"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Date Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 67%; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">19,142</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">472</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2023</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">81,264</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,320</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"><b> </b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="10" style="padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Grant</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Remaining</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap"><b>Date Fair Value</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Vesting Term</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>Shares</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>(in years)</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">37,344</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">900</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">30,167</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">773</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px; text-align: center; padding-left: 10pt"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"><b> </b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="10" style="padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid"><b>2020</b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Grant</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Remaining</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Date Fair Value</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Vesting Term</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>Shares</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>(in years)</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">45,342</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,211</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">59,102</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b><i>Restricted Stock Units (RSUs)</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the three-year performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period. At grant date, the fair value of the RSUs was approximately $2.7 million based on a Monte-Carlo simulation model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, unrecognized compensation cost related to nonvested RSUs was approximately $2.0 million.</p> 1650000 1342842 450000 97000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The following table summarizes non-vested restricted stock award activity for fiscal years 2022, 2021, and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td><b> </b></td><td style="padding-bottom: 1px"><b> </b></td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2022</b></td><td style="padding-bottom: 1px"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Date Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 67%; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">19,142</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">472</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2023</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">81,264</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,320</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"><b> </b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="10" style="padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Grant</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Remaining</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap"><b>Date Fair Value</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Vesting Term</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>Shares</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>(in years)</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">37,344</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">900</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">30,167</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">773</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px; text-align: center; padding-left: 10pt"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td> <td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td><td style="padding-bottom: 3px; text-align: center"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"><b> </b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="10" style="padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid"><b>2020</b></td><td style="padding-bottom: 1px; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Weighted</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Grant</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Average Remaining</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Date Fair Value</b></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>Vesting Term</b></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>Shares</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><b>(in years)</b></td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">45,342</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,211</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">59,102</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 30167 773000 1 70689 2032000 450000 13000 19142 472000 81264 2320000 2 59102 1398000 1 8409 275000 0 0 37344 900000 30167 773000 1 85970 2193000 2 18474 416000 0 0 45342 1211000 59102 1398000 1 67500 2700000 2000000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 24pt">11.</td><td style="text-align: justify">COMMITMENTS </td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><span style="font-weight: normal"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, One Earth and NuGen had combined forward purchase contracts for approximately 18.0 million bushels of corn, the principal raw material for their ethanol plants and they had combined forward purchase contracts for approximately 2.7 MmBtu of natural gas.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, One Earth and NuGen had combined sales commitments for approximately 46.5 million gallons of ethanol, 101,000 tons of distillers grains and 9.9 million pounds of non-food grade corn oil.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">At January 31, 2023, One Earth had signed contracts in place for capital projects of approximately $29.3 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">One Earth has entered into a 10-year agreement in 2009 with an unrelated party for the use of a portion of that party’s natural gas pipeline. A new 15-year agreement, with monthly payments of $29,250 was effective February 1, 2019. One Earth paid approximately $351,000 in fiscal years 2022, 2021, and 2020 pursuant to the agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">One Earth and NuGen each have a contract with an unrelated party (“Distillers Grains Marketers”) for distillers grains marketing services. Under the terms of the contracts, the Distillers Grains Marketers will purchase all of One Earth’s and NuGen’s distillers grains production during the term of the contracts. The contracts call for One Earth and NuGen to pay a fee per ton of distillers grains sold for the Distillers Grains Marketers’ services. The terms of the agreements are for one year and renew automatically for additional one-year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 90 days prior to the expiration of the then current term of the agreement. One Earth and NuGen combined incurred fees of approximately $1,159,000, $1,190,000, and $841,000 in fiscal years 2022, 2021, and 2020, respectively, for these marketing services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify">The refined coal entity had various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company was required to pay various fees. These fees totaled approximately $5,404,000 and $2,500,000 in fiscal years 2021 and 2020.</p> 18000000 2.7 46500000 101000 9900000 29300000 P10Y P15Y 29250 351000 351000 351000 1159000 1190000 841000 5404000 2500000 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>12.</b></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>INCOME TAXES</b></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The provision for income taxes for fiscal years 2022, 2021, and 2020 consist of the following (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Federal:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 55%; padding-left: 10pt">Current</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,450</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,323</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 10pt">Deferred</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,925</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">12,064</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1,850</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">7,410</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">16,514</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(527</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">State and Local:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 10pt">Deferred</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(2,035</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(581</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(621</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,132</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,517</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(19</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Provision (benefit) for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">9,542</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">19,031</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">(546</td><td style="padding-bottom: 3px; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 70%; text-align: left; padding-left: 10pt">General business credit carryforward</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,061</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">39,199</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">582</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">State net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Other items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(192</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(213</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Total</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">26,980</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">40,117</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Basis in pass through entities, including depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,821</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,995</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(292</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(340</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Total</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(6,113</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(18,335</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Net deferred tax asset</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">20,867</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">21,782</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company has a general business credit carryforward of approximately $26.1 million and $39.2 million at January 31, 2023 and 2022, respectively. The Company can carry these credits forward for up to twenty years. The carryforward period begins to expire in fiscal year 2038.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">The Company has a valuation allowance of approximately $192,000 and $213,000 at January 31, 2023 and 2022, respectively, related to state net operating loss carryforwards. The Company decreased the </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">valuation allowance by $21,000 in fiscal year 2022. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. There is sufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Through its refined coal operation, the Company earned production tax credits pursuant to IRC Section 45. The Company ceased operation of its refined coal business on November 18, 2021. The credits can be used to reduce future income tax liabilities for up to 20 years. These credits increased the income tax benefit from discontinued operations by approximately $11.3 million and $5.2 million during fiscal years 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">During fiscal years 2022, 2021, and 2020, the Company recognized an income tax benefit (provision) for federal and state research and experimentation credits (net of uncertain tax position expense) of approximately $0.4 million, $(3.0) million, and $0.9 million, respectively. The credits can be used to reduce future income tax liabilities for up to 20 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company paid income taxes of approximately $2,795,000, $7,239,000, and $1,274,000 in fiscal years 2022, 2021, and 2020, respectively. The Company received refunds of income taxes of approximately $655,000 in fiscal year 2020. The Company did not receive any refunds in fiscal years 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Reconciliations of the federal statutory tax and the Company’s income tax (benefit) expense for fiscal years 2022, 2021, and 2020 are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; text-align: left">Federal income tax at statutory rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,926</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">885</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">State and local taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Research and experimentation credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,184</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,008</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,340</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Noncontrolling interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,523</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,231</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(707</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">630</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(216</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">88</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-top: 0">Total</td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">9,542</td><td style="padding-bottom: 0; text-align: left; padding-top: 0"> </td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">19,031</td><td style="padding-bottom: 0; text-align: left; padding-top: 0"> </td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">(546</td><td style="padding-bottom: 2px; text-align: left; padding-top: 0">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2023, total unrecognized tax benefits were approximately $19,033,000, and accrued penalties and interest were approximately $55,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18,925,000. In addition, the impact</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fiscal Year</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Unrecognized tax benefits, beginning of year</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for tax positions for prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for tax positions for current year</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,142</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,554</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">19,088</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,781</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The provision for income taxes for fiscal years 2022, 2021, and 2020 consist of the following (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Federal:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 55%; padding-left: 10pt">Current</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,450</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,323</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 10pt">Deferred</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,925</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">12,064</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1,850</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">7,410</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">16,514</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(527</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">State and Local:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 10pt">Deferred</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(2,035</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(581</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(621</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,132</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,517</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(19</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Provision (benefit) for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">9,542</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">19,031</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">(546</td><td style="padding-bottom: 3px; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 4485000 4450000 1323000 2925000 12064000 -1850000 7410000 16514000 -527000 4167000 3098000 602000 -2035000 -581000 -621000 2132000 2517000 -19000 9542000 19031000 -546000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 70%; text-align: left; padding-left: 10pt">General business credit carryforward</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,061</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">39,199</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">582</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">State net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Other items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(192</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(213</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Total</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">26,980</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">40,117</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Basis in pass through entities, including depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,821</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,995</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; padding-left: 10pt">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(292</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(340</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Total</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(6,113</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(18,335</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Net deferred tax asset</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">20,867</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">21,782</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 26061000 39199000 627000 582000 244000 269000 240000 280000 192000 213000 26980000 40117000 5821000 17995000 292000 340000 6113000 18335000 20867000 21782000 26100000 39200000 192000 213000 21000 11300000 5200000 400000 -3000000 900000 2795000 7239000 1274000 655000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Reconciliations of the federal statutory tax and the Company’s income tax (benefit) expense for fiscal years 2022, 2021, and 2020 are as follows (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; text-align: left">Federal income tax at statutory rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,926</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">885</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">State and local taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Research and experimentation credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,184</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,008</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,340</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Noncontrolling interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,523</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,231</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(707</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">630</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(216</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">88</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-top: 0">Total</td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">9,542</td><td style="padding-bottom: 0; text-align: left; padding-top: 0"> </td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">19,031</td><td style="padding-bottom: 0; text-align: left; padding-top: 0"> </td><td style="padding-bottom: 0; padding-top: 0"> </td> <td style="border-bottom: Black 3px double; text-align: left; padding-top: 0; padding-bottom: 0">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-top: 0; padding-bottom: 0">(546</td><td style="padding-bottom: 2px; text-align: left; padding-top: 0">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 9971000 15926000 885000 1725000 2396000 150000 2542000 5184000 2008000 2281000 8340000 1046000 2523000 2231000 707000 630000 -216000 88000 9542000 19031000 -546000 19033000 55000 -18925000 A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fiscal Year</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Unrecognized tax benefits, beginning of year</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for tax positions for prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for tax positions for current year</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,142</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,554</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">19,088</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,781</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 16781000 8400000 165000 3827000 2142000 4554000 19088000 16781000 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">13.</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">CONTINGENCIES</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluation of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated financial statements. The Company recorded a liability of $250,000 at January 31, 2023 as a probable and reasonably estimable loss associated with a legal contingency for a patent infringement case involving our refined coal facility which is no longer in operation. There were no liabilities recorded at January 31, 2022 as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies.</p> 250000 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>14.</b></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>DISCONTINUED OPERATIONS </b></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operations of the refined coal business have been recognized as discontinued operations. There were no amounts reclassified as discontinued operations in fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal years 2021 and 2020 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Net sales and revenue¹</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">400</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Cost of Sales</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">8,602</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">5,854</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Gross loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,202)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,672)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">698</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">22</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,900)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,694)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Benefit for income taxes</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13,295</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">6,554</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net income from discontinued operations, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">860</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Net loss attributable to noncontrolling interests²</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">397</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">261</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net income attributable to REX common shareholders</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,792</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,121</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">¹Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">²Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">As of January 31, 2023 and 2022, there were no amounts on the balance sheet reclassified to discontinued operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal years 2021 and 2020 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Net sales and revenue¹</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">400</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Cost of Sales</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">8,602</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">5,854</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Gross loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,202)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,672)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">698</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">22</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,900)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,694)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Benefit for income taxes</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13,295</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">6,554</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net income from discontinued operations, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">860</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Net loss attributable to noncontrolling interests²</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">397</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">261</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net income attributable to REX common shareholders</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,792</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,121</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">¹Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">²Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </p> 400000 182000 8602000 5854000 -8202000 -5672000 698000 22000 -8900000 -5694000 -13295000 -6554000 4395000 860000 -397000 -261000 4792000 1121000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; text-align: justify; text-indent: 0pt; font: bold 10pt Times New Roman, Times, Serif">15.</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">QUARTERLY UNAUDITED INFORMATION</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="14" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><b>Quarters Ended<br/> (In Thousands, Except Per Share Amounts)</b></td><td style="padding-bottom: 1px; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>April 30,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>July 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>October 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>January 31,<br/> 2023</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; padding-left: 10pt; text-indent: -10pt">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">194,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">240,328</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">220,277</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">200,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income from continuing operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,168</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; "> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="14" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><b>Quarters Ended<br/> (In Thousands, Except Per Share Amounts)</b></td><td style="padding-bottom: 1px; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; "> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>April 30,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>July 31,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>October 31,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>January 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 40%">Net sales and revenue</td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">164,042</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">195,678</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">203,066</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">212,016</td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,777</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income from continuing operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,917</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders (continuing operations)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,710</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders (discontinued operations)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">515</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,426</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (continuing operations) (a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (discontinued operations) (a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.43</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.20</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt"> </td> <td style="vertical-align: top; width: 24pt; font: 10pt Times New Roman, Times, Serif">a)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify">The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year.  </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="14" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><b>Quarters Ended<br/> (In Thousands, Except Per Share Amounts)</b></td><td style="padding-bottom: 1px; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>April 30,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>July 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>October 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>January 31,<br/> 2023</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; padding-left: 10pt; text-indent: -10pt">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">194,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">240,328</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">220,277</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">200,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income from continuing operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,168</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 24pt"> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; "> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="14" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><b>Quarters Ended<br/> (In Thousands, Except Per Share Amounts)</b></td><td style="padding-bottom: 1px; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; "> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>April 30,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>July 31,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>October 31,<br/> 2021</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><b>January 31,<br/> 2022</b></td><td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 40%">Net sales and revenue</td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">164,042</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">195,678</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">203,066</td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">212,016</td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,777</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income from continuing operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,917</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders (continuing operations)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,710</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders (discontinued operations)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">515</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Net income attributable to REX common shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,426</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (continuing operations) (a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (discontinued operations) (a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.01</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Basic and diluted net income per share attributable to REX common shareholders (a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.43</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.20</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt"> </td> <td style="vertical-align: top; width: 24pt; font: 10pt Times New Roman, Times, Serif">a)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify">The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year.  </td></tr> </table> 194228000 240328000 220277000 200167000 11912000 16584000 11336000 14899000 6986000 14885000 4898000 11168000 5182000 11170000 3184000 8161000 0.29 0.63 0.18 0.47 164042000 195678000 203066000 212016000 19477000 14154000 25152000 38777000 7963000 8039000 14888000 25917000 7269000 5710000 13326000 21267000 515000 2166000 1952000 159000 7784000 7876000 15278000 21426000 0.4 0.32 0.74 1.19 0.03 0.12 0.11 0.01 0.43 0.44 0.85 1.2 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; text-indent: 0pt; font: bold 10pt Times New Roman, Times, Serif">16.</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">RELATED PARTIES</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">During fiscal years 2022, 2021, and 2020, One Earth and NuGen, combined, purchased approximately $135.4 million, $90.2 million, and $54.8 million, respectively, of corn and other supplies from minority equity investors. The Company had amounts payable to related parties of approximately $1.5 million and $0.5 million at January 31, 2023 and 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">During fiscal years 2021 and 2020, the Company recognized (reduced) commission expense of approximately $0.3 million, $(0.2) million, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business, and as such, there was no commission expense recorded in fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">During fiscal year 2021, the Company received approximately $0.3 million in capital contributions from the minority investor in the refined coal entity. The Company did not receive capital contributions related to the refined coal entity in fiscal year 2022.</p> 135400000 90200000 54800000 1500000 500000 300000 -200000 300000 Deloitte and Touche LLP Dayton, Ohio 34 false FY 2022 false 0000744187 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. The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. Commodity futures assets are included in prepaid expenses and other. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels, respectively at January 31, 2023. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 1.4 million bushels and 7.4 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 5.2 million bushels and 19.2 million bushels of corn at January 31, 2023 and 2022, respectively. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 12.8 million bushels of corn at January 31, 2023 Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold. Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits.