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Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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, 2024, 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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. 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Prior period amounts have been reclassified to conform to current segment reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">In applying the criteria set forth in ASC 280,<i> Segment Reporting</i>, 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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. 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The Company has not experienced any significant losses in such accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Trade Receivables — </i></b>Trade receivables are recorded at their estimated net realizable value. Accounts are considered past due if payment is not received on a timely basis in accordance with the Company’s credit terms. Accounts considered uncollectible are written off in the period they are determined to be uncollectible. 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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 $0.8 million and $0.7 million of inventory write-downs in cost of sales at January 31, 2024 and January 31, 2023, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time and commodity prices<b><i>. </i></b>The components of inventory are as follows (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; 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font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Ethanol and other finished goods</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,102</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,695</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Work in process</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,194</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,583</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,855</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,984</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">48,744</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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 machinery, fixtures and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">The components of property and equipment are as follows (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Land and improvements</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">32,403</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">30,194</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Buildings and improvements</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,810</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,707</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Machinery, equipment and fixtures</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">307,326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">299,665</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Construction in progress</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,334</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,255</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">400,873</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">363,821</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Less: accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(245,286</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(228,324</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">155,587</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">135,497</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In accordance with ASC 360-05, <i>Impairment or Disposal of Long-Lived Assets</i>, 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 2023, 2022, and 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">Depreciation expense was approximately $17.8 million, $18.0 million, and $18.0 million in fiscal years 2023, 2022, and 2021, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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>(“ASC 323”), 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt">Short-term investments, consisting of U.S. government obligations, are considered held-to-maturity, and therefore are carried at amortized historical cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Revenue Recognition</i></b> – The Company recognizes sales of ethanol, distillers grains and distillers 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Cost of Sales – </i></b>Cost of sales includes depreciation, costs of raw materials, third-party 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>SG&amp;A Expenses – </i></b>The Company includes non-production related costs such as professional fees, selling charges, operating lease expense, and certain payroll in SG&amp;A expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Change in Accounting Principles– </i></b>Effective<span style="color: black; background-color: white"> during fiscal year 2023, the Company changed the method of accounting for shipping and handling costs for products sold to customers from recorded within “Selling, general and administrative expenses” to recorded within “Cost of sales” on the accompanying Consolidated Statements of Operations. While both presentations are allowable under accounting principles generally accepted in the United States of America, the Company believes that this change in classification is preferable because it improves the comparability of gross margin between periods and among industry peers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">The following tables show the effect of the retrospective change to the Consolidated Statements of Operations previously presented:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>Year Ended<br/> January 31, 2023</b></span></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Previously<br/> Reported</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Effect of<br/> Change</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Currently<br/> Reported</b></span></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Cost of sales</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">800,269</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">806,398</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Gross profit</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">54,731</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">(6,129)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt"> </span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">48,602</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%"><span style="font-size: 10pt">Selling, general and administrative</span></td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(28,956)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(22,827)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt"> </span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><b>Year Ended<br/> January 31, 2022</b></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Previously<br/> Reported</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>Effect of<br/> Change</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Currently<br/> Reported</b></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Cost of sales</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">677,242</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">684,173</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Gross profit</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">97,560</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">(6,931)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">90,629</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%">Selling, general and administrative</td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(28,476)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(21,545)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Financial Instruments</i></b> – Certain of the forward corn purchase and ethanol, distillers grains and distillers corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815, <i>Derivatives and Hedging </i>(“ASC 815”)<i>,</i> 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 distillers 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 2023, 2022, and 2021 there were no material settlements of forward contracts that were recorded at fair value. The Company recorded an asset and liability of $0.6 million and $0.8 million, respectively, associated with contracts not accounted for under the “normal purchases and normal sales” scope exception of ASC 815 at January 31, 2024. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Other Income </i></b>– <span style="color: black; background-color: white">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. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="background-color: white">Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $1.0 million and $7.8 million from this program in fiscal years 2023 and 2022, respectively, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations. 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b><i>New Accounting Pronouncements – </i></b>In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure”, which improves reportable segment disclosure requirements through enhanced disclosure about significant segment expenses. This ASU is effective for public entities that are required to report segment information in accordance with Topic 280 for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for all entities that are subject to Topic 740 for fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted, but not required. The Company is currently evaluating the impact of this ASU.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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, 2024, 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> 3 2 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; 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 2023” means the period February 1, 2023 to January 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify">In applying the criteria set forth in ASC 280,<i> Segment Reporting</i>, 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> 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; 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.<i> </i>Nine (fiscal year 2023), eight (fiscal year</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">2022), and nine (fiscal year 2021) customers accounted for approximately 92%, 90%, and 85% of the Company’s net sales and revenue during fiscal years 2023, 2022, and 2021, respectively. At January 31, 2024 and 2023, six and four customers represented approximately 93% and 81%, respectively, of the Company’s accounts receivable balance. The Company has not experienced any significant losses in such accounts.</p> 9 8 9 0.92 0.90 0.85 0.93 0.81 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Trade Receivables — </i></b>Trade receivables are recorded at their estimated net realizable value. Accounts are considered past due if payment is not received on a timely basis in accordance with the Company’s credit terms. Accounts considered uncollectible are written off in the period they are determined to be uncollectible. As of January 31, 2024 and 2023, the Company believes that all amounts are collectible and an allowance for credit losses was not considered necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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-product. 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 $0.8 million and $0.7 million of inventory write-downs in cost of sales at January 31, 2024 and January 31, 2023, 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><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Ethanol and other finished goods</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,102</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,695</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Work in process</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,194</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,583</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,855</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,984</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">48,744</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 800000 700000 The components of inventory are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Ethanol and other finished goods</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,102</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,695</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Work in process</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,194</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,583</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,855</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,984</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">48,744</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 9102000 12695000 5299000 10194000 12583000 25855000 26984000 48744000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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 machinery, fixtures and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">The components of property and equipment are as follows (amounts in thousands):</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Land and improvements</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">32,403</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">30,194</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Buildings and improvements</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,810</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,707</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Machinery, equipment and fixtures</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">307,326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">299,665</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Construction in progress</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,334</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,255</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">400,873</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">363,821</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Less: accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(245,286</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(228,324</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">155,587</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">135,497</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> P15Y P40Y P3Y P20Y The components of property and equipment are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; margin-left: 23.75pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">January 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2024</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Land and improvements</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">32,403</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">30,194</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Buildings and improvements</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,810</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,707</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Machinery, equipment and fixtures</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">307,326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">299,665</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Construction in progress</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,334</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,255</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">400,873</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">363,821</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px">Less: accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(245,286</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(228,324</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">155,587</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">135,497</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 32403000 30194000 23810000 23707000 307326000 299665000 37334000 10255000 400873000 363821000 245286000 228324000 155587000 135497000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In accordance with ASC 360-05, <i>Impairment or Disposal of Long-Lived Assets</i>, 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 2023, 2022, and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">Depreciation expense was approximately $17.8 million, $18.0 million, and $18.0 million in fiscal years 2023, 2022, and 2021, respectively.</p> 17800000 18000000 18000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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>(“ASC 323”), 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: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt">Short-term investments, consisting of U.S. government obligations, are considered held-to-maturity, and therefore are carried at amortized historical cost.</p> 0.20 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Revenue Recognition</i></b> – The Company recognizes sales of ethanol, distillers grains and distillers 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: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Cost of Sales – </i></b>Cost of sales includes depreciation, costs of raw materials, third-party 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: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>SG&amp;A Expenses – </i></b>The Company includes non-production related costs such as professional fees, selling charges, operating lease expense, and certain payroll in SG&amp;A expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Change in Accounting Principles– </i></b>Effective<span style="color: black; background-color: white"> during fiscal year 2023, the Company changed the method of accounting for shipping and handling costs for products sold to customers from recorded within “Selling, general and administrative expenses” to recorded within “Cost of sales” on the accompanying Consolidated Statements of Operations. While both presentations are allowable under accounting principles generally accepted in the United States of America, the Company believes that this change in classification is preferable because it improves the comparability of gross margin between periods and among industry peers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">The following tables show the effect of the retrospective change to the Consolidated Statements of Operations previously presented:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>Year Ended<br/> January 31, 2023</b></span></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Previously<br/> Reported</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Effect of<br/> Change</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Currently<br/> Reported</b></span></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Cost of sales</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">800,269</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">806,398</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Gross profit</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">54,731</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">(6,129)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt"> </span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">48,602</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%"><span style="font-size: 10pt">Selling, general and administrative</span></td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(28,956)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(22,827)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt"> </span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><b>Year Ended<br/> January 31, 2022</b></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Previously<br/> Reported</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>Effect of<br/> Change</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Currently<br/> Reported</b></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Cost of sales</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">677,242</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">684,173</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Gross profit</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">97,560</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">(6,931)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">90,629</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%">Selling, general and administrative</td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(28,476)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(21,545)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td></tr> </table> The following tables show the effect of the retrospective change to the Consolidated Statements of Operations previously presented:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>Year Ended<br/> January 31, 2023</b></span></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Previously<br/> Reported</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Effect of<br/> Change</b></span></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-size: 10pt"><b>As Currently<br/> Reported</b></span></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Cost of sales</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">800,269</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">806,398</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Gross profit</span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">54,731</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">(6,129)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt"> </span></td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right"><span style="font-size: 10pt">48,602</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%"><span style="font-size: 10pt">Selling, general and administrative</span></td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(28,956)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">6,129</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%"><span style="font-size: 10pt">(22,827)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"><span style="font-size: 10pt"> </span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 23.75pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="11" style="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><b>Year Ended<br/> January 31, 2022</b></td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Previously<br/> Reported</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>Effect of<br/> Change</b></td> <td> </td> <td style="padding: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><b>As Currently<br/> Reported</b></td> <td> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Cost of sales</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">677,242</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">684,173</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif">Gross profit</td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">97,560</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">(6,931)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td> <td style="padding: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right">90,629</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding: 0pt"> </td> <td colspan="3" style="padding: 0pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 70%">Selling, general and administrative</td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(28,476)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">6,931</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td> <td style="padding: 0pt; width: 5%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: right; width: 3%">(21,545)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; width: 1%"> </td></tr> </table> 800269000 6129000 806398000 54731000 -6129000 48602000 -28956000 6129000 -22827000 677242000 6931000 684173000 97560000 -6931000 90629000 -28476000 6931000 -21545000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Financial Instruments</i></b> – Certain of the forward corn purchase and ethanol, distillers grains and distillers corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815, <i>Derivatives and Hedging </i>(“ASC 815”)<i>,</i> 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 distillers 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 2023, 2022, and 2021 there were no material settlements of forward contracts that were recorded at fair value. The Company recorded an asset and liability of $0.6 million and $0.8 million, respectively, associated with contracts not accounted for under the “normal purchases and normal sales” scope exception of ASC 815 at January 31, 2024. 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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> 600000 800000 100000 400000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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> 1650000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Other Income </i></b>– <span style="color: black; background-color: white">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. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="background-color: white">Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $1.0 million and $7.8 million from this program in fiscal years 2023 and 2022, respectively, which was recorded within “Interest and other income, net” in the Consolidated Statements of Operations. The Company has no further reporting or other obligations related to the receipt of these funds.</span></p> 1000000 7800000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 22.5pt; text-align: justify"><b><i>New Accounting Pronouncements – </i></b>In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure”, which improves reportable segment disclosure requirements through enhanced disclosure about significant segment expenses. This ASU is effective for public entities that are required to report segment information in accordance with Topic 280 for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for all entities that are subject to Topic 740 for fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted, but not required. The Company is currently evaluating the impact of this ASU.</p> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 23.75pt">2.</td><td style="text-align: justify">NET SALES AND REVENUE</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fiscal Year</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify">Sales of products, continuing operations:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="width: 70%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Ethanol</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">635,420</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">649,501</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">613,597</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Dried distillers grains</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">139,173</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">139,118</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">125,009</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Distillers corn oil</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">52,935</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">55,595</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">38,852</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Modified distillers grains</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,584</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,579</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,104</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Derivative financial instruments losses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(37)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,024)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,109)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Other</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">309</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">231</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">349</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total sales</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">833,384</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">855,000</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">774,802</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Sales of products, discontinued operations:</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding-top: 0pt; text-align: justify; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Refined coal¹</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">—</div></td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-23">—</div></td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">400</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">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> The following table shows disaggregated revenue by product (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fiscal Year</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify">Sales of products, continuing operations:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="width: 70%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Ethanol</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">635,420</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">649,501</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif">613,597</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Dried distillers grains</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">139,173</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">139,118</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">125,009</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Distillers corn oil</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">52,935</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">55,595</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">38,852</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Modified distillers grains</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,584</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,579</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,104</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Derivative financial instruments losses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(37)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,024)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,109)</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Other</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">309</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">231</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">349</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total sales</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">833,384</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">855,000</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">774,802</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Sales of products, discontinued operations:</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding-top: 0pt; text-align: justify; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Refined coal¹</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">—</div></td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-23">—</div></td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">400</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">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> 635420000 649501000 613597000 139173000 139118000 125009000 52935000 55595000 38852000 5584000 11579000 9104000 -37000 -1024000 -12109000 309000 231000 349000 833384000 855000000 774802000 400000 <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 23.75pt">3.</td><td style="text-align: justify">INVESTMENTS</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b><i>Equity Method Investment in Big River</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; 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: 11pt; 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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; font-size: 11pt; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%; text-align: justify; padding-bottom: 3px">Carrying amount</td><td style="width: 5%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 7%; border-bottom: Black 3px double; text-align: right">34,936</td><td style="width: 1%; padding-bottom: 3px; text-align: left"> </td><td style="width: 5%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 7%; border-bottom: Black 3px double; text-align: right">33,045</td><td style="width: 1%; padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; font-size: 11pt; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Ownership percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3%</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; 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 430.0 million gallons of ethanol in the twelve months ended January 31, 2024. The Company recorded income of approximately $13.9 million, $8.7 million, and $6.6 million as its share of earnings from Big River during fiscal years 2023, 2022, and 2021, respectively. The Company received dividends of approximately $12.0 million, $6.3 million, and $5.5 million from Big River during fiscal years 2023, 2022, and 2021, respectively. At January 31, 2024, the carrying value of the investment in Big River was approximately $34.9 million; the amount of underlying equity in the net assets of Big River was approximately $36.6 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; 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: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left; font: 10pt Times New Roman, Times, Serif">Current assets</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">351,278</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">319,367</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Non current assets</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">144,933</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">151,039</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total assets</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">496,211</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">470,406</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Current liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">98,187</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">118,946</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Long-term liabilities</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,559</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,686</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total liabilities</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">105,746</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">127,632</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Members’ capital</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">355,385</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">305,447</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Noncontrolling interests</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">35,080</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,326</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total members’ equity</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">390,465</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">342,773</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 49%; text-align: left; font: 10pt Times New Roman, Times, Serif">Net sales and revenue</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,379,651</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,509,406</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,332,555</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Gross profit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">160,549</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">94,106</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">85,401</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Depreciation expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">26,142</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">27,752</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">34,258</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Income from continuing operations</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">135,012</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">84,814</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">64,243</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Net income</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">135,012</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">84,814</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">64,243</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; 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, 2024 are approximately $110.3 million; the Company’s proportionate share of restricted net assets of Big River is approximately $11.4 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b><i>Short-term Investments</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">At January 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $155.3 million, which materially approximates fair value. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.5%. As carrying value materially approximates fair value, unrecognized holding gains or losses were insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; 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, which materially approximates fair value. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.9%. As carrying value materially approximates fair value, unrecognized holding 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: 65%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; 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: 11pt; 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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; font-size: 11pt; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%; text-align: justify; padding-bottom: 3px">Carrying amount</td><td style="width: 5%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 7%; border-bottom: Black 3px double; text-align: right">34,936</td><td style="width: 1%; padding-bottom: 3px; text-align: left"> </td><td style="width: 5%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td><td style="width: 7%; border-bottom: Black 3px double; text-align: right">33,045</td><td style="width: 1%; padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; font-size: 11pt; text-align: justify; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: right; padding-bottom: 0pt"> </td><td style="padding-top: 0pt; font-size: 11pt; text-align: left; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Ownership percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3%</td><td style="text-align: left"> </td></tr> </table> 34936000 33045000 0.103 0.103 20000000 430000000 13900000 8700000 6600000 12000000 6300000 5500000 34900000 36600000 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):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left; font: 10pt Times New Roman, Times, Serif">Current assets</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">351,278</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">319,367</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Non current assets</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">144,933</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">151,039</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total assets</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">496,211</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">470,406</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Current liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">98,187</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">118,946</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Long-term liabilities</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,559</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,686</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total liabilities</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">105,746</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">127,632</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Members’ capital</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">355,385</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">305,447</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Noncontrolling interests</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">35,080</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,326</td><td style="padding-bottom: 1px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total members’ equity</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">390,465</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">342,773</td><td style="padding-bottom: 3px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 351278000 319367000 144933000 151039000 496211000 470406000 98187000 118946000 7559000 8686000 105746000 127632000 355385000 305447000 35080000 37326000 390465000 342773000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 49%; text-align: left; font: 10pt Times New Roman, Times, Serif">Net sales and revenue</td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,379,651</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,509,406</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,332,555</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Gross profit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">160,549</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">94,106</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">85,401</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Depreciation expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">26,142</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">27,752</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">34,258</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Income from continuing operations</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">135,012</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">84,814</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">64,243</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Net income</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">135,012</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">84,814</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">64,243</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> 1379651000 1509406000 1332555000 160549000 94106000 85401000 26142000 27752000 34258000 135012000 84814000 64243000 135012000 84814000 64243000 110300000 11400000 155300000 0.055 211300000 0.039 <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 23.75pt">4.</td><td style="text-align: justify">FAIR VALUE</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 18pt">Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include derivative contracts that are traded in an active exchange market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 18pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 18pt">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: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 18pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 18pt">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: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; 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: 0pt 0 0pt 23.75pt; text-align: justify">Financial assets and liabilities measured at fair value at January 31, 2024 on a recurring basis are summarized below (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="color: black"><b>Total Fair<br/> Value</b></span></td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 56%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">Forward purchase contracts asset  (1)</td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-24">-</div></td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">579</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-25">-</div></td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">579</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">Forward purchase contracts liability  (4)</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-26">-</div></td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">802</td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">802</td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Commodity futures – in a loss position(2)</td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total liabilities</td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">802</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,099</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt">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: 0pt 0 0pt 22.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"><b> </b></td><td style="color: black; padding-bottom: 1px"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 1</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 2</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 3</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Total Fair<br/> Value</b></td><td style="padding-bottom: 1px; color: black"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; color: black; text-align: left">Forward purchase contracts asset  (1)</td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">-</div></td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right">105</td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">-</div></td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right">105</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px">Commodity futures – in a gain position (3)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">80</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">80</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px">Total assets</td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">80</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">105</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">185</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; 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: White"> <td style="color: black; text-align: left">Forward purchase contracts liability  (4)</td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">-</div></td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">355</td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">355</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 1px">Commodity futures – in a loss position(5)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">67</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">67</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 3px">Total liabilities</td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">67</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">355</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">422</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(1)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(2) </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The commodity futures liability is netted with cash collateral due from broker and included in “Prepaid expense and other” on the accompanying Consolidated Balance Sheets.</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(3)   </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 23.75pt"></td><td style="width: 23.4pt"><span style="font-size: 10pt">(4)</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="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 23.75pt"></td><td style="width: 23.4pt"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures asset is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 23.75pt"></td><td style="text-align: justify"><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. The carrying value of all other financial assets and liabilities approximate fair value.</span></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="margin: 0pt 0 0pt 23.75pt; font: 10pt Times New Roman, Times, Serif">There were no assets measured at fair value at January 31, 2024 and 2023 on a non-recurring basis.</p> Financial assets and liabilities measured at fair value at January 31, 2024 on a recurring basis are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="color: black; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="color: black; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="color: black"><b>Total Fair<br/> Value</b></span></td><td style="padding-bottom: 1px; color: black; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 56%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">Forward purchase contracts asset  (1)</td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-24">-</div></td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">579</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-25">-</div></td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 3%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 6%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">579</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">Forward purchase contracts liability  (4)</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-26">-</div></td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">802</td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">802</td><td style="color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif">Commodity futures – in a loss position(2)</td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 1px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif">Total liabilities</td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">802</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,099</td><td style="padding-bottom: 3px; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>Financial assets and liabilities measured at fair value at January 31, 2023 on a recurring basis are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 23.75pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"><b> </b></td><td style="color: black; padding-bottom: 1px"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 1</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 2</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Level 3</b></td><td style="padding-bottom: 1px; color: black; text-align: center"><b> </b></td><td style="color: black; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; text-align: center"><b>Total Fair<br/> Value</b></td><td style="padding-bottom: 1px; color: black"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; color: black; text-align: left">Forward purchase contracts asset  (1)</td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">-</div></td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right">105</td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">-</div></td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 6%; color: black; text-align: right">105</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px">Commodity futures – in a gain position (3)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">80</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">80</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px">Total assets</td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">80</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">105</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">185</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; 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: White"> <td style="color: black; text-align: left">Forward purchase contracts liability  (4)</td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">-</div></td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">355</td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">355</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 1px">Commodity futures – in a loss position(5)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">67</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">67</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 3px">Total liabilities</td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">67</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">355</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">422</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(1)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(2) </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The commodity futures liability is netted with cash collateral due from broker and included in “Prepaid expense and other” on the accompanying Consolidated Balance Sheets.</td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 23.75pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 23.4pt; font: 10pt Times New Roman, Times, Serif">(3)   </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.</td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 23.75pt"></td><td style="width: 23.4pt"><span style="font-size: 10pt">(4)</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><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 23.75pt"></td><td style="width: 23.4pt"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The commodity futures asset is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.</span></td></tr></table> 579000 579000 -802000 -802000 -297000 -297000 297000 802000 1099000 105000 105000 80000 80000 80000 105000 185000 -355000 -355000 -67000 -67000 67000 355000 422000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>5.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>OTHER ASSETS</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">The components of other noncurrent assets are as follows (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">7,837</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">21,964</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="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">1,301</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">1,215</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">9,138</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23,179</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> The components of other noncurrent assets are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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">2023</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">7,837</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">21,964</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="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">1,301</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">1,215</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">9,138</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23,179</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> 7837000 21964000 1301000 1215000 9138000 23179000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>6.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 22.5pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,457</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,428</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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">3,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,116</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: 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">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</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: left; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</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; background-color: White"> <td style="background-color: White"> </td> <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">1,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850</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: left; text-indent: -10pt; padding-left: 10pt">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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">1,371</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">1,152</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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">$</td><td style="border-bottom: Black 3px double; text-align: right">19,717</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,328</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> The components of accrued expenses and other current liabilities are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,457</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,428</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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">3,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,116</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: 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">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</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: left; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</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; background-color: White"> <td style="background-color: White"> </td> <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">1,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850</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: left; text-indent: -10pt; padding-left: 10pt">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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">1,371</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">1,152</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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">$</td><td style="border-bottom: Black 3px double; text-align: right">19,717</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,328</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 9457000 4428000 3373000 4116000 2972000 1311000 67000 802000 355000 1742000 1850000 2049000 1371000 1152000 19717000 15328000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>7.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>LEASES</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Company elected the practical expedient, available pursuant to ASC 842, <i>Leases</i>, 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: 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">At January 31, 2024, 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: 0pt 0 0pt 24pt; text-align: justify">For fiscal years 2023, 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: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Fiscal Year</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">2023</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">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"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease expense</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">301</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">399</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,907</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">6,687</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,759</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</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: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The following table is a summary of future minimum rentals on such leases at January 31, 2024 (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 1px"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></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"><b>Minimum<br/> Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </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: 24pt; background-color: White"> </td> <td style="text-align: left">2025</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,137</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,985</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: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,506</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: left">2029</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">1,178</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,741</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: left">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">1,894</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">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">12,847</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 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">At January 31, 2024, the weighted average remaining lease term was 3.4 years, and the weighted average discount rate was 5.94% for the above leases.</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">At January 31, 2023, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 5.51%.</p> For fiscal years 2023, 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):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Fiscal Year</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">2023</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">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"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease expense</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">301</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">399</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,907</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">6,687</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,759</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</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> 6386000 7360000 6346000 301000 399000 1907000 6687000 7759000 8253000 The following table is a summary of future minimum rentals on such leases at January 31, 2024 (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 1px"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></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"><b>Minimum<br/> Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </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: 24pt; background-color: White"> </td> <td style="text-align: left">2025</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,137</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,985</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: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,506</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: left">2029</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">1,178</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,741</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: left">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">1,894</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">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">12,847</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 5137000 2985000 2935000 2506000 1178000 14741000 -1894000 12847000 P3Y4M24D 0.0594 P3Y8M12D 0.0551 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>8.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>COMMON STOCK</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 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 did not purchase any shares of its common stock during fiscal year 2023. During fiscal years 2022 and 2021 the Company purchased approximately 472,000 shares and 252,000 shares of its common stock for approximately $13.0 million and $6.6 million, respectively. At January 31, 2024, 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: 0pt 0 0pt 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: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January 31,</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Authorized shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">45,000</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: 12%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </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">17,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,390</td><td style="text-align: left"> </td></tr> </table> 2 472000 252000 13000000 6600000 877000 Information regarding the Company’s common stock is as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January 31,</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Authorized shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">45,000</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: 12%; text-align: right">45,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </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">17,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,390</td><td style="text-align: left"> </td></tr> </table> 45000000 45000000 29853000 29853000 17504000 17390000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>9.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>DERIVATIVE FINANCIAL INSTRUMENTS</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">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 distillers 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: 0pt 0 0pt 24pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">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: 0pt 0 0pt 23.75pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> Fair Value at January 31,</td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives<br/> Fair Value at January 31,</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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">2024</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">2023</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">2024</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">2023</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">579</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">802</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash collateral balance (3)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Commodity futures (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(297)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">80</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">67</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Net position with broker</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">1,855</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">$</td><td style="border-bottom: Black 1px solid; text-align: right">1,815</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,434</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1,920</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">802</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">422</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 22.5pt"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif">(1)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 9.3 million and 5.2 million bushels of corn at January 31, 2024 and 2023, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 8.2 million and 12.8 million bushels of corn at January 31, 2024 and 2023, respectively.</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif">(2)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at </td></tr></table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 24pt"> </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">January 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 3.2 million and 725,000 bushels, respectively at January 31, 2023.</td></tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Commodity futures liabilities are included in “Accrued expense and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 1.4 million bushels at January 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.25pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif">(3)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">As of January 31, 2024, and 2023, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. 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, 2024 and 2023, the Company was required to maintain collateral with the counterparty in the amount of approximately $2,152,000, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets and $1,735,000, included with “Restricted cash” on the accompanying Consolidated Balance Sheets, respectively.</td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">See Note 4 which contains fair value information related to derivative financial instruments.</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 following table provides information about gains (losses) recognized in income on the Company’s derivative financial instruments and the line items on the accompanying Consolidated Statements of Operations in which the fair values are reflected for the years ended January 31, 2024, 2023 and 2022 (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Year Ended January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <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">2024</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">2023</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">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <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"> <td style="width: 24pt"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net sales</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(37)</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(1,024)</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(12,109)</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"> </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 style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(12,714)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,427)</td><td style="text-align: left"> </td></tr> </table> 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):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> Fair Value at January 31,</td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives<br/> Fair Value at January 31,</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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">2024</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">2023</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">2024</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">2023</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">579</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">105</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">802</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash collateral balance (3)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Commodity futures (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(297)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">80</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">67</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Net position with broker</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">1,855</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">$</td><td style="border-bottom: Black 1px solid; text-align: right">1,815</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,434</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1,920</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">802</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">422</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 579000 105000 802000 355000 2152000 1735000 -297000 80000 67000 1855000 1815000 2434000 1920000 802000 422000 9300000 5200000 8200000 12800000 255000 6900000 210000 3200000 725000 1400000 2152000 2152000 1735000 1735000 The following table provides information about gains (losses) recognized in income on the Company’s derivative financial instruments and the line items on the accompanying Consolidated Statements of Operations in which the fair values are reflected for the years ended January 31, 2024, 2023 and 2022 (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Year Ended January 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <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">2024</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">2023</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">2022</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <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"> <td style="width: 24pt"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net sales</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(37)</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(1,024)</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(12,109)</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"> </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 style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(12,714)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,427)</td><td style="text-align: left"> </td></tr> </table> -37000 -1024000 -12109000 15023000 -12714000 -3427000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>10.</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>EMPLOYEE BENEFITS</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 2022, 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.<span style="color: black"> </span>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 awards in its consolidated financial statements over the requisite service period on a straight-line basis. At January 31, 2024, 1,229,116 shares remain available for issuance under the Plan, excluding the impact of the 67,500 restricted stock units that may vest between zero and 135,000 shares of stock depending on certain performance metrics being achieved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b><i>Restricted Stock Awards</i></b></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">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: 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">At January 31, 2024 and 2023, unrecognized compensation cost related to nonvested restricted stock was approximately $453,000 and $450,000, related to shares not considered vested for accounting purposes due to retirement eligibility. Based on retirement eligibility provisions, a portion of restricted stock grants are expensed at grant date, based on grant date fair value. At January 31, 2024, 21,778 shares were unvested for accounting purposes.</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 following table summarizes legally non-vested restricted stock award activity for fiscal years 2023, 2022, and 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2023</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> VestingTerm<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2023</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">81,264</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">2,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,945</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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></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-49">-</div></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: White"> <td style="background-color: White"> </td> <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">32,135</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">896</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 style="background-color: White"> </td> <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="background-color: White"> </td> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2024</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">162,855</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">5,369</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> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2022</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> VestingTerm<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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; background-color: White"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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="background-color: White"> </td> <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> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">59,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></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-51">-</div></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: White"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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="background-color: White"> </td> <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> </table> <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"><b><i>Restricted Stock Units (RSUs)</i></b></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">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: 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">For the years ended January 31, 2024 and 2023, the Company recognized compensation cost of approximately $1.1 million and $0.7 million, respectively, related to RSUs. Unrecognized compensation cost related to nonvested RSUs was approximately $0.9 million and $2.0 million at January 31, 2024 and 2023, 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">The Company determined there to be no dilutive impact on earnings per shares for January 31, 2023 and 2022. At January 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average shares - basic</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,482</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Dilutive effect of RSUs</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">94</td><td style="padding-bottom: 1px; 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; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average shares - diluted</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">17,576</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 1650000 1229116 453000 450000 21778 The following table summarizes legally non-vested restricted stock award activity for fiscal years 2023, 2022, and 2021:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2023</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> VestingTerm<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2023</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">81,264</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">2,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,945</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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></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-49">-</div></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: White"> <td style="background-color: White"> </td> <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">32,135</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">896</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 style="background-color: White"> </td> <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="background-color: White"> </td> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2024</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">162,855</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">5,369</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> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2022</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> VestingTerm<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2022</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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; background-color: White"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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="background-color: White"> </td> <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> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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">Non-Vested<br/> Shares</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">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (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="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Non-Vested at January 31, 2021</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">59,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></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-51">-</div></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: White"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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="background-color: White"> </td> <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> </table> 81264 2320000 P2Y 113726 3945000 32135 896000 162855 5369000 P2Y 30167 773000 P1Y 70689 2032000 450 13000 19142 472000 81264 2320000 P2Y 59102 1398000 P1Y 8409 275000 37344 900000 30167 773000 P1Y 67500 2700000 1100000 700000 900000 2000000 The Company determined there to be no dilutive impact on earnings per shares for January 31, 2023 and 2022. At January 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average shares - basic</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,482</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Dilutive effect of RSUs</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">94</td><td style="padding-bottom: 1px; 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; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average shares - diluted</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">17,576</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 17482000 94000 17576000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0%"></td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 15pt">11.</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">COMMITMENTS</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: -23.75pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">At January 31, 2024, One Earth and NuGen had combined forward purchase contracts for approximately 17.4 million bushels of corn, the principal raw material for their ethanol plants and they had combined forward purchase contracts for approximately 1.9 MmBtu of natural gas.</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">At January 31, 2024, One Earth and NuGen had combined sales commitments for approximately 52.7 million gallons of ethanol, 120,000 tons of distillers grains and 14.9 million pounds of distillers corn oil.</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">At January 31, 2024, One Earth had signed contracts in place for capital projects of approximately $34.9 million, primarily related to its carbon capture and sequestration project and plant expansion.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 2023, 2022, and 2021 pursuant to the agreement.</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">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 $1,199,000, $1,159,000, and $1,190,000 in fiscal years 2023, 2022, and 2021, respectively, for these marketing services.</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 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 in fiscal year 2021.</p> 17400000 1.9 52700000 120000 14900000 34900000 P10Y P15Y 29250 351000 351000 351000 1199000 1159000 1190000 5404000 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 15pt"><b>12.</b></td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><b>INCOME TAXES</b></td></tr> </table> <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 provision for income taxes for fiscal years 2023, 2022, and 2021 consist of the following (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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; 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">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"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="width: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 20pt">Current</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,580</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,450</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">14,102</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">2,925</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">18,682</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">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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 20pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,377</td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">501</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">(2,035</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">3,878</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">2,132</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Provision for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">22,560</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">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></tr> </table><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 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="background-color: White; width: 24pt"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">General business credit carryforward</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,296</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">State net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244</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: left; text-indent: -10pt; padding-left: 20pt">Other items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">(160</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">(192</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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">13,237</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">26,980</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Basis in pass through entities, including depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,334</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,821</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">(664</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">(292</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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">(6,998</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">(6,113</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">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">6,239</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">20,867</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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: left">The net deferred tax asset is reported on the accompanying Consolidated Balance Sheets based on net position by tax jurisdiction, with federal positions recorded as net assets and state positions recorded as net liabilities. At January 31, 2024 and 2023, respectively, approximately $7.8 million and $22.0 million are recorded as assets on the Consolidated Balance Sheets within “Other assets” and $1.6 million and $1.1 million are recorded as liabilities on the accompanying Consolidated Balance Sheets within “Deferred taxes”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: left">The Company has a general business credit carryforward of approximately $12.3 million and $26.1 million at January 31, 2024 and 2023, respectively. The Company can carry these credits forward for up to twenty years. The carryforward period begins to expire in fiscal year 2039.</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: left">The Company has a valuation allowance of approximately $160,000 and $192,000 at January 31, 2024 and 2023, respectively, related to state net operating loss carryforwards. The Company decreased the valuation allowance by $32,000 in fiscal year 2023. 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; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: left">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; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: left">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 during fiscal year 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: left">During fiscal years 2022 and 2021, 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 and $(3.0) 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: left">The Company paid income taxes of approximately $12,730,000, $2,795,000, and $7,239,0000 in fiscal years 2023, 2022, and 2021, respectively. The Company did not receive any refunds in fiscal years 2023, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Reconciliations of the federal statutory tax and the Company’s income tax expense for fiscal years 2023, 2022, and 2021 are as follows (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2023</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2022</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Federal income tax at statutory rate</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">20,682</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State and local taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,299</td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and experimentation credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Nondeductibe compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">508</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-53">-</div></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: left; text-indent: -10pt; padding-left: 10pt">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(98</td><td style="text-align: left">)</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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="color: black; text-align: left; text-indent: -10pt; padding-left: 10pt">Noncontrolling interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,650</td><td style="text-align: left">)</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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <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">177</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">122</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">$</td><td style="border-bottom: Black 3px double; text-align: right">22,560</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">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></tr> </table> <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 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, 2022 related to tax credits claimed on returns during those 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 applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2024, total unrecognized tax benefits were approximately $18,895,000, and accrued penalties and interest were approximately $70,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18,812,000. In addition, the impact 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. The Company accounts for uncertainty in income taxes by determining whether it is more likely than not the position will be sustained on audit, including resolution of any related tax audits. 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 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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 style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrecognized tax benefits, beginning of year</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">19,088</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes for tax positions for prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Changes for tax positions for current year</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(168</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,142</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Unrecognized tax benefits, end of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">18,965</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">19,088</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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">At January 31, 2024 and 2023, approximately $16.4 million of the unrecognized tax benefits balance was recorded on the accompanying Consolidated Balance Sheets within “Other assets” and $0.6 million was recorded within “Other long-term liabilities”. At January 31, 2024 and 2023, respectively, approximately $2.0 million and $2.1 million of the unrecognized tax benefits balance was recorded on the accompanying Consolidated Balance Sheets within “Refundable income taxes”.</p> The provision for income taxes for fiscal years 2023, 2022, and 2021 consist of the following (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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; 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">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"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="width: 24pt; background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 20pt">Current</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,580</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,450</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">14,102</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">2,925</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">18,682</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">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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 20pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,377</td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">501</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">(2,035</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">3,878</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">2,132</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Provision for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">22,560</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">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></tr> </table> 4580000 4485000 4450000 14102000 2925000 12064000 18682000 7410000 16514000 3377000 4167000 3098000 501000 -2035000 -581000 3878000 2132000 2517000 22560000 9542000 19031000 The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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">2024</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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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; background-color: White"> <td style="background-color: White; width: 24pt"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">General business credit carryforward</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,296</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">State net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244</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: left; text-indent: -10pt; padding-left: 20pt">Other items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">(160</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">(192</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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">13,237</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">26,980</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: White"> <td style="background-color: White"> </td> <td style="text-indent: -10pt; padding-left: 10pt">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="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Basis in pass through entities, including depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,334</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,821</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">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">(664</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">(292</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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">(6,998</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">(6,113</td><td style="padding-bottom: 1px; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">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">6,239</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">20,867</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 12296000 26061000 611000 627000 202000 244000 288000 240000 160000 192000 13237000 26980000 6334000 5821000 664000 292000 6998000 6113000 6239000 20867000 7800000 22000000 1600000 1100000 12300000 26100000 160000 192000 32000 11300000 400000 -3000000 12730000 2795000 7239000 Reconciliations of the federal statutory tax and the Company’s income tax expense for fiscal years 2023, 2022, and 2021 are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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; 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">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"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Federal income tax at statutory rate</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">20,682</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State and local taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,299</td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and experimentation credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="text-align: left"> </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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Nondeductibe compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">508</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-53">-</div></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: left; text-indent: -10pt; padding-left: 10pt">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(98</td><td style="text-align: left">)</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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="color: black; text-align: left; text-indent: -10pt; padding-left: 10pt">Noncontrolling interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,650</td><td style="text-align: left">)</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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <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">177</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">122</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></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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: White"> <td style="background-color: White"> </td> <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">$</td><td style="border-bottom: Black 3px double; text-align: right">22,560</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">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></tr> </table> 20682000 9971000 15926000 3299000 1725000 2396000 2542000 5184000 2150000 508000 -98000 2281000 8340000 3650000 2523000 2231000 177000 122000 -216000 22560000 9542000 19031000 18895000 70000 -18812000 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: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <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 style="background-color: White"> </td> <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 style="background-color: White"> </td> <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: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrecognized tax benefits, beginning of year</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">19,088</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes for tax positions for prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Changes for tax positions for current year</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(168</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,142</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Unrecognized tax benefits, end of year</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">18,965</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">19,088</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 19088000 16781000 45000 165000 -168000 2142000 18965000 19088000 16400000 16400000 600000 600000 2000000 2100000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0%; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 24pt; font: 10pt Times New Roman, Times, Serif"><b>13.</b></td><td style="font: 10pt Times New Roman, Times, Serif"><b>CONTINGENCIES</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </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. There were no liabilities recorded at January 31, 2024 as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies.</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 15pt"><b>14.</b></td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><b>DISCONTINUED OPERATIONS </b></td></tr> </table> <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 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 years 2023 and 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 year 2021 (amounts in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </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: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue¹</td><td style="width: 4%"> </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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">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></tr> </table> <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">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, 2024 and 2023, there were no amounts on the balance sheet reclassified to discontinued operations.</p> Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal year 2021 (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </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: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 24pt; background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue¹</td><td style="width: 4%"> </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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">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></tr> </table><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">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> 400000 8602000 -8202000 698000 -8900000 -13295000 4395000 -397000 4792000 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top"> <td style="padding-left: 10pt; text-indent: -10pt; width: 15pt"><b>15.</b></td> <td style="padding-left: 10pt; text-indent: -10pt"><b>RELATED PARTIES</b></td></tr> </table> <p style="font: bold 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 2023, 2022, and 2021, One Earth and NuGen, combined, purchased approximately $117.0 million, $135.4 million, and $90.2 million, respectively, of corn and other supplies from minority equity investors. The Company had amounts payable to related parties of approximately $5.8 million, and $1.5 million at January 31, 2024 and 2023, 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 year 2021, the Company recognized commission expense of approximately $0.3 million, 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 2023 or 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 2023 and 2021, the Company received approximately $22,000 and $304,000 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> 117000000 135400000 90200000 5800000 1500000 300000 22000 304000 Deloitte & Touche LLP Dayton, Ohio RSM US LLP Des Moines, Iowa 49 34 false false false false 2024 false FY 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 commodity futures liability is netted with cash collateral due from broker and included in “Prepaid expense and other” 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. The commodity futures asset is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 9.3 million and 5.2 million bushels of corn at January 31, 2024 and 2023, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 8.2 million and 12.8 million bushels of corn at January 31, 2024 and 2023, respectively. Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 3.2 million and 725,000 bushels, respectively at January 31, 2023. As of January 31, 2024, and 2023, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. 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, 2024 and 2023, the Company was required to maintain collateral with the counterparty in the amount of approximately $2,152,000, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets and $1,735,000, included with “Restricted cash” on the accompanying Consolidated Balance Sheets, respectively. 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.