0000744187 2021-02-01 2021-07-31 0000744187 2021-09-02 0000744187 2021-07-31 0000744187 2021-01-31 0000744187 2021-05-01 2021-07-31 0000744187 2020-05-01 2020-07-31 0000744187 2020-02-01 2020-07-31 0000744187 us-gaap:CommonStockMember 2021-01-31 0000744187 us-gaap:TreasuryStockMember 2021-01-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0000744187 us-gaap:RetainedEarningsMember 2021-01-31 0000744187 us-gaap:NoncontrollingInterestMember 2021-01-31 0000744187 us-gaap:RetainedEarningsMember 2021-02-01 2021-04-30 0000744187 us-gaap:NoncontrollingInterestMember 2021-02-01 2021-04-30 0000744187 2021-02-01 2021-04-30 0000744187 us-gaap:TreasuryStockMember 2021-02-01 2021-04-30 0000744187 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2021-04-30 0000744187 us-gaap:CommonStockMember 2021-04-30 0000744187 us-gaap:TreasuryStockMember 2021-04-30 0000744187 us-gaap:AdditionalPaidInCapitalMember 2021-04-30 0000744187 us-gaap:RetainedEarningsMember 2021-04-30 0000744187 us-gaap:NoncontrollingInterestMember 2021-04-30 0000744187 2021-04-30 0000744187 us-gaap:RetainedEarningsMember 2021-05-01 2021-07-31 0000744187 us-gaap:NoncontrollingInterestMember 2021-05-01 2021-07-31 0000744187 us-gaap:TreasuryStockMember 2021-05-01 2021-07-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2021-05-01 2021-07-31 0000744187 us-gaap:CommonStockMember 2021-07-31 0000744187 us-gaap:TreasuryStockMember 2021-07-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2021-07-31 0000744187 us-gaap:RetainedEarningsMember 2021-07-31 0000744187 us-gaap:NoncontrollingInterestMember 2021-07-31 0000744187 us-gaap:CommonStockMember 2020-01-31 0000744187 us-gaap:TreasuryStockMember 2020-01-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2020-01-31 0000744187 us-gaap:RetainedEarningsMember 2020-01-31 0000744187 us-gaap:NoncontrollingInterestMember 2020-01-31 0000744187 2020-01-31 0000744187 us-gaap:RetainedEarningsMember 2020-02-01 2020-04-30 0000744187 us-gaap:NoncontrollingInterestMember 2020-02-01 2020-04-30 0000744187 2020-02-01 2020-04-30 0000744187 us-gaap:TreasuryStockMember 2020-02-01 2020-04-30 0000744187 us-gaap:AdditionalPaidInCapitalMember 2020-02-01 2020-04-30 0000744187 us-gaap:CommonStockMember 2020-04-30 0000744187 us-gaap:TreasuryStockMember 2020-04-30 0000744187 us-gaap:AdditionalPaidInCapitalMember 2020-04-30 0000744187 us-gaap:RetainedEarningsMember 2020-04-30 0000744187 us-gaap:NoncontrollingInterestMember 2020-04-30 0000744187 2020-04-30 0000744187 us-gaap:RetainedEarningsMember 2020-05-01 2020-07-31 0000744187 us-gaap:NoncontrollingInterestMember 2020-05-01 2020-07-31 0000744187 us-gaap:TreasuryStockMember 2020-05-01 2020-07-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2020-05-01 2020-07-31 0000744187 us-gaap:CommonStockMember 2020-07-31 0000744187 us-gaap:TreasuryStockMember 2020-07-31 0000744187 us-gaap:AdditionalPaidInCapitalMember 2020-07-31 0000744187 us-gaap:RetainedEarningsMember 2020-07-31 0000744187 us-gaap:NoncontrollingInterestMember 2020-07-31 0000744187 2020-07-31 0000744187 rex:EthanolMember 2021-02-01 2021-07-31 0000744187 us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember rex:EthanolMember 2021-02-01 2021-07-31 0000744187 us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember rex:RefinedCoalMember 2021-02-01 2021-07-31 0000744187 rex:ProvisionForIncomeTaxesMember 2021-07-31 0000744187 2020-02-01 2021-01-31 0000744187 srt:MinimumMember us-gaap:BuildingAndBuildingImprovementsMember 2020-02-01 2021-01-31 0000744187 srt:MaximumMember us-gaap:BuildingAndBuildingImprovementsMember 2020-02-01 2021-01-31 0000744187 srt:MinimumMember rex:FixturesAndEquipmentMember 2021-02-01 2021-07-31 0000744187 srt:MaximumMember rex:FixturesAndEquipmentMember 2021-02-01 2021-07-31 0000744187 us-gaap:CostOfSalesMember 2021-02-01 2021-07-31 0000744187 us-gaap:FairValueInputsLevel1Member 2021-07-31 0000744187 us-gaap:FairValueInputsLevel2Member 2021-07-31 0000744187 us-gaap:FairValueInputsLevel3Member 2021-07-31 0000744187 us-gaap:FairValueInputsLevel1Member 2021-01-31 0000744187 us-gaap:FairValueInputsLevel2Member 2021-01-31 0000744187 us-gaap:FairValueInputsLevel3Member 2021-01-31 0000744187 rex:ShortSellMember us-gaap:LiabilityMember rex:CornMember 2021-07-31 0000744187 rex:ShortSellMember us-gaap:LiabilityMember rex:CornMember 2021-01-31 0000744187 rex:LongBuyMember us-gaap:AssetsMember rex:CornMember 2021-07-31 0000744187 rex:LongBuyMember us-gaap:AssetsMember rex:CornMember 2021-01-31 0000744187 us-gaap:LiabilityMember rex:CornMember 2021-07-31 0000744187 us-gaap:LiabilityMember rex:CornMember 2021-01-31 0000744187 us-gaap:CommodityContractMember 2021-07-31 0000744187 us-gaap:CommodityContractMember 2021-01-31 0000744187 us-gaap:ForwardContractsMember 2021-07-31 0000744187 us-gaap:ForwardContractsMember 2021-01-31 0000744187 rex:BigRiverMember 2021-05-01 2021-07-31 0000744187 rex:BigRiverMember 2020-05-01 2020-07-31 0000744187 rex:BigRiverMember 2021-02-01 2021-07-31 0000744187 rex:BigRiverMember 2020-02-01 2020-07-31 0000744187 us-gaap:EmployeeStockOptionMember rex:StockOptionPlans2015Member 2021-07-31 0000744187 rex:RexShareholdersMember 2021-07-31 0000744187 rex:RexShareholdersMember 2021-01-31 0000744187 us-gaap:EmployeeStockOptionMember rex:RexShareholdersMember 2021-07-31 0000744187 us-gaap:EmployeeStockOptionMember rex:RexShareholdersMember 2020-07-31 0000744187 rex:CARESActNetOperatingLossCarrybackMember 2020-02-01 2020-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2021-07-31 0000744187 rex:RefinedCoalMember 2021-05-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-05-01 2020-07-31 0000744187 rex:RefinedCoalMember 2021-02-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-02-01 2020-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2021-05-01 2021-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2020-05-01 2020-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2021-02-01 2021-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2020-02-01 2020-07-31 0000744187 rex:OneEarthEnergyAndNuGenEnergyMember 2021-01-31 0000744187 rex:RefinedCoalMember 2021-05-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-05-01 2020-07-31 0000744187 rex:RefinedCoalMember 2021-02-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-02-01 2020-07-31 0000744187 rex:RefinedCoalMember 2021-07-31 0000744187 rex:RefinedCoalMember 2021-01-31 0000744187 rex:EthanolMember 2021-05-01 2021-07-31 0000744187 rex:EthanolMember 2020-05-01 2020-07-31 0000744187 rex:EthanolMember 2020-02-01 2020-07-31 0000744187 rex:RefinedCoalMember 2021-05-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-05-01 2020-07-31 0000744187 rex:RefinedCoalMember 2021-02-01 2021-07-31 0000744187 rex:RefinedCoalMember 2020-02-01 2020-07-31 0000744187 us-gaap:CorporateAndOtherMember 2021-05-01 2021-07-31 0000744187 us-gaap:CorporateAndOtherMember 2020-05-01 2020-07-31 0000744187 us-gaap:CorporateAndOtherMember 2021-02-01 2021-07-31 0000744187 us-gaap:CorporateAndOtherMember 2020-02-01 2020-07-31 0000744187 rex:DriedDistillersGrainsMember 2021-05-01 2021-07-31 0000744187 rex:DriedDistillersGrainsMember 2020-05-01 2020-07-31 0000744187 rex:DriedDistillersGrainsMember 2021-02-01 2021-07-31 0000744187 rex:DriedDistillersGrainsMember 2020-02-01 2020-07-31 0000744187 rex:NonFoodGradeCornOilMember 2021-05-01 2021-07-31 0000744187 rex:NonFoodGradeCornOilMember 2020-05-01 2020-07-31 0000744187 rex:NonFoodGradeCornOilMember 2021-02-01 2021-07-31 0000744187 rex:NonFoodGradeCornOilMember 2020-02-01 2020-07-31 0000744187 rex:ModifiedDistillersGrainsMember 2021-05-01 2021-07-31 0000744187 rex:ModifiedDistillersGrainsMember 2020-05-01 2020-07-31 0000744187 rex:ModifiedDistillersGrainsMember 2021-02-01 2021-07-31 0000744187 rex:ModifiedDistillersGrainsMember 2020-02-01 2020-07-31 0000744187 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2021-05-01 2021-07-31 0000744187 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2020-05-01 2020-07-31 0000744187 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2021-02-01 2021-07-31 0000744187 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2020-02-01 2020-07-31 0000744187 us-gaap:AllOtherSegmentsMember 2021-05-01 2021-07-31 0000744187 us-gaap:AllOtherSegmentsMember 2020-05-01 2020-07-31 0000744187 us-gaap:AllOtherSegmentsMember 2021-02-01 2021-07-31 0000744187 us-gaap:AllOtherSegmentsMember 2020-02-01 2020-07-31 0000744187 us-gaap:AssetsMember 2021-02-01 2021-07-31 0000744187 rex:EthanolMember 2021-07-31 0000744187 rex:EthanolMember 2021-01-31 0000744187 rex:RefinedCoalMember 2021-07-31 0000744187 rex:RefinedCoalMember 2021-01-31 0000744187 us-gaap:CorporateAndOtherMember 2021-07-31 0000744187 us-gaap:CorporateAndOtherMember 2021-01-31 shares iso4217:USD iso4217:USD shares pure utr:bu utr:l utr:MMBTU utr:gal utr:T utr:lb 10-Q true 2021-07-31 2021 false 001-09097 REX AMERICAN RESOURCES CORPORATION DE 31-1095548 7720 Paragon Road Dayton OH 45459 937 276-3931 Common stock, $0.01 par value REX NYSE Yes Yes Accelerated Filer false false false 5970938 154312000 144501000 33282000 36194000 6758000 1657000 29521000 19713000 41759000 37880000 6892000 6020000 12175000 12785000 284699000 258750000 145078000 153186000 13211000 12678000 30649000 25275000 31870000 29456000 505507000 479345000 2500000 700000 22041000 16907000 5380000 4875000 100000 100000 11274000 8955000 38695000 30737000 4030000 3713000 7534000 7439000 1951000 273000 13515000 11425000 299000 299000 149263000 149110000 605646000 589986000 355936000 354612000 399272000 384783000 54025000 52400000 453297000 437183000 505507000 479345000 195843000 39327000 359947000 122577000 20650000 4887000 37383000 17159000 184769000 40658000 331071000 133238000 11074000 -1331000 28876000 -10661000 154000 152000 191000 -145000 6582000 4438000 16570000 9043000 1844000 -507000 2414000 -984000 39000 197000 82000 866000 6375000 -6079000 14802000 -19822000 -3677000 -4046000 -3648000 -9359000 10052000 -2033000 18450000 -10463000 2176000 -285000 2790000 -1080000 7876000 -1748000 15660000 -9383000 6011000 6216000 6010000 6261000 1.31 -0.28 2.61 -1.50 29853000 299000 23861000 -354612000 149110000 589986000 52400000 437183000 7784000 614000 8398000 75000 75000 68000 68000 8000 34000 42000 29853000 299000 23861000 -354604000 149144000 597770000 53007000 445616000 7876000 2176000 10052000 17000 1356000 1356000 1229000 1229000 71000 71000 -12000 24000 119000 143000 29853000 299000 23866000 -355936000 149263000 605646000 54025000 453297000 29853000 299000 23561000 -335066000 148789000 586985000 52599000 453606000 -7635000 -795000 -8430000 78000 3923000 3923000 35000 35000 10000 10000 7000 32000 39000 29853000 299000 23639000 -338982000 148821000 579350000 51779000 441267000 -1748000 -285000 -2033000 31000 1667000 1667000 124000 124000 15000 15000 -15000 58000 223000 281000 29853000 299000 23655000 -340591000 149044000 577602000 51385000 437739000 18450000 -10463000 10451000 10491000 2734000 2691000 2414000 -984000 2005000 27000 179000 -4741000 -4784000 567000 80000 3000 22000 9808000 -3225000 3879000 -5251000 872000 4591000 -293000 481000 5457000 -10301000 949000 -2940000 17157000 -9034000 2693000 5692000 49281000 45450000 52220000 39046000 30000 259000 276000 -12355000 1356000 5590000 -1304000 -157000 139000 23000 -2521000 -5724000 14912000 -27113000 146158000 180771000 161070000 153658000 67000 22000 482000 100000 240000 3267000 1863000 154312000 152708000 6758000 950000 161070000 153658000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 99pt 0pt 0"><b>Note 1. <i>Consolidated Condensed Financial Statements</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 99pt 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">References to the Company – References to “REX” or the “Company” in the consolidated condensed financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2021 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 (fiscal year 2020). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of the Company. All intercompany balances and transactions have been eliminated. The Company consolidates the results of its four majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Nature of Operations – The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. 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. Within the refined coal segment, the Company has a majority equity interest in one refined coal limited liability company.</p> 4 2 3 2 1 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 2. <i>Accounting Policies </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2020 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><span style="font-weight: normal">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $1,561,000 and $839,000 in the second quarter of fiscal years 2021 and 2020, respectively and approximately $7,156,000 and $2,162,000 in the first six months of fiscal years 2021 and 2020, respectively.</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Financial Instruments</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “<i>Derivatives and Hedging</i>” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. 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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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 sales 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $1.9 million and received no refunds of income taxes during the six months ended July 31, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of July 31, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,655,000 and $8,380,000, respectively. Accrued penalties and interest were approximately $30,000 and approximately $20,000 at July 31, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.6 million. 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. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products and refined coal. Inventory is 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 $1.3 million and approximately $1.0 million of inventory write-downs in cost of sales at July 31, 2021 and January 31, 2021, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,986</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">19,322</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">41,759</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">37,880</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first six months of fiscal year 2021, thus there were no impairment charges in the first six months of fiscal year 2021. During fiscal year 2020, the Company concluded that the impact of the coronavirus (” COVID-19”) pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment for fiscal year 2020. There were no impairment charges in the first six months of fiscal year 2020. </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include 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 Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “<i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><span style="font-weight: normal">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $1,561,000 and $839,000 in the second quarter of fiscal years 2021 and 2020, respectively and approximately $7,156,000 and $2,162,000 in the first six months of fiscal years 2021 and 2020, respectively.</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p> 1561000 839000 7156000 2162000 <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Financial Instruments</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “<i>Derivatives and Hedging</i>” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. 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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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 sales 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $1.9 million and received no refunds of income taxes during the six months ended July 31, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of July 31, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,655,000 and $8,380,000, respectively. Accrued penalties and interest were approximately $30,000 and approximately $20,000 at July 31, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.6 million. 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. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 1900000 0 300000 300000 8655000 8380000 30000 20000 -8600000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products and refined coal. Inventory is 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 $1.3 million and approximately $1.0 million of inventory write-downs in cost of sales at July 31, 2021 and January 31, 2021, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,986</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">19,322</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">41,759</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">$</td><td style="border-bottom: Black 3px double; text-align: right">37,880</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 1300000 1000000.0 The components of inventory are as follows as of the dates presented (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,986</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,346</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">19,322</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">41,759</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">37,880</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 15986000 18346000 6451000 4374000 19322000 15160000 41759000 37880000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first six months of fiscal year 2021, thus there were no impairment charges in the first six months of fiscal year 2021. During fiscal year 2020, the Company concluded that the impact of the coronavirus (” COVID-19”) pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment for fiscal year 2020. There were no impairment charges in the first six months of fiscal year 2020. </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"> </p> 5 40 years 2 20 years <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include 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 Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 0.20 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards </b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “<i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3. <i>Net Sales and Revenue</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 into sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">See Note 14 for disaggregation of net sales and revenue by operating segment and by product.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 4. <i>Leases</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At July 31, 2021, the Company has lease agreements, as lessee, for railcars. All of 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 exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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. The components of lease expense, classified as SG&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2020</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">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left; padding-left: 0pt">Operating lease expense</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,548</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 0pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">520</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">207</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">564</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">338</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 0pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,085</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1,755</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,679</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">$</td><td style="border-bottom: Black 3px double; text-align: right">3,572</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at July 31, 2021 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Minimum<br/> Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 85%; text-align: left">Remainder of 2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,670</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,221</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</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">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,791</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">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">877</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">12,914</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At July 31, 2021, the weighted average remaining lease term is 2.7 years, and the weighted average discount rate is 4.88% for the above leases.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at January 31, 2021 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Minimum<br/> Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 85%; text-align: left">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,397</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</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">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,308</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">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">994</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">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">12,314</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At January 31, 2021, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate was 5.26% for the above leases.<b> </b></p> The components of lease expense, classified as SG&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2020</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">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left; padding-left: 0pt">Operating lease expense</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,548</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 0pt">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">520</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">207</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">564</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">338</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 0pt">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,085</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1,755</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,679</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">$</td><td style="border-bottom: Black 3px double; text-align: right">3,572</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 1565000 1548000 3115000 3234000 520000 207000 564000 338000 2085000 1755000 3679000 3572000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at July 31, 2021 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Minimum<br/> Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 85%; text-align: left">Remainder of 2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,670</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,221</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</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">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,791</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">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">877</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">12,914</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left"><span style="border-bottom: Black 1px solid">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Minimum<br/> Rentals</b></span></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 85%; text-align: left">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,397</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</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">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,308</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">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">994</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">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">12,314</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 3015000 4836000 3670000 2221000 49000 13791000 877000 12914000 P2Y8M12D 0.0488 5397000 3690000 2524000 1648000 49000 13308000 994000 12314000 P3Y 0.0526 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5. <i>Fair Value</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company applies ASC 820, “<i>Fair Value Measurements and Disclosures”</i> (“ASC 820”), which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. This accounting standard 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 instruments at fair value.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments 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. Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2021 are summarized below (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <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">Level 1</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">Level 2</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">Level 3</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">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</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: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Commodity futures asset (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784</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-3">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</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">673</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-5">-</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">673</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,457</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,811</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2021 are summarized below (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <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">Level 1</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">Level 2</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">Level 3</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">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts asset (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,498</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">There were no assets measured at fair value on a non-recurring basis at July 31, 2021 or January 31, 2021.</p> Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2021 are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <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">Level 1</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">Level 2</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">Level 3</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">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</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: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Commodity futures asset (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784</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-3">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</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">673</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-5">-</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">673</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,457</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,811</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <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">Level 1</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">Level 2</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">Level 3</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">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts asset (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,498</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 354000 354000 784000 784000 673000 673000 1457000 354000 1811000 4590000 4590000 354000 354000 2144000 2144000 2144000 354000 2498000 1794000 1794000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 6. <i>Property and Equipment</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,173</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">215</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">358,825</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less:  accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(213,747)</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">(203,807)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">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">145,078</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">$</td><td style="border-bottom: Black 3px double; text-align: right">153,186</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,173</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">215</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">358,825</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less:  accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(213,747)</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">(203,807)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">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">145,078</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">153,186</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 27437000 27437000 23701000 23701000 306514000 305640000 1173000 215000 358825000 356993000 213747000 203807000 145078000 153186000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 7. <i>Accrued Expenses and Other Current Liabilities </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,794</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">619</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">563</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">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">11,274</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">$</td><td style="border-bottom: Black 3px double; text-align: right">8,955</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,794</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">619</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">563</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">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">11,274</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">8,955</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 1882000 690000 2708000 2515000 204000 1560000 1220000 1778000 4590000 1794000 51000 55000 619000 563000 11274000 8955000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8. <i>Derivative Financial Instruments </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives<br/> Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">784</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,794</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">673</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,457</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">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</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">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 8.6 million bushels of corn at July 31, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021. Commodity futures assets are included in prepaid expenses and other assets. These contracts are</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">long/buy positions for approximately 5.8 million bushels of corn at July 31, 2021. There were no long/buy positions at January 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 10.6 million bushels of corn at July 31, 2021 and 6.4 million bushels of corn at January 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of July 31, 2021, and January 31, 2021, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of July 31, 2021, and January 31, 2021, the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. The Company was required to maintain collateral in the amount of approximately $6,758,000 and approximately $1,657,000 to secure the Company’s derivative position at July 31, 2021 and January 31, 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">See Note 5 which contains fair value information related to derivative financial instruments.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company recognized losses (included in net sales and revenue) on derivative financial instruments of approximately $1,638,000 and $298,000 for the second quarter of fiscal years 2021 and 2020, respectively. The Company recognized losses (included in net sales and revenue) on derivative financial instruments of approximately $2,764,000 and $298,000 for the first six months of fiscal years 2021 and 2020, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company recognized losses (included in cost of sales) on derivative financial instruments of approximately $6,142,000 and approximately $4,613,000 for the second quarter of fiscal years 2021 and 2020, respectively. The Company recognized losses (included in cost of sales) on derivative financial instruments of approximately $8,036,000 and approximately $1,758,000 for the first six months of fiscal years 2021 and 2020, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives<br/> Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">784</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,794</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">673</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,457</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">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,590</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">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"> </p> 784000 4590000 1794000 673000 2144000 1457000 2144000 4590000 1794000 8600000 6900000 5800000 0 10600000 6400000 6758000 1657000 1638000 298000 2764000 298000 6142000 4613000 8036000 1758000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 9. <i>Investments </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at July 31, 2021 and January 31, 2021 (dollars in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Carrying Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px"><span style="border-bottom: Black 1px solid">Entity</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Ownership Percentage</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">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 47%; text-align: left; padding-left: 0pt">Big River</td><td style="width: 3%"> </td> <td style="width: 15%; text-align: center">10.3%</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: 12%; text-align: right">31,870</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: 12%; text-align: right">29,456</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Undistributed earnings of the Company’s equity method investee totaled approximately $11.8 million and approximately $9.4 million at July 31, 2021 and January 31, 2021, respectively. The Company did not receive any dividends from its equity method investee in the first six months of fiscal year 2021 and received dividends of approximately $2.0 million in the first six months of fiscal year 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 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">Six Months Ended<br/> July 31,</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <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">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">363,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">130,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">619,799</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">327,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,901</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,378)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540)</td><td style="text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At July 31, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $33,282,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At January 31, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $36,194,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.2%. Unrealized gains or losses were insignificant.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at July 31, 2021 and January 31, 2021 (dollars in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Carrying Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px"><span style="border-bottom: Black 1px solid">Entity</span></td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Ownership Percentage</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">July 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January 31, 2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 47%; text-align: left; padding-left: 0pt">Big River</td><td style="width: 3%"> </td> <td style="width: 15%; text-align: center">10.3%</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: 12%; text-align: right">31,870</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: 12%; text-align: right">29,456</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 0.103 31870000 29456000 11800000 9400000 2000000.0 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 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">Six Months Ended<br/> July 31,</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <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">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">363,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">130,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">619,799</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">327,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,901</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,378)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540)</td><td style="text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 363383000 130126000 619799000 327758000 19357000 3565000 20901000 -2378000 17877000 -4914000 23412000 -9540000 17877000 -4914000 23412000 -9540000 33282000 0.001 36194000 0.002 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 10. <i>Employee Benefits</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 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. Since plan inception, the Company has only granted restricted stock awards. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At July 31, 2021, 471,027 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the grant date. In addition, one third of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15^th, or the next business day if June 15^th is not a business day, for all grants of restricted stock.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">At July 31, 2021 and January 31, 2021, unrecognized compensation cost related to nonvested restricted stock was approximately $155,000 and $272,000, respectively. The following tables summarize non-vested restricted stock award activity for the periods presented:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font-family: Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Six Months Ended July 31, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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"> <td style="text-align: left; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Non-Vested<br/> Shares</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (000’s)</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; text-align: left">Non-Vested at January 31, 2021</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">19,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">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">12,447</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="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Non-Vested at July 31, 2021</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">10,061</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">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">Six Months Ended July 31, 2020</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;"><span style="font-family: Times New Roman, Times, Serif"><b>Non-Vested<br/> Shares</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px">    </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> (000’s)</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px">    </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; font: 12pt Times New Roman, Times, Serif">Non-Vested at January 31, 2020</td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">28,576</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">2,193</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">2</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 12pt Times New Roman, Times, Serif">Granted</td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">6,158</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">416</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 12pt Times New Roman, Times, Serif">Forfeited</td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 12pt Times New Roman, Times, Serif; 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="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px">Vested</td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">15,029</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,211</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px">Non-Vested at July 31, 2020</td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">19,705</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">1,398</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: right">2</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The above tables include 5,714 and 14,777 non-vested shares at July 31, 2021 and 2020, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant.</p> 550000 471027 155000 272000 The following tables summarize non-vested restricted stock award activity for the periods presented:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font-family: Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Six Months Ended July 31, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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"> <td style="text-align: left; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Non-Vested<br/> Shares</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Grant<br/> Date Fair Value<br/> (000’s)</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; text-align: left">Non-Vested at January 31, 2021</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">19,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">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">12,447</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="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Non-Vested at July 31, 2021</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">10,061</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">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">Six Months Ended July 31, 2020</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;"><span style="font-family: Times New Roman, Times, Serif"><b>Non-Vested<br/> Shares</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px">    </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> (000’s)</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px">    </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> (in years)</b></span></td><td style="font: bold 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 55%; font: 12pt Times New Roman, Times, Serif">Non-Vested at January 31, 2020</td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">28,576</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">2,193</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 12pt Times New Roman, Times, Serif; text-align: right">2</td><td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 12pt Times New Roman, Times, Serif">Granted</td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">6,158</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">416</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 12pt Times New Roman, Times, Serif">Forfeited</td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 12pt Times New Roman, Times, Serif; 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="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px">Vested</td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">15,029</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,211</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px">Non-Vested at July 31, 2020</td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">19,705</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">1,398</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 12pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: right">2</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p> 19705000 1398000 P1Y 2803000 275000 12447000 900000 10061000 773000 P2Y 28576000 2193000 P2Y 6158000 416000 15029000 1211000 19705000 1398000 P2Y 5714 14777 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 11<i>. Income Taxes </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2021 and 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company’s income tax benefit was approximately $3.7 million and approximately $4.0 million for the three months ended July 31, 2021 and 2020, respectively. The Company’s income tax benefit was approximately $3.6 million and approximately $9.4 million for the six months ended July 31, 2021 and 2020, respectively. We had a higher benefit in the prior year periods based upon pre-tax losses for those periods versus pre-tax income in the current periods. The benefit is also largely impacted by the level of tax credits generated from the refined coal operation. Through its refined coal operation, the Company earns production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years. In addition, the Company’s income tax benefit for the first six months of fiscal year 2020 includes approximately $1.8 million related to the lengthening of a net operating loss carryback allowed by the CARES Act.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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. For the three year period ended July 31, 2021, the Company has a cumulative pre-tax book loss on a comprehensive basis, including the impact of an operation that has historically produced pre-tax book losses, but after tax net income. The Company expects that this entity will cease operations by November 18, 2021. 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </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: 74%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">275</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,685</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,317</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> -3700000 -4000000.0 -3600000 -9400000 -1800000 A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 74%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">275</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,685</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">7,317</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 8400000 7370000 10000 -53000 275000 8685000 7317000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 12. <i>Commitments and Contingencies</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s),</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">One Earth and NuGen have combined forward purchase contracts for approximately 10.6 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 639,000 MmBtu (million british thermal units) of natural gas.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">One Earth and NuGen have combined sales commitments for approximately 31.7 million gallons of ethanol, approximately 46,000 tons of distillers grains and approximately 9.6 million pounds of non-food grade corn oil.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The refined coal entity has various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company is required to pay various fees. These fees totaled approximately $2.2 million and approximately $1.1 million in the second quarter of fiscal years 2021 and 2020, respectively. Such fees totaled approximately $3.1 million and approximately $1.4 million for the six months ended July 31, 2021 and 2020, respectively.</p> 10600000 639000 31700000 46000 9600000 2200000 1100000 3100000 1400000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 13. <i>Related-Party Transactions</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">During the second quarters of fiscal years 2021 and 2020, One Earth and NuGen purchased approximately $20.7 million and approximately $4.9 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $37.4 million and approximately $17.2 million for the six months ended July 31, 2021 and 2020, respectively. The Company had amounts payable to related parties of approximately $2.5 million and approximately $0.7 million at July 31, 2021 and January 31, 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">During each of the second quarters of fiscal years 2021 and 2020, the Company recognized commission expense of approximately $0.2 million, payable to the minority investor in the refined coal entity. During the first six months of fiscal years 2021 and 2020, the company recognized commission expense of approximately $0.2 million and income of approximately $0.1 million, respectively. The commission expense is associated with the refined coal segment. The Company had accrued liabilities and accounts payable related to the commission expense of approximately $0.1 million at July 31, 2021 and January 31, 2021.</p> 20700000 4900000 37400000 17200000 2500000 700000 200000 200000 200000 100000 100000 100000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 14. Segment Reporting</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. Segment profitability measures are determined using the same accounting policies used in the preparations of the consolidated condensed financial statements. The following tables summarize segment and other results and assets (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">195,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">359,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">122,477</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px"><span style="font-family: Times New Roman, Times, Serif">Refined coal ¹</span></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">165</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">85</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">227</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">100</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">195,843</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">$</td><td style="border-bottom: Black 3px double; text-align: right">39,327</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">359,947</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">122,577</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">¹<span style="font-family: Times New Roman, Times, Serif">The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment gross profit (loss):</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">14,155</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">553</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">33,631</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(7,670)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(3,081)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1,884)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(4,755)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(2,991)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total gross profit (loss)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">11,074</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,331)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">28,876</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(10,661)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) before income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,732</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,259)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(15,610)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,455)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,118)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,260)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,965)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and 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">(902)</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">(702)</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">(1,758)</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">(1,247)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total income (loss) before 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">6,375</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(6,079)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">14,802</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(19,822)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Provision) benefit for income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,985)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,423)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,054</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,919</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,878</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">221</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">234</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">432</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">427</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total benefit for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,677</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">$</td><td style="border-bottom: Black 3px double; text-align: right">4,046</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,648</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">9,359</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Net income (loss) (net of noncontrolling interests):</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(2,178)</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">14,374</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: 8%; text-align: right">(9,611)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,048</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and 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">(681)</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">(468)</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">(1,326)</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">(820)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net income (loss) 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">7,876</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,748)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,660</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(9,383)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Assets:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 71%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">424,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">397,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,497</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,203</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">505,507</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">$</td><td style="border-bottom: Black 3px double; text-align: right">479,345</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; padding-left: 0pt">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">153,990</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">32,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">280,059</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: 8%; text-align: right">93,121</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 0pt">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 0pt">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,638)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,764)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; padding-left: 0pt">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">6</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">14</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">100</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">89</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; padding-left: 0pt">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">195,678</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">$</td><td style="border-bottom: Black 3px double; text-align: right">39,242</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">359,720</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">$</td><td style="border-bottom: Black 3px double; text-align: right">122,477</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Sales of products, refined coal segment:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 0pt">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">165</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">$</td><td style="border-bottom: Black 3px double; text-align: right">85</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">227</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">100</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 2 The following tables summarize segment and other results and assets (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">195,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">359,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">122,477</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px"><span style="font-family: Times New Roman, Times, Serif">Refined coal ¹</span></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">165</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">85</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">227</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">100</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">195,843</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">$</td><td style="border-bottom: Black 3px double; text-align: right">39,327</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">359,947</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">122,577</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment gross profit (loss):</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">14,155</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">553</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">33,631</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(7,670)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(3,081)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(1,884)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(4,755)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(2,991)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total gross profit (loss)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">11,074</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,331)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">28,876</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(10,661)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) before income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,732</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,259)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(15,610)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,455)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,118)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,260)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,965)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and 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">(902)</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">(702)</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">(1,758)</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">(1,247)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total income (loss) before 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">6,375</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(6,079)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">14,802</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(19,822)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Provision) benefit for income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,985)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,423)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,054</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,919</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,878</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">221</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">234</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">432</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">427</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total benefit for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,677</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">$</td><td style="border-bottom: Black 3px double; text-align: right">4,046</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,648</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">9,359</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Net income (loss) (net of noncontrolling interests):</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(2,178)</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">14,374</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: 8%; text-align: right">(9,611)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,048</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and 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">(681)</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">(468)</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">(1,326)</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">(820)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net income (loss) 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">7,876</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,748)</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,660</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">$</td><td style="border-bottom: Black 3px double; text-align: right">(9,383)</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended<br/> July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%; padding-left: 0pt">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">153,990</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">32,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">280,059</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: 8%; text-align: right">93,121</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 0pt">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 0pt">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,638)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,764)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; padding-left: 0pt">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">6</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">14</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">100</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">89</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; padding-left: 0pt">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">195,678</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">$</td><td style="border-bottom: Black 3px double; text-align: right">39,242</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">359,720</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">$</td><td style="border-bottom: Black 3px double; text-align: right">122,477</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Sales of products, refined coal segment:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 0pt">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">165</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">$</td><td style="border-bottom: Black 3px double; text-align: right">85</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">227</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">$</td><td style="border-bottom: Black 3px double; text-align: right">100</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 195678000 39242000 359720000 122477000 165000 85000 227000 100000 195843000 39327000 359947000 122577000 14155000 553000 33631000 -7670000 -3081000 -1884000 -4755000 -2991000 11074000 -1331000 28876000 -10661000 10732000 -3259000 21820000 -15610000 -3455000 -2118000 -5260000 -2965000 -902000 -702000 -1758000 -1247000 6375000 -6079000 14802000 -19822000 1985000 -893000 4423000 -5054000 -5441000 -2919000 -7639000 -3878000 -221000 -234000 -432000 -427000 -3677000 -4046000 -3648000 -9359000 6418000 -2178000 14374000 -9611000 2139000 898000 2612000 1048000 -681000 -468000 -1326000 -820000 7876000 -1748000 15660000 -9383000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Assets:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>July 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><span style="font-family: Times New Roman, Times, Serif"><b>January 31,<br/> 2021</b></span></td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 71%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">424,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">397,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,497</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,203</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">505,507</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">479,345</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 424470000 397281000 1540000 2861000 79497000 79203000 505507000 479345000 153990000 32524000 280059000 93121000 31573000 5480000 62691000 24398000 9813000 1313000 15407000 4501000 1934000 209000 4227000 666000 -1638000 -298000 -2764000 -298000 6000 14000 100000 89000 195678000 39242000 359720000 122477000 165000 85000 227000 100000 false --01-31 Q2 0000744187 The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 8.6 million bushels of corn at July 31, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021. Commodity futures assets are included in prepaid expenses and other assets. These contracts are long/buy positions for approximately 5.8 million bushels of corn at July 31, 2021. There were no long/buy positions at January 31, 2021. Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 10.6 million bushels of corn at July 31, 2021 and 6.4 million bushels of corn at January 31, 2021. The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.