Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Mar. 28, 2019 | Jul. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | REX AMERICAN RESOURCES Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 6,274,419 | ||
Entity Public Float | $ 435,431,150 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000744187 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 31, 2019 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 188,531 | $ 190,988 |
Restricted cash | 281 | 354 |
Short-term investments | 14,975 | |
Accounts receivable | 11,378 | 12,913 |
Inventory | 18,477 | 20,755 |
Refundable income taxes | 7,695 | 6,612 |
Prepaid expenses and other | 9,284 | 7,412 |
Total current assets | 250,621 | 239,034 |
Property and equipment - net | 182,521 | 197,827 |
Other assets | 6,176 | 7,454 |
Equity method investments | 32,075 | 34,549 |
TOTAL ASSETS | 471,393 | 478,864 |
CURRENT LIABILITIES: | ||
Accounts payable – trade | 7,463 | 8,149 |
Accrued expenses and other current liabilities | 9,546 | 13,716 |
Total current liabilities | 17,009 | 21,865 |
LONG TERM LIABILITIES: | ||
Deferred taxes | 4,185 | 21,706 |
Other long term liabilities | 4,928 | 3,367 |
Total long term liabilities | 9,113 | 25,073 |
EQUITY: | ||
Common stock, 45,000 shares authorized, 29,853 shares issued at par | 299 | 299 |
Paid in capital | 148,273 | 146,923 |
Retained earnings | 579,558 | 547,913 |
Treasury stock, 23,580 and 23,287 shares, respectively | (335,193) | (313,643) |
Total REX shareholders’ equity | 392,937 | 381,492 |
Noncontrolling interests | 52,334 | 50,434 |
Total equity | 445,271 | 431,926 |
TOTAL LIABILITIES AND EQUITY | $ 471,393 | $ 478,864 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 29,853 | 29,853 |
Treasury stock, shares | 23,580 | 23,287 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Net sales and revenue | $ 486,671 | $ 452,586 | $ 453,799 |
Cost of sales | 456,456 | 408,425 | 382,760 |
Gross profit | 30,215 | 44,161 | 71,039 |
Selling, general and administrative expenses | (20,551) | (24,060) | (21,388) |
Equity in income of unconsolidated affiliates | 1,536 | 3,232 | 6,144 |
Interest and other income, (net) | 3,388 | 2,060 | 1,116 |
Income before income taxes | 14,588 | 25,393 | 56,911 |
Benefit (provision) for income taxes | 22,922 | 19,519 | (17,393) |
Net income | 37,510 | 44,912 | 39,518 |
Net income attributable to noncontrolling interests | (5,865) | (5,206) | (7,185) |
Net income attributable to REX common shareholders | $ 31,645 | $ 39,706 | $ 32,333 |
Weighted average shares outstanding – basic and diluted (in Shares) | 6,440 | 6,596 | 6,587 |
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 4.91 | $ 6.02 | $ 4.91 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jan. 31, 2016 | $ 299 | $ (309,754) | $ 144,844 | $ 475,874 | $ 44,496 | $ 355,759 |
Balance (in Shares) at Jan. 31, 2016 | 29,853,000 | 23,204,000 | ||||
Net income | 32,333 | 7,185 | 39,518 | |||
Treasury stock acquired | $ (4,353) | $ (4,353) | ||||
Treasury stock acquired (in Shares) | 88,000 | 87,904 | ||||
Noncontrolling interests distribution and other | (3,842) | $ (3,842) | ||||
Stock options and related tax effects | $ 269 | 923 | 1,192 | |||
Balance at Jan. 31, 2017 | $ 299 | $ (313,838) | 145,767 | 508,207 | 47,839 | 388,274 |
Balance (in Shares) at Jan. 31, 2017 | 29,853,000 | 23,292,000 | ||||
Net income | 39,706 | 5,206 | 44,912 | |||
Capital contributions | 918 | 918 | ||||
Noncontrolling interests distribution and other | (3,529) | (3,529) | ||||
Stock options and related tax effects | $ 195 | 1,156 | 1,351 | |||
Stock options and related tax effects (in Shares) | (5,000) | |||||
Balance at Jan. 31, 2018 | $ 299 | $ (313,643) | 146,923 | 547,913 | 50,434 | 431,926 |
Balance (in Shares) at Jan. 31, 2018 | 29,853,000 | 23,287,000 | ||||
Net income | 31,645 | 5,865 | 37,510 | |||
Capital contributions | 524 | 524 | ||||
Treasury stock acquired | $ (21,855) | $ (21,855) | ||||
Treasury stock acquired (in Shares) | 305,000 | 305,473 | ||||
Noncontrolling interests distribution and other | (4,489) | $ (4,489) | ||||
Stock options and related tax effects | $ 305 | 1,350 | 1,655 | |||
Stock options and related tax effects (in Shares) | (12,000) | |||||
Balance at Jan. 31, 2019 | $ 299 | $ (335,193) | $ 148,273 | $ 579,558 | $ 52,334 | $ 445,271 |
Balance (in Shares) at Jan. 31, 2019 | 29,853,000 | 23,580,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 37,510 | $ 44,912 | $ 39,518 |
Depreciation | 24,828 | 21,462 | 19,519 |
Stock based compensation expense | 669 | 1,641 | 1,314 |
Income from equity method investments | (1,536) | (3,232) | (6,144) |
Dividends received from equity method investments | 4,010 | 6,516 | 7,018 |
Interest income from investments | (1,077) | ||
Loss (gain) on sale of investment | 13 | (192) | |
Loss (gain) on disposal of real estate and property and equipment | 104 | 192 | (328) |
Deferred income tax | (23,364) | (18,605) | 3,043 |
Changes in assets and liabilities: | |||
Accounts receivable | 1,535 | (1,089) | (2,535) |
Inventory | 2,278 | (3,649) | 121 |
Prepaid expenses and other assets | 5,217 | (1,170) | (1,357) |
Income taxes refundable | (1,083) | (5,542) | 4,184 |
Accounts payable-trade | 339 | (1,705) | 36 |
Accrued expenses and other liabilities | (1,499) | 1,225 | 4,912 |
Net cash provided by operating activities | 47,931 | 40,969 | 69,109 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (10,775) | (24,017) | (14,208) |
Purchase of short-term investment | (125,989) | ||
Sale of short-term investments | 112,091 | ||
Acquisition of business, net of cash acquired | (12,049) | ||
Proceeds from sale of investment | 64 | 4,492 | |
Proceeds from sale of real estate and property and equipment | 104 | 1,511 | |
Repayment of note receivable | 27 | 26 | 24 |
Restricted investments and deposits | 5 | 150 | 510 |
Net cash used in investing activities | (24,641) | (35,722) | (7,671) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments to noncontrolling interests holders | (4,489) | (3,529) | (3,842) |
Capital contributions from minority investor | 524 | 918 | |
Treasury stock acquired | (21,855) | (4,709) | |
Net cash used in financing activities | (25,820) | (2,611) | (8,551) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,530) | 2,636 | 52,887 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year | 191,342 | 188,706 | 135,819 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year | 188,812 | 191,342 | 188,706 |
Non cash financing activities-Equity awards issued | 1,473 | 1,195 | 1,095 |
Non cash financing activities-Equity awards accrued | 487 | 1,485 | 1,217 |
Non cash investing activities-Accrued capital expenditures | 1,149 | 342 | |
Cash and cash equivalents | 188,531 | 190,988 | 188,576 |
Restricted cash | 281 | 354 | 130 |
Cash, cash equivalents and restricted cash, end of period | $ 188,812 | $ 191,342 | $ 188,706 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – Fiscal Year – Segments In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment. Use of Estimates – Cash Equivalents – Basis of Presentation – Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Interest income $ 3,514 $ 1,556 $ 434 (Loss) gain on sale of investment — (13 ) 192 (Loss) gain on disposal of real estate and property and equipment, net (104 ) (192 ) 328 Other (22 ) 709 162 Total $ 3,388 $ 2,060 $ 1,116 Concentrations of Risk – Inventory . January 31, 2019 2018 Ethanol and other finished goods $ 5,767 $ 8,402 Work in process 3,094 2,824 Grain and other raw materials 9,616 9,529 Total $ 18,477 $ 20,755 Property and Equipment – January 31, 2019 2018 Land and improvements $ 21,469 $ 21,074 Buildings and improvements 23,608 23,272 Machinery, equipment and fixtures 297,807 288,832 Construction in progress 708 3,155 343,592 336,333 Less: accumulated depreciation (161,071 ) (138,506 ) Total $ 182,521 $ 197,827 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets 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. The Company recorded no impairment charges in fiscal years 2018, 2017 and 2016. Depreciation expense was approximately $24,828,000, $21,462,000 and $19,519,000 in fiscal years 2018, 2017 and 2016, respectively. Investments – The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established. Short-term investments, consisting of U.S. government obligations, are considered held-to-maturity, and, therefore are carried at amortized historical cost. Revenue Recognition Cost of Sales – Selling, General and Administrative Expenses – Financial Instruments 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 results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Stock Compensation Income Taxes Comprehensive Income New Accounting Pronouncements – Revenue from Contracts with Customers Effective February 1, 2018, the Company prospectively adopted Accounting Standards Update “ASU” 2016-15 “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments Effective February 1, 2018, the Company adopted ASU 2016-18 “ Statement of Cash Flows (Topic 230), Restricted Cash In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 “ Leases (Codified as Topic 842) that were previously classified as operating leases, or iii) initial direct costs for any existing leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements The Company expects the adoption of this new standard to result in the recognition of a range of approximately $18 million to $22 million in right-of-use assets and lease liabilities on the Consolidated Balance Sheet. The Company does not expect the adoption of this new standard to have a material impact on its Consolidated Statements of Operations Cash Flows or Shareholders’ Equity. The Company expects to use the lessee non-lease component accounting policy election, for all asset classes, to include both the lease and non-lease components as a single component and account for them as a lease. The Company is currently working to complete the implementation of new processes and information technology tools to assist in ongoing lease data collection and analysis, and is updating accounting policies and internal controls in connection with the adoption of the new standard. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jan. 31, 2019 | |
Investments Schedule [Abstract] | |
Investment [Text Block] | 2. INVESTMENTS The Company’s equity method investment in Big River is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands): January 31, 2019 January 31, 2018 Carrying amount $ 32,075 $ 34,549 Ownership percentage 10.3 % 10.3 % The Company invested $20.0 million in Big River which is a holding company for several entities. Big River, through its various entities (both wholly and partially owned), operates four ethanol manufacturing facilities, that combined shipped approximately 428.6 million gallons of ethanol in the twelve months ended January 31, 2019. The Company recorded income of approximately $1.5 million, $3.2 million and $6.1 million as its share of earnings from Big River during fiscal years 2018, 2017 and 2016, respectively. The Company received dividends of approximately $4.0 million, $6.5 million and $7.0 million from Big River during fiscal years 2018, 2017 and 2016, respectively. At January 31, 2019, the carrying value of the investment in Big River is approximately $32.1 million; the amount of underlying equity in the net assets of Big River is approximately $28.3 million. Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands): Big River December 31, 2018 December 31, 2017 Current assets $ 117,796 $ 149,436 Non current assets 241,382 261,443 Total assets $ 359,178 $ 410,879 Current liabilities $ 50,172 $ 49,130 Long-term liabilities 701 10,599 Total liabilities $ 50,873 $ 59,729 Noncontrolling interests $ 34,149 $ 38,412 Years Ended December 31, Big River 2018 2017 2016 Net sales and revenue $ 802,523 $ 817,112 $ 851,434 Gross profit $ 33,782 $ 60,259 $ 88,841 Income from continuing operations $ 14,893 $ 32,243 $ 63,292 Net income $ 14,893 $ 32,243 $ 63,292 Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2019 are approximately $185.1 million; the Company’s proportionate share of restricted net assets of Big River is approximately $19.1 million. The following table summarizes the Company’s held-to-maturity security at January 31, 2019 (amounts in thousands): Amortized Gross Estimated United States Treasury Bill $ 14,975 $ 2 $ 14,973 As of January 31, 2019, the contractual maturity of this investment was less than one year. The yield to maturity rate is 2.29%. The Company had no held-to-maturity investments as of January 31, 2018. |
NET SALES AND REVENUE
NET SALES AND REVENUE | 12 Months Ended |
Jan. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 3. NET SALES AND REVENUE On February 1, 2018, the Company adopted the amended guidance in ASC Topic 606, “Revenue from Contracts with Customers”, and all related amendments and applied it to all contracts utilizing the modified retrospective method. There were no adjustments to the Consolidated Condensed Balance Sheet as of February 1, 2018 as a result of the adoption of this accounting guidance. Therefore, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Furthermore, there was no impact related to the adoption of this accounting guidance on the Consolidated Statements of Operations or Balance Sheets for the year ended January 31, 2019. The Company expects the impact of adopting this accounting guidance to be immaterial on an ongoing basis. 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 add and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue. The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, 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. The Company elected, pursuant to the new accounting guidance, to recognize as fulfillment activities the cost for shipping and handling activities that occur after the customer obtains control of the promised goods and not when performance obligations are met. See Note 16 for disaggregation of net sales and revenue by operating segment and by product. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 4. BUSINESS COMBINATIONS On August 10, 2017, the Company, through a 95.35% owned subsidiary, purchased the entire ownership interest of an entity that owns a refined coal facility. The Company began operating its refined coal facility immediately after the acquisition. The Company expects that the refined coal operating results will be subsidized by federal production tax credits through November 2021, subject to meeting qualified emissions reductions and other requirements as governed by Section 45 of the Internal Revenue Code. The results of the Company’s refined coal operations (approximately $1.2 million of net sales and revenue and approximately $15.8 million of net income attributable to REX common shareholders, including the income tax benefit of estimated Section 45 credits to be earned) have been included in the consolidated financial statements subsequent to the acquisition date and are included in the Company’s refined coal segment. Pro forma net sales and revenue and net income attributable to REX common shareholders, had the acquisition occurred on February 1, 2017 would have been $452.6 million and $38.9 million, respectively for the year ended January 31, 2018. The purchase price was $12,049,000, which was paid in cash. The acquisition was recorded by allocating the total purchase price to the assets acquired, based on their estimated fair values at the acquisition date. The income approach was used to determine the fair values of assets acquired. The following table summarizes the estimated fair values of the assets acquired at the acquisition date (amounts in thousands): Inventory $ 49 Property, plant and equipment 12,000 Total assets acquired and purchase price $ 12,049 Transaction costs totaled approximately $2.5 million during fiscal year 2017 and are included in selling, general and administrative expenses in the Consolidated Statement of Operations. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. FAIR VALUE The Company applies ASC 820, “ Fair Value Measurements and Disclosures The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative financial instruments at fair value. Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs are developed based on the best information available, which may include the Company’s own data. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value at January 31, 2019 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Commodity futures (3) $ — $ 44 $ — $ 44 Investment in cooperative (1) — — 333 333 Total assets $ — $ 44 $ 333 $ 377 Forward purchase contracts liability (5) $ — $ 22 $ — $ 22 Financial assets and liabilities measured at fair value at January 31, 2018 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Fair Value Forward purchase contracts asset (4) $ — $ 72 $ — $ 72 Investment in cooperative (1) — — 333 333 Total assets $ — $ 72 $ 333 $ 405 Commodity futures (5) $ — $ 87 $ — $ 87 Forward purchase contracts liability (2) — 34 — 34 Total liabilities $ — $ 121 $ — $ 121 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (2) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contract asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. 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. No other financial instruments were elected to be measured at fair value in accordance with ASC 470-20-25-21. There were no assets measured at fair value at January 31, 2019 and 2018 on a non-recurring basis. As discussed in Note 4, the Company estimated the fair values of refined coal assets acquired using the income approach. This estimated fair value is a level 3 measurement. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 6. OTHER ASSETS The components of other noncurrent assets are as follows (amounts in thousands): January 31, 2019 2018 Deferred taxes $ 5,843 $ — Real estate taxes refundable — 6,719 Other 333 735 Total $ 6,176 $ 7,454 Real estate taxes refundable represent amounts due One Earth associated with refunds of previously paid taxes in connection with a tax increment financing arrangement with local taxing authorities. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The components of accrued expenses and other current liabilities at January 31, 2019 and 2018 are as follows (amounts in thousands): January 31, 2019 2018 Accrued payroll and related items $ 2,041 $ 5,108 Accrued utility charges 2,924 2,639 Accrued transportation related items 1,567 1,561 Accrued real estate taxes 1,680 2,678 Accrued income taxes 71 61 Other 1,263 1,669 Total $ 9,546 $ 13,716 |
LEASES
LEASES | 12 Months Ended |
Jan. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 8. LEASES At January 31, 2019, the Company has lease agreements, as lessee, for rail cars and other equipment. All of the leases are accounted for as operating leases. As of January 31, 2019, future minimum annual rentals on such leases are as follows (amounts in thousands): Years Ended Minimum January 31, Rentals 2019 6,767 2020 5,487 2021 4,791 2022 3,208 2023 2,041 Thereafter 1,221 $ 23,515 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 9. COMMON STOCK During fiscal years 2018 and 2016, the Company purchased 305,473 shares and 87,904 shares, respectively, of its common stock for approximately $21,856,000 and $4,353,000, respectively. During fiscal year 2017, the Company did not purchase any of its common stock. At January 31, 2019, the Company had prior authorization by its Board of Directors to purchase, in open market transactions, an additional 349,861 shares of its common stock. Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2019 2018 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 6,274 6,566 |
REVOLVING LINES OF CREDIT
REVOLVING LINES OF CREDIT | 12 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10. REVOLVING LINES OF CREDIT One Earth and NuGen each have $10.0 million revolving loan facilities that mature June 1, 2019. Any borrowings will be secured by the inventory and accounts receivable of One Earth or NuGen, specific to which entity borrows money under these facilities. These revolving loan facilities are recourse only to One Earth and NuGen, respectively, and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings under these facilities bear interest at the one month LIBOR rate plus 225 basis points. Neither One Earth nor NuGen had outstanding borrowings on the revolving loans during the years ended January 31, 2019 or 2018. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Jan. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. DERIVATIVE FINANCIAL INSTRUMENTS 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 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. The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2019 2018 2019 2018 Commodity futures (1) $ 44 $ — $ — $ 87 Forward purchase contracts (2) $ — $ 72 $ 22 $ 34 (1) Commodity futures assets are included in prepaid expense and other. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.0 million bushels of corn at January 31, 2019. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. (2) Forward purchase contracts liabilities are included in accrued expenses and other current liabilities while forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 1.3 million bushels of corn at January 31, 2019 and 11.7 million bushels of corn at January 31, 2018. As of January 31, 2019 and 2018, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset positions owed or owing with the same counterparty. As of January 31, 2019 and 2018, 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. As of January 31, 2019, the Company was required to maintain collateral with the counterparty in the amount of approximately $281,000 to secure the Company’s derivative liability position. See Note 5 which contains fair value information related to derivative financial instruments. The Company recognized gains (included in cost of sales) on derivative financial instruments of approximately $2,698,000, $1,317,000 and $2,131,000 in fiscal years 2018, 2017 and 2016, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 12. EMPLOYEE BENEFITS 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. 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 January 31, 2019, 489,430 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the market price of REX common stock on the date of the grant. In addition one third of executives’ incentive compensation is payable by an award of restricted stock based on the then market price of REX common stock. The Company’s board of directors has determined that the grant date will be June 15 th At January 31, 2019 and 2018, unrecognized compensation cost related to nonvested restricted stock was approximately $200,000 and $233,000, respectively. The following table summarizes non-vested restricted stock award activity for fiscal years 2018, 2017 and 2016: 2018 Non-Vested Weighted Weighted Non-Vested at January 31, 2018 29,415 $ 2,275 2 Granted 21,744 1,623 Forfeited — — Vested 13,123 963 Non-Vested at January 31, 2019 38,036 $ 2,935 2 2017 Non-Vested Weighted Weighted Non-Vested at January 31, 2017 23,350 $ 1,386 2 Granted 14,156 1,370 Forfeited — — Vested 8,091 481 Non-Vested at January 31, 2018 29,415 $ 2,275 2 2016 Non-Vested Weighted Weighted Non-Vested at January 31, 2016 3,168 $ 200 2 Granted 21,502 1,269 Forfeited — — Vested 1,320 83 Non-Vested at January 31, 2017 23,350 $ 1,386 2 The above tables include 34,148, 24,711 and 18,541 non-vested shares at January 31, 2019, 2018 and 2017, 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 officers who were retirement eligible at the time of grant. |
Commitments
Commitments | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 13. COMMITMENTS One Earth and NuGen have combined forward purchase contracts for approximately 13.0 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of a majority of the corn through June 2019. One Earth and NuGen have combined sales commitments for approximately 32.3 million gallons of ethanol, 88,000 tons of distillers grains and 18.2 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and corn oil through March 2019. One Earth has entered into an agreement with an unrelated party for the use of a portion of the party’s natural gas pipeline. The term of the agreement is 10 years, and the amount is $4,380,000, which is paid over 120 equal monthly installments of $36,500 beginning in February 2009. A 15 year agreement, with monthly payments of $29,250 will be effective February 1, 2019. One Earth paid approximately $438,000 pursuant to the agreement in each of fiscal years 2018, 2017 and 2016. One Earth and NuGen have entered into agreements with unrelated parties for the lease of railcars used to ship ethanol and distillers grains. These leases expire on various dates through February 1, 2025. One Earth and NuGen pay a monthly lease amount per railcar. One Earth and NuGen incurred combined expenses of approximately $8,109,000, $8,600,000 and $8,515,000 pursuant to the leases in fiscal years 2018, 2017 and 2016, respectively. One Earth and NuGen each have a contract with an unrelated party (“Distillers Grains Marketers”) for distillers grains marketing services. Under the terms of the contracts, the Distillers Grains Marketers will purchase all of One Earth’s and NuGen’s distillers grains production during the term of the contracts. The contracts call for One Earth and NuGen to pay a fee per ton of distillers grains for the Distillers Grains Marketers’ services. The terms of the agreements are for one year and shall renew automatically for additional one year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 90 days prior to the expiration of the then current term of the agreement. One Earth and NuGen combined incurred fees of approximately $1,250,000, $1,354,000 and $1,194,000 in fiscal years 2018, 2017 and 2016, respectively, for these marketing services. One Earth has a grain origination agreement with a minority equity owner, under which it purchased 100% of its grain during fiscal years 2018, 2017 and 2016. Pursuant to this agreement, One Earth pays a procurement fee per bushel. The agreement expires December 31, 2020, and can be terminated prior to the expiration date if either party provides 180 days written notice. The agreement automatically renews for additional one year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 180 days prior to the expiration of the then current term of the agreement. 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 $9.9 million and $5.5 million in fiscal years 2018 and 2017, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES The (benefit) provision for income taxes for fiscal years 2018, 2017 and 2016 consist of the following (amounts in thousands): 2018 2017 2016 Federal: Current $ 81 $ (2,094 ) $ 12,197 Deferred (23,547 ) (19,528 ) 3,568 (23,466 ) (21,622 ) 15,765 State and Local: Current 361 1,180 2,153 Deferred 183 923 (525 ) 544 2,103 1,628 (Benefit) provision for income taxes $ (22,922 ) $ (19,519 ) $ 17,393 The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands): January 31, 2019 2018 Assets: General business credit carryforward $ 26,523 $ 3,897 Accrued liabilities 308 687 State net operating loss carryforward 294 241 Other items 647 576 Valuation allowance (232 ) (241 ) Total 27,540 5,160 Liabilities: Basis in pass through entities, including depreciation (25,725 ) (26,717 ) Other (157 ) (149 ) Total (25,882 ) (26,866 ) Net deferred tax asset (liability) $ 1,658 $ (21,706 ) The Company has a general business credit carryforward of approximately $26.5 million and approximately $3.9 million at January 31, 2019 and 2018, respectively. The Company can carry these credits forward for up to twenty years. The carryforward period begins to expire in fiscal year 2037. The Company has a valuation allowance of approximately $232,000 and $241,000 at January 31, 2019 and 2018, respectively. The Company decreased the valuation allowance by $9,000, $176,000 and $734,000 in fiscal years 2018, 2017 and 2016, respectively. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits. The Tax Act signed into law on December 22, 2017, reduced the federal corporate income tax rate to 21% effective January 1, 2018. The Tax Act also makes numerous other changes to the U.S. tax code, including, but not limited to, permitting full expensing of qualified property acquired after September 27, 2017, and expanding prior limitations on the deductibility of certain executive compensation. The SEC issued Staff Account bulleting 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. In recognition of the inherent complexities associated with accounting for the effects of the Tax Act, SAB 118 provides a measurement period of up to one year from enactment of the Tax Act for companies to complete the accounting for the tax effects of the Tax Act. Although the accounting for the tax effects of the Tax Act was not yet complete, at January 31, 2018 the Company made a preliminary estimate of the effect of the tax rate reducing on the existing deferred tax balances and recorded a tax benefit of approximately $14,362,000 to remeasure the deferred tax liability at the new 21% rate. The Company finalized its analysis in fiscal year 2018, and as a result, recorded a tax provision of approximately $272,000. 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. These credits increased the income tax benefit by approximately $21.2 million and $11.5 million during fiscal years 2018 and 2017, respectively. During fiscal year 2018, the company recognized an income tax benefit (net of uncertain tax position expense) of approximately $4.6 million for federal and state research and experimentation credits. These credits recorded during fiscal year 2018 related to fiscal years 2014 to 2017 as well as an estimated tax benefit for fiscal year 2018. The Company paid income taxes of approximately $855,000, $6,920,000 and $7,090,000 in fiscal years 2018, 2017 and 2016, respectively. The Company received refunds of income taxes of approximately $1,132,000, $476,000 and $150,000 in fiscal years 2018, 2017 and 2016, respectively. The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2018, 2017 and 2016 as follows: 2018 2017 2016 Federal income tax at statutory rate 21.0 % 33.8 % 35.0 % State and local taxes, net of federal tax benefit 3.6 3.2 2.3 Section 45 production tax credits (145.2 ) (45.4 ) — Research and experimentation credits (77.8 ) — — Tax Cuts and Jobs Act 1.9 (56.6 ) — Domestic production activities deduction — (5.9 ) (2.9 ) Uncertain tax positions 47.1 1.4 0.8 Noncontrolling interest (9.9 ) (7.6 ) (4.6 ) Other 2.2 0.2 — Total (157.1 )% (76.9 )% 30.6 % The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years ended January 31, 2014 and prior. The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2019, total unrecognized tax benefits were approximately $8,785,000, and accrued penalties and interest were approximately $447,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8,304,000. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. 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 (dollars in thousands): Fiscal Year 2018 2017 Unrecognized tax benefits, beginning of year $ 2,325 $ 2,096 Changes for tax positions for prior years 5,973 269 Changes for tax positions for current year 934 (40 ) Unrecognized tax benefits, end of year $ 9,232 $ 2,325 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Jan. 31, 2019 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | 15. CONTINGENCIES The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluation of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated financial statements. There were no liabilities recorded at January 31, 2019 or 2018 as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT REPORTING In the third quarter of fiscal year 2017, the Company began reporting the results of its refined coal operations as a new segment as a result of the refined coal acquisition (see Note 3). The Company has two segments: ethanol and by-products and refined coal. Historical amounts have been reclassified to conform to the current year segment reporting presentation. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. The following tables summarize segment and other results and assets (amounts in thousands): Fiscal Year 2018 2017 2016 Net sales and revenue: Ethanol and by-products $ 485,885 $ 452,153 $ 453,799 Refined coal 1 786 433 — Total net sales and revenue $ 486,671 $ 452,586 $ 453,799 Segment gross profit (loss): Ethanol and by-products $ 43,856 $ 51,509 $ 71,039 Refined coal (13,641 ) (7,348 ) — Total gross profit $ 30,215 $ 44,161 $ 71,039 Income (loss) before income taxes: Ethanol and by-products $ 31,545 $ 38,352 $ 59,447 Refined coal (15,204 ) (10,021 ) — Corporate and other (1,753 ) (2,938 ) (2,536 ) Total income before income taxes $ 14,588 $ 25,393 $ 56,911 Benefit (provision) for income taxes: Ethanol and by-products $ (2,343 ) $ 3,245 $ (18,259 ) Refined coal 24,674 15,168 — Corporate and other 591 1,106 866 Total benefit (provision) for income taxes $ 22,922 $ 19,519 $ (17,393 ) Segment profit (loss): Ethanol and by-products $ 23,346 $ 35,880 $ 33,950 Refined coal 10,148 5,628 — Corporate and other (1,849 ) (1,802 ) (1,617 ) Net income attributable to REX common shareholders $ 31,645 $ 39,706 $ 32,333 1 Fiscal Year 2018 2017 2016 Sales of products, ethanol and by-products segment: Ethanol $ 368,319 $ 359,239 $ 358,349 Dried distillers grains 85,417 63,120 71,204 Non-food grade corn oil 20,097 21,195 18,518 Modified distillers grains 11,950 8,525 5,326 Other 102 74 402 Total sales $ 485,885 $ 452,153 $ 453,799 Sales of products, refined coal segment: Refined coal $ 786 $ 433 $ — Interest income: Ethanol and by-products $ 2,460 $ 878 $ 212 Refined coal — — — Corporate and other 1,054 678 222 Total interest income $ 3,514 $ 1,556 $ 434 Depreciation expense: Ethanol and by-products $ 22,004 $ 20,037 $ 19,464 Refined coal 2,784 1,385 — Corporate and other 40 40 55 Total depreciation expense $ 24,828 $ 21,462 $ 19,519 Equity in income of unconsolidated affiliates: Ethanol and by-products $ 1,536 $ 3,232 $ 6,144 Refined coal — — — Corporate and other — — — Total equity in income of unconsolidated affiliates $ 1,536 $ 3,232 $ 6,144 (Loss) gain on sale of investment: Ethanol and by-products $ — $ (13 ) $ 192 Refined coal — — — Corporate and other — — — Total gain on sale of investment $ — $ (13 ) $ 192 January 31, Assets: 2019 2018 Ethanol and by-products $ 393,691 $ 384,997 Refined coal 8,625 12,165 Corporate and other 69,077 81,702 Total assets $ 471,393 $ 478,864 Additions to other long lived assets: Ethanol and by-products $ — $ 796 Refined coal — — Corporate and other — — Total additions to other long lived assets $ — $ 796 Additions to property and equipment: Ethanol and by-products $ 10,697 $ 24,017 Refined coal 78 — Corporate and other — — Total additions to property and equipment $ 10,775 $ 24,017 All of the Company’s ethanol and distillers grains are sold in the domestic market. The Company’s customers make all decisions with regard to where products they purchase from the Company are distributed. |
QUARTERLY UNAUDITED INFORMATION
QUARTERLY UNAUDITED INFORMATION | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 17. QUARTERLY UNAUDITED INFORMATION The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended April 30, July 31, October 31, January 31, 2018 2018 2018 2019 Net sales and revenue $ 120,820 $ 128,757 $ 123,750 $ 113,344 Gross profit 10,851 9,399 7,747 2,218 Net income 10,352 10,490 13,769 2,899 Net income attributable to REX common shareholders 9,496 9,217 11,875 1,057 Basic and diluted net income per share attributable to REX common shareholders $ 1.45 $ 1.43 $ 1.86 $ 0.17 Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2017 2017 2017 2018 Net sales and revenue $ 113,143 $ 108,744 $ 121,164 $ 109,535 Gross profit 12,489 10,781 14,867 6,024 Net income 5,612 4,171 14,994 20,135 Net income attributable to REX common shareholders 4,544 2,941 13,168 19,053 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.69 $ 0.45 $ 2.00 $ 2.89 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jan. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. RELATED PARTIES During fiscal years 2018, 2017 and 2016, One Earth and NuGen purchased approximately $176.8 million, $154.5 million and $148.5 million, respectively, of corn from minority equity investors. The Company had amounts payable to related parties for corn purchases of approximately $1.9 million and $0.9 million at January 31, 2019 and 2018, respectively. During fiscal years 2018 and 2017, the Company recognized commission expense of approximately $0.8 million and approximately $1.8 million, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal acquisition. The Company had accrued liabilities related to the commission expense of approximately $1.6 million and approximately $1.5 million at January 31, 2019 and 2018, respectively. During fiscal years 2018 and 2017, the Company received approximately $0.5 million and approximately $0.9 million, respectively, in capital contributions from the minority investor in the refined coal entity. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Jan. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED JANUARY 31, 2019, 2018 AND 2017 (Amounts in thousands) Additions Deductions Balance Charged to Charges for Balance Beginning Cost and Which Reserves End of Year Expenses Were Created of Year 2019: Deferred tax valuation allowance $ 241 $ — $ 9 $ 232 2018: Deferred tax valuation allowance $ 417 $ — $ 176 $ 241 2017: Deferred tax valuation allowance $ 1,151 $ — $ 734 $ 417 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year – |
Segment Reporting, Policy [Policy Text Block] | Segments In applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plants are aggregated into one reporting segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents – |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk – |
Inventory, Policy [Policy Text Block] | Inventory . January 31, 2019 2018 Ethanol and other finished goods $ 5,767 $ 8,402 Work in process 3,094 2,824 Grain and other raw materials 9,616 9,529 Total $ 18,477 $ 20,755 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – January 31, 2019 2018 Land and improvements $ 21,469 $ 21,074 Buildings and improvements 23,608 23,272 Machinery, equipment and fixtures 297,807 288,832 Construction in progress 708 3,155 343,592 336,333 Less: accumulated depreciation (161,071 ) (138,506 ) Total $ 182,521 $ 197,827 In accordance with ASC 360-05 “ Impairment or Disposal of Long-Lived Assets 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. The Company recorded no impairment charges in fiscal years 2018, 2017 and 2016. Depreciation expense was approximately $24,828,000, $21,462,000 and $19,519,000 in fiscal years 2018, 2017 and 2016, respectively. |
Investment, Policy [Policy Text Block] | Investments – The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established. Short-term investments, consisting of U.S. government obligations, are considered held-to-maturity, and, therefore are carried at amortized historical cost. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales – |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses – |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments 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 results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sale activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | Stock Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – Revenue from Contracts with Customers Effective February 1, 2018, the Company prospectively adopted Accounting Standards Update “ASU” 2016-15 “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments Effective February 1, 2018, the Company adopted ASU 2016-18 “ Statement of Cash Flows (Topic 230), Restricted Cash In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 “ Leases (Codified as Topic 842) that were previously classified as operating leases, or iii) initial direct costs for any existing leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements The Company expects the adoption of this new standard to result in the recognition of a range of approximately $18 million to $22 million in right-of-use assets and lease liabilities on the Consolidated Balance Sheet. The Company does not expect the adoption of this new standard to have a material impact on its Consolidated Statements of Operations Cash Flows or Shareholders’ Equity. The Company expects to use the lessee non-lease component accounting policy election, for all asset classes, to include both the lease and non-lease components as a single component and account for them as a lease. The Company is currently working to complete the implementation of new processes and information technology tools to assist in ongoing lease data collection and analysis, and is updating accounting policies and internal controls in connection with the adoption of the new standard. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Interest and Other Income [Table Text Block] | Interest and other income, net includes the following (amounts in thousands) Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Interest income $ 3,514 $ 1,556 $ 434 (Loss) gain on sale of investment — (13 ) 192 (Loss) gain on disposal of real estate and property and equipment, net (104 ) (192 ) 328 Other (22 ) 709 162 Total $ 3,388 $ 2,060 $ 1,116 |
Schedule of Inventory, Current [Table Text Block] | The components of inventory are as follows (amounts in thousands): January 31, 2019 2018 Ethanol and other finished goods $ 5,767 $ 8,402 Work in process 3,094 2,824 Grain and other raw materials 9,616 9,529 Total $ 18,477 $ 20,755 |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows (amounts in thousands): January 31, 2019 2018 Land and improvements $ 21,469 $ 21,074 Buildings and improvements 23,608 23,272 Machinery, equipment and fixtures 297,807 288,832 Construction in progress 708 3,155 343,592 336,333 Less: accumulated depreciation (161,071 ) (138,506 ) Total $ 182,521 $ 197,827 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Investments Schedule [Abstract] | |
Equity Method Investments [Table Text Block] | The following table summarizes the investment (amounts in thousands): January 31, 2019 January 31, 2018 Carrying amount $ 32,075 $ 34,549 Ownership percentage 10.3 % 10.3 % |
Condensed Balance Sheet [Table Text Block] | Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands): Big River December 31, 2018 December 31, 2017 Current assets $ 117,796 $ 149,436 Non current assets 241,382 261,443 Total assets $ 359,178 $ 410,879 Current liabilities $ 50,172 $ 49,130 Long-term liabilities 701 10,599 Total liabilities $ 50,873 $ 59,729 Noncontrolling interests $ 34,149 $ 38,412 |
Schedule of Financial Information for Equity Method Investments [Table Text Block] | The following table summarizes the Company’s held-to-maturity security at January 31, 2019 (amounts in thousands): Years Ended December 31, Big River 2018 2017 2016 Net sales and revenue $ 802,523 $ 817,112 $ 851,434 Gross profit $ 33,782 $ 60,259 $ 88,841 Income from continuing operations $ 14,893 $ 32,243 $ 63,292 Net income $ 14,893 $ 32,243 $ 63,292 |
Debt Securities, Held-to-maturity [Table Text Block] | The following table summarizes the Company’s held-to-maturity security at January 31, 2019 (amounts in thousands): Amortized Gross Estimated United States Treasury Bill $ 14,975 $ 2 $ 14,973 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired at the acquisition date (amounts in thousands): Inventory $ 49 Property, plant and equipment 12,000 Total assets acquired and purchase price $ 12,049 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value at January 31, 2019 on a recurring basis are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Total Commodity futures (3) $ — $ 44 $ — $ 44 Investment in cooperative (1) — — 333 333 Total assets $ — $ 44 $ 333 $ 377 Forward purchase contracts liability (5) $ — $ 22 $ — $ 22 Level 1 Level 2 Level 3 Total Fair Value Forward purchase contracts asset (4) $ — $ 72 $ — $ 72 Investment in cooperative (1) — — 333 333 Total assets $ — $ 72 $ 333 $ 405 Commodity futures (5) $ — $ 87 $ — $ 87 Forward purchase contracts liability (2) — 34 — 34 Total liabilities $ — $ 121 $ — $ 121 (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Balance Sheets. (2) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. (3) The commodity futures asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (4) The forward purchase contract asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. (5) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | The components of other noncurrent assets are as follows (amounts in thousands): January 31, 2019 2018 Deferred taxes $ 5,843 $ — Real estate taxes refundable — 6,719 Other 333 735 Total $ 6,176 $ 7,454 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities at January 31, 2019 and 2018 are as follows (amounts in thousands): January 31, 2019 2018 Accrued payroll and related items $ 2,041 $ 5,108 Accrued utility charges 2,924 2,639 Accrued transportation related items 1,567 1,561 Accrued real estate taxes 1,680 2,678 Accrued income taxes 71 61 Other 1,263 1,669 Total $ 9,546 $ 13,716 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of January 31, 2019, future minimum annual rentals on such leases are as follows (amounts in thousands): Years Ended Minimum January 31, Rentals 2019 6,767 2020 5,487 2021 4,791 2022 3,208 2023 2,041 Thereafter 1,221 $ 23,515 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Information regarding the Company’s common stock is as follows (amounts in thousands): January 31, 2019 2018 Authorized shares 45,000 45,000 Issued shares 29,853 29,853 Outstanding shares 6,274 6,566 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): Asset Derivatives Liability Derivatives Fair Value at Fair Value at 2019 2018 2019 2018 Commodity futures (1) $ 44 $ — $ — $ 87 Forward purchase contracts (2) $ — $ 72 $ 22 $ 34 (1) Commodity futures assets are included in prepaid expense and other. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.0 million bushels of corn at January 31, 2019. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. (2) Forward purchase contracts liabilities are included in accrued expenses and other current liabilities while forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 1.3 million bushels of corn at January 31, 2019 and 11.7 million bushels of corn at January 31, 2018. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes non-vested restricted stock award activity for fiscal years 2018, 2017 and 2016: 2018 Non-Vested Weighted Weighted Non-Vested at January 31, 2018 29,415 $ 2,275 2 Granted 21,744 1,623 Forfeited — — Vested 13,123 963 Non-Vested at January 31, 2019 38,036 $ 2,935 2 2017 Non-Vested Weighted Weighted Non-Vested at January 31, 2017 23,350 $ 1,386 2 Granted 14,156 1,370 Forfeited — — Vested 8,091 481 Non-Vested at January 31, 2018 29,415 $ 2,275 2 2016 Non-Vested Weighted Weighted Non-Vested at January 31, 2016 3,168 $ 200 2 Granted 21,502 1,269 Forfeited — — Vested 1,320 83 Non-Vested at January 31, 2017 23,350 $ 1,386 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The (benefit) provision for income taxes for fiscal years 2018, 2017 and 2016 consist of the following (amounts in thousands): 2018 2017 2016 Federal: Current $ 81 $ (2,094 ) $ 12,197 Deferred (23,547 ) (19,528 ) 3,568 (23,466 ) (21,622 ) 15,765 State and Local: Current 361 1,180 2,153 Deferred 183 923 (525 ) 544 2,103 1,628 (Benefit) provision for income taxes $ (22,922 ) $ (19,519 ) $ 17,393 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows (amounts in thousands): January 31, 2019 2018 Assets: General business credit carryforward $ 26,523 $ 3,897 Accrued liabilities 308 687 State net operating loss carryforward 294 241 Other items 647 576 Valuation allowance (232 ) (241 ) Total 27,540 5,160 Liabilities: Basis in pass through entities, including depreciation (25,725 ) (26,717 ) Other (157 ) (149 ) Total (25,882 ) (26,866 ) Net deferred tax asset (liability) $ 1,658 $ (21,706 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2018, 2017 and 2016 as follows: 2018 2017 2016 Federal income tax at statutory rate 21.0 % 33.8 % 35.0 % State and local taxes, net of federal tax benefit 3.6 3.2 2.3 Section 45 production tax credits (145.2 ) (45.4 ) — Research and experimentation credits (77.8 ) — — Tax Cuts and Jobs Act 1.9 (56.6 ) — Domestic production activities deduction — (5.9 ) (2.9 ) Uncertain tax positions 47.1 1.4 0.8 Noncontrolling interest (9.9 ) (7.6 ) (4.6 ) Other 2.2 0.2 — Total (157.1 )% (76.9 )% 30.6 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (dollars in thousands): Fiscal Year 2018 2017 Unrecognized tax benefits, beginning of year $ 2,325 $ 2,096 Changes for tax positions for prior years 5,973 269 Changes for tax positions for current year 934 (40 ) Unrecognized tax benefits, end of year $ 9,232 $ 2,325 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize segment and other results and assets (amounts in thousands): Fiscal Year 2018 2017 2016 Net sales and revenue: Ethanol and by-products $ 485,885 $ 452,153 $ 453,799 Refined coal 1 786 433 — Total net sales and revenue $ 486,671 $ 452,586 $ 453,799 Segment gross profit (loss): Ethanol and by-products $ 43,856 $ 51,509 $ 71,039 Refined coal (13,641 ) (7,348 ) — Total gross profit $ 30,215 $ 44,161 $ 71,039 Income (loss) before income taxes: Ethanol and by-products $ 31,545 $ 38,352 $ 59,447 Refined coal (15,204 ) (10,021 ) — Corporate and other (1,753 ) (2,938 ) (2,536 ) Total income before income taxes $ 14,588 $ 25,393 $ 56,911 Benefit (provision) for income taxes: Ethanol and by-products $ (2,343 ) $ 3,245 $ (18,259 ) Refined coal 24,674 15,168 — Corporate and other 591 1,106 866 Total benefit (provision) for income taxes $ 22,922 $ 19,519 $ (17,393 ) Segment profit (loss): Ethanol and by-products $ 23,346 $ 35,880 $ 33,950 Refined coal 10,148 5,628 — Corporate and other (1,849 ) (1,802 ) (1,617 ) Net income attributable to REX common shareholders $ 31,645 $ 39,706 $ 32,333 Fiscal Year 2018 2017 2016 Sales of products, ethanol and by-products segment: Ethanol $ 368,319 $ 359,239 $ 358,349 Dried distillers grains 85,417 63,120 71,204 Non-food grade corn oil 20,097 21,195 18,518 Modified distillers grains 11,950 8,525 5,326 Other 102 74 402 Total sales $ 485,885 $ 452,153 $ 453,799 Sales of products, refined coal segment: Refined coal $ 786 $ 433 $ — Interest income: Ethanol and by-products $ 2,460 $ 878 $ 212 Refined coal — — — Corporate and other 1,054 678 222 Total interest income $ 3,514 $ 1,556 $ 434 Depreciation expense: Ethanol and by-products $ 22,004 $ 20,037 $ 19,464 Refined coal 2,784 1,385 — Corporate and other 40 40 55 Total depreciation expense $ 24,828 $ 21,462 $ 19,519 Equity in income of unconsolidated affiliates: Ethanol and by-products $ 1,536 $ 3,232 $ 6,144 Refined coal — — — Corporate and other — — — Total equity in income of unconsolidated affiliates $ 1,536 $ 3,232 $ 6,144 (Loss) gain on sale of investment: Ethanol and by-products $ — $ (13 ) $ 192 Refined coal — — — Corporate and other — — — Total gain on sale of investment $ — $ (13 ) $ 192 1 |
Assets [Member] | |
Segment Reporting (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | January 31, Assets: 2019 2018 Ethanol and by-products $ 393,691 $ 384,997 Refined coal 8,625 12,165 Corporate and other 69,077 81,702 Total assets $ 471,393 $ 478,864 Additions to other long lived assets: Ethanol and by-products $ — $ 796 Refined coal — — Corporate and other — — Total additions to other long lived assets $ — $ 796 Additions to property and equipment: Ethanol and by-products $ 10,697 $ 24,017 Refined coal 78 — Corporate and other — — Total additions to property and equipment $ 10,775 $ 24,017 |
QUARTERLY UNAUDITED INFORMATI_2
QUARTERLY UNAUDITED INFORMATION (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following tables set forth the Company’s net sales and revenue, gross profit, net income and net income per share (basic and diluted) for each quarter during the last two fiscal years. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Quarters Ended April 30, July 31, October 31, January 31, 2018 2018 2018 2019 Net sales and revenue $ 120,820 $ 128,757 $ 123,750 $ 113,344 Gross profit 10,851 9,399 7,747 2,218 Net income 10,352 10,490 13,769 2,899 Net income attributable to REX common shareholders 9,496 9,217 11,875 1,057 Basic and diluted net income per share attributable to REX common shareholders $ 1.45 $ 1.43 $ 1.86 $ 0.17 Quarters Ended (In Thousands, Except Per Share Amounts) April 30, July 31, October 31, January 31, 2017 2017 2017 2018 Net sales and revenue $ 113,143 $ 108,744 $ 121,164 $ 109,535 Gross profit 12,489 10,781 14,867 6,024 Net income 5,612 4,171 14,994 20,135 Net income attributable to REX common shareholders 4,544 2,941 13,168 19,053 Basic and diluted net income per share attributable to REX common shareholders (a) $ 0.69 $ 0.45 $ 2.00 $ 2.89 a) The total of the quarterly net income per share amounts do not equal the annual net income per share amounts due to the impact of varying amounts of shares outstanding during the year. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 5 | ||
Number of Reportable Segments | 2 | 2 | |
Concentration Risk, Customer | Six | ||
Property, Plant and Equipment, Depreciation Methods | Depreciation is computed using the straight-line method. | ||
Depreciation | $ 24,828,000 | $ 21,462,000 | $ 19,519,000 |
Liabilities | 121,000 | ||
Assets | $ 471,393,000 | $ 478,864,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 33.80% | 35.00% |
Cost of Sales [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | 20.00% | ||
Contracts Not Accounted For Under Normal Purchases and Normal Sales | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Liabilities | $ 21,000 | ||
Assets | $ 100,000 | ||
Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 18,000,000 | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 5 | ||
Minimum [Member] | Fixtures And Equipment [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 2 | ||
Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 22,000,000 | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 40 years | ||
Maximum [Member] | Fixtures And Equipment [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||
Customer Concentration Risk [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Customer | Six | five | |
Concentration Risk, Percentage | 85.00% | 87.00% | 83.00% |
Income Tax Examination, Penalties and Interest Accrued | $ 0.80 | $ 0.89 | |
Accounting Standards Update 2016-18 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Increase in Restricted Cash | 354,000 | 130,000 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 224,000 | $ 76,000 | |
Refined Coal [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Assets | $ 8,625,000 | $ 12,165,000 | |
Refined Coal [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of Reportable Segments | 1 | ||
Consolidated Entities [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 4 | ||
Equity Method Investee [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number Of Operating Entities | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of components of Basis of Presentation - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Schedule of components of Basis of Presentation [Abstract] | |||
Interest income | $ 3,514 | $ 1,556 | $ 434 |
(Loss) gain on sale of investment | (13) | 192 | |
(Loss) gain on disposal of real estate and property and equipment, net | (104) | (192) | 328 |
Other | (22) | 709 | 162 |
Total | $ 3,388 | $ 2,060 | $ 1,116 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of components of inventory - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of components of inventory [Abstract] | ||
Ethanol and other finished goods | $ 5,767 | $ 8,402 |
Work in process | 3,094 | 2,824 |
Grain and other raw materials | 9,616 | 9,529 |
Total | $ 18,477 | $ 20,755 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of Property Plant and Equipment [Abstract] | ||
Land and improvements | $ 21,469 | $ 21,074 |
Buildings and improvements | 23,608 | 23,272 |
Machinery, equipment and fixtures | 297,807 | 288,832 |
Construction in progress | 708 | 3,155 |
343,592 | 336,333 | |
Less: accumulated depreciation | (161,071) | (138,506) |
Total | $ 182,521 | $ 197,827 |
INVESTMENTS (Details)
INVESTMENTS (Details) $ in Thousands, gal in Millions | 12 Months Ended | ||
Jan. 31, 2019USD ($)gal | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
INVESTMENTS (Details) [Line Items] | |||
Income (Loss) from Equity Method Investments | $ 1,536 | $ 3,232 | $ 6,144 |
Proceeds from Equity Method Investment, Distribution | 4,010 | 6,516 | 7,018 |
Equity Method Investments | $ 32,075 | 34,549 | |
Debt Securities, Held-to-maturity, Maturity, within One Year, Weighted Average Yield | 2.29% | ||
Debt Securities, Held-to-maturity | 0 | ||
Big River [Member] | |||
INVESTMENTS (Details) [Line Items] | |||
Payments to Acquire Equity Method Investments | $ 20,000 | ||
Quantity of ethanol shipped (in US Gallons) | gal | 428.6 | ||
Income (Loss) from Equity Method Investments | $ 1,500 | 3,200 | 6,100 |
Proceeds from Equity Method Investment, Distribution | 4,000 | $ 6,500 | $ 7,000 |
Equity Method Investments | 32,100 | ||
Equity Method Investment, Underlying Equity in Net Assets | 28,300 | ||
Other Restricted Assets | 185,100 | ||
Proportionate Share of Restricted Net Assets | $ 19,100 |
INVESTMENTS (Details) - Schedul
INVESTMENTS (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of Equity Method Investments [Abstract] | ||
Carrying amount | $ 32,075 | $ 34,549 |
Ownership percentage | 10.30% | 10.30% |
INVESTMENTS (Details) - Sched_2
INVESTMENTS (Details) - Schedule of Condensed Balance Sheet - Big River [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | $ 117,796 | $ 149,436 |
Non current assets | 241,382 | 261,443 |
Total assets | 359,178 | 410,879 |
Current liabilities | 50,172 | 49,130 |
Long-term liabilities | 701 | 10,599 |
Total liabilities | 50,873 | 59,729 |
Noncontrolling interests | $ 34,149 | $ 38,412 |
INVESTMENTS (Details) - Sched_3
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
INVESTMENTS (Details) - Schedule of Financial information For Equity Method Investment [Line Items] | |||
Net sales and revenue | $ 802,523 | $ 817,112 | $ 851,434 |
Gross profit | 33,782 | 60,259 | 88,841 |
Income from continuing operations | 14,893 | 32,243 | 63,292 |
Net income | $ 14,893 | $ 32,243 | $ 63,292 |
INVESTMENTS (Details) - Sched_4
INVESTMENTS (Details) - Schedule of held-to-maturity security $ in Thousands | 12 Months Ended |
Jan. 31, 2019USD ($) | |
Schedule of held-to-maturity security [Abstract] | |
United States Treasury Bill, Amortized Cost | $ 14,975 |
United States Treasury Bill, Gross Unrealized Losses | 2 |
United States Treasury Bill, Estimated Fair Value | $ 14,973 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - Refined Coal [Member] - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Aug. 10, 2017 | |
BUSINESS COMBINATIONS (Details) [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 95.35% | ||
Net Sales and Revenue of Business Segment | $ 1,200,000 | ||
Net Income (Loss) Attributable to Parent | 15,800,000 | ||
Business Acquisition, Pro Forma Revenue | $ 452,600,000 | ||
Business Acquisition, Pro Forma Net Income (Loss) | 38,900,000 | ||
Payments to Acquire Businesses, Gross | $ 12,049,000 | ||
Business Acquisition, Transaction Costs | $ 2,500,000 |
BUSINESS COMBINATIONS (Detail_2
BUSINESS COMBINATIONS (Details) - Schedule of Estimated Fair Values of Assets Acquired at Acquisition Date $ in Thousands | 12 Months Ended |
Jan. 31, 2019USD ($) | |
Schedule of Estimated Fair Values of Assets Acquired at Acquisition Date [Abstract] | |
Inventory | $ 49 |
Property, plant and equipment | 12,000 |
Total assets acquired and purchase price | $ 12,049 |
FAIR VALUE (Details) - Schedule
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Commodity futures | $ 44 | [1] | $ 87 | [2] | |
Investment in cooperative | [3] | 333 | 333 | ||
Total assets | 377 | 405 | |||
Forward purchase contracts liability | 22 | [2] | 34 | [4] | |
Total liabilities | 121 | ||||
Forward purchase contracts asset | [5] | 72 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Commodity futures | [1] | [2] | |||
Investment in cooperative | [3] | ||||
Forward purchase contracts liability | [2] | [4] | |||
Forward purchase contracts asset | [5] | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Commodity futures | 44 | [1] | 87 | [2] | |
Investment in cooperative | [3] | ||||
Total assets | 44 | 72 | |||
Forward purchase contracts liability | 22 | [2] | 34 | [4] | |
Total liabilities | 121 | ||||
Forward purchase contracts asset | [5] | 72 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
FAIR VALUE (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Commodity futures | [1] | [2] | |||
Investment in cooperative | [3] | 333 | 333 | ||
Total assets | 333 | 333 | |||
Forward purchase contracts liability | [2] | [4] | |||
Forward purchase contracts asset | [5] | ||||
[1] | The commodity futures asset is included in "Prepaid expenses and other" on the accompanying Consolidated Balance Sheets. | ||||
[2] | The commodity futures liability is included in "Accrued expenses and other current liabilities" on the accompanying Consolidated Balance Sheets. | ||||
[3] | The investment in cooperative is included in "Other assets" on the accompanying Consolidated Balance Sheets. | ||||
[4] | The forward purchase contract liability is included in "Accrued expenses and other current liabilities" on the accompanying Consolidated Balance Sheets. | ||||
[5] | The forward purchase contract asset is included in "Prepaid expenses and other" on the accompanying Consolidated Balance Sheets. |
OTHER ASSETS (Details) - Schedu
OTHER ASSETS (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of Other Assets [Abstract] | ||
Deferred taxes | $ 5,843 | |
Real estate taxes refundable | $ 6,719 | |
Other | 333 | 735 |
Total | $ 6,176 | $ 7,454 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of accrued expenses and other current liabilities [Abstract] | ||
Accrued payroll and related items | $ 2,041 | $ 5,108 |
Accrued utility charges | 2,924 | 2,639 |
Accrued transportation related items | 1,567 | 1,561 |
Accrued real estate taxes | 1,680 | 2,678 |
Accrued income taxes | 71 | 61 |
Other | 1,263 | 1,669 |
Total | $ 9,546 | $ 13,716 |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands | Jan. 31, 2019USD ($) |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
2019 | $ 6,767 |
2020 | 5,487 |
2021 | 4,791 |
2022 | 3,208 |
2023 | 2,041 |
Thereafter | 1,221 |
$ 23,515 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2017 | |
COMMON STOCK (Details) [Line Items] | ||
Treasury Stock, Shares, Acquired | 305,473 | 87,904 |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $ 21,855,000 | $ 4,353,000 |
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | 349,861 | |
Apporximation | ||
COMMON STOCK (Details) [Line Items] | ||
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $ 21,856,000 | $ 4,353,000 |
COMMON STOCK (Details) - Schedu
COMMON STOCK (Details) - Schedule of Common Stock - shares shares in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Schedule of Common Stock [Abstract] | ||
Authorized shares | 45,000 | 45,000 |
Issued shares | 29,853 | 29,853 |
Outstanding shares | 6,274 | 6,566 |
REVOLVING LINES OF CREDIT (Deta
REVOLVING LINES OF CREDIT (Details) $ in Millions | 12 Months Ended |
Jan. 31, 2019USD ($) | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 |
Debt Instrument, Maturity Date | Jun. 1, 2019 |
Line of Credit Facility, Interest Rate Description | LIBOR rate plus 225 basis points |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) l in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2019USD ($)bu | Jan. 31, 2018USD ($)bul | Jan. 31, 2017USD ($) | |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Debt Instrument, Collateral Amount | $ | $ 281,000 | ||
Derivative, Gain on Derivative | $ | $ 2,698,000 | $ 1,317,000 | $ 2,131,000 |
Corn [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 1.3 | 11.7 | |
Corn [Member] | Short/Sell [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | 2 | 2.5 | |
Ethanol [Member] | Short/Sell [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | l | 2.8 | ||
Ethanol [Member] | Long/Buy [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Commodity Futures, Quantity | l | 2.8 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |
Commodity Contract [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [1] | $ 44 | |
Liability Derivatives, Fair Value | [1] | 87 | |
Forward Contracts [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items] | |||
Asset Derivatives, Fair Value | [2] | 72 | |
Liability Derivatives, Fair Value | [2] | $ 22 | $ 34 |
[1] | Commodity futures assets are included in prepaid expense and other. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.0 million bushels of corn at January 31, 2019. These contracts are short/sell positions for approximately 2.5 million bushels of corn and approximately 2.8 million gallons of ethanol and long/buy positions for approximately 2.8 million gallons of ethanol at January 31, 2018. | ||
[2] | Forward purchase contracts liabilities are included in accrued expenses and other current liabilities while forward purchase contracts assets are included in prepaid expenses and other. These contracts are for purchases of approximately 1.3 million bushels of corn at January 31, 2019 and 11.7 million bushels of corn at January 31, 2018. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 200,000 | $ 233,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 38,036,000 | 29,415,000 | 23,350,000 | 3,168,000 |
Rex Shareholders [Member] | ||||
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 34,148 | 24,711 | 18,541 | |
Stock Option Plans 2015 [Member] | Employee Stock Option [Member] | ||||
EMPLOYEE BENEFITS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 550,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 489,430 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Schedule of Non-Vested Restricted Stock Award Activity [Abstract] | |||
Non-Vested Shares, Beginning of Period | 29,415 | 23,350 | 3,168 |
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars) | $ 2,275 | $ 1,386 | $ 200 |
Weighted Average Vesting Term, Beginning of Period | 2 years | 2 years | 2 years |
Non-Vested Shares, Granted | 21,744 | 14,156 | 21,502 |
Weighted Average Grant Date Fair Value, Granted (in Dollars per share) | $ 1,623 | $ 1,370 | $ 1,269 |
Non-Vested Shares, Vested | 13,123 | 8,091 | 1,320 |
Weighted Average Grant Date Fair Value, Vested (in Dollars) | $ 963 | $ 481 | $ 83 |
Non-Vested Shares, End of Period | 38,036 | 29,415 | 23,350 |
Weighted Average Grant Date Fair Value, End of Period (in Dollars) | $ 2,935 | $ 2,275 | $ 1,386 |
Weighted Average Vesting Term, End of Period | 2 years | 2 years | 2 years |
Commitments (Details)
Commitments (Details) lb in Millions, gal in Millions, bu in Millions | 12 Months Ended | ||
Jan. 31, 2019USD ($)Tlbgalbu | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
One Earth Energy And Nu Gen Energy [Member] | |||
Commitments (Details) [Line Items] | |||
Forward Purchase Contracts, Quantity (in US Bushels) | bu | 13 | ||
Quantity of Ethanol under Sales Commitment (in US Gallons) | gal | 32.3 | ||
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | T | 88,000 | ||
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | lb | 18.2 | ||
Supply Commitment Expected Period Of Delivery | They expect to deliver the ethanol, distillers grains and corn oil through March 2019. | ||
One Earth Energy And Nu Gen Energy [Member] | Railcars One [Member] | |||
Commitments (Details) [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 8,109,000 | $ 8,600,000 | $ 8,515,000 |
One Earth Energy And Nu Gen Energy [Member] | Distillers Grains Marketing Services [Member] | |||
Commitments (Details) [Line Items] | |||
Marketing Expense | $ 1,250,000 | 1,354,000 | 1,194,000 |
One Earth Energy [Member] | Natural Gas Pipeline [Member] | |||
Commitments (Details) [Line Items] | |||
Lease Expiration Period | 10 years | ||
Operating Leases, Future Minimum Payments Due | $ 4,380,000 | ||
Number of installments payable | 120 | ||
Installment amount | $ 36,500 | ||
Operating Leases, Rent Expense, Net | $ 438,000 | 438,000 | $ 438,000 |
One Earth Energy [Member] | Renewal [Member] | Natural Gas Pipeline [Member] | |||
Commitments (Details) [Line Items] | |||
Lease Expiration Period | 15 years | ||
Installment amount | $ 29,250 | ||
Alliance Grain [Member] | |||
Commitments (Details) [Line Items] | |||
Percentage of Grain Purchase Under Agreement | 100.00% | ||
Expiration Date of Grain Agreement | Dec. 31, 2020 | ||
Maximum Period to Notify Other Party for Grain Agreement Period Extension | 180 days | ||
Refined Coal [Member] | |||
Commitments (Details) [Line Items] | |||
Fees Incurred By Subsidiary | $ 9,900,000 | $ 5,500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 26,523,000 | $ 3,897,000 | ||
Deferred Tax Assets, Valuation Allowance | $ 232,000 | $ 241,000 | $ 417,000 | $ 1,151,000 |
Valuation Allowance, Methodologies and Assumptions | $9,000 | $176,000 | $734,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 33.80% | 35.00% | |
Deferred Other Tax Expense (Benefit) | $ (14,362,000) | |||
Tax Adjustments, Settlements, and Unusual Provisions | 272,000 | |||
Tax Credit Carryforward, Amount | 21,200,000 | $ 11,500,000 | ||
Deferred Federal, State and Local, Tax Expense (Benefit) | 4,600,000 | |||
Income Taxes Paid | 855,000 | 6,920,000 | $ 7,090,000 | |
Proceeds from Income Tax Refunds | 1,132,000 | 476,000 | 150,000 | |
Unrecognized Tax Benefits | 8,785,000 | $ 2,325,000 | $ 2,096,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 447,000 | |||
Increase (Decrease) in Provision For Income Taxes | $ (8,304,000) |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Federal: | |||
Current | $ 81 | $ (2,094) | $ 12,197 |
Deferred | (23,547) | (19,528) | 3,568 |
(23,466) | (21,622) | 15,765 | |
State and Local: | |||
Current | 361 | 1,180 | 2,153 |
Deferred | 183 | 923 | (525) |
544 | 2,103 | 1,628 | |
(Benefit) provision for income taxes | $ (22,922) | $ (19,519) | $ 17,393 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
Assets: | ||||
General business credit carryforward | $ 26,523,000 | $ 3,897,000 | ||
Accrued liabilities | 308,000 | 687,000 | ||
State net operating loss carryforward | 294,000 | 241,000 | ||
Other items | 647,000 | 576,000 | ||
Valuation allowance | (232,000) | (241,000) | $ (417,000) | $ (1,151,000) |
Total | 27,540,000 | 5,160,000 | ||
Liabilities: | ||||
Basis in pass through entities, including depreciation | (25,725,000) | (26,717,000) | ||
Other | (157,000) | (149,000) | ||
Total | (25,882,000) | (26,866,000) | ||
Net deferred tax asset (liability) | $ 1,658,000 | $ (21,706,000) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Effective Income Tax Reconciliation | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Schedule of Effective Income Tax Reconciliation [Abstract] | |||
Federal income tax at statutory rate | 21.00% | 33.80% | 35.00% |
State and local taxes, net of federal tax benefit | 3.60% | 3.20% | 2.30% |
Section 45 production tax credits | (145.20%) | (45.40%) | |
Research and experimentation credits | (77.80%) | ||
Tax Cuts and Jobs Act | 1.90% | (56.60%) | |
Domestic production activities deduction | (5.90%) | (2.90%) | |
Uncertain tax positions | 47.10% | 1.40% | 0.80% |
Noncontrolling interest | (9.90%) | (7.60%) | (4.60%) |
Other | 2.20% | 0.20% | |
Total | (157.10%) | (76.90%) | 30.60% |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Unrecognized tax benefits, beginning of year | $ 2,325 | $ 2,096 |
Changes for tax positions for prior years | 5,973 | 269 |
Changes for tax positions for current year | 934 | (40) |
Unrecognized tax benefits, end of year | $ 9,232 | $ 2,325 |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Segment Reporting [Abstract] | ||
Number of Reportable Segments | 2 | 2 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule Of Segment Results And Assets - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | $ 113,344 | $ 123,750 | $ 128,757 | $ 120,820 | $ 109,535 | $ 121,164 | $ 108,744 | $ 113,143 | $ 486,671 | $ 452,586 | $ 453,799 | |
Segment gross profit (loss): | $ 2,218 | $ 7,747 | $ 9,399 | $ 10,851 | $ 6,024 | $ 14,867 | $ 10,781 | $ 12,489 | 30,215 | 44,161 | 71,039 | |
Income (loss) before income taxes: | 14,588 | 25,393 | 56,911 | |||||||||
Benefit (provision) for income taxes: | 22,922 | 19,519 | (17,393) | |||||||||
Segment profit (loss): | 31,645 | 39,706 | 32,333 | |||||||||
Sales of products, ethanol and by-products segment: | 485,885 | 452,153 | 453,799 | |||||||||
Interest income: | 3,514 | 1,556 | 434 | |||||||||
Depreciation expense: | 24,828 | 21,462 | 19,519 | |||||||||
Equity in income of unconsolidated affiliates: | 1,536 | 3,232 | 6,144 | |||||||||
(Loss) gain on sale of investment: | (13) | 192 | ||||||||||
Ethanol [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | 485,885 | 452,153 | 453,799 | |||||||||
Segment gross profit (loss): | 43,856 | 51,509 | 71,039 | |||||||||
Income (loss) before income taxes: | 31,545 | 38,352 | 59,447 | |||||||||
Benefit (provision) for income taxes: | (2,343) | 3,245 | (18,259) | |||||||||
Segment profit (loss): | 23,346 | 35,880 | 33,950 | |||||||||
Sales of products, ethanol and by-products segment: | 368,319 | 359,239 | 358,349 | |||||||||
Interest income: | 2,460 | 878 | 212 | |||||||||
Depreciation expense: | 22,004 | 20,037 | 19,464 | |||||||||
Equity in income of unconsolidated affiliates: | 1,536 | 3,232 | 6,144 | |||||||||
(Loss) gain on sale of investment: | (13) | 192 | ||||||||||
Refined Coal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales and revenue: | [1] | 786 | 433 | |||||||||
Segment gross profit (loss): | (13,641) | (7,348) | ||||||||||
Income (loss) before income taxes: | (15,204) | (10,021) | ||||||||||
Benefit (provision) for income taxes: | 24,674 | 15,168 | ||||||||||
Segment profit (loss): | 10,148 | 5,628 | ||||||||||
Sales of products, refined coal segment: | 786 | 433 | ||||||||||
Depreciation expense: | 2,784 | 1,385 | ||||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income (loss) before income taxes: | (1,753) | (2,938) | (2,536) | |||||||||
Benefit (provision) for income taxes: | 591 | 1,106 | 866 | |||||||||
Segment profit (loss): | (1,849) | (1,802) | (1,617) | |||||||||
Interest income: | 1,054 | 678 | 222 | |||||||||
Depreciation expense: | 40 | 40 | 55 | |||||||||
Dried Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, ethanol and by-products segment: | 85,417 | 63,120 | 71,204 | |||||||||
Non-Food Grade Corn Oil [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, ethanol and by-products segment: | 20,097 | 21,195 | 18,518 | |||||||||
Modified Distillers Grains [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, ethanol and by-products segment: | 11,950 | 8,525 | 5,326 | |||||||||
Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales of products, ethanol and by-products segment: | $ 102 | $ 74 | $ 402 | |||||||||
[1] | Sales in the refined coal segment are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold. |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule Of Segment Assets - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Assets | $ 471,393 | $ 478,864 |
Additions to other long lived assets: | ||
Additions to other long lived assets: | 796 | |
Additions to property and equipment: | ||
Additions to property and equipment: | 10,775 | 24,017 |
Ethanol [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 393,691 | 384,997 |
Additions to other long lived assets: | ||
Additions to other long lived assets: | 796 | |
Additions to property and equipment: | ||
Additions to property and equipment: | 10,697 | 24,017 |
Refined Coal [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,625 | 12,165 |
Additions to property and equipment: | ||
Additions to property and equipment: | 78 | |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 69,077 | $ 81,702 |
QUARTERLY UNAUDITED INFORMATI_3
QUARTERLY UNAUDITED INFORMATION (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Schedule of Quarterly Financial Information [Abstract] | |||||||||||
Net sales and revenue | $ 113,344 | $ 123,750 | $ 128,757 | $ 120,820 | $ 109,535 | $ 121,164 | $ 108,744 | $ 113,143 | $ 486,671 | $ 452,586 | $ 453,799 |
Gross profit | 2,218 | 7,747 | 9,399 | 10,851 | 6,024 | 14,867 | 10,781 | 12,489 | 30,215 | 44,161 | 71,039 |
Net income | 2,899 | 13,769 | 10,490 | 10,352 | 20,135 | 14,994 | 4,171 | 5,612 | 37,510 | 44,912 | 39,518 |
Net income attributable to REX common shareholders | $ 1,057 | $ 11,875 | $ 9,217 | $ 9,496 | $ 19,053 | $ 13,168 | $ 2,941 | $ 4,544 | $ 31,645 | $ 39,706 | $ 32,333 |
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share) | $ 170 | $ 1,860 | $ 1,430 | $ 1,450 | $ 2,890 | $ 2,000 | $ 450 | $ 690 | $ 4.91 | $ 6.02 | $ 4.91 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
RELATED PARTIES (Details) [Line Items] | |||
Accounts Payable, Related Parties, Current | $ 1,900 | $ 900 | |
Proceeds from Contributions from Affiliates | 524 | 918 | |
Refined Coal [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Costs and Expenses, Related Party | 800 | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,800 | ||
Accrued Liabilities for Commissions, Expense and Taxes | 1,600 | 1,500 | |
Proceeds from Contributions from Affiliates | 500 | 900 | |
One Earth Energy And Nu Gen Energy [Member] | |||
RELATED PARTIES (Details) [Line Items] | |||
Costs and Expenses, Related Party | $ 176,800 | $ 154,500 | $ 148,500 |
Schedule II - VALUATION AND Q_2
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
2019: | |||
Balance | $ 241,000 | $ 417,000 | $ 1,151,000 |
Deductions Charges for Which Reserves Were Created | 9,000 | 176,000 | 734,000 |
Balance | $ 232,000 | $ 241,000 | $ 417,000 |