Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2019 | May 24, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | RAVEN INDUSTRIES INC | |
Entity Central Index Key | 0000082166 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,026,302 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 61,370 | $ 65,787 |
Accounts receivable, net | 67,792 | 54,472 |
Inventories | 58,042 | 54,076 |
Other current assets | 7,263 | 8,736 |
Total current assets | 194,467 | 183,071 |
Property, plant and equipment, net | 105,236 | 106,615 |
Goodwill | 50,845 | 50,942 |
Amortizable intangible assets, net | 15,978 | 16,293 |
Other assets | 7,624 | 3,324 |
TOTAL ASSETS | 374,150 | 360,245 |
Current liabilities | ||
Accounts payable | 16,179 | 8,272 |
Accrued liabilities | 19,437 | 23,478 |
Other current liabilities | 2,839 | 1,303 |
Total current liabilities | 38,455 | 33,053 |
Other liabilities | 23,012 | 18,235 |
Commitments and contingencies (see Note 12) | 0 | 0 |
Shareholders' equity | ||
Common stock, $1 par value, authorized shares 100,000; issued 67,417 and 67,289, respectively | 67,417 | 67,289 |
Paid-in capital | 57,369 | 59,655 |
Retained earnings | 294,450 | 285,969 |
Accumulated other comprehensive income (loss) | (3,872) | (3,556) |
Treasury stock at cost, 31,393 and 31,332 shares, respectively | (102,683) | (100,402) |
Total Raven Industries, Inc. shareholders' equity | 312,681 | 308,955 |
Noncontrolling interest | 2 | 2 |
Total equity | 312,683 | 308,957 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 374,150 | $ 360,245 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) - $ / shares | Apr. 30, 2019 | Jan. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,417,000 | 67,289,000 |
Treasury stock, at cost (in shares) | 31,393,000 | 31,332,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 98,178 | $ 111,129 |
Cost of sales | 63,112 | 71,131 |
Gross profit | 35,066 | 39,998 |
Research and development expenses | 7,271 | 5,285 |
Selling, general, and administrative expenses | 12,674 | 13,182 |
Operating income | 15,121 | 21,531 |
Other income (expense), net | (69) | 5,679 |
Income before income taxes | 15,052 | 27,210 |
Income tax expense | 1,842 | 5,063 |
Net income | 13,210 | 22,147 |
Net income (loss) attributable to the noncontrolling interest | 0 | 12 |
Net income attributable to Raven Industries, Inc. | $ 13,210 | $ 22,135 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.37 | $ 0.62 |
Diluted (in dollars per share) | $ 0.36 | $ 0.61 |
Comprehensive income (loss): | ||
Net income | $ 13,210 | $ 22,147 |
Other comprehensive income (loss): | ||
Foreign currency translation | (304) | (480) |
Postretirement benefits, net of income tax benefit of $4 and $2 respectively | (12) | (6) |
Other comprehensive income (loss), net of tax | (316) | (486) |
Comprehensive income (loss) | 12,894 | 21,661 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 12 |
Comprehensive income (loss) attributable to Raven Industries, Inc. | $ 12,894 | $ 21,649 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Other comprehensive income, postretirement benefits, income tax (expense) benefit | $ 4 | $ 2 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | $1 Par Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Raven Industries, Inc. Equity [Member] | Non-controlling Interest [Member] |
Balance at beginning of period at Jan. 31, 2018 | $ 276,066 | $ 67,124 | $ 59,143 | $ (100,402) | $ 252,772 | $ (2,573) | $ 276,064 | $ 2 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2018 | 31,332,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 22,147 | 22,135 | 22,135 | 12 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | (480) | (480) | (480) | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (6) | (6) | (6) | |||||
Reclassification due to ASU 2018-02 adoption | 0 | 280 | (280) | 0 | ||||
Cash dividends | (4,658) | 50 | (4,708) | (4,658) | ||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (117) | 12 | (129) | (117) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | $ (653) | 41 | (694) | (653) | ||||
Shares repurchased, Treasury Stock | 0 | |||||||
Share-based compensation | $ 787 | 787 | 787 | |||||
Balance at end of period at Apr. 30, 2018 | 293,086 | 67,177 | 59,157 | $ (100,402) | 270,479 | (3,339) | 293,072 | 14 |
Treasury stock at end of period (in shares) at Apr. 30, 2018 | 31,332,000 | |||||||
Balance at beginning of period at Jan. 31, 2019 | $ 308,957 | 67,289 | 59,655 | $ (100,402) | 285,969 | (3,556) | 308,955 | 2 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2019 | 31,332,000 | 31,332,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 13,210 | 13,210 | 13,210 | 0 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | (304) | (304) | (304) | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (12) | (12) | (12) | |||||
Cash dividends | (4,682) | 47 | (4,729) | (4,682) | ||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (667) | 26 | (693) | (667) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | $ (2,320) | 102 | (2,422) | (2,320) | ||||
Shares repurchased, Treasury Stock | 60,700 | 61,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ (2,281) | $ (2,281) | (2,281) | |||||
Share-based compensation | 782 | 0 | 782 | 782 | ||||
Balance at end of period at Apr. 30, 2019 | $ 312,683 | $ 67,417 | $ 57,369 | $ (102,683) | $ 294,450 | $ (3,872) | $ 312,681 | $ 2 |
Treasury stock at end of period (in shares) at Apr. 30, 2019 | 31,393,000 | 31,393,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.130 | $ 0.130 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 4 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 13,210 | $ 22,147 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,082 | 3,683 |
Change in fair value of acquisition-related contingent consideration | 94 | 152 |
Gain from sale of equity method investment | 0 | (5,785) |
Deferred income taxes | 1,511 | (293) |
Share-based compensation expense | 782 | 787 |
Other operating activities, net | 32 | (2,102) |
Change in operating assets and liabilities: | ||
Accounts receivable | (13,510) | (8,893) |
Inventories | (4,092) | 134 |
Other assets | 1,373 | (42) |
Operating liabilities | 5,280 | 3,815 |
Net cash provided by operating activities | 8,762 | 13,603 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (1,570) | (4,164) |
Proceeds from sale or maturity of investments | 0 | 6,556 |
Purchases of investments | (843) | (79) |
Proceeds (disbursements) from sale of assets, settlement of liabilities | 0 | 832 |
Other investing activities | (28) | 40 |
Net cash (used in) provided by investing activities | (2,441) | 3,185 |
FINANCING ACTIVITIES: | ||
Dividends paid | (4,682) | (4,658) |
Payments for common shares repurchased | (2,281) | 0 |
Payments of acquisition-related contingent liability | (620) | (295) |
Restricted stock units vested and issued | (2,320) | (653) |
Employee stock options exercises | (667) | (117) |
Other financing activities | (95) | (52) |
Net cash used in financing activities | (10,665) | (5,775) |
Effect of exchange rate changes on cash | (73) | (231) |
Net increase (decrease) in cash and cash equivalents | (4,417) | 10,782 |
Cash and cash equivalents at beginning of year | 65,787 | 40,535 |
Cash and cash equivalents at end of period | $ 61,370 | $ 51,317 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Raven Industries, Inc. ("the Company" or "Raven") is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, commercial lighter-than-air and aerospace/defense markets. The Company is comprised of three unique operating units, or divisions, classified into reportable segments: Applied Technology, Engineered Films, and Aerostar. The accompanying interim unaudited consolidated financial statements, which includes the accounts of Raven and its wholly-owned or controlled subsidiaries, net of intercompany balances and transactions, has been prepared by the Company in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present this financial information have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2019 . Financial results for the interim three -month period ended April 30, 2019 , are not necessarily indicative of the results that may be expected for the year ending January 31, 2020. The January 31, 2019, consolidated balance sheet was derived from audited financial statements but does not include all disclosures required in an annual report on Form 10-K. Preparing financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned consolidated entities. The Company owns a 75% |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2019, other than described in the Accounting Standards Adopted section below. Accounting Pronouncements Accounting Standards Adopted In the fiscal 2020 first quarter, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, "Leases (Topic 842)" (ASU 2016-02), issued in February 2016 and the subsequently-issued codification improvements to Topic 842. The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and liabilities by lessees for leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize a lease liability (to make lease payments) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet with terms greater than 12 months. The Company adopted ASU 2016-02 on a modified retrospective basis for all agreements existing as of February 1, 2019. Prior comparative periods have not been adjusted and continue to be reported and disclosed under ASC Topic 840. This adoption did not have a material impact to the Company. As of February 1, 2019, the Company recognized a right-of-use asset for finance leases and operating leases of $233 and $3,807 , respectively and a current and non-current lease liability of $1,446 and $2,571 , respectively. As part of the adoption of ASU 2016-02, the Company elected the following practical expedient: short-term recognition exemption for all leases that qualify. Note disclosures required in Topic 842 are reported in Note 11 Leases of the Notes to the Consolidated Financial Statements in this Form 10-Q. New Accounting Standards Not Yet Adopted In November 2018, the FASB issued ASU No. 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606" (ASU 2018-18). The amendments in ASU 2018-18 clarify that certain transactions between participants in collaborative arrangements should be accounted for as revenue under Topic 606, "Revenue from Contracts with Customers," and precludes certain transactions that are not with a customer from using Topic 606. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption of this guidance is permitted in any interim period. The amendments should be applied retrospectively to the date Topic 606 was adopted. The Company is examining specific collaborative agreements to determine the impact, if any, the new guidance will have on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" (ASU 2018-13). The amendments in ASU 2018-13 remove, modify and add disclosures for companies required to make disclosures about recurring or nonrecurring fair value measurements under Topic 820. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption of this guidance is permitted; however, the Company has the option to delay the adoption of the additional disclosures required until the effective date. Certain amendments in this guidance are required to be applied prospectively, and others are to be applied retrospectively. The Company is evaluating the amendments in ASU 2018-13 to determine when it will adopt this guidance and the impact the guidance will have on the Company's disclosures for assets and liabilities reported at fair value on a recurring or nonrecurring basis. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). Current GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring. The amendments in this guidance eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The new standard is effective for annual reporting periods beginning after December 15, 2019. All entities may elect to early adopt ASU 2016-13 for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13, including all subsequent amendments and improvements to ASC Topic 326 issued by FASB, will have on its consolidated financial statements and associated disclosures. |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 3 Months Ended |
Apr. 30, 2019 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | SELECTED BALANCE SHEET INFORMATION Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2019 January 31, 2019 Accounts receivable, net: Trade accounts $ 62,539 $ 53,820 Unbilled receivables 6,033 1,391 Allowance for doubtful accounts (780 ) (739 ) $ 67,792 $ 54,472 Inventories: Finished goods 7,980 7,629 In process 1,219 1,103 Materials 48,843 45,344 $ 58,042 $ 54,076 Other current assets: Insurance policy benefit 318 336 Income tax receivable 1,418 1,045 Receivable from sale of investment 1,014 1,055 Prepaid expenses and other 4,513 6,300 $ 7,263 $ 8,736 Property, plant and equipment, net: (a) Land $ 3,234 $ 3,234 Buildings and improvements 81,527 81,381 Machinery and equipment 156,745 155,463 Right-of-use assets - finance 665 — Accumulated depreciation (136,935 ) (133,724 ) 105,236 106,354 Property, plant and equipment subject to capital leases: Machinery and equipment — 510 Accumulated amortization for capitalized leases — (249 ) $ 105,236 $ 106,615 Other assets: Equity investments $ 1,223 $ 345 Right-of-use assets - operating 3,420 — Deferred income taxes 60 16 Other 2,921 2,963 $ 7,624 $ 3,324 Accrued liabilities: Salaries and related $ 3,360 $ 8,244 Benefits 5,097 4,751 Insurance obligations 1,856 1,963 Warranties 1,391 890 Income taxes 831 328 Other taxes 940 2,434 Acquisition-related contingent consideration 1,306 1,796 Lease liability 1,978 — Other 2,678 3,072 $ 19,437 $ 23,478 Other liabilities: Postretirement benefits $ 7,652 $ 7,678 Acquisition-related contingent consideration 2,650 2,376 Lease liability 2,648 — Deferred income taxes 3,211 1,659 Uncertain tax positions 2,681 2,670 Other 4,170 3,852 $ 23,012 $ 18,235 (a) The amount of assets held for sale at April 30, 2019, and January 31, 2019, were not material. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and fully vested stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding, which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. Certain outstanding options and restricted stock units were excluded from the diluted net income per share calculations because their effect would have been anti-dilutive under the treasury stock method. The options and restricted stock units excluded from the diluted net income per share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 29,796 16,304 The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 13,210 $ 22,135 Denominator: Weighted average common shares outstanding 35,962,066 35,826,096 Weighted average fully vested stock units outstanding 105,341 87,716 Denominator for basic calculation 36,067,407 35,913,812 Weighted average common shares outstanding 35,962,066 35,826,096 Weighted average fully vested stock units outstanding 105,341 87,716 Dilutive impact of stock options and restricted stock units 325,831 466,768 Denominator for diluted calculation 36,393,238 36,380,580 Net income per share ─ basic $ 0.37 $ 0.62 Net income per share ─ diluted $ 0.36 $ 0.61 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2019 Three Months Ended April 30, 2018 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 7,029 $ — $ 7,029 $ — $ — $ 6,548 $ — $ 6,548 International — — 34 — 34 — — 454 — 454 Plastic Films & Sheeting Domestic — 41,762 — (29 ) 41,733 — 55,297 — (194 ) 55,103 International — 2,530 — — 2,530 — 4,695 — — 4,695 Precision Agriculture Equipment Domestic 29,584 — — — 29,584 29,525 — — — 29,525 International 12,141 — — — 12,141 10,905 — — — 10,905 Other Domestic — — 5,122 — 5,122 — — 3,899 — 3,899 International — — 5 — 5 — — — — — Totals $ 41,725 $ 44,292 $ 12,190 $ (29 ) $ 98,178 $ 40,430 $ 59,992 $ 10,901 $ (194 ) $ 111,129 (a) Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. Contract Balances Contract balances consist of contract assets and contract liabilities. Contract assets primarily relate to the Company’s rights to consideration for work completed but not yet billed for at the reporting date, or retainage provisions on billings that have been issued. Contract liabilities primarily relate to consideration received from customers prior to transferring goods or services to the customer. Contract assets and contract liabilities are reported in "Accounts receivable, net" and "Other current liabilities" in the Consolidated Balance Sheets, respectively. During the three months ended April 30, 2019, the Company’s contract assets and liabilities increased by $4,642 and $1,536 , respectively. The increase was primarily a result of the contract terms which include timing of customer payments, timing of invoicing, and progress made on open contracts. Due to the short-term nature of the Company’s contracts, substantially all contract liabilities are recognized as revenue during the twelve months thereafter. Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 6,669 $ 2,027 $ 4,642 229.0 % Contract liabilities $ 2,839 $ 1,303 $ 1,536 117.9 % Remaining Performance Obligations As of April 30, 2019, the Company did not have any remaining performance obligations related to customer contracts with an original expected duration of one year or more. Revenue recognized during the three-month period ending April 30, 2019, from performance obligations satisfied in the prior period were not material. |
Acquisitions and Divestitures o
Acquisitions and Divestitures of and Investments in Businesses and Technologies | 3 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | ACQUISITIONS AND DIVESTITURES OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Fiscal year 2020 There were no significant business acquisitions and divestitures or purchases of technologies in the three-month period ended April 30, 2019. Fiscal year 2019 On January 1, 2019 , the Company completed the acquisition of substantially all of the assets ("AgSync Acquisition") of AgSync Inc. ("AgSync"), an Indiana corporation, headquartered in Wakarusa, Indiana. This acquisition was aligned under the Company’s Applied Technology Division and is expected to enhance its Slingshot® platform by delivering a more seamless logistics solution for ag retailers, aerial applicators, custom applicators and enterprise farms. The AgSync Acquisition constitutes a business and, as such, was accounted for as a business combination; however, the business combination was not significant enough to warrant pro-forma financial information. The purchase price was approximately $9,700 , which includes potential earn-out payments with an estimated fair value of $2,052 . The earn-out is contingent upon achieving certain revenue milestones. The purchase price of the business acquired was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed is reflected as goodwill, which is fully tax deductible. The Company completed the valuation and the purchase price allocation during the first quarter of fiscal 2020. This resulted in an adjustment in the fiscal 2020 first quarter that increased the purchase price and the estimated fair value of the contingent earn-outs payments by approximately $300 . The goodwill and identifiable intangible assets recorded as part of the purchase price allocation at April 30, 2019, were $4,526 and $5,700 , respectively. During the first quarter of fiscal 2019, Aerostar sold its client private business for $832 , which resulted in an immaterial gain in the three-months ended April 30, 2018. In fiscal 2018, Aerostar actively marketed the sale of its client private business and as such, classified it as held for sale. In the first quarter of fiscal 2019, the Company sold its ownership interest of approximately 22% in Site-Specific Technology Development Group, Inc. ( SST ) with a carrying value of $1,937 . This investment was being accounted for as an equity method investment. Raven received $6,556 in cash at closing which was reported as "Proceeds from sale or maturity of investments" in the Consolidated Statements of Cash Flows. The Company recognized a gain on the sale of $5,785 for the three-months ended April 30, 2018. The gain was reported in "Other income (expense), net" in the Consolidated Statements of Income and Comprehensive Income. The gain included a fifteen percent hold-back provision held in an escrow account and is expected to be paid in fiscal 2020. Acquisition-related Contingent Consideration The Company has contingent liabilities related to the acquisition of AgSync in fiscal 2019 as well as prior acquisitions of Colorado Lining International, Inc. (CLI) in fiscal 2018; SBG Innovatie BV and its affiliate, Navtronics BVBA (collectively, SBG) in fiscal 2015; and Aerostar Technical Solutions, Inc. (ATS), formerly named Vista Research, Inc. or "Vista," completed in fiscal 2012. The fair value of such contingent consideration is estimated as of the acquisition date, and subsequently at the end of each reporting period, using forecasted cash flows. Projecting future cash flows requires the Company to make significant estimates and assumptions regarding future events, conditions, or revenues being achieved under the subject contingent agreement as well as the appropriate discount rate. Such valuation techniques include one or more significant inputs that are not observable (Level 3 fair value measures). Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: Three Months Ended April 30, April 30, Beginning balance $ 4,172 $ 3,046 Fair value of contingent consideration acquired 310 — Change in fair value of the liability 94 152 Contingent consideration earn-out paid (620 ) (295 ) Ending balance $ 3,956 $ 2,903 Classification of liability in the consolidated balance sheet Accrued liabilities $ 1,306 $ 1,483 Other liabilities, long-term 2,650 1,420 Balance at April 30 $ 3,956 $ 2,903 For the AgSync Acquisition, the Company entered into a contingent earn-out agreement, not to exceed $3,500 . The earn-out is to be paid annually over three years after the purchase date, contingent upon achieving certain revenue milestones. The Company has made no payments on this potential earn-out liability as of April 30, 2019. In the acquisition of CLI, the Company entered into a contingent earn-out agreement, not to exceed $2,000 . The earn-out is paid annually for three years after the purchase date, contingent upon achieving certain revenues and operational synergies. To date, the Company has paid a total of $667 of this potential earn-out liability. In connection with the acquisition of SBG, Raven is committed to making additional earn-out payments, not to exceed $2,500 , calculated and paid quarterly for ten years after the purchase date, contingent upon achieving certain revenues. To date, the Company has paid a total of $1,564 of this potential earn-out liability. Related to the acquisition of ATS in 2012 , the Company was committed to making annual payments based upon earn-out percentages on specific revenue streams for seven years after the purchase date. The Company made the final payment in the first quarter of fiscal 2020 and has no |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: Three Months Ended April 30, April 30, Beginning balance $ 4,172 $ 3,046 Fair value of contingent consideration acquired 310 — Change in fair value of the liability 94 152 Contingent consideration earn-out paid (620 ) (295 ) Ending balance $ 3,956 $ 2,903 Classification of liability in the consolidated balance sheet Accrued liabilities $ 1,306 $ 1,483 Other liabilities, long-term 2,650 1,420 Balance at April 30 $ 3,956 $ 2,903 |
Goodwill, Long-lived Assets and
Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets and Other Intangibles (Notes) | 3 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Loss and Other Charges | GOODWILL, LONG-LIVED ASSETS, AND OTHER CHARGES Goodwill Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. Management performed an assessment in the first quarter of fiscal 2020 and determined that no triggering events had occurred for any of the Company's reporting units. There were no goodwill impairment losses reported in the three -month periods ending April 30, 2019 and 2018, respectively. The changes in the carrying amount of goodwill by reporting unit were as follows: Applied Technology Engineered Films Aerostar Total Balance at January 31, 2019 $ 17,076 $ 33,232 $ 634 $ 50,942 Changes due to business combinations (33 ) — — (33 ) Foreign currency translation adjustment (64 ) — — (64 ) Balance at April 30, 2019 $ 16,979 $ 33,232 $ 634 $ 50,845 Long-lived Assets and Other Intangibles The Company assesses the recoverability of long-lived assets, including definite-lived intangibles and property plant and equipment, if events or changes in circumstances indicate that an asset might be impaired. For long-lived and intangible assets, management performs impairment reviews by asset group. Management periodically assesses for triggering events and discusses any significant changes in the utilization of long-lived assets. For purposes of recognition and measurement of an impairment loss, a long-lived asset is grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When performing long-lived asset testing, the fair values of assets are determined based on valuation techniques using the best available information. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). An impairment loss is recognized when the estimated undiscounted cash flows used in determining the fair value of the asset are less than its carrying amount. Fiscal 2020 and 2019 Management performed an assessment in the fiscal 2020 and fiscal 2019 first quarter and determined that there were no impairment indicators identified for any of the Company's asset groups. There were no long-lived asset impairment losses reported in the three -month period ending April 30, 2019 and 2018, respectively. The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: April 30, 2019 January 31, 2019 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,179 $ (7,345 ) $ 1,834 $ 9,203 $ (7,216 ) $ 1,987 Customer relationships 16,076 (5,848 ) 10,228 15,791 (5,508 ) 10,283 Patents and other intangibles 5,941 (2,025 ) 3,916 5,908 (1,885 ) 4,023 Total $ 31,196 $ (15,218 ) $ 15,978 $ 30,902 $ (14,609 ) $ 16,293 |
Employee Postretirement Benefit
Employee Postretirement Benefits | 3 Months Ended |
Apr. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Postretirement Benefits | EMPLOYEE POSTRETIREMENT BENEFITS The Company provides postretirement medical and other benefits to certain current and past senior executive officers and senior managers. These plan obligations are unfunded. The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 7 $ 7 Interest cost 83 79 Amortization of actuarial losses 24 32 Amortization of unrecognized gains in prior service cost (40 ) (40 ) Net periodic benefit cost $ 74 $ 78 Postretirement benefit cost components are reclassified in their entirety from accumulated other comprehensive loss to net periodic benefit cost. Net periodic benefit costs are reported in net income in accordance with ASU 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Postretirement Benefit Cost." Service cost is reported in net income as “Cost of sales” or “Selling, general, and administrative expenses” in a manner consistent with the classification of direct labor and personnel costs of the eligible employees. Interest cost, amortization of actuarial gains or losses, and amortization of prior service cost are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. |
Warranties
Warranties | 3 Months Ended |
Apr. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Warranties | WARRANTIES Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 890 $ 1,163 Change in provision 822 157 Settlements made (321 ) (223 ) Ending balance $ 1,391 $ 1,097 |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements | 3 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS The Company entered into a credit facility on April 15, 2015 , with JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Administrative Agent, JPMorgan Chase Bank, National Association, as administrative agent, and each lender from time to time a party thereto (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $125,000 with a maturity date of April 15, 2020 . Loan proceeds may be utilized by Raven for strategic business purposes, such as business acquisitions, and for net working capital needs. The Company expects to enter into a new credit facility prior to the Credit Agreement maturing in fiscal 2021. Simultaneous with execution of the Credit Agreement, Raven and its subsidiaries entered into a guaranty agreement in favor of JPMorgan Chase Bank, National Association in its capacity as administrator under the Credit Agreement for the benefit of JPMorgan Chase Bank, N.A., Toronto Branch and the lenders and their affiliates under the Credit Agreement. The unamortized debt issuance costs associated with this Credit Agreement were as follows: April 30, 2019 January 31, 2019 Unamortized debt issuance costs (a) $ 105 $ 132 (a) Unamortized debt issuance costs are amortized over the term of the Credit Agreement and are reported as "Other assets" in the Consolidated Balance Sheets. Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement includes annual administrative and unborrowed capacity fees. The Credit Agreement also contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. Letters of credit (LOC) issued and outstanding were as follows: April 30, 2019 January 31, 2019 Letters of credit outstanding (a) $ 314 $ 514 (a) Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement. There were no borrowings under the Credit Agreement for any of the fiscal periods covered by this Quarterly Report on Form 10-Q. Availability under the Credit Agreement for borrowings as of April 30, 2019 , was $124,736 . |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company enters into operating and finance lease contracts related to facilities, vehicles and equipment. Operating leases are primarily related to facilities to support production, research and development, and sales efforts. Finance leases are primarily related to vehicles and equipment to support general business operations. Lease payments are typically fixed and carry lease terms of one to six years , some of which have an option to terminate or extend up to an additional ten years . For purposes of the quantitative disclosures below related to the calculation of operating and finance leases, lease terms did not include options to terminate or extend, as the Company is reasonably certain it would not exercise the options. Most of the Company's leases do not contain a purchase option, material residual value guarantee, or material restrictive covenants. The Company is primarily a lessee in all lease arrangements but may become a lessor and lease or sublease certain assets to other entities if not fully utilized. These lessor activities are not material and are not separately disclosed. To determine whether a contract is or contains a lease, the Company assessed its right to control the use of the identified asset, whether explicitly or implicitly stated, for a period of time while considering all facts and circumstances for each individual arrangement. The Company also has leases with non-lease components which are separately stated within the agreement and not included in the recognition of the right-of use asset and lease liability balances. The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class, and the Company's borrowing rates as of the commencement date of the contract. Components of Company lease costs, including operating, finance, and short-term leasing are included in the table below. Depreciation of right-of-use assets, operating leases cost, and short-term lease costs are reported in net income as "Cost of sales," "Research and development expenses," or "Selling, general, and administrative expenses," depending on what business function the asset primarily supports. Interest on lease liabilities are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. Three Months Ended April 30, 2019 Lease Costs: Finance Leases Depreciation of right-of-use assets $ 95 Interest on lease liabilities 5 Total finance lease cost $ 100 Operating Leases Operating lease cost $ 360 Short-term lease cost 105 Total operating lease cost $ 465 Total finance and operating lease cost $ 565 Supplemental unaudited balance sheet information related to operating and finance leases include: April 30, 2019 Operating Leases Operating lease right-of-use assets $ 3,420 Current lease liability $ 1,689 Non-current lease liability 2,367 Total operating lease liabilities $ 4,056 Finance Leases Property, plant and equipment, at cost $ 665 Accumulated depreciation (95 ) Property, plant and equipment, net $ 570 Current lease liability $ 289 Non-current lease liability 281 Total finance lease liabilities $ 570 Weighted average remaining lease terms and discount rates include: April 30, 2019 Weighted Average Remaining Lease Term: Operating leases 3 years Finance leases 2 years Weighted Average Discount Rate: Operating leases 3.5 % Finance leases 3.5 % Supplemental unaudited cash flow information related to operating and finance leases include: Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 360 Operating cash flows from finance leases 5 Financing cash flows from finance leases 95 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 190 Operating leases — Future operating and finance lease obligations that have not yet commenced as of April 30, 2019, were immaterial and excluded from the lease liability schedule below accordingly. Three Months Ended April 30, 2019 Operating Leases Finance Leases Remainder of Fiscal 2020 $ 1,353 $ 284 Fiscal 2021 1,844 184 Fiscal 2022 679 101 Fiscal 2023 315 36 Fiscal 2024 99 6 Thereafter — — Total lease payments $ 4,290 $ 611 Less imputed interest (234 ) (41 ) Total lease liabilities $ 4,056 $ 570 Prior to the Company's adoption of ASU 2016-02 in the first quarter of fiscal year 2020, future minimum lease payments reported in the Company’s Annual Report on Form 10-K for the year ended January 31, 2019, were as follows: Twelve Months Ended January 31, 2019 Operating Leases Capital Leases Fiscal 2020 $ 2,213 $ 182 Fiscal 2021 1,939 102 Fiscal 2022 728 44 Fiscal 2023 356 2 Fiscal 2024 140 — Thereafter — — Total lease payments $ 5,376 $ 330 Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon. (14 ) Less amounts representing interest (32 ) Present value of net minimum lease payments $ 284 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Disclosure | 3 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES The Company is involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of its business; potential costs and liabilities of which cannot be determined at this time. Management does not believe the ultimate outcomes of its legal proceedings are likely to be material to its results of operations, financial position, or cash flows. In addition, the Company has insurance policies that provide coverage to various degrees for potential liabilities arising from legal proceedings. The Company entered into a Gift Agreement ("the Agreement") effective in January 2018 with the South Dakota State University Foundation, Inc. ("the Foundation"). This gift will be used by South Dakota State University (SDSU), located in Brookings, SD, for the establishment of a precision agriculture facility to support SDSU's Precision Agriculture degrees and curriculum. This facility will assist the Company in further collaboration with faculty, staff and students on emerging technology in support of the growing need for precision agriculture practices and tools. The Agreement states that the Company will make a $5,000 gift to the Foundation, conditional on certain actions. Management concluded that the contingencies related to this gift were substantially met during the three-month period ended April 30, 2018, and a liability had been incurred. As such, $4,503 of selling, general, and administrative expense was recognized in the three-month period ending April 30, 2018, with interest expense to be recognized in periods thereafter. The fair value of this contingency at April 30, 2019 , was $3,230 (measured based on the present value of the expected future cash outflows), of which $697 was classified as "Accrued liabilities" and $2,533 was classified as "Other liabilities." As of April 30, 2019, the Company has made payments related to the commitment totaling $1,430 . |
Income Tax Income Tax Disclosur
Income Tax Income Tax Disclosure | 3 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The Company’s effective tax rate varies from the federal statutory rate, primarily due to state and local taxes, research and development tax credit, foreign-derived intangible income deduction, and tax-exempt insurance premiums. The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate 12.2 % 18.6 % The decrease in the effective tax rate year-over-year is primarily due to discrete items in the current year. The Company’s effective tax rates, excluding discrete items, in the three-month periods ended April 30, 2019, and 2018, were 20.0 percent and 19.5 percent , respectively. The Company’s total discrete tax items for both three-month periods in the table below relate to the vesting or settlement of equity awards. Three Months Ended April 30, April 30, Total discrete tax benefit $ 1,168 $ 243 |
Dividends and Treasury Stock
Dividends and Treasury Stock | 3 Months Ended |
Apr. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK Dividends paid to Raven shareholders were as follows: Three Months Ended April 30, April 30, Dividends paid (a) $ 4,682 $ 4,658 Dividends paid per share (in cents per share) (a) 13.0 13.0 (a) There were no declared and unpaid shareholder dividends at April 30, 2019 or 2018. On November 3, 2014, the Company announced that its Board of Directors ("Board") had authorized a $40,000 stock buyback program. Since that time, the Board has provided additional authorizations to increase the total amount authorized under the program to $75,000 . This authorization remains in place until the authorized spending limit is reached or such authorization is revoked by the Board. Pursuant to these authorizations, the Company repurchased 60,700 shares for $2,281 in the three-month period ended April 30, 2019 . There were no shares repurchased in the three-month period ended April 30, 2018 . There were no share repurchases unpaid at April 30, 2019, or April 30, 2018. The remaining dollar value authorized for share repurchases at April 30, 2019 , is $25,679 . |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Apr. 30, 2019 | |
Share-based Compensation [Abstract] | |
Share Based Compensation | SHARE-BASED COMPENSATION Share-based compensation expense is recognized based on the fair value of the share-based awards expected to vest during the period. The share-based compensation expense was as follows: Three Months Ended April 30, 2019 April 30, 2018 Cost of sales $ 76 $ 80 Research and development expenses 35 31 Selling, general, and administrative expenses 671 676 Total stock-based compensation expense $ 782 $ 787 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company's operating segments, which are also its reportable segments, are defined by their product lines which have been generally grouped based on technology, manufacturing processes, and end-use application. The Company's reportable segments are Applied Technology Division, Engineered Films Division, and Aerostar Division. Separate financial information is available for each reportable segment and regularly evaluated by the Company's chief operating decision-maker, the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. Other income, interest expense, and income taxes are not allocated to individual operating segments. Segment information is reported consistent with the Company's management reporting structure. Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 41,725 $ 40,430 Engineered Films (a) 44,292 59,992 Aerostar 12,190 10,901 Intersegment eliminations (b) (29 ) (194 ) Consolidated net sales $ 98,178 $ 111,129 Operating income (c) Applied Technology $ 13,236 $ 15,948 Engineered Films 6,363 13,196 Aerostar 1,996 2,805 Intersegment eliminations 1 (15 ) Total reportable segment income 21,596 31,934 General and administrative expenses (c) (6,475 ) (10,403 ) Consolidated operating income $ 15,121 $ 21,531 (a) Hurricane recovery film sales for the three-month period ended April 30, 2019 and 2018, were $17 and $8,919 , respectively. (b) Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Apr. 30, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS The Company has evaluated events up to the filing date of this Quarterly Report on Form 10-Q and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to the Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies New Accounting Standards (Policies) | 3 Months Ended |
Apr. 30, 2019 | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Standards Adopted In the fiscal 2020 first quarter, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, "Leases (Topic 842)" (ASU 2016-02), issued in February 2016 and the subsequently-issued codification improvements to Topic 842. The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and liabilities by lessees for leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize a lease liability (to make lease payments) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet with terms greater than 12 months. The Company adopted ASU 2016-02 on a modified retrospective basis for all agreements existing as of February 1, 2019. Prior comparative periods have not been adjusted and continue to be reported and disclosed under ASC Topic 840. This adoption did not have a material impact to the Company. As of February 1, 2019, the Company recognized a right-of-use asset for finance leases and operating leases of $233 and $3,807 , respectively and a current and non-current lease liability of $1,446 and $2,571 , respectively. As part of the adoption of ASU 2016-02, the Company elected the following practical expedient: short-term recognition exemption for all leases that qualify. Note disclosures required in Topic 842 are reported in Note 11 Leases of the Notes to the Consolidated Financial Statements in this Form 10-Q. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Standards Not Yet Adopted In November 2018, the FASB issued ASU No. 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606" (ASU 2018-18). The amendments in ASU 2018-18 clarify that certain transactions between participants in collaborative arrangements should be accounted for as revenue under Topic 606, "Revenue from Contracts with Customers," and precludes certain transactions that are not with a customer from using Topic 606. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption of this guidance is permitted in any interim period. The amendments should be applied retrospectively to the date Topic 606 was adopted. The Company is examining specific collaborative agreements to determine the impact, if any, the new guidance will have on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" (ASU 2018-13). The amendments in ASU 2018-13 remove, modify and add disclosures for companies required to make disclosures about recurring or nonrecurring fair value measurements under Topic 820. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption of this guidance is permitted; however, the Company has the option to delay the adoption of the additional disclosures required until the effective date. Certain amendments in this guidance are required to be applied prospectively, and others are to be applied retrospectively. The Company is evaluating the amendments in ASU 2018-13 to determine when it will adopt this guidance and the impact the guidance will have on the Company's disclosures for assets and liabilities reported at fair value on a recurring or nonrecurring basis. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). Current GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring. The amendments in this guidance eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The new standard is effective for annual reporting periods beginning after December 15, 2019. All entities may elect to early adopt ASU 2016-13 for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13, including all subsequent amendments and improvements to ASC Topic 326 issued by FASB, will have on its consolidated financial statements and associated disclosures. |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Selected Balance Sheet Information [Abstract] | |
Components of selected balance sheet items | Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2019 January 31, 2019 Accounts receivable, net: Trade accounts $ 62,539 $ 53,820 Unbilled receivables 6,033 1,391 Allowance for doubtful accounts (780 ) (739 ) $ 67,792 $ 54,472 Inventories: Finished goods 7,980 7,629 In process 1,219 1,103 Materials 48,843 45,344 $ 58,042 $ 54,076 Other current assets: Insurance policy benefit 318 336 Income tax receivable 1,418 1,045 Receivable from sale of investment 1,014 1,055 Prepaid expenses and other 4,513 6,300 $ 7,263 $ 8,736 Property, plant and equipment, net: (a) Land $ 3,234 $ 3,234 Buildings and improvements 81,527 81,381 Machinery and equipment 156,745 155,463 Right-of-use assets - finance 665 — Accumulated depreciation (136,935 ) (133,724 ) 105,236 106,354 Property, plant and equipment subject to capital leases: Machinery and equipment — 510 Accumulated amortization for capitalized leases — (249 ) $ 105,236 $ 106,615 Other assets: Equity investments $ 1,223 $ 345 Right-of-use assets - operating 3,420 — Deferred income taxes 60 16 Other 2,921 2,963 $ 7,624 $ 3,324 Accrued liabilities: Salaries and related $ 3,360 $ 8,244 Benefits 5,097 4,751 Insurance obligations 1,856 1,963 Warranties 1,391 890 Income taxes 831 328 Other taxes 940 2,434 Acquisition-related contingent consideration 1,306 1,796 Lease liability 1,978 — Other 2,678 3,072 $ 19,437 $ 23,478 Other liabilities: Postretirement benefits $ 7,652 $ 7,678 Acquisition-related contingent consideration 2,650 2,376 Lease liability 2,648 — Deferred income taxes 3,211 1,659 Uncertain tax positions 2,681 2,670 Other 4,170 3,852 $ 23,012 $ 18,235 (a) The amount of assets held for sale at April 30, 2019, and January 31, 2019, were not material. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | The options and restricted stock units excluded from the diluted net income per share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 29,796 16,304 |
Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 13,210 $ 22,135 Denominator: Weighted average common shares outstanding 35,962,066 35,826,096 Weighted average fully vested stock units outstanding 105,341 87,716 Denominator for basic calculation 36,067,407 35,913,812 Weighted average common shares outstanding 35,962,066 35,826,096 Weighted average fully vested stock units outstanding 105,341 87,716 Dilutive impact of stock options and restricted stock units 325,831 466,768 Denominator for diluted calculation 36,393,238 36,380,580 Net income per share ─ basic $ 0.37 $ 0.62 Net income per share ─ diluted $ 0.36 $ 0.61 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2019 Three Months Ended April 30, 2018 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 7,029 $ — $ 7,029 $ — $ — $ 6,548 $ — $ 6,548 International — — 34 — 34 — — 454 — 454 Plastic Films & Sheeting Domestic — 41,762 — (29 ) 41,733 — 55,297 — (194 ) 55,103 International — 2,530 — — 2,530 — 4,695 — — 4,695 Precision Agriculture Equipment Domestic 29,584 — — — 29,584 29,525 — — — 29,525 International 12,141 — — — 12,141 10,905 — — — 10,905 Other Domestic — — 5,122 — 5,122 — — 3,899 — 3,899 International — — 5 — 5 — — — — — Totals $ 41,725 $ 44,292 $ 12,190 $ (29 ) $ 98,178 $ 40,430 $ 59,992 $ 10,901 $ (194 ) $ 111,129 (a) Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 6,669 $ 2,027 $ 4,642 229.0 % Contract liabilities $ 2,839 $ 1,303 $ 1,536 117.9 % |
Goodwill, Long-lived Assets a_2
Goodwill, Long-lived Assets and Other Intangibles (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by reporting unit were as follows: Applied Technology Engineered Films Aerostar Total Balance at January 31, 2019 $ 17,076 $ 33,232 $ 634 $ 50,942 Changes due to business combinations (33 ) — — (33 ) Foreign currency translation adjustment (64 ) — — (64 ) Balance at April 30, 2019 $ 16,979 $ 33,232 $ 634 $ 50,845 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: April 30, 2019 January 31, 2019 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,179 $ (7,345 ) $ 1,834 $ 9,203 $ (7,216 ) $ 1,987 Customer relationships 16,076 (5,848 ) 10,228 15,791 (5,508 ) 10,283 Patents and other intangibles 5,941 (2,025 ) 3,916 5,908 (1,885 ) 4,023 Total $ 31,196 $ (15,218 ) $ 15,978 $ 30,902 $ (14,609 ) $ 16,293 |
Employee Postretirement Benef_2
Employee Postretirement Benefits Employee Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost for postretirement plan | The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 7 $ 7 Interest cost 83 79 Amortization of actuarial losses 24 32 Amortization of unrecognized gains in prior service cost (40 ) (40 ) Net periodic benefit cost $ 74 $ 78 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 890 $ 1,163 Change in provision 822 157 Settlements made (321 ) (223 ) Ending balance $ 1,391 $ 1,097 |
Financing Arrangements Financ_2
Financing Arrangements Financing Arrangements (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Line of Credit Facility [Line Items] | |
Schedule of Debt [Table Text Block] | The unamortized debt issuance costs associated with this Credit Agreement were as follows: April 30, 2019 January 31, 2019 Unamortized debt issuance costs (a) $ 105 $ 132 (a) |
Schedule of Line of Credit Facilities [Table Text Block] | Letters of credit (LOC) issued and outstanding were as follows: April 30, 2019 January 31, 2019 Letters of credit outstanding (a) $ 314 $ 514 (a) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Components of Company lease costs, including operating, finance, and short-term leasing are included in the table below. Depreciation of right-of-use assets, operating leases cost, and short-term lease costs are reported in net income as "Cost of sales," "Research and development expenses," or "Selling, general, and administrative expenses," depending on what business function the asset primarily supports. Interest on lease liabilities are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. Three Months Ended April 30, 2019 Lease Costs: Finance Leases Depreciation of right-of-use assets $ 95 Interest on lease liabilities 5 Total finance lease cost $ 100 Operating Leases Operating lease cost $ 360 Short-term lease cost 105 Total operating lease cost $ 465 Total finance and operating lease cost $ 565 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Supplemental unaudited balance sheet information related to operating and finance leases include: April 30, 2019 Operating Leases Operating lease right-of-use assets $ 3,420 Current lease liability $ 1,689 Non-current lease liability 2,367 Total operating lease liabilities $ 4,056 Finance Leases Property, plant and equipment, at cost $ 665 Accumulated depreciation (95 ) Property, plant and equipment, net $ 570 Current lease liability $ 289 Non-current lease liability 281 Total finance lease liabilities $ 570 Weighted average remaining lease terms and discount rates include: April 30, 2019 Weighted Average Remaining Lease Term: Operating leases 3 years Finance leases 2 years Weighted Average Discount Rate: Operating leases 3.5 % Finance leases 3.5 % Supplemental unaudited cash flow information related to operating and finance leases include: Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 360 Operating cash flows from finance leases 5 Financing cash flows from finance leases 95 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 190 Operating leases — |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future operating and finance lease obligations that have not yet commenced as of April 30, 2019, were immaterial and excluded from the lease liability schedule below accordingly. Three Months Ended April 30, 2019 Operating Leases Finance Leases Remainder of Fiscal 2020 $ 1,353 $ 284 Fiscal 2021 1,844 184 Fiscal 2022 679 101 Fiscal 2023 315 36 Fiscal 2024 99 6 Thereafter — — Total lease payments $ 4,290 $ 611 Less imputed interest (234 ) (41 ) Total lease liabilities $ 4,056 $ 570 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Prior to the Company's adoption of ASU 2016-02 in the first quarter of fiscal year 2020, future minimum lease payments reported in the Company’s Annual Report on Form 10-K for the year ended January 31, 2019, were as follows: Twelve Months Ended January 31, 2019 Operating Leases Capital Leases Fiscal 2020 $ 2,213 $ 182 Fiscal 2021 1,939 102 Fiscal 2022 728 44 Fiscal 2023 356 2 Fiscal 2024 140 — Thereafter — — Total lease payments $ 5,376 $ 330 Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon. (14 ) Less amounts representing interest (32 ) Present value of net minimum lease payments $ 284 |
Income Tax Effective tax rate (
Income Tax Effective tax rate (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate 12.2 % 18.6 % |
discrete tax benefit (expense) [Table Text Block] | The Company’s total discrete tax items for both three-month periods in the table below relate to the vesting or settlement of equity awards. Three Months Ended April 30, April 30, Total discrete tax benefit $ 1,168 $ 243 |
Dividends and Treasury Stock Ta
Dividends and Treasury Stock Tables (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared [Table Text Block] | Dividends paid to Raven shareholders were as follows: Three Months Ended April 30, April 30, Dividends paid (a) $ 4,682 $ 4,658 Dividends paid per share (in cents per share) (a) 13.0 13.0 (a) There were no declared and unpaid shareholder dividends at April 30, 2019 or 2018. |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The share-based compensation expense was as follows: Three Months Ended April 30, 2019 April 30, 2018 Cost of sales $ 76 $ 80 Research and development expenses 35 31 Selling, general, and administrative expenses 671 676 Total stock-based compensation expense $ 782 $ 787 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Business segment net sales and operating income results | Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 41,725 $ 40,430 Engineered Films (a) 44,292 59,992 Aerostar 12,190 10,901 Intersegment eliminations (b) (29 ) (194 ) Consolidated net sales $ 98,178 $ 111,129 Operating income (c) Applied Technology $ 13,236 $ 15,948 Engineered Films 6,363 13,196 Aerostar 1,996 2,805 Intersegment eliminations 1 (15 ) Total reportable segment income 21,596 31,934 General and administrative expenses (c) (6,475 ) (10,403 ) Consolidated operating income $ 15,121 $ 21,531 (a) Hurricane recovery film sales for the three-month period ended April 30, 2019 and 2018, were $17 and $8,919 , respectively. (b) Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Details) | 3 Months Ended |
Apr. 30, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | |
Number of operating units | 3 |
Aerostar Integrated Systems [Member] | |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | |
Joint venture, ownership percentage | 75.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Effect of adopting new accounting guidance (Details) - USD ($) | Apr. 30, 2019 | Feb. 01, 2019 | Jan. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Finance Lease, Right-of-Use Asset | $ 233 | ||
Right-of Use Assets, Operating Leases | $ 3,420,000 | 3,807 | $ 0 |
Operating and Financing Lease, Liability, Current | 1,978,000 | 1,446 | 0 |
Operating and Financing Lease Obligations, Noncurrent | $ 2,648,000 | $ 2,571 | $ 0 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information (Details) - USD ($) | Apr. 30, 2019 | Feb. 01, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | |
Accounts receivable, net: | ||||||
Trade accounts | $ 62,539,000 | $ 53,820,000 | ||||
Unbilled receivables | 6,033,000 | 1,391,000 | ||||
Allowance for doubtful accounts | (780,000) | (739,000) | ||||
Accounts receivable, net | 67,792,000 | 54,472,000 | ||||
Inventories: | ||||||
Finished goods | 7,980,000 | 7,629,000 | ||||
In process | 1,219,000 | 1,103,000 | ||||
Materials | 48,843,000 | 45,344,000 | ||||
Inventories | 58,042,000 | 54,076,000 | ||||
Other current assets: | ||||||
Insurance policy benefit | 318,000 | 336,000 | ||||
Income tax receivable | 1,418,000 | 1,045,000 | ||||
Receivable from sale of investments | 1,014,000 | 1,055,000 | ||||
Prepaid Expense and other | 4,513,000 | 6,300,000 | ||||
Other current assets | 7,263,000 | 8,736,000 | ||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 105,236,000 | 106,615,000 | ||||
Other Assets (Noncurrent): | ||||||
Equity investments | 1,223,000 | 345,000 | ||||
Operating Lease, Right-of-Use Asset | 3,420,000 | $ 3,807 | 0 | |||
Deferred Income Taxes, Noncurrent | 60,000 | 16,000 | ||||
Other | 2,921,000 | 2,963,000 | ||||
Other assets | 7,624,000 | 3,324,000 | ||||
Accrued liabilities: | ||||||
Salaries and related | 3,360,000 | 8,244,000 | ||||
Benefits | 5,097,000 | 4,751,000 | ||||
Insurance obligations | 1,856,000 | 1,963,000 | ||||
Warranties | 1,391,000 | 890,000 | $ 1,097,000 | $ 1,163,000 | ||
Income Taxes | 831,000 | 328,000 | ||||
Other taxes | 940,000 | 2,434,000 | ||||
Acquisition-related contingent consideration liability, current | 1,306,000 | 1,796,000 | ||||
Lease liability, current | 1,978,000 | 1,446 | 0 | |||
Other | 2,678,000 | 3,072,000 | ||||
Accrued liabilities | 19,437,000 | 23,478,000 | ||||
Other liabilities: | ||||||
Postretirement benefits | 7,652,000 | 7,678,000 | ||||
Acquisition-related contingent consideration liability, long-term | 2,650,000 | 2,376,000 | ||||
Lease liability, noncurrent | 2,648,000 | $ 2,571 | 0 | |||
Deferred income taxes | 3,211,000 | 1,659,000 | ||||
Uncertain tax positions | 2,681,000 | 2,670,000 | ||||
Other, Noncurrent | 4,170,000 | 3,852,000 | ||||
Other Liabilities, Noncurrent | 23,012,000 | 18,235,000 | ||||
Land [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 3,234,000 | 3,234,000 | ||||
Building and Building Improvements [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 81,527,000 | 81,381,000 | ||||
Machinery and Equipment [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 156,745,000 | 155,463,000 | ||||
Right-of-use Assets, Financing Leases [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 665,000 | 0 | ||||
Property, plant and equipment, Owned [Member] | ||||||
Property, plant and equipment, net: | ||||||
Accumulated depreciation | (133,724,000) | |||||
Property, plant and equipment, net | [1] | 106,354,000 | ||||
Property, plant and equipment, Owned and Right-of-Use Assets for financing lease [Member] | ||||||
Property, plant and equipment, net: | ||||||
Accumulated depreciation | (136,935,000) | |||||
Property, plant and equipment, net | [2] | 105,236,000 | ||||
Assets Held under Capital Leases [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 0 | 510,000 | ||||
Accumulated depreciation | $ 0 | (249,000) | ||||
Assets owned or held under capital lease [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | $ 106,615,000 | |||||
[1] | Hurricane recovery film sales for the three-month period ended April 30, 2019 and 2018, were $17 and $8,919 , respectively. | |||||
[2] | The amount of assets held for sale at April 30, 2019, and January 31, 2019, were not material. |
Net Income per Share (Antidilut
Net Income per Share (Antidiluted Securities Excluded from Computation) (Details) - shares | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 29,796 | 16,304 |
Net Income per Share (Schedule
Net Income per Share (Schedule of Calculation of Numerator and Denominator in Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Numerator: | ||
Net income attributable to Raven Industries, Inc. | $ 13,210 | $ 22,135 |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 35,962,066 | 35,826,096 |
Weighted average fully vested stock units outstanding (in shares) | 105,341 | 87,716 |
Denominator for basic calculation (in shares) | 36,067,407 | 35,913,812 |
Weighted average common shares outstanding (in shares) | 35,962,066 | 35,826,096 |
Weighted average fully vested stock units outstanding (in shares) | 105,341 | 87,716 |
Dilutive impact of stock options and restricted units (in shares) | 325,831 | 466,768 |
Denominator for diluted calculation (in shares) | 36,393,238 | 36,380,580 |
Net income per share - basic (in dollars per share) | $ 0.37 | $ 0.62 |
Net income per share - diluted (in dollars per share) | $ 0.36 | $ 0.61 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 98,178 | $ 111,129 | |
Applied Technology [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 41,725 | 40,430 | |
Aerostar [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,190 | 10,901 | |
Engineered Films [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [1] | 44,292 | 59,992 |
All Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 98,178 | 111,129 | |
UNITED STATES | Lighter-than-air [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 7,029 | 6,548 | |
UNITED STATES | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 41,733 | 55,103 | |
UNITED STATES | Precision Agriculture [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,584 | 29,525 | |
UNITED STATES | Other Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,122 | 3,899 | |
UNITED STATES | Applied Technology [Member] | Precision Agriculture [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,584 | 29,525 | |
UNITED STATES | Aerostar [Member] | Lighter-than-air [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 7,029 | 6,548 | |
UNITED STATES | Aerostar [Member] | Other Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,122 | 3,899 | |
UNITED STATES | Engineered Films [Member] | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 41,762 | 55,297 | |
Non-US [Member] | Lighter-than-air [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 34 | 454 | |
Non-US [Member] | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,530 | 4,695 | |
Non-US [Member] | Precision Agriculture [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,141 | 10,905 | |
Non-US [Member] | Other Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5 | 0 | |
Non-US [Member] | Applied Technology [Member] | Precision Agriculture [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,141 | 10,905 | |
Non-US [Member] | Aerostar [Member] | Lighter-than-air [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 34 | 454 | |
Non-US [Member] | Aerostar [Member] | Other Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5 | 0 | |
Non-US [Member] | Engineered Films [Member] | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,530 | 4,695 | |
Consolidation, Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [2] | (29) | (194) |
Consolidation, Eliminations [Member] | UNITED STATES | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (29) | (194) | |
Consolidation, Eliminations [Member] | Non-US [Member] | Plastic Films and Sheeting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 0 | $ 0 | |
[1] | Hurricane recovery film sales for the three-month period ended April 30, 2019 and 2018, were $17 and $8,919 , respectively. | ||
[2] | Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. |
Revenue Contract Asset and Cont
Revenue Contract Asset and Contract Liabilities balances (Details) - Short-term Contract with Customer [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Jan. 31, 2019 | |
Capitalized Contract Cost [Line Items] | ||
Contract with Customer, Asset, Gross | $ 6,669 | $ 2,027 |
Increase (Decrease) in Contract Assets | $ 4,642 | |
Increase (decrease) in contract assets with customers, percentage | 229.00% | |
Contract with Customer, Liability, Current | $ 2,839 | $ 1,303 |
Increase (Decrease) in Contract Liabilities | $ 1,536 | |
Increase (decrease) in contract liabilities with customers, percentage | 117.90% |
Revenue Details (Details)
Revenue Details (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Performance obligations more than one year | $ 0 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Feb. 05, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2018 |
Business Combination, Description [Abstract] | |||||
Business Combination, Consideration Transferred | $ 0 | ||||
Variable Interest Entity Disclosure [Abstract] | |||||
Proceeds from sale or maturity of investments | 0 | $ 6,556 | |||
Gain from sale of equity method investment | 0 | (5,785) | |||
Aerostar [Member] | |||||
Business Combination, Description [Abstract] | |||||
Proceeds from disposal of Aerostar client private business | 0 | 832 | |||
Applied Technology [Member] | SST [Member] | |||||
Variable Interest Entity Disclosure [Abstract] | |||||
Disposal Date | Feb. 5, 2018 | ||||
Equity Method Investment, Ownership Percentage | 22.00% | ||||
Equity Method Investment, Additional Information | SST | ||||
Equity Method Investments | $ 1,937 | ||||
Proceeds from sale or maturity of investments | $ 6,556 | ||||
Applied Technology [Member] | AgSync [Member] | |||||
Business Combination, Description [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Jan. 1, 2019 | ||||
Business Acquisition, Name of Acquired Entity | AgSync Inc. | ||||
Business Combination, Consideration Transferred | $ 9,700 | ||||
Fair Value of Business Acquisition Contingent Consideration - at acquisition | 2,052 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 300 | ||||
Goodwill | 4,526 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,700 | ||||
Other Nonoperating Income (Expense) [Member] | Applied Technology [Member] | SST [Member] | |||||
Variable Interest Entity Disclosure [Abstract] | |||||
Gain from sale of equity method investment | $ 5,785 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures of and Investments in Businesses and Technologies Acquisition-related Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Acquisition-related contingent consideration [Roll Forward] | ||||
Acquisition-related contingent consideration, Beginning Balance | $ 4,172 | $ 3,046 | ||
Fair Value Contingent Consideration Acquisition of a Business | 310 | 0 | ||
Change in fair value of acquisition-related contingent consideration | 94 | 152 | ||
Contingent consideration earn-out paid | (620) | (295) | ||
Acquisition-related contingent consideration, Ending Balance | 3,956 | 2,903 | ||
Acquisition-related contingent consideration liability, current | $ 1,306 | $ 1,483 | ||
Acquisition-related contingent consideration liability, Noncurrent | 2,650 | 1,420 | ||
Business Combination, Contingent Consideration, Liability | $ 4,172 | $ 3,046 | 3,956 | $ 2,903 |
Applied Technology [Member] | AgSync [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 3 years | |||
Contingent consideration, potential cash payment | 3,500 | |||
Business acquisition contingent consideration cumulative paid | $ 0 | |||
Applied Technology [Member] | SBG Innovatiie and affiliate [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 10 years | |||
Contingent consideration, potential cash payment | 2,500 | |||
Business acquisition contingent consideration cumulative paid | $ 1,564 | |||
Aerostar [Member] | ATS [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 7 years | |||
Contingent obligation remaining | 0 | |||
Engineered Films [Member] | CLI [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 3 years | |||
Contingent consideration, potential cash payment | $ 2,000 | |||
Business acquisition contingent consideration cumulative paid | $ 667 |
Goodwill, Long-lived Assets a_3
Goodwill, Long-lived Assets and Other Intangibles Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Goodwill [Line Items] | ||
Goodwill impairment loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 50,942 | |
Goodwill, Measurement Period Adjustment | (33) | |
Goodwill, Foreign Currency Translation Gain (Loss) | (64) | |
Goodwill Ending balance | 50,845 | |
Applied Technology [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 17,076 | |
Goodwill, Measurement Period Adjustment | (33) | |
Goodwill, Foreign Currency Translation Gain (Loss) | (64) | |
Goodwill Ending balance | 16,979 | |
Engineered Films [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 33,232 | |
Goodwill, Measurement Period Adjustment | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | 33,232 | |
Aerostar [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 634 | |
Goodwill, Measurement Period Adjustment | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | $ 634 |
Goodwill, Long-lived Assets a_4
Goodwill, Long-lived Assets and Other Intangibles Long-lived Assets and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Long-lived asset impairment loss | $ 0 | $ 0 | |
Finite-Lived Intangible Assets, Gross | 31,196 | $ 30,902 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (15,218) | (14,609) | |
Finite-Lived Intangible Assets, Net | 15,978 | 16,293 | |
Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 9,179 | 9,203 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,345) | (7,216) | |
Finite-Lived Intangible Assets, Net | 1,834 | 1,987 | |
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,076 | 15,791 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,848) | (5,508) | |
Finite-Lived Intangible Assets, Net | 10,228 | 10,283 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5,941 | 5,908 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,025) | (1,885) | |
Finite-Lived Intangible Assets, Net | $ 3,916 | $ 4,023 |
Employee Postretirement Benef_3
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 7 | $ 7 |
Interest cost | 83 | 79 |
Amortization of actuarial losses | 24 | 32 |
Amortization of unrecognized prior service cost (Credit) | (40) | (40) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 74 | $ 78 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 890 | $ 1,163 |
Change in provision | 822 | 157 |
Settlements made | (321) | (223) |
Ending balance | $ 1,391 | $ 1,097 |
Financing Arrangements (Details
Financing Arrangements (Details) - JPMorgan Chase Bank [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 15, 2015 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Initiation Date | Apr. 15, 2015 | ||
Borrowing capacity under line of credit | $ 125,000 | ||
Maturity date of the line of credit | Apr. 15, 2020 | ||
Borrowing outstanding under line of credit | $ 0 | $ 0 | |
Remaining borrowing capacity under the line of credit | $ 124,736 |
Financing Arrangements Unamorti
Financing Arrangements Unamortized debt Issuance costs (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Unamortized debt issuance costs | [1] | $ 105 | $ 132 |
[1] | Unamortized debt issuance costs are amortized over the term of the Credit Agreement and are reported as "Other assets" in the Consolidated Balance Sheets. |
Financing Arrangements Letters
Financing Arrangements Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | [1] | $ 314 | $ 514 |
[1] | Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 10 years |
Financing Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Finance Lease, Depreciation of Right-of-Use Asset, | $ 95 |
Finance Lease, Interest Expense on Lease Liability | 5 |
Lessee, total financing lease costs | 100 |
Operating Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | 360 |
Short-term Lease, Cost | 105 |
Total Operating Lease Cost | 465 |
Leasing Arrangement [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | $ 565 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 6 years |
Leases Balance Sheet Informatio
Leases Balance Sheet Information (Details) - USD ($) | Apr. 30, 2019 | Feb. 01, 2019 | Jan. 31, 2019 |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 3,420,000 | $ 3,807 | $ 0 |
Operating Lease, Liability, Current | 1,689,000 | ||
Operating Lease, Liability, Noncurrent | 2,367,000 | ||
Operating Lease, Liability | 4,056,000 | ||
Property, plant and equipment, net | 105,236,000 | $ 106,615,000 | |
Finance Lease, Liability, Current | 289,000 | ||
Finance Lease, Liability, Noncurrent | 281,000 | ||
Finance Lease, Liability | 570,000 | ||
Right of Use Asset, Financing Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Property, plant and equipment | 665,000 | ||
Accumulated depreciation | (95,000) | ||
Property, plant and equipment, net | $ 570,000 |
Leases Weighted Average Lease T
Leases Weighted Average Lease Term and Discount rates (Details) | Apr. 30, 2019 |
Weighted Average Lease Terms and Discount Rate [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years |
Finance Lease, Weighted Average Remaining Lease Term | 2 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.50% |
Leases Lease Cash Flows (Detail
Leases Lease Cash Flows (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Lease Cash flows [Abstract] | |
Operating Lease, Payments | $ 360 |
Finance Lease, Interest Payment on Liability | 5 |
Finance Lease, Principal Payments | 95 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 190 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 |
Leases Operating and Financing
Leases Operating and Financing Lease Obligations (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 1,353 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,844 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 679 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 315 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 99 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due | 4,290 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (234) |
Operating Lease, Liability | 4,056 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 284 |
Finance Lease, Liability, Payments, Due Year Two | 184 |
Finance Lease, Liability, Payments, Due Year Three | 101 |
Finance Lease, Liability, Payments, Due Year Four | 36 |
Finance Lease, Liability, Payments, Due Year Five | 6 |
Finance Lease, Liability, Payments, Due after Year Five | 0 |
Finance Lease, Liability, Payments, Due | 611 |
Finance Lease, Liability, Undiscounted Excess Amount | (41) |
Finance Lease, Liability | $ 570 |
Leases Prior Year Future Minimu
Leases Prior Year Future Minimum Lease Payments (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Prior Year Operating Lease Future Minimum Payments [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,213 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,939 |
Operating Leases, Future Minimum Payments, Due in Three Years | 728 |
Operating Leases, Future Minimum Payments, Due in Four Years | 356 |
Operating Leases, Future Minimum Payments, Due in Five Years | 140 |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 |
Operating Leases, Future Minimum Payments Due | 5,376 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 182 |
Capital Leases, Future Minimum Payments Due in Two Years | 102 |
Capital Leases, Future Minimum Payments Due in Three Years | 44 |
Capital Leases, Future Minimum Payments Due in Four Years | 2 |
Capital Leases, Future Minimum Payments Due in Five Years | 0 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Capital Leases, Future Minimum Payments Due | 330 |
Capital Leases, Future Minimum Payments, Executory Costs | (14) |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (32) |
Capital Lease Obligations | $ 284 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Charitable Gift [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Loss Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 5,000 | |
Loss Contingency Accrual | 3,230 | |
Cumulative Loss Contingency Accrual, Payments | 1,430 | |
Selling, General and Administrative Expenses [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Loss in Period | 0 | $ 4,503 |
Accrued Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Accrual, Current | 697 | |
Other Noncurrent Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Accrual, Noncurrent | $ 2,533 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Tax Contingency [Line Items] | ||
Effective tax rate, percent | 12.20% | 18.60% |
Effective tax rate, excluding discrete items | 20.00% | 19.50% |
Total Discrete tax benefit (expense), net | $ 1,168 | $ (243) |
Dividends and Treasury Stock (D
Dividends and Treasury Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 75,000 | $ 40,000 | |
Shares repurchased, Treasury Stock | 60,700 | 0 | |
Payments for Repurchase of Common Stock | $ 2,281 | $ 0 | |
Unpaid repurchases of common stock | 0 | $ 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 25,679 |
Dividends and Treasury Stock Di
Dividends and Treasury Stock Dividends paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | ||
Stockholders' Equity Note [Abstract] | |||
Payments of Ordinary Dividends, Common Stock | [1] | $ 4,682 | $ 4,658 |
Cash dividends paid per common share (in dollars per share) | [1] | $ 0.130 | $ 0.130 |
Dividends Payable | $ 0 | $ 0 | |
[1] | There were no declared and unpaid shareholder dividends at April 30, 2019 or 2018. |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 76 | $ 80 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 35 | 31 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 671 | 676 |
Operating Income (Loss) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 782 | $ 787 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 98,178 | $ 111,129 | |
Administrative and general expenses | [1] | (6,475) | (10,403) |
Operating income | 15,121 | 21,531 | |
Applied Technology [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 41,725 | 40,430 | |
Operating income | 13,236 | 15,948 | |
Engineered Films [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | [2] | 44,292 | 59,992 |
Operating income | 6,363 | 13,196 | |
Engineered Films [Member] | Hurricane Recovery Film [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 17 | 8,919 | |
Aerostar [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12,190 | 10,901 | |
Operating income | 1,996 | 2,805 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | [3] | (29) | (194) |
Operating income | 1 | (15) | |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ 21,596 | $ 31,934 | |
[1] | At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. | ||
[2] | Hurricane recovery film sales for the three-month period ended April 30, 2019 and 2018, were $17 and $8,919 , respectively. | ||
[3] | Intersegment sales for both fiscal 2020 and 2019 were primarily sales from Engineered Films to Aerostar. |