Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Feb. 25, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Jan-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Accelerated Filer | |
Entity Registrant Name | AMERICAN WOODMARK CORP | |
Entity Central Index Key | 794619 | |
Current Fiscal Year End Date | -26 | |
Entity Common Stock, Shares Outstanding | 15,904,259 | |
Trading Symbol | amwd |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $132,525 | $135,700 |
Investments - certificates of deposit | 29,500 | 0 |
Customer receivables, net | 48,173 | 46,475 |
Inventories | 34,871 | 31,523 |
Prepaid expenses and other | 3,760 | 3,862 |
Deferred income taxes | 8,813 | 7,856 |
Total Current Assets | 257,642 | 225,416 |
Property, plant and equipment, net | 79,774 | 74,049 |
Promotional displays, net | 5,020 | 5,571 |
Deferred income taxes | 16,127 | 19,194 |
Other assets | 4,784 | 5,834 |
TOTAL ASSETS | 363,347 | 330,064 |
Current Liabilities | ||
Accounts payable | 29,971 | 29,175 |
Current maturities of long-term debt | 1,439 | 1,146 |
Accrued compensation and related expenses | 26,928 | 28,156 |
Accrued marketing expenses | 8,782 | 8,089 |
Other accrued expenses | 11,176 | 9,853 |
Total Current Liabilities | 78,296 | 76,419 |
Long-term debt, less current maturities | 20,274 | 20,453 |
Defined benefit pension liabilities | 37,167 | 41,543 |
Other long-term liabilities | 1,328 | 1,104 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares at January 31, 2015: 15,894,599; at April 30, 2014: 15,476,298 | 142,476 | 127,371 |
Retained earnings | 109,391 | 89,154 |
Accumulated other comprehensive loss - | ||
Defined benefit pension plans | -25,585 | -25,980 |
Total Shareholders' Equity | 226,282 | 190,545 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $363,347 | $330,064 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 15,894,599 | 15,476,298 |
Common stock, shares outstanding | 15,894,599 | 15,476,298 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Income Statement [Abstract] | ||||
Net sales | $188,963 | $169,033 | $618,573 | $537,660 |
Cost of sales and distribution | 153,846 | 143,032 | 509,361 | 445,670 |
Gross Profit | 35,117 | 26,001 | 109,212 | 91,990 |
Selling and marketing expenses | 16,010 | 14,287 | 47,821 | 44,638 |
General and administrative expenses | 8,054 | 6,564 | 24,710 | 22,555 |
Restructuring charges, net | 3 | 48 | 6 | 161 |
Insurance proceeds | 0 | 0 | 0 | -94 |
Operating Income | 11,050 | 5,102 | 36,675 | 24,730 |
Interest expense | 131 | 182 | 445 | 554 |
Other income | -57 | -33 | -122 | -90 |
Income Before Income Taxes | 10,976 | 4,953 | 36,352 | 24,266 |
Income tax expense | 3,694 | 2,052 | 12,161 | 9,439 |
Net Income | $7,282 | $2,901 | $24,191 | $14,827 |
Weighted Average Shares Outstanding | ||||
Basic (shares) | 15,859,533 | 15,475,683 | 15,687,944 | 15,218,558 |
Diluted (shares) | 16,131,140 | 15,827,666 | 15,953,420 | 15,595,342 |
Net earnings per share | ||||
Basic (usd per share) | $0.46 | $0.19 | $1.54 | $0.97 |
Diluted (usd per share) | $0.45 | $0.18 | $1.52 | $0.95 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $7,282 | $2,901 | $24,191 | $14,827 |
Other comprehensive income, net of tax: | ||||
Change in pension benefits, net of deferred tax of $(84) and $(110), and $(253) and $(330), for the three and nine months ended January 31, 2015 and 2014, respectively | 132 | 172 | 395 | 517 |
Total Comprehensive Income | $7,414 | $3,073 | $24,586 | $15,344 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive income, deferred tax | ($84) | ($110) | ($253) | ($330) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
OPERATING ACTIVITIES | ||
Net income | $24,191 | $14,827 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,911 | 10,859 |
Net (gain) loss on disposal of property, plant and equipment | 65 | -1 |
Gain on insurance recoveries | 0 | -94 |
Stock-based compensation expense | 2,537 | 2,518 |
Deferred income taxes | 2,381 | 4,427 |
Pension contributions in excess of expense | -3,726 | -1,591 |
Tax benefit from stock-based compensation | -4 | -480 |
Other non-cash items | 3,304 | 982 |
Changes in operating assets and liabilities: | ||
Customer receivables | -1,435 | -9,051 |
Inventories | -4,327 | -839 |
Prepaid expenses and other assets | -246 | -805 |
Accounts payable | 796 | 1,613 |
Accrued compensation and related expenses | -1,228 | -4,069 |
Other accrued expenses | 2,778 | 5,248 |
Net Cash Provided by Operating Activities | 35,997 | 23,544 |
INVESTING ACTIVITIES | ||
Payments to acquire property, plant, and equipment | -11,900 | -5,553 |
Proceeds from sales of property, plant, and equipment | 15 | 65 |
Proceeds from insurance recoveries | 0 | 94 |
Investment in certificates of deposit | -29,500 | 0 |
Investment in promotional displays | -2,131 | -2,883 |
Net Cash Used by Investing Activities | -43,516 | -8,277 |
FINANCING ACTIVITIES | ||
Payments of long-term debt | -941 | -1,056 |
Proceeds from issuance of common stock | 9,959 | 14,391 |
Repurchase of common stock | -5,053 | 0 |
Notes receivable, net | 375 | 0 |
Tax benefit from stock-based compensation | 4 | 480 |
Net Cash Provided by Financing Activities | 4,344 | 13,815 |
Net Increase (Decrease) in Cash and Cash Equivalents | -3,175 | 29,082 |
Cash And Cash Equivalents, Beginning of Period | 135,700 | 96,971 |
Cash And Cash Equivalents, End of Period | $132,525 | $126,053 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Jan. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine-month periods ended January 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2014 filed with the U.S. Securities Exchange Commission (SEC). |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jan. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers: Topic 606.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. |
Net_Earnings_Per_Share
Net Earnings Per Share | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Earnings Per Share | Net Earnings Per Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator used in basic and diluted net earnings | |||||||||||||||||
per common share: | |||||||||||||||||
Net income | $ | 7,282 | $ | 2,901 | $ | 24,191 | $ | 14,827 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic net earnings per common | |||||||||||||||||
share - weighted-average shares | 15,860 | 15,476 | 15,688 | 15,219 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 272 | 352 | 265 | 377 | |||||||||||||
Denominator for diluted net earnings per common | |||||||||||||||||
share - weighted-average shares and assumed | |||||||||||||||||
conversions | 16,131 | 15,828 | 15,953 | 15,595 | |||||||||||||
Net earnings per share | |||||||||||||||||
Basic | $ | 0.46 | $ | 0.19 | $ | 1.54 | $ | 0.97 | |||||||||
Diluted | $ | 0.45 | $ | 0.18 | $ | 1.52 | $ | 0.95 | |||||||||
The Company repurchased a total of 0 and 163,326 shares of its common stock during the three- and nine-month periods ended January 31, 2015, respectively. There were no potentially dilutive securities for the three-month periods ended January 31, 2015 and 2014, respectively, and 0.2 million and 0.1 million shares were potentially dilutive for the nine-month periods ended January 31, 2015 and 2014, respectively, which were excluded from the calculation of net earnings per share, as the effect would be anti-dilutive. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||
The Company has various stock-based compensation plans. During the quarter ended January 31, 2015, the Company did not grant any stock-based compensation awards to employees or non-employee directors. During the nine-months ended January 31, 2015, the Board of Directors of the Company approved grants of non-statutory stock options and performance-based restricted stock units (RSUs) to key employees and grants of service-based RSUs to key employees and non-employee directors. The employee non-statutory stock option grants totaled 66,600 shares of the Company’s common stock with an exercise price of $29.92 per share. The options vest evenly over a three-year period and have a ten-year contractual term. The employee performance-based RSUs totaled 79,500 units and the employee and non-employee director service-based RSUs totaled 40,100 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company, or on the Board, until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date. The service-based RSUs granted to non-employee directors vest daily through the end of a two-year vesting period as long as the recipient continuously remains a member of the Board. | |||||||||||||||||
For the three- and nine-month periods ended January 31, 2015 and 2014, stock-based compensation expense was allocated as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Cost of sales and distribution | $ | 88 | $ | 131 | $ | 370 | $ | 373 | |||||||||
Selling and marketing expenses | 216 | 211 | 689 | 592 | |||||||||||||
General and administrative expenses | 469 | 446 | 1,478 | 1,553 | |||||||||||||
Stock-based compensation expense | $ | 773 | $ | 788 | $ | 2,537 | $ | 2,518 | |||||||||
During the nine months ended January 31, 2015, the Board of Directors of the Company also approved grants of 10,416 cash-settled performance-based restricted stock tracking units (RSTUs) and 3,584 cash-settled service-based RSTUs for more junior level employees who previously received RSU grants under the Company’s shareholder approved plan. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if they remain continuously employed with the Company until the units vest. The RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $61 thousand and $26 thousand for the three-month periods ended January 31, 2015 and 2014, respectively, and $225 thousand and $67 thousand for the nine-month periods ended January 31, 2015 and 2014, respectively, related to RSTUs. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $301 thousand and $78 thousand as of January 31, 2015 and April 30, 2014, respectively. |
Customer_Receivables
Customer Receivables | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Accounts Receivable, Net [Abstract] | |||||||||
Customer Receivables | Customer Receivables | ||||||||
The components of customer receivables were: | |||||||||
January 31, | April 30, | ||||||||
(in thousands) | 2015 | 2014 | |||||||
Gross customer receivables | $ | 50,378 | $ | 48,943 | |||||
Less: | |||||||||
Allowance for doubtful accounts | (121 | ) | (102 | ) | |||||
Allowance for returns and discounts | (2,084 | ) | (2,366 | ) | |||||
Net customer receivables | $ | 48,173 | $ | 46,475 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventories | Inventories | ||||||||
The components of inventories were: | |||||||||
January 31, | April 30, | ||||||||
(in thousands) | 2015 | 2014 | |||||||
Raw materials | $ | 18,947 | $ | 13,756 | |||||
Work-in-process | 18,047 | 19,179 | |||||||
Finished goods | 12,720 | 13,439 | |||||||
Total FIFO inventories | 49,714 | 46,374 | |||||||
Reserve to adjust inventories to LIFO value | (14,843 | ) | (14,851 | ) | |||||
Total LIFO inventories | $ | 34,871 | $ | 31,523 | |||||
Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation. |
Product_Warranty
Product Warranty | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Product Warranty | Product Warranty | ||||||||
The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. | |||||||||
The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: | |||||||||
Nine Months Ended | |||||||||
January 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Beginning balance at May 1 | $ | 1,910 | $ | 1,795 | |||||
Accrual | 10,818 | 8,447 | |||||||
Settlements | (10,380 | ) | (8,607 | ) | |||||
Ending balance at January 31 | $ | 2,348 | $ | 1,635 | |||||
Cash_Flow
Cash Flow | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Cash Flow | Cash Flow | ||||||||
Supplemental disclosures of cash flow information: | |||||||||
Nine Months Ended | |||||||||
January 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Cash paid during the period for: | |||||||||
Interest | $ | 414 | $ | 502 | |||||
Income taxes | $ | 10,608 | $ | 3,978 | |||||
Pension_Benefits
Pension Benefits | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||
Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans. | |||||||||||||||||
Net periodic pension (benefit) cost consisted of the following for the three- and nine-month periods ended January 31, 2015 and 2014: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 1,617 | $ | 1,551 | $ | 4,850 | $ | 4,652 | |||||||||
Expected return on plan assets | (1,917 | ) | (1,778 | ) | (5,750 | ) | (5,335 | ) | |||||||||
Recognized net actuarial loss | 216 | 282 | 649 | 847 | |||||||||||||
Net periodic pension (benefit) cost | $ | (84 | ) | $ | 55 | $ | (251 | ) | $ | 164 | |||||||
The Company expects to contribute $4.3 million to its pension plans in fiscal 2015, which represents both required and discretionary funding. As of January 31, 2015, $3.5 million of contributions had been made. The Company made contributions of $2.3 million to its pension plans in fiscal 2014. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended |
Jan. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges |
In the third quarter of fiscal 2012, the Company announced a restructuring initiative (“2012 Restructuring Plan”) that committed to the closing of two of the Company’s manufacturing plants located in Hardy County, West Virginia and Hazard, Kentucky, offering its previously idled plant in Tahlequah, Oklahoma for sale, and realigning its retirement program, including freezing the Company’s defined benefit pension plans. Operations ceased at the Hazard plant in April 2012 and at the Hardy County plant in May 2012. The idled plant in Tahlequah, Oklahoma was sold in October 2012 and the closed plant in Hazard, Kentucky was sold in March 2014. The 2012 Restructuring Plan was adopted to reduce costs and increase the Company’s capacity utilization rates. | |
During fiscal 2014, 2013 and fiscal 2012, the Company recognized aggregate pre-tax restructuring charges of $17.1 million related to the 2012 Restructuring Plan. During the nine months ended January 31, 2015, the Company recognized pre-tax restructuring charges of $6 thousand related to the 2012 Restructuring Plan. In addition, the Company recognized recurring operating costs for the sole remaining closed facility of $52 thousand for the nine months ended January 31, 2015, which are expected to continue until the plant is sold. | |
As of January 31, 2015, the Company had one manufacturing plant located in Hardy County, West Virginia classified as held for sale, which was closed in connection with the 2012 Restructuring Plan. As of January 31, 2015, the Company believed that the remaining $1.0 million net book value of the property classified as held for sale is fully recoverable. Therefore, this asset is included in Other Assets on the Company’s balance sheet at January 31, 2015. See Note O "Subsequent Events" for additional information relating to the sale of the closed plant located in Hardy County, West Virginia in February 2015. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||
The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: | |||||||||||||
Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan. | |||||||||||||
Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities. | |||||||||||||
Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities. | |||||||||||||
The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of January 31, 2015 and April 30, 2014 at fair value on a recurring basis (in thousands): | |||||||||||||
Fair Value Measurements | |||||||||||||
As of January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS: | |||||||||||||
Money market funds | $ | 30,480 | $ | — | $ | — | |||||||
Mutual funds | 1,258 | — | — | ||||||||||
Certificates of deposit | 36,000 | — | — | ||||||||||
Total assets at fair value | $ | 67,738 | $ | — | $ | — | |||||||
As of April 30, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS: | |||||||||||||
Money market funds | $ | 38,877 | $ | — | $ | — | |||||||
Mutual funds | 1,204 | — | — | ||||||||||
Total assets at fair value | $ | 40,081 | $ | — | $ | — | |||||||
Loans_Payable_and_LongTerm_Deb
Loans Payable and Long-Term Debt | 9 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt |
Effective September 1, 2014, the Company's credit facility with Wells Fargo was amended to extend the maturity date for borrowings outstanding under the credit facility from December 31, 2015 to December 31, 2018; to provide that the line of credit is unsecured; to modify the interest on the outstanding principal balance of the note as either (i) a fluctuating rate per annum determined by Wells Fargo to be the daily one month LIBOR rate in effect from time to time plus the applicable margin, or (ii) a fixed rate per annum determined by Wells Fargo to be the index above LIBOR in effect on the first day of the applicable Fixed Rate Term; to lower the unused commitment fee from 0.30% to 0.15%; and to establish a requirement that the Company maintain a ratio of cash flow to fixed charges of not less than 1.5 to 1.0 measured at the end of each fiscal quarter on a rolling four-quarter basis. Under the terms of its revolving credit facility, the Company must also (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; and (2) comply with other customary affirmative and negative covenants. The Company was in compliance with all covenants specified in the credit facility as of January 31, 2015, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at January 31, 2015 was 0.6 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.10 to 1.0. |
Income_Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company’s effective income tax rate for the three and nine month periods ended January 31, 2015 was 33.7% and 33.5%, respectively, compared with 41.4% and 38.9%, respectively, in the comparable periods of the prior fiscal year. The lower effective tax rates in fiscal 2015 were the result of the Company operating at a higher net income than in the prior year periods and more favorable permanent tax differences, including finalizing a federal research and experimentation tax credit for fiscal years 2011 through 2014 of $1.2 million during the first nine months of the current fiscal year. |
Other_Information
Other Information | 9 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Information | Other Information |
The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies,” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. The Company accounts for these loss contingencies in accordance with ASC 450. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible or remote, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with independent counsel. | |
The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims which were deemed to be either probable or reasonably possible was not material as of January 31, 2015. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On February 12, 2015, the Company sold its closed plant in Hardy County, West Virginia. The gain on the sale of $0.3 million will be recorded by the Company in the fourth quarter of fiscal 2015. See Note J "Restructuring Charges" for additional information. |
Net_Earnings_Per_Share_Tables
Net Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | The following table sets forth the computation of basic and diluted net earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator used in basic and diluted net earnings | |||||||||||||||||
per common share: | |||||||||||||||||
Net income | $ | 7,282 | $ | 2,901 | $ | 24,191 | $ | 14,827 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic net earnings per common | |||||||||||||||||
share - weighted-average shares | 15,860 | 15,476 | 15,688 | 15,219 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 272 | 352 | 265 | 377 | |||||||||||||
Denominator for diluted net earnings per common | |||||||||||||||||
share - weighted-average shares and assumed | |||||||||||||||||
conversions | 16,131 | 15,828 | 15,953 | 15,595 | |||||||||||||
Net earnings per share | |||||||||||||||||
Basic | $ | 0.46 | $ | 0.19 | $ | 1.54 | $ | 0.97 | |||||||||
Diluted | $ | 0.45 | $ | 0.18 | $ | 1.52 | $ | 0.95 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Stock-Based Compensation Expense Allocated | For the three- and nine-month periods ended January 31, 2015 and 2014, stock-based compensation expense was allocated as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Cost of sales and distribution | $ | 88 | $ | 131 | $ | 370 | $ | 373 | |||||||||
Selling and marketing expenses | 216 | 211 | 689 | 592 | |||||||||||||
General and administrative expenses | 469 | 446 | 1,478 | 1,553 | |||||||||||||
Stock-based compensation expense | $ | 773 | $ | 788 | $ | 2,537 | $ | 2,518 | |||||||||
Customer_Receivables_Tables
Customer Receivables (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Accounts Receivable, Net [Abstract] | |||||||||
Components Of Customer Receivables | The components of customer receivables were: | ||||||||
January 31, | April 30, | ||||||||
(in thousands) | 2015 | 2014 | |||||||
Gross customer receivables | $ | 50,378 | $ | 48,943 | |||||
Less: | |||||||||
Allowance for doubtful accounts | (121 | ) | (102 | ) | |||||
Allowance for returns and discounts | (2,084 | ) | (2,366 | ) | |||||
Net customer receivables | $ | 48,173 | $ | 46,475 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory, Net [Abstract] | |||||||||
Components Of Inventories | The components of inventories were: | ||||||||
January 31, | April 30, | ||||||||
(in thousands) | 2015 | 2014 | |||||||
Raw materials | $ | 18,947 | $ | 13,756 | |||||
Work-in-process | 18,047 | 19,179 | |||||||
Finished goods | 12,720 | 13,439 | |||||||
Total FIFO inventories | 49,714 | 46,374 | |||||||
Reserve to adjust inventories to LIFO value | (14,843 | ) | (14,851 | ) | |||||
Total LIFO inventories | $ | 34,871 | $ | 31,523 | |||||
Product_Warranty_Tables
Product Warranty (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Schedule Of Warranty Liability | The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: | ||||||||
Nine Months Ended | |||||||||
January 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Beginning balance at May 1 | $ | 1,910 | $ | 1,795 | |||||
Accrual | 10,818 | 8,447 | |||||||
Settlements | (10,380 | ) | (8,607 | ) | |||||
Ending balance at January 31 | $ | 2,348 | $ | 1,635 | |||||
Cash_Flow_Tables
Cash Flow (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Disclosures Of Cash Flow Information | Supplemental disclosures of cash flow information: | ||||||||
Nine Months Ended | |||||||||
January 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Cash paid during the period for: | |||||||||
Interest | $ | 414 | $ | 502 | |||||
Income taxes | $ | 10,608 | $ | 3,978 | |||||
Pension_Benefits_Tables
Pension Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||
Net Periodic Pension Cost | Net periodic pension (benefit) cost consisted of the following for the three- and nine-month periods ended January 31, 2015 and 2014: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 1,617 | $ | 1,551 | $ | 4,850 | $ | 4,652 | |||||||||
Expected return on plan assets | (1,917 | ) | (1,778 | ) | (5,750 | ) | (5,335 | ) | |||||||||
Recognized net actuarial loss | 216 | 282 | 649 | 847 | |||||||||||||
Net periodic pension (benefit) cost | $ | (84 | ) | $ | 55 | $ | (251 | ) | $ | 164 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Of Assets On Recurring Basis | The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of January 31, 2015 and April 30, 2014 at fair value on a recurring basis (in thousands): | ||||||||||||
Fair Value Measurements | |||||||||||||
As of January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS: | |||||||||||||
Money market funds | $ | 30,480 | $ | — | $ | — | |||||||
Mutual funds | 1,258 | — | — | ||||||||||
Certificates of deposit | 36,000 | — | — | ||||||||||
Total assets at fair value | $ | 67,738 | $ | — | $ | — | |||||||
As of April 30, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS: | |||||||||||||
Money market funds | $ | 38,877 | $ | — | $ | — | |||||||
Mutual funds | 1,204 | — | — | ||||||||||
Total assets at fair value | $ | 40,081 | $ | — | $ | — | |||||||
Net_Earnings_Per_Share_Narrati
Net Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 200,000 | 100,000 |
Shares of its common stock repurchased | 0 | 163,326 |
Net_Earnings_Per_Share_Schedul
Net Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Earnings Per Share [Abstract] | ||||
Net income | $7,282 | $2,901 | $24,191 | $14,827 |
Denominator for basic net earnings per common share - weighted-average shares | 15,859,533 | 15,475,683 | 15,687,944 | 15,218,558 |
Stock options and restricted stock units | 271,607 | 351,983 | 265,476 | 376,784 |
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions | 16,131,140 | 15,827,666 | 15,953,420 | 15,595,342 |
Basic (usd per share) | $0.46 | $0.19 | $1.54 | $0.97 |
Diluted (usd per share) | $0.45 | $0.18 | $1.52 | $0.95 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted non-statutory stock options to key employees | 66,600 | ||||
Non-statutory stock options, weighted average exercise price | $29.92 | ||||
Vesting period, years | 2 years | 3 years | |||
Contractual terms, years | 10 years | ||||
Stock-based compensation expense | $773 | $788 | $2,537 | $2,518 | |
Liability for payment of the RSTUs | 26,928 | 26,928 | 28,156 | ||
Employee Performance Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period | 79,500 | ||||
Common stock issuable per RSU granted | 1 | ||||
Employee And Non Employee Director Service Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period | 40,100 | ||||
Common stock issuable per RSU granted | 1 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Employee Performance Based Restricted Stock Tracking Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants | 10,416 | ||||
Employee Service Based Restricted Stock Tracking Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants | 3,584 | ||||
Restricted Stock Tracking Units RSTU [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Stock-based compensation expense | 61 | 26 | 225 | 67 | |
Liability for payment of the RSTUs | $301 | $301 | $78 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $773 | $788 | $2,537 | $2,518 |
Cost Of Sales And Distribution [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 88 | 131 | 370 | 373 |
Selling And Marketing Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 216 | 211 | 689 | 592 |
General And Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $469 | $446 | $1,478 | $1,553 |
Customer_Receivables_Component
Customer Receivables (Components Of Customer Receivables ) (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ||
Gross customer receivables | $50,378 | $48,943 |
Allowance for doubtful accounts | -121 | -102 |
Allowance for returns and discounts | -2,084 | -2,366 |
Net customer receivables | $48,173 | $46,475 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw materials | $18,947 | $13,756 |
Work-in-process | 18,047 | 19,179 |
Finished goods | 12,720 | 13,439 |
Total FIFO inventories | 49,714 | 46,374 |
Reserve to adjust inventories to LIFO value | -14,843 | -14,851 |
Total LIFO inventories | $34,871 | $31,523 |
Product_Warranty_Schedule_Of_W
Product Warranty (Schedule Of Warranty Liability) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance at May 1 | $1,910 | $1,795 |
Accrual | 10,818 | 8,447 |
Settlements | -10,380 | -8,607 |
Ending balance at January 31 | $2,348 | $1,635 |
Cash_Flow_Supplemental_Disclos
Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest | $414 | $502 |
Income taxes | $10,608 | $3,978 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 | Apr. 30, 2014 |
Pension and Other Postretirement Benefit Expense [Abstract] | ||
Expected company contributions to pension plan | $4.30 | |
Pension contribution | $3.50 | $2.30 |
Pension_Benefits_Net_Periodic_
Pension Benefits (Net Periodic Pension Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Pension and Other Postretirement Benefit Expense [Abstract] | ||||
Interest cost | $1,617 | $1,551 | $4,850 | $4,652 |
Expected return on plan assets | -1,917 | -1,778 | -5,750 | -5,335 |
Recognized net actuarial loss | 216 | 282 | 649 | 847 |
Net periodic pension (benefit) cost | ($84) | $55 | ($251) | $164 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2012 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
manufacturing_plant | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Plants committed to close | 2 | |||||||
Pre-tax restructuring charges | $3,000 | $48,000 | $6,000 | $161,000 | ||||
Recognized recurring operating costs for closed facilities | 52,000 | |||||||
Net book value of plants recoverable | 1,000,000 | 1,000,000 | ||||||
2012 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Pre-tax restructuring charges | $6,000 | $17,100,000 | $17,100,000 | $17,100,000 | ||||
Number of manufacturing plants held for sale | 1 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $67,738 | $40,081 |
Fair Value Measurements Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Fair Value Measurements Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Fair Value Measurements Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 30,480 | 38,877 |
Money Market Funds [Member] | Fair Value Measurements Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Fair Value Measurements Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Fair Value Measurements Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,258 | 1,204 |
Mutual Funds [Member] | Fair Value Measurements Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Fair Value Measurements Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Certificates of Deposit [Member] | Fair Value Measurements Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 36,000 | |
Certificates of Deposit [Member] | Fair Value Measurements Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | |
Certificates of Deposit [Member] | Fair Value Measurements Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $0 |
Loans_Payable_and_LongTerm_Deb1
Loans Payable and Long-Term Debt (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2015 | |
Debt Instrument [Line Items] | |
Ratio of total liabilities to tangible net worth | 0.6 |
Ratio of cash flow to fixed charges | 3.1 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% |
Ratio of total liabilities to tangible net worth | 1.4 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% |
Ratio of cash flow to fixed charges | 1.5 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 33.70% | 41.40% | 33.50% | 38.90% | |
Federal research and experimentation tax credit | $1.20 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Subsequent Events [Abstract] | |
Gain (Loss) on Sale of Properties | $0.30 |