Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Oct. 31, 2014 | Nov. 21, 2014 | |
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 | 31-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 38,044,464 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash and cash equivalents | $66,358 | $52,987 | $48,648 |
Short-term investments | 250 | 250 | 0 |
Accounts receivable, net | 54,533 | 54,643 | 63,960 |
Inventories | 51,800 | 54,865 | 51,396 |
Deferred income taxes | 3,299 | 3,372 | 3,631 |
Other current assets | 2,881 | 3,288 | 2,639 |
Total current assets | 179,121 | 169,405 | 170,274 |
Property, plant and equipment, net | 100,369 | 98,076 | 95,804 |
Goodwill | 25,234 | 22,274 | 22,274 |
Amortizable intangible assets, net | 9,005 | 8,156 | 8,433 |
Other assets, net | 3,734 | 3,908 | 3,779 |
TOTAL ASSETS | 317,463 | 301,819 | 300,564 |
Current liabilities | ' | ' | ' |
Accounts payable | 11,614 | 12,324 | 15,470 |
Accrued liabilities | 16,922 | 16,248 | 18,594 |
Customer advances | 1,540 | 1,247 | 1,513 |
Total current liabilities | 30,076 | 29,819 | 35,577 |
Other liabilities | 20,432 | 20,538 | 18,657 |
Commitments and contingencies | ' | ' | ' |
Shareholders' equity | ' | ' | ' |
Common stock, $1 par value, authorized shares 100,000; issued 65,400; 65,318; and 65,293, respectively | 65,400 | 65,318 | 65,293 |
Paid-in capital | 14,579 | 10,556 | 9,326 |
Retained earnings | 242,973 | 231,029 | 227,149 |
Accumulated other comprehensive loss | -2,693 | -2,179 | -2,176 |
Treasury stock at cost, 28,897 shares | -53,362 | -53,362 | -53,362 |
Total Raven Industries, Inc. shareholders' equity | 266,897 | 251,362 | 246,230 |
Noncontrolling interest | 58 | 100 | 100 |
Total shareholders' equity | 266,955 | 251,462 | 246,330 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $317,463 | $301,819 | $300,564 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) (USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 65,400,000 | 65,318,000 | 65,293,000 |
Treasury stock, at cost (in shares) | 28,897,000 | 28,897,000 | 28,897,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $91,292 | $104,938 | $288,287 | $302,039 |
Cost of sales | 66,953 | 72,998 | 206,524 | 208,448 |
Gross profit | 24,339 | 31,940 | 81,763 | 93,591 |
Research and development expenses | 4,318 | 3,958 | 13,675 | 12,183 |
Selling, general and administrative expenses | 9,862 | 9,850 | 30,701 | 29,774 |
Operating income | 10,159 | 18,132 | 37,387 | 51,634 |
Other (expense), net | -72 | -43 | -210 | -460 |
Income before income taxes | 10,087 | 18,089 | 37,177 | 51,174 |
Income taxes | 3,290 | 5,796 | 11,599 | 16,550 |
Net income | 6,797 | 12,293 | 25,578 | 34,624 |
Net income (loss) attributable to the noncontrolling interest | 14 | 4 | 38 | -1 |
Net income attributable to Raven Industries, Inc. | 6,783 | 12,289 | 25,540 | 34,625 |
Net income per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.19 | $0.34 | $0.70 | $0.95 |
Diluted (in dollars per share) | $0.18 | $0.34 | $0.70 | $0.95 |
Cash dividends paid per common share (in dollars per share) | $0.13 | $0.12 | $0.37 | $0.36 |
Comprehensive income: | ' | ' | ' | ' |
Net income | 6,797 | 12,293 | 25,578 | 34,624 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation | -463 | -53 | -588 | -170 |
Postretirement benefits, net of income tax benefit of $14, $15, $40 and $47, respectively | 24 | 30 | 74 | 89 |
Other comprehensive (loss), net of tax | -439 | -23 | -514 | -81 |
Comprehensive income | 6,358 | 12,270 | 25,064 | 34,543 |
Comprehensive income (loss) attributable to noncontrolling interest | 14 | 4 | 38 | -1 |
Comprehensive income attributable to Raven Industries, Inc. | $6,344 | $12,266 | $25,026 | $34,544 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Other comprehensive income, postretirement benefits, income tax benefit | $14 | $15 | $40 | $47 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | 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] |
In Thousands, unless otherwise specified | ||||||||
Balance at beginning of period at Jan. 31, 2013 | $221,447 | $65,223 | $5,885 | ($53,362) | $205,695 | ($2,095) | $221,346 | $101 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2013 | ' | ' | ' | 28,897 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 34,624 | ' | ' | ' | 34,625 | ' | 34,625 | -1 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative foreign currency translation adjustment | -170 | ' | ' | ' | ' | -170 | -170 | ' |
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit | 89 | ' | ' | ' | ' | 89 | 89 | ' |
Cash dividends | -13,094 | ' | 77 | ' | -13,171 | ' | -13,094 | ' |
Stock surrendered upon exercie of stock options | -1,717 | -54 | -1,663 | ' | ' | ' | -1,717 | ' |
Employees' stock options exercised | 1,603 | 124 | 1,479 | ' | ' | ' | 1,603 | ' |
Share-based compensation | 3,289 | 0 | 3,289 | ' | ' | ' | 3,289 | ' |
Tax benefit from exercise of stock options | 259 | ' | 259 | ' | ' | ' | 259 | ' |
Balance at end of period at Oct. 31, 2013 | 246,330 | 65,293 | 9,326 | -53,362 | 227,149 | -2,176 | 246,230 | 100 |
Treasury stock at end of period (in shares) at Oct. 31, 2013 | 28,897 | ' | ' | 28,897 | ' | ' | ' | ' |
Balance at beginning of period at Jan. 31, 2014 | 251,462 | 65,318 | 10,556 | -53,362 | 231,029 | -2,179 | 251,362 | 100 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2014 | 28,897 | ' | ' | 28,897 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 25,578 | ' | ' | ' | 25,540 | ' | 25,540 | 38 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative foreign currency translation adjustment | -588 | ' | ' | ' | ' | -588 | -588 | ' |
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit | 74 | ' | ' | ' | ' | 74 | 74 | ' |
Cash dividends | -13,492 | ' | 104 | ' | -13,596 | ' | -13,492 | ' |
Dividends of less than wholly-owned subsidiary paid to noncontrolling Interest | -80 | ' | ' | ' | ' | ' | ' | -80 |
Director shares issued | ' | 18 | -18 | ' | ' | ' | ' | ' |
Stock surrendered upon exercie of stock options | -1,020 | -34 | -986 | ' | ' | ' | -1,020 | ' |
Employees' stock options exercised | 1,594 | 98 | 1,496 | ' | ' | ' | 1,594 | ' |
Share-based compensation | 3,336 | 0 | 3,336 | ' | ' | ' | 3,336 | ' |
Tax benefit from exercise of stock options | 91 | ' | 91 | ' | ' | ' | 91 | ' |
Balance at end of period at Oct. 31, 2014 | $266,955 | $65,400 | $14,579 | ($53,362) | $242,973 | ($2,693) | $266,897 | $58 |
Treasury stock at end of period (in shares) at Oct. 31, 2014 | 28,897 | ' | ' | 28,897 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.37 | $0.36 |
Reclassification of postretirement tax benefit | $40 | $47 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $25,578 | $34,624 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,538 | 10,264 |
Change in fair value of acquisition-related contingent consideration | 514 | 382 |
Loss from equity investment | 138 | 114 |
Deferred income taxes | -2,420 | -1,202 |
Share-based compensation expense | 3,336 | 3,289 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,108 | -7,753 |
Inventories | 2,768 | -5,251 |
Other assets | -555 | -819 |
Operating liabilities | 1,623 | 2,852 |
Other operating activities, net | 67 | 703 |
Net cash provided by operating activities | 45,695 | 37,203 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -12,797 | -23,906 |
Payments related to business acquisitions, net of cash acquired | 4,711 | 0 |
Proceeds from sales of short-term investments | 250 | 0 |
Purchase of short-term investments | -250 | 0 |
Other investing activities, net | -604 | -613 |
Net cash used in investing activities | -18,112 | -24,519 |
FINANCING ACTIVITIES: | ' | ' |
Dividends paid | 13,572 | 13,094 |
Payments of acquistion-related debt | -648 | 0 |
Payments of acquisition-related contingent liability | -491 | -353 |
Employee stock option exercises and other financing activities, net | 665 | 145 |
Net cash used in financing activities | -14,046 | -13,302 |
Effect of exchange rate changes on cash | -166 | -87 |
Net increase in cash and cash equivalents | 13,371 | -705 |
Cash and cash equivalents at beginning of year | 52,987 | 49,353 |
Cash and cash equivalents at end of period | $66,358 | $48,648 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Oct. 31, 2014 | |
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, energy, construction and military/aerospace markets. The Company is comprised of three unique operating units, or divisions, classified into reportable segments: Applied Technology, Engineered Films and Aerostar. | |
The accompanying unaudited consolidated financial information, which includes the accounts of Raven and its wholly-owned or controlled subsidiaries, net of intercompany balances and transactions which have been eliminated, has been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (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, it does not include all of the information and notes required by GAAP for complete financial statements. This financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2014. | |
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of this financial information have been included. Financial results for the interim three-month period ended October 31, 2014 are not necessarily indicative of the results that may be expected for the year ending January 31, 2015. The January 31, 2014 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. 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% interest in an entity consolidated under the Aerostar business segment. Given the Company's majority ownership interest, the accounts of the business venture have been consolidated with the accounts of the Company, and a noncontrolling interest has been recorded for the noncontrolling investor interests in the net assets and operations of the business venture. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2014 | |
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, 2014. |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
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 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 share calculation were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive options and restricted stock units | 846,205 | 594,200 | 574,631 | 573,033 | ||||||||||||
The computation of earnings per share is presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 6,783 | $ | 12,289 | $ | 25,540 | $ | 34,625 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 | ||||||||||||
Weighted average stock units outstanding | 68,721 | 71,220 | 69,616 | 66,477 | ||||||||||||
Denominator for basic calculation | 36,567,739 | 36,462,415 | 36,532,057 | 36,433,889 | ||||||||||||
Weighted average common shares outstanding | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 | ||||||||||||
Weighted average stock units outstanding | 68,721 | 71,220 | 69,616 | 66,477 | ||||||||||||
Dilutive impact of stock options and restricted stock units | 165,504 | 186,305 | 188,713 | 179,741 | ||||||||||||
Denominator for diluted calculation | 36,733,243 | 36,648,720 | 36,720,770 | 36,613,630 | ||||||||||||
Net income per share - basic | $ | 0.19 | $ | 0.34 | $ | 0.7 | $ | 0.95 | ||||||||
Net income per share - diluted | $ | 0.18 | $ | 0.34 | $ | 0.7 | $ | 0.95 | ||||||||
Selected_Balance_Sheet_Informa
Selected Balance Sheet Information | 9 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
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: | |||||||||||||
October 31, 2014 | January 31, 2014 | October 31, 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade accounts | $ | 54,889 | $ | 54,962 | $ | 64,164 | |||||||
Allowance for doubtful accounts | (356 | ) | (319 | ) | (204 | ) | |||||||
$ | 54,533 | $ | 54,643 | $ | 63,960 | ||||||||
Inventories: | |||||||||||||
Finished goods | $ | 7,981 | $ | 7,232 | $ | 7,591 | |||||||
In process | 2,063 | 2,131 | 2,743 | ||||||||||
Materials | 41,756 | 45,502 | 41,062 | ||||||||||
$ | 51,800 | $ | 54,865 | $ | 51,396 | ||||||||
Property, plant and equipment, net: | |||||||||||||
Property, plant and equipment | $ | 195,487 | $ | 182,700 | $ | 177,428 | |||||||
Accumulated depreciation | (95,118 | ) | (84,624 | ) | (81,624 | ) | |||||||
$ | 100,369 | $ | 98,076 | $ | 95,804 | ||||||||
Accrued liabilities: | |||||||||||||
Salaries and benefits | $ | 2,061 | $ | 1,858 | $ | 3,120 | |||||||
Vacation | 3,613 | 3,700 | 4,149 | ||||||||||
401(k) contributions | 473 | 727 | 446 | ||||||||||
Insurance obligations | 2,171 | 2,428 | 2,496 | ||||||||||
Warranties | 2,456 | 2,525 | 2,210 | ||||||||||
Acquisition-related contingent liabilities | 1,191 | 890 | 730 | ||||||||||
Taxes - accrued and withheld | 2,624 | 1,743 | 3,754 | ||||||||||
Other | 2,333 | 2,377 | 1,689 | ||||||||||
$ | 16,922 | $ | 16,248 | $ | 18,594 | ||||||||
Other liabilities: | |||||||||||||
Postretirement benefits | $ | 8,264 | $ | 7,998 | $ | 8,304 | |||||||
Acquisition-related contingent consideration | 3,587 | 2,457 | 2,323 | ||||||||||
Deferred income taxes | 1,406 | 3,526 | 1,824 | ||||||||||
Uncertain tax positions | 7,175 | 6,557 | 6,206 | ||||||||||
$ | 20,432 | $ | 20,538 | $ | 18,657 | ||||||||
Acquisitions_of_and_Investment
Acquisitions of and Investments in Businesses and Technologies | 9 Months Ended |
Oct. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions of and Investments in Businesses and Technologies | ' |
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES | |
Integra | |
Subsequent to the close of the fiscal 2015 third quarter, Raven acquired all of the issued and outstanding shares of Integra Plastics, Inc. (Integra), in a transaction that closed on November 3, 2014. The terms of the merger and reorganization agreement, valued at approximately $48,600, include the issuance of 1,541,696 shares of Raven common stock and cash payments of approximately $9,400 subject to a working capital adjustment, if any, to be determined no later than 90 days subsequent to the merger date. Integra, a privately held company with headquarters in Madison, SD specializes in the manufacture and conversion of high-quality plastic film and sheeting. This acquisition will immediately expand Raven's Engineered Films Division's (EFD) production capacity with additional extrusion and lamination operations in Brandon, SD and fabrication locations in Madison, SD and Midland, TX., as well as broaden EFD's product offerings and enhance current converting capabilities. | |
The initial valuation and purchase price allocation for this acquisition was not complete as of the date of filing of this Quarterly Report on Form 10-Q. | |
SBG | |
In May 2014, the Company completed the purchase of all issued and outstanding shares of SBG Innovatie BV and its affiliate, Navtronics BVBA (collectively, SBG). SBG has operations in the Netherlands just outside of Amsterdam and at Navtronics in Geel, Belgium. The acquisition broadens Applied Technology Division’s guided steering system product line by adding high-accuracy implement steering applications. Additionally, SBG’s headquarters will become the new home office for Raven in Europe, expanding the Company’s global presence and reach into key European markets. | |
In connection with the purchase, Raven paid $5,000 and agreed to pay up to $2,500 in additional earn-out payments calculated and paid quarterly over the next ten years contingent upon achieving certain revenues. The fair value of this contingent consideration at October 31, 2014 is $1,255, of which $236 was classified as "Accrued liabilities" and $1,019 was classified as "Other liabilities". The Company paid $37 in earn-out payments during the three and nine months ended October 31, 2014. | |
The fair value of the business acquired was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value acquired over the identifiable assets acquired and liabilities assumed is reflected as goodwill. Goodwill recorded as part of the purchase price allocation was $3,250. Identifiable intangible assets acquired as part of the acquisition were $2,104, including definite-lived intangibles, such as customer relationships and proprietary technology. Amortization is being computed over the estimated useful life using the undiscounted cash flows method - twelve years for customer relationships and five years for proprietary technology. Liabilities acquired included debts to the former owners, a long-term note with a third-party bank and deferred income taxes. There was no debt outstanding at October 31, 2014. |
Employee_Postretirement_Benefi
Employee Postretirement Benefits | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Postretirement Benefits | ' | |||||||||||||||
EMPLOYEE POSTRETIREMENT BENEFITS | ||||||||||||||||
The Company provides postretirement medical and other benefits to senior executive officers and senior managers. These plan obligations are unfunded. The components of net periodic benefit cost for postretirement benefits are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 49 | $ | 51 | $ | 147 | $ | 152 | ||||||||
Interest cost | 91 | 87 | 274 | 261 | ||||||||||||
Amortization of actuarial losses | 38 | 45 | 114 | 136 | ||||||||||||
Net periodic benefit cost | $ | 178 | $ | 183 | $ | 535 | $ | 549 | ||||||||
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 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. |
Warranties
Warranties | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
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 | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 2,617 | $ | 2,047 | $ | 2,525 | $ | 1,888 | ||||||||
Accrual for warranties | 676 | 1,086 | 2,065 | 2,818 | ||||||||||||
Settlements made (in cash or in kind) | (837 | ) | (923 | ) | (2,134 | ) | (2,496 | ) | ||||||||
Ending balance | $ | 2,456 | $ | 2,210 | $ | 2,456 | $ | 2,210 | ||||||||
Financing_Arrangements_Financi
Financing Arrangements Financing Arrangements | 9 Months Ended |
Oct. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Financing Arrangements | ' |
FINANCING ARRANGEMENTS | |
Raven has an uncollateralized credit agreement with Wells Fargo Bank, N.A. (Wells Fargo) providing a line of credit of $10,500 with a maturity date of November 30, 2014, bearing interest at 1.50% above the daily one-month London Inter-bank Market Rate. Letters of credit totaling $850 have been issued under the line of credit, primarily to support self-insured workers' compensation bonding requirements. $9,650 was available for borrowing under this line of credit at October 31, 2014. There have been no borrowings under the credit line with Wells Fargo for any of the fiscal periods covered by this Quarterly Report on Form 10-Q. |
Income_Tax_Income_Tax_Disclosu
Income Tax Income Tax Disclosure | 9 Months Ended |
Oct. 31, 2014 | |
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, tax benefits on qualified production activities and tax credits for research activities (R&D). The Company’s tax rate for the fiscal 2015 three- and nine-month periods ended October 31, 2014 was 32.6% and 31.2%, respectively. The Company’s effective tax rate was 32.0% and 32.3%, respectively, for the comparable periods of fiscal 2014. The current fiscal year rate includes the impact of recognition of a $709 R&D tax credit in the fiscal second quarter based upon a tax study undertaken for fiscal years 2011 through 2014. |
Dividends
Dividends | 9 Months Ended |
Oct. 31, 2014 | |
Dividends [Abstract] | ' |
Dividends | ' |
DIVIDENDS | |
Dividends paid to Raven shareholders during the three and nine months ended October 31, 2014 were $4,745 and $13,492, or 13.0 cents and 37.0 cents per share, respectively. Dividends paid to Raven shareholders during the three and nine months ended October 31, 2013 were $4,367 and $13,094, or 12.0 cents and 36.0 cents per share, respectively. |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | ||||||
Oct. 31, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Share Based Compensation | ' | ||||||
SHARE-BASED COMPENSATION | |||||||
Under the Amended and Restated 2010 Stock Incentive Plan effective March 23, 2012, administered by the Personnel and Compensation Committee of the Board of Directors, two types of awards were granted during the nine months ended October 31, 2014 and October 31, 2013. | |||||||
Stock Option Awards | |||||||
The Company granted 194,900 and 198,900 non-qualified stock options during the nine-month periods ended October 31, 2014 and October 31, 2013, respectively. None of these awards were granted during the three-month periods ended October 31, 2014 or October 31, 2013. Options are granted with exercise prices not less than the market value of the Company's common stock at the date of grant. The stock options vest over a four-year period and expire after five years. Options contain retirement and change-in-control provisions that may accelerate the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The Company uses historical data to estimate option exercises and employee terminations within this valuation model. | |||||||
The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: | |||||||
Nine Months Ended | |||||||
31-Oct-14 | 31-Oct-13 | ||||||
Risk-free interest rate | 1.32 | % | 0.59 | % | |||
Expected dividend yield | 1.53 | % | 1.46 | % | |||
Expected volatility factor | 38.65 | % | 41.39 | % | |||
Expected option term (in years) | 4 | 3.75 | |||||
Weighted average grant date fair value | $9.18 | $9.34 | |||||
Restricted Stock Unit Awards (RSUs) | |||||||
The Company granted 19,040 and 25,540 time-vested RSUs to employees in the nine-month periods ended October 31, 2014 and 2013, respectively. None of these awards were granted during the three-month periods ended October 31, 2014 or October 31, 2013. The fair value of a time-vested RSU is measured based upon the closing market price of the Company's common stock on the date of grant. The grant date fair value per share of the time-vested RSUs granted during the nine months ended October 31, 2014 and 2013 was $32.75 and $32.85, respectively. Time-vested RSUs will vest if, at the end of the three-year period, the employee remains employed by the Company. Dividends are cumulatively earned on the time-vested RSUs over the vesting period. | |||||||
The Company also granted performance-based RSUs in the nine-month periods ended October 31, 2014 and 2013. The exact number of performance shares to be issued will vary from 0% to 150% of the target award, depending on the Company's actual performance over the three-year period in comparison to the target award. The target award for the fiscal 2015 grant is based on return on equity (ROE), which is defined as net income divided by beginning shareholders' equity. The target award for the fiscal 2014 grant is based on return on sales (ROS), which is defined as net income divided by net sales. The performance-based RSUs will vest if, at the end of the three-year performance period, the Company has achieved certain performance goals and the employee remains employed by the Company. Dividends are cumulatively earned on performance-based RSUs over the vesting period. The number of RSUs that will vest is determined by an estimated ROE or ROS target over the three-year performance period. The estimated ROE and ROS performance factors used to estimate the number of restricted stock units expected to vest are evaluated at least quarterly. The number of restricted stock units issued at the vesting date will be based on actual results. | |||||||
The fair value of the performance-based restricted stock units is based upon the closing market price of the Company's common stock on the grant date. The number of performance-based RSUs granted is based on 100% of the target award. During the nine-month periods ended October 31, 2014 and 2013, the Company granted 54,490 and 56,222 performance-based RSUs, respectively. None of these awards were granted during the three-month periods ended October 31, 2014 or October 31, 2013. The grant date fair value per share of these performance-based RSUs was $32.75 and $32.85, respectively. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
The Company's reportable segments are defined by their product lines which have been grouped in these segments based on common technologies, production methods and inventories. Raven's reportable segments are Applied Technology Division, Engineered Films Division and Aerostar Division. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. Other expense and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Segment information is reported consistent with the Company's management reporting structure. | ||||||||||||||||
Business segment net sales and operating income results are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Applied Technology Division | $ | 33,161 | $ | 43,797 | $ | 115,696 | $ | 134,069 | ||||||||
Engineered Films Division | 41,249 | 40,241 | 125,755 | 111,998 | ||||||||||||
Aerostar Division | 19,257 | 24,269 | 56,179 | 66,706 | ||||||||||||
Intersegment eliminations (a) | (2,375 | ) | (3,369 | ) | (9,343 | ) | (10,734 | ) | ||||||||
Consolidated net sales | $ | 91,292 | $ | 104,938 | $ | 288,287 | $ | 302,039 | ||||||||
Operating income | ||||||||||||||||
Applied Technology Division | $ | 6,447 | $ | 15,149 | $ | 31,132 | $ | 46,176 | ||||||||
Engineered Films Division | 5,486 | 5,241 | 17,165 | 14,765 | ||||||||||||
Aerostar Division | 3,027 | 2,714 | 4,666 | 5,484 | ||||||||||||
Intersegment eliminations (a) | 134 | (23 | ) | 114 | (61 | ) | ||||||||||
Total reportable segment income | 15,094 | 23,081 | 53,077 | 66,364 | ||||||||||||
Administrative and general expenses | (4,935 | ) | (4,949 | ) | (15,690 | ) | (14,730 | ) | ||||||||
Consolidated operating income | $ | 10,159 | $ | 18,132 | $ | 37,387 | $ | 51,634 | ||||||||
(a) Intersegment sales were primarily from Aerostar to Applied Technology. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Oct. 31, 2014 | |
New Accounting Pronouncement [Abstract] | ' |
New and Pending Accounting Standards | ' |
NEW ACCOUNTING STANDARDS | |
Accounting Standards Adopted | |
During the three and nine months ended October 31, 2014 there were no accounting pronouncements adopted or effective that are of significance, or potential significance, to the Company. | |
Pending Accounting Standards | |
In August 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern" (ASU 2014-15). The amendments in ASU 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. ASU 2014-15 requires certain financial statement disclosures when there is "substantial doubt about the entity's ability to continue as a going concern" within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any impact on its consolidated financial statements or disclosures. | |
In June 2014 the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" (ASU 2014-12). ASU 2014-12 affects entities that grant their employees stock-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and specifies that a reporting entity should apply existing guidance in FASB Accounting Standards Codification (ASC) Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not believe the guidance applies to any awards that have been granted under the Company's share-based compensation plan. Accordingly, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial position, results of operations or cash flows. | |
In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 provides a comprehensive new recognition model that requires recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to receive in exchange for those goods or services. This guidance supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, companies will need to use more judgment and make more estimates than under the current guidance. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This guidance will be effective for the Company for fiscal 2018 and interim periods therein. The guidance may be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position or results of operations. | |
In April 2014 the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (ASU No. 2014-08). ASU No. 2014-8 changes the criteria for determining which disposals should be presented as discontinued operations and modifies the related disclosure requirements. Additionally, the new guidance requires that a business that qualifies as held for sale upon acquisition should be reported as discontinued operations. The new guidance is effective for the Company on February 1, 2015 and applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements. | |
In January 2014 the FASB issued ASU No. 2014-05, "Service Concession Arrangements" (ASU No. 2014-05). ASU No. 2014-05 specifies that an operating entity entering into a service concession arrangement with a public-sector entity grantor within the scope of this guidance should not account for such arrangement as a lease in accordance with FASB ASC Topic 840, "Leases." This guidance is effective for annual periods beginning after December 15, 2014. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial position, results of operations or cash flows. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Standards | ' |
Accounting Standards Adopted | |
During the three and nine months ended October 31, 2014 there were no accounting pronouncements adopted or effective that are of significance, or potential significance, to the Company. | |
Pending Accounting Standards | |
In August 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern" (ASU 2014-15). The amendments in ASU 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. ASU 2014-15 requires certain financial statement disclosures when there is "substantial doubt about the entity's ability to continue as a going concern" within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any impact on its consolidated financial statements or disclosures. | |
In June 2014 the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" (ASU 2014-12). ASU 2014-12 affects entities that grant their employees stock-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and specifies that a reporting entity should apply existing guidance in FASB Accounting Standards Codification (ASC) Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not believe the guidance applies to any awards that have been granted under the Company's share-based compensation plan. Accordingly, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial position, results of operations or cash flows. | |
In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 provides a comprehensive new recognition model that requires recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to receive in exchange for those goods or services. This guidance supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, companies will need to use more judgment and make more estimates than under the current guidance. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This guidance will be effective for the Company for fiscal 2018 and interim periods therein. The guidance may be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position or results of operations. | |
In April 2014 the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (ASU No. 2014-08). ASU No. 2014-8 changes the criteria for determining which disposals should be presented as discontinued operations and modifies the related disclosure requirements. Additionally, the new guidance requires that a business that qualifies as held for sale upon acquisition should be reported as discontinued operations. The new guidance is effective for the Company on February 1, 2015 and applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements. | |
In January 2014 the FASB issued ASU No. 2014-05, "Service Concession Arrangements" (ASU No. 2014-05). ASU No. 2014-05 specifies that an operating entity entering into a service concession arrangement with a public-sector entity grantor within the scope of this guidance should not account for such arrangement as a lease in accordance with FASB ASC Topic 840, "Leases." This guidance is effective for annual periods beginning after December 15, 2014. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial position, results of operations or cash flows. |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
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 share calculation were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive options and restricted stock units | 846,205 | 594,200 | 574,631 | 573,033 | ||||||||||||
Schedule of calculation of numerator and denominator in earnings per share | ' | |||||||||||||||
The computation of earnings per share is presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 6,783 | $ | 12,289 | $ | 25,540 | $ | 34,625 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 | ||||||||||||
Weighted average stock units outstanding | 68,721 | 71,220 | 69,616 | 66,477 | ||||||||||||
Denominator for basic calculation | 36,567,739 | 36,462,415 | 36,532,057 | 36,433,889 | ||||||||||||
Weighted average common shares outstanding | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 | ||||||||||||
Weighted average stock units outstanding | 68,721 | 71,220 | 69,616 | 66,477 | ||||||||||||
Dilutive impact of stock options and restricted stock units | 165,504 | 186,305 | 188,713 | 179,741 | ||||||||||||
Denominator for diluted calculation | 36,733,243 | 36,648,720 | 36,720,770 | 36,613,630 | ||||||||||||
Net income per share - basic | $ | 0.19 | $ | 0.34 | $ | 0.7 | $ | 0.95 | ||||||||
Net income per share - diluted | $ | 0.18 | $ | 0.34 | $ | 0.7 | $ | 0.95 | ||||||||
Selected_Balance_Sheet_Informa1
Selected Balance Sheet Information (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
Selected Balance Sheet Information [Abstract] | ' | ||||||||||||
Components of selected balance sheet items | ' | ||||||||||||
Following are the components of selected items from the Consolidated Balance Sheets: | |||||||||||||
October 31, 2014 | January 31, 2014 | October 31, 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade accounts | $ | 54,889 | $ | 54,962 | $ | 64,164 | |||||||
Allowance for doubtful accounts | (356 | ) | (319 | ) | (204 | ) | |||||||
$ | 54,533 | $ | 54,643 | $ | 63,960 | ||||||||
Inventories: | |||||||||||||
Finished goods | $ | 7,981 | $ | 7,232 | $ | 7,591 | |||||||
In process | 2,063 | 2,131 | 2,743 | ||||||||||
Materials | 41,756 | 45,502 | 41,062 | ||||||||||
$ | 51,800 | $ | 54,865 | $ | 51,396 | ||||||||
Property, plant and equipment, net: | |||||||||||||
Property, plant and equipment | $ | 195,487 | $ | 182,700 | $ | 177,428 | |||||||
Accumulated depreciation | (95,118 | ) | (84,624 | ) | (81,624 | ) | |||||||
$ | 100,369 | $ | 98,076 | $ | 95,804 | ||||||||
Accrued liabilities: | |||||||||||||
Salaries and benefits | $ | 2,061 | $ | 1,858 | $ | 3,120 | |||||||
Vacation | 3,613 | 3,700 | 4,149 | ||||||||||
401(k) contributions | 473 | 727 | 446 | ||||||||||
Insurance obligations | 2,171 | 2,428 | 2,496 | ||||||||||
Warranties | 2,456 | 2,525 | 2,210 | ||||||||||
Acquisition-related contingent liabilities | 1,191 | 890 | 730 | ||||||||||
Taxes - accrued and withheld | 2,624 | 1,743 | 3,754 | ||||||||||
Other | 2,333 | 2,377 | 1,689 | ||||||||||
$ | 16,922 | $ | 16,248 | $ | 18,594 | ||||||||
Other liabilities: | |||||||||||||
Postretirement benefits | $ | 8,264 | $ | 7,998 | $ | 8,304 | |||||||
Acquisition-related contingent consideration | 3,587 | 2,457 | 2,323 | ||||||||||
Deferred income taxes | 1,406 | 3,526 | 1,824 | ||||||||||
Uncertain tax positions | 7,175 | 6,557 | 6,206 | ||||||||||
$ | 20,432 | $ | 20,538 | $ | 18,657 | ||||||||
Employee_Postretirement_Benefi1
Employee Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost for postretirement benefits | ' | |||||||||||||||
The components of net periodic benefit cost for postretirement benefits are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 49 | $ | 51 | $ | 147 | $ | 152 | ||||||||
Interest cost | 91 | 87 | 274 | 261 | ||||||||||||
Amortization of actuarial losses | 38 | 45 | 114 | 136 | ||||||||||||
Net periodic benefit cost | $ | 178 | $ | 183 | $ | 535 | $ | 549 | ||||||||
Warranties_Tables
Warranties (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Warranties | ' | |||||||||||||||
Changes in the warranty accrual were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 2,617 | $ | 2,047 | $ | 2,525 | $ | 1,888 | ||||||||
Accrual for warranties | 676 | 1,086 | 2,065 | 2,818 | ||||||||||||
Settlements made (in cash or in kind) | (837 | ) | (923 | ) | (2,134 | ) | (2,496 | ) | ||||||||
Ending balance | $ | 2,456 | $ | 2,210 | $ | 2,456 | $ | 2,210 | ||||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | ||||||
Oct. 31, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Weighted average assumptions by grant year | ' | ||||||
The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: | |||||||
Nine Months Ended | |||||||
31-Oct-14 | 31-Oct-13 | ||||||
Risk-free interest rate | 1.32 | % | 0.59 | % | |||
Expected dividend yield | 1.53 | % | 1.46 | % | |||
Expected volatility factor | 38.65 | % | 41.39 | % | |||
Expected option term (in years) | 4 | 3.75 | |||||
Weighted average grant date fair value | $9.18 | $9.34 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business segment net sales and operating income results | ' | |||||||||||||||
Business segment net sales and operating income results are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Applied Technology Division | $ | 33,161 | $ | 43,797 | $ | 115,696 | $ | 134,069 | ||||||||
Engineered Films Division | 41,249 | 40,241 | 125,755 | 111,998 | ||||||||||||
Aerostar Division | 19,257 | 24,269 | 56,179 | 66,706 | ||||||||||||
Intersegment eliminations (a) | (2,375 | ) | (3,369 | ) | (9,343 | ) | (10,734 | ) | ||||||||
Consolidated net sales | $ | 91,292 | $ | 104,938 | $ | 288,287 | $ | 302,039 | ||||||||
Operating income | ||||||||||||||||
Applied Technology Division | $ | 6,447 | $ | 15,149 | $ | 31,132 | $ | 46,176 | ||||||||
Engineered Films Division | 5,486 | 5,241 | 17,165 | 14,765 | ||||||||||||
Aerostar Division | 3,027 | 2,714 | 4,666 | 5,484 | ||||||||||||
Intersegment eliminations (a) | 134 | (23 | ) | 114 | (61 | ) | ||||||||||
Total reportable segment income | 15,094 | 23,081 | 53,077 | 66,364 | ||||||||||||
Administrative and general expenses | (4,935 | ) | (4,949 | ) | (15,690 | ) | (14,730 | ) | ||||||||
Consolidated operating income | $ | 10,159 | $ | 18,132 | $ | 37,387 | $ | 51,634 | ||||||||
(a) Intersegment sales were primarily from Aerostar to Applied Technology. |
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation (Details) | 9 Months Ended |
Oct. 31, 2014 | |
segment | |
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% |
Net_Income_per_Share_Antidilut
Net Income per Share (Antidiluted Securities Excluded from Computation) (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 846,205 | 594,200 | 574,631 | 573,033 |
Net_Income_per_Share_Schedule_
Net Income per Share (Schedule of Calculation of Numerator and Denominator in Earnings per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to Raven Industries, Inc. | $6,783 | $12,289 | $25,540 | $34,625 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 |
Weighted average stock units outstanding (in shares) | 68,721 | 71,220 | 69,616 | 66,477 |
Denominator for basic calculation (in shares) | 36,567,739 | 36,462,415 | 36,532,057 | 36,433,889 |
Weighted average common shares outstanding (in shares) | 36,499,018 | 36,391,195 | 36,462,441 | 36,367,412 |
Weighted average stock units outstanding (in shares) | 68,721 | 71,220 | 69,616 | 66,477 |
Dilutive impact of stock options and restricted units (in shares) | 165,504 | 186,305 | 188,713 | 179,741 |
Denominator for diluted calculation (in shares) | 36,733,243 | 36,648,720 | 36,720,770 | 36,613,630 |
Net income per share - basic (in dollars per share) | $0.19 | $0.34 | $0.70 | $0.95 |
Net income per share - diluted (in dollars per share) | $0.18 | $0.34 | $0.70 | $0.95 |
Selected_Balance_Sheet_Informa2
Selected Balance Sheet Information (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Accounts receivable, net: | ' | ' | ' | ' | ' | ' |
Trade accounts | $54,889 | ' | $54,962 | $64,164 | ' | ' |
Allowance for doubtful accounts | -356 | ' | -319 | -204 | ' | ' |
Accounts receivable, net | 54,533 | ' | 54,643 | 63,960 | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods | 7,981 | ' | 7,232 | 7,591 | ' | ' |
In process | 2,063 | ' | 2,131 | 2,743 | ' | ' |
Materials | 41,756 | ' | 45,502 | 41,062 | ' | ' |
Inventories | 51,800 | ' | 54,865 | 51,396 | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 195,487 | ' | 182,700 | 177,428 | ' | ' |
Accumulated depreciation | -95,118 | ' | -84,624 | -81,624 | ' | ' |
Property, plant and equipment, net | 100,369 | ' | 98,076 | 95,804 | ' | ' |
Accrued liabilities: | ' | ' | ' | ' | ' | ' |
Salaries and benefits | 2,061 | ' | 1,858 | 3,120 | ' | ' |
Vacation | 3,613 | ' | 3,700 | 4,149 | ' | ' |
401(k) contributions | 473 | ' | 727 | 446 | ' | ' |
Insurance obligations | 2,171 | ' | 2,428 | 2,496 | ' | ' |
Warranties | 2,456 | 2,617 | 2,525 | 2,210 | 2,047 | 1,888 |
Acquisition-related contingent liabilities | 1,191 | ' | 890 | 730 | ' | ' |
Taxes - accrued and withheld | 2,624 | ' | 1,743 | 3,754 | ' | ' |
Other | 2,333 | ' | 2,377 | 1,689 | ' | ' |
Accrued liabilities | 16,922 | ' | 16,248 | 18,594 | ' | ' |
Other liabilities: | ' | ' | ' | ' | ' | ' |
Postretirement benefits | 8,264 | ' | 7,998 | 8,304 | ' | ' |
Acquisition-related contingent consideration, | 3,587 | ' | 2,457 | 2,323 | ' | ' |
Deferred income taxes | 1,406 | ' | 3,526 | 1,824 | ' | ' |
Uncertain tax positions | 7,175 | ' | 6,557 | 6,206 | ' | ' |
Other liabilities | $20,432 | ' | $20,538 | $18,657 | ' | ' |
Acquisitions_of_and_Investment1
Acquisitions of and Investments in Businesses and Technologies (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | 1-May-14 | 1-May-14 | 1-May-14 | Oct. 31, 2014 | Oct. 31, 2014 | 1-May-14 | Nov. 03, 2014 |
SBG Innovatie [Member] | Navtronics [Member] | SBG Innovatie and Affiliates [Member] | SBG Innovatie and Affiliates [Member] | SBG Innovatie and Affiliates [Member] | SBG Innovatie and Affiliates [Member] | Subsequent Event [Member] | |||
Integra Plastics [Member] | |||||||||
Business Combination, Description [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | 1-May-14 | ' | ' | ' | 3-Nov-14 |
Business Acquisition, Name of Acquired Entity | ' | ' | 'SBG Innovatie BV | 'Navtronics BVBA | ' | ' | ' | ' | 'Integra Plastics, Inc. |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $5,000 | ' | ' | ' | $48,600 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | 9,400 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,541,696 |
Working Capital Adjustment Term in Days | ' | ' | ' | ' | ' | ' | ' | ' | '90 days |
Contingent consideration, potential cash payment | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' |
Contingent Consideration Term in Years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related contingent consideration | ' | ' | ' | ' | ' | 1,255 | 1,255 | ' | ' |
Business Combination, Contingent Consideration, Liability, Current | ' | ' | ' | ' | ' | 236 | 236 | ' | ' |
Business Combination, Contingent Consideration, Liability, Noncurrent | ' | ' | ' | ' | ' | 1,019 | 1,019 | ' | ' |
Payments of acquisition-related contingent liability | -491 | -353 | ' | ' | ' | 37 | 37 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | 3,250 | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | ' | ' | ' | ' | 2,104 | ' | ' |
Acquisition-related debt outstanding balance | ' | ' | ' | ' | ' | $0 | $0 | ' | ' |
Employee_Postretirement_Benefi2
Employee Postretirement Benefits (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $49 | $51 | $147 | $152 |
Interest cost | 91 | 87 | 274 | 261 |
Amortization of actuarial losses | 38 | 45 | 114 | 136 |
Net periodic benefit cost | $178 | $183 | $535 | $549 |
Warranties_Details
Warranties (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $2,617 | $2,047 | $2,525 | $1,888 |
Accrual for warranties | 676 | 1,086 | 2,065 | 2,818 |
Settlements made (in cash or in kind) | -837 | -923 | -2,134 | -2,496 |
Ending balance | $2,456 | $2,210 | $2,456 | $2,210 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 9 Months Ended | ||
Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Borrowing capacity under line of credit | $10,500,000 | ' | ' |
Maturity date of the line of credit | 30-Nov-14 | ' | ' |
Line of credit prime interest rate percentage | 1.50% | ' | ' |
Description of variable rate basis | 'one-month London Inter-bank Market Rate | ' | ' |
Letters of credit issued, amount | 850,000 | ' | ' |
Borrowing outstanding under line of credit | 0 | 0 | 0 |
Remaining borrowing capacity under the line of credit | $9,650,000 | ' | ' |
Income_Tax_Details
Income Tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 32.60% | 32.00% | 31.20% | 32.30% |
Tax Adjustments, Settlements, and Unusual Provisions | ' | ' | $709 | ' |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Dividends [Abstract] | ' | ' | ' | ' |
Dividends paid | $4,745 | $4,367 | $13,492 | $13,094 |
Cash dividends paid per common share (in dollars per share) | $0.13 | $0.12 | $0.37 | $0.36 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (2010 Stock Incentive Plan [Member], USD $) | 9 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Grants in period (in shares) | 194,900 | 198,900 |
Stock options vesting period, years | '4 years | ' |
Years to expiration | '5 years | ' |
Time-vested RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options vesting period, years | '3 years | ' |
Weighted average grant date fair value (in dollars per share) | 32.75 | 32.85 |
Grants in period (in shares) | 19,040 | 25,540 |
Performance-based RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options vesting period, years | '3 years | ' |
Share Based Compensation Arrangement, By Share Based Payment Award, Number Of Shares Granted Based On Target Award Percenatge | 100.00% | ' |
Weighted average grant date fair value (in dollars per share) | 32.75 | 32.85 |
Grants in period (in shares) | 54,490 | 56,222 |
Performance-based RSUs [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Perfromance shares target award | 0.00% | ' |
Performance-based RSUs [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Perfromance shares target award | 150.00% | ' |
Share_Based_Compensation_Weigh
Share Based Compensation (Weighted average assumptions by grant year) (Details) (USD $) | 9 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Share-based Compensation [Abstract] | ' | ' |
Risk-free interest rate | 1.32% | 0.59% |
Expected dividend yield | 1.53% | 1.46% |
Expected volatility factor | 38.65% | 41.39% |
Expected option term (in years) | '4 years | '3 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $9.18 | $9.34 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $91,292 | $104,938 | $288,287 | $302,039 | ||||
Operating income | 10,159 | 18,132 | 37,387 | 51,634 | ||||
Administrative and general expenses | -4,935 | -4,949 | -15,690 | -14,730 | ||||
Applied Technology Division [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 33,161 | 43,797 | 115,696 | 134,069 | ||||
Operating income | 6,447 | 15,149 | 31,132 | 46,176 | ||||
Engineered Films Division [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 41,249 | 40,241 | 125,755 | 111,998 | ||||
Operating income | 5,486 | 5,241 | 17,165 | 14,765 | ||||
Aerostar Division [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 19,257 | 24,269 | 56,179 | 66,706 | ||||
Operating income | 3,027 | 2,714 | 4,666 | 5,484 | ||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | -2,375 | [1] | -3,369 | [1] | -9,343 | [1] | -10,734 | [1] |
Operating income | 134 | [1] | -23 | [1] | 114 | [1] | -61 | [1] |
Corporate Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | $15,094 | $23,081 | $53,077 | $66,364 | ||||
[1] | Intersegment sales were primarily from Aerostar to Applied Technology. |