Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 20, 2015 | Jul. 31, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | RAVEN INDUSTRIES INC | ||
Entity Central Index Key | 82166 | ||
Current Fiscal Year End Date | -30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 38,049,802 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,004,061,955 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash and cash equivalents | $51,949 | $52,987 | $49,353 |
Short-term investments | 250 | 250 | 0 |
Accounts receivable, net | 56,576 | 54,643 | 56,303 |
Inventories | 55,152 | 54,865 | 46,189 |
Deferred income taxes | 3,958 | 3,372 | 3,107 |
Other current assets | 3,094 | 3,288 | 1,796 |
Total current assets | 170,979 | 169,405 | 156,748 |
Property, plant and equipment, net | 117,513 | 98,076 | 81,238 |
Goodwill | 52,148 | 22,274 | 22,274 |
Amortizable intangible assets, net | 18,490 | 8,156 | 8,681 |
Other assets, net | 3,743 | 3,908 | 4,269 |
TOTAL ASSETS | 362,873 | 301,819 | 273,210 |
Current liabilities | |||
Accounts payable | 11,545 | 12,324 | 14,438 |
Accrued liabilities | 19,187 | 16,248 | 17,192 |
Customer advances | 1,111 | 1,247 | 1,431 |
Total current liabilities | 31,843 | 29,819 | 33,061 |
Other liabilities | 25,793 | 20,538 | 18,702 |
Commitments and contingencies | |||
Shareholders’ Equity | |||
Common stock, $1 par value, authorized shares 100,000; issued 66,947; 65,318; and 65,223, respectively | 66,947 | 65,318 | 65,223 |
Paid in capital | 53,237 | 10,556 | 5,885 |
Retained earnings | 244,180 | 231,029 | 205,695 |
Accumulated other comprehensive loss | -5,849 | -2,179 | -2,095 |
Less treasury stock at cost, 28,897 shares | -53,362 | -53,362 | -53,362 |
Total Raven Industries, Inc. shareholders’ equity | 305,153 | 251,362 | 221,346 |
Noncontrolling interest | 84 | 100 | 101 |
Total shareholders’ equity | 305,237 | 251,462 | 221,447 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $362,873 | $301,819 | $273,210 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Common stock, par value (in usd per share) | $1 | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 66,947,000 | 65,318,000 | 65,223,000 |
Treasury stock, shares | 28,897,000 | 28,897,000 | 28,897,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Net sales | $378,153 | $394,677 | $406,175 |
Cost of sales | 274,907 | 275,323 | 278,502 |
Gross profit | 103,246 | 119,354 | 127,673 |
Research and development expenses | 17,440 | 16,576 | 13,367 |
Selling, general and administrative expenses | 42,005 | 38,784 | 36,614 |
Operating income | 43,801 | 63,994 | 77,692 |
Other (expense), net | -300 | -371 | -46 |
Income before income taxes | 43,501 | 63,623 | 77,646 |
Income taxes | 11,705 | 20,721 | 25,091 |
Net income | 31,796 | 42,902 | 52,555 |
Net (loss) income attributable to noncontrolling interest | 63 | -1 | 10 |
Net income attributable to Raven Industries, Inc. | 31,733 | 42,903 | 52,545 |
Net income per common share: | |||
─ Basic (in usd per share) | $0.86 | $1.18 | $1.45 |
─ Diluted (in usd per share) | $0.86 | $1.17 | $1.44 |
Comprehensive income: | |||
Net income | 31,796 | 42,902 | 52,555 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | -1,466 | -424 | -3 |
Postretirement benefits, net of income tax benefit (expense) of $1,187, ($183), and $70, respectively | -2,204 | 340 | -130 |
Other comprehensive income (loss), net of tax | -3,670 | -84 | -133 |
Comprehensive income | 28,126 | 42,818 | 52,422 |
Comprehensive income (loss) attributable to noncontrolling interest | 63 | -1 | 10 |
Comprehensive income attributable to Raven Industries, Inc. | $28,063 | $42,819 | $52,412 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Consolidated Statements of Income [Abstract] | |||
Income tax (expense) benefit on postretirement benefits | $1,187 | ($183) | $70 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Raven Industries, Inc. Equity [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | ||||||||
Total shareholders' equity, beginning balance at Jan. 31, 2012 | $180,590 | $32,566 | $9,607 | ($53,362) | $193,650 | ($1,962) | $180,499 | $91 |
Treasury stock, beginning balance, shares at Jan. 31, 2012 | -14,449 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 52,555 | 52,545 | 52,545 | 10 | ||||
Other comprehensive income (loss), net of income tax | -133 | -133 | -133 | |||||
Cash dividends | -15,244 | 63 | -15,307 | -15,244 | ||||
Director shares issued | 0 | 0 | ||||||
Two-for-one stock split | 32,598 | -7,405 | -25,193 | |||||
Stock surrendered upon exercie of stock options | -2,251 | -36 | -2,215 | -2,251 | ||||
Employees' stock options exercised | 2,598 | 95 | 2,503 | 2,598 | ||||
Share-based compensation | 3,075 | 3,075 | 3,075 | |||||
Tax benefit from exercise of stock options | 257 | 257 | 257 | |||||
Total shareholders' equity, ending balance at Jan. 31, 2013 | 221,447 | 65,223 | 5,885 | -53,362 | 205,695 | -2,095 | 221,346 | 101 |
Treasury stock, ending balance, shares at Jan. 31, 2013 | -28,897 | -28,897 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 42,902 | 42,903 | 42,903 | -1 | ||||
Other comprehensive income (loss), net of income tax | -84 | -84 | -84 | |||||
Cash dividends | -17,465 | 104 | -17,569 | -17,465 | ||||
Two-for-one stock split, shares | -14,448 | |||||||
Stock surrendered upon exercie of stock options | -2,105 | -64 | -2,041 | -2,105 | ||||
Employees' stock options exercised | 2,270 | 159 | 2,111 | 2,270 | ||||
Share-based compensation | 4,198 | 0 | 4,198 | 4,198 | ||||
Tax benefit from exercise of stock options | 299 | 299 | 299 | |||||
Total shareholders' equity, ending balance at Jan. 31, 2014 | 251,462 | 65,318 | 10,556 | -53,362 | 231,029 | -2,179 | 251,362 | 100 |
Treasury stock, ending balance, shares at Jan. 31, 2014 | -28,897 | -28,897 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 31,796 | 31,733 | 31,733 | 63 | ||||
Other comprehensive income (loss), net of income tax | -3,670 | -3,670 | -3,670 | |||||
Cash dividends | -18,440 | 142 | -18,582 | -18,440 | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | -79 | -79 | ||||||
Stock Issued During Period, Value, Acquisitions | 39,214 | 1,542 | 37,672 | 39,214 | ||||
Director shares issued | 18 | -18 | ||||||
Stock surrendered upon exercie of stock options | -1,087 | -37 | -1,050 | -1,087 | ||||
Employees' stock options exercised | 1,728 | 106 | 1,622 | 1,728 | ||||
Share-based compensation | 4,213 | 0 | 4,213 | 4,213 | ||||
Tax benefit from exercise of stock options | 100 | 100 | 100 | |||||
Total shareholders' equity, ending balance at Jan. 31, 2015 | $305,237 | $66,947 | $53,237 | ($53,362) | $244,180 | ($5,849) | $305,153 | $84 |
Treasury stock, ending balance, shares at Jan. 31, 2015 | -28,897 | -28,897 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share (in usd per share) | $0.50 | $0.48 | $0.42 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Issued, Issuance Costs | $38 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
OPERATING ACTIVITIES: | |||
Net income | $31,796 | $42,902 | $52,555 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 14,761 | 12,449 | 11,496 |
Amortization of intangible assets | 2,608 | 1,746 | 1,602 |
Gain on acquisition-related contingent liability settlement | 0 | 0 | -508 |
Change in fair value of acquisition-related contingent consideration | 714 | 540 | 784 |
Income from equity investment | -28 | -116 | -156 |
Deferred income taxes | -958 | 623 | -1,803 |
Share-based compensation expense | 4,213 | 4,198 | 3,075 |
Change in operating assets and liabilities | 7,973 | -10,449 | 9,199 |
Other operating activities, net | -996 | 943 | 212 |
Net cash provided by operating activities | 60,083 | 52,836 | 76,456 |
INVESTING ACTIVITIES: | |||
Capital expenditures | -17,041 | -30,701 | -29,675 |
Payments related to business acquisitions, net of cash acquired | -12,472 | 0 | 0 |
Sales of short-term investments | 500 | 0 | 0 |
Purchases of short-term investments | -500 | -250 | 0 |
Other investing activities, net | -473 | -664 | -255 |
Net cash used in investing activities | -29,986 | -31,615 | -29,930 |
FINANCING ACTIVITIES: | |||
Dividends paid | -18,519 | -17,465 | -15,244 |
Proceeds from revolving line of credit | 2,127 | 0 | 0 |
Payment of revolving line of credit and acquistion-related debt | -14,116 | 0 | 0 |
Payment of acquisition related contingent liabilities | -533 | -353 | -8,367 |
Other financing activities, net | 376 | 464 | 604 |
Net cash used in financing activities | -30,665 | -17,354 | -23,007 |
Effect of exchange rate changes on cash | -470 | -233 | -8 |
Net increase (decrease) in cash and cash equivalents | -1,038 | 3,634 | 23,511 |
Cash and cash equivalents at beginning of year | 52,987 | 49,353 | 25,842 |
Cash and cash equivalents at end of year | $51,949 | $52,987 | $49,353 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Summary of Significant Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | |||||
NOTE 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
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 conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Vista Research, Inc. (Vista); Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); SBG Innovatie BV; Navtronics BVBA; Raven Industries GmbH (Raven GmbH); Raven Industries Australia Pty Ltd (Raven Australia) and Raven Do Brazil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into reportable segments (Applied Technology, Engineered Films, and Aerostar). | |||||
The consolidated financial statements for the periods included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||
Noncontrolling Interest | |||||
Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned and consolidated entities. The Company owns 75% of a business venture to pursue potential product and support services contracts for agencies and instrumentalities of the United States government. The business venture, Aerostar Integrated Systems (AIS), is included in the Aerostar business segment. No capital contributions were made by the noncontrolling interest since the initial capitalization in fiscal year 2012. 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's interests in the net assets and operations of the business venture. | |||||
Investments in Affiliate | |||||
An affiliate investment over which the Company has significant influence, but neither a controlling interest nor a majority interest in the risks or rewards of the investee, is accounted for using the equity method. The investment balance is included in “Other assets, net,” while the Company's share of the investee's results of operations is included in “Other income (expense), net.” The Company considers whether the value of any of its equity method investments has been impaired whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate's industry), an impairment loss would be recorded. | |||||
Use of Estimates | |||||
Preparing the financial statements in conformity with accounting principles generally accepted in the United States of America (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 these estimates. | |||||
Foreign Currency | |||||
The Company's subsidiaries that operate outside the United States use the local currency as their functional currency. The functional currency is translated into U.S. dollars for balance sheet accounts using the period-end exchange rates and average exchange rates for the statement of income and comprehensive income. Adjustments resulting from financial statement translations are included as foreign currency translation adjustments in “Accumulated other comprehensive income (loss)” within shareholders' equity. Foreign currency transaction gains or losses are recognized in the period incurred and are included in “Other income (expense), net” in the Consolidated Statements of Income and Comprehensive Income. Foreign currency transaction gains or losses on intercompany notes receivable and notes payable denominated in foreign currencies for which settlement is not planned in the foreseeable future are considered part the net investment and are reported in the same manner as foreign currency translation adjustments. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid instruments with original maturities of three or fewer months to be cash equivalents. Cash and cash equivalent balances are principally concentrated in checking, money market and savings accounts. Certificates of deposit that mature in over 90 days but less than one year are considered short-term investments. Certificates of deposit that mature in one year or more are considered to be other long-term assets and carried at cost. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||
Trade accounts receivable are recorded at the invoiced amount, do not bear interest and are considered past due based on invoice terms. Unbilled receivables arise when revenues have been earned, but not billed, and are related to differences in timing. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses. This is based on historical write-off experience by segment and an estimate of the collectability of any known problem accounts. | |||||
Inventory Valuation | |||||
Inventories are carried at the lower of cost or market, with cost determined on the first-in, first-out basis. Market value encompasses consideration of all business factors including price, contract terms, and usefulness. | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment held for use is carried at the asset's cost and depreciated over the estimated useful lives of the assets primarily using accelerated methods. The estimated useful lives used for computing depreciation are as follows: | |||||
Building and improvements | 15 - 39 years | ||||
Manufacturing equipment by segment | |||||
Applied Technology | 3 - 5 years | ||||
Engineered Films | 5 - 12 years | ||||
Aerostar | 3 - 5 years | ||||
Furniture, fixtures, office equipment and other | 3 - 7 years | ||||
The cost of maintenance and repairs is charged to expense in the period incurred, and renewals and betterments are capitalized. The cost and related accumulated depreciation of assets sold or disposed are removed from the accounts and the resulting gain or loss is reflected in operations. | |||||
The Company capitalizes certain internal costs incurred in connection with developing or obtaining internal-use software in accordance with the accounting guidance for such costs. These capitalized software costs totaled $0 in fiscal 2015, $203 in fiscal 2014 and $7 in fiscal 2013. The costs are included in “Property, plant and equipment, net” on the Consolidated Balance Sheets. Software costs that do not meet capitalization criteria are expensed as incurred. Amortization expense related to capitalized software is computed on the straight-line basis over the estimated lives ranging from 3 to 5 years and is included in depreciation. | |||||
Fair Value Measurements | |||||
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses the established fair value hierarchy, which classifies or prioritizes the inputs used in measuring fair value. These classifications include: | |||||
Level 1 - Observable inputs such as quoted prices in active markets; | |||||
Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||
Level 3 - Unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. | |||||
The Company's financial assets required to be measured at fair value on a recurring basis include cash and cash equivalents and short-term investments. The Company determines fair value of its cash equivalents and short-term investments through quoted market prices. | |||||
The Company's goodwill and long-lived assets, including intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Our accounting policy and methodology for assessing impairment of these assets is further described below and in the Critical Accounting Estimates section of the Management's Discussion and Analysis in Part 7 of this Annual Report on Form 10-K (Form 10-K). | |||||
For all acquisitions, the Company is required to measure the fair value of the net identifiable tangible and intangible assets acquired, excluding goodwill and deferred income taxes. In addition, the Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Fair value measurements associated with acquisitions, including acquisition-related contingent liabilities, are described in Note 5 Acquisition of and Investments in Businesses and Technologies. | |||||
Intangible Assets | |||||
Intangible assets, primarily comprised of technologies acquired through acquisition, are recorded at cost and are presented net of accumulated amortization. Amortization is computed either on a straight-line basis or under the undiscounted cash flows method | |||||
over the estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization is used when it reflects an appropriate allocation of the cost of the intangible assets to earnings in each reporting period. | |||||
Goodwill | |||||
The Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Earn-out payments are accrued at fair value as of the purchase date and payments reduce the accrual without affecting goodwill. Any change in the fair value of the contingent consideration after the acquisition date is recognized in the Consolidated Statements of Income and Comprehensive Income. | |||||
Goodwill is tested for impairment on an annual basis during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are performed at the reporting unit level. A qualitative impairment assessment over relevant events and circumstances may be assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events and circumstances indicate the fair value of a reporting unit is less than its carrying value, then the fair values are estimated based on discounted cash flows and are compared with the corresponding carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying amount, the amount of the impairment loss must be measured and then recognized to the extent the carrying value of the goodwill exceeds the implied fair value. | |||||
Long-Lived Assets | |||||
The Company periodically assesses the recoverability of long-lived and intangible assets. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the assets. The amount of the impairment loss to be recorded is the excess of the carrying value of the asset over its fair value. | |||||
Long-lived assets determined to be held for sale and classified as such in accordance with the applicable guidance are reported as long-term assets at the lower of the asset's carrying amount or fair value less the estimated cost to sell. Depreciation is not recorded once a long-lived asset has been classified as held for sale. | |||||
Insurance Obligations | |||||
The Company utilizes insurance policies to cover workers' compensation and general liability costs. Liabilities are accrued related to claims filed and estimates for claims incurred but not reported. To the extent these obligations are expected to be reimbursed by insurance, the probable insurance policy benefit is included as a component of “Other current assets.” | |||||
Contingencies | |||||
The Company is involved as a defendant in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business. An estimate of the loss on these matters is charged to operations when it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. While the settlement of any claims cannot be determined, management believes that any liability resulting from these claims will be substantially covered by insurance. Accordingly, management does not believe that the ultimate outcome of these matters will have a significant impact on its results of operations, financial position or cash flows. | |||||
Revenue Recognition | |||||
The Company recognizes revenue when it is realized or realizable and has been earned. Revenue is recognized when there is persuasive evidence of an arrangement, the sales price is determinable, collectability is reasonably assured and shipment or delivery has occurred (depending on the terms of the sale). The Company sells directly to customers or distributors who incur the expense and commitment for any post-sale obligations beyond stated warranty terms. Estimated returns, sales allowances or warranty charges are recognized upon shipment of a product. | |||||
For certain service-related contracts, the Company recognizes revenue under the percentage-of-completion method of accounting, whereby contract revenues are recognized on a pro-rata basis based upon the ratio of costs incurred compared to total estimated contract costs. Contract costs include labor, material, subcontracting costs, as well as allocation of indirect costs. Revenues including estimated profits are recorded as costs are incurred. Losses estimated to be incurred upon completion of contracts are charged to operations when they become known. | |||||
Certain contracts contain provisions for incentive payments that the Company may receive based on performance criteria related to product design, development and production standards. Revenue related to the incentive payments is recognized when ultimate realization by the Company is assured, which generally occurs when the provisions and performance criteria required by the contract are met. | |||||
Operating Expenses | |||||
The primary types of operating expenses are classified in the income statement as follows: | |||||
Cost of sales | Research and development expenses | Selling, general and administrative expenses | |||
Direct material costs | Personnel costs | Personnel costs | |||
Material acquisition and handling costs | Professional service fees | Professional service fees | |||
Direct labor | Material and supplies | Advertising | |||
Factory overhead including depreciation and amortization | Facility allocation | Promotions | |||
Inventory obsolescence | Information technology equipment depreciation | ||||
Product warranties | Office supplies | ||||
Shipping and handling cost | Facility allocation | ||||
The Company's gross margins may not be comparable to industry peers due to variability in the classification of these expenses across the industries in which the Company operates. | |||||
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. | |||||
Share-Based Compensation | |||||
The Company records compensation expense related to its share-based compensation plans using the fair value method. Under this method, the fair value of share-based compensation is determined as of the grant date and the related expense is recorded over the period in which the share-based compensation vests. | |||||
Income Taxes | |||||
Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company's assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance to reflect realizable value. Accruals are maintained for uncertain tax positions. | |||||
Accounting Pronouncements | |||||
Accounting Standards Adopted | |||||
There were no accounting standards adopted or effective in fiscal year 2015 that were of significance, or potential significance, to the Company. | |||||
Pending Accounting Standards | |||||
In January 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" (ASU 2015-01). The amendments in ASU 2015-01 eliminate the GAAP concept of extraordinary items and no longer requires that transactions that met the criteria for classification as extraordinary items be separately classified and reported in the financial statements. ASU 2015-01 retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands them to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years beginning after December 15, 2015. The amendments may be applied prospectively or retrospectively to all prior periods presented. 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 August 2014 the FASB issued 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 of adoption and impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position and 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. |
Selected_Balance_Sheet_Informa
Selected Balance Sheet Information | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Selected Balance Sheet Information [Abstract] | |||||||||||||
Selected Balance Sheet Information | |||||||||||||
NOTE 2 | SELECTED BALANCE SHEET INFORMATION | ||||||||||||
Following are the components of selected balance sheet items: | |||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade accounts | $ | 56,895 | $ | 54,962 | $ | 56,508 | |||||||
Allowance for doubtful accounts | (319 | ) | (319 | ) | (205 | ) | |||||||
$ | 56,576 | $ | 54,643 | $ | 56,303 | ||||||||
Inventories: | |||||||||||||
Finished goods | $ | 8,127 | $ | 7,232 | $ | 8,571 | |||||||
In process | 1,317 | 2,131 | 2,675 | ||||||||||
Materials | 45,708 | 45,502 | 34,943 | ||||||||||
$ | 55,152 | $ | 54,865 | $ | 46,189 | ||||||||
Other current assets: | |||||||||||||
Insurance policy benefit | $ | 733 | $ | 733 | $ | 860 | |||||||
Federal income tax receivable | 713 | 1,197 | — | ||||||||||
Prepaid expenses and other | 1,648 | 1,358 | 936 | ||||||||||
$ | 3,094 | $ | 3,288 | $ | 1,796 | ||||||||
Property, plant and equipment, net: | |||||||||||||
Held for use: | |||||||||||||
Land | $ | 3,246 | $ | 2,077 | $ | 2,077 | |||||||
Buildings and improvements | 78,140 | 66,278 | 52,936 | ||||||||||
Machinery and equipment | 131,766 | 114,345 | 101,645 | ||||||||||
Accumulated depreciation | (96,545 | ) | (84,624 | ) | (75,420 | ) | |||||||
$ | 116,607 | $ | 98,076 | $ | 81,238 | ||||||||
Held for sale: | |||||||||||||
Land | $ | 11 | $ | — | $ | — | |||||||
Buildings and improvements | 1,522 | — | — | ||||||||||
Accumulated depreciation | (627 | ) | — | — | |||||||||
906 | — | — | |||||||||||
$ | 117,513 | $ | 98,076 | $ | 81,238 | ||||||||
Other assets, net: | |||||||||||||
Investment in affiliate | $ | 3,217 | $ | 3,684 | $ | 4,063 | |||||||
Other, net | 526 | 224 | 206 | ||||||||||
$ | 3,743 | $ | 3,908 | $ | 4,269 | ||||||||
Accrued liabilities: | |||||||||||||
Salaries and related | $ | 4,063 | $ | 2,210 | $ | 4,422 | |||||||
Benefits | 5,001 | 5,538 | 5,616 | ||||||||||
Insurance obligations | 1,590 | 1,598 | 1,723 | ||||||||||
Warranties | 3,120 | 2,525 | 1,888 | ||||||||||
Income taxes | 536 | 362 | 114 | ||||||||||
Other taxes | 1,240 | 1,097 | 1,139 | ||||||||||
Acquisition-related contingent consideration | 1,375 | 890 | 712 | ||||||||||
Other | 2,262 | 2,028 | 1,578 | ||||||||||
$ | 19,187 | $ | 16,248 | $ | 17,192 | ||||||||
Other liabilities: | |||||||||||||
Postretirement benefits | $ | 11,812 | $ | 7,998 | $ | 8,072 | |||||||
Acquisition-related contingent consideration | 3,631 | 2,457 | 2,359 | ||||||||||
Deferred income taxes | 7,091 | 3,526 | 2,453 | ||||||||||
Uncertain tax positions | 3,259 | 6,557 | 5,818 | ||||||||||
$ | 25,793 | $ | 20,538 | $ | 18,702 | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
NOTE 3 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Other comprehensive income refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income. The changes in the components of accumulated other comprehensive income (loss) (AOCI) are shown below: | |||||||||||||
Cumulative foreign currency translation adjustment | Postretirement benefits | Total | |||||||||||
Balance at January 31, 2012 | $ | 145 | $ | (2,107 | ) | $ | (1,962 | ) | |||||
Other comprehensive (loss) before reclassifications | (3 | ) | — | (3 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $70 | — | (130 | ) | (130 | ) | ||||||||
Balance at January 31, 2013 | 142 | (2,237 | ) | (2,095 | ) | ||||||||
Other comprehensive (loss) before reclassifications | (424 | ) | — | (424 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income after tax (expense) of ($183) | — | 340 | 340 | ||||||||||
Balance at January 31, 2014 | (282 | ) | (1,897 | ) | (2,179 | ) | |||||||
Other comprehensive (loss) before reclassifications | (1,466 | ) | — | (1,466 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $1,187 | — | (2,204 | ) | (2,204 | ) | ||||||||
Balance at January 31, 2015 | $ | (1,748 | ) | $ | (4,101 | ) | $ | (5,849 | ) | ||||
Postretirement benefit cost components are reclassified in their entirety from AOCI 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. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||
NOTE 4 | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Accounts receivable | $ | 4,699 | $ | 1,297 | $ | 4,362 | |||||||
Inventories | 6,753 | (9,190 | ) | 8,567 | |||||||||
Prepaid expenses and other assets | 195 | (239 | ) | 976 | |||||||||
Accounts payable | (3,578 | ) | (994 | ) | (2,937 | ) | |||||||
Accrued and other liabilities | 48 | (1,150 | ) | (1,709 | ) | ||||||||
Customer advances | (144 | ) | (173 | ) | (60 | ) | |||||||
$ | 7,973 | $ | (10,449 | ) | $ | 9,199 | |||||||
Supplemental disclosures of cash flow information | |||||||||||||
Cash paid during the year for income taxes | $ | 14,011 | $ | 20,002 | $ | 26,697 | |||||||
Interest paid | $ | 160 | $ | — | $ | — | |||||||
Significant non-cash transactions: | |||||||||||||
Issuance of common stock for business acquisition | $ | 39,252 | $ | — | $ | — | |||||||
Capital expenditures included in accounts payable | $ | 564 | $ | 1,083 | $ | 2,196 | |||||||
Acquisitions_of_and_Investment
Acquisitions of and Investments in Businesses and Technologies | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions of and Investments in Businesses and Technologies | |||||||||||||
NOTE 5 | ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES | ||||||||||||
Integra | |||||||||||||
The Company acquired all of the issued and outstanding shares of Integra Plastics, Inc. (Integra) in a transaction that closed on November 3, 2014. The total purchase price was valued at approximately $48,200, net of an estimated working capital adjustment included in the terms of the merger and acquisition agreement. These terms provided for payment through the issuance of 1,541,696 shares of the Company's common stock valued at $39,252, based on the closing stock price on the date of acquisition and cash payments of $9,361. Integra, which was a privately-held company headquartered in Madison, South Dakota specializes in the manufacture and conversion of high-quality plastic film and sheeting. This acquisition immediately expanded Raven's Engineered Films Division's production capacity with additional extrusion and lamination operations in Brandon, South Dakota and fabrication locations in Madison, South Dakota and Midland, Texas, as well as broadened Engineered Films' product offerings and enhanced current converting capabilities. Results of operations subsequent to acquisition have been included in the Engineered Films segment. | |||||||||||||
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 $27,216, none of which is tax deductible. Goodwill resulting from this business combination is largely attributable to the experienced workforce of the acquired business and synergies expected to arise after integration of Integra products and operations into Engineered Films. Identifiable intangible assets acquired as part of the acquisition included definite-lived intangibles for customer relationships and other intangibles valued at $10,000 and $200, respectively. These intangible assets are being amortized using the straight-line method over their estimated useful life as follows: customer relationships - twelve years and other intangibles - two years. Liabilities assumed from Integra included a revolving line of credit and long-term notes with Wells Fargo Bank N.A. (Wells Fargo). The Company has a related party relationship with Wells Fargo described in Note 10 Financing Arrangements. This debt was repaid by the Company and there was no debt outstanding at January 31, 2015. | |||||||||||||
The total purchase price was allocated to the estimated fair values of assets acquired and liabilities assumed as follows: | |||||||||||||
Cash | $ | 1,600 | |||||||||||
Accounts receivable | 4,808 | ||||||||||||
Inventory | 7,555 | ||||||||||||
Deferred income taxes | 520 | ||||||||||||
Other current assets | 24 | ||||||||||||
Property, plant and equipment, net | 17,088 | ||||||||||||
Goodwill | 27,216 | ||||||||||||
Customer relationships and other definite-lived intangibles | 10,200 | ||||||||||||
Short-term and long-term debt | (11,341 | ) | |||||||||||
Current liabilities | (4,084 | ) | |||||||||||
Other liabilities | (5,344 | ) | |||||||||||
Total purchase price | $ | 48,242 | |||||||||||
Integra net sales and net loss recognized in fiscal 2015 from the acquisition date to January 31, 2015 were $5,627 and $(874), respectively. | |||||||||||||
SBG | |||||||||||||
On May 1, 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, the Company paid $5,000 and agreed to pay up to $2,500 in additional earn-out payments calculated using the undiscounted cash flows and paid quarterly over the next 10 years contingent upon achieving certain revenues. The fair value of this contingent consideration determined based on the discounted cash flows at January 31, 2015 is $1,432, of which $236 was classified as "Accrued liabilities" and $1,196 was classified as "Other liabilities". The Company paid $79 in earn-out payments during fiscal 2015. | |||||||||||||
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, none of which is tax deductible. Identifiable intangible assets acquired as part of the acquisition were $2,104, and included 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 as follows: 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. As further described in Note 10 Financing Arrangements this debt was repaid by the Company and there was no debt outstanding at January 31, 2015. | |||||||||||||
SBG net sales and net income recognized in fiscal 2015 from the acquisition date to January 31, 2015 were $3,245 and $152, respectively. | |||||||||||||
The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been completed at the beginning of the period presented (unaudited): | |||||||||||||
(Unaudited) | |||||||||||||
For the year ended January 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Net sales | $ | 408,906 | $ | 431,917 | |||||||||
Net income attributable to Raven Industries, Inc. | 34,424 | 45,747 | |||||||||||
Earnings per common share: | |||||||||||||
Basic | $ | 0.9 | $ | 1.2 | |||||||||
Diluted | $ | 0.9 | $ | 1.2 | |||||||||
These unaudited pro forma consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as amortization and acquisition cost. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had these business combinations occurred at the beginning of each period presented, or of future results of the consolidated entities. | |||||||||||||
Acquisition-related contingent consideration | |||||||||||||
In addition to the contingent consideration related to the acquisition of SBG, the Company has contingent liabilities related to prior year acquisitions. Related to the acquisition of Vista in 2012, the Company is committed to make annual payments based upon earn-out percentages on specific revenue streams for seven years after the purchase date, not to exceed $15,000. The fair value of these contingent considerations is $2,989, of which $554 was classified in "Accrued liabilities" and $2,435 as "Other liabilities" in the Consolidated Balance Sheet for the year ended January 31, 2015. At January 31, 2014, the fair value of the contingent consideration for the Vista acquisition was $3,347, of which $890 was classified as "Accrued liabilities" and $2,457 as "Other liabilities" in the Consolidated Balance Sheet for the year ended January 31, 2014. At January 31, 2013, the fair value of the contingent consideration for the Vista acquisition was $3,071, of which $712 was classified as "Accrued liabilities" and $2,359 as "Other liabilities" in the Consolidated Balance Sheet for the year ended January 31, 2013. These fair values were estimated using forecasted discounted cash flows. The Company paid $454, $353, and $6,500 in earn-out payments in fiscal year 2015, 2014 and 2013, respectively. | |||||||||||||
Pursuant to the Company's 2009 purchase of substantially all of the assets of Ranchview Inc. (Ranchview), a privately-held Canadian corporation, during fiscal 2013 the Company paid $1,841 in cash to the previous Ranchview owner for an early buyout of the outstanding acquisition-related contingent liability. This resulted in a gain of $508 which was included in Applied Technology operating income. | |||||||||||||
Equity Method Investment SST | |||||||||||||
In November 2009, the Company acquired a 20% interest in Site Specific Technology Development Group, Inc. (SST). SST is a privately-held agricultural software development and information services provider. Raven and SST are strategically aligned to provide customers with simple, more efficient ways to move and manage information in the precision agriculture market. | |||||||||||||
Changes in the net carrying value of the investment in SST were as follows: | |||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 3,684 | $ | 4,063 | $ | 4,409 | |||||||
Income from equity investment | 28 | 116 | 156 | ||||||||||
Amortization of intangible assets | (495 | ) | (495 | ) | (477 | ) | |||||||
Dividend received | — | — | (25 | ) | |||||||||
Balance at end of year | $ | 3,217 | $ | 3,684 | $ | 4,063 | |||||||
In October 2012, SST purchased approximately 10% of its outstanding common stock to be held as treasury stock. The impact of this transaction on the Company's noncontrolling interest in SST and the carrying value of its investment was as follows: Raven's ownership interest in SST increased from 20% to 22%; The basis in the net assets at acquisition decreased by $525; and the basis in the technology-related assets and goodwill increased $117 and $408, respectively, with no net impact to the carrying value of the investment. |
Goodwill_Other_Intangibles
Goodwill & Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | |||||||||||||||||||||||||||||||
NOTE 6 | GOODWILL AND OTHER INTANGIBLES | ||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill by reporting segment are shown below: | |||||||||||||||||||||||||||||||
Applied | Engineered | Aerostar | Total | ||||||||||||||||||||||||||||
Technology | Films | ||||||||||||||||||||||||||||||
Balance at January 31, 2012 | $ | 9,892 | $ | 96 | $ | 12,286 | $ | 22,274 | |||||||||||||||||||||||
Balance at January 31, 2013 | 9,892 | 96 | 12,286 | 22,274 | |||||||||||||||||||||||||||
Balance at January 31, 2014 | 9,892 | 96 | 12,286 | 22,274 | |||||||||||||||||||||||||||
Acquired goodwill | 3,250 | 27,216 | — | 30,466 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (592 | ) | — | — | (592 | ) | |||||||||||||||||||||||||
Balance at January 31, 2015 | $ | 12,550 | $ | 27,312 | $ | 12,286 | $ | 52,148 | |||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | |||||||||||||||||||||||||||||||
For the years ended January 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Accumulated | Accumulated | Accumulated | |||||||||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | Amount | Amortization | Net | |||||||||||||||||||||||
Existing technology | $ | 8,870 | $ | (5,239 | ) | $ | 3,631 | $ | 7,840 | $ | (4,164 | ) | $ | 3,676 | $ | 7,500 | $ | (3,375 | ) | $ | 4,125 | ||||||||||
Customer relationships | 14,128 | (1,271 | ) | 12,857 | 3,494 | (525 | ) | 2,969 | 3,494 | (300 | ) | 3,194 | |||||||||||||||||||
Other intangibles | 3,657 | (1,655 | ) | 2,002 | 2,891 | (1,380 | ) | 1,511 | 2,506 | (1,144 | ) | 1,362 | |||||||||||||||||||
Total | $ | 26,655 | $ | (8,165 | ) | $ | 18,490 | $ | 14,225 | $ | (6,069 | ) | $ | 8,156 | $ | 13,500 | $ | (4,819 | ) | $ | 8,681 | ||||||||||
The estimated future amortization expense for these definite-lived intangible assets, as well as definite-lived intangible assets held by SST, during the next five years is as follows: | |||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||
Estimated amortization expense | $ | 3,655 | $ | 3,521 | $ | 2,890 | $ | 2,024 | $ | 1,437 | |||||||||||||||||||||
Employee_Retirement_Benefits
Employee Retirement Benefits | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Retirement Benefits | |||||||||||||
NOTE 7 | EMPLOYEE POSTRETIREMENT BENEFITS | ||||||||||||
The Company has two 401(k) plans covering substantially all employees as of January 31, 2015. One plan, which covers the majority of employees, matches employee contributions up to 4%. Under this plan all account balances and future contributions and related earnings can be invested in several investment alternatives as well as the Company's common stock in accordance with each participant's elections. Participants' contributions to the 401(k) and the employer matching contributions are limited to 20% investment in the Company's common stock. Participants may choose to make separate investment choices for current account balances and for future contributions. Officers of the Company may not include Raven's common stock in their 401(k) plan elections. | |||||||||||||
The other 401(k) plan was assumed as part of the Vista acquisition. Employee contributions under this plan include a 3% annual contribution. This plan was amended in fiscal 2015 to eliminate a provision allowing an additional annual discretionary contribution. The Company also assumed an additional 401(k) profit sharing plan as part of the Integra acquisition. This plan was merged into Raven's 401(k) plan on December 31, 2014. Total contribution expense to all such plans was $2,416, $2,412 and $2,021 for fiscal 2015, 2014, and 2013, respectively. | |||||||||||||
In addition, the Company provides postretirement medical and other benefits to senior executive officers and senior managers. These plan obligations are unfunded. The accumulated benefit obligation for these benefits is as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Benefit obligation at beginning of year | $ | 8,254 | $ | 8,307 | $ | 7,560 | |||||||
Service cost | 195 | 202 | 187 | ||||||||||
Interest cost | 366 | 348 | 335 | ||||||||||
Actuarial loss (gain) and assumption changes | 3,543 | (340 | ) | 433 | |||||||||
Retiree benefits paid | (233 | ) | (263 | ) | (208 | ) | |||||||
Benefit obligation at end of year | $ | 12,125 | $ | 8,254 | $ | 8,307 | |||||||
The following tables set forth the plans' pre-tax adjustment to accumulated other comprehensive income/loss: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Amounts not yet recognized in net periodic benefit cost: | |||||||||||||
Net actuarial loss | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
Total pre-tax accumulated other comprehensive loss | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation | $ | 2,918 | $ | 3,441 | $ | 3,241 | |||||||
Reclassification adjustments recognized in benefit cost: | |||||||||||||
Recognized net (loss) | (152 | ) | (183 | ) | (210 | ) | |||||||
Amortization of transition obligation | — | — | (23 | ) | |||||||||
Amounts recognized in AOCI during the year: | |||||||||||||
Net actuarial loss (gain) | 3,543 | (340 | ) | 433 | |||||||||
Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
The net actuarial loss for fiscal year 2015 was the result of a decrease in the discount rate and application of updated mortality assumptions. The net actuarial gain in fiscal year 2014 was driven by an increase in the discount rate. The net actuarial loss in fiscal year 2013 was driven by a decrease in the discount rate and demographic changes, partially offset by better than expected claims experience. | |||||||||||||
The liability and net periodic benefit cost reflected in the Consolidated Balance Sheets and Consolidated Statements of Income and Comprehensive Income were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning liability balance | $ | 8,254 | $ | 8,307 | $ | 7,560 | |||||||
Net periodic benefit cost | 713 | 733 | 755 | ||||||||||
Other comprehensive loss (income) | 3,391 | (523 | ) | 200 | |||||||||
Total recognized in net and other comprehensive income | 4,104 | 210 | 955 | ||||||||||
Retiree benefits paid | (233 | ) | (263 | ) | (208 | ) | |||||||
Ending liability balance | $ | 12,125 | $ | 8,254 | $ | 8,307 | |||||||
Current portion in accrued liabilities | $ | 313 | $ | 255 | $ | 235 | |||||||
Long-term portion in other liabilities | $ | 11,812 | $ | 7,999 | $ | 8,072 | |||||||
Assumptions used to calculate benefit obligation: | |||||||||||||
Discount rate | 3.5 | % | 4.5 | % | 4.25 | % | |||||||
Wage inflation rate | 4 | % | 4 | % | 4 | % | |||||||
Health care cost trend rates: | |||||||||||||
Health care cost trend rate assumed for next year | 7.2 | % | 7.7 | % | 8.1 | % | |||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year that the rate reaches the ultimate trend rate | 2025 | 2025 | 2025 | ||||||||||
The discount rate is based on matching rates of return on high-quality fixed-income investments with the timing and amount of expected benefit payments. No material fluctuations in retiree benefit payments are expected in future years. The total estimated cost to be recognized from AOCI into net periodic benefit cost over the next fiscal year is $337. | |||||||||||||
The assumed health care cost trend rate has a significant effect on the amounts reported. The impact of a one-percentage point change in assumed health care rates would have the following effects: | |||||||||||||
January 31, 2015 | |||||||||||||
One-percentage-point increase | One-percentage-point decrease | ||||||||||||
Effect on total of service and interest cost components | $ | 291 | $ | (203 | ) | ||||||||
Effect on accumulated postretirement benefit obligation | $ | 2,865 | $ | (2,138 | ) | ||||||||
The Company expects to contribute $313 in postretirement medical and other benefit payments in fiscal 2016. The following postretirement other than pension benefit payments, which reflect expected future service as appropriate, are expected to be paid: | |||||||||||||
Fiscal | 2017 | $ | 331 | ||||||||||
Fiscal | 2018 | 355 | |||||||||||
Fiscal | 2019 | 370 | |||||||||||
Fiscal | 2020 | 382 | |||||||||||
Fiscal | 2021 - 2025 | 2,170 | |||||||||||
Warranties
Warranties | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Product Warranty Costs [Abstract] | |||||||||||||
Warranties | |||||||||||||
NOTE 8 | WARRANTIES | ||||||||||||
Changes in the warranty accrual were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance | $ | 2,525 | $ | 1,888 | $ | 1,699 | |||||||
Acquired | 50 | — | — | ||||||||||
Accrual for warranties | 3,467 | 4,561 | 2,968 | ||||||||||
Settlements made | (2,922 | ) | (3,924 | ) | (2,779 | ) | |||||||
Ending balance | $ | 3,120 | $ | 2,525 | $ | 1,888 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | |||||||||||||
NOTE 9 | INCOME TAXES | ||||||||||||
The reconciliation of income tax computed at the federal statutory rate to the Company's effective income tax rate was as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Tax at U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of U.S. federal tax benefit | (0.3 | ) | 1.5 | 1.6 | |||||||||
Tax credit for research activities | (3.9 | ) | (1.2 | ) | (0.9 | ) | |||||||
Tax benefit on qualified production activities | (3.6 | ) | (2.9 | ) | (3.2 | ) | |||||||
Other, net | (0.3 | ) | 0.2 | (0.2 | ) | ||||||||
26.9 | % | 32.6 | % | 32.3 | % | ||||||||
The effective tax rate for fiscal 2015 was impacted favorably by recognition of a $776 research and development tax credit based upon a tax study undertaken for fiscal years 2011 through 2014. The Company also recorded a $963 discrete tax benefit in fourth quarter after reaching a favorable tax settlement with a state tax authority on a previously recorded uncertain tax position. | |||||||||||||
Significant components of the Company's income tax provision were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes: | |||||||||||||
Currently payable | $ | 12,663 | $ | 20,098 | $ | 26,894 | |||||||
Deferred (benefit) expense | (958 | ) | 623 | (1,803 | ) | ||||||||
$ | 11,705 | $ | 20,721 | $ | 25,091 | ||||||||
Deferred Tax Assets | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows: | |||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current deferred tax assets: | |||||||||||||
Accounts receivable | $ | 194 | $ | 111 | $ | 70 | |||||||
Inventories | 873 | 583 | 507 | ||||||||||
Accrued vacation | 940 | 1,032 | 1,118 | ||||||||||
Insurance obligations | 271 | 276 | 302 | ||||||||||
Accrued benefit liabilities | 261 | 291 | 274 | ||||||||||
Warranty obligations | 1,225 | 898 | 661 | ||||||||||
Other accrued liabilities | 194 | 181 | 175 | ||||||||||
3,958 | 3,372 | 3,107 | |||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||
Postretirement benefits | 4,243 | 2,799 | 2,826 | ||||||||||
Depreciation and amortization | (16,099 | ) | (11,522 | ) | (9,114 | ) | |||||||
Uncertain tax positions | 1,002 | 2,219 | 1,969 | ||||||||||
Share-based compensation | 2,897 | 2,309 | 1,613 | ||||||||||
Other | 866 | 669 | 253 | ||||||||||
(7,091 | ) | (3,526 | ) | (2,453 | ) | ||||||||
Net deferred tax (liability) asset | $ | (3,133 | ) | $ | (154 | ) | $ | 654 | |||||
Pre-tax book income (loss) for the U.S. companies and the Canadian subsidiary was $42,282 and $(38), respectively. As of January 31, 2015, undistributed earnings of $1,490 of the Canadian subsidiary were considered to have been reinvested indefinitely and, accordingly, the Company has not provided United States income taxes on such earnings. This estimated tax liability would be approximately $231 net of foreign tax credits. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
A summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) is as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 4,660 | $ | 4,213 | $ | 3,567 | |||||||
Increases in tax positions related to the current year | 909 | 795 | 993 | ||||||||||
Decreases as a result of lapses in applicable statutes of limitation | (393 | ) | (348 | ) | (347 | ) | |||||||
Tax settlement with tax authorities | (2,869 | ) | — | — | |||||||||
Gross unrecognized tax benefits at end of year | $ | 2,307 | $ | 4,660 | $ | 4,213 | |||||||
Fiscal year 2015 changes to uncertain tax positions related to prior years resulted from both lapses of applicable statutes of limitation and a favorable settlement reached with a state tax authority. The total unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate were $1,617, $3,029, and $2,738 as of January 31, 2015, 2014, and 2013, respectively. The Company does not expect any significant change in the amount of unrecognized tax benefits in the next fiscal year. | |||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. At January 31, 2015, 2014, and 2013, accrued interest and penalties were $952, $1,897, and $1,605, respectively. | |||||||||||||
The Company files tax returns, including returns for its subsidiaries, with various federal, state, and local jurisdictions. Uncertain tax positions are related to tax years that remain subject to examination. As of January 31, 2015, federal tax returns filed in the U.S., Canada and Switzerland for fiscal years ended January 31, 2010 through January 31, 2014 remain subject to examination by federal tax authorities. In state and local jurisdictions, tax returns for fiscal years ended January 31, 2007 through January 31, 2014 remain subject to examination by state and local tax authorities. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Financing Arrangements | |||||||||||||||||||||||||
NOTE 10 | FINANCING ARRANGEMENTS | ||||||||||||||||||||||||
The Company has an uncollateralized credit agreement with Wells Fargo providing a line of credit of $10,500 with a maturity date of November 30, 2016, bearing interest at 1.5% above the daily one-month London Inter-Bank Market Rate. Letters of credit totaling $850 have been issued under the line, primarily to support self-insured workers' compensation bonding requirements. Among the conditions of the credit agreement is a requirement to maintain a current ratio (defined as current assets divided by current liabilities) not less than 2.0 to 1.0 at each fiscal quarter end. No borrowings were outstanding as of January 31, 2015, 2014 or 2013. Net of the outstanding letters of credit, $9,650 was available under the line of credit at January 31, 2015. There have been no borrowings under the credit line with Wells Fargo in the last three fiscal years. The Company is in compliance with all covenants set forth in the credit agreement. | |||||||||||||||||||||||||
In addition to providing the line of credit, Wells Fargo holds the majority of the Company's cash and cash equivalents. One member of the Company's Board of Directors is also on the Board of Directors of Wells Fargo & Company, the parent company of Wells Fargo. | |||||||||||||||||||||||||
Pursuant to the acquisition of SBG and Integra as described in Note 5 Acquisitions of and Investments in Businesses and Technologies, the Company assumed liabilities including debts to former owners, a line of credit and long-term notes. Although there was a short-term working capital borrowing under Integra's line of credit, such borrowing and assumed debt was subsequently paid in full and the line of credit was closed. There was no debt outstanding at January 31, 2015. | |||||||||||||||||||||||||
The changes in the debt balance during the current fiscal year are shown below: | |||||||||||||||||||||||||
Debt Assumed | Acquired in Business Combination | Debt Assumed at Acquisition | Additional Borrowings | Debt Repayment | Debt Outstanding at January 31, 2015 | ||||||||||||||||||||
Line of credit | Integra | $ | 1,465 | $ | 2,127 | $ | (3,592 | ) | $ | — | |||||||||||||||
Long-term notes | Integra | 9,876 | — | (9,876 | ) | — | |||||||||||||||||||
Notes with former owners and others | SBG | 648 | — | (648 | ) | — | |||||||||||||||||||
$ | 11,989 | $ | 2,127 | $ | (14,116 | ) | $ | — | |||||||||||||||||
The Company leases certain vehicles, equipment and facilities under operating leases. Total rent and lease expense was $1,977, $2,395 and $2,095 in fiscal 2015, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Future minimum lease payments under non-cancelable operating leases are as follows: | |||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | ||||||||||||||||||||
Minimum lease payments | $ | 1,913 | $ | 1,616 | $ | 1,407 | $ | 1,200 | $ | 1,224 | $ | 1,327 | |||||||||||||
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Share Based Compensation | ||||||||||||||
NOTE 11 | SHARE-BASED COMPENSATION | |||||||||||||
At January 31, 2015, the Company had two shareholder approved share-based compensation plans, which are described below. The compensation cost and related income tax benefit for these plans were as follows: | ||||||||||||||
For the years ended January 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Share-based compensation cost | $ | 4,213 | $ | 4,198 | $ | 3,075 | ||||||||
Tax benefit | 1,504 | 1,460 | 1,057 | |||||||||||
Share-based compensation cost capitalized as part of inventory is not significant. | ||||||||||||||
Equity Compensation Plans | ||||||||||||||
The Company reserved shares of its common stock for issuance to directors, officers, employees, and certain advisors of the Company through incentive stock options and non-statutory stock options, stock appreciation rights, stock awards, restricted stock, restricted stock units (RSUs), and performance awards to be granted under the Amended and Restated 2010 Stock Incentive Plan (the Plan) which was approved by shareholders on May 22, 2012. The aggregate number of shares initially available for which options may be granted under the Plan was 2,000,000. As of January 31, 2015, the number of shares available for grant under the Plan was 622,085. Option exercises under the Plan are settled in newly issued common shares. | ||||||||||||||
The Plan is administered by the Personnel and Compensation Committee of the Board of Directors (the Committee), consisting of two or more independent directors of the Company. Subject to the provisions set forth in the Plan, all of the members of the Committee shall be non-employee members of the Board of Directors. The Committee determines the option exercise prices and the term of each grant. The Committee may accelerate the exercisability of awards under the Plan or extend the term of such awards to the extent allowed by the Plan to a maximum term of ten years. Two types of awards were granted under the Plan in fiscal 2015, stock options and restricted stock units. | ||||||||||||||
Stock Option Awards | ||||||||||||||
The Company granted 194,900 non-qualified stock options during fiscal 2015. Options are granted with exercise prices not less than 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, employee terminations, and volatility within this valuation model. | ||||||||||||||
The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: | ||||||||||||||
For the years ended January 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Risk-free interest rate | 1.32 | % | 0.59 | % | 0.86 | % | ||||||||
Expected dividend yield | 1.53 | % | 1.46 | % | 1.33 | % | ||||||||
Expected volatility factor | 38.65 | % | 41.39 | % | 49.62 | % | ||||||||
Expected option term (in years) | 4 | 3.75 | 3.75 | |||||||||||
Weighted average grant date fair value | $ | 9.18 | $ | 9.34 | $ | 10.92 | ||||||||
Outstanding stock options as of January 31, 2015 and activity for the year then ended are presented below: | ||||||||||||||
Number | Weighted average exercise price | Aggregate intrinsic value | Weighted | |||||||||||
of options | average | |||||||||||||
remaining | ||||||||||||||
contractual | ||||||||||||||
term | ||||||||||||||
(years) | ||||||||||||||
Outstanding, January 31, 2014 | 946,133 | $ | 26.88 | |||||||||||
Granted | 194,900 | 32.75 | ||||||||||||
Exercised | (106,383 | ) | 16.24 | |||||||||||
Forfeited | (14,750 | ) | 31.24 | |||||||||||
Expired | (4,625 | ) | 31.1 | |||||||||||
Outstanding, January 31, 2015 | 1,015,275 | $ | 29.04 | $ | 298 | 2.32 | ||||||||
Outstanding exercisable, January 31, 2015 | 557,600 | $ | 26.4 | $ | 298 | 1.54 | ||||||||
The intrinsic value of a stock award is the amount by which the fair value of the underlying stock exceeds the exercise price of the award. The total intrinsic value of options exercised was $1,467, $3,019, and $2,573 during the years ended January 31, 2015, 2014, and 2013, respectively. As of January 31, 2015, the total unrecognized compensation cost for non-vested awards was $2,856, net of the effect of estimated forfeitures. This amount is expected to be recognized over a weighted average period of 2.26 years. | ||||||||||||||
Restricted Stock Unit Awards | ||||||||||||||
The Company granted 27,741 time-vested RSUs to employees during the year ended January 31, 2015. 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. Time-vested RSUs will vest if, at the end of the three-year period, the employee remains employed by the Company. RSUs contain retirement and change-in-control provisions that may accelerate the vesting period. Dividends are cumulatively earned on the time-vested RSUs over the vesting period. | ||||||||||||||
Activity for time-vested RSUs under the Plan in fiscal 2015 was as follows: | ||||||||||||||
Number | Weighted | |||||||||||||
of restricted stock units | average grant date fair value | |||||||||||||
Outstanding, January 31, 2014 | 43,360 | $ | 32.32 | |||||||||||
Granted | 27,741 | 29.69 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | (2,964 | ) | 32.55 | |||||||||||
Outstanding, January 31, 2015 | 68,137 | $ | 31.27 | |||||||||||
Cumulative dividends, January 31, 2015 | 2,174 | |||||||||||||
The Company also granted performance-based RSUs during the year ended January 31, 2015. 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 the average of beginning and ending shareholders' equity for the fiscal year. The target award for the fiscal 2014 and fiscal 2013 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. Performance-based RSUs contain retirement and change-in-control provisions that may accelerate the vesting period. Dividends are cumulatively earned on performance-based RSUs over the vesting period. | ||||||||||||||
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 restricted stock units granted is based on 100% of the target award. The number of RSUs that will vest is determined by the estimated ROE or ROS target over the three-year performance period. The estimated performance factor used to estimate the number of restricted stock units expected to vest is evaluated at least quarterly. The number of restricted stock units issued at the vesting date will be based on actual results. | ||||||||||||||
Activity for performance-based RSUs under the Plan in fiscal 2015 was as follows: | ||||||||||||||
Number | Weighted | |||||||||||||
of restricted stock units expected to vest | average grant date fair value | |||||||||||||
Outstanding, January 31, 2014 | 135,935 | $ | 32.27 | |||||||||||
Granted | 54,490 | 32.75 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | (6,073 | ) | 32.41 | |||||||||||
Performance-based adjustment | (31,913 | ) | 32.47 | |||||||||||
Outstanding, January 31, 2015 | 152,439 | $ | 32.4 | |||||||||||
Cumulative dividends, January 31, 2015 | 5,137 | |||||||||||||
As of January 31, 2015, the total unrecognized compensation cost for nonvested RSU awards was $2,738 net of the effect for estimated forfeitures. This amount is expected to be recognized over a weighted average period of 1.79 years. | ||||||||||||||
Deferred Stock Compensation Plan for Directors | ||||||||||||||
The Company reserved 100,000 shares of its common stock for issuance to certain members of its Board of Directors under the Deferred Stock Compensation Plan for Directors of Raven Industries, Inc. (the Director Plan). The Director Plan is administered by the Personnel and Compensation Committee of the Board of Directors. Under the Director Plan, any non-employee director receives a grant of a number of stock units as deferred compensation to be converted into common stock after retirement from the Board of Directors and may elect to have a specified percentage of their annual retainer converted to stock units. Under the Director Plan, a stock unit is the right to receive one share of the Company's common stock as deferred compensation, to be distributed from an account established by the Company in the name of the non-employee director. Stock units have the same value as a share of common stock but cannot be sold. Stock units are a component of the Company's equity. | ||||||||||||||
Stock units granted under the Director Plan vest immediately and are expensed at the date of grant. When dividends are paid on the Company's common shares, stock units are added to the directors' balances and a corresponding amount is removed from retained earnings. The intrinsic value of a stock unit is the fair value of the underlying shares. | ||||||||||||||
Outstanding stock units as of January 31, 2015 and changes during the year then ended are presented below: | ||||||||||||||
Number | Weighted | |||||||||||||
of stock units | average price | |||||||||||||
Outstanding, January 31, 2014 | 71,618 | $ | 37.45 | |||||||||||
Granted | 12,012 | 29.97 | ||||||||||||
Deferred retainers | 2,002 | 29.97 | ||||||||||||
Dividends | 1,304 | 26.59 | ||||||||||||
Converted into common shares | (17,589 | ) | 31.19 | |||||||||||
Outstanding, January 31, 2015 | 69,347 | $ | 21.44 | |||||||||||
Net_Income_per_Share
Net Income per Share | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income per Share | |||||||||||||
NOTE 12 | 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 calculation were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Anti-dilutive options and restricted stock units | 781,988 | 577,213 | 397,600 | ||||||||||
The computation of earnings per share is presented below: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 31,733 | $ | 42,903 | $ | 52,545 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding | 36,859,026 | 36,379,356 | 36,290,329 | ||||||||||
Weighted average stock units outstanding | 69,484 | 67,724 | 54,929 | ||||||||||
Denominator for basic calculation | 36,928,510 | 36,447,080 | 36,345,258 | ||||||||||
Weighted average common shares outstanding | 36,859,026 | 36,379,356 | 36,290,329 | ||||||||||
Weighted average stock units outstanding | 69,484 | 67,724 | 54,929 | ||||||||||
Dilutive impact of stock options and RSUs | 174,784 | 198,295 | 188,166 | ||||||||||
Denominator for diluted calculation | 37,103,294 | 36,645,375 | 36,533,424 | ||||||||||
Net income per share - basic | $ | 0.86 | $ | 1.18 | $ | 1.45 | |||||||
Net income per share - diluted | $ | 0.86 | $ | 1.17 | $ | 1.44 | |||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
for the years ended January 31, 2015, 2014 and 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Additions | ||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | ||||||||||||
Beginning | Costs and | Other | From | Balance at | ||||||||||||
of Year | Expenses | Accounts | Reserves (1) | End of Year | ||||||||||||
Deducted in the balance sheet from the asset to which it applies: | ||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended January 31, 2015 | $ | 319 | $ | 211 | $ | 19 | $ | 230 | $ | 319 | ||||||
Year ended January 31, 2014 | $ | 205 | $ | 129 | $ | — | $ | 15 | $ | 319 | ||||||
Year ended January 31, 2013 | $ | 170 | $ | 355 | $ | — | $ | 320 | $ | 205 | ||||||
Note: | ||||||||||||||||
-1 | Represents uncollectable accounts receivable written off during the year, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Summary of Significant Accounting Policies [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 conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Vista Research, Inc. (Vista); Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); SBG Innovatie BV; Navtronics BVBA; Raven Industries GmbH (Raven GmbH); Raven Industries Australia Pty Ltd (Raven Australia) and Raven Do Brazil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into reportable segments (Applied Technology, Engineered Films, and Aerostar). | |||||
The consolidated financial statements for the periods included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||
Noncontrolling Interest | Noncontrolling Interest | ||||
Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned and consolidated entities. The Company owns 75% of a business venture to pursue potential product and support services contracts for agencies and instrumentalities of the United States government. The business venture, Aerostar Integrated Systems (AIS), is included in the Aerostar business segment. No capital contributions were made by the noncontrolling interest since the initial capitalization in fiscal year 2012. 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's interests in the net assets and operations of the business venture. | |||||
Investments in Affiliate | Investments in Affiliate | ||||
An affiliate investment over which the Company has significant influence, but neither a controlling interest nor a majority interest in the risks or rewards of the investee, is accounted for using the equity method. The investment balance is included in “Other assets, net,” while the Company's share of the investee's results of operations is included in “Other income (expense), net.” The Company considers whether the value of any of its equity method investments has been impaired whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate's industry), an impairment loss would be recorded. | |||||
Use of Estimates | Use of Estimates | ||||
Preparing the financial statements in conformity with accounting principles generally accepted in the United States of America (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 these estimates. | |||||
Foreign Currency | Foreign Currency | ||||
The Company's subsidiaries that operate outside the United States use the local currency as their functional currency. The functional currency is translated into U.S. dollars for balance sheet accounts using the period-end exchange rates and average exchange rates for the statement of income and comprehensive income. Adjustments resulting from financial statement translations are included as foreign currency translation adjustments in “Accumulated other comprehensive income (loss)” within shareholders' equity. Foreign currency transaction gains or losses are recognized in the period incurred and are included in “Other income (expense), net” in the Consolidated Statements of Income and Comprehensive Income. | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||
The Company considers all highly liquid instruments with original maturities of three or fewer months to be cash equivalents. Cash and cash equivalent balances are principally concentrated in checking, money market and savings accounts. Certificates of deposit that mature in over 90 days but less than one year are considered short-term investments. Certificates of deposit that mature in one year or more are considered to be other long-term assets and carried at cost. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | ||||
Trade accounts receivable are recorded at the invoiced amount, do not bear interest and are considered past due based on invoice terms. Unbilled receivables arise when revenues have been earned, but not billed, and are related to differences in timing. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses. This is based on historical write-off experience by segment and an estimate of the collectability of any known problem accounts. | |||||
Inventory Valuation | Inventory Valuation | ||||
Inventories are carried at the lower of cost or market, with cost determined on the first-in, first-out basis. Market value encompasses consideration of all business factors including price, contract terms, and usefulness. | |||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||
Property, plant and equipment held for use is carried at the asset's cost and depreciated over the estimated useful lives of the assets primarily using accelerated methods. The estimated useful lives used for computing depreciation are as follows: | |||||
Building and improvements | 15 - 39 years | ||||
Manufacturing equipment by segment | |||||
Applied Technology | 3 - 5 years | ||||
Engineered Films | 5 - 12 years | ||||
Aerostar | 3 - 5 years | ||||
Furniture, fixtures, office equipment and other | 3 - 7 years | ||||
The cost of maintenance and repairs is charged to expense in the period incurred, and renewals and betterments are capitalized. The cost and related accumulated depreciation of assets sold or disposed are removed from the accounts and the resulting gain or loss is reflected in operations. | |||||
The Company capitalizes certain internal costs incurred in connection with developing or obtaining internal-use software in accordance with the accounting guidance for such costs. These capitalized software costs totaled $0 in fiscal 2015, $203 in fiscal 2014 and $7 in fiscal 2013. The costs are included in “Property, plant and equipment, net” on the Consolidated Balance Sheets. Software costs that do not meet capitalization criteria are expensed as incurred. Amortization expense related to capitalized software is computed on the straight-line basis over the estimated lives ranging from 3 to 5 years and is included in depreciation. | |||||
Fair Value Measurements | Fair Value Measurements | ||||
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses the established fair value hierarchy, which classifies or prioritizes the inputs used in measuring fair value. These classifications include: | |||||
Level 1 - Observable inputs such as quoted prices in active markets; | |||||
Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||
Level 3 - Unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. | |||||
The Company's financial assets required to be measured at fair value on a recurring basis include cash and cash equivalents and short-term investments. The Company determines fair value of its cash equivalents and short-term investments through quoted market prices. | |||||
The Company's goodwill and long-lived assets, including intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Our accounting policy and methodology for assessing impairment of these assets is further described below and in the Critical Accounting Estimates section of the Management's Discussion and Analysis in Part 7 of this Annual Report on Form 10-K (Form 10-K). | |||||
For all acquisitions, the Company is required to measure the fair value of the net identifiable tangible and intangible assets acquired, excluding goodwill and deferred income taxes. In addition, the Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Fair value measurements associated with acquisitions, including acquisition-related contingent liabilities, are described in Note 5 | |||||
Goodwill and Intangible Assets | Intangible Assets | ||||
Intangible assets, primarily comprised of technologies acquired through acquisition, are recorded at cost and are presented net of accumulated amortization. Amortization is computed either on a straight-line basis or under the undiscounted cash flows method | |||||
over the estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization is used when it reflects an appropriate allocation of the cost of the intangible assets to earnings in each reporting period. | |||||
Goodwill | |||||
The Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Earn-out payments are accrued at fair value as of the purchase date and payments reduce the accrual without affecting goodwill. Any change in the fair value of the contingent consideration after the acquisition date is recognized in the Consolidated Statements of Income and Comprehensive Income. | |||||
Goodwill is tested for impairment on an annual basis during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are performed at the reporting unit level. A qualitative impairment assessment over relevant events and circumstances may be assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events and circumstances indicate the fair value of a reporting unit is less than its carrying value, then the fair values are estimated based on discounted cash flows and are compared with the corresponding carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying amount, the amount of the impairment loss must be measured and then recognized to the extent the carrying value of the goodwill exceeds the implied fair value. | |||||
Long-Lived Assets | Long-Lived Assets | ||||
The Company periodically assesses the recoverability of long-lived and intangible assets. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the assets. The amount of the impairment loss to be recorded is the excess of the carrying value of the asset over its fair value. | |||||
Insurance Obligations | Insurance Obligations | ||||
The Company utilizes insurance policies to cover workers' compensation and general liability costs. Liabilities are accrued related to claims filed and estimates for claims incurred but not reported. To the extent these obligations are expected to be reimbursed by insurance, the probable insurance policy benefit is included as a component of “Other current assets.” | |||||
Contingencies | Contingencies | ||||
The Company is involved as a defendant in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business. An estimate of the loss on these matters is charged to operations when it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. While the settlement of any claims cannot be determined, management believes that any liability resulting from these claims will be substantially covered by insurance. Accordingly, management does not believe that the ultimate outcome of these matters will have a significant impact on its results of operations, financial position or cash flows. | |||||
Revenue Recognition | Revenue Recognition | ||||
The Company recognizes revenue when it is realized or realizable and has been earned. Revenue is recognized when there is persuasive evidence of an arrangement, the sales price is determinable, collectability is reasonably assured and shipment or delivery has occurred (depending on the terms of the sale). The Company sells directly to customers or distributors who incur the expense and commitment for any post-sale obligations beyond stated warranty terms. Estimated returns, sales allowances or warranty charges are recognized upon shipment of a product. | |||||
For certain service-related contracts, the Company recognizes revenue under the percentage-of-completion method of accounting, whereby contract revenues are recognized on a pro-rata basis based upon the ratio of costs incurred compared to total estimated contract costs. Contract costs include labor, material, subcontracting costs, as well as allocation of indirect costs. Revenues including estimated profits are recorded as costs are incurred. Losses estimated to be incurred upon completion of contracts are charged to operations when they become known. | |||||
Certain contracts contain provisions for incentive payments that the Company may receive based on performance criteria related to product design, development and production standards. Revenue related to the incentive payments is recognized when ultimate realization by the Company is assured, which generally occurs when the provisions and performance criteria required by the contract are met. | |||||
Operating Expenses | Operating Expenses | ||||
The primary types of operating expenses are classified in the income statement as follows: | |||||
Cost of sales | Research and development expenses | Selling, general and administrative expenses | |||
Direct material costs | Personnel costs | Personnel costs | |||
Material acquisition and handling costs | Professional service fees | Professional service fees | |||
Direct labor | Material and supplies | Advertising | |||
Factory overhead including depreciation and amortization | Facility allocation | Promotions | |||
Inventory obsolescence | Information technology equipment depreciation | ||||
Product warranties | Office supplies | ||||
Shipping and handling cost | Facility allocation | ||||
The Company's gross margins may not be comparable to industry peers due to variability in the classification of these expenses across the industries in which the Company operates. | |||||
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. | |||||
Share-Based Compensation | Share-Based Compensation | ||||
The Company records compensation expense related to its share-based compensation plans using the fair value method. Under this method, the fair value of share-based compensation is determined as of the grant date and the related expense is recorded over the period in which the share-based compensation vests. | |||||
Income Taxes | Income Taxes | ||||
Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company's assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance to reflect realizable value. Accruals are maintained for uncertain tax positions. | |||||
Accounting Standards Adopted | |||||
Pending Accounting Standards | In January 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" (ASU 2015-01). The amendments in ASU 2015-01 eliminate the GAAP concept of extraordinary items and no longer requires that transactions that met the criteria for classification as extraordinary items be separately classified and reported in the financial statements. ASU 2015-01 retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands them to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years beginning after December 15, 2015. The amendments may be applied prospectively or retrospectively to all prior periods presented. 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 August 2014 the FASB issued 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 of adoption and impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position and 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_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Summary of Significant Accounting Policies [Abstract] | |||||
Estimated useful lives used for computing depreciation | The estimated useful lives used for computing depreciation are as follows: | ||||
Building and improvements | 15 - 39 years | ||||
Manufacturing equipment by segment | |||||
Applied Technology | 3 - 5 years | ||||
Engineered Films | 5 - 12 years | ||||
Aerostar | 3 - 5 years | ||||
Furniture, fixtures, office equipment and other | 3 - 7 years | ||||
Operating expenses classification within income statement | The primary types of operating expenses are classified in the income statement as follows: | ||||
Cost of sales | Research and development expenses | Selling, general and administrative expenses | |||
Direct material costs | Personnel costs | Personnel costs | |||
Material acquisition and handling costs | Professional service fees | Professional service fees | |||
Direct labor | Material and supplies | Advertising | |||
Factory overhead including depreciation and amortization | Facility allocation | Promotions | |||
Inventory obsolescence | Information technology equipment depreciation | ||||
Product warranties | Office supplies | ||||
Shipping and handling cost | Facility allocation |
Selected_Balance_Sheet_Informa1
Selected Balance Sheet Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Selected Balance Sheet Information [Abstract] | |||||||||||||
Selected Balance Sheet Information | Following are the components of selected balance sheet items: | ||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade accounts | $ | 56,895 | $ | 54,962 | $ | 56,508 | |||||||
Allowance for doubtful accounts | (319 | ) | (319 | ) | (205 | ) | |||||||
$ | 56,576 | $ | 54,643 | $ | 56,303 | ||||||||
Inventories: | |||||||||||||
Finished goods | $ | 8,127 | $ | 7,232 | $ | 8,571 | |||||||
In process | 1,317 | 2,131 | 2,675 | ||||||||||
Materials | 45,708 | 45,502 | 34,943 | ||||||||||
$ | 55,152 | $ | 54,865 | $ | 46,189 | ||||||||
Other current assets: | |||||||||||||
Insurance policy benefit | $ | 733 | $ | 733 | $ | 860 | |||||||
Federal income tax receivable | 713 | 1,197 | — | ||||||||||
Prepaid expenses and other | 1,648 | 1,358 | 936 | ||||||||||
$ | 3,094 | $ | 3,288 | $ | 1,796 | ||||||||
Property, plant and equipment, net: | |||||||||||||
Held for use: | |||||||||||||
Land | $ | 3,246 | $ | 2,077 | $ | 2,077 | |||||||
Buildings and improvements | 78,140 | 66,278 | 52,936 | ||||||||||
Machinery and equipment | 131,766 | 114,345 | 101,645 | ||||||||||
Accumulated depreciation | (96,545 | ) | (84,624 | ) | (75,420 | ) | |||||||
$ | 116,607 | $ | 98,076 | $ | 81,238 | ||||||||
Held for sale: | |||||||||||||
Land | $ | 11 | $ | — | $ | — | |||||||
Buildings and improvements | 1,522 | — | — | ||||||||||
Accumulated depreciation | (627 | ) | — | — | |||||||||
906 | — | — | |||||||||||
$ | 117,513 | $ | 98,076 | $ | 81,238 | ||||||||
Other assets, net: | |||||||||||||
Investment in affiliate | $ | 3,217 | $ | 3,684 | $ | 4,063 | |||||||
Other, net | 526 | 224 | 206 | ||||||||||
$ | 3,743 | $ | 3,908 | $ | 4,269 | ||||||||
Accrued liabilities: | |||||||||||||
Salaries and related | $ | 4,063 | $ | 2,210 | $ | 4,422 | |||||||
Benefits | 5,001 | 5,538 | 5,616 | ||||||||||
Insurance obligations | 1,590 | 1,598 | 1,723 | ||||||||||
Warranties | 3,120 | 2,525 | 1,888 | ||||||||||
Income taxes | 536 | 362 | 114 | ||||||||||
Other taxes | 1,240 | 1,097 | 1,139 | ||||||||||
Acquisition-related contingent consideration | 1,375 | 890 | 712 | ||||||||||
Other | 2,262 | 2,028 | 1,578 | ||||||||||
$ | 19,187 | $ | 16,248 | $ | 17,192 | ||||||||
Other liabilities: | |||||||||||||
Postretirement benefits | $ | 11,812 | $ | 7,998 | $ | 8,072 | |||||||
Acquisition-related contingent consideration | 3,631 | 2,457 | 2,359 | ||||||||||
Deferred income taxes | 7,091 | 3,526 | 2,453 | ||||||||||
Uncertain tax positions | 3,259 | 6,557 | 5,818 | ||||||||||
$ | 25,793 | $ | 20,538 | $ | 18,702 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Changes in components of accumulated other comprehensive income (loss) | The changes in the components of accumulated other comprehensive income (loss) (AOCI) are shown below: | ||||||||||||
Cumulative foreign currency translation adjustment | Postretirement benefits | Total | |||||||||||
Balance at January 31, 2012 | $ | 145 | $ | (2,107 | ) | $ | (1,962 | ) | |||||
Other comprehensive (loss) before reclassifications | (3 | ) | — | (3 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $70 | — | (130 | ) | (130 | ) | ||||||||
Balance at January 31, 2013 | 142 | (2,237 | ) | (2,095 | ) | ||||||||
Other comprehensive (loss) before reclassifications | (424 | ) | — | (424 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income after tax (expense) of ($183) | — | 340 | 340 | ||||||||||
Balance at January 31, 2014 | (282 | ) | (1,897 | ) | (2,179 | ) | |||||||
Other comprehensive (loss) before reclassifications | (1,466 | ) | — | (1,466 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $1,187 | — | (2,204 | ) | (2,204 | ) | ||||||||
Balance at January 31, 2015 | $ | (1,748 | ) | $ | (4,101 | ) | $ | (5,849 | ) |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Schedule of supplemental cash flow information | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Accounts receivable | $ | 4,699 | $ | 1,297 | $ | 4,362 | |||||||
Inventories | 6,753 | (9,190 | ) | 8,567 | |||||||||
Prepaid expenses and other assets | 195 | (239 | ) | 976 | |||||||||
Accounts payable | (3,578 | ) | (994 | ) | (2,937 | ) | |||||||
Accrued and other liabilities | 48 | (1,150 | ) | (1,709 | ) | ||||||||
Customer advances | (144 | ) | (173 | ) | (60 | ) | |||||||
$ | 7,973 | $ | (10,449 | ) | $ | 9,199 | |||||||
Supplemental disclosures of cash flow information | |||||||||||||
Cash paid during the year for income taxes | $ | 14,011 | $ | 20,002 | $ | 26,697 | |||||||
Interest paid | $ | 160 | $ | — | $ | — | |||||||
Significant non-cash transactions: | |||||||||||||
Issuance of common stock for business acquisition | $ | 39,252 | $ | — | $ | — | |||||||
Capital expenditures included in accounts payable | $ | 564 | $ | 1,083 | $ | 2,196 | |||||||
Acquisitions_of_and_Investment1
Acquisitions of and Investments in Businesses and Technologies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Total purchase price allocated to the estimated fair values of assets acquired and liabilities assumed | The total purchase price was allocated to the estimated fair values of assets acquired and liabilities assumed as follows: | ||||||||||||
Cash | $ | 1,600 | |||||||||||
Accounts receivable | 4,808 | ||||||||||||
Inventory | 7,555 | ||||||||||||
Deferred income taxes | 520 | ||||||||||||
Other current assets | 24 | ||||||||||||
Property, plant and equipment, net | 17,088 | ||||||||||||
Goodwill | 27,216 | ||||||||||||
Customer relationships and other definite-lived intangibles | 10,200 | ||||||||||||
Short-term and long-term debt | (11,341 | ) | |||||||||||
Current liabilities | (4,084 | ) | |||||||||||
Other liabilities | (5,344 | ) | |||||||||||
Total purchase price | $ | 48,242 | |||||||||||
Pro forma consolidated condensed financial results of operations | The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been completed at the beginning of the period presented (unaudited): | ||||||||||||
(Unaudited) | |||||||||||||
For the year ended January 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Net sales | $ | 408,906 | $ | 431,917 | |||||||||
Net income attributable to Raven Industries, Inc. | 34,424 | 45,747 | |||||||||||
Earnings per common share: | |||||||||||||
Basic | $ | 0.9 | $ | 1.2 | |||||||||
Diluted | $ | 0.9 | $ | 1.2 | |||||||||
These unaudited pro forma consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as amortization and acquisition cost. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had these business combinations occurred at the beginning of each period presented, or of future results of the consolidated entities. | |||||||||||||
Changes in the net carrying value of the investment in SST | Changes in the net carrying value of the investment in SST were as follows: | ||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 3,684 | $ | 4,063 | $ | 4,409 | |||||||
Income from equity investment | 28 | 116 | 156 | ||||||||||
Amortization of intangible assets | (495 | ) | (495 | ) | (477 | ) | |||||||
Dividend received | — | — | (25 | ) | |||||||||
Balance at end of year | $ | 3,217 | $ | 3,684 | $ | 4,063 | |||||||
Acquisitions_of_and_Investment2
Acquisitions of and Investments in Businesses and Technologies Business Acquisition Proforrma Information (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been completed at the beginning of the period presented (unaudited): | ||||||||
(Unaudited) | |||||||||
For the year ended January 31, | |||||||||
2015 | 2014 | ||||||||
Net sales | $ | 408,906 | $ | 431,917 | |||||
Net income attributable to Raven Industries, Inc. | 34,424 | 45,747 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.9 | $ | 1.2 | |||||
Diluted | $ | 0.9 | $ | 1.2 | |||||
These unaudited pro forma consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as amortization and acquisition cost. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had these business combinations occurred at the beginning of each period presented, or of future results of the consolidated entities. |
Goodwill_Other_Intangibles_Tab
Goodwill & Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill by reporting segment | The changes in the carrying amount of goodwill by reporting segment are shown below: | ||||||||||||||||||||||||||||||
Applied | Engineered | Aerostar | Total | ||||||||||||||||||||||||||||
Technology | Films | ||||||||||||||||||||||||||||||
Balance at January 31, 2012 | $ | 9,892 | $ | 96 | $ | 12,286 | $ | 22,274 | |||||||||||||||||||||||
Balance at January 31, 2013 | 9,892 | 96 | 12,286 | 22,274 | |||||||||||||||||||||||||||
Balance at January 31, 2014 | 9,892 | 96 | 12,286 | 22,274 | |||||||||||||||||||||||||||
Acquired goodwill | 3,250 | 27,216 | — | 30,466 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (592 | ) | — | — | (592 | ) | |||||||||||||||||||||||||
Balance at January 31, 2015 | $ | 12,550 | $ | 27,312 | $ | 12,286 | $ | 52,148 | |||||||||||||||||||||||
Gross carrying amount and related accumulated amortization of definite-lived intangible assets | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | ||||||||||||||||||||||||||||||
For the years ended January 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Accumulated | Accumulated | Accumulated | |||||||||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | Amount | Amortization | Net | |||||||||||||||||||||||
Existing technology | $ | 8,870 | $ | (5,239 | ) | $ | 3,631 | $ | 7,840 | $ | (4,164 | ) | $ | 3,676 | $ | 7,500 | $ | (3,375 | ) | $ | 4,125 | ||||||||||
Customer relationships | 14,128 | (1,271 | ) | 12,857 | 3,494 | (525 | ) | 2,969 | 3,494 | (300 | ) | 3,194 | |||||||||||||||||||
Other intangibles | 3,657 | (1,655 | ) | 2,002 | 2,891 | (1,380 | ) | 1,511 | 2,506 | (1,144 | ) | 1,362 | |||||||||||||||||||
Total | $ | 26,655 | $ | (8,165 | ) | $ | 18,490 | $ | 14,225 | $ | (6,069 | ) | $ | 8,156 | $ | 13,500 | $ | (4,819 | ) | $ | 8,681 | ||||||||||
The estimated future amortization expense for identifiable intangible assets | The estimated future amortization expense for these definite-lived intangible assets, as well as definite-lived intangible assets held by SST, during the next five years is as follows: | ||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||
Estimated amortization expense | $ | 3,655 | $ | 3,521 | $ | 2,890 | $ | 2,024 | $ | 1,437 | |||||||||||||||||||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
The accumulated benefit obligation | The accumulated benefit obligation for these benefits is as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Benefit obligation at beginning of year | $ | 8,254 | $ | 8,307 | $ | 7,560 | |||||||
Service cost | 195 | 202 | 187 | ||||||||||
Interest cost | 366 | 348 | 335 | ||||||||||
Actuarial loss (gain) and assumption changes | 3,543 | (340 | ) | 433 | |||||||||
Retiree benefits paid | (233 | ) | (263 | ) | (208 | ) | |||||||
Benefit obligation at end of year | $ | 12,125 | $ | 8,254 | $ | 8,307 | |||||||
Schedule of pre-tax accumulated other comprehensive income related to benefit obligation and net periodic benefit cost not yet recognized | The following tables set forth the plans' pre-tax adjustment to accumulated other comprehensive income/loss: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Amounts not yet recognized in net periodic benefit cost: | |||||||||||||
Net actuarial loss | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
Total pre-tax accumulated other comprehensive loss | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation | $ | 2,918 | $ | 3,441 | $ | 3,241 | |||||||
Reclassification adjustments recognized in benefit cost: | |||||||||||||
Recognized net (loss) | (152 | ) | (183 | ) | (210 | ) | |||||||
Amortization of transition obligation | — | — | (23 | ) | |||||||||
Amounts recognized in AOCI during the year: | |||||||||||||
Net actuarial loss (gain) | 3,543 | (340 | ) | 433 | |||||||||
Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation | $ | 6,309 | $ | 2,918 | $ | 3,441 | |||||||
The liability and expense reflected in the balance sheet and income statement | The liability and net periodic benefit cost reflected in the Consolidated Balance Sheets and Consolidated Statements of Income and Comprehensive Income were as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning liability balance | $ | 8,254 | $ | 8,307 | $ | 7,560 | |||||||
Net periodic benefit cost | 713 | 733 | 755 | ||||||||||
Other comprehensive loss (income) | 3,391 | (523 | ) | 200 | |||||||||
Total recognized in net and other comprehensive income | 4,104 | 210 | 955 | ||||||||||
Retiree benefits paid | (233 | ) | (263 | ) | (208 | ) | |||||||
Ending liability balance | $ | 12,125 | $ | 8,254 | $ | 8,307 | |||||||
Current portion in accrued liabilities | $ | 313 | $ | 255 | $ | 235 | |||||||
Long-term portion in other liabilities | $ | 11,812 | $ | 7,999 | $ | 8,072 | |||||||
Assumptions used to calculate benefit obligation: | |||||||||||||
Discount rate | 3.5 | % | 4.5 | % | 4.25 | % | |||||||
Wage inflation rate | 4 | % | 4 | % | 4 | % | |||||||
Health care cost trend rates: | |||||||||||||
Health care cost trend rate assumed for next year | 7.2 | % | 7.7 | % | 8.1 | % | |||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year that the rate reaches the ultimate trend rate | 2025 | 2025 | 2025 | ||||||||||
Effect of one-percentage-point change in assumed health care cost trend rates | The impact of a one-percentage point change in assumed health care rates would have the following effects: | ||||||||||||
January 31, 2015 | |||||||||||||
One-percentage-point increase | One-percentage-point decrease | ||||||||||||
Effect on total of service and interest cost components | $ | 291 | $ | (203 | ) | ||||||||
Effect on accumulated postretirement benefit obligation | $ | 2,865 | $ | (2,138 | ) | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | The following postretirement other than pension benefit payments, which reflect expected future service as appropriate, are expected to be paid: | ||||||||||||
Fiscal | 2017 | $ | 331 | ||||||||||
Fiscal | 2018 | 355 | |||||||||||
Fiscal | 2019 | 370 | |||||||||||
Fiscal | 2020 | 382 | |||||||||||
Fiscal | 2021 - 2025 | 2,170 | |||||||||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Product Warranty Costs [Abstract] | |||||||||||||
Warranties | Changes in the warranty accrual were as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance | $ | 2,525 | $ | 1,888 | $ | 1,699 | |||||||
Acquired | 50 | — | — | ||||||||||
Accrual for warranties | 3,467 | 4,561 | 2,968 | ||||||||||
Settlements made | (2,922 | ) | (3,924 | ) | (2,779 | ) | |||||||
Ending balance | $ | 3,120 | $ | 2,525 | $ | 1,888 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate | The reconciliation of income tax computed at the federal statutory rate to the Company's effective income tax rate was as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Tax at U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of U.S. federal tax benefit | (0.3 | ) | 1.5 | 1.6 | |||||||||
Tax credit for research activities | (3.9 | ) | (1.2 | ) | (0.9 | ) | |||||||
Tax benefit on qualified production activities | (3.6 | ) | (2.9 | ) | (3.2 | ) | |||||||
Other, net | (0.3 | ) | 0.2 | (0.2 | ) | ||||||||
26.9 | % | 32.6 | % | 32.3 | % | ||||||||
Significant components of the company's income tax provision | Significant components of the Company's income tax provision were as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes: | |||||||||||||
Currently payable | $ | 12,663 | $ | 20,098 | $ | 26,894 | |||||||
Deferred (benefit) expense | (958 | ) | 623 | (1,803 | ) | ||||||||
$ | 11,705 | $ | 20,721 | $ | 25,091 | ||||||||
Significant components of the company's deferred tax assets and liabilities | Significant components of the Company's deferred tax assets and liabilities were as follows: | ||||||||||||
As of January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current deferred tax assets: | |||||||||||||
Accounts receivable | $ | 194 | $ | 111 | $ | 70 | |||||||
Inventories | 873 | 583 | 507 | ||||||||||
Accrued vacation | 940 | 1,032 | 1,118 | ||||||||||
Insurance obligations | 271 | 276 | 302 | ||||||||||
Accrued benefit liabilities | 261 | 291 | 274 | ||||||||||
Warranty obligations | 1,225 | 898 | 661 | ||||||||||
Other accrued liabilities | 194 | 181 | 175 | ||||||||||
3,958 | 3,372 | 3,107 | |||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||
Postretirement benefits | 4,243 | 2,799 | 2,826 | ||||||||||
Depreciation and amortization | (16,099 | ) | (11,522 | ) | (9,114 | ) | |||||||
Uncertain tax positions | 1,002 | 2,219 | 1,969 | ||||||||||
Share-based compensation | 2,897 | 2,309 | 1,613 | ||||||||||
Other | 866 | 669 | 253 | ||||||||||
(7,091 | ) | (3,526 | ) | (2,453 | ) | ||||||||
Net deferred tax (liability) asset | $ | (3,133 | ) | $ | (154 | ) | $ | 654 | |||||
Summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) | A summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) is as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 4,660 | $ | 4,213 | $ | 3,567 | |||||||
Increases in tax positions related to the current year | 909 | 795 | 993 | ||||||||||
Decreases as a result of lapses in applicable statutes of limitation | (393 | ) | (348 | ) | (347 | ) | |||||||
Tax settlement with tax authorities | (2,869 | ) | — | — | |||||||||
Gross unrecognized tax benefits at end of year | $ | 2,307 | $ | 4,660 | $ | 4,213 | |||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Business Acquisition Debt rollforward [Table Text Block] | Pursuant to the acquisition of SBG and Integra as described in Note 5 Acquisitions of and Investments in Businesses and Technologies, the Company assumed liabilities including debts to former owners, a line of credit and long-term notes. Although there was a short-term working capital borrowing under Integra's line of credit, such borrowing and assumed debt was subsequently paid in full and the line of credit was closed. There was no debt outstanding at January 31, 2015. | ||||||||||||||||||||||||
The changes in the debt balance during the current fiscal year are shown below: | |||||||||||||||||||||||||
Debt Assumed | Acquired in Business Combination | Debt Assumed at Acquisition | Additional Borrowings | Debt Repayment | Debt Outstanding at January 31, 2015 | ||||||||||||||||||||
Line of credit | Integra | $ | 1,465 | $ | 2,127 | $ | (3,592 | ) | $ | — | |||||||||||||||
Long-term notes | Integra | 9,876 | — | (9,876 | ) | — | |||||||||||||||||||
Notes with former owners and others | SBG | 648 | — | (648 | ) | — | |||||||||||||||||||
$ | 11,989 | $ | 2,127 | $ | (14,116 | ) | $ | — | |||||||||||||||||
Future minimum lease payments under non-cancelable operating leases | Future minimum lease payments under non-cancelable operating leases are as follows: | ||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | ||||||||||||||||||||
Minimum lease payments | $ | 1,913 | $ | 1,616 | $ | 1,407 | $ | 1,200 | $ | 1,224 | $ | 1,327 | |||||||||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
The compensation cost and related income tax benefit for these plans | The compensation cost and related income tax benefit for these plans were as follows: | |||||||||||||
For the years ended January 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Share-based compensation cost | $ | 4,213 | $ | 4,198 | $ | 3,075 | ||||||||
Tax benefit | 1,504 | 1,460 | 1,057 | |||||||||||
Weighted average assumptions by grant year | The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: | |||||||||||||
For the years ended January 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Risk-free interest rate | 1.32 | % | 0.59 | % | 0.86 | % | ||||||||
Expected dividend yield | 1.53 | % | 1.46 | % | 1.33 | % | ||||||||
Expected volatility factor | 38.65 | % | 41.39 | % | 49.62 | % | ||||||||
Expected option term (in years) | 4 | 3.75 | 3.75 | |||||||||||
Weighted average grant date fair value | $ | 9.18 | $ | 9.34 | $ | 10.92 | ||||||||
Outstanding stock options | Outstanding stock options as of January 31, 2015 and activity for the year then ended are presented below: | |||||||||||||
Number | Weighted average exercise price | Aggregate intrinsic value | Weighted | |||||||||||
of options | average | |||||||||||||
remaining | ||||||||||||||
contractual | ||||||||||||||
term | ||||||||||||||
(years) | ||||||||||||||
Outstanding, January 31, 2014 | 946,133 | $ | 26.88 | |||||||||||
Granted | 194,900 | 32.75 | ||||||||||||
Exercised | (106,383 | ) | 16.24 | |||||||||||
Forfeited | (14,750 | ) | 31.24 | |||||||||||
Expired | (4,625 | ) | 31.1 | |||||||||||
Outstanding, January 31, 2015 | 1,015,275 | $ | 29.04 | $ | 298 | 2.32 | ||||||||
Outstanding exercisable, January 31, 2015 | 557,600 | $ | 26.4 | $ | 298 | 1.54 | ||||||||
Activity for RSUs under the Plan | Activity for time-vested RSUs under the Plan in fiscal 2015 was as follows: | |||||||||||||
Number | Weighted | |||||||||||||
of restricted stock units | average grant date fair value | |||||||||||||
Outstanding, January 31, 2014 | 43,360 | $ | 32.32 | |||||||||||
Granted | 27,741 | 29.69 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | (2,964 | ) | 32.55 | |||||||||||
Outstanding, January 31, 2015 | 68,137 | $ | 31.27 | |||||||||||
Cumulative dividends, January 31, 2015 | 2,174 | |||||||||||||
Activity for performance-based RSUs under the Plan in fiscal 2015 was as follows: | ||||||||||||||
Number | Weighted | |||||||||||||
of restricted stock units expected to vest | average grant date fair value | |||||||||||||
Outstanding, January 31, 2014 | 135,935 | $ | 32.27 | |||||||||||
Granted | 54,490 | 32.75 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | (6,073 | ) | 32.41 | |||||||||||
Performance-based adjustment | (31,913 | ) | 32.47 | |||||||||||
Outstanding, January 31, 2015 | 152,439 | $ | 32.4 | |||||||||||
Cumulative dividends, January 31, 2015 | 5,137 | |||||||||||||
Outstanding stock units | Outstanding stock units as of January 31, 2015 and changes during the year then ended are presented below: | |||||||||||||
Number | Weighted | |||||||||||||
of stock units | average price | |||||||||||||
Outstanding, January 31, 2014 | 71,618 | $ | 37.45 | |||||||||||
Granted | 12,012 | 29.97 | ||||||||||||
Deferred retainers | 2,002 | 29.97 | ||||||||||||
Dividends | 1,304 | 26.59 | ||||||||||||
Converted into common shares | (17,589 | ) | 31.19 | |||||||||||
Outstanding, January 31, 2015 | 69,347 | $ | 21.44 | |||||||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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 calculation were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Anti-dilutive options and restricted stock units | 781,988 | 577,213 | 397,600 | ||||||||||
Schedule of calculation of numerator and denominator in earnings per share | computation of earnings per share is presented below: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 31,733 | $ | 42,903 | $ | 52,545 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding | 36,859,026 | 36,379,356 | 36,290,329 | ||||||||||
Weighted average stock units outstanding | 69,484 | 67,724 | 54,929 | ||||||||||
Denominator for basic calculation | 36,928,510 | 36,447,080 | 36,345,258 | ||||||||||
Weighted average common shares outstanding | 36,859,026 | 36,379,356 | 36,290,329 | ||||||||||
Weighted average stock units outstanding | 69,484 | 67,724 | 54,929 | ||||||||||
Dilutive impact of stock options and RSUs | 174,784 | 198,295 | 188,166 | ||||||||||
Denominator for diluted calculation | 37,103,294 | 36,645,375 | 36,533,424 | ||||||||||
Net income per share - basic | $ | 0.86 | $ | 1.18 | $ | 1.45 | |||||||
Net income per share - diluted | $ | 0.86 | $ | 1.17 | $ | 1.44 | |||||||
Business_Segments_and_Major_Cu
Business Segments and Major Customer Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments and Major Customer Information | |||||||||||||
NOTE 13 | BUSINESS SEGMENTS AND MAJOR CUSTOMER INFORMATION | ||||||||||||
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. These segments reflect the Company's organization into two Raven divisions and the Aerostar subsidiary. The Company's reportable segments are Applied Technology Division, Engineered Films Division, and Aerostar Division. Raven Canada, SBG, Raven GmbH, Raven Australia, and Raven Brazil are included in the Applied Technology Division. Vista and AIS are included in the Aerostar Division. Substantially all of the Company's long-lived assets are located in the United States. | |||||||||||||
Applied Technology designs, manufactures, sells, and services innovative precision agriculture products and information management tools that help growers reduce costs, save time and improve farm yields around the world. Their product families include field computers, application controls, GPS-guidance and assisted-steering systems, automatic boom controls, yield monitoring and planter and seeder controls, harvest controls, motor controls, and an integrated RTK and information platform called Slingshot™. Applied Technology services include high-speed, in-field internet connectivity and cloud-based data management. | |||||||||||||
The Company's Engineered Films Division manufactures high-performance plastic films and sheeting for major markets throughout the United States and abroad. An important part of this business is highly technical, engineered geomembrane films that protect environmental resources through containment linings and coverings for energy, agriculture, construction, and industrial markets. | |||||||||||||
Aerostar designs and manufactures proprietary products including high-altitude balloons, tethered aerostats, and radar processing systems. These products can be integrated with additional third-party sensors to provide research, communications, and situational awareness to government and commercial customers. As the Company focused its growth strategy on its proprietary products, the Company made an intentional choice to move away from contract manufacturing. For Aerostar, product lines such as manufacturing military parachutes, uniforms and protective wear along with electronics manufacturing services are being phased out. | |||||||||||||
Through Vista and AIS, Aerostar pursues potential product and support services contracts for agencies and instrumentalities of the U.S. government. Vista positions the Company to meet growing global demand for lower-cost detection and tracking systems used by government and law enforcement agencies. As a leading provider of surveillance systems that enhance the effectiveness of radar using sophisticated algorithms, Vista products and services enhance Aerostar’s tethered aerostat security solutions. | |||||||||||||
The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. The accounting policies of the operating segments are the same as those described in Note 1 Summary of Significant Accounting Policies. Other income, interest 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 information is as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
APPLIED TECHNOLOGY DIVISION | |||||||||||||
Sales | $ | 142,154 | $ | 170,461 | $ | 171,778 | |||||||
Operating income | 34,557 | 57,000 | 59,590 | ||||||||||
Assets | 88,764 | 93,395 | 84,224 | ||||||||||
Capital expenditures | 3,478 | 9,324 | 10,780 | ||||||||||
Depreciation and amortization | 5,569 | 4,332 | 3,874 | ||||||||||
ENGINEERED FILMS DIVISION | |||||||||||||
Sales | $ | 166,634 | $ | 147,620 | $ | 141,976 | |||||||
Operating income | 21,802 | 18,154 | 25,115 | ||||||||||
Assets | 140,023 | 71,602 | 65,801 | ||||||||||
Capital expenditures | 8,241 | 6,681 | 11,539 | ||||||||||
Depreciation and amortization | 6,096 | 5,808 | 5,814 | ||||||||||
AEROSTAR DIVISION | |||||||||||||
Sales | $ | 80,772 | $ | 90,605 | $ | 102,051 | |||||||
Operating income | 8,983 | 7,816 | 10,341 | ||||||||||
Assets | 59,274 | 63,017 | 60,689 | ||||||||||
Capital expenditures | 2,799 | 7,507 | 2,081 | ||||||||||
Depreciation and amortization | 3,474 | 2,616 | 2,272 | ||||||||||
INTERSEGMENT ELIMINATIONS | |||||||||||||
Sales | |||||||||||||
Applied Technology Division | $ | (231 | ) | $ | (386 | ) | $ | (974 | ) | ||||
Engineered Films Division | (652 | ) | (505 | ) | (124 | ) | |||||||
Aerostar Division | (10,524 | ) | (13,118 | ) | (8,532 | ) | |||||||
Operating income | 163 | (111 | ) | (61 | ) | ||||||||
Assets | (148 | ) | (311 | ) | (347 | ) | |||||||
REPORTABLE SEGMENTS TOTAL | |||||||||||||
Sales | $ | 378,153 | $ | 394,677 | $ | 406,175 | |||||||
Operating income | 65,505 | 82,859 | 94,985 | ||||||||||
Assets | 287,913 | 227,703 | 210,367 | ||||||||||
Capital expenditures | 14,518 | 23,512 | 24,400 | ||||||||||
Depreciation and amortization | 15,139 | 12,756 | 11,960 | ||||||||||
CORPORATE & OTHER | |||||||||||||
Operating (loss) from administrative expenses | $ | (21,704 | ) | $ | (18,865 | ) | $ | (17,293 | ) | ||||
Assets(a) | 74,960 | 74,116 | 62,843 | ||||||||||
Capital expenditures | 2,523 | 7,189 | 5,275 | ||||||||||
Depreciation and amortization | 2,230 | 1,439 | 1,138 | ||||||||||
TOTAL COMPANY | |||||||||||||
Sales | $ | 378,153 | $ | 394,677 | $ | 406,175 | |||||||
Operating income | 43,801 | 63,994 | 77,692 | ||||||||||
Assets | 362,873 | 301,819 | 273,210 | ||||||||||
Capital expenditures | 17,041 | 30,701 | 29,675 | ||||||||||
Depreciation and amortization | 17,369 | 14,195 | 13,098 | ||||||||||
(a) Assets are principally cash, investments, deferred taxes and other receivables. | |||||||||||||
Sales to a customer of the Engineered Films segment accounted for 14%, 13%, and 11% of consolidated sales in fiscal years 2015 2014 and 2013, respectively and accounted for 5%, 2%, and 3% of consolidated accounts receivable at January 31, 2015, 2014, and 2013, respectively. | |||||||||||||
Foreign sales are attributed to countries based on location of the customer. Net sales to customers outside the United States were as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Canada | $ | 14,432 | $ | 16,141 | $ | 20,640 | |||||||
South America | 9,884 | 22,090 | 14,984 | ||||||||||
Other foreign sales | 12,519 | 7,662 | 13,630 | ||||||||||
Total foreign sales | 36,835 | 45,893 | 49,254 | ||||||||||
United States | 341,318 | 348,784 | 356,921 | ||||||||||
$ | 378,153 | $ | 394,677 | $ | 406,175 | ||||||||
Segment reporting information | |||||||||||||
Business segment information is as follows: | |||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
APPLIED TECHNOLOGY DIVISION | |||||||||||||
Sales | $ | 142,154 | $ | 170,461 | $ | 171,778 | |||||||
Operating income | 34,557 | 57,000 | 59,590 | ||||||||||
Assets | 88,764 | 93,395 | 84,224 | ||||||||||
Capital expenditures | 3,478 | 9,324 | 10,780 | ||||||||||
Depreciation and amortization | 5,569 | 4,332 | 3,874 | ||||||||||
ENGINEERED FILMS DIVISION | |||||||||||||
Sales | $ | 166,634 | $ | 147,620 | $ | 141,976 | |||||||
Operating income | 21,802 | 18,154 | 25,115 | ||||||||||
Assets | 140,023 | 71,602 | 65,801 | ||||||||||
Capital expenditures | 8,241 | 6,681 | 11,539 | ||||||||||
Depreciation and amortization | 6,096 | 5,808 | 5,814 | ||||||||||
AEROSTAR DIVISION | |||||||||||||
Sales | $ | 80,772 | $ | 90,605 | $ | 102,051 | |||||||
Operating income | 8,983 | 7,816 | 10,341 | ||||||||||
Assets | 59,274 | 63,017 | 60,689 | ||||||||||
Capital expenditures | 2,799 | 7,507 | 2,081 | ||||||||||
Depreciation and amortization | 3,474 | 2,616 | 2,272 | ||||||||||
INTERSEGMENT ELIMINATIONS | |||||||||||||
Sales | |||||||||||||
Applied Technology Division | $ | (231 | ) | $ | (386 | ) | $ | (974 | ) | ||||
Engineered Films Division | (652 | ) | (505 | ) | (124 | ) | |||||||
Aerostar Division | (10,524 | ) | (13,118 | ) | (8,532 | ) | |||||||
Operating income | 163 | (111 | ) | (61 | ) | ||||||||
Assets | (148 | ) | (311 | ) | (347 | ) | |||||||
REPORTABLE SEGMENTS TOTAL | |||||||||||||
Sales | $ | 378,153 | $ | 394,677 | $ | 406,175 | |||||||
Operating income | 65,505 | 82,859 | 94,985 | ||||||||||
Assets | 287,913 | 227,703 | 210,367 | ||||||||||
Capital expenditures | 14,518 | 23,512 | 24,400 | ||||||||||
Depreciation and amortization | 15,139 | 12,756 | 11,960 | ||||||||||
CORPORATE & OTHER | |||||||||||||
Operating (loss) from administrative expenses | $ | (21,704 | ) | $ | (18,865 | ) | $ | (17,293 | ) | ||||
Assets(a) | 74,960 | 74,116 | 62,843 | ||||||||||
Capital expenditures | 2,523 | 7,189 | 5,275 | ||||||||||
Depreciation and amortization | 2,230 | 1,439 | 1,138 | ||||||||||
TOTAL COMPANY | |||||||||||||
Sales | $ | 378,153 | $ | 394,677 | $ | 406,175 | |||||||
Operating income | 43,801 | 63,994 | 77,692 | ||||||||||
Assets | 362,873 | 301,819 | 273,210 | ||||||||||
Capital expenditures | 17,041 | 30,701 | 29,675 | ||||||||||
Depreciation and amortization | 17,369 | 14,195 | 13,098 | ||||||||||
(a) Assets are principally cash, investments, deferred taxes and other receivables. | |||||||||||||
Net sales to customers outside the United States | Foreign sales are attributed to countries based on location of the customer. Net sales to customers outside the United States were as follows: | ||||||||||||
For the years ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Canada | $ | 14,432 | $ | 16,141 | $ | 20,640 | |||||||
South America | 9,884 | 22,090 | 14,984 | ||||||||||
Other foreign sales | 12,519 | 7,662 | 13,630 | ||||||||||
Total foreign sales | 36,835 | 45,893 | 49,254 | ||||||||||
United States | 341,318 | 348,784 | 356,921 | ||||||||||
$ | 378,153 | $ | 394,677 | $ | 406,175 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Divisions | |||
Basis of Presentation and Principles of Consolidation | |||
Number of divisions operated in by Parent | 3 | ||
Property, Plant and Equipment [Abstract] | |||
Capitalized software costs | $0 | $203 | $7 |
Minimum [Member] | |||
Intangible Assets | |||
Finite-lived intangible assets, useful life, minimum, years | 3 years | ||
Maximum [Member] | |||
Intangible Assets | |||
Finite-lived intangible assets, useful life, minimum, years | 20 years | ||
Building and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 15 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 39 years | ||
Machinery and Equipment [Member] | Applied Technology [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 3 years | ||
Machinery and Equipment [Member] | Applied Technology [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 5 years | ||
Machinery and Equipment [Member] | Engineered Films [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 5 years | ||
Machinery and Equipment [Member] | Engineered Films [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 12 years | ||
Machinery and Equipment [Member] | Aerostar [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 3 years | ||
Machinery and Equipment [Member] | Aerostar [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 5 years | ||
Furniture, Fixtures, Office Equipment and Other [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 3 years | ||
Furniture, Fixtures, Office Equipment and Other [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 7 years | ||
Software Development [Member] | All Segments [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 3 years | ||
Software Development [Member] | All Segments [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment useful lives | 5 years | ||
Aerostar Integrated Systems [Member] | |||
Noncontrolling Interest | |||
Joint venture, ownership percentage | 75.00% |
Selected_Balance_Sheet_Informa2
Selected Balance Sheet Information (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accounts receivable, net: | ||||
Trade accounts | $56,895 | $54,962 | $56,508 | |
Allowance for doubtful accounts | -319 | -319 | -205 | |
Accounts receivable, net | 56,576 | 54,643 | 56,303 | |
Inventories: | ||||
Finished goods | 8,127 | 7,232 | 8,571 | |
In process | 1,317 | 2,131 | 2,675 | |
Materials | 45,708 | 45,502 | 34,943 | |
Inventories | 55,152 | 54,865 | 46,189 | |
Other current assets: | ||||
Insurance policy benefit | 733 | 733 | 860 | |
Federal income taxes receivable | 713 | 1,197 | 0 | |
Prepaid expenses and other | 1,648 | 1,358 | 936 | |
Other current assets | 3,094 | 3,288 | 1,796 | |
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 117,513 | 98,076 | 81,238 | |
Other assets, net: | ||||
Investment in affiliate | 3,217 | 3,684 | 4,063 | |
Other, net | 526 | 224 | 206 | |
Other assets, net | 3,743 | 3,908 | 4,269 | |
Accrued liabilities: | ||||
Salaries and related | 4,063 | 2,210 | 4,422 | |
Benefits | 5,001 | 5,538 | 5,616 | |
Insurance obligations | 1,590 | 1,598 | 1,723 | |
Warranties | 3,120 | 2,525 | 1,888 | 1,699 |
Accrued Income Taxes, Current | 536 | 362 | 114 | |
Other taxes | 1,240 | 1,097 | 1,139 | |
Business Combination, Contingent Consideration, Liability, Current | 1,375 | 890 | 712 | |
Other | 2,262 | 2,028 | 1,578 | |
Accrued liabilities | 19,187 | 16,248 | 17,192 | |
Other liabilities: | ||||
Postretirement benefits | 11,812 | 7,998 | 8,072 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 3,631 | 2,457 | 2,359 | |
Deferred income taxes | 7,091 | 3,526 | 2,453 | |
Uncertain tax positions | 3,259 | 6,557 | 5,818 | |
Other liabilities | 25,793 | 20,538 | 18,702 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, Plant and Equipment, Gross | 11 | 0 | 0 | |
Building and Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, Plant and Equipment, Gross | 1,522 | 0 | 0 | |
Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | -627 | 0 | 0 | |
Property, plant and equipment, net | 906 | 0 | 0 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, Plant and Equipment, Gross | 3,246 | 2,077 | 2,077 | |
Building and Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, Plant and Equipment, Gross | 78,140 | 66,278 | 52,936 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, Plant and Equipment, Gross | 131,766 | 114,345 | 101,645 | |
Assets held for use [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | -96,545 | -84,624 | -75,420 | |
Property, plant and equipment, net | 116,607 | 98,076 | 81,238 | |
Assets held for use [Member] | Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | $117,513 | $98,076 | $81,238 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Change in component of accumulated comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | ($2,179) | ($2,095) | ($1,962) |
Other comprehensive (loss) before reclassifications | -1,466 | -424 | -3 |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | -2,204 | 340 | -130 |
Balance at end of period | -5,849 | -2,179 | -2,095 |
Income tax (expense) benefit on postretirement benefits | 1,187 | -183 | 70 |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | -282 | 142 | 145 |
Other comprehensive (loss) before reclassifications | -1,466 | -424 | -3 |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | 0 | 0 | 0 |
Balance at end of period | -1,748 | -282 | 142 |
Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | -1,897 | -2,237 | -2,107 |
Other comprehensive (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | -2,204 | 340 | -130 |
Balance at end of period | ($4,101) | ($1,897) | ($2,237) |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Changes in operating assets and liabilities: | |||
Accounts receivable | $4,699 | $1,297 | $4,362 |
Inventories | 6,753 | -9,190 | 8,567 |
Prepaid expenses and other assets | 195 | -239 | 976 |
Accounts payable | -3,578 | -994 | -2,937 |
Accrued and other liabilities | 48 | -1,150 | -1,709 |
Customer advances | -144 | -173 | -60 |
Other operating activites, net | 7,973 | -10,449 | 9,199 |
Cash paid during the year for income taxes | 14,011 | 20,002 | 26,697 |
Interest Paid | 160 | 0 | 0 |
Significant non-cash transactions: | |||
Issuance of common stock for business acquisition | 39,252 | 0 | 0 |
Capital expenditures included in accounts payable | $564 | $1,083 | $2,196 |
Acquisitions_of_and_Investment3
Acquisitions of and Investments in Businesses and Technologies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Nov. 03, 2014 | 1-May-14 | Oct. 31, 2012 | Jan. 31, 2012 | Nov. 30, 2009 | |
Business Acquisition [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Current | $1,375,000 | $890,000 | $712,000 | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 3,631,000 | 2,457,000 | 2,359,000 | |||||
Cash paid to settle outstanding contingent consideration | -533,000 | -353,000 | -8,367,000 | |||||
Gain on acquisition-related contingent liability settlement | 0 | 0 | 508,000 | |||||
Goodwill | 52,148,000 | 22,274,000 | 22,274,000 | 22,274,000 | ||||
SST [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Outstanding common stock percentage | 10.00% | |||||||
Net impact to carrying value of the investment | 0 | |||||||
Integra Plastics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Name of Acquired Entity | Integra Plastics, Inc. | |||||||
Business Acquisition, Date of Acquisition Agreement | 3-Nov-14 | |||||||
Stock purchase price from business acquisition | 48,200,000 | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | 1,541,696 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 39,252,000 | |||||||
Payments to Acquire Businesses, Gross | 9,361,000 | |||||||
Goodwill | 27,216,000 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Business acquisition-related debt, outstanding balance | 0 | |||||||
Revenue of Acquiree since acquisition date | 5,627,000 | |||||||
Income or (Loss) of Acquiree since Acquisition Date | -874,000 | |||||||
SBG Innovatiie and affiliate [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Date of Acquisition Agreement | 1-May-14 | |||||||
Stock purchase price from business acquisition | 5,000,000 | |||||||
Maximum amount of contingent consideration to be paid | 2,500,000 | |||||||
Contingent Consideration Term in Years | 10 years | |||||||
Acquisition-related contingent liability, Total | 1,432,000 | |||||||
Business Combination, Contingent Consideration, Liability, Current | 236,000 | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,196,000 | |||||||
Cash paid to settle outstanding contingent consideration | 79,000 | |||||||
Goodwill | 3,250,000 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Finite-lived Intangible Assets Acquired | 2,104,000 | |||||||
Business acquisition-related debt, outstanding balance | 0 | |||||||
Revenue of Acquiree since acquisition date | 3,245,000 | |||||||
Income or (Loss) of Acquiree since Acquisition Date | 152,000 | |||||||
SBG Innovatie [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Name of Acquired Entity | SBG Innovatie BV | |||||||
Navtronics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Name of Acquired Entity | Navtronics BVBA | |||||||
Vista Research [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Date of Acquisition Agreement | 6-Jan-12 | |||||||
Business acquisition contingent consideration payments period | 7 years | |||||||
Maximum amount of contingent consideration to be paid | 15,000,000 | |||||||
Acquisition-related contingent liability, Total | 2,989,000 | 3,347,000 | 3,071,000 | |||||
Business Combination, Contingent Consideration, Liability, Current | 554,000 | 890,000 | 712,000 | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 2,435,000 | 2,457,000 | 2,359,000 | |||||
Cash paid to settle outstanding contingent consideration | 454,000 | 353,000 | 6,500,000 | |||||
Ranchview [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash paid to settle outstanding contingent consideration | 1,841,000 | |||||||
Gain on acquisition-related contingent liability settlement | 508,000 | |||||||
SST [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Decrease of basis in net assets at acquisition | 525,000 | |||||||
Increase of basis in technology-related assets | 117,000 | |||||||
Increase of basis in goodwill | 408,000 | |||||||
Percengate of voting interest acquired | 22.00% | 20.00% | ||||||
Customer Relationships [Member] | Integra Plastics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average useful life | 12 years | |||||||
Finite-lived Intangible Assets Acquired | 10,000,000 | |||||||
Other Intangible Assets [Member] | Integra Plastics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average useful life | 2 years | |||||||
Finite-lived Intangible Assets Acquired | $200,000 |
Acquisitions_of_and_Investment4
Acquisitions of and Investments in Businesses and Technologies - Total purchase price allocated to the estimated fair values of assets acquired and liabilities assumed (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Nov. 03, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $52,148,000 | $22,274,000 | $22,274,000 | $22,274,000 | |
Integra Plastics [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 1,600,000 | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||
Accounts receivable | 4,808,000 | ||||
Inventory | 7,555,000 | ||||
Other current assets | 520,000 | ||||
Deferred Income taxes | 24,000 | ||||
Property, plant, and equipment, net | 17,088,000 | ||||
Goodwill | 27,216,000 | ||||
Finite-lived intangibles | 10,200,000 | ||||
Short-term and long-term debt | -11,341,000 | ||||
Current liabilities | -4,084,000 | ||||
Other liabilities | -5,344,000 | ||||
Total purchase price | $48,242,000 |
Acquisitions_of_and_Investment5
Acquisitions of and Investments in Businesses and Technologies - Unaudited Pro forma consolidated condensed financial results of operations (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Business Acquisition [Line Items] | ||
Pro forma net sales | $408,906 | $431,917 |
Pro forma net income attributable to Raven Industries, Inc. | $34,424 | $45,747 |
Pro forma earnings per common share: | ||
Basic (in usd per share) | $0.90 | $1.20 |
Diluted (in usd per share) | $0.90 | $1.20 |
Acquisitions_of_and_Investment6
Acquisitions of and Investments in Businesses and Technologies - Changes in the net carrying value of the investment in SST (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance at beginning of year | $3,684 | $4,063 | |
Income from equity investment | 28 | 116 | 156 |
Balance at end of year | 3,217 | 3,684 | 4,063 |
SST [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance at beginning of year | 3,684 | 4,063 | 4,409 |
Income from equity investment | 28 | 116 | 156 |
Amortization of intangible assets | -495 | -495 | -477 |
Dividend received | 0 | 0 | -25 |
Balance at end of year | $3,217 | $3,684 | $4,063 |
Goodwill_Other_Intangibles_Cha
Goodwill & Other Intangibles - Changes in the carrying amount of goodwill by reporting segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2013 | Jan. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $22,274 | $22,274 | $22,274 |
Acquired goodwill | 30,466 | ||
Goodwill, Translation Adjustments | 592 | ||
Goodwill, end balance | 52,148 | 22,274 | 22,274 |
Applied Technology [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 9,892 | 9,892 | 9,892 |
Acquired goodwill | 3,250 | ||
Goodwill, Translation Adjustments | 592 | ||
Goodwill, end balance | 12,550 | 9,892 | 9,892 |
Engineered Films [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 96 | 96 | 96 |
Acquired goodwill | 27,216 | ||
Goodwill, Translation Adjustments | 0 | ||
Goodwill, end balance | 27,312 | 96 | 96 |
Aerostar [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 12,286 | 12,286 | 12,286 |
Acquired goodwill | 0 | ||
Goodwill, Translation Adjustments | 0 | ||
Goodwill, end balance | $12,286 | $12,286 | $12,286 |
Goodwill_Other_Intangibles_Gro
Goodwill & Other Intangibles - Gross carrying amount and related accumulated amortization of definite-lived intangible assets (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount | $26,655 | $14,225 | $13,500 |
Accumulated Amortization | -8,165 | -6,069 | -4,819 |
Net | 18,490 | 8,156 | 8,681 |
Existing Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount | 8,870 | 7,840 | 7,500 |
Accumulated Amortization | -5,239 | -4,164 | -3,375 |
Net | 3,631 | 3,676 | 4,125 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount | 14,128 | 3,494 | 3,494 |
Accumulated Amortization | -1,271 | -525 | -300 |
Net | 12,857 | 2,969 | 3,194 |
Other Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount | 3,657 | 2,891 | 2,506 |
Accumulated Amortization | -1,655 | -1,380 | -1,144 |
Net | $2,002 | $1,511 | $1,362 |
Goodwill_Other_Intangibles_The
Goodwill & Other Intangibles - The estimated future amortization expense for identifiable intangible assets (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Estimated amortization expense | |
2015 | $3,655 |
2016 | 3,521 |
2017 | 2,890 |
2018 | 2,024 |
2019 | $1,437 |
Employee_Retirement_Benefits_D
Employee Retirement Benefits - Defined contribution plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
contribution_plan | |||
Schedule of Defined Contribution Plans Disclosure [Line Items] | |||
Number of defined contribution plans | 2 | ||
Current payroll matching percentage by the Company | 4.00% | ||
Participant contribution rate for company stock, maximum | 20.00% | ||
Total contribution expense | $2,416 | $2,412 | $2,021 |
Vista Research [Member] | |||
Schedule of Defined Contribution Plans Disclosure [Line Items] | |||
Current payroll matching percentage by the Company | 3.00% |
Defined_benefit_plans_Details
- Defined benefit plans (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets on unfunded plan | $0 | $0 | $0 |
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year | $337,000 |
Employee_Retirement_Benefits_T1
Employee Retirement Benefits - The accumulated benefit obligation (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning liability balance | $8,254 | $8,307 | $7,560 |
Service cost | 195 | 202 | 187 |
Interest cost | 366 | 348 | 335 |
Actuarial (gain) loss and assumption changes | 3,543 | -340 | 433 |
Retiree benefits paid | -233 | -263 | -208 |
Ending liability balance | $12,125 | $8,254 | $8,307 |
Employee_Retirement_Benefits_P
Employee Retirement Benefits - Pre-tax adjustment to accumulated benefit obligation (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss | $6,309 | $2,918 | $3,441 |
Total pre-tax accumulated other comprehensive loss | 6,309 | 2,918 | 3,441 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation | 2,918 | 3,441 | 3,241 |
Recognized net (loss) | -152 | -183 | -210 |
Amortization of transition obligation | 0 | 0 | -23 |
Net actuarial (gain) loss | 3,543 | -340 | 433 |
Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation | $6,309 | $2,918 | $3,441 |
Employee_Retirement_Benefits_T2
Employee Retirement Benefits - The liability and expense reflected in the balance sheet and income statement (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Long-term portion in other liabilities | $11,812 | $7,998 | $8,072 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning liability balance | 8,254 | 8,307 | 7,560 |
Net periodic benefit cost | 713 | 733 | 755 |
Other comprehensive (income) loss | 3,391 | -523 | 200 |
Total recognized in net and other comprehensive income | 4,104 | 210 | 955 |
Retiree benefits paid | -233 | -263 | -208 |
Ending liability balance | 12,125 | 8,254 | 8,307 |
Current portion in accrued liabilities | 313 | 255 | 235 |
Long-term portion in other liabilities | 11,812 | 7,999 | 8,072 |
Assumptions used to calculate benefit obligation: | |||
Discount rate | 3.50% | 4.50% | 4.25% |
Wage inflation rate | 4.00% | 4.00% | 4.00% |
Assumed health care cost trend rate | 7.20% | 7.70% | 8.10% |
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | |||
Effect on total of service and interest cost components, one percentage point increase | 291 | ||
Effect on total of service and interest cost components, one percentage point decrease | -203 | ||
Effect on accumulated postretirement benefit obligation, one percenatge point increase | 2,865 | ||
Effect on accumulated postretirement benefit obligation, one percenatge point decrease | -2,138 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 313 | ||
2017 | 331 | ||
2018 | 355 | ||
2019 | 370 | ||
2020 | 382 | ||
2021-2025 | $2,170 |
Warranties_Details
Warranties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $2,525 | $1,888 | $1,699 |
Acquired | 50 | 0 | 0 |
Accrual for warranties | 3,467 | 4,561 | 2,968 |
Settlements made | -2,922 | -3,924 | -2,779 |
Ending balance | $3,120 | $2,525 | $1,888 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Contingency [Line Items] | |||
Total unrecognized tax benefits that, if recognized, would affect the company's effective tax rate | $1,617 | $3,029 | $2,738 |
Accrued interest and penalties related to unrecognized tax benefits | 952 | 1,897 | 1,605 |
United States [Member] | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, domestic | 42,282 | ||
Canada [Member] | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, foreign | -38 | ||
Undistributed Earnings of Foreign Subsidiaries | 1,490 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $231 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of U.S. federal benefit | -0.30% | 1.50% | 1.60% |
Tax credit for research activities | -3.90% | -1.20% | -0.90% |
Tax benefit on qualified production activities | -3.60% | -2.90% | -3.20% |
Other, net | -0.30% | 0.20% | -0.20% |
Effective income tax rate | 26.90% | 32.60% | 32.30% |
Favorable prior year tax benefit | $776 | ||
Discrete tax benefit | $963 |
Income_Taxes_Significant_compo
Income Taxes - Significant components of the company's income tax provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Currently payable | $12,663 | $20,098 | $26,894 |
Deferred expense (benefit) | -958 | 623 | -1,803 |
Income taxes | $11,705 | $20,721 | $25,091 |
Income_Taxes_Significant_compo1
Income Taxes - Significant components of the company's deferred tax assets and liabilities (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Current deferred tax assets: | |||
Accounts receivable | $194 | $111 | $70 |
Inventories | 873 | 583 | 507 |
Accrued vacation | 940 | 1,032 | 1,118 |
Insurance obligations | 271 | 276 | 302 |
Accrued benefit liabilities | 261 | 291 | 274 |
Warranty obligations | 1,225 | 898 | 661 |
Other accrued liabilities | 194 | 181 | 175 |
Deferred tax assets, net, current | 3,958 | 3,372 | 3,107 |
Non-current deferred tax assets (liabilities): | |||
Postretirement benefits | 4,243 | 2,799 | 2,826 |
Depreciation and amortization | -16,099 | -11,522 | -9,114 |
Uncertain tax positions | 1,002 | 2,219 | 1,969 |
Share-based compensation | 2,897 | 2,309 | 1,613 |
Other | 866 | 669 | 253 |
Net deferred tax liability | -7,091 | -3,526 | -2,453 |
Deferred Tax Liabilities, Net | -3,133 | -154 | |
Net deferred tax (liability) asset | $654 |
Income_Taxes_Summary_of_the_ac
Income Taxes - Summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $4,660 | $4,213 | $3,567 |
Increases in tax positions related to the current year | 909 | 795 | 993 |
Decreases as a result of a lapse in applicable statute of limitations | -393 | -348 | -347 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | -2,869 | 0 | 0 |
Gross unrecognized tax benefits at end of year | $2,307 | $4,660 | $4,213 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Line of Credit Facility [Line Items] | |||
Long-term Debt | $0 | ||
Borrowing capacity under line of credit | 10,500,000 | ||
Maturity date of the line of credit | 30-Nov-16 | ||
Line of credit prime interest rate percentage | 1.50% | ||
Letters of credit issued, amount | 850,000 | ||
Line of Credit Facility, Covenant Terms | 200.00% | ||
Borrowing outstanding under line of credit | 0 | 0 | 0 |
Remaining borrowing capacity under the line of credit | 9,650,000 | ||
Borrowings under the credit line | 0 | 0 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 11,989,000 | ||
Proceeds from revolving lines of credit | 2,127,000 | 0 | 0 |
Repayments of Assumed Debt | -14,116,000 | ||
Total rent and lease expense | 1,977,000 | 2,395,000 | 2,095,000 |
Integra Plastics [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing outstanding under line of credit | 0 | ||
SBG Innovatiie and affiliate [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing outstanding under line of credit | 0 | ||
Line of Credit [Member] | Integra Plastics [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing outstanding under line of credit | 0 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 1,465,000 | ||
Proceeds from revolving lines of credit | 2,127,000 | ||
Repayments of Assumed Debt | -3,592,000 | ||
Long-term Debt [Member] | Integra Plastics [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 0 | ||
Long-term Debt | 0 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 9,876,000 | ||
Repayments of Assumed Debt | -9,876,000 | ||
Debt to Former Owners and line of credit facility [Domain] | SBG Innovatiie and affiliate [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing outstanding under line of credit | 0 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 648,000 | ||
Proceeds from revolving lines of credit | 0 | ||
Repayments of Assumed Debt | ($648,000) |
Financing_Arrangements_Future_
Financing Arrangements - Future minimum lease payments under non-cancelable operating leases (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Minimum lease payments | |
2015 | $1,913 |
2016 | 1,616 |
2017 | 1,407 |
2018 | 1,200 |
2019 | 1,224 |
Thereafter | $1,327 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | 22-May-12 |
Plans | ||||
Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share based compensation plans | 2 | |||
Number of award types | 2 | |||
Granted, number of options (in shares) | 194,900 | |||
Award vesting period | 4 years | |||
Expiration period | 5 years | |||
Intrinsic value of options exercised | $1,467 | $3,019 | $2,573 | |
Total compensation cost for non-vested awards not yet recognized in the Company's statements of income | 2,856 | |||
Weighted average period to recognize costs associated with non-vested awards in years | 2 years 3 months 5 days | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for grant under the plan | 100,000 | |||
Granted (in shares) | 12,012 | |||
2010 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for grant under the plan | 2,000,000 | |||
Remaining shares available for grant | 622,085 | |||
Maximum exercise period | 10 years | |||
2010 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period to recognize costs associated with non-vested awards in years | 1 year 9 months 16 days | |||
Total unrecognized compensation cost net of estimated forfeitures | $2,738 | |||
2010 Stock Incentive Plan [Member] | Time-vested RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Granted (in shares) | 27,741 | |||
2010 Stock Incentive Plan [Member] | Performance-based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Granted (in shares) | 54,490 | |||
Percentage of target award | 100.00% | |||
2010 Stock Incentive Plan [Member] | Performance-based RSUs [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance shares target award | 0.00% | |||
2010 Stock Incentive Plan [Member] | Performance-based RSUs [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance shares target award | 150.00% |
Share_Based_Compensation_The_c
Share Based Compensation - The compensation cost and related income tax benefit for these plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Share-based Compensation [Abstract] | |||
Share-based compensation cost | $4,213 | $4,198 | $3,075 |
Tax benefit | $1,504 | $1,460 | $1,057 |
Share_Based_Compensation_Weigh
Share Based Compensation - Weighted average assumptions by grant year (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 1.32% | 0.59% | 0.86% |
Expected dividend yield | 1.53% | 1.46% | 1.33% |
Expected volatility factor | 38.65% | 41.39% | 49.62% |
Expected option term (in years) | 4 years 0 months | 3 years 9 months | 3 years 9 months |
Weighted average grant date fair value (in usd per share) | $9.18 | $9.34 | $10.92 |
Share_Based_Compensation_Outst
Share Based Compensation - Outstanding stock options (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 |
Number of options | |
Outstanding, beginning of period (in shares) | 946,133 |
Granted (in shares) | 194,900 |
Exercised (in shares) | -106,383 |
Forfeited (in shares) | -14,750 |
Expired (in shares) | -4,625 |
Outstanding, end of period (in shares) | 1,015,275 |
Weighted average exercise price | |
Outstanding, beginning of period (in usd per share) | $26.88 |
Granted (in usd per share) | $32.75 |
Exercised (in usd per share) | $16.24 |
Forfeited (in usd per share) | $31.24 |
Expired (in usd per share) | $31.10 |
Outstanding, end of period (in usd per share) | $29.04 |
Aggregate intrinsic value, Outstanding, end of period | $298 |
Weighted average remaining contractual term (years), Outstanding, end of period | 2 years 3 months 27 days |
Number of options, Outstanding exercisable, end of period | 557,600 |
Weighted average exercise price, Outstanding exercisable, end of period | $26.40 |
Aggregate intrinsic value, Outstanding exercisable, end of period | $298 |
Weighted average remaining contractual term (years), Outstanding exercisable, end of period | 1 year 5 months 45 days |
Share_Based_Compensation_Restr
Share Based Compensation - Restricted Stock Units (Details) (2010 Stock Incentive Plan [Member], USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Time-vested RSUs [Member] | ||
Number of restricted stock units | ||
Outstanding, beginning of period (in shares) | 43,360 | |
Granted (in shares) | 27,741 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | -2,964 | |
Outstanding, end of period (in shares) | 68,137 | |
Weighted average grant date fair value | ||
Granted (in usd per share) | $29.69 | |
Vested (in usd per share) | $0 | |
Forfeited (in usd per share) | $32.55 | |
Outstanding, end of period (in usd per share) | $31.27 | $32.32 |
Cumulative dividends, end of period | 2,174 | |
Performance-based RSUs [Member] | ||
Number of restricted stock units | ||
Outstanding, beginning of period (in shares) | 135,935 | |
Granted (in shares) | 54,490 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | -6,073 | |
Performance-based adjustment (in shares) | -31,913 | |
Outstanding, end of period (in shares) | 152,439 | |
Weighted average grant date fair value | ||
Granted (in usd per share) | $32.75 | |
Vested (in usd per share) | $0 | |
Forfeited (in usd per share) | $32.41 | |
Performance-based adjustment (in usd per share) | $32.47 | |
Outstanding, end of period (in usd per share) | $32.40 | $32.27 |
Cumulative dividends, end of period | 5,137 |
Share_Based_Compensation_Outst1
Share Based Compensation - Outstanding stock units (Details) (Director [Member], USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Director [Member] | |
Number of stock units | |
Outstanding, beginning of period (in shares) | 71,618 |
Granted (in shares) | 12,012 |
Deferred retainers (in shares) | 2,002 |
Dividends (in shares) | 1,304 |
Stock Issued During Period, Shares, Conversion of Units | -17,589 |
Outstanding, end of period (in shares) | 69,347 |
Weighted average price | |
Outstanding, beginning of period (in usd per share) | $37.45 |
Vested (in usd per share) | $29.97 |
Deferred retainers (in usd per share) | $29.97 |
Stock Issued During Period Weighted Average Price units issued for dividends | $26.59 |
Units converted to shares in (usd) per share | $31.19 |
Outstanding, end of period (in usd per share) | $21.44 |
Net_Income_per_Share_Details
Net Income per Share (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 781,988 | 577,213 | 397,600 |
Net_Income_per_Share_Schedule_
Net Income per Share - Schedule of calculation of numerator and denominator in earnings per share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Numerator: | |||
Net income attributable to Raven Industries, Inc. | $31,733 | $42,903 | $52,545 |
Denominator: | |||
Weighted average common shares outstanding (in shares) | 36,859,026 | 36,379,356 | 36,290,329 |
Weighted average stock units outstanding (in shares) | 69,484 | 67,724 | 54,929 |
Denominator for basic calculation (in shares) | 36,928,510 | 36,447,080 | 36,345,258 |
Weighted average common shares outstanding (in shares) | 36,859,026 | 36,379,356 | 36,290,329 |
Weighted average stock units outstanding (in shares) | 69,484 | 67,724 | 54,929 |
Dilutive impact of stock options and RSUs (in shares) | 174,784 | 198,295 | 188,166 |
Denominator for diluted calculation (in shares) | 37,103,294 | 36,645,375 | 36,533,424 |
Net income per share - basic (in usd per share) | $0.86 | $1.18 | $1.45 |
Net income per share - diluted (in usd per share) | $0.86 | $1.17 | $1.44 |
Business_Segments_and_Major_Cu1
Business Segments and Major Customer Information (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
customer | customer | customer | |
Segment Reporting Information [Line Items] | |||
Number of Raven Divisions | 2 | ||
One Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Engineered Films [Member] | One Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 14.00% | 13.00% | 11.00% |
Receivables from major customer, percentage | 5.00% | 2.00% | 3.00% |
Concentration risk, number of customers | 1 | 1 | 1 |
Business_Segments_and_Major_Cu2
Business Segments and Major Customer Information - Segment reporting information (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||
Segment Reporting Information [Line Items] | |||||
Sales | $378,153 | $394,677 | $406,175 | ||
Operating income | 43,801 | 63,994 | 77,692 | ||
Assets | 362,873 | 301,819 | 273,210 | ||
Capital expenditures | 17,041 | 30,701 | 29,675 | ||
Depreciation and amortization | 17,369 | 14,195 | 13,098 | ||
Corporate & Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | -21,704 | -18,865 | [1] | -17,293 | [1] |
Assets | 74,960 | 74,116 | [1] | 62,843 | [1] |
Capital expenditures | 2,523 | 7,189 | [1] | 5,275 | [1] |
Depreciation and amortization | 2,230 | 1,439 | [1] | 1,138 | [1] |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 378,153 | 394,677 | 406,175 | ||
Operating income | 65,505 | 82,859 | 94,985 | ||
Assets | 287,913 | 227,703 | 210,367 | ||
Capital expenditures | 14,518 | 23,512 | 24,400 | ||
Depreciation and amortization | 15,139 | 12,756 | 11,960 | ||
Operating Segments [Member] | Applied Technology [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 142,154 | 170,461 | 171,778 | ||
Operating income | 34,557 | 57,000 | 59,590 | ||
Assets | 88,764 | 93,395 | 84,224 | ||
Capital expenditures | 3,478 | 9,324 | 10,780 | ||
Depreciation and amortization | 5,569 | 4,332 | 3,874 | ||
Operating Segments [Member] | Engineered Films [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 166,634 | 147,620 | 141,976 | ||
Operating income | 21,802 | 18,154 | 25,115 | ||
Assets | 140,023 | 71,602 | 65,801 | ||
Capital expenditures | 8,241 | 6,681 | 11,539 | ||
Depreciation and amortization | 6,096 | 5,808 | 5,814 | ||
Operating Segments [Member] | Aerostar [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 80,772 | 90,605 | 102,051 | ||
Operating income | 8,983 | 7,816 | 10,341 | ||
Assets | 59,274 | 63,017 | 60,689 | ||
Capital expenditures | 2,799 | 7,507 | 2,081 | ||
Depreciation and amortization | 3,474 | 2,616 | 2,272 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | 163 | -111 | -61 | ||
Assets | -148 | -311 | -347 | ||
Intersegment Eliminations [Member] | Applied Technology [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | -231 | -386 | -974 | ||
Intersegment Eliminations [Member] | Engineered Films [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | -652 | -505 | -124 | ||
Intersegment Eliminations [Member] | Aerostar [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | ($10,524) | ($13,118) | ($8,532) | ||
[1] | Assets are principally cash, investments, deferred taxes and other receivables. |
Business_Segments_and_Major_Cu3
Business Segments and Major Customer Information - Sales to countries outside the United States (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Net sales | $378,153 | $394,677 | $406,175 |
All foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 36,835 | 45,893 | 49,254 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 14,432 | 16,141 | 20,640 |
South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 9,884 | 22,090 | 14,984 |
Other foreign sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12,519 | 7,662 | 13,630 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $341,318 | $348,784 | $356,921 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | $319 | $205 | $170 | |||
Charged to Costs and Expenses | 211 | 129 | 355 | |||
Charged to Other Accounts | 19 | 0 | 0 | |||
Deductions From Reserves | 230 | [1] | 15 | [1] | 320 | [1] |
Balance at End of Year | $319 | $319 | $205 | |||
[1] | Represents uncollectable accounts receivable written off during the year, net of recoveries. |