Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 23, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | RAVEN INDUSTRIES INC | |
Entity Central Index Key | 82,166 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,158,806 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 |
Current assets | |||
Cash and cash equivalents | $ 32,790 | $ 33,782 | $ 47,452 |
Short-term investments | 0 | 0 | 250 |
Accounts receivable, net | 41,013 | 38,069 | 45,233 |
Inventories | 46,950 | 45,888 | 58,981 |
Deferred income taxes | 0 | 3,110 | 3,581 |
Other current assets | 5,343 | 4,884 | 6,361 |
Total current assets | 126,096 | 125,733 | 161,858 |
Property, plant and equipment, net | 113,767 | 116,162 | 118,429 |
Goodwill | 44,900 | 44,756 | 52,216 |
Amortizable intangible assets, net | 15,660 | 15,832 | 17,735 |
Other assets | 4,245 | 4,127 | 4,359 |
TOTAL ASSETS | 304,668 | 306,610 | 354,597 |
Current liabilities | |||
Accounts payable | 9,356 | 6,038 | 9,123 |
Accrued liabilities | 12,739 | 12,042 | 16,735 |
Customer advances | 809 | 739 | 1,008 |
Total current liabilities | 22,904 | 18,819 | 26,866 |
Other liabilities | $ 17,259 | $ 18,926 | $ 25,581 |
Commitments and contingencies | |||
Shareholders' equity | |||
Common stock, $1 par value, authorized shares 100,000; issued 67,041; 67,006; and 66,999, respectively | $ 67,041 | $ 67,006 | $ 66,999 |
Paid-in capital | 54,755 | 54,830 | 53,275 |
Retained earnings | 233,926 | 233,156 | 244,055 |
Accumulated other comprehensive loss | (2,891) | (3,501) | (5,863) |
Treasury stock at cost, 30,882; 30,500; and 29,047 shares, respectively | (88,402) | (82,700) | (56,406) |
Total Raven Industries, Inc. shareholders' equity | 264,429 | 268,791 | 302,060 |
Noncontrolling interest | 76 | 74 | 90 |
Total shareholders' equity | 264,505 | 268,865 | 302,150 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 304,668 | $ 306,610 | $ 354,597 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) - $ / shares | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,041,000 | 67,006,000 | 66,999,000 |
Treasury stock, at cost (in shares) | 30,882,000 | 30,500,000 | 29,047,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 68,360 | $ 70,273 |
Cost of sales | 48,684 | 49,914 |
Gross profit | 19,676 | 20,359 |
Research and development expenses | 4,409 | 3,536 |
Selling, general, and administrative expenses | 7,660 | 9,609 |
Operating income | 7,607 | 7,214 |
Other (expense), net | (97) | (44) |
Income before income taxes | 7,510 | 7,170 |
Income taxes | 1,985 | 2,309 |
Net income | 5,525 | 4,861 |
Net income attributable to the noncontrolling interest | 2 | 6 |
Net income attributable to Raven Industries, Inc. | $ 5,523 | $ 4,855 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.15 | $ 0.13000 |
Diluted (in dollars per share) | 0.15 | 0.13000 |
Cash dividends paid per common share (in dollars per share) | $ 0.13 | $ 0.13000 |
Comprehensive income: | ||
Net income | $ 5,525 | $ 4,861 |
Other comprehensive income, net of tax: | ||
Foreign currency translation | 612 | (69) |
Postretirement benefits, net of income tax (expense) benefit of $(1) and $29, respectively | (2) | 55 |
Other comprehensive income, net of tax | 610 | (14) |
Comprehensive income | 6,135 | 4,847 |
Comprehensive income attributable to noncontrolling interest | 2 | 6 |
Comprehensive income attributable to Raven Industries, Inc. | $ 6,133 | $ 4,841 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||
Other comprehensive income, postretirement benefits, income tax (expense) benefit | $ (1) | $ 29 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | $1 Par Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Raven Industries, Inc. Equity [Member] | Non-controlling Interest [Member] |
Balance at beginning of period at Jan. 31, 2015 | $ 305,237 | $ 66,947 | $ 53,237 | $ (53,362) | $ 244,180 | $ (5,849) | $ 305,153 | $ 84 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2015 | 28,897,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,861 | 4,855 | 4,855 | 6 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | (69) | (69) | (69) | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 55 | 55 | 55 | |||||
Cash dividends | (4,940) | 40 | (4,980) | (4,940) | ||||
Share issuance costs related to fiscal 2015 business combination | (15) | (15) | (15) | |||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | $ (458) | 52 | (510) | (458) | ||||
Shares repurchased, Treasury Stock | 149,359 | 150,000 | ||||||
Shares repurchased | $ (3,044) | $ (3,044) | (3,044) | |||||
Share-based compensation | 752 | 0 | 752 | 752 | ||||
Income tax impact related to share-based compensation | (229) | (229) | (229) | |||||
Balance at end of period at Apr. 30, 2015 | $ 302,150 | 66,999 | 53,275 | $ (56,406) | 244,055 | (5,863) | 302,060 | 90 |
Treasury stock at end of period (in shares) at Apr. 30, 2015 | 29,047,000 | 29,047,000 | ||||||
Balance at beginning of period at Jan. 31, 2016 | $ 268,865 | 67,006 | 54,830 | $ (82,700) | 233,156 | (3,501) | 268,791 | 74 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2016 | 30,500,000 | 30,500,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 5,525 | 5,523 | 5,523 | 2 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | 612 | 612 | 612 | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (2) | (2) | (2) | |||||
Cash dividends | (4,701) | 52 | (4,753) | (4,701) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | $ (256) | 35 | (291) | (256) | ||||
Shares repurchased, Treasury Stock | 382,065 | 382,000 | ||||||
Shares repurchased | $ (5,702) | $ (5,702) | (5,702) | |||||
Share-based compensation | 456 | 0 | 456 | 456 | ||||
Income tax impact related to share-based compensation | (292) | (292) | (292) | |||||
Balance at end of period at Apr. 30, 2016 | $ 264,505 | $ 67,041 | $ 54,755 | $ (88,402) | $ 233,926 | $ (2,891) | $ 264,429 | $ 76 |
Treasury stock at end of period (in shares) at Apr. 30, 2016 | 30,882,000 | 30,882,000 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.130 | $ 0.130 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | $ (1) | $ 29 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 5,525 | $ 4,861 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,186 | 4,363 |
Change in fair value of acquisition-related contingent consideration | 82 | 212 |
Loss (gain) from equity investment | 3 | (2) |
Deferred income taxes | 1,554 | 110 |
Share-based compensation expense | 456 | 752 |
Change in operating assets and liabilities: | ||
Accounts receivable | (2,648) | 10,756 |
Inventories | (980) | (4,496) |
Other assets | (1,071) | (3,218) |
Operating liabilities | 4,075 | (4,105) |
Other operating activities, net | (78) | (210) |
Net cash provided by operating activities | 11,104 | 9,023 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (791) | (5,000) |
Proceeds related to business acquisitions | 0 | 351 |
Purchase of investments | (500) | 0 |
Proceeds from sale of assets | 50 | 380 |
Other investing activities | (194) | (164) |
Net cash used in investing activities | (1,435) | (4,433) |
FINANCING ACTIVITIES: | ||
Dividends paid | (4,701) | (4,940) |
Payments for common shares repurchased | (5,702) | (2,563) |
Payments of acquisition-related contingent liability | (138) | (614) |
Debt issuance costs paid | 0 | (454) |
Restricted stock units vested and issued | (256) | (458) |
Other financing activities, net | 0 | (15) |
Net cash used in financing activities | (10,797) | (9,044) |
Effect of exchange rate changes on cash | 136 | (43) |
Net (decrease) increase in cash and cash equivalents | (992) | (4,497) |
Cash and cash equivalents at beginning of year | 33,782 | 51,949 |
Cash and cash equivalents at end of period | $ 32,790 | $ 47,452 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Raven Industries, Inc. (the Company or Raven) is a diversified technology company providing a variety of products to customers within the industrial, agricultural, energy, construction, and military/aerospace markets. The Company is comprised of three unique operating units, or divisions, classified into reportable segments: Applied Technology, Engineered Films, and Aerostar. The accompanying unaudited consolidated financial information, which includes the accounts of Raven and its wholly-owned or controlled subsidiaries, net of intercompany balances and transactions which have been eliminated, has been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, it does not include all of the information and notes required by GAAP for complete financial statements. This financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2016 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of this financial information have been included. Financial results for the interim three -month period ended April 30, 2016 are not necessarily indicative of the results that may be expected for the year ending January 31, 2017 . The January 31, 2016 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. Preparing financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned consolidated entities. The Company owns a 75% interest in an entity consolidated under the Aerostar business segment. Given the Company's majority ownership interest, the accounts of the business venture have been consolidated with the accounts of the Company, and a noncontrolling interest has been recorded for the noncontrolling investor interests in the net assets and operations of the business venture. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As described in Note 1 Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2016, the Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. When performing goodwill impairment testing, the fair values of reporting units are determined based on valuation techniques using the best available information, primarily discounted cash flow projections. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). Based on the Company’s review of each reporting unit’s operating results for the three-month period ended April 30, 2016, no triggering events were identified and no further impairment analysis was required under the applicable accounting guidance. There have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2016. |
Goodwill and Intangible Assets, Policy | As described in Note 1 Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2016, the Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. When performing goodwill impairment testing, the fair values of reporting units are determined based on valuation techniques using the best available information, primarily discounted cash flow projections. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). Based on the Company’s review of each reporting unit’s operating results for the three-month period ended April 30, 2016, no triggering events were identified and no further impairment analysis was required under the applicable accounting guidance |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units, and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. Certain outstanding options and restricted stock units were excluded from the diluted net income per-share calculations because their effect would have been anti-dilutive under the treasury stock method. The options and restricted stock units excluded from the diluted net income per-share share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 1,005,163 1,103,707 The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 5,523 $ 4,855 Denominator: Weighted average common shares outstanding 36,319,918 38,000,775 Weighted average stock units outstanding 93,986 69,492 Denominator for basic calculation 36,413,904 38,070,267 Weighted average common shares outstanding 36,319,918 38,000,775 Weighted average stock units outstanding 93,986 69,492 Dilutive impact of stock options and restricted stock units 52,234 131,637 Denominator for diluted calculation 36,466,138 38,201,904 Net income per share - basic $ 0.15 $ 0.13 Net income per share - diluted $ 0.15 $ 0.13 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 3 Months Ended |
Apr. 30, 2016 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | SELECTED BALANCE SHEET INFORMATION Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2016 January 31, 2016 April 30, 2015 Accounts receivable, net: Trade accounts $ 42,041 $ 39,103 $ 45,686 Allowance for doubtful accounts (1,028 ) (1,034 ) (453 ) $ 41,013 $ 38,069 $ 45,233 Inventories: Finished goods $ 4,570 $ 4,896 $ 9,127 In process 1,751 1,845 2,533 Materials 40,629 39,147 47,321 $ 46,950 $ 45,888 $ 58,981 Other current assets: Insurance policy benefit $ 742 $ 716 $ 683 Federal tax receivable 1,719 2,176 — Receivable from sale of business 205 255 789 Prepaid expenses and other 2,677 1,737 4,889 $ 5,343 $ 4,884 $ 6,361 Property, plant and equipment, net: Held for use: Land $ 3,054 $ 3,054 $ 3,246 Buildings and improvements 77,901 77,827 78,661 Machinery and equipment 141,798 140,995 135,154 Accumulated depreciation (109,786 ) (106,514 ) (99,538 ) $ 112,967 $ 115,362 $ 117,523 Held for sale: Land $ 244 $ 244 $ 11 Buildings and improvements 1,595 1,595 1,522 Machinery and equipment 329 329 — Accumulated depreciation (1,368 ) (1,368 ) (627 ) 800 800 906 $ 113,767 $ 116,162 $ 118,429 Other assets: Equity investments $ 2,813 $ 2,805 $ 3,095 Deferred income taxes 25 — — Other 1,407 1,322 1,264 $ 4,245 $ 4,127 $ 4,359 Accrued liabilities: Salaries and related $ 1,874 $ 1,883 $ 3,035 Benefits 3,945 3,864 4,655 Insurance obligations 1,893 1,730 1,629 Warranties 2,316 1,835 2,285 Income taxes 654 475 1,824 Other taxes 1,008 1,117 936 Acquisition-related contingent consideration 454 407 938 Other 595 731 1,433 $ 12,739 $ 12,042 $ 16,735 Other liabilities: Postretirement benefits $ 7,678 $ 7,662 $ 11,976 Acquisition-related contingent consideration 2,338 2,499 3,046 Deferred income taxes 4,202 5,426 7,278 Uncertain tax positions 3,041 3,339 3,281 $ 17,259 $ 18,926 $ 25,581 |
Acquisitions of and Investments
Acquisitions of and Investments in Businesses and Technologies | 3 Months Ended |
Apr. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Ag-Eagle Aerial Systems, Inc. In February 2016 , the Applied Technology Division acquired an interest of approximately 5% in AgEagle Aerial Systems, Inc. (AgEagle). AgEagle is a privately held company that is a leading provider of unmanned aerial systems (UAS) used for agricultural applications. Contemporaneously with the execution of this agreement, AgEagle and the Company entered into a distribution agreement whereby the Company was appointed as the sole and exclusive distributor worldwide of the existing AgEagle system as it pertains to the agriculture market. This investment and distribution agreement will allow the Company to expand into the UAS market for agriculture, enhancing its existing product offerings to provide actionable data that customers can use to make important input decisions. AgEagle is considered a variable interest entity (VIE) and the Company’s equity ownership interest in AgEagle is considered a variable interest. The Company accounts for its investment in AgEagle under the equity method of accounting as the Company has the ability to exercise significant influence over the operating policies of AgEagle through the Company's representation on AgEagle's Board of Directors and the distribution agreement. However, the Company is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the entity. At the acquisition date, the Company determined that the exclusivity of the distribution agreement resulted in an intangible asset. The purchase price was allocated between the equity ownership interest and this intangible asset which will be amortized on a straight-line basis over the four-year life of the distribution agreement. Acquisition-related Contingent Consideration The Company has contingent liabilities related to prior year acquisitions of SBG Innovatie BV and its affiliate, Navtronics BVBA (collectively, SBG) in May 2014 and Vista in January 2012 . The fair value of such contingent consideration is estimated as of the acquisition date, and subsequently at the end of each reporting period, using forecasted cash flows. Projecting future cash flows requires the Company to make significant estimates and assumptions regarding future events, conditions, or revenues being achieved under the subject contingent agreement as well as the appropriate discount rate. Such valuations techniques include one or more significant inputs that are not observable (Level 3 fair value measures). In connection with the acquisition of SBG, Raven is committed to making additional earn-out payments, not to exceed $2,500 , calculated and paid quarterly for ten years after the purchase date contingent upon achieving certain revenues. At April 30, 2016 , the fair value of this contingent consideration was $1,491 , of which $237 was classified as "Accrued liabilities" and $1,254 was classified as "Other liabilities" in the Consolidated Balance Sheets. At April 30, 2015 , the fair value of this contingent consideration was $1,410 , of which $287 was classified as "Accrued liabilities" and $1,123 as "Other liabilities." The Company paid $59 and $29 in earn-out payments in the three -month periods ended April 30, 2016 and 2015, respectively. To date, the Company has paid a total of $367 of this potential earn-out liability. Related to the acquisition of Vista in 2012 , the Company is committed to making annual payments based upon earn-out percentages on specific revenue streams for seven years after the purchase date, not to exceed $15,000 . At April 30, 2016 , the fair value of this contingent consideration was $1,279 , of which $195 was classified in "Accrued liabilities" and $1,084 as "Other liabilities" in the Consolidated Balance Sheets. At April 30, 2015 the fair value of this contingent consideration was $2,571 , of which $648 was classified as "Accrued liabilities" and $1,923 as "Other liabilities" in the Consolidated Balance Sheets. The Company paid $79 and $585 in the three-month periods ended April 30, 2016 and 2015 , respectively. To date, the Company has paid a total of $1,471 of this potential earn-out liability. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles Goodwill and Other Intangibles (Notes) | 3 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Loss and Other Charges | GOODWILL AND OTHER INTANGIBLES The Company performs impairment reviews of goodwill by reporting unit. At the end of fiscal 2016, the Company determined it had four reporting units: Engineered Films Division; Applied Technology Division; and two separate reporting units in the Aerostar Division, one of which is Vista and one of which is all other Aerostar operations (Aerostar excluding Vista). During the first quarter of fiscal 2017, management implemented operations and reporting changes within Vista and Aerostar to further integrate the operations of Vista into Aerostar operations. Integration actions included leadership re-alignment, including selling and business development functions; re-deployment of employees across the division; and consolidation of administrative functions, among other actions. Based on the changes made, the Company has consolidated the two separate reporting units within the Aerostar Division into one reporting unit for the purposes of goodwill impairment review. As such as of April 30, 2016, the Company has three reporting units: Engineered Films Division, Applied Technology Division, and Aerostar Division. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 3 Months Ended |
Apr. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Postretirement Benefits | EMPLOYEE POSTRETIREMENT BENEFITS The Company provides postretirement medical and other benefits to certain senior executive officers and senior managers. These plan obligations are unfunded. The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 20 $ 108 Interest cost 83 105 Amortization of actuarial losses 37 84 Amortization of unrecognized prior service cost (40 ) — Net periodic benefit cost $ 100 $ 297 Postretirement benefit cost components are reclassified in their entirety from accumulated other comprehensive loss to net periodic benefit cost. Net periodic benefit costs are reported in net income as “Cost of sales” or “Selling, general, and administrative expenses” in a manner consistent with the classification of direct labor and personnel costs of the eligible employees. |
Warranties
Warranties | 3 Months Ended |
Apr. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranties | WARRANTIES Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 1,835 $ 3,120 Accrual for warranties 824 359 Settlements made (343 ) (1,194 ) Ending balance $ 2,316 $ 2,285 |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS The Company entered into a credit facility on April 15, 2015 with JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Administrative Agent, JPMorgan Chase Bank, National Association, as administrative agent, and each lender from time to time party thereto (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $125,000 with a maturity date of April 15, 2020 . Wells Fargo Bank, N.A. (Wells Fargo), a participating lender under the Credit Agreement, 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. Unamortized debt issuance costs associated with this Credit Agreement were $434 and $548 at April 30, 2016 and 2015. Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. The loan proceeds may be utilized by Raven for strategic business purposes and for working capital needs. Simultaneous with execution of the Credit Agreement, Raven, Aerostar, Vista, and Integra entered into a guaranty agreement in favor of JPMorgan Chase Bank National Association in its capacity as administrator under the Credit Agreement for the benefit of JPMorgan Chase Bank N.A., Toronto Branch and the lenders and their affiliates under the Credit Agreement. Letters of credit (LOCs) totaling $850 issued under a previous line of credit with Wells Fargo were outstanding at April 30, 2015. These LOCs, which primarily support self-insured workers' compensation bonding requirements, are being transitioned to the Credit Agreement. As such, LOCs totaling $ 1,114 issued under each credit facility were outstanding at April 30, 2016, including $464 of LOCs issued under the Credit Agreement. Until such time as the transition of the remaining LOCs is complete, any draws required under the Wells Fargo LOCs would be settled with available cash or borrowings under the Credit Agreement. There were no borrowings under either credit agreement for any of the fiscal periods covered by this Quarterly Report on Form 10-Q. Availability under the Credit Agreement for borrowings as of April 30, 2016 was $124,536 . |
Contingencies Contingencies Dis
Contingencies Contingencies Disclosure | 3 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | CONTINGENCIES In the normal course of business, the Company is subject to various claims and litigation. The Company has concluded that the ultimate outcome of these matters is not expected to be material to the Company’s results of operations, financial position, or cash flows. |
Income Tax Income Tax Disclosur
Income Tax Income Tax Disclosure | 3 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The Company’s effective tax rate varies from the federal statutory rate primarily due to state and local taxes, research and development tax credit, tax benefits on qualified production activities, and tax-exempt insurance premiums. The Company’s effective tax rates for the three -month periods ended April 30, 2016 and 2015 were 26.4% and 32.2% , respectively. The decrease in the effective tax rate is primarily due to the permanent extension of the research and development tax credit in fourth quarter of fiscal 2016 and a discrete tax benefit related to the prior fiscal year that was recorded in fiscal 2017 first quarter. As of April 30, 2016, undistributed earnings of approximately $3,243 of the Canadian and European subsidiaries 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 $539 net of foreign tax credits. |
Restructuring Costs Restructuri
Restructuring Costs Restructuring Costs Disclosure | 3 Months Ended |
Apr. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTS At April 30, 2016, there are no ongoing restructuring plans or unpaid restructuring costs. No restructuring costs were incurred in the three-month period ended April 30, 2016 . In the fiscal 2015 fourth quarter, the Company announced and implemented a restructuring plan to lower Applied Technology’s cost structure. In the same period, Engineered Films implemented a preemptive restructuring plan to address the decline in demand in the energy sector as the result of falling oil prices. The Company also initiated the exit of Applied Technology’s non-strategic St. Louis, Missouri contract manufacturing facility. Exit activities related to this sale and transfer of these contract manufacturing operations were substantially completed during the fiscal 2016 first quarter. Gains of $364 were recorded for the three-month period ended April 30, 2015 as a result of the exit activity. Receivables for inventory and estimated future royalties pursuant to the sale agreements of $789 were included in "Other current assets" in the Consolidated Balance Sheet at April 30, 2015 . At April 30, 2016 , such receivables were $205 . The land, building, and remaining equipment in St. Louis is still owned and held for sale at April 30, 2016. The Company is actively marketing this facility at a sales price above the net book value of $800 . Based on such activity, the Company does not believe an impairment is indicated as of April 30, 2016. In the fiscal 2016 first quarter, the Company announced and implemented a restructuring plan to further lower its cost structure. The cost reductions covered all divisions and included the corporate offices, but were weighted to Applied Technology as a result of the decline in this business and the expectation of continued end-market weakness for this division. The Company incurred restructuring costs for severance benefits of $477 in the three-month period ended April 30, 2015 , including $55 of unpaid costs at April 30, 2015 . The Company reported $393 of this expense in "Cost of sales" and the remaining $84 in "Selling, general, and administrative expenses" in the Consolidated Statements of Income and Comprehensive Income. Substantially all of these restructuring costs related to the Applied Technology Division. This restructuring plan was completed during fiscal 2016 second quarter. |
Dividends and Treasury Stock
Dividends and Treasury Stock | 3 Months Ended |
Apr. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK Dividends paid to Raven shareholders were $4,701 or 13.0 cents per share during the three months ended April 30, 2016 and $4,940 , or 13.0 cents during the three months ended April 30, 2015 . Effective March 21, 2016 the Board of Directors (Board) authorized an extension and increase of the authorized $40,000 stock buyback program in place. An additional $10,000 was authorized for share repurchases once the $40,000 authorization limit is reached. Pursuant to these authorizations, the Company repurchased 382,065 and 149,359 shares in the three-month periods ended April 30, 2016 and 2015, respectively. These purchases totaled $5,702 and $3,044 , respectively. All such share repurchases were paid at April 30, 2016. At April 30, 2015, $481 of such share repurchases were unpaid. The remaining dollar value authorized for share repurchases at April 30, 2016 is $14,959 . This authorization remains in place until such time as the authorized spending limit is reached or such authorization is revoked by the Board. |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Apr. 30, 2016 | |
Share-based Compensation [Abstract] | |
Share Based Compensation | SHARE-BASED COMPENSATION The Company reserves shares for issuance pursuant to the Amended and Restated 2010 Stock Incentive Plan effective March 23, 2012, administered by the Personnel and Compensation Committee of the Board of Directors. Two types of awards, stock options and restricted stock units, were granted during the three months ended April 30, 2016 and April 30, 2015 . Stock Option Awards The Company granted 274,200 and 280,200 non-qualified stock options during the three -month periods ended April 30, 2016 and 2015, respectively. Options are granted with exercise prices not less than the market value of the Company's common stock at the date of grant. The stock options vest over a four -year period and expire after five years. Options contain retirement and change-in-control provisions that may accelerate the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The Company uses historical data to estimate option exercises and employee terminations within this valuation model. The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: Three Months Ended April 30, 2016 April 30, 2015 Risk-free interest rate 1.05 % 1.34 % Expected dividend yield 3.33 % 2.59 % Expected volatility factor 32.61 % 36.81 % Expected option term (in years) 4.00 3.75 Weighted average grant date fair value $3.05 $4.78 Restricted Stock Unit Awards (RSUs) The Company granted 66,370 and 19,250 time-vested RSUs to employees in the three -month periods ended April 30, 2016 and 2015 , respectively. The grant date fair value of a time-vested RSU is measured based upon the closing market price of the Company's common stock on the day prior to the date of grant. The grant date fair value per share of the time-vested RSUs granted in the three months ended April 30, 2016 and 2015 was $15.61 and $20.10 , respectively. 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. The Company also granted performance-based RSUs in the three -month period ended April 30, 2016 . 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 2017 and 2016 grants are based on return on equity (ROE), which is defined as net income divided by the average of beginning and ending shareholders' equity. 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. 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 number of RSUs that will vest is determined by an estimated ROE target over the three -year performance period. The estimated ROE performance factors used to estimate the number of restricted stock units expected to vest are evaluated at least quarterly. The number of restricted stock units issued at the vesting date will be based on actual results. The fair value of the performance-based restricted stock units is based upon the closing market price of the Company's common stock on the day prior to the grant date. The number of performance-based RSUs granted is based on 100% of the target award. During the three -month periods ended April 30, 2016 and 2015 , the Company granted 72,950 and 66,330 performance-based RSUs, respectively. The weighted average grant date fair value per share of these performance-based RSUs was $15.61 and $20.10 , respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company's reportable segments are defined by their product lines which have been grouped in these segments based on common technologies, production methods, and inventories. Raven's reportable segments are Applied Technology, Engineered Films, and Aerostar. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. Other expense and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Segment information is reported consistent with the Company's management reporting structure. Business segment net sales and operating income results are as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 31,456 $ 32,410 Engineered Films 29,100 31,321 Aerostar 7,895 6,554 Intersegment eliminations (a) (91 ) (12 ) Consolidated net sales $ 68,360 $ 70,273 Operating income Applied Technology $ 8,693 $ 8,741 Engineered Films 3,878 4,471 Aerostar (621 ) (853 ) Intersegment eliminations (a) (5 ) 59 Total reportable segment income 11,945 12,418 Administrative and general expenses (4,338 ) (5,204 ) Consolidated operating income $ 7,607 $ 7,214 (a) Intersegment sales for both fiscal 2017 and 2016 were primarily sales from Engineered Films to Aerostar. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Notes) | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Accounting Standards Adopted In November 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, "Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes" (ASU 2015-17). Currently GAAP requires the deferred taxes for each jurisdiction (or tax-paying component of a jurisdiction) to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. To simplify presentation, ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction - that is, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The Company early adopted ASU 2015-17 in the fiscal 2017 first quarter using the prospective method. No current deferred tax assets or liabilities are recorded on the balance sheet. Since the Company adopted the guidance prospectively, the prior periods were not retrospectively adjusted. In September 2015 the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments" (ASU 2015-16). The amendments in ASU 2015-16 apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and, during the measurement period, have an adjustment to provisional amounts recognized. ASU 2015-16 requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update require an entity to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company adopted ASU 2015-16 when it became effective in the fiscal 2017 first quarter with no impact on its consolidated financial statements or results of operations. In April 2015 the FASB issued ASU No. 2015-05, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (CCA)" (ASU 2015-05). The amendments in ASU 2015-05 clarify existing GAAP guidance about a customer’s accounting for fees paid in a CCA with or without a software license. Examples of cloud computing arrangements include software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. Under ASU 2015-05, fees paid by a customer in a CCA for a software license are within the scope of the internal-use software guidance if certain criteria are met. If the criteria are not met the fees paid are accounted for as a prepaid service contract and expensed. The Company has historically accounted for all fees in a CCA as a prepaid service contract. The Company adopted ASU 2015-05 in first quarter fiscal 2017 when it became effective using the prospective method. The Company did not pay any fees in a CCA in the current period that met the criteria to be in scope of the internal-use software guidance and it had no impact on the consolidated financial statements, results of operations, or cash flows. In February 2015 the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis" (ASU 2015-02). The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1. Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; 2. Eliminate the presumption that a general partner should consolidate a limited partnership; 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940. The Company adopted ASU 2015-02 when it became effective in first quarter fiscal 2017. The Company reevaluated all of it legal entities and one investment accounted for using the equity method during the first quarter. In addition, this guidance was applied to the evaluation of the Company's investment in Ag Eagle in first quarter fiscal 2017 further discussed in Note 5 Acquisitions of and Investments in Businesses and Technologies of this Form 10-Q. Under ASU 2015-02 neither of these equity method investments qualify for consolidation. The adoption of this guidance had no impact on the legal entities consolidated or the Company's consolidated financial position, results of operations, or cash flows. No prior period retrospective adjustments were required . In January 2015 the FASB issued 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. The Company adopted ASU 2015-01when it became effective in fiscal 2017 first quarter using the prospective method. The adoption of this guidance did not have any impact on the Company's 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). The Company adopted ASU 2014-15 in the fiscal 2017 first quarter when it became effective. The adoption of this guidance did not have any impact on the Company's consolidated financial statements or disclosures. In addition to the accounting pronouncements adopted and described above, the Company adopted various other accounting pronouncements that became effective in fiscal 2017 first quarter. None of this guidance had a significant impact on the Company's consolidated financial statements, results of operations, cash flows, or disclosures for the period. New Accounting Standards Not Yet Adopted In March 2016 the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". ASU 2016-09 amends the accounting for employee share-based payment transactions to require recognition of the tax effects resulting from the settlement of stock-based awards as income tax expense or benefit in the income statement in the reporting period in which they occur. In addition, this guidance requires that all tax-related cash flows resulting from share-based payments, including the excess tax benefits related to the settlement of stock-based awards, be classified as cash flows from operating activities in the statement of cash flows. The guidance also requires that cash paid by directly withholding shares for tax withholding purposes be classified as a financing activity in the statement of cash flows. In addition, the guidance also allows companies to make an accounting policy election to either estimate the number of awards that are expected to vest, consistent with current U.S. GAAP, or account for forfeitures when they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. ASU 2016-09 requires that the various amendments be adopted using different methods. The Company is evaluating the impact the adoption of this guidance will have on its consolidated financial statements, results of operations, and disclosures. In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The Company is evaluating the impact the adoption of this guidance will have on its consolidated financial statements, results of operations, and disclosures. In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (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. In August 2015, the FASB approved a one-year deferral of the effective date (ASU 2015-14) and the standard is now effective for the Company for fiscal 2019 and interim periods therein. ASU 2014-09 may be adopted as of the original effective date, which for the Company is fiscal 2018. 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). In addition, FASB has amended Topic 606 prior to it becoming effective. In April 2016 FASB issued (ASU) No. 2016-10, "Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing" and in March 2016 FASB issued (ASU) No. 2016-08, "Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net)". The effective date and transition requirements for these amendments to Topic 606 are same as ASU 2014-09. The Company is currently evaluating the method and date of adoption and the impact the adoption of ASU 2014-09 and all subsequent amendments to Topic 606, will have on the Company’s consolidated financial position, results of operations, and disclosures. |
New Accounting Pronouncements, Policy | Accounting Standards Adopted In November 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, "Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes" (ASU 2015-17). Currently GAAP requires the deferred taxes for each jurisdiction (or tax-paying component of a jurisdiction) to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. To simplify presentation, ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction - that is, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The Company early adopted ASU 2015-17 in the fiscal 2017 first quarter using the prospective method. No current deferred tax assets or liabilities are recorded on the balance sheet. Since the Company adopted the guidance prospectively, the prior periods were not retrospectively adjusted. In September 2015 the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments" (ASU 2015-16). The amendments in ASU 2015-16 apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and, during the measurement period, have an adjustment to provisional amounts recognized. ASU 2015-16 requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update require an entity to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company adopted ASU 2015-16 when it became effective in the fiscal 2017 first quarter with no impact on its consolidated financial statements or results of operations. In April 2015 the FASB issued ASU No. 2015-05, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (CCA)" (ASU 2015-05). The amendments in ASU 2015-05 clarify existing GAAP guidance about a customer’s accounting for fees paid in a CCA with or without a software license. Examples of cloud computing arrangements include software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. Under ASU 2015-05, fees paid by a customer in a CCA for a software license are within the scope of the internal-use software guidance if certain criteria are met. If the criteria are not met the fees paid are accounted for as a prepaid service contract and expensed. The Company has historically accounted for all fees in a CCA as a prepaid service contract. The Company adopted ASU 2015-05 in first quarter fiscal 2017 when it became effective using the prospective method. The Company did not pay any fees in a CCA in the current period that met the criteria to be in scope of the internal-use software guidance and it had no impact on the consolidated financial statements, results of operations, or cash flows. In February 2015 the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis" (ASU 2015-02). The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1. Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; 2. Eliminate the presumption that a general partner should consolidate a limited partnership; 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940. The Company adopted ASU 2015-02 when it became effective in first quarter fiscal 2017. The Company reevaluated all of it legal entities and one investment accounted for using the equity method during the first quarter. In addition, this guidance was applied to the evaluation of the Company's investment in Ag Eagle in first quarter fiscal 2017 further discussed in Note 5 Acquisitions of and Investments in Businesses and Technologies of this Form 10-Q. Under ASU 2015-02 neither of these equity method investments qualify for consolidation. The adoption of this guidance had no impact on the legal entities consolidated or the Company's consolidated financial position, results of operations, or cash flows. No prior period retrospective adjustments were required . In January 2015 the FASB issued 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. The Company adopted ASU 2015-01when it became effective in fiscal 2017 first quarter using the prospective method. The adoption of this guidance did not have any impact on the Company's 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). The Company adopted ASU 2014-15 in the fiscal 2017 first quarter when it became effective. The adoption of this guidance did not have any impact on the Company's consolidated financial statements or disclosures. In addition to the accounting pronouncements adopted and described above, the Company adopted various other accounting pronouncements that became effective in fiscal 2017 first quarter. None of this guidance had a significant impact on the Company's consolidated financial statements, results of operations, cash flows, or disclosures for the period. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Standards Not Yet Adopted In March 2016 the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". ASU 2016-09 amends the accounting for employee share-based payment transactions to require recognition of the tax effects resulting from the settlement of stock-based awards as income tax expense or benefit in the income statement in the reporting period in which they occur. In addition, this guidance requires that all tax-related cash flows resulting from share-based payments, including the excess tax benefits related to the settlement of stock-based awards, be classified as cash flows from operating activities in the statement of cash flows. The guidance also requires that cash paid by directly withholding shares for tax withholding purposes be classified as a financing activity in the statement of cash flows. In addition, the guidance also allows companies to make an accounting policy election to either estimate the number of awards that are expected to vest, consistent with current U.S. GAAP, or account for forfeitures when they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. ASU 2016-09 requires that the various amendments be adopted using different methods. The Company is evaluating the impact the adoption of this guidance will have on its consolidated financial statements, results of operations, and disclosures. In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The Company is evaluating the impact the adoption of this guidance will have on its consolidated financial statements, results of operations, and disclosures. In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (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. In August 2015, the FASB approved a one-year deferral of the effective date (ASU 2015-14) and the standard is now effective for the Company for fiscal 2019 and interim periods therein. ASU 2014-09 may be adopted as of the original effective date, which for the Company is fiscal 2018. 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). In addition, FASB has amended Topic 606 prior to it becoming effective. In April 2016 FASB issued (ASU) No. 2016-10, "Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing" and in March 2016 FASB issued (ASU) No. 2016-08, "Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net)". The effective date and transition requirements for these amendments to Topic 606 are same as ASU 2014-09. The Company is currently evaluating the method and date of adoption and the impact the adoption of ASU 2014-09 and all subsequent amendments to Topic 606, will have on the Company’s consolidated financial position, results of operations, and disclosures. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | The options and restricted stock units excluded from the diluted net income per-share share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 1,005,163 1,103,707 |
Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 5,523 $ 4,855 Denominator: Weighted average common shares outstanding 36,319,918 38,000,775 Weighted average stock units outstanding 93,986 69,492 Denominator for basic calculation 36,413,904 38,070,267 Weighted average common shares outstanding 36,319,918 38,000,775 Weighted average stock units outstanding 93,986 69,492 Dilutive impact of stock options and restricted stock units 52,234 131,637 Denominator for diluted calculation 36,466,138 38,201,904 Net income per share - basic $ 0.15 $ 0.13 Net income per share - diluted $ 0.15 $ 0.13 |
Selected Balance Sheet Inform26
Selected Balance Sheet Information (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Selected Balance Sheet Information [Abstract] | |
Components of selected balance sheet items | Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2016 January 31, 2016 April 30, 2015 Accounts receivable, net: Trade accounts $ 42,041 $ 39,103 $ 45,686 Allowance for doubtful accounts (1,028 ) (1,034 ) (453 ) $ 41,013 $ 38,069 $ 45,233 Inventories: Finished goods $ 4,570 $ 4,896 $ 9,127 In process 1,751 1,845 2,533 Materials 40,629 39,147 47,321 $ 46,950 $ 45,888 $ 58,981 Other current assets: Insurance policy benefit $ 742 $ 716 $ 683 Federal tax receivable 1,719 2,176 — Receivable from sale of business 205 255 789 Prepaid expenses and other 2,677 1,737 4,889 $ 5,343 $ 4,884 $ 6,361 Property, plant and equipment, net: Held for use: Land $ 3,054 $ 3,054 $ 3,246 Buildings and improvements 77,901 77,827 78,661 Machinery and equipment 141,798 140,995 135,154 Accumulated depreciation (109,786 ) (106,514 ) (99,538 ) $ 112,967 $ 115,362 $ 117,523 Held for sale: Land $ 244 $ 244 $ 11 Buildings and improvements 1,595 1,595 1,522 Machinery and equipment 329 329 — Accumulated depreciation (1,368 ) (1,368 ) (627 ) 800 800 906 $ 113,767 $ 116,162 $ 118,429 Other assets: Equity investments $ 2,813 $ 2,805 $ 3,095 Deferred income taxes 25 — — Other 1,407 1,322 1,264 $ 4,245 $ 4,127 $ 4,359 Accrued liabilities: Salaries and related $ 1,874 $ 1,883 $ 3,035 Benefits 3,945 3,864 4,655 Insurance obligations 1,893 1,730 1,629 Warranties 2,316 1,835 2,285 Income taxes 654 475 1,824 Other taxes 1,008 1,117 936 Acquisition-related contingent consideration 454 407 938 Other 595 731 1,433 $ 12,739 $ 12,042 $ 16,735 Other liabilities: Postretirement benefits $ 7,678 $ 7,662 $ 11,976 Acquisition-related contingent consideration 2,338 2,499 3,046 Deferred income taxes 4,202 5,426 7,278 Uncertain tax positions 3,041 3,339 3,281 $ 17,259 $ 18,926 $ 25,581 |
Employee Postretirement Benef27
Employee Postretirement Benefits Employee Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net periodic benefit cost for postretirement plan | The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 20 $ 108 Interest cost 83 105 Amortization of actuarial losses 37 84 Amortization of unrecognized prior service cost (40 ) — Net periodic benefit cost $ 100 $ 297 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 1,835 $ 3,120 Accrual for warranties 824 359 Settlements made (343 ) (1,194 ) Ending balance $ 2,316 $ 2,285 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Share-based Compensation [Abstract] | |
Weighted average assumptions by grant year | The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: Three Months Ended April 30, 2016 April 30, 2015 Risk-free interest rate 1.05 % 1.34 % Expected dividend yield 3.33 % 2.59 % Expected volatility factor 32.61 % 36.81 % Expected option term (in years) 4.00 3.75 Weighted average grant date fair value $3.05 $4.78 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Business segment net sales and operating income results | Business segment net sales and operating income results are as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 31,456 $ 32,410 Engineered Films 29,100 31,321 Aerostar 7,895 6,554 Intersegment eliminations (a) (91 ) (12 ) Consolidated net sales $ 68,360 $ 70,273 Operating income Applied Technology $ 8,693 $ 8,741 Engineered Films 3,878 4,471 Aerostar (621 ) (853 ) Intersegment eliminations (a) (5 ) 59 Total reportable segment income 11,945 12,418 Administrative and general expenses (4,338 ) (5,204 ) Consolidated operating income $ 7,607 $ 7,214 (a) Intersegment sales for both fiscal 2017 and 2016 were primarily sales from Engineered Films to Aerostar. |
Basis of Presentation and Pri31
Basis of Presentation and Principles of Consolidation (Details) | 3 Months Ended |
Apr. 30, 2016segment | |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | |
Number of operating units | 3 |
Aerostar Integrated Systems [Member] | |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | |
Joint venture, ownership percentage | 75.00% |
Net Income per Share (Antidilut
Net Income per Share (Antidiluted Securities Excluded from Computation) (Details) - shares | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 1,005,163 | 1,103,707 |
Net Income per Share (Schedule
Net Income per Share (Schedule of Calculation of Numerator and Denominator in Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Numerator: | ||
Net income attributable to Raven Industries, Inc. | $ 5,523 | $ 4,855 |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 36,319,918 | 38,000,775 |
Weighted average stock units outstanding (in shares) | 93,986 | 69,492 |
Denominator for basic calculation (in shares) | 36,413,904 | 38,070,267 |
Weighted average common shares outstanding (in shares) | 36,319,918 | 38,000,775 |
Weighted average stock units outstanding (in shares) | 93,986 | 69,492 |
Dilutive impact of stock options and restricted units (in shares) | 52,234 | 131,637 |
Denominator for diluted calculation (in shares) | 36,466,138 | 38,201,904 |
Net income per share - basic (in dollars per share) | $ 0.15 | $ 0.13000 |
Net income per share - diluted (in dollars per share) | $ 0.15 | $ 0.13000 |
Selected Balance Sheet Inform34
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 | Jan. 31, 2015 |
Accounts receivable, net: | ||||
Trade accounts | $ 42,041 | $ 39,103 | $ 45,686 | |
Allowance for doubtful accounts | (1,028) | (1,034) | (453) | |
Accounts receivable, net | 41,013 | 38,069 | 45,233 | |
Inventories: | ||||
Finished goods | 4,570 | 4,896 | 9,127 | |
In process | 1,751 | 1,845 | 2,533 | |
Materials | 40,629 | 39,147 | 47,321 | |
Inventories | 46,950 | 45,888 | 58,981 | |
Other current assets: | ||||
Insurance policy benefit | 742 | 716 | 683 | |
Federal tax receivable | 1,719 | 2,176 | 0 | |
Receivable from sale of business | 205 | 255 | 789 | |
Prepaid Expense and other | 2,677 | 1,737 | 4,889 | |
Other current assets | 5,343 | 4,884 | 6,361 | |
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 113,767 | 116,162 | 118,429 | |
Other Assets (Noncurrent): | ||||
Equity investments | 2,813 | 2,805 | 3,095 | |
Deferred Tax Assets, Net, Noncurrent | 25 | 0 | 0 | |
Other | 1,407 | 1,322 | 1,264 | |
Other assets | 4,245 | 4,127 | 4,359 | |
Accrued liabilities: | ||||
Salaries and related | 1,874 | 1,883 | 3,035 | |
Benefits | 3,945 | 3,864 | 4,655 | |
Insurance obligations | 1,893 | 1,730 | 1,629 | |
Warranties | 2,316 | 1,835 | 2,285 | $ 3,120 |
Income Taxes | 654 | 475 | 1,824 | |
Other taxes | 1,008 | 1,117 | 936 | |
Acquisition-related contingent consideration liability, Current | 454 | 407 | 938 | |
Other | 595 | 731 | 1,433 | |
Accrued liabilities | 12,739 | 12,042 | 16,735 | |
Other liabilities: | ||||
Postretirement benefits | 7,678 | 7,662 | 11,976 | |
Acquisition-related contingent consideration liability, Noncurrent | 2,338 | 2,499 | 3,046 | |
Deferred income taxes | 4,202 | 5,426 | 7,278 | |
Uncertain tax positions | 3,041 | 3,339 | 3,281 | |
Other liabilities | 17,259 | 18,926 | 25,581 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 244 | 244 | 11 | |
Building and Building Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 1,595 | 1,595 | 1,522 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 329 | 329 | 0 | |
Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | (1,368) | (1,368) | (627) | |
Property, plant and equipment, net | 800 | 800 | 906 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 3,054 | 3,054 | 3,246 | |
Building and Building Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 77,901 | 77,827 | 78,661 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 141,798 | 140,995 | 135,154 | |
Assets held for use [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | (109,786) | (106,514) | (99,538) | |
Property, plant and equipment, net | 112,967 | 115,362 | 117,523 | |
Assets held for use [Member] | Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | $ 113,767 | $ 116,162 | $ 118,429 |
Acquisitions of and Investmen35
Acquisitions of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Jan. 31, 2016 | |
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration liability, Current | $ 454,000 | $ 938,000 | $ 407,000 |
Acquisition-related contingent consideration liability, Noncurrent | 2,338,000 | 3,046,000 | $ 2,499,000 |
Payments of acquisition-related contingent liability | $ (138,000) | (614,000) | |
SBG Innovatie [Member] | |||
Business Combination, Description [Abstract] | |||
Business Acquisition, Name of Acquired Entity | SBG Innovatie BV | ||
Navtronics [Member] | |||
Business Combination, Description [Abstract] | |||
Business Acquisition, Name of Acquired Entity | Navtronics BVBA | ||
SBG Innovatie and Affiliates [Member] | |||
Business Combination, Description [Abstract] | |||
Business Acquisition, Date of Acquisition Agreement | May 1, 2014 | ||
Contingent consideration, potential cash payment | $ 2,500,000 | ||
Contingent Consideration Term in Years | 10 years | ||
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration, total liability | $ 1,491,000 | 1,410,000 | |
Acquisition-related contingent consideration liability, Current | 237,000 | 287,000 | |
Acquisition-related contingent consideration liability, Noncurrent | 1,254,000 | 1,123,000 | |
Payments of acquisition-related contingent liability | 59,000 | 29,000 | |
Business acquisition contingent consideration cumulative paid | $ 367 | ||
Vista Research [Member] | |||
Business Combination, Description [Abstract] | |||
Business Acquisition, Date of Acquisition Agreement | Jan. 6, 2012 | ||
Contingent consideration, potential cash payment | $ 15,000,000 | ||
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration, total liability | 1,279,000 | 2,571,000 | |
Acquisition-related contingent consideration liability, Current | 195,000 | 648,000 | |
Acquisition-related contingent consideration liability, Noncurrent | 1,084,000 | 1,923,000 | |
Payments of acquisition-related contingent liability | $ 79,000 | $ 585,000 | |
Business acquisition contingent consideration payments period | 7 years | ||
Business acquisition contingent consideration cumulative paid | $ 1,471,000 | ||
Applied Technology [Member] | AgEagle Aerial Systems [Member] | |||
Variable Interest Entity Disclosure [Abstract] | |||
Variable Interest Entity, acquisition date equity method investment | Feb. 29, 2016 | ||
Variable Interest Entity, name of investee equity method investment | AgEagle Aerial Systems, Inc. | ||
Equity Method Investment, Ownership Percentage | 5.00% |
Goodwill and Other Intangible36
Goodwill and Other Intangibles Goodwill and Other Intangibles (Details) - ReportingUnits | 3 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jan. 31, 2016 | |
Goodwill [Line Items] | ||
Number of Reporting Units | 3 | 4 |
Employee Postretirement Benef37
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 20 | $ 108 |
Interest cost | 83 | 105 |
Amortization of actuarial losses | (37) | (84) |
Amortization of unrecognized prior service cost (Credit) | (40) | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 100 | $ 297 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 1,835 | $ 3,120 |
Accrual for warranties | 824 | 359 |
Settlements made | (343) | (1,194) |
Ending balance | $ 2,316 | $ 2,285 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 15, 2015 | |
Wells Fargo Bank, N.A. [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of credit issued, amount | $ 650 | $ 850 | |
Borrowing outstanding under line of credit | $ 0 | 0 | |
JPMorgan Chase Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Initiation Date | Apr. 15, 2015 | ||
Borrowing capacity under line of credit | $ 125,000 | ||
Maturity date of the line of credit | Apr. 15, 2020 | ||
Unamortized Debt Issuance Expense | $ 434 | 548 | |
Letters of credit issued, amount | 464 | 0 | |
Borrowing outstanding under line of credit | 0 | 0 | |
Remaining borrowing capacity under the line of credit | 124,536 | $ 125,000 | |
All lenders [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of credit issued, amount | $ 1,114 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 26.40% | 32.20% |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | $ 3,243 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 539 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Jan. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs unpaid | $ 0 | ||
Severance costs incurred | 0 | ||
Receivable from sale of business | 205 | $ 789 | $ 255 |
Property, plant and equipment, net | 113,767 | 118,429 | 116,162 |
Applied Technology [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs unpaid | 0 | 55 | |
Severance costs incurred | 0 | 477 | |
Impairment charges related to exit activity | 0 | 0 | |
Gain (Loss) on Disposition of Assets | 0 | 364 | |
Receivable from sale of business | 205 | 789 | |
Cost of Sales [Member] | Applied Technology [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs incurred | 393 | ||
Selling, General and Administrative Expenses [Member] | Applied Technology [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs incurred | 84 | ||
Assets Held-for-sale [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Property, plant and equipment, net | $ 800 | $ 906 | $ 800 |
Dividends and Treasury Stock (D
Dividends and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Dividends paid | $ 4,701 | $ 4,940 |
Cash dividends paid per common share (in dollars per share) | $ 0.13 | $ 0.13000 |
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 40,000 |
Stock Repurchase Program, Additional Authorized Amount | $ 10,000 | |
Shares repurchased, Treasury Stock | 382,065 | 149,359 |
Stock Repurchased and Retired During Period, Value | $ 5,702 | $ 3,044 |
Payments for Repurchase of Common Stock | 5,702 | 2,563 |
Unpaid repurchases of common stock | 0 | $ 481 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 14,959 |
Share Based Compensation (Detai
Share Based Compensation (Details) - 2010 Stock Incentive Plan [Member] - $ / shares | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 274,200 | 280,200 |
Stock options vesting period, years | 4 years | |
Years to expiration | 5 years | |
Time-vested RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options vesting period, years | 3 years | |
Grants in period (time-vested or performance-based RSUs) | 66,370 | 19,250 |
Weighted average grant date fair value (in dollars per share) | $ 15.61 | $ 20.10 |
Performance-based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options vesting period, years | 3 years | |
Grants in period (time-vested or performance-based RSUs) | 72,950 | 66,330 |
Weighted average grant date fair value (in dollars per share) | $ 15.61 | $ 20.10 |
Perfromance shares target award | 100.00% | |
Performance-based RSUs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Perfromance shares target award | 0.00% | |
Performance-based RSUs [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Perfromance shares target award | 150.00% |
Share Based Compensation (Weigh
Share Based Compensation (Weighted average assumptions by grant year) (Details) - $ / shares | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Share-based Compensation [Abstract] | ||
Risk-free interest rate | 1.05% | 1.34% |
Expected dividend yield | 3.33% | 2.59% |
Expected volatility factor | 32.61% | 36.81% |
Expected option term (in years) | 4 years | 3 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.05 | $ 4.78 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 68,360 | $ 70,273 | |
Operating income | 7,607 | 7,214 | |
Administrative and general expenses | (4,338) | (5,204) | |
Applied Technology [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 31,456 | 32,410 | |
Operating income | 8,693 | 8,741 | |
Engineered Films [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 29,100 | 31,321 | |
Operating income | 3,878 | 4,471 | |
Aerostar Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,895 | 6,554 | |
Operating income | (621) | (853) | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | [1] | (91) | (12) |
Operating income | [1] | (5) | 59 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ 11,945 | $ 12,418 | |
[1] | (a) Intersegment sales for both fiscal 2017 and 2016 were primarily sales from Engineered Films to Aerostar. |