Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2017 | May 19, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,090,556 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 |
Current assets | |||
Cash and cash equivalents | $ 50,477 | $ 50,648 | $ 32,790 |
Accounts receivable, net | 51,617 | 43,143 | 41,013 |
Inventories | 49,867 | 42,336 | 46,901 |
Other current assets | 3,256 | 2,689 | 4,889 |
Total current assets | 155,217 | 138,816 | 125,593 |
Property, plant and equipment, net | 106,194 | 106,324 | 113,374 |
Goodwill | 40,686 | 40,649 | 40,816 |
Amortizable intangible assets, net | 11,455 | 12,048 | 13,142 |
Other assets | 3,442 | 3,672 | 4,245 |
TOTAL ASSETS | 316,994 | 301,509 | 297,170 |
Current liabilities | |||
Accounts payable | 13,909 | 8,467 | 9,356 |
Accrued liabilities | 21,864 | 18,055 | 12,703 |
Customer advances | 751 | 1,860 | 809 |
Total current liabilities | 36,524 | 28,382 | 22,868 |
Other liabilities | 12,726 | 13,696 | 14,439 |
Commitments and contingencies | |||
Shareholders' equity | |||
Common stock, $1 par value, authorized shares 100,000; issued 67,072; 67,060; and 67,041, respectively | 67,072 | 67,060 | 67,041 |
Paid-in capital | 56,489 | 55,795 | 53,832 |
Retained earnings | 238,250 | 230,649 | 230,207 |
Accumulated other comprehensive loss | (3,670) | (3,676) | (2,891) |
Treasury stock at cost, 30,984; 30,984; and 30,882 shares, respectively | (90,402) | (90,402) | (88,402) |
Total Raven Industries, Inc. shareholders' equity | 267,739 | 259,426 | 259,787 |
Noncontrolling interest | 5 | 5 | 76 |
Total equity | 267,744 | 259,431 | 259,863 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 316,994 | $ 301,509 | $ 297,170 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) - $ / shares | Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 |
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) | 67,072,000 | 67,060,000 | 67,041,000 |
Treasury stock, at cost (in shares) | 30,984,000 | 30,984,000 | 30,882,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 93,535 | $ 68,360 |
Cost of sales | 61,579 | 48,243 |
Gross profit | 31,956 | 20,117 |
Research and development expenses | 3,980 | 4,409 |
Selling, general, and administrative expenses | 9,498 | 7,658 |
Long-lived asset impairment loss | 259 | 0 |
Operating income | 18,219 | 8,050 |
Other (expense), net | (230) | (97) |
Income before income taxes | 17,989 | 7,953 |
Income tax expense | 5,641 | 2,434 |
Net income | 12,348 | 5,519 |
Net income attributable to the noncontrolling interest | 0 | 2 |
Net income attributable to Raven Industries, Inc. | $ 12,348 | $ 5,517 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.34000 | $ 0.15000 |
Diluted (in dollars per share) | 0.34000 | 0.15000 |
Cash dividends paid per common share (in dollars per share) | $ 0.13 | $ 0.13000 |
Comprehensive income: | ||
Net income | $ 12,348 | $ 5,519 |
Other comprehensive income (loss): | ||
Foreign currency translation | 12 | 612 |
Postretirement benefits, net of income tax benefit (expense) of $4 and ($1), respectively | (6) | (2) |
Other comprehensive income, net of tax | 6 | 610 |
Comprehensive income | 12,354 | 6,129 |
Comprehensive income attributable to noncontrolling interest | 0 | 2 |
Comprehensive income attributable to Raven Industries, Inc. | $ 12,354 | $ 6,127 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||
Other comprehensive income, postretirement benefits, income tax (expense) benefit | $ 4 | $ (1) |
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, 2016 | $ 264,229 | $ 67,006 | $ 53,907 | $ (82,700) | $ 229,443 | $ (3,501) | $ 264,155 | $ 74 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2016 | 30,500,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,519 | 5,517 | 5,517 | 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 | $ 259,863 | 67,041 | 53,832 | $ (88,402) | 230,207 | (2,891) | 259,787 | 76 |
Treasury stock at end of period (in shares) at Apr. 30, 2016 | 30,882,000 | 30,882,000 | ||||||
Balance at beginning of period at Jan. 31, 2017 | $ 259,431 | 67,060 | 55,795 | $ (90,402) | 230,649 | (3,676) | 259,426 | 5 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2017 | 30,984,000 | 30,984,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 12,348 | 12,348 | 12,348 | 0 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | 12 | 12 | 12 | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (6) | (6) | (6) | |||||
Cash dividends | (4,691) | 56 | (4,747) | (4,691) | ||||
Stock issued on stock options exercised, net of shares withheld for employee taxes | 11 | 1 | 10 | 11 | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | $ (152) | 11 | (163) | (152) | ||||
Shares repurchased, Treasury Stock | 0 | |||||||
Share-based compensation | $ 791 | 0 | 791 | 791 | ||||
Balance at end of period at Apr. 30, 2017 | $ 267,744 | $ 67,072 | $ 56,489 | $ (90,402) | $ 238,250 | $ (3,670) | $ 267,739 | $ 5 |
Treasury stock at end of period (in shares) at Apr. 30, 2017 | 30,984,000 | 30,984,000 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
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 | $ 4 | $ (1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 12,348 | $ 5,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,614 | 3,762 |
Change in fair value of acquisition-related contingent consideration | 91 | 63 |
Long-lived asset impairment loss | 259 | 0 |
Loss from equity investment | 110 | 3 |
Deferred income taxes | (783) | 1,651 |
Share-based compensation expense | 791 | 456 |
Other operating activities, net | 174 | (78) |
Change in operating assets and liabilities: | ||
Accounts receivable | (8,623) | (2,648) |
Inventories | (7,519) | (980) |
Other assets | (1,041) | (1,071) |
Operating liabilities | 8,281 | 4,427 |
Net cash provided by operating activities | 7,702 | 11,104 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (2,790) | (791) |
Purchase of investments | 0 | (500) |
Proceeds from sale of assets | 14 | 50 |
Other investing activities | (60) | (194) |
Net cash used in investing activities | (2,836) | (1,435) |
FINANCING ACTIVITIES: | ||
Dividends paid | (4,691) | (4,701) |
Payments for common shares repurchased | 0 | (5,702) |
Payments of acquisition-related contingent liability | (161) | (138) |
Restricted stock units vested and issued | (152) | (256) |
Employee stock options exercises | 11 | 0 |
Net cash used in financing activities | (4,993) | (10,797) |
Effect of exchange rate changes on cash | (44) | 136 |
Net (decrease) in cash and cash equivalents | (171) | (992) |
Cash and cash equivalents at beginning of year | 50,648 | 33,782 |
Cash and cash equivalents at end of period | $ 50,477 | $ 32,790 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Apr. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Raven Industries, Inc. (the Company or Raven) is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, and aerospace/defense markets. The Company is comprised of three unique operating units, or divisions, classified into reportable segments: Applied Technology, Engineered Films, and Aerostar. The accompanying 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, 2017 . 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, 2017 are not necessarily indicative of the results that may be expected for the year ending January 31, 2018 . The January 31, 2017 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required in an annual report on Form 10-K. Preparing financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned consolidated entities. The Company owns a 75% 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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2017 other than described below in the Accounting Standards Adopted section. Accounting Pronouncements Accounting Standards Adopted In January 2017 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" (ASU 2017-04). This ASU removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new guidance, a goodwill impairment will be measured as the amount by which a reporting unit’s carrying value exceeds its fair value. The amount of any impairment may not exceed the carrying amount of goodwill. The amendments should be applied on a prospective basis. The Company early adopted this guidance in fiscal 2018 first quarter on a prospective basis. As discussed in Note 6 Goodwill, Long-lived Assets, and Other Intangibles , management performed an assessment in fiscal 2018 first quarter and determined no triggering events had occurred for any of its three reporting units; therefore, the adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the three-month period ended April 30, 2017. In March 2016 the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). 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 discrete income tax expense or benefit in the income statement in the reporting period in which they occur. This guidance also requires that all tax-related cash flows resulting from share-based awards be disclosed as operating cash flows in the statement of cash flows and that cash paid to taxing authorities on the behalf of employees for withheld shares be classified as a financing activity in the statement of cash flows. Finally, this ASU allows companies to make an accounting policy election to either estimate the number of awards that are expected to vest, consistent with current GAAP, or account for forfeitures when they occur. The Company adopted the new guidance in fiscal 2018 first quarter when it became effective. The Company accounts for forfeitures as they occur. The Company is prospectively recognizing excess tax benefits or deficits on vesting or settlement of awards, when they occur, as a discrete income tax benefit or expense instead of as additional paid-in capital as required under previous guidance. This change resulted in recognition of income tax expense of $479 for the three months ended April 30, 2017. These tax-related cash flows are now classified within operating activities. The Company classifies tax payments made to taxing authorities on the employee's behalf for withheld shares as a financing activity on the statement of cash flows, as such the adoption of this guidance had no impact. Under the new guidance, excess tax benefits are no longer included in assumed proceeds under the treasury stock method of calculating earnings per share. The increase in incremental shares used in the weighted average diluted shares calculation was not material to the Company's diluted earnings per share calculation. In July 2015 the FASB issued ASU No. 2015-11, "Inventory (Topic 330) Simplifying the Measurement of Inventory" (ASU 2015-11). The amendments in ASU 2015-11 clarify that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Substantial and unusual losses that result from subsequent measurement of inventory should be disclosed in the financial statements. The Company adopted this guidance on a prospective basis in fiscal 2018 first quarter when it became effective. Previously the Company reported its inventory at the lower of cost or market. Market was defined as replacement cost with a ceiling of net realizable value and a floor of net realizable value less a normal profit margin. The Company evaluates its inventory in all three reporting segments quarterly to determine if cost exceeds net realizable value and records a write-down, if necessary. The adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the three-month period ended April 30, 2017. New Accounting Standards Not Yet Adopted In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Postretirement Benefit Cost" (ASU 2017-07). The guidance clarifies where the cost components of the net benefit cost should be reported in the income statement and it allows only the service cost to be capitalized. Currently the Company reports all of the components of the net benefit cost in "Operating income" in the Consolidated Statement of Income and Comprehensive Income. The net benefit cost for participants that are active employees is reported in the same manner as each participant's compensation cost is classified in the Consolidated Statement of Income and Comprehensive Income. The net benefit cost attributable to retired (inactive) participants is reported in "Selling, general, and administrative expenses" in the Consolidated Statement of Income and Comprehensive Income. Under the new guidance only the service cost component of the net benefit cost will be classified the same as the participant's compensation cost. The other components of the net benefit cost are required to be reported separately as a non-operating income (expense). The guidance is effective for annual periods, including interim periods, in fiscal years beginning after December 15, 2017. Early adoption is permitted and the amendments should be applied retrospectively. The Company does not expect this guidance will have a significant impact on its consolidated financial statements, results of operations and disclosures since it primarily will only change how the net benefit cost is classified in the Company's Consolidated Statements of Income and Comprehensive Income. 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. The effective date and transition requirements for these amendments to Topic 606 are the same as ASU 2014-09. Management has designated a team to assess the Company's revenue streams to determine what, if any, impact the new standard will have on revenue recognition. The Company's evaluation of ASU 2014-09, and all subsequent amendments to Topic 606, is ongoing and no conclusions have been reached on the method and date of adoption or the impact the adoption will have on the Company’s consolidated financial position, results of operations, and associated disclosures. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and fully vested stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units, and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. Weighted average common and common equivalent shares outstanding are excluded from the diluted loss per share calculation if their inclusion would have an antidilutive effect. 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 470,265 1,005,163 The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 12,348 $ 5,517 Denominator: Weighted average common shares outstanding 36,080,143 36,319,918 Weighted average fully vested stock units outstanding 98,787 93,986 Denominator for basic calculation 36,178,930 36,413,904 Weighted average common shares outstanding 36,080,143 36,319,918 Weighted average fully vested stock units outstanding 98,787 93,986 Dilutive impact of stock options and restricted stock units 359,795 52,234 Denominator for diluted calculation 36,538,725 36,466,138 Net income per share - basic $ 0.34 $ 0.15 Net income per share - diluted $ 0.34 $ 0.15 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 3 Months Ended |
Apr. 30, 2017 | |
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, 2017 January 31, 2017 April 30, 2016 Accounts receivable, net: Trade accounts $ 52,513 $ 43,834 $ 42,041 Allowance for doubtful accounts (896 ) (691 ) (1,028 ) $ 51,617 $ 43,143 $ 41,013 Inventories: Finished goods $ 5,385 $ 5,438 $ 4,570 In process 1,673 2,288 1,751 Materials 42,809 34,610 40,580 $ 49,867 $ 42,336 $ 46,901 Other current assets: Insurance policy benefit $ 739 $ 802 $ 742 Federal tax receivable 206 604 1,265 Receivable from sale of business 14 28 205 Prepaid expenses and other 2,297 1,255 2,677 $ 3,256 $ 2,689 $ 4,889 Property, plant and equipment, net: Held for use: Land $ 3,054 $ 3,054 $ 3,054 Buildings and improvements 79,676 77,817 77,871 Machinery and equipment 143,405 142,471 141,274 Accumulated depreciation (119,941 ) (117,018 ) (109,625 ) $ 106,194 $ 106,324 $ 112,574 Held for sale: Land $ — $ — $ 244 Buildings and improvements — — 1,595 Machinery and equipment — — 329 Accumulated depreciation — — (1,368 ) — — 800 $ 106,194 $ 106,324 $ 113,374 Other assets: Equity investments $ 2,180 $ 2,371 $ 2,813 Deferred income taxes 17 18 25 Other 1,245 1,283 1,407 $ 3,442 $ 3,672 $ 4,245 Accrued liabilities: Salaries and related $ 2,833 $ 6,286 $ 1,874 Benefits 4,090 3,960 3,945 Insurance obligations 2,532 2,400 1,893 Warranties 2,405 1,547 2,316 Income taxes 6,363 498 708 Other taxes 1,089 1,540 1,008 Acquisition-related contingent consideration 501 445 364 Other 2,051 1,379 595 $ 21,864 $ 18,055 $ 12,703 Other liabilities: Postretirement benefits $ 8,076 $ 8,054 $ 7,678 Acquisition-related contingent consideration 1,238 1,397 1,642 Deferred income taxes 636 1,421 2,120 Uncertain tax positions 2,601 2,610 2,999 Other 175 214 — $ 12,726 $ 13,696 $ 14,439 |
Acquisitions of and Investments
Acquisitions of and Investments in Businesses and Technologies | 3 Months Ended |
Apr. 30, 2017 | |
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 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 exclusive distributor of the existing AgEagle system as it pertains to the agriculture market. The Company’s equity ownership interest is considered a variable interest and it accounts for this investment under the equity method of accounting. 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. The purchase price was allocated between the equity ownership interest and an intangible asset for the exclusive distribution agreement. In April 2017, the Company determined that the investment in AgEagle, was fully impaired, further described in Note 6 Goodwill, Long-lived Assets and Other Intangibles , due to lower than expected cash flows. The Company has no commitments or guarantees related to this equity investment. 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 Research, Inc. (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, 2017 , the fair value of this contingent consideration was $1,385 , of which $270 was classified as "Accrued liabilities" and $1,115 was classified as "Other liabilities" in the Consolidated Balance Sheet. At January 31, 2017, the fair value of this contingent consideration was $1,409 , of which $247 was classified as "Accrued liabilities" and $1,162 was classified as "Other liabilities". 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 as "Other liabilities." The Company paid $61 , $36 , and $59 in earn-out payments in the three -month periods ended April 30, 2017 , January 31, 2017, and April 30, 2016 , respectively. To date, the Company has paid a total of $643 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, 2017 , the fair value of this contingent consideration was $287 , of which $164 was classified in "Accrued liabilities" and $123 as "Other liabilities" in the Consolidated Balance Sheet. At January 31, 2017, the fair value of this contingent consideration was $332 , of which $98 was classified in "Accrued liabilities" and $234 as "Other liabilities." At April 30, 2016 the fair value of this contingent consideration was $493 , of which $105 was classified as "Accrued liabilities" and $388 as "Other liabilities." The Company paid $100 and $79 in the three-month periods ended April 30, 2017 and 2016 , respectively. There were no payments made in the three-month period ended January 31, 2017. To date, the Company has paid a total of $1,572 of this potential earn-out liability. |
Goodwill, Long-lived Assets and
Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets and Other Intangibles (Notes) | 3 Months Ended |
Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Loss and Other Charges | GOODWILL, LONG-LIVED ASSETS, AND OTHER INTANGIBLES Goodwill Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. Management performed an assessment in fiscal 2018 first quarter and determined that no triggering events had occurred for any of the Company's reporting units. There were no goodwill impairment losses reported in the three-month period ended April 30, 2017. During the first quarter of fiscal 2017 which ended April 30, 2016, management implemented managerial and financial operations and reporting changes within Vista and Aerostar to further integrate Vista into the Aerostar Division. 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 consolidated the two separate reporting units within the Aerostar Division that were in existence at that time, into one reporting unit for purposes of goodwill impairment review. As such, as of April 30, 2016, the Company had three reporting units: Engineered Films Division, Applied Technology Division, and Aerostar Division. The Company reviewed the quantitative and qualitative factors associated with the change in reporting units and determined there were no indicators of impairment at the time of the reporting unit change. There were no goodwill impairment losses reported in the three-month period ended April 30, 2016. Long-lived Assets and Other Intangibles The Company assesses the recoverability of long-lived assets, including definite-lived intangibles, equity investments, and property plant and equipment if events or changes in circumstances indicate that an asset might be impaired. For long-lived and intangible assets, the Company performs impairment reviews by asset groups. When performing long-lived asset testing, the fair values of assets are determined based on valuation techniques using the best available information. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). An impairment loss is recognized when the carrying amount of an asset is below the estimated undiscounted cash flows used in determining the fair value of the asset. The Company determined that the investment in AgEagle, further described in Note 5 Acquisitions of and Investments in Businesses and Technologies, was impaired due to lower than expected cash flows. This impairment was determined to be other-than-temporary and an accelerated equity investment loss of $72 was reported in "Other (expense), net" in the Consolidated Statements of Income and Comprehensive Income for the three-month period ended April 30, 2017. The Company also determined the customer relationship intangible asset related to the Ag Eagle exclusive distribution agreement was fully impaired. The total impairment loss related to this intangible asset was $259 and was reported in "Long-lived asset impairment loss" in the Consolidated Statements of Income and Comprehensive Income for the three-month period ended April 30, 2017. There were no long-lived asset impairments or accelerated equity method losses reported in the three-month period ended April 30, 2016. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 3 Months Ended |
Apr. 30, 2017 | |
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 $ 22 $ 20 Interest cost 82 83 Amortization of actuarial losses 30 37 Amortization of unrecognized prior service cost (gains) (40 ) (40 ) Net periodic benefit cost $ 94 $ 100 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, 2017 | |
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 $ 1,547 $ 1,835 Accrual for warranties 1,377 824 Settlements made (519 ) (343 ) Ending balance $ 2,405 $ 2,316 |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements | 3 Months Ended |
Apr. 30, 2017 | |
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 . 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. Unamortized debt issuance costs associated with this Credit Agreement were $324 and $434 at April 30, 2017 and 2016, respectively and are included in "Other assets" in the Consolidated Balance Sheets. Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement includes annual administrative and unborrowed capacity fees. The Credit Agreement also contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. The Company requested and received the necessary covenant waivers relating to its late filing of financial information in fiscal 2017. 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. Letters of credit (LOCs) totaling $1,114 issued under the Credit Agreement or the Company's previous line of credit with Wells Fargo were outstanding at April 30, 2016 . These LOCs primarily support self-insured workers' compensation bonding. All but one $50 LOC has been transferred under the Credit Agreement. At April 30, 2017 , $464 of LOCs were outstanding under the Credit Agreement and $50 issued by Wells Fargo was outstanding. Any draws required under the Wells Fargo LOC would be settled with available cash or borrowings under the Credit Agreement. There were no borrowings under the Credit Agreement for any of the fiscal periods covered by this Quarterly Report on Form 10-Q. Availability under the Credit Agreement for borrowings as of April 30, 2017 was $124,536 . |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Disclosure | 3 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | CONTINGENCIES The Company is involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of its business, the potential costs and liability of which cannot be determined at this time. Among these matters is a patent infringement lawsuit in the early stages of litigation. In a lawsuit filed in federal district court in Kansas, Capstan Ag Systems, Inc. has made certain infringement claims against the Company and one of its customers, CNH Industrial America LLC, related to the Applied Technology Division’s Hawkeye TM nozzle control system. Management does not believe the ultimate outcomes of its legal proceedings are likely to be significant to its results of operations, financial position, or cash flows, except that, because of its preliminary stage, management cannot determine the potential impact, if any, of the patent infringement lawsuit described above. The Company has insurance policies that provide coverage to various degrees for potential liabilities arising from legal proceedings. In addition to commitments disclosed elsewhere in the Notes to the unaudited Consolidated Financial Statements, the Company has other unconditional purchase obligations that arise in the normal course of business operations. The majority of these obligations are related to the purchase of raw material inventory for the Applied Technology and Engineered Films divisions. |
Income Tax Income Tax Disclosur
Income Tax Income Tax Disclosure | 3 Months Ended |
Apr. 30, 2017 | |
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, 2017 and 2016 were 31.4% and 30.6% , respectively. The increase in the effective tax rate is primarily due to recognition of discrete tax expense related to the Company's adoption of ASU 2016-09 in the fiscal 2018 first quarter as further discussed in Note 2 Summary of Significant Accounting Policies . This ASU requires that the tax effects resulting from the settlement of stock-based awards be recognized as a discrete income tax expense or benefit in the income statement in the reporting period in which they occur. As of April 30, 2017 , undistributed earnings of approximately $2,836 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 $346 , net of foreign tax credits. |
Dividends and Treasury Stock
Dividends and Treasury Stock | 3 Months Ended |
Apr. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK Dividends paid to Raven shareholders were $4,691 , or 13.0 cents per share, for the three months ended April 30, 2017 and $4,701 , or 13.0 cents per share, during the three months ended April 30, 2016 . There were no declared and unpaid shareholder dividends at April 30, 2017 or 2016, respectively. Effective March 21, 2016 the Board of Directors (Board) authorized an extension and increase of the authorized $40,000 stock buyback program in place at that time. 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 shares totaling $5,702 in the three-month period ended April 30, 2016 . All such share repurchases were paid at April 30, 2016 . No shares were repurchased in the three-month period ended April 30, 2017 . The remaining dollar value authorized for share repurchases at April 30, 2017 is $12,959 . 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, 2017 | |
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, 2017 and April 30, 2016 . Stock Option Awards The Company granted 85,800 and 274,200 non-qualified stock options during the three -month periods ended April 30, 2017 and April 30, 2016 , respectively. Options are granted with exercise prices based upon the closing market price of the Company's common stock on the day prior to 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, as well as termination without cause provisions for certain executive officers, which 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, 2017 April 30, 2016 Risk-free interest rate 1.68 % 1.05 % Expected dividend yield 1.78 % 3.33 % Expected volatility factor 33.87 % 32.61 % Expected option term (in years) 4.25 4.00 Weighted average grant date fair value $7.35 $3.05 Restricted Stock Unit Awards (RSUs) The Company granted 53,325 and 66,370 time-vested RSUs to employees in the three -month periods ended April 30, 2017 and 2016 , 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, 2017 and 2016 was $ 29.20 and $ 15.61 , 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, as well as termination without cause provisions for certain executive officers, which 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 periods ended April 30, 2017 and 2016, respectively. 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, as well as termination without cause provisions for certain executive officers, which 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, 2017 and 2016 , the Company granted 22,745 and 72,950 performance-based RSUs, respectively. The weighted average grant date fair value per share of these performance-based RSUs was $29.20 and $15.61 , respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2017 | |
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 technology, manufacturing processes, and end-use application. 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 general and administrative 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. Separate financial information is available and regularly evaluated by the Company's chief operating decision-maker, the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. 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 $ 40,490 $ 31,456 Engineered Films 43,555 29,100 Aerostar 9,606 7,895 Intersegment eliminations (a) (116 ) (91 ) Consolidated net sales $ 93,535 $ 68,360 Operating income (b) Applied Technology $ 13,453 $ 8,693 Engineered Films 8,720 3,878 Aerostar 1,418 (178 ) Intersegment eliminations (2 ) (5 ) Total reportable segment income 23,589 12,388 General and administrative expenses (c) (5,370 ) (4,338 ) Consolidated operating income $ 18,219 $ 8,050 (a) Intersegment sales for both fiscal 2018 and 2017 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Apr. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS The Company has evaluated events up to the filing date of this Quarterly Report on Form 10-Q and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to the Consolidated Financial Statements. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies New Accounting Standards (Policies) $ in Thousands | 3 Months Ended |
Apr. 30, 2017USD ($) | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Standards Adopted In January 2017 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" (ASU 2017-04). This ASU removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new guidance, a goodwill impairment will be measured as the amount by which a reporting unit’s carrying value exceeds its fair value. The amount of any impairment may not exceed the carrying amount of goodwill. The amendments should be applied on a prospective basis. The Company early adopted this guidance in fiscal 2018 first quarter on a prospective basis. As discussed in Note 6 Goodwill, Long-lived Assets, and Other Intangibles , management performed an assessment in fiscal 2018 first quarter and determined no triggering events had occurred for any of its three reporting units; therefore, the adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the three-month period ended April 30, 2017. In March 2016 the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). 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 discrete income tax expense or benefit in the income statement in the reporting period in which they occur. This guidance also requires that all tax-related cash flows resulting from share-based awards be disclosed as operating cash flows in the statement of cash flows and that cash paid to taxing authorities on the behalf of employees for withheld shares be classified as a financing activity in the statement of cash flows. Finally, this ASU allows companies to make an accounting policy election to either estimate the number of awards that are expected to vest, consistent with current GAAP, or account for forfeitures when they occur. The Company adopted the new guidance in fiscal 2018 first quarter when it became effective. The Company accounts for forfeitures as they occur. The Company is prospectively recognizing excess tax benefits or deficits on vesting or settlement of awards, when they occur, as a discrete income tax benefit or expense instead of as additional paid-in capital as required under previous guidance. This change resulted in recognition of income tax expense of $479 for the three months ended April 30, 2017. These tax-related cash flows are now classified within operating activities. The Company classifies tax payments made to taxing authorities on the employee's behalf for withheld shares as a financing activity on the statement of cash flows, as such the adoption of this guidance had no impact. Under the new guidance, excess tax benefits are no longer included in assumed proceeds under the treasury stock method of calculating earnings per share. The increase in incremental shares used in the weighted average diluted shares calculation was not material to the Company's diluted earnings per share calculation. In July 2015 the FASB issued ASU No. 2015-11, "Inventory (Topic 330) Simplifying the Measurement of Inventory" (ASU 2015-11). The amendments in ASU 2015-11 clarify that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Substantial and unusual losses that result from subsequent measurement of inventory should be disclosed in the financial statements. The Company adopted this guidance on a prospective basis in fiscal 2018 first quarter when it became effective. Previously the Company reported its inventory at the lower of cost or market. Market was defined as replacement cost with a ceiling of net realizable value and a floor of net realizable value less a normal profit margin. The Company evaluates its inventory in all three reporting segments quarterly to determine if cost exceeds net realizable value and records a write-down, if necessary. The adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the three-month period ended April 30, 2017. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Postretirement Benefit Cost" (ASU 2017-07). The guidance clarifies where the cost components of the net benefit cost should be reported in the income statement and it allows only the service cost to be capitalized. Currently the Company reports all of the components of the net benefit cost in "Operating income" in the Consolidated Statement of Income and Comprehensive Income. The net benefit cost for participants that are active employees is reported in the same manner as each participant's compensation cost is classified in the Consolidated Statement of Income and Comprehensive Income. The net benefit cost attributable to retired (inactive) participants is reported in "Selling, general, and administrative expenses" in the Consolidated Statement of Income and Comprehensive Income. Under the new guidance only the service cost component of the net benefit cost will be classified the same as the participant's compensation cost. The other components of the net benefit cost are required to be reported separately as a non-operating income (expense). The guidance is effective for annual periods, including interim periods, in fiscal years beginning after December 15, 2017. Early adoption is permitted and the amendments should be applied retrospectively. The Company does not expect this guidance will have a significant impact on its consolidated financial statements, results of operations and disclosures since it primarily will only change how the net benefit cost is classified in the Company's Consolidated Statements of Income and Comprehensive Income. 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. The effective date and transition requirements for these amendments to Topic 606 are the same as ASU 2014-09. Management has designated a team to assess the Company's revenue streams to determine what, if any, impact the new standard will have on revenue recognition. The Company's evaluation of ASU 2014-09, and all subsequent amendments to Topic 606, is ongoing and no conclusions have been reached on the method and date of adoption or the impact the adoption will have on the Company’s consolidated financial position, results of operations, and associated disclosures. |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 479 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
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 470,265 1,005,163 |
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. $ 12,348 $ 5,517 Denominator: Weighted average common shares outstanding 36,080,143 36,319,918 Weighted average fully vested stock units outstanding 98,787 93,986 Denominator for basic calculation 36,178,930 36,413,904 Weighted average common shares outstanding 36,080,143 36,319,918 Weighted average fully vested stock units outstanding 98,787 93,986 Dilutive impact of stock options and restricted stock units 359,795 52,234 Denominator for diluted calculation 36,538,725 36,466,138 Net income per share - basic $ 0.34 $ 0.15 Net income per share - diluted $ 0.34 $ 0.15 |
Selected Balance Sheet Inform26
Selected Balance Sheet Information (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
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, 2017 January 31, 2017 April 30, 2016 Accounts receivable, net: Trade accounts $ 52,513 $ 43,834 $ 42,041 Allowance for doubtful accounts (896 ) (691 ) (1,028 ) $ 51,617 $ 43,143 $ 41,013 Inventories: Finished goods $ 5,385 $ 5,438 $ 4,570 In process 1,673 2,288 1,751 Materials 42,809 34,610 40,580 $ 49,867 $ 42,336 $ 46,901 Other current assets: Insurance policy benefit $ 739 $ 802 $ 742 Federal tax receivable 206 604 1,265 Receivable from sale of business 14 28 205 Prepaid expenses and other 2,297 1,255 2,677 $ 3,256 $ 2,689 $ 4,889 Property, plant and equipment, net: Held for use: Land $ 3,054 $ 3,054 $ 3,054 Buildings and improvements 79,676 77,817 77,871 Machinery and equipment 143,405 142,471 141,274 Accumulated depreciation (119,941 ) (117,018 ) (109,625 ) $ 106,194 $ 106,324 $ 112,574 Held for sale: Land $ — $ — $ 244 Buildings and improvements — — 1,595 Machinery and equipment — — 329 Accumulated depreciation — — (1,368 ) — — 800 $ 106,194 $ 106,324 $ 113,374 Other assets: Equity investments $ 2,180 $ 2,371 $ 2,813 Deferred income taxes 17 18 25 Other 1,245 1,283 1,407 $ 3,442 $ 3,672 $ 4,245 Accrued liabilities: Salaries and related $ 2,833 $ 6,286 $ 1,874 Benefits 4,090 3,960 3,945 Insurance obligations 2,532 2,400 1,893 Warranties 2,405 1,547 2,316 Income taxes 6,363 498 708 Other taxes 1,089 1,540 1,008 Acquisition-related contingent consideration 501 445 364 Other 2,051 1,379 595 $ 21,864 $ 18,055 $ 12,703 Other liabilities: Postretirement benefits $ 8,076 $ 8,054 $ 7,678 Acquisition-related contingent consideration 1,238 1,397 1,642 Deferred income taxes 636 1,421 2,120 Uncertain tax positions 2,601 2,610 2,999 Other 175 214 — $ 12,726 $ 13,696 $ 14,439 |
Employee Postretirement Benef27
Employee Postretirement Benefits Employee Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
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 $ 22 $ 20 Interest cost 82 83 Amortization of actuarial losses 30 37 Amortization of unrecognized prior service cost (gains) (40 ) (40 ) Net periodic benefit cost $ 94 $ 100 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 (Tables)
Warranties (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 1,547 $ 1,835 Accrual for warranties 1,377 824 Settlements made (519 ) (343 ) Ending balance $ 2,405 $ 2,316 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
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, 2017 April 30, 2016 Risk-free interest rate 1.68 % 1.05 % Expected dividend yield 1.78 % 3.33 % Expected volatility factor 33.87 % 32.61 % Expected option term (in years) 4.25 4.00 Weighted average grant date fair value $7.35 $3.05 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
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 $ 40,490 $ 31,456 Engineered Films 43,555 29,100 Aerostar 9,606 7,895 Intersegment eliminations (a) (116 ) (91 ) Consolidated net sales $ 93,535 $ 68,360 Operating income (b) Applied Technology $ 13,453 $ 8,693 Engineered Films 8,720 3,878 Aerostar 1,418 (178 ) Intersegment eliminations (2 ) (5 ) Total reportable segment income 23,589 12,388 General and administrative expenses (c) (5,370 ) (4,338 ) Consolidated operating income $ 18,219 $ 8,050 (a) Intersegment sales for both fiscal 2018 and 2017 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Basis of Presentation and Pri31
Basis of Presentation and Principles of Consolidation (Details) | 3 Months Ended |
Apr. 30, 2017segment | |
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, 2017 | Apr. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 470,265 | 1,005,163 |
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, 2017 | Apr. 30, 2016 | |
Numerator: | ||
Net income attributable to Raven Industries, Inc. | $ 12,348 | $ 5,517 |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 36,080,143 | 36,319,918 |
Weighted average fully vested stock units outstanding (in shares) | 98,787 | 93,986 |
Denominator for basic calculation (in shares) | 36,178,930 | 36,413,904 |
Weighted average common shares outstanding (in shares) | 36,080,143 | 36,319,918 |
Weighted average fully vested stock units outstanding (in shares) | 98,787 | 93,986 |
Dilutive impact of stock options and restricted units (in shares) | 359,795 | 52,234 |
Denominator for diluted calculation (in shares) | 36,538,725 | 36,466,138 |
Net income per share - basic (in dollars per share) | $ 0.34000 | $ 0.15000 |
Net income per share - diluted (in dollars per share) | $ 0.34000 | $ 0.15000 |
Selected Balance Sheet Inform34
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 | Jan. 31, 2016 |
Accounts receivable, net: | ||||
Trade accounts | $ 52,513 | $ 43,834 | $ 42,041 | |
Allowance for doubtful accounts | (896) | (691) | (1,028) | |
Accounts receivable, net | 51,617 | 43,143 | 41,013 | |
Inventories: | ||||
Finished goods | 5,385 | 5,438 | 4,570 | |
In process | 1,673 | 2,288 | 1,751 | |
Materials | 42,809 | 34,610 | 40,580 | |
Inventories | 49,867 | 42,336 | 46,901 | |
Other current assets: | ||||
Insurance policy benefit | 739 | 802 | 742 | |
Federal tax receivable | 206 | 604 | 1,265 | |
Receivable from sale of business | 14 | 28 | 205 | |
Prepaid Expense and other | 2,297 | 1,255 | 2,677 | |
Other current assets | 3,256 | 2,689 | 4,889 | |
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 106,194 | 106,324 | 113,374 | |
Other Assets (Noncurrent): | ||||
Equity investments | 2,180 | 2,371 | 2,813 | |
Deferred Tax Assets, Net, Noncurrent | 17 | 18 | 25 | |
Other | 1,245 | 1,283 | 1,407 | |
Other assets | 3,442 | 3,672 | 4,245 | |
Accrued liabilities: | ||||
Salaries and related | 2,833 | 6,286 | 1,874 | |
Benefits | 4,090 | 3,960 | 3,945 | |
Insurance obligations | 2,532 | 2,400 | 1,893 | |
Warranties | 2,405 | 1,547 | 2,316 | $ 1,835 |
Income Taxes | 6,363 | 498 | 708 | |
Other taxes | 1,089 | 1,540 | 1,008 | |
Acquisition-related contingent consideration liability, Current | 501 | 445 | 364 | |
Other | 2,051 | 1,379 | 595 | |
Accrued liabilities | 21,864 | 18,055 | 12,703 | |
Other liabilities: | ||||
Postretirement benefits | 8,076 | 8,054 | 7,678 | |
Acquisition-related contingent consideration liability, Noncurrent | 1,238 | 1,397 | 1,642 | |
Deferred income taxes | 636 | 1,421 | 2,120 | |
Uncertain tax positions | 2,601 | 2,610 | 2,999 | |
Liabilities, Noncurrent | 175 | 214 | 0 | |
Other liabilities | 12,726 | 13,696 | 14,439 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 0 | 0 | 244 | |
Building and Building Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 0 | 0 | 1,595 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 0 | 0 | 329 | |
Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | 0 | 0 | (1,368) | |
Property, plant and equipment, net | 0 | 0 | 800 | |
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 3,054 | 3,054 | 3,054 | |
Building and Building Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 79,676 | 77,817 | 77,871 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment | 143,405 | 142,471 | 141,274 | |
Assets held for use [Member] | ||||
Property, plant and equipment, net: | ||||
Accumulated depreciation | (119,941) | (117,018) | (109,625) | |
Property, plant and equipment, net | 106,194 | 106,324 | 112,574 | |
Assets held for use [Member] | Assets Held-for-sale [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | $ 106,194 | $ 106,324 | $ 113,374 |
Acquisitions of and Investmen35
Acquisitions of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 | |
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration liability, Current | $ 501 | $ 445 | $ 364 |
Acquisition-related contingent consideration liability, Noncurrent | 1,238 | 1,397 | 1,642 |
Payments of acquisition-related contingent liability | $ (161) | (138) | |
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 | ||
Contingent Consideration Term in Years | 10 years | ||
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration, total liability | $ 1,385 | 1,409 | 1,491 |
Acquisition-related contingent consideration liability, Current | 270 | 247 | 237 |
Acquisition-related contingent consideration liability, Noncurrent | 1,115 | 1,162 | 1,254 |
Payments of acquisition-related contingent liability | 61 | 36 | 59 |
Business acquisition contingent consideration cumulative paid | $ 643 | ||
Vista Research [Member] | |||
Business Combination, Description [Abstract] | |||
Business Acquisition, Date of Acquisition Agreement | Jan. 6, 2012 | ||
Business Acquisition, Name of Acquired Entity | Vista Research, Inc. | ||
Contingent consideration, potential cash payment | $ 15,000 | ||
Contingent Consideration Term in Years | 7 years | ||
Business Combination, Contingent Consideration Arrangements [Abstract] | |||
Acquisition-related contingent consideration, total liability | $ 287 | 332 | 493 |
Acquisition-related contingent consideration liability, Current | 164 | 98 | 105 |
Acquisition-related contingent consideration liability, Noncurrent | 123 | 234 | 388 |
Payments of acquisition-related contingent liability | 100 | $ 0 | 79 |
Business acquisition contingent consideration cumulative paid | $ 1,572 | ||
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% | ||
Other Commitment | $ 0 | 0 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 0 | $ 0 |
Goodwill, Long-lived Assets a36
Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets, and Other Intangibles (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2017USD ($)ReportingUnits | Apr. 30, 2016USD ($)ReportingUnits | Jan. 31, 2016ReportingUnits | |
Goodwill [Line Items] | |||
Number of Reporting Units | 3 | 3 | |
Number of reporting units in Aerostar Segment | 1 | 2 | |
Aerostar [Member] | |||
Goodwill [Line Items] | |||
Goodwill impairment loss | $ | $ 0 | $ 0 |
Goodwill, Long-lived Assets a37
Goodwill, Long-lived Assets and Other Intangibles Long-lived asset impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Long-lived asset impairment loss | $ 259 | $ 0 |
Other Nonoperating Income (Expense) [Member] | AgEagle Aerial Systems [Member] | Applied Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Equity Method Investment, Other than Temporary Impairment | 72 | 0 |
Operating Income (Loss) [Member] | AgEagle Aerial Systems [Member] | Customer-Related Intangible Assets [Member] | Applied Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Long-lived asset impairment loss | $ 259 | $ 0 |
Employee Postretirement Benef38
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 22 | $ 20 |
Interest cost | 82 | 83 |
Amortization of actuarial losses | 30 | 37 |
Amortization of unrecognized prior service cost (Credit) | (40) | (40) |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 94 | $ 100 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 1,547 | $ 1,835 |
Accrual for warranties | 1,377 | 824 |
Settlements made | (519) | (343) |
Ending balance | $ 2,405 | $ 2,316 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 | Apr. 15, 2015 | |
Line of Credit Facility [Line Items] | ||||
Letters of credit issued, amount | $ 514 | $ 1,114 | ||
Debt Instrument, Covenant Compliance | The Company requested and received the necessary covenant waivers relating to its late filing of financial information in fiscal 2017. | |||
Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit issued, amount | $ 50 | 650 | ||
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 | $ 324 | 434 | ||
Letters of credit issued, amount | 464 | 464 | ||
Borrowing outstanding under line of credit | 0 | 0 | ||
Remaining borrowing capacity under the line of credit | $ 124,536 | $ 124,536 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 31.40% | 30.60% |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | $ 2,836 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 346 |
Dividends and Treasury Stock (D
Dividends and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Mar. 21, 2016 | Jan. 31, 2016 | |
Stockholders' Equity Note [Abstract] | ||||
Dividends paid | $ 4,691 | $ 4,701 | ||
Cash dividends paid per common share (in dollars per share) | $ 0.13 | $ 0.13000 | ||
Dividends Payable | $ 0 | $ 0 | ||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | $ 40,000 | |
Stock repurchase program, additional amount authorized | $ 10,000 | |||
Shares repurchased, Treasury Stock | 0 | 382,065 | ||
Payments for Repurchase of Common Stock | $ 0 | $ 5,702 | ||
Unpaid repurchases of common stock | 0 | $ 0 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,959 |
Share Based Compensation (Detai
Share Based Compensation (Details) - 2010 Stock Incentive Plan [Member] - $ / shares | 3 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 85,800 | 274,200 |
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) | 53,325 | 66,370 |
Weighted average grant date fair value (in dollars per share) | $ 29.20 | $ 15.61 |
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) | 22,745 | 72,950 |
Weighted average grant date fair value (in dollars per share) | $ 29.20 | $ 15.61 |
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, 2017 | Apr. 30, 2016 | |
Share-based Compensation [Abstract] | ||
Risk-free interest rate | 1.68% | 1.05% |
Expected dividend yield | 1.78% | 3.33% |
Expected volatility factor | 33.87% | 32.61% |
Expected option term (in years) | 4 years 3 months | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.35 | $ 3.05 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 93,535 | $ 68,360 | |
Operating income | 18,219 | 8,050 | |
Administrative and general expenses | [1] | (5,370) | (4,338) |
Applied Technology [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain (Loss) on Disposition of Assets | 161 | ||
Net sales | 40,490 | 31,456 | |
Operating income | [2] | 13,453 | 8,693 |
Engineered Films [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 43,555 | 29,100 | |
Operating income | [2] | 8,720 | 3,878 |
Aerostar [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain (Loss) on Disposition of Assets | (70) | ||
Net sales | 9,606 | 7,895 | |
Operating income | [2] | 1,418 | (178) |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | [3] | (116) | (91) |
Operating income | [3] | (2) | (5) |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ 23,589 | $ 12,388 | |
[1] | (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. | ||
[2] | (b) At the segment level, operating income does not include an allocation of general and administrative expenses. | ||
[3] | (a) Intersegment sales for both fiscal 2018 and 2017 were primarily sales from Engineered Films to Aerostar. |