Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Mar. 16, 2018 | Jul. 31, 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-K | ||
Document Period End Date | Jan. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 35,796,857 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,231,707,927 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 40,535 | $ 50,648 |
Accounts receivable, net | 58,532 | 43,143 |
Inventories | 55,351 | 42,336 |
Other current assets | 5,861 | 2,689 |
Total current assets | 160,279 | 138,816 |
Property, plant and equipment, net | 106,280 | 106,324 |
Goodwill | 46,710 | 40,649 |
Amortizable intangible assets, net | 10,584 | 12,048 |
Other assets | 2,950 | 3,672 |
TOTAL ASSETS | 326,803 | 301,509 |
Current liabilities | ||
Accounts payable | 13,106 | 8,467 |
Accrued liabilities | 21,946 | 18,055 |
Customer advances | 1,890 | 1,860 |
Total current liabilities | 36,942 | 28,382 |
Other liabilities | 13,795 | 13,696 |
Commitments and contingencies | ||
Shareholders’ Equity | ||
Common stock, $1 par value, authorized shares 100,000; issued 67,124 and 67,060, respectively | 67,124 | 67,060 |
Paid in capital | 59,143 | 55,795 |
Retained earnings | 252,772 | 230,649 |
Accumulated other comprehensive loss | (2,573) | (3,676) |
Less treasury stock at cost, 31,332 and 30,984 shares, respectively | (100,402) | (90,402) |
Total Raven Industries, Inc. shareholders’ equity | 276,064 | 259,426 |
Noncontrolling interest | 2 | 5 |
Total shareholders’ equity | 276,066 | 259,431 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 326,803 | $ 301,509 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2018 | Jan. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 67,124,000 | 67,060,000 |
Treasury stock, shares | 31,332,000 | 30,984,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 377,317 | $ 277,395 | $ 258,229 |
Cost of sales | 255,752 | 199,205 | 191,255 |
Gross profit | 121,565 | 78,190 | 66,974 |
Research and development expenses | 16,936 | 16,312 | 14,686 |
Selling, general and administrative expenses | 45,200 | 33,378 | 32,574 |
Goodwill impairment loss | 0 | 0 | 11,497 |
Long-lived asset impairment loss | 259 | 87 | 3,826 |
Operating income | 59,170 | 28,413 | 4,391 |
Other (expense), net | (184) | (560) | (310) |
Income before income taxes | 58,986 | 27,853 | 4,081 |
Income tax expense (benefit) | 17,967 | 7,661 | (767) |
Net income | 41,019 | 20,192 | 4,848 |
Net income attributable to noncontrolling interest | (3) | 1 | 72 |
Net income attributable to Raven Industries, Inc. | $ 41,022 | $ 20,191 | $ 4,776 |
Net income per common share: | |||
─ Basic (in usd per share) | $ 1.14 | $ 0.56 | $ 0.13 |
─ Diluted (in usd per share) | $ 1.13 | $ 0.56 | $ 0.13 |
Comprehensive income: | |||
Net income | $ 41,019 | $ 20,192 | $ 4,848 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | 1,234 | 50 | (729) |
Postretirement benefits, net of income tax (expense) benefit of $44, $129, and $(1,620), respectively | (131) | (225) | 3,077 |
Other comprehensive income (loss), net of tax | 1,103 | (175) | 2,348 |
Comprehensive income | 42,122 | 20,017 | 7,196 |
Comprehensive income attributable to noncontrolling interest | (3) | 1 | 72 |
Comprehensive income attributable to Raven Industries, Inc. | $ 42,125 | $ 20,016 | $ 7,124 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Statement [Abstract] | |||
Income tax (expense) benefit on postretirement benefits | $ 44 | $ 129 | $ (1,620) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Raven Industries, Inc. Equity [Member] | Noncontrolling Interest [Member] |
Total shareholders' equity, beginning balance at Jan. 31, 2015 | $ 305,237 | $ 66,947 | $ 53,237 | $ (53,362) | $ 244,180 | $ (5,849) | $ 305,153 | $ 84 |
Treasury stock, beginning balance, shares at Jan. 31, 2015 | 28,897 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,848 | 4,776 | 4,776 | 72 | ||||
Other comprehensive income (loss), net of income tax | 2,348 | 2,348 | 2,348 | |||||
Cash dividends | (19,344) | 169 | (19,513) | (19,344) | ||||
Dividends of less than wholly-owned subsidiary paid to noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest | (82) | (82) | ||||||
Adj to APiC, stock issued, issuance costs related to FY15 business combination | (15) | (15) | (15) | |||||
Shares issued on stock options exercised net of shares withheld for employee taxes | (47) | 7 | (54) | (47) | ||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (458) | 52 | (510) | (458) | ||||
Stock repurchased and retired during period, shares | 1,603 | |||||||
Stock repurchased and retired during period, value | (29,338) | $ (29,338) | (29,338) | |||||
Share-based compensation | 2,311 | 2,311 | 2,311 | |||||
Income tax impact related to share-based compensation | (1,231) | (1,231) | (1,231) | |||||
Treasury stock, ending balance, shares at Jan. 31, 2016 | 30,500 | |||||||
Total shareholders' equity, ending balance at Jan. 31, 2016 | 264,229 | 67,006 | 53,907 | $ (82,700) | 229,443 | (3,501) | 264,155 | 74 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20,192 | 20,191 | 20,191 | 1 | ||||
Other comprehensive income (loss), net of income tax | (175) | (175) | (175) | |||||
Cash dividends | (18,769) | 216 | (18,985) | (18,769) | ||||
Dividends of less than wholly-owned subsidiary paid to noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest | (70) | (70) | ||||||
Director shares issued | 0 | 19 | (19) | 0 | ||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (256) | 35 | (291) | (256) | ||||
Stock repurchased and retired during period, shares | 484 | |||||||
Stock repurchased and retired during period, value | (7,702) | $ (7,702) | (7,702) | |||||
Share-based compensation | 3,071 | 3,071 | 3,071 | |||||
Income tax impact related to share-based compensation | $ (1,089) | (1,089) | (1,089) | |||||
Treasury stock, ending balance, shares at Jan. 31, 2017 | 30,984 | 30,984 | ||||||
Total shareholders' equity, ending balance at Jan. 31, 2017 | $ 259,431 | 67,060 | 55,795 | $ (90,402) | 230,649 | (3,676) | 259,426 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 41,019 | 41,022 | 41,022 | (3) | ||||
Other comprehensive income (loss), net of income tax | 1,103 | 1,103 | 1,103 | |||||
Cash dividends | (18,685) | 214 | (18,899) | (18,685) | ||||
Director shares issued | 0 | 26 | (26) | 0 | ||||
Shares issued on stock options exercised net of shares withheld for employee taxes | (290) | 21 | (311) | (290) | ||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (237) | 17 | (254) | (237) | ||||
Stock repurchased and retired during period, shares | 348 | |||||||
Stock repurchased and retired during period, value | (10,000) | $ (10,000) | (10,000) | |||||
Share-based compensation | $ 3,725 | 3,725 | 3,725 | |||||
Treasury stock, ending balance, shares at Jan. 31, 2018 | 31,332 | 31,332 | ||||||
Total shareholders' equity, ending balance at Jan. 31, 2018 | $ 276,066 | $ 67,124 | $ 59,143 | $ (100,402) | $ 252,772 | $ (2,573) | $ 276,064 | $ 2 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share (in usd per share) | $ 0.52 | $ 0.52 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
OPERATING ACTIVITIES: | |||
Net income | $ 41,019 | $ 20,192 | $ 4,848 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 12,743 | 13,169 | 13,856 |
Amortization of intangible assets | 2,059 | 2,267 | 3,280 |
Goodwill impairment loss | 0 | 0 | 11,497 |
Long-lived asset impairment loss | 259 | 87 | 3,826 |
Change in fair value of acquisition-related contingent consideration | 457 | 36 | (1,488) |
Loss (income) from equity investments | 114 | 72 | (83) |
Deferred income taxes | (787) | 307 | (6,039) |
Share-based compensation expense | 3,725 | 3,071 | 2,311 |
Other operating activities, net | 2,053 | 2,390 | 2,112 |
Change in operating assets and liabilities | (16,681) | 7,045 | 9,888 |
Net cash provided by operating activities | 44,961 | 48,636 | 44,008 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (12,011) | (4,796) | (13,046) |
Proceeds (payments) related to business acquisitions | (13,267) | 0 | 351 |
Maturities of investments | 250 | 250 | 250 |
Purchases of investments | (273) | (750) | (250) |
Payments for (proceeds from) productive assets | (333) | 1,188 | 2,124 |
Other investing activities, net | (41) | (534) | (503) |
Net cash used in investing activities | (25,675) | (4,642) | (11,074) |
FINANCING ACTIVITIES: | |||
Dividends paid | (18,685) | (18,839) | (19,426) |
Payments for common shares repurchased | (10,000) | (7,702) | (29,338) |
Payment of acquisition-related contingent liabilities | (408) | (354) | (814) |
Debt issuance costs paid | 0 | 0 | (548) |
Restricted stock units vested and issued | (237) | (256) | (458) |
Payments for stock options exercised net of shares surrendered for employee taxes | (290) | 0 | (85) |
Other financing activities, net | (101) | 0 | (15) |
Net cash used in financing activities | (29,721) | (27,151) | (50,684) |
Effect of exchange rate changes on cash | 322 | 23 | (417) |
Net increase (decrease) in cash and cash equivalents | (10,113) | 16,866 | (18,167) |
Cash and cash equivalents at beginning of year | 50,648 | 33,782 | 51,949 |
Cash and cash equivalents at end of year | $ 40,535 | $ 50,648 | $ 33,782 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation Raven Industries, Inc. (the Company or Raven) is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, and aerospace/defense markets. The Company conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Vista Research, Inc. (Vista); Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); SBG Innovatie BV; Navtronics BVBA; Raven Industries Australia Pty Ltd (Raven Australia) and Raven Do Brazil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into reportable segments (Applied Technology, Engineered Films, and Aerostar). The consolidated financial statements for the periods included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling Interest Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned and consolidated entities. The Company owns 75% of a business venture to pursue potential product and support services contracts for agencies and instrumentalities of the United States government. The business venture, Aerostar Integrated Systems (AIS), is included in the Aerostar business segment. No capital contributions have been made by the noncontrolling interest since the initial capitalization in fiscal year 2012. Given the Company's controlling financial interest, the accounts of the business venture have been consolidated with the accounts of the Company, and a noncontrolling interest has been recorded for the noncontrolling investor's interests in the net assets and operations of the business venture. Equity Investments In February 2016 , the Applied Technology Division acquired an interest of approximately 5% in Ag-Eagle Aerial Systems, Inc. (AgEagle). 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 exclusive distribution agreement between the companies discussed in Note 6 Acquisitions of and Investments in Businesses and Technologies . 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 the majority of the losses or the right to receive the majority of the benefits of the VIE. The Company also owns an interest of approximately 22% in Site-Specific Technology Development Group, Inc. (SST). The Company has significant influence, but neither a controlling interest nor a majority interest in the risks or rewards of SST and as such, this affiliate investment is accounted for using the equity method. The investment balances for both AgEagle and SST are included in “Other assets” while the Company's share of the results of AgEagle and SST operations is included in “Other (expense), net.” The Company considers whether the value of any of its equity method investments has been impaired whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities, and the overall health of the affiliate's industry), an impairment loss would be recorded. Use of Estimates Preparing the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company's forecasts, based principally on estimates, are critical inputs to asset valuations such as those for inventory or goodwill. These assumptions and estimates require significant judgment and actual results could differ from assumed and estimated amounts. Foreign Currency The Company's subsidiaries that operate outside the United States use the local currency as their functional currency. The functional currency is translated into U.S. dollars for balance sheet accounts using the period-end exchange rates and average exchange rates for the statement of income and comprehensive income. Adjustments resulting from financial statement translations are included as foreign currency translation adjustments in “Accumulated other comprehensive income (loss)” within shareholders' equity. Foreign currency transaction gains or losses are recognized in the period incurred and are included in “Other (expense), net” in the Consolidated Statements of Income and Comprehensive Income. Foreign currency transaction gains or losses on intercompany notes receivable and notes payable denominated in foreign currencies for which settlement is not planned in the foreseeable future are considered part the net investment and are reported in the same manner as foreign currency translation adjustments. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three or fewer months to be cash equivalents. Cash and cash equivalent balances are principally concentrated in checking, money market, and savings accounts. Certificates of deposit that mature in over 90 days but less than one year are considered short-term investments. Certificates of deposit that mature in one year or more are considered to be other long-term assets and are carried at cost. The Company held cash and cash equivalents in accounts outside the United States of $4,101 and $2,281 as of January 31, 2018 and 2017, respectively. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount, do not bear interest, and are considered past due based on invoice terms. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses. This is based on historical write-off experience by segment and an estimate of the collectability of past due accounts. Unbilled receivables arise when revenues have been earned, but not billed, and are related to differences in timing. Unbilled receivables were not material as of January 31, 2018 or 2017. Inventory Valuation Inventories are carried at the lower of cost or net realizable value, with cost determined on the first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Prior to adopting ASU 2015-11 "Inventory (Topic 330) Simplifying the Measurement of Inventory" in fiscal 2018, inventories were carried at the lower of cost or market. Pre-Contract Costs From time to time, Pre-contract costs incurred, excluding start-up costs which are expensed as incurred, are deferred to the balance sheet and included in "Inventories." if the Company determines that it is probable it will be awarded the specific anticipated contract. Deferred pre-contract costs are periodically reviewed and assessed for recoverability under the contract. Write-offs of pre-contract costs are charged to cost of sales when it becomes probable that such costs will not be recoverable. No pre-contract costs were included in "Inventories" at January 31, 2018 or 2017. Property, Plant and Equipment Property, plant and equipment held for use is carried at the asset's cost and depreciated over the estimated useful life of the asset. The estimated useful lives used for computing depreciation are as follows: Building and improvements 15 - 39 years Manufacturing equipment by segment Applied Technology 3 - 5 years Engineered Films 5 - 12 years Aerostar 3 - 5 years Furniture, fixtures, office equipment, and other 3 - 7 years The cost of maintenance and repairs is charged to expense in the period incurred, and renewals and betterments are capitalized. The cost and related accumulated depreciation of assets sold or disposed are removed from the accounts and the resulting gain or loss is reflected in operations. Fair Value Measurements Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses the established fair value hierarchy, which classifies or prioritizes the inputs used in measuring fair value. These classifications include: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 - Unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. The Company's financial assets required to be measured at fair value on a recurring basis include cash and cash equivalents and short-term investments. The Company determines fair value of its cash equivalents and short-term investments through quoted market prices. The fair values of accounts receivable and accounts payable approximate carrying values because of the short-term nature of these instruments. The Company's goodwill and long-lived assets, including intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. For all acquisitions, the Company is required to measure the fair value of the net identifiable tangible and intangible assets acquired. In addition, the Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Fair value measurements associated with acquisitions, including acquisition-related contingent liabilities, are described in Note 6 Acquisition of and Investments in Businesses and Technologies. Intangible Assets Intangible assets, primarily comprised of technologies acquired through acquisition, are recorded at cost and are presented net of accumulated amortization. Amortization is computed using the method that best approximates the pattern of economic benefits which the asset provides. The Company has used both the straight-line method and the undiscounted cash flows method to appropriately allocate the cost of intangible assets to earnings in each reporting period. The straight-line method allocates the cost of such intangible assets ratably over the asset’s life. Under the undiscounted cash flow method, the estimated cash flow attributable to each year of an intangible asset’s life is calculated as a percentage of the total of the cash flows over the asset’s life and that percentage is applied to the initial value of the asset to determine the annual amortization to be recorded. Intangible assets also include patents, trademarks, and other product rights attained to protect the Company’s intellectual property. The estimated useful lives of the Company’s intangible assets range from 3 to 20 years. Goodwill The Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Goodwill is allocated to the reporting units that are expected to benefit from the synergies of the business combination. Acquisition earn-out payments are accrued at fair value as of the purchase date and payments reduce the accrual without affecting goodwill. Any change in the fair value of the contingent consideration after the acquisition date is recognized in "Cost of sales" in the Consolidated Statements of Income and Comprehensive Income. Goodwill is tested for impairment on an annual basis during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are performed at the reporting unit level. A qualitative impairment assessment over relevant events and circumstances may be assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events and circumstances indicate the fair value of a reporting unit may be less than its carrying value, then the fair values are estimated based on discounted cash flows and are compared with the corresponding carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying amount, a goodwill impairment loss is recognized for the amount that the carrying value of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to the reporting unit. Prior to adopting ASU 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" in fiscal 2018 first quarter, the Company recognized a goodwill impairment loss for the amount that the carrying value of the reporting unit exceeded the reporting unit's implied fair value of the goodwill. The impact of adopting this new guidance is further described below in the Accounting Pronouncements - Accounting Standards Adopted. 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). Long-Lived Assets The Company periodically assesses the recoverability of long-lived and intangible assets. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is the excess of the carrying value of the assets within the group over their fair value. When performing long-lived assets impairment 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). Long-lived assets determined to be held for sale and classified as such in accordance with the applicable guidance are reported as long-term assets at the lower of the asset's carrying amount or fair value less the estimated cost to sell. Depreciation is not recorded once a long-lived asset has been classified as held for sale. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration represents an obligation of the Company to transfer additional assets or equity interests if specified future events occur or conditions are met. This contingency is accounted for at fair value either as a liability or equity depending on the terms of the acquisition agreement. The Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. In doing so, the Company makes significant estimates and assumptions regarding future events or conditions being achieved under the subject contingent agreement as well as the appropriate discount rate to apply. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). Litigation and Contingencies We recognize legal costs as an expense in the period incurred. The Company is involved as a defendant in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business, some of which allege substantial monetary damages. We accrue for any loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability. Amounts recovered by insurance are recognized when they are realized. Revenue Recognition The Company recognizes revenue when it is realized or realizable and has been earned. Revenue is recognized when there is persuasive evidence of an arrangement, the sales price is determinable, collectability is reasonably assured, and shipment or delivery has occurred (depending on the terms of the sale) or services have been rendered. The Company sells directly to customers or distributors who incur the expense and commitment for any post-sale obligations beyond stated warranty terms. Estimated returns, sales allowances, or warranty charges are recognized upon shipment of a product. Certain contracts contain provisions for incentive payments that the Company may receive based on performance criteria related to product design, development and production standards. Revenue related to the incentive payments is recognized when ultimate realization by the Company is assured. Operating Expenses The primary types of operating expenses are classified in the income statement as follows: Cost of sales Research and development (R&D) expenses Selling, general, and administrative (SG&A)expenses Direct material costs Material acquisition and handling costs Direct labor Factory overhead including depreciation and amortization Inventory obsolescence Product warranties Shipping and handling cost Personnel costs Professional service fees Material and supplies Facility allocation Personnel costs Professional service fees Advertising Promotions Information technology equipment depreciation Office supplies Facility allocation Bad debt expense The Company's R&D expenditures consist primarily of internal direct and indirect costs associated with development of technologies to support its proprietary product lines in each of its divisions. These R&D costs are expensed as incurred. General and administrative expenses included in SG&A are not allocated at the segment level. The Company's gross margin and segment operating income may not be comparable to industry peers due to variability in the classification of these expenses across the industries in which the Company operates. Warranties Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Share-Based Compensation The Company records compensation expense related to its share-based compensation plans using the fair value method. Under this method, the fair value of share-based compensation is determined as of the grant date and the related expense is recorded over the period in which the share-based compensation vests. Income Taxes Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company's assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance to reflect realizable value. All deferred tax balances are reported as long-term on the Consolidated Balance Sheets. Accruals are maintained for uncertain tax positions. Accounting Pronouncements Accounting Standards Adopted In the fiscal 2018 first quarter, the Company early adopted Accounting Standards Update (ASU) No. 2017-04 (issued by the Financial Accounting Standards Board (FASB) in January 2017), "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" (ASU 2017-04) on a prospective basis. 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. As discussed in Note 7 Goodwill, Long-lived Assets, and Other Intangibles , management determined no triggering events had occurred for any of its three reporting units in fiscal 2018 and the Company's annual fourth quarter impairment testing did not result in a goodwill impairment loss being recorded; therefore, the early adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the twelve-month period ended January 31, 2018. In the fiscal 2018 first quarter when it became effective, the Company adopted FASB ASU 2016-09 (issued in March 2016), "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 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 to the Company's accounting policies resulted in recognition of income tax expense of $692 , or $0.02 per diluted share, for the twelve-month period ended January 31, 2018. 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 the fiscal 2018 first quarter when it became effective, the Company adopted the FASB ASU No. 2015-11 (issued in July 2015), "Inventory (Topic 330) Simplifying the Measurement of Inventory" (ASU 2015-11) on a prospective basis. 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. 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 twelve-month period ended January 31, 2018. New Accounting Standards Not Yet Adopted In February 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02). The amendments in this guidance allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period for which financial statements have not yet been issued. The amendments in this update may be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company is evaluating the impact the adoption of this guidance will have on the stranded tax effects in accumulated other comprehensive income related to the Company's postretirement benefit plan. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" (ASU 2017-09). The guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards as equity instruments or as liability instruments are the same immediately before and after the modification to the award. 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 prospectively to an award modified on or after the adoption date. The Company currently has no plans to modify any of its outstanding awards. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements, results of operations, and disclosures. 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 2017, the FASB issued ASU No. 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets" (ASU 2017-05). Subtopic 610-20 was issued as part of the new revenue standard. It provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance defines “in substance nonfinancial assets,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The amendments are effective for annual periods beginning after December 15, 2017 with early adoption permitted. Transition can use either the full retrospective approach or the modified retrospective approach. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements, results of operations, and associated disclosures. In November 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16). Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice over the years for transfers of certain intangible and tangible assets. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The new guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The amendments in ASU 2016-16 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company can early adopt ASU 2016-16, but earlier adoption must be in the first quarter of the fiscal year. The amendments in ASU 2016-16 will be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does not expect the adoption of this guidance will have significant impact on its consolidated financial statements, results of operations, and associated disclosures. In August 2016 the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15). The new guidance clarifies eight cash flow classification issues where current GAAP was either unclear or had no specific guidance. The new standard is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. All entities may elect to early adopt ASU 2016-15 in any interim period. If an entity early adopts it must adopt all eight of the amendments in the same period and if early adopted in an interim period any adjustments should be reflected as of the beginning of the year. The amendments in ASU 2016-15 will be applied using the modified retrospective transition method |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Jan. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Information | NOTE 2 SELECTED BALANCE SHEET INFORMATION Following are the components of selected balance sheet items: As of January 31, 2018 (a) 2017 (a) Accounts receivable, net: Trade accounts $ 59,510 $ 43,834 Allowance for doubtful accounts (978 ) (691 ) $ 58,532 $ 43,143 Inventories: Finished goods $ 8,054 $ 5,438 In process 961 2,288 Materials 46,336 34,610 $ 55,351 $ 42,336 Other current assets: Insurance policy benefit $ 759 $ 802 Federal income tax receivable 1,397 604 Prepaid expenses and other 3,705 1,283 $ 5,861 $ 2,689 Property, plant and equipment, net: Assets held for use and assets held for sale (a) : Land $ 3,234 $ 3,054 Buildings and improvements 80,299 77,817 Machinery and equipment 149,847 142,471 Accumulated depreciation (127,523 ) (117,018 ) $ 105,857 $ 106,324 Property, plant and equipment subject to capital leases: Machinery and equipment 488 — Accumulated amortization for capitalized leases (65 ) — 423 — $ 106,280 $ 106,324 Other assets: Equity investments $ 1,955 $ 2,371 Deferred income taxes 19 18 Other 976 1,283 $ 2,950 $ 3,672 Accrued liabilities: Salaries and related $ 9,409 $ 6,286 Benefits 4,225 3,960 Insurance obligations 1,992 2,400 Warranties 1,163 1,547 Income taxes 226 498 Other taxes 1,880 1,540 Acquisition-related contingent consideration 1,036 445 Other 2,015 1,379 $ 21,946 $ 18,055 Other liabilities: Postretirement benefits $ 8,264 $ 8,054 Acquisition-related contingent consideration 2,010 1,397 Deferred income taxes 615 1,421 Uncertain tax positions 2,634 2,610 Other 272 214 $ 13,795 $ 13,696 |
Assets Held for Sale (Notes)
Assets Held for Sale (Notes) | 12 Months Ended |
Jan. 31, 2018 | |
Long Lived Assets Held-for-sale [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 ASSETS HELD FOR SALE Aerostar The Company continually analyzes its product and service offerings to ensure we serve market segments with attractive near- and long-term growth prospects that are consistent with our core capabilities. Through this continued evaluation, the Company's Aerostar segment finalized a plan ("the Plan") to actively market the sale of its client private and radar product lines, each of which it has determined constitutes a business. During the second quarter of fiscal 2018 the Company determined that it was probable that these product lines would be sold within one year. During the fourth quarter, Aerostar modified the plan and no longer marketed the sale of its radar product line. A buyer was identified and the sale of the client private business was completed subsequent to the end of fiscal 2018. As such, and as of January 31, 2018, the radar product line is not considered held for sale. The Company has identified specific assets and liabilities that have been sold, including an allocation of goodwill based on the relative fair value of the business. The Company has determined that the final selling price will be in excess of the net book value. As such there is no impact to the Consolidated Statement of Income for the twelve-month period ended January 31, 2018. Under the Plan, Aerostar will remain focused on serving the aerospace/defense market with its stratospheric balloon and radar product lines. The amounts of assets and liabilities classified as held for sale were as follows: As of January 31 2018 Assets held for sale Property, plant and equipment, net 63 Goodwill 103 Amortizable intangible assets, net 329 Other assets 17 Total assets held for sale $ 512 Liabilities held for sale Current liabilities $ 91 Total liabilities held for sale $ 91 There were no |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 4 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income. The changes in the components of accumulated other comprehensive income (loss) (AOCI) are shown below: Cumulative foreign currency translation adjustment Postretirement benefits Total Balance at January 31, 2016 $ (2,477 ) $ (1,024 ) $ (3,501 ) Other comprehensive income (loss) before reclassifications 50 — 50 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $129 — (225 ) (225 ) Balance at January 31, 2017 (2,427 ) (1,249 ) (3,676 ) Other comprehensive income before reclassifications 1,234 — 1,234 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $44 — (131 ) (131 ) Balance at January 31, 2018 $ (1,193 ) $ (1,380 ) $ (2,573 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 5 SUPPLEMENTAL CASH FLOW INFORMATION For the years ended January 31, 2018 2017 2016 Changes in operating assets and liabilities: Accounts receivable $ (7,014 ) $ (5,361 ) $ 16,847 Inventories (11,062 ) 1,215 7,564 Prepaid expenses and other assets (2,445 ) 228 (111 ) Accounts payable 1,280 2,558 (5,059 ) Accrued and other liabilities 2,560 8,405 (9,353 ) $ (16,681 ) $ 7,045 $ 9,888 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes $ 19,854 $ 6,618 $ 6,558 Interest paid $ 186 $ 190 $ 129 Significant non-cash transactions: Capital expenditures included in accounts payable $ 418 $ 84 $ 161 Assets acquired under capital leases $ 79 $ — $ — Capital expenditures converted from inventory $ — $ — $ 1,036 |
Acquisitions of and Investments
Acquisitions of and Investments in Businesses and Technologies | 12 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | NOTE 6 ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Colorado Lining International, Inc. On September 1, 2017 , the Company completed the acquisition of substantially all of the assets ("the acquisition") of Colorado Lining International, Inc. , a Colorado corporation, headquartered in Parker, CO (“CLI”). The acquisition was aligned under the Company’s Engineered Films Division. The acquisition enhanced the Company’s geomembrane market position through extended service and product offerings with the addition of new design-build and installation service components, and advanced Engineered Films’ business model into a vertically-integrated, full-service solutions provider for the geomembrane market. The acquisition constitutes a business and as such was accounted for as a business combination. The acquisition included a working capital adjustment that was settled in January 2018. The final working capital adjustment was $566 which brought the purchase price to $14,938 . The purchase price includes potential earn-out payments with an estimated fair value of $1,256 which are contingent upon achieving certain revenues and operational synergies. The fair value of the business acquired was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed is reflected as goodwill. Goodwill recorded as part of the purchase price allocation was $5,714 , all of which is tax deductible. Identifiable intangible assets acquired as part of the acquisition were $610 , including definite-lived intangibles, such as customer relationships and order backlog. Acquisition-related contingent consideration The Company has contingent liabilities related to the current fiscal year acquisition of CLI, as well as the prior 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 valuation techniques include one or more significant inputs that are not observable (Level 3 fair value measures). Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: For the years ended January 31, 2018 2017 Beginning balance $ 1,741 $ 2,059 Fair value of contingent consideration acquired 1,256 — Change in fair value of the liability 457 36 Contingent consideration earn-out paid (408 ) (354 ) Ending balance $ 3,046 $ 1,741 Classification of liability in the Consolidated balance sheet Accrued Liabilities $ 1,036 $ 345 Other Liabilities, long-term 2,010 1,396 Balance at January 31, 2018 $ 3,046 $ 1,741 As part of the CLI acquisition in the current fiscal year, the Company entered into a contingent earn-out agreement, not to exceed $2,000 . The earn-out is paid annually for three years after the purchase date, contingent upon achieving certain revenues and operational synergies. To date, the Company has made no payments on this potential earn-out liability. 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. To date, the Company has paid a total of $890 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 . To date, the Company has paid a total of $1,572 of this potential earn-out liability. Equity Method Investments The Company has owned interests in two affiliates accounted for as equity method investments: AgEagle and SST . AgEagle In February 2016 , the Applied Technology Division acquired an interest of approximately 5% in 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 the stock purchase 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. 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 7 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 method investment. SST The Company’s owned interest of approximately 22% in SST is accounted for using the equity method. SST is a privately-held agricultural software development and information services provider. Raven and SST are strategically aligned to provide customers with simple, more efficient ways to move and manage data in the precision agriculture market. Changes in the net carrying value of the Company's equity investments was as follows: As of January 31, 2018 2017 Balance at beginning of year $ 2,371 $ 2,805 Purchase price of equity investment — 135 (Loss) income from equity investment (42 ) (72 ) Amortization of intangible assets (320 ) (497 ) Impairment to equity investment (72 ) — Balance at end of year $ 1,937 $ 2,371 |
Goodwil, Long-lived Assets, and
Goodwil, Long-lived Assets, and Other Charges | 12 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE 7 GOODWILL, LONG-LIVED ASSETS, AND OTHER CHARGES Goodwill For goodwill, the Company performs impairment reviews by reporting unit. At the end of fiscal 2016, the Company determined the reporting units to be Engineered Films Division, Applied Technology Division, and two separate reporting units in the Aerostar Division, one of which was Vista and one of which was all other Aerostar operations (Aerostar excluding Vista). During the first quarter of fiscal 2017, management implemented managerial and financial 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 leadership 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 into one reporting unit for the purposes of goodwill impairment review. As such, as of April 30, 2016, and thereafter the Company has 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. The changes in the carrying amount of goodwill by reporting unit are shown below: Applied Technology Engineered Films Aerostar Total Balance at January 31, 2016 $ 12,365 $ 27,518 $ 789 $ 40,672 Foreign currency translation adjustment (23 ) — — (23 ) Reporting unit transfer balance (a) — — — — Balance at January 31, 2017 12,342 27,518 789 40,649 Additions due to business combinations — 5,714 — 5,714 Divestiture of business — — (52 ) (52 ) Foreign currency translation adjustment 399 — — 399 Balance at January 31, 2018 $ 12,741 $ 33,232 $ 737 $ 46,710 (a) The Company combined the Aerostar and Vista reporting units in fiscal 2017. No goodwill amount was transferred between reporting units due to the goodwill impairment loss recorded at the Vista reporting unit during fiscal 2016. Goodwill gross and net of accumulated impairment losses were as follows: As of January 31, 2018 2017 Gross goodwill $ 58,207 $ 52,146 Accumulated impairment loss (11,497 ) (11,497 ) Net goodwill $ 46,710 $ 40,649 Goodwill is tested for impairment on an annual basis and between annual tests whenever a triggering event indicates there may be an impairment. The annual impairment tests were completed for each reporting unit in the fourth quarter based on a November 30th valuation date. Fiscal 2018 Goodwill Impairment Testing In fiscal 2018 no triggering events were deemed to have occurred in any of the quarterly periods and no impairments were recorded as a result of the annual impairment testing. In its annual impairment testing, the Company concluded a quantitative analysis was not required for the Applied Technology and Engineered Films reporting units. This was based on the Company's qualitative analysis and the fact that the estimated fair value in the Company's most recent impairment test substantially exceeded its carrying value for each of these reporting units. For the Aerostar reporting unit, the Company determined the excess of the fair value of the reporting unit over its carry value in the previous year's annual impairment assessment was not significant enough based on the current macroeconomic conditions to perform a qualitative analysis. As such, the Company performed a quantitative analysis for the annual impairment assessment of the Aerostar reporting unit. In determining the estimated fair value of the Aerostar reporting unit, the Company was required to estimate a number of factors, including future revenues and expenses, projected capital expenditures, changes in net working capital and the discount rate. On the basis of these estimates, the November 30, 2017 analysis indicated that the estimated fair value of the Aerostar reporting unit exceeded the reporting unit carrying value by approximately $11,600 or approximately 41% , as such there were no goodwill impairment losses reported in the year ended January 31, 2018. Fiscal 2017 Goodwill Impairment Testing In the fiscal 2017 third quarter, the Company determined that a triggering event occurred for its Aerostar reporting unit, which had $789 of goodwill as of October 31, 2016. The triggering event was caused by lowering the financial expectations for net sales and operating income of the reporting unit and certain asset groups due to delays and uncertainties regarding the reporting unit’s pursuit of certain opportunities, including aerostat orders, certain classified stratospheric balloon pursuits, and radar pursuits. Aerostar was still actively pursuing these opportunities and some were in active negotiations, but the timing of certain aerostat and classified stratospheric balloon opportunities were being delayed more than previously expected and the likelihood of radar sales is lower due to the Company's decision to no longer actively pursue certain radar product opportunities . A quantitative impairment analysis was completed using fair value techniques as of October 31, 2016. In determining the estimated fair value of the Aerostar reporting unit, the Company was required to estimate a number of factors, including projected revenue growth rates, projected operating results, terminal growth rates, economic conditions, anticipated future cash flows, and the discount rate. On the basis of these estimates, the October 31, 2016 analysis indicated that the estimated fair value of the Aerostar reporting unit exceeded the reporting unit carrying value by approximately $9,000 , or approximately 30% . There were no other triggering events during fiscal 2017 for any of the three reporting units, and no impairments were recorded as a result of the annual impairment testing for fiscal 2017. Fiscal 2016 Goodwill Impairment Testing In the fiscal 2016 third quarter, the Company determined that a triggering event occurred for its Vista reporting unit. The triggering event was caused by the lowering of financial expectations for sales and operating income of the reporting unit due to delays and uncertainties regarding the reporting unit’s pursuit of large international opportunities. Despite the Company having a pre-authorization letter from the prime contractor and being in negotiations on a large international contract through the fiscal 2016 second quarter, the contract did not materialize in the fiscal 2016 third quarter as expected. Expectations were lowered as the timing and likelihood of completing certain international pursuits became less certain. In addition, the Company made a change in the executive leadership of the reporting unit during the third quarter. The Step 1 impairment analysis was completed using fair value techniques as of October 31, 2015. In determining the estimated fair value of the Vista reporting unit, the Company was required to make assumptions and estimate a number of factors, including projected revenue growth rates (particularly those related to being successful in being awarded large, international contracts and the timing thereof), operating profit margin percentage, and the discount rate. On the basis of these estimates, the October 31, 2015 analysis indicated that the estimated fair value of the Vista reporting unit was less than the carrying value. The carrying value exceeded the estimated fair value by approximately $14,000 , or 64% . Pursuant to the applicable accounting guidance, the Company performed a Step 2 impairment analysis. In the Step 2 impairment analysis, the fair value determined was allocated to the assets and liabilities of the reporting unit. Based on this Step 2 impairment analysis the resulting implied fair value of the Vista goodwill was determined to have no value compared to the carrying value recorded for the reporting unit, $11,497 . In the fiscal 2016 third quarter an impairment charge to operating income of $11,497 was reported as "Goodwill impairment loss" in the Consolidated Statements of Income and Comprehensive Income. Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: For the years ended January 31, 2018 2017 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 7,290 $ (6,996 ) $ 294 $ 7,136 $ (6,553 ) $ 583 Customer relationships 13,264 (4,834 ) 8,430 12,987 (3,680 ) 9,307 Patents and other intangibles 4,241 (2,381 ) 1,860 4,378 (2,220 ) 2,158 Total $ 24,795 $ (14,211 ) $ 10,584 $ 24,501 $ (12,453 ) $ 12,048 The estimated future amortization expense for these definite-lived intangible assets, as well as definite-lived intangible assets accounted for as part of the equity method investment in SST, during the next five years is as follows: 2019 2020 2021 2022 2023 Estimated amortization expense $ 1,988 $ 1,578 $ 1,163 $ 1,111 $ 1,013 Long-lived assets The Company assesses the recoverability of long-lived assets, including definite-lived intangibles, equity method 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. Management periodically assesses for triggering events and discusses any significant changes in the utilization of long-lived assets. For purposes of recognition and measurement of an impairment loss, a long-lived asset is grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. 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 above the estimated undiscounted cash flows used in determining the fair value of the asset. Fiscal 2018 Long-lived Intangibles and Equity-Method Investment Impairment Assessment During first quarter of fiscal 2018, the Company determined that the investment in AgEagle, further described in Note 6 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 method investment loss of $72 was recorded in the first quarter. This loss was reported in "Other (expense), net" in the Consolidated Statements of Income and Comprehensive Income for the twelve-month period ended January 31, 2018. The Company also determined the customer relationship intangible asset related to the Ag Eagle exclusive distribution agreement was fully impaired. The total impairment loss reported related to this intangible asset was $259 and was recorded in the first quarter. This loss was reported in "Long-lived asset impairment loss" in the Consolidated Statements of Income and Comprehensive Income for the twelve-month period ended January 31, 2018. The Company did not identify any additional triggering events for any of its assets groups or equity method investments the remainder of fiscal 2018. Fiscal 2017 Long-lived Intangibles Impairment Assessment The Company evaluated the triggering events described in the goodwill impairment analysis for fiscal 2017 and determined there were also triggering events with respect to the assets associated with the aerostat and stratospheric programs (Lighter than Air) and the radar product and radar services (Radar) asset groups in the Aerostar reporting unit in the third quarter of fiscal 2017, which resulted in an asset impairment test. Using the sum of the undiscounted cash flows associated with each of the two asset groups, a quantitative test was performed for each asset group. The undiscounted cash flows for the Lighter than Air asset group exceeded the carrying value of the long-lived assets by approximately $110,000 , or 800% , and no Step 2 test was deemed to be necessary based on the recoverability of the long-lived assets. For the Radar asset group, however, the undiscounted cash flows did not exceed the carrying value of the long-lived assets and the Company performed a Step 2 impairment analysis for the long-lived assets. In the Step 2 impairment analysis, the fair value determined was allocated to the assets and liabilities of the Radar asset group. The resulting estimated fair value of the Radar asset group long-lived assets was $175 compared to the carrying value of $262 for the asset group. The shortfall of $87 was recorded in the fiscal 2017 third quarter as an impairment charge to operating income reported as "Long-lived asset impairment loss" in the Consolidated Statements of Income and Comprehensive Income. The total impairment loss related to property, plant, and equipment and patents was $62 and $25 , respectively. Fiscal 2016 Long-lived Intangibles Impairment Assessment As described in our Annual Report on Form 10-K/A for the fiscal year ended January 31, 2016, the Company determined that the relevant cash flows for long-lived asset testing (the lowest level of cash flows that are largely independent of other assets) were one level below the Vista reporting unit. For Vista, these levels were determined to be asset groups identified for the client private business (CP) and Radar. Based on the assessment of the forecasts of cash flows and these asset groups, the Company concluded that certain long-lived assets of the Vista reporting unit, including finite-lived intangible assets, were impaired as of October 31, 2015. Using the sum of the undiscounted cash flows associated with each of the two asset groups, a quantitative test was performed for each asset group. The undiscounted cash flows for the CP asset group exceeded the carrying value of the long-lived assets and no Step 2 test was deemed to be necessary based on the recoverability of the long-lived assets. For the Radar asset group, however, the undiscounted cash flows did not exceed the carrying value of the long-lived assets and the Company performed a Step 2 impairment analysis for the long-lived assets. In the Step 2 impairment analysis, the fair value determined was allocated to the assets and liabilities of the Radar asset group. The resulting implied fair value of the Radar asset group long-lived assets was $103 compared to the carrying value of $3,916 for the asset group. The shortfall of $3,813 was recorded in the third quarter of fiscal 2016 as an impairment charge to operating income reported as "Long-lived asset impairment loss" in the Consolidated Statements of Income and Comprehensive Income. Of the total long-lived asset impairment of $3,813 , $3,154 was related to amortizable intangible assets related to radar technology and radar customers, $554 was related to property, plant, and equipment, and $105 was related to patents. In addition, expenditures of $13 for additional patents related to the Radar asset group in the fiscal 2016 fourth quarter were also considered to have been impaired. Other Charges Inventory Write-downs Due to the Company's decision to no longer actively pursue certain radar opportunities, during the fiscal 2017 third quarter the Company wrote-down radar inventory, purchased primarily during fiscal 2016. The decision to write-down this inventory is consistent with the triggering event identified during the fiscal 2017 third quarter relating to the Aerostar reporting unit and the Radar asset group. This radar-specific inventory write-down increased "Cost of sales" by $2,278 in fiscal 2017. There were no significant inventory write-downs in fiscal 2018 or 2016. Pre-contract Deferred Cost Write-offs From time to time, the Company incurs costs before a contract is finalized and such pre-contract costs are deferred to the balance sheet to the extent they relate to a specific project and the Company has concluded that is probable that the contract will be awarded for more than the amount deferred. Pre-contract cost deferrals are common with Vista's business pursuits. As described above, Vista was pursuing international opportunities and was in the process of negotiating a large international contract that did not materialize in the fiscal 2016 third quarter as expected. Expectations were lowered as the timing and likelihood of completing certain international pursuits became less certain. Corresponding to these lower expectations, the pre-contract costs associated with these pursuits were written off during the fiscal 2016 third quarter. Vista recorded a charge of $2,933 , (which is comprised of $2,075 of costs capitalized as of July 31, 2015 and additional costs of $858 capitalized during August and September 2015) for the write-off of these pre-contract costs. This charge is recorded in “Cost of sales” in the Consolidated Statements of Income and Comprehensive Income. There were no |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | NOTE 8 EMPLOYEE POSTRETIREMENT BENEFITS Defined contribution 401(k) plan As of January 1, 2018, the Company has one 401(k) plan covering substantially all employees. This plan, which covers the majority of employees, matches employee contributions up to 5% . Prior to January 1, 2018, the plan matched contributions up to 4% . Under this plan all account balances and future contributions and related earnings can be invested in several investment alternatives as well as the Company's common stock in accordance with each participant's elections. Participants may choose to make separate investment choices for current account balances and for future contributions. As a result of changes to the plan’s permissible investment options effective January 1, 2017, participants' contributions to the 401(k) and the employer matching contributions are limited to 10% investment in the Company's common stock. This limit was previously 20% . The plan does not allow a participant to exchange more than 10% of their existing account balance into the Company’s common stock nor permit exchanges that would cause the participant’s investment in the Company’s common stock to exceed 10% . Officers of the Company may not include Raven's common stock in their 401(k) plan elections. Prior to January 1, 2017, the Company had a second 401(k) plan that was assumed as part of the Vista acquisition. This plan was terminated December 31, 2016 and all participant contributions were merged into the plan previously described. The Company also contributes to post-retirement and pensions as are required or customary for employees in foreign locations. Deferred compensation plan Effective January 1, 2018, the Company established a section 409A non-qualified deferred compensation plan. The purpose of the deferred compensation plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation, and there is no standard Company contribution or match. Participants are approved by the Board of Director's Personnel and Compensation Committee which is also responsible for the deferred compensation plan's general administration. A rabbi trust was also established in January 2018 which the Company may elect to make contributions to in order to provide a source of funds to assist the Company in meeting its obligation. Any assets held by the deferred compensation plan are still part of the Company's general assets and are subject to creditor's claims. The Company's common stock is not an investment option. Total contribution expense to all such plans was $2,263 , $2,030 , and $1,952 for fiscal 2018 , 2017 , and 2016 , respectively, and all of these contributions were to the 401(k) plan. Defined benefit postretirement plan In addition, the Company provides postretirement medical and other benefits to senior executive officers and senior managers. The accumulated benefit obligation is as follows: For the years ended January 31, 2018 2017 Benefit obligation at beginning of year $ 8,416 $ 7,991 Service cost 74 80 Interest cost 312 333 Actuarial loss (gain) and assumption changes 112 341 Retiree benefits paid (343 ) (329 ) Benefit obligation at end of year $ 8,571 $ 8,416 The following tables set forth the plan's pre-tax adjustment to accumulated other comprehensive income/loss: For the years ended January 31, 2018 2017 Amounts not yet recognized in net periodic benefit cost: Net actuarial loss $ 2,714 $ 2,699 Prior service cost (572 ) (732 ) Total pre-tax accumulated other comprehensive loss $ 2,142 $ 1,967 Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation $ 1,967 $ 1,612 Reclassification adjustments recognized in benefit cost: Recognized net (loss) (96 ) (146 ) Amortization of prior service cost 159 160 Amounts recognized in AOCI during the year: Net actuarial loss (gain) 112 341 Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation $ 2,142 $ 1,967 The net actuarial loss for fiscal year 2018 was the result of a decrease in the discount rate and unfavorable demographic experience partially offset by medical costs trending lower than expected. The net actuarial loss for fiscal year 2017 was the result of a decrease in the discount rate, a decrease in the average life expectancy by approximately half a year based on the application of an updated mortality projection scale, and census changes. The liability and net periodic benefit cost reflected in the Consolidated Balance Sheets and Consolidated Statements of Income and Comprehensive Income were as follows: For the years ended January 31, 2018 2017 Beginning liability balance $ 8,416 $ 7,991 Net periodic benefit cost 323 399 Other comprehensive loss 175 355 Total recognized in net periodic benefit cost and other comprehensive income 498 754 Retiree benefits paid (343 ) (329 ) Ending liability balance $ 8,571 $ 8,416 Current portion in accrued liabilities $ 307 $ 362 Long-term portion in other liabilities $ 8,264 $ 8,054 Assumptions used to calculate benefit obligation: Discount rate 3.75 % 4.00 % Rate of compensation increase 4.00 % 4.00 % Health care cost trend rates: Health care cost trend rate assumed for next year 6.50 % 6.67 % Ultimate health care cost trend rate 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2030 2030 Assumptions used to calculated the net periodic benefit cost: Discount rate 4.00 % 4.25 % Rate of compensation increase 4.00 % 4.00 % The discount rate is based on matching rates of return on high-quality fixed-income investments with the timing and amount of expected benefit payments. No material fluctuations in retiree benefit payments are expected in future years. The total estimated cost to be recognized from AOCI into net periodic benefit cost over the next fiscal year is $(31) ; $129 of recognized net loss and $(160) of amortized prior service cost. The assumed health care cost trend rate has a significant effect on the amounts reported. The impact of a one-percentage point change in assumed health care rates would have the following effects: January 31, 2018 One-percentage-point increase One-percentage-point decrease Effect on total of service and interest cost components $ 71 $ (58 ) Effect on accumulated postretirement benefit obligation $ 1,180 $ (1,045 ) The Company expects to make $313 in postretirement medical and other benefit payments in fiscal 2019 . The following postretirement other than pension benefit payments, which reflect expected future service as appropriate, are expected to be paid: 2019 2020 2021 2022 2023 - 2028 Expected postretirement medical and other benefit payments $ 313 $ 323 $ 332 $ 341 $ 2,192 |
Warranties
Warranties | 12 Months Ended |
Jan. 31, 2018 | |
Product Warranty Costs [Abstract] | |
Warranties | NOTE 9 WARRANTIES Changes in the warranty accrual were as follows: For the years ended January 31, 2018 2017 2016 Beginning balance $ 1,547 $ 1,835 $ 3,120 Change in provision 1,762 1,597 1,945 Settlements made (2,146 ) (1,885 ) (3,230 ) Ending balance $ 1,163 $ 1,547 $ 1,835 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 INCOME TAXES The reconciliation of income tax computed at the federal statutory rate to the Company's effective income tax rate was as follows: For the years ended January 31, 2018 2017 2016 Tax at U.S. federal statutory rate 33.8 % 35.0 % 35.0 % Impact of the Tax Cuts and Jobs Act (0.1 ) — — State and local income taxes, net of U.S. federal tax benefit 1.6 0.7 (2.8 ) Tax credit for research activities (1.8 ) (3.7 ) (24.2 ) Tax benefit on qualified production activities (3.0 ) (2.8 ) (13.7 ) Tax benefit on insurance premiums (1.3 ) (1.5 ) (10.3 ) Change in uncertain tax positions 0.1 (0.3 ) 1.8 Foreign tax rate difference — (0.3 ) (2.9 ) Impact of settlement of stock-based awards 1.2 — — Other, net — 0.4 (1.7 ) 30.5 % 27.5 % (18.8 )% The increase in the fiscal 2018 effective tax rate is primarily due to higher pre-tax income in the current year and recognition of discrete tax expense related to the Company's adoption of ASU 2016-09 in fiscal 2018 as further discussed in Note 1 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. Additionally, the Tax Cuts and Jobs Act (TCJA), effective January 1, 2018, lowered the Company's federal statutory rate by 1.2 percentage points for the fiscal year. The TCJA reduces the federal statutory rate to 21% for fiscal 2019. The TCJA imposes a one-time mandatory transition tax on accumulated foreign earnings, which resulted in a provisional amount of $265 for the Company. The Company re-measured its ending deferred tax assets and liabilities to reflect the realization at the new 21% corporate tax rate. The re-measurement resulted in a provisional $312 reduction to fiscal 2018 tax expense. In addition, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the TCJA (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. Since the TCJA was passed late in the fourth quarter of fiscal 2018, ongoing guidance and accounting interpretation are expected over the next year, and significant data and analysis is required to finalize amounts recorded pursuant to the TCJA, the Company considers the accounting of the transition tax, deferred tax re-measurements, indefinite reinvestment assertion, and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final year-end data and tax positions. Also, the Company has not yet determined its policy election as to whether it will recognize deferred taxes for basis differences expected to reverse as Global Intangible Low Taxed Income (“GILTI”) or whether GILTI will be accounted for as a period cost if and when incurred. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. The Company's fiscal 2017 effective rate is lower than the federal statutory rate primarily due to a $779 tax benefit for qualified production activities and a $1,044 tax benefit from the R&D tax credit. The negative fiscal 2016 effective rate is lower than the federal statutory rate primarily due to the combination of a significantly lower book income year-over-year, a $560 tax benefit for qualified production activities, and a $989 tax benefit from the R&D tax credit extension passed by Congress in fiscal 2016. The qualified production deduction is based on estimated taxable income. Taxable income is higher in comparison to pre-tax income for fiscal 2016 primarily due to $14,756 of goodwill and long-lived asset impairment losses recorded in net income which are not currently deductible but are amortizable for income tax purposes. Significant components of the Company's income tax provision were as follows: For the years ended January 31, 2018 2017 2016 Income tax provision: Currently payable $ 18,754 $ 7,354 $ 5,272 Deferred expense (benefit) (787 ) 307 (6,039 ) Income tax expense (benefit) $ 17,967 $ 7,661 $ (767 ) Deferred Tax Assets (Liabilities) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows: As of January 31, 2018 2017 Deferred tax assets: Accounts receivable $ 184 $ 212 Inventories 664 978 Accrued vacation 647 887 Insurance obligations 137 383 Accrued benefit liabilities — 41 Warranty obligations 262 565 Postretirement benefits 1,929 3,072 Uncertain tax positions 491 803 Share-based compensation 1,761 3,201 Other accrued liabilities 54 68 6,129 10,210 Deferred tax (liabilities): Depreciation and amortization (6,082 ) (10,565 ) Other (643 ) (1,048 ) (6,725 ) (11,613 ) Net deferred tax (liability) $ (596 ) $ (1,403 ) Uncertain Tax Positions A summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) is as follows: For the years ended January 31, 2018 2017 Gross unrecognized tax benefits at beginning of year $ 2,110 $ 2,327 Increases in tax positions related to the current year 426 279 Decreases in tax positions related to prior years — (193 ) Decreases as a result of lapses in applicable statutes of limitation (320 ) (303 ) Gross unrecognized tax benefits at end of year $ 2,216 $ 2,110 Fiscal year 2018 changes to uncertain tax positions related to prior years resulted from lapses of applicable statutes of limitations. Fiscal year 2017 included a decrease to prior period tax positions primarily related to a favorable determination by a state tax authority impacting the Company’s estimated liability. The total unrecognized tax benefits (including interest and penalty) that, if recognized, would affect the Company's effective tax rate were $2,143 , $1,806 , and $2,140 as of January 31, 2018 , 2017, and 2016, respectively. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. At January 31, 2018 , 2017, and 2016, accrued interest and penalties were $418 , $500 , and $672 , respectively. The Company does not expect any significant change in the amount of unrecognized tax benefits in the next fiscal year. Additional Tax Information The Company files tax returns, including returns for its subsidiaries, with various federal, state, and local jurisdictions. Uncertain tax positions are related to tax years that remain subject to examination. As of January 31, 2018 , federal tax returns filed in the U.S. for fiscal years ended January 31, 2015 through January 31, 2017 remain subject to examination by federal tax authorities. In state and local jurisdictions, tax returns for fiscal years ended January 31, 2012 through January 31, 2017 remain subject to examination by state and local tax authorities. International jurisdictions have open tax years varying by location beginning in fiscal 2013. Pre-tax book income for the U.S. companies and the foreign subsidiaries was $ 58,757 and $ 229 , respectively. As of January 31, 2018 , the Company has recorded United States income taxes of $265 on $3,242 of undistributed earnings from its Canadian and |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | NOTE 11 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 . Loan proceeds may be utilized by Raven for strategic business purposes, such as business acquisitions, and for net 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. The unamortized debt issuance costs associated with this Credit Agreement were as follows: As of January 31, 2018 2017 Unamortized debt issuance costs (a) $ 242 $ 352 (a) Unamortized debt issuance costs are reported as "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. Such fees were $211 , $215 , and $213 for the years ended January 31, 2018 , 2017, and 2016, respectively. 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. Letters of credit (LOC) issued and outstanding were as follows: As of January 31, 2018 2017 Letters of credit outstanding (a) $ 1,097 $ 514 (a) Any draws required under the LOC' would be settled with available cash or borrowings under the Credit Agreement. There have been no borrowings under any of the credit agreements and there were no borrowings outstanding for any of the fiscal periods covered by this Annual Report on Form 10-K. Availability under the Credit Agreement for borrowings as of January 31, 2018 was approximately $124,000 . Capital leases The Company's recent asset acquisition of CLI further described in Note 6 Acquisition of and Investments in Businesses and Technologies included a fleet of vehicles under capital leases to support Engineered Film's new design-build and installation service capabilities. The Company had no leased assets under capital leases in fiscal 2017. Future minimum lease payments under capital leases and the present value of the net minimum lease payments as of January 31, 2018 were as follows: 2019 2020 2021 2022 Thereafter Total Minimum lease payments $ 237 $ 169 $ 90 $ 32 $ — $ 528 Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon. (17 ) Net minimum lease payments 511 Less amounts representing interest (63 ) Present value of net minimum lease payments $ 448 At January 31, 2018, the present value of net minimum lease payments due within one year is $196 . Amortization and interest expense for the year ended January 31, 2018 was $65 and $13 , respectively. Operating leases The Company leases certain vehicles, equipment, and facilities under operating leases. Total rent and lease expense was $2,104 , $2,028 , and $2,095 in fiscal 2018 , 2017 , and 2016 , respectively. Future minimum lease payments under non-cancelable operating leases are as follows: 2019 2020 2021 2022 2023 Thereafter Minimum lease payments $ 2,012 $ 1,925 $ 1,780 $ 501 $ 437 $ — |
Contingencies
Contingencies | 12 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 12 COMMITMENTS AND 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. Management does not believe the ultimate outcomes of its legal proceedings are likely to be material to its results of operations, financial position, or cash flows. The previously disclosed patent infringement lawsuit in which Capstan Ag Systems, Inc. made certain infringement claims against the Company has been settled on a confidential basis. The Company has insurance policies that provide coverage to various degrees for potential liabilities arising from legal proceedings. The Company entered into a Gift Agreement (the Agreement) effective in January 2018 with the South Dakota State University Foundation, Inc. (the Foundation). The Agreement states that the Company will make a $5,000 gift to the Foundation, conditional on certain other actions that had not occurred as of January 31, 2018. This gift will be used by South Dakota State University (SDSU), located in Brookings, SD, for the establishment of a precision agriculture facility to support SDSU's Precision Agriculture degrees and curriculum. This facility will assist the Company in further collaboration with faculty, staff, and students on emerging technology in support of the growing need for precision agriculture practices and tools. As the Agreement is conditional upon certain other actions yet to occur, the gift will not be recorded as an expense or liability until those contingencies are satisfied. The Company expects these contingencies to be satisfied during fiscal 2019. |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Jan. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | NOTE 13 RESTRUCTURING COSTS The Company has no ongoing restructuring plans or unpaid restructuring costs at January 31, 2018 . No restructuring costs were incurred in fiscal 2018 or 2017. In addition to Applied Technology reducing its international sales infrastructure, scaling back marketing initiatives, lowering general manufacturing overhead, and focusing R&D spending on core product lines, the Company initiated the exit of Applied Technology’s non-strategic St. Louis, Missouri contract manufacturing operations in fiscal 2015. In fiscal 2016 first quarter, the Company announced that Applied Technology successfully sold and transferred its contract manufacturing operations in the St. Louis, Missouri area. Proceeds from the sale of these assets were $1,288 and gains of $611 were recorded in fiscal 2016 as a result of the exit activity. This exit strategy of Applied Technology was fully completed in fiscal 2017 with the sale of the idle St. Louis manufacturing facility. Proceeds from the sale of this facility were $960 and gains of $160 were recognized in "Selling, general, and administrative expenses in the Consolidated Statements of Income and Comprehensive Income for fiscal 2017. With continued weak end-market demand in the Engineered Films and Applied Technology divisions, the Company announced and implemented a restructuring plan in fiscal 2016 first quarter to 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. As a result of this action, the Company incurred restructuring costs for severance benefits of $588 for the year ended January 31, 2016 . The Company reported $407 of restructuring expense in "Cost of sales" and $181 in "Selling, general, and administrative expenses" in the Consolidated Statements of Income and Comprehensive Income for fiscal 2016. Substantially all of these restructuring costs related to Applied Technology. This restructuring plan was completed during the fiscal 2016 second quarter. In the fiscal 2016 third quarter, the Company's Aerostar Division implemented a restructuring plan at Vista to lower its cost structure due to reduced demand expectations primarily related to delays and uncertainty surrounding international pursuits. Restructuring costs for severance benefits were $73 for the year ended January 31, 2016 . The Company reported $58 of this expense in "Cost of sales" and $15 in "Research and development expenses" in the Consolidated Statements of Income and Comprehensive Income. This restructuring plan was completed during fiscal 2016 fourth quarter and there were no unpaid costs at January 31, 2016 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Jan. 31, 2018 | |
Share-based Compensation [Abstract] | |
Share Based Compensation | NOTE 14 SHARE-BASED COMPENSATION At January 31, 2018 , the Company had two shareholder approved share-based compensation plans, which are described below. The compensation cost and related income tax benefit for these plans were as follows: For the years ended January 31, 2018 2017 2016 Share-based compensation cost $ 3,725 $ 3,071 $ 2,311 Tax benefit 1,275 1,103 819 Share-based compensation cost capitalized as part of inventory is not significant. Equity Compensation Plans The Company reserved shares of its common stock for issuance to directors, officers, employees, and certain advisors of the Company through incentive stock options and non-statutory stock options, stock appreciation rights, stock awards, restricted stock, restricted stock units (RSUs), and performance awards to be granted under the Amended and Restated 2010 Stock Incentive Plan (the Plan) which was approved by shareholders on May 22, 2012 . The aggregate number of shares initially available for grant under the Plan was 2,000,000 . As of January 31, 2018 , the number of shares available for grant under the Plan was 1,163,074 . Option exercises under the Plan are settled in newly issued common shares. The Plan is administered by the Personnel and Compensation Committee of the Board of Directors (the Committee), consisting of two or more independent directors of the Company. The Committee determines the option exercise prices and the term of each grant. The Committee may accelerate the exercisability of awards under the Plan or extend the term of such awards to the extent allowed by the Plan to a maximum term of ten years . Two types of awards were granted under the Plan in fiscal 2018, stock options and restricted stock units. Stock Option Awards The Company granted 85,800 non-qualified stock options during fiscal 2018 . 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, employee terminations, and volatility within this valuation model. The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: For the years ended January 31, 2018 2017 2016 Risk-free interest rate 1.68 % 1.05 % 1.33 % Expected dividend yield 1.78 % 3.33 % 2.59 % Expected volatility factor 33.87 % 32.61 % 36.81 % Expected option term (in years) 4.25 4.00 3.75 Weighted average grant date fair value $ 7.35 $ 3.05 $ 4.77 Outstanding stock options as of January 31, 2018 and activity for the year then ended are presented below: Number Weighted average exercise price Aggregate intrinsic value Weighted Outstanding, January 31, 2017 990,900 $ 24.58 Granted 85,800 29.20 Exercised (206,000 ) 31.01 Forfeited (43,600 ) 19.05 Expired (124,150 ) 31.70 Outstanding, January 31, 2018 702,950 $ 22.34 $ 11,396 2.49 Outstanding exercisable, January 31, 2018 331,717 $ 23.43 $ 5,014 1.95 Options vested, or expected to vest, January 31, 2018 702,950 $ 22.34 $ 11,396 2.49 The intrinsic value of a stock award is the amount by which the fair value of the underlying stock exceeds the exercise price of the award. The total intrinsic value of options exercised was $1,036 , $0 , and $172 during the years ended January 31, 2018 , 2017 , and 2016 , respectively. The total fair value of options vested was $1,312 , $1,323 , and $1,755 during the years ended January 31, 2018, 2017, and 2016, respectively. As of January 31, 2018 , the total unrecognized compensation cost for non-vested awards was $838 . This amount is expected to be recognized over a weighted average period of 1.93 years. Restricted Stock Unit Awards The Company granted 61,270 time-vested RSUs during the year ended January 31, 2018 . The 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. Time-vested RSUs will vest if, at the end of the vesting 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 and are forfeited if such RSUs do not vest. Activity for time-vested RSUs under the Plan in fiscal 2018 was as follows: Number Weighted Outstanding, January 31, 2017 126,729 $ 19.19 Granted 61,270 29.33 Vested (23,122 ) 29.62 Forfeited (18,028 ) 18.92 Outstanding, January 31, 2018 146,849 $ 21.81 Cumulative dividends, January 31, 2018 5,129 The Company also granted performance-based RSUs during the year ended January 31, 2018 . 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 vesting period in comparison to the target award. The target awards for the fiscal 2016, 2017 and 2018 grants are based on return on equity (ROE), which is defined as net income divided by the average of beginning and ending shareholders' equity for the fiscal year. The performance-based RSUs will vest if, at the end of the performance period, the Company has achieved certain performance goals and the employee remains employed by the Company. Performance-based RSUs contain retirement and change-in-control provisions that may accelerate the vesting period. Dividends are cumulatively earned on performance-based RSUs over the vesting period and are forfeited if such RSUs do not vest. 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 restricted stock units granted is based on 100% of the target award. The number of RSUs that will vest is determined by the estimated ROE target over the performance period. The estimated performance factor used to estimate the number of restricted stock units expected to vest is evaluated quarterly. The number of restricted stock units issued at the vesting date will be based on actual results. Activity for performance-based RSUs under the Plan in fiscal 2018 was as follows: Number Weighted Outstanding, January 31, 2017 146,519 $ 16.78 Granted 22,745 29.20 Vested — — Forfeited (16,164 ) 16.89 Performance-based adjustment 26,629 23.96 Outstanding, January 31, 2018 179,729 $ 19.40 Cumulative dividends, January 31, 2018 7,130 The weighted average grant date fair values of the time-based and performance-based RSUs by grant year are as follows: For the years ended January 31, 2018 2017 2016 Weighted average grant date fair value: time-based RSUs $ 29.33 $ 15.94 $ 19.25 Weighted average grant date fair value: performance-based RSUs $ 29.20 $ 15.61 $ 20.09 The total intrinsic value of RSUs vested (or converted to shares) was $685 , $754 , and $1,437 during the years ended January 31, 2018, 2017, and 2016, respectively. The total fair value of RSUs vested (or converted to shares) was $678 , $761 , and $1,411 , during the years ended January 31, 2018, 2017, and 2016, respectively. 326,578 outstanding RSUs with a weighted average term of 1.81 years and an aggregate intrinsic value of $12,590 at January 31, 2018 are expected to vest. None of the outstanding RSUs are vested as of January 31, 2018. The total unrecognized compensation cost for nonvested RSU awards at January 31, 2018 was $3,054 . This amount is expected to be recognized over a weighted average period of 1.81 years. Deferred Stock Compensation Plan for Directors The Company reserved 100,000 shares of its common stock for issuance to certain members of its Board of Directors under the Deferred Stock Compensation Plan for Directors of Raven Industries, Inc. (the Director Plan). The Director Plan is administered by the Personnel and Compensation Committee of the Board of Directors. Under the Director Plan, any non-employee director receives a grant of a number of stock units as deferred compensation to be converted into common stock after retirement from the Board of Directors and may elect to have a specified percentage of their annual retainer converted to stock units. Under the Director Plan, a stock unit is the right to receive one share of the Company's common stock as deferred compensation, to be distributed from an account established by the Company in the name of the non-employee director. Stock units have the same value as a share of common stock but cannot be sold. Stock units are a component of the Company's equity. Stock units granted under the Director Plan vest immediately and are expensed at the date of grant. When dividends are paid on the Company's common shares, stock units are added to the directors' balances and a corresponding amount is removed from retained earnings. The intrinsic value of a stock unit is the fair value of the underlying shares. Outstanding stock units as of January 31, 2018 and changes during the year then ended are presented below: Number Weighted Outstanding, January 31, 2017 98,649 $ 20.82 Granted 12,000 35.00 Deferred retainers 1,143 35.00 Dividends 1,547 33.98 Converted into common shares (25,725 ) 33.88 Outstanding, January 31, 2018 87,614 $ 19.35 |
Net Income per Share
Net Income per Share | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NOTE 15 NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units, and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. Certain outstanding options and restricted stock units were excluded from the diluted net income per-share calculations because their effect would have been anti-dilutive under the treasury stock method. The options and restricted stock units excluded from the diluted net income per share calculation were as follows: For the years ended January 31, 2018 2017 2016 Anti-dilutive options and restricted stock units 344,774 884,099 1,107,733 The computation of earnings per share is presented below: For the years ended January 31, 2018 2017 2016 Numerator: Net income attributable to Raven Industries, Inc. $ 41,022 $ 20,191 $ 4,776 Denominator: Weighted average common shares outstanding 35,945,225 36,142,416 37,237,717 Weighted average stock units outstanding 104,980 100,019 86,745 Denominator for basic calculation 36,050,205 36,242,435 37,324,462 Weighted average common shares outstanding 35,945,225 36,142,416 37,237,717 Weighted average stock units outstanding 104,980 100,019 86,745 Dilutive impact of stock options and RSUs 399,620 129,480 75,481 Denominator for diluted calculation 36,449,825 36,371,915 37,399,943 Net income per share - basic $ 1.14 $ 0.56 $ 0.13 Net income per share - diluted $ 1.13 $ 0.56 $ 0.13 |
Business Segments and Major Cus
Business Segments and Major Customer Information | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments and Major Customer Information | NOTE 16 BUSINESS SEGMENTS AND MAJOR CUSTOMER INFORMATION The Company's operating segments, which are also its reportable segments, are defined by their product lines which have been generally grouped based on technology, manufacturing processes, and end-use application. The Company's reportable segments are Applied Technology Division, Engineered Films Division, and Aerostar Division. Separate financial information is available for each reportable segment 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. Applied Technology designs, manufactures, sells, and services innovative precision agriculture products and information management tools that help growers reduce costs, save time, and improve farm yields around the world. Their product families include field computers, application controls, GPS-guidance and assisted-steering systems, automatic boom controls, injection systems, yield monitoring controls, planter and seeder controls, and an integrated real-time kinematic (RTK) and information platform called Slingshot™. Applied Technology services include high-speed, in-field internet connectivity and cloud-based data management. The Company's Engineered Films Division manufactures high-performance plastic films and sheeting for major markets throughout the United States and abroad. An important part of this business is highly technical, engineered geomembrane films that protect environmental resources through containment linings and coverings for energy, agriculture, construction, and industrial markets. Engineered Films expanded its business model in the fiscal 2018 third quarter by adding new design-build and installation service solutions to its geomembrane market with the asset purchase of Colorado Lining International, Inc. Aerostar designs and manufactures proprietary products including high-altitude balloons, tethered aerostats, and radar systems. These products can be integrated with additional third-party sensors to provide research, communications, and situational awareness to government and commercial customers. Aerostar's product lines such as manufacturing military parachutes and electronics manufacturing services were phased out during fiscal 2016 as the Company focused its growth strategy on its proprietary products and largely completed its exit of contract manufacturing operations. Through Vista and AIS, Aerostar pursues potential product and support services contracts for agencies and instrumentalities of the U.S. government and to foreign governments as direct commercial sales and foreign military sales through the U.S. Government. Vista positions the Company to meet the global demand for lower-cost detection and tracking systems used by government agencies. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. The accounting policies of the operating segments are the same as those described in Note 1 Summary of Significant Accounting Policies . Other income, interest expense, and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Business segment financial performance and other information is as follows: For the years ended January 31, 2018 2017 2016 APPLIED TECHNOLOGY DIVISION Sales $ 124,688 $ 105,217 $ 92,599 Operating income (a)(f) 31,257 26,643 18,319 Assets (b) 66,555 67,911 65,490 Capital expenditures 1,489 1,017 664 Depreciation and amortization 3,365 3,828 4,428 ENGINEERED FILMS DIVISION Sales (c) $ 213,298 $ 138,855 $ 129,465 Operating income (f) 47,324 22,966 17,892 Assets (b) 168,797 133,309 134,942 Capital expenditures 8,128 2,768 10,780 Depreciation and amortization 8,761 8,580 7,735 AEROSTAR DIVISION Sales $ 39,915 $ 34,113 $ 36,368 Operating income (loss) (d)(f) 4,122 (1,560 ) (14,801 ) Assets (b) 22,127 23,515 32,689 Capital expenditures 343 547 941 Depreciation and amortization 1,386 1,720 3,297 INTERSEGMENT ELIMINATIONS Sales Applied Technology Division $ — $ (1 ) $ (8 ) Engineered Films Division (584 ) (789 ) (195 ) Aerostar Division — — — Operating income (f) 20 (12 ) 91 Assets (3,380 ) (69 ) (57 ) REPORTABLE SEGMENTS TOTAL Sales $ 377,317 $ 277,395 $ 258,229 Operating income (f) 82,723 48,037 21,501 Assets 254,099 224,666 233,064 Capital expenditures 9,960 4,332 12,385 Depreciation and amortization 13,512 14,128 15,460 CORPORATE & OTHER Operating (loss) from administrative expenses (g) $ (23,553 ) $ (19,624 ) $ (17,110 ) Assets (b)(e) 72,704 76,843 65,624 Capital expenditures 2,051 464 661 Depreciation and amortization 1,290 1,308 1,676 TOTAL COMPANY Sales $ 377,317 $ 277,395 $ 258,229 Operating income 59,170 28,413 4,391 Assets 326,803 301,509 298,688 Capital expenditures 12,011 4,796 13,046 Depreciation and amortization 14,802 15,436 17,136 (a) The fiscal year ended January 31, 2016 includes gains of $611 on disposal of assets related to the exit of contract manufacturing operations. (b) Certain facilities owned by the Company are shared by more than one reporting segment. All facilities are reported as an asset based on the segment that acquired the asset as we believe this better reflects total assets of the business segment. Expenses and costs related to these facilities including depreciation expense, are allocated and reported in each reporting segment's operating income for each fiscal year presented. (c) Fiscal year 2018 sales include $13,088 in net sales related to the CLI asset acquisition further described in Note 6 "Acquisitions of and Investments in Businesses and Technologies", and $24,225 of recovery film sales related to the hurricane recovery effort. (d) The fiscal year 2017 includes inventory write-downs of $2,278 for Vista as a result of discontinuing sales activities for a specific radar product line within its business. The fiscal year ended January 31, 2016 includes pre-contract cost write-offs of $2,933 , a goodwill impairment loss of $11,497 , a long-lived asset impairment loss of $3,826 , and a $2,273 reduction of an acquisition-related contingent liability for Vista as a result of lower financial expectations for net sales and operating income. These items are further described in Note 7 "Goodwill, Long-Lived Assets, and Other Charges ". (e) Assets are principally cash, investments, deferred taxes, and other receivables. (f) At the segment level, operating income does not include an allocation of general and administrative expenses. (g) 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 "Operating (loss) from administrative expenses" in Corporate & Other. No customers accounted for 10% or more of consolidated sales in fiscal 2018 , 2017 or 2016 . Substantially all of the Company's long-lived assets are located in the United States. Foreign sales are attributed to countries based on location of the customer. Net sales to customers outside the United States were as follows: For the years ended January 31, 2018 2017 2016 Canada $ 12,940 $ 13,969 $ 11,789 Europe 13,864 13,924 10,526 Latin America 4,439 3,402 2,676 Asia 4,074 1,535 482 Other foreign sales 6,239 2,698 2,376 Total foreign sales 41,556 35,528 27,849 United States 335,761 241,867 230,380 $ 377,317 $ 277,395 $ 258,229 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 SUBSEQUENT EVENTS On February 5, 2018 , the Company sold its equity ownership interest in SST. The Company held approximately a 22% interest in SST, and the initial cash received at close was in excess of its carrying value which approximated $1,900 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS for the years ended January 31, 2018 , 2017 and 2016 (in thousands) Column A Column B Column C Column D Column E Additions Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions From Reserves (1) Balance at End of Year Deducted in the balance sheet from the asset to which it applies: Allowance for doubtful accounts: Year ended January 31, 2018 $ 691 $ 357 $ — $ 70 $ 978 Year ended January 31, 2017 1,034 380 — 723 691 Year ended January 31, 2016 319 1,066 — 351 1,034 Note : (1) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation Raven Industries, Inc. (the Company or Raven) is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, and aerospace/defense markets. The Company conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Vista Research, Inc. (Vista); Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); SBG Innovatie BV; Navtronics BVBA; Raven Industries Australia Pty Ltd (Raven Australia) and Raven Do Brazil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into reportable segments (Applied Technology, Engineered Films, and Aerostar). |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interests represent capital contributions, income and loss attributable to the owners of less than wholly-owned and consolidated entities. The Company owns 75% of a business venture to pursue potential product and support services contracts for agencies and instrumentalities of the United States government. The business venture, Aerostar Integrated Systems (AIS), is included in the Aerostar business segment. No |
Equity Investments | Equity Investments In February 2016 , the Applied Technology Division acquired an interest of approximately 5% in Ag-Eagle Aerial Systems, Inc. (AgEagle). 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 exclusive distribution agreement between the companies discussed in Note 6 Acquisitions of and Investments in Businesses and Technologies . 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 the majority of the losses or the right to receive the majority of the benefits of the VIE. The Company also owns an interest of approximately 22% in Site-Specific Technology Development Group, Inc. (SST). The Company has significant influence, but neither a controlling interest nor a majority interest in the risks or rewards of SST and as such, this affiliate investment is accounted for using the equity method. The investment balances for both AgEagle and SST are included in “Other assets” while the Company's share of the results of AgEagle and SST operations is included in “Other (expense), net.” The Company considers whether the value of any of its equity method investments has been impaired whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities, and the overall health of the affiliate's industry), an impairment loss would be recorded. |
Use of Estimates | Use of EstimatesPreparing the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company's forecasts, based principally on estimates, are critical inputs to asset valuations such as those for inventory or goodwill. These assumptions and estimates require significant judgment and actual results could differ from assumed and estimated amounts. |
Foreign Currency | Foreign CurrencyThe Company's subsidiaries that operate outside the United States use the local currency as their functional currency. The functional currency is translated into U.S. dollars for balance sheet accounts using the period-end exchange rates and average exchange rates for the statement of income and comprehensive income. Adjustments resulting from financial statement translations are included as foreign currency translation adjustments in “Accumulated other comprehensive income (loss)” within shareholders' equity. Foreign currency transaction gains or losses are recognized in the period incurred and are included in “Other (expense), net” in the Consolidated Statements of Income and Comprehensive Income. Foreign currency transaction gains or losses on intercompany notes receivable and notes payable denominated in foreign currencies for which settlement is not planned in the foreseeable future are considered part the net investment and are reported in the same manner as foreign currency translation adjustments. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three or fewer months to be cash equivalents. Cash and cash equivalent balances are principally concentrated in checking, money market, and savings accounts. Certificates of deposit that mature in over 90 days but less than one year are considered short-term investments. Certificates of deposit that mature in one year or more are considered to be other long-term assets and are carried at cost. The Company held cash and cash equivalents in accounts outside the United States of $4,101 and $2,281 as of January 31, 2018 and 2017, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful AccountsTrade accounts receivable are recorded at the invoiced amount, do not bear interest, and are considered past due based on invoice terms. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses. This is based on historical write-off experience by segment and an estimate of the collectability of past due accounts. |
Inventory Valuation | Inventory ValuationInventories are carried at the lower of cost or net realizable value, with cost determined on the first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Prior to adopting ASU 2015-11 "Inventory (Topic 330) Simplifying the Measurement of Inventory" in fiscal 2018, inventories were carried at the lower of cost or market. |
Precontract Costs, Policy [Policy Text Block] | Pre-Contract Costs From time to time, Pre-contract costs incurred, excluding start-up costs which are expensed as incurred, are deferred to the balance sheet and included in "Inventories." if the Company determines that it is probable it will be awarded the specific anticipated contract. Deferred pre-contract costs are periodically reviewed and assessed for recoverability under the contract. Write-offs of pre-contract costs are charged to cost of sales when it becomes probable that such costs will not be recoverable. No |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment held for use is carried at the asset's cost and depreciated over the estimated useful life of the asset. The estimated useful lives used for computing depreciation are as follows: Building and improvements 15 - 39 years Manufacturing equipment by segment Applied Technology 3 - 5 years Engineered Films 5 - 12 years Aerostar 3 - 5 years Furniture, fixtures, office equipment, and other 3 - 7 years |
Fair Value Measurements | Fair Value Measurements Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses the established fair value hierarchy, which classifies or prioritizes the inputs used in measuring fair value. These classifications include: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 - Unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. The Company's financial assets required to be measured at fair value on a recurring basis include cash and cash equivalents and short-term investments. The Company determines fair value of its cash equivalents and short-term investments through quoted market prices. The fair values of accounts receivable and accounts payable approximate carrying values because of the short-term nature of these instruments. The Company's goodwill and long-lived assets, including intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. For all acquisitions, the Company is required to measure the fair value of the net identifiable tangible and intangible assets acquired. In addition, the Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. These valuations are derived from valuation techniques in which one or more significant inputs are not observable. Fair value measurements associated with acquisitions, including acquisition-related contingent liabilities, are described in Note 6 |
Goodwill and Intangible Assets | Intangible Assets Intangible assets, primarily comprised of technologies acquired through acquisition, are recorded at cost and are presented net of accumulated amortization. Amortization is computed using the method that best approximates the pattern of economic benefits which the asset provides. The Company has used both the straight-line method and the undiscounted cash flows method to appropriately allocate the cost of intangible assets to earnings in each reporting period. The straight-line method allocates the cost of such intangible assets ratably over the asset’s life. Under the undiscounted cash flow method, the estimated cash flow attributable to each year of an intangible asset’s life is calculated as a percentage of the total of the cash flows over the asset’s life and that percentage is applied to the initial value of the asset to determine the annual amortization to be recorded. Intangible assets also include patents, trademarks, and other product rights attained to protect the Company’s intellectual property. The estimated useful lives of the Company’s intangible assets range from 3 to 20 years. Goodwill The Company recognizes goodwill as the excess cost of an acquired business over the net amount assigned to assets acquired and liabilities assumed. Goodwill is allocated to the reporting units that are expected to benefit from the synergies of the business combination. Acquisition earn-out payments are accrued at fair value as of the purchase date and payments reduce the accrual without affecting goodwill. Any change in the fair value of the contingent consideration after the acquisition date is recognized in "Cost of sales" in the Consolidated Statements of Income and Comprehensive Income. Goodwill is tested for impairment on an annual basis during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are performed at the reporting unit level. A qualitative impairment assessment over relevant events and circumstances may be assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events and circumstances indicate the fair value of a reporting unit may be less than its carrying value, then the fair values are estimated based on discounted cash flows and are compared with the corresponding carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying amount, a goodwill impairment loss is recognized for the amount that the carrying value of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to the reporting unit. Prior to adopting ASU 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" in fiscal 2018 first quarter, the Company recognized a goodwill impairment loss for the amount that the carrying value of the reporting unit exceeded the reporting unit's implied fair value of the goodwill. The impact of adopting this new guidance is further described below in the Accounting Pronouncements - Accounting Standards Adopted. 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). |
Long-Lived Assets | Long-Lived Assets The Company periodically assesses the recoverability of long-lived and intangible assets. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is the excess of the carrying value of the assets within the group over their fair value. When performing long-lived assets impairment 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). |
Acquisition-Related Contingent Consideration | Acquisition-Related Contingent ConsiderationAcquisition-related contingent consideration represents an obligation of the Company to transfer additional assets or equity interests if specified future events occur or conditions are met. This contingency is accounted for at fair value either as a liability or equity depending on the terms of the acquisition agreement. The Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. In doing so, the Company makes significant estimates and assumptions regarding future events or conditions being achieved under the subject contingent agreement as well as the appropriate discount rate to apply. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). |
Contingencies | Litigation and Contingencies We recognize legal costs as an expense in the period incurred. The Company is involved as a defendant in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business, some of which allege substantial monetary damages. We accrue for any loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability. Amounts recovered by insurance are recognized when they are realized. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it is realized or realizable and has been earned. Revenue is recognized when there is persuasive evidence of an arrangement, the sales price is determinable, collectability is reasonably assured, and shipment or delivery has occurred (depending on the terms of the sale) or services have been rendered. The Company sells directly to customers or distributors who incur the expense and commitment for any post-sale obligations beyond stated warranty terms. Estimated returns, sales allowances, or warranty charges are recognized upon shipment of a product. Certain contracts contain provisions for incentive payments that the Company may receive based on performance criteria related to product design, development and production standards. Revenue related to the incentive payments is recognized when ultimate realization by the Company is assured. |
Operating Expenses | Operating Expenses The primary types of operating expenses are classified in the income statement as follows: Cost of sales Research and development (R&D) expenses Selling, general, and administrative (SG&A)expenses Direct material costs Material acquisition and handling costs Direct labor Factory overhead including depreciation and amortization Inventory obsolescence Product warranties Shipping and handling cost Personnel costs Professional service fees Material and supplies Facility allocation Personnel costs Professional service fees Advertising Promotions Information technology equipment depreciation Office supplies Facility allocation Bad debt expense The Company's R&D expenditures consist primarily of internal direct and indirect costs associated with development of technologies to support its proprietary product lines in each of its divisions. These R&D costs are expensed as incurred. |
Warranties | WarrantiesAccruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. |
Share-Based Compensation | Share-Based Compensation The Company records compensation expense related to its share-based compensation plans using the fair value method. Under this method, the fair value of share-based compensation is determined as of the grant date and the related expense is recorded over the period in which the share-based compensation vests. |
Income Taxes | Income TaxesDeferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company's assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance to reflect realizable value. All deferred tax balances are reported as long-term on the Consolidated Balance Sheets. Accruals are maintained for uncertain tax positions. |
Accounting Standards Adopted | Accounting Standards Adopted In the fiscal 2018 first quarter, the Company early adopted Accounting Standards Update (ASU) No. 2017-04 (issued by the Financial Accounting Standards Board (FASB) in January 2017), "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" (ASU 2017-04) on a prospective basis. 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. As discussed in Note 7 Goodwill, Long-lived Assets, and Other Intangibles , management determined no triggering events had occurred for any of its three reporting units in fiscal 2018 and the Company's annual fourth quarter impairment testing did not result in a goodwill impairment loss being recorded; therefore, the early adoption of this guidance did not have any impact on the consolidated financial statements or the results of operations as of and for the twelve-month period ended January 31, 2018. In the fiscal 2018 first quarter when it became effective, the Company adopted FASB ASU 2016-09 (issued in March 2016), "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 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 to the Company's accounting policies resulted in recognition of income tax expense of $692 , or $0.02 per diluted share, for the twelve-month period ended January 31, 2018. 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 the fiscal 2018 first quarter when it became effective, the Company adopted the FASB ASU No. 2015-11 (issued in July 2015), "Inventory (Topic 330) Simplifying the Measurement of Inventory" (ASU 2015-11) on a prospective basis. 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. 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 twelve-month period ended January 31, 2018. |
New Accounting Standards Not Yet Adopted | New Accounting Standards Not Yet Adopted In February 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02). The amendments in this guidance allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period for which financial statements have not yet been issued. The amendments in this update may be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company is evaluating the impact the adoption of this guidance will have on the stranded tax effects in accumulated other comprehensive income related to the Company's postretirement benefit plan. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" (ASU 2017-09). The guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards as equity instruments or as liability instruments are the same immediately before and after the modification to the award. 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 prospectively to an award modified on or after the adoption date. The Company currently has no plans to modify any of its outstanding awards. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements, results of operations, and disclosures. 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 2017, the FASB issued ASU No. 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets" (ASU 2017-05). Subtopic 610-20 was issued as part of the new revenue standard. It provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance defines “in substance nonfinancial assets,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The amendments are effective for annual periods beginning after December 15, 2017 with early adoption permitted. Transition can use either the full retrospective approach or the modified retrospective approach. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements, results of operations, and associated disclosures. In November 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16). Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice over the years for transfers of certain intangible and tangible assets. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The new guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The amendments in ASU 2016-16 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company can early adopt ASU 2016-16, but earlier adoption must be in the first quarter of the fiscal year. The amendments in ASU 2016-16 will be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does not expect the adoption of this guidance will have significant impact on its consolidated financial statements, results of operations, and associated disclosures. In August 2016 the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15). The new guidance clarifies eight cash flow classification issues where current GAAP was either unclear or had no specific guidance. The new standard is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. All entities may elect to early adopt ASU 2016-15 in any interim period. If an entity early adopts it must adopt all eight of the amendments in the same period and if early adopted in an interim period any adjustments should be reflected as of the beginning of the year. The amendments in ASU 2016-15 will be applied using the modified retrospective transition method for each period presented. The specific classification issues clarified in the guidance either are not applicable to the Company or are consistent with how the Company currently classifies them, therefore the Company does not expect the adoption of this guidance will have a significant impact on the classification of these specific items in its Consolidated Statements of Cash Flows. 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. In addition, FASB has amended Topic 842 prior to it becoming effective. The effective date and transition requirements for these amendments to Topic 842 are the same as ASU 2016-02. The Company is in the initial stages of evaluating the impact the adoption of this guidance will have on its consolidated financial statements, results of operations, and disclosures which will include recognizing a lease liability and a right-of-use asset representing its right to use the underlying asset for the lease term. In January of 2016, the FASB issued ASU No. 2016-01, " Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. " The updated accounting guidance requires changes to the reporting model for financial instruments. The amendments in this guidance supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies to be measured at fair value with changes in the fair value recognized through net income. An entity’s equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this update. The amendments also require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Since the securities held at the time of adoption that are in scope under this new guidance will be immaterial in amount, the Company does not expect the adoption of this guidance and the subsequent changes to Subtopic 825-10 in ASU 2018-03 "Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," will have a significant impact to the Company's 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 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Estimated useful lives used for computing depreciation | The estimated useful lives used for computing depreciation are as follows: Building and improvements 15 - 39 years Manufacturing equipment by segment Applied Technology 3 - 5 years Engineered Films 5 - 12 years Aerostar 3 - 5 years Furniture, fixtures, office equipment, and other 3 - 7 years |
Operating expenses classification within income statement | The primary types of operating expenses are classified in the income statement as follows: Cost of sales Research and development (R&D) expenses Selling, general, and administrative (SG&A)expenses Direct material costs Material acquisition and handling costs Direct labor Factory overhead including depreciation and amortization Inventory obsolescence Product warranties Shipping and handling cost Personnel costs Professional service fees Material and supplies Facility allocation Personnel costs Professional service fees Advertising Promotions Information technology equipment depreciation Office supplies Facility allocation Bad debt expense |
Selected Balance Sheet Inform29
Selected Balance Sheet Information (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Information | Following are the components of selected balance sheet items: As of January 31, 2018 (a) 2017 (a) Accounts receivable, net: Trade accounts $ 59,510 $ 43,834 Allowance for doubtful accounts (978 ) (691 ) $ 58,532 $ 43,143 Inventories: Finished goods $ 8,054 $ 5,438 In process 961 2,288 Materials 46,336 34,610 $ 55,351 $ 42,336 Other current assets: Insurance policy benefit $ 759 $ 802 Federal income tax receivable 1,397 604 Prepaid expenses and other 3,705 1,283 $ 5,861 $ 2,689 Property, plant and equipment, net: Assets held for use and assets held for sale (a) : Land $ 3,234 $ 3,054 Buildings and improvements 80,299 77,817 Machinery and equipment 149,847 142,471 Accumulated depreciation (127,523 ) (117,018 ) $ 105,857 $ 106,324 Property, plant and equipment subject to capital leases: Machinery and equipment 488 — Accumulated amortization for capitalized leases (65 ) — 423 — $ 106,280 $ 106,324 Other assets: Equity investments $ 1,955 $ 2,371 Deferred income taxes 19 18 Other 976 1,283 $ 2,950 $ 3,672 Accrued liabilities: Salaries and related $ 9,409 $ 6,286 Benefits 4,225 3,960 Insurance obligations 1,992 2,400 Warranties 1,163 1,547 Income taxes 226 498 Other taxes 1,880 1,540 Acquisition-related contingent consideration 1,036 445 Other 2,015 1,379 $ 21,946 $ 18,055 Other liabilities: Postretirement benefits $ 8,264 $ 8,054 Acquisition-related contingent consideration 2,010 1,397 Deferred income taxes 615 1,421 Uncertain tax positions 2,634 2,610 Other 272 214 $ 13,795 $ 13,696 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Assets Held for Sale [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The amounts of assets and liabilities classified as held for sale were as follows: As of January 31 2018 Assets held for sale Property, plant and equipment, net 63 Goodwill 103 Amortizable intangible assets, net 329 Other assets 17 Total assets held for sale $ 512 Liabilities held for sale Current liabilities $ 91 Total liabilities held for sale $ 91 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in components of accumulated other comprehensive income (loss) | The changes in the components of accumulated other comprehensive income (loss) (AOCI) are shown below: Cumulative foreign currency translation adjustment Postretirement benefits Total Balance at January 31, 2016 $ (2,477 ) $ (1,024 ) $ (3,501 ) Other comprehensive income (loss) before reclassifications 50 — 50 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $129 — (225 ) (225 ) Balance at January 31, 2017 (2,427 ) (1,249 ) (3,676 ) Other comprehensive income before reclassifications 1,234 — 1,234 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $44 — (131 ) (131 ) Balance at January 31, 2018 $ (1,193 ) $ (1,380 ) $ (2,573 ) |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | For the years ended January 31, 2018 2017 2016 Changes in operating assets and liabilities: Accounts receivable $ (7,014 ) $ (5,361 ) $ 16,847 Inventories (11,062 ) 1,215 7,564 Prepaid expenses and other assets (2,445 ) 228 (111 ) Accounts payable 1,280 2,558 (5,059 ) Accrued and other liabilities 2,560 8,405 (9,353 ) $ (16,681 ) $ 7,045 $ 9,888 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes $ 19,854 $ 6,618 $ 6,558 Interest paid $ 186 $ 190 $ 129 Significant non-cash transactions: Capital expenditures included in accounts payable $ 418 $ 84 $ 161 Assets acquired under capital leases $ 79 $ — $ — Capital expenditures converted from inventory $ — $ — $ 1,036 |
Acquisitions of and Investmen33
Acquisitions of and Investments in Businesses and Technologies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Changes in Fair Value of Liability for Consideration | Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: For the years ended January 31, 2018 2017 Beginning balance $ 1,741 $ 2,059 Fair value of contingent consideration acquired 1,256 — Change in fair value of the liability 457 36 Contingent consideration earn-out paid (408 ) (354 ) Ending balance $ 3,046 $ 1,741 Classification of liability in the Consolidated balance sheet Accrued Liabilities $ 1,036 $ 345 Other Liabilities, long-term 2,010 1,396 Balance at January 31, 2018 $ 3,046 $ 1,741 |
Changes in the net carrying value of the investment in SST | Changes in the net carrying value of the Company's equity investments was as follows: As of January 31, 2018 2017 Balance at beginning of year $ 2,371 $ 2,805 Purchase price of equity investment — 135 (Loss) income from equity investment (42 ) (72 ) Amortization of intangible assets (320 ) (497 ) Impairment to equity investment (72 ) — Balance at end of year $ 1,937 $ 2,371 |
Goodwil, Long-lived Assets, a34
Goodwil, Long-lived Assets, and Other Charges (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill by Reporting Segment | The changes in the carrying amount of goodwill by reporting unit are shown below: Applied Technology Engineered Films Aerostar Total Balance at January 31, 2016 $ 12,365 $ 27,518 $ 789 $ 40,672 Foreign currency translation adjustment (23 ) — — (23 ) Reporting unit transfer balance (a) — — — — Balance at January 31, 2017 12,342 27,518 789 40,649 Additions due to business combinations — 5,714 — 5,714 Divestiture of business — — (52 ) (52 ) Foreign currency translation adjustment 399 — — 399 Balance at January 31, 2018 $ 12,741 $ 33,232 $ 737 $ 46,710 (a) |
Goodwill Gross of Impairment | Goodwill gross and net of accumulated impairment losses were as follows: As of January 31, 2018 2017 Gross goodwill $ 58,207 $ 52,146 Accumulated impairment loss (11,497 ) (11,497 ) Net goodwill $ 46,710 $ 40,649 |
Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: For the years ended January 31, 2018 2017 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 7,290 $ (6,996 ) $ 294 $ 7,136 $ (6,553 ) $ 583 Customer relationships 13,264 (4,834 ) 8,430 12,987 (3,680 ) 9,307 Patents and other intangibles 4,241 (2,381 ) 1,860 4,378 (2,220 ) 2,158 Total $ 24,795 $ (14,211 ) $ 10,584 $ 24,501 $ (12,453 ) $ 12,048 |
The Estimated Future Amortization Expense for Identifiable Intangible Assets | The estimated future amortization expense for these definite-lived intangible assets, as well as definite-lived intangible assets accounted for as part of the equity method investment in SST, during the next five years is as follows: 2019 2020 2021 2022 2023 Estimated amortization expense $ 1,988 $ 1,578 $ 1,163 $ 1,111 $ 1,013 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |
The accumulated benefit obligation | The accumulated benefit obligation is as follows: For the years ended January 31, 2018 2017 Benefit obligation at beginning of year $ 8,416 $ 7,991 Service cost 74 80 Interest cost 312 333 Actuarial loss (gain) and assumption changes 112 341 Retiree benefits paid (343 ) (329 ) Benefit obligation at end of year $ 8,571 $ 8,416 |
Schedule of pre-tax accumulated other comprehensive income related to benefit obligation and net periodic benefit cost not yet recognized | The following tables set forth the plan's pre-tax adjustment to accumulated other comprehensive income/loss: For the years ended January 31, 2018 2017 Amounts not yet recognized in net periodic benefit cost: Net actuarial loss $ 2,714 $ 2,699 Prior service cost (572 ) (732 ) Total pre-tax accumulated other comprehensive loss $ 2,142 $ 1,967 Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation $ 1,967 $ 1,612 Reclassification adjustments recognized in benefit cost: Recognized net (loss) (96 ) (146 ) Amortization of prior service cost 159 160 Amounts recognized in AOCI during the year: Net actuarial loss (gain) 112 341 Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation $ 2,142 $ 1,967 |
The liability and expense reflected in the balance sheet and income statement | The liability and net periodic benefit cost reflected in the Consolidated Balance Sheets and Consolidated Statements of Income and Comprehensive Income were as follows: For the years ended January 31, 2018 2017 Beginning liability balance $ 8,416 $ 7,991 Net periodic benefit cost 323 399 Other comprehensive loss 175 355 Total recognized in net periodic benefit cost and other comprehensive income 498 754 Retiree benefits paid (343 ) (329 ) Ending liability balance $ 8,571 $ 8,416 Current portion in accrued liabilities $ 307 $ 362 Long-term portion in other liabilities $ 8,264 $ 8,054 Assumptions used to calculate benefit obligation: Discount rate 3.75 % 4.00 % Rate of compensation increase 4.00 % 4.00 % Health care cost trend rates: Health care cost trend rate assumed for next year 6.50 % 6.67 % Ultimate health care cost trend rate 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2030 2030 Assumptions used to calculated the net periodic benefit cost: Discount rate 4.00 % 4.25 % Rate of compensation increase 4.00 % 4.00 % |
Effect of one-percentage-point change in assumed health care cost trend rates | The impact of a one-percentage point change in assumed health care rates would have the following effects: January 31, 2018 One-percentage-point increase One-percentage-point decrease Effect on total of service and interest cost components $ 71 $ (58 ) Effect on accumulated postretirement benefit obligation $ 1,180 $ (1,045 ) |
Schedule of future postretirement other pension benefit payments | The following postretirement other than pension benefit payments, which reflect expected future service as appropriate, are expected to be paid: 2019 2020 2021 2022 2023 - 2028 Expected postretirement medical and other benefit payments $ 313 $ 323 $ 332 $ 341 $ 2,192 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Product Warranty Costs [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: For the years ended January 31, 2018 2017 2016 Beginning balance $ 1,547 $ 1,835 $ 3,120 Change in provision 1,762 1,597 1,945 Settlements made (2,146 ) (1,885 ) (3,230 ) Ending balance $ 1,163 $ 1,547 $ 1,835 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate | The reconciliation of income tax computed at the federal statutory rate to the Company's effective income tax rate was as follows: For the years ended January 31, 2018 2017 2016 Tax at U.S. federal statutory rate 33.8 % 35.0 % 35.0 % Impact of the Tax Cuts and Jobs Act (0.1 ) — — State and local income taxes, net of U.S. federal tax benefit 1.6 0.7 (2.8 ) Tax credit for research activities (1.8 ) (3.7 ) (24.2 ) Tax benefit on qualified production activities (3.0 ) (2.8 ) (13.7 ) Tax benefit on insurance premiums (1.3 ) (1.5 ) (10.3 ) Change in uncertain tax positions 0.1 (0.3 ) 1.8 Foreign tax rate difference — (0.3 ) (2.9 ) Impact of settlement of stock-based awards 1.2 — — Other, net — 0.4 (1.7 ) 30.5 % 27.5 % (18.8 )% |
Significant components of the company's income tax provision | Significant components of the Company's income tax provision were as follows: For the years ended January 31, 2018 2017 2016 Income tax provision: Currently payable $ 18,754 $ 7,354 $ 5,272 Deferred expense (benefit) (787 ) 307 (6,039 ) Income tax expense (benefit) $ 17,967 $ 7,661 $ (767 ) |
Significant components of the company's deferred tax assets and liabilities | Significant components of the Company's deferred tax assets and liabilities were as follows: As of January 31, 2018 2017 Deferred tax assets: Accounts receivable $ 184 $ 212 Inventories 664 978 Accrued vacation 647 887 Insurance obligations 137 383 Accrued benefit liabilities — 41 Warranty obligations 262 565 Postretirement benefits 1,929 3,072 Uncertain tax positions 491 803 Share-based compensation 1,761 3,201 Other accrued liabilities 54 68 6,129 10,210 Deferred tax (liabilities): Depreciation and amortization (6,082 ) (10,565 ) Other (643 ) (1,048 ) (6,725 ) (11,613 ) Net deferred tax (liability) $ (596 ) $ (1,403 ) |
Summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) | A summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) is as follows: For the years ended January 31, 2018 2017 Gross unrecognized tax benefits at beginning of year $ 2,110 $ 2,327 Increases in tax positions related to the current year 426 279 Decreases in tax positions related to prior years — (193 ) Decreases as a result of lapses in applicable statutes of limitation (320 ) (303 ) Gross unrecognized tax benefits at end of year $ 2,216 $ 2,110 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The unamortized debt issuance costs associated with this Credit Agreement were as follows: As of January 31, 2018 2017 Unamortized debt issuance costs (a) $ 242 $ 352 (a) Unamortized debt issuance costs are reported as "Other assets" in the Consolidated Balance Sheets. |
Schedule of Letters of Credit Oustandings | Letters of credit (LOC) issued and outstanding were as follows: As of January 31, 2018 2017 Letters of credit outstanding (a) $ 1,097 $ 514 (a) |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under capital leases and the present value of the net minimum lease payments as of January 31, 2018 were as follows: 2019 2020 2021 2022 Thereafter Total Minimum lease payments $ 237 $ 169 $ 90 $ 32 $ — $ 528 Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon. (17 ) Net minimum lease payments 511 Less amounts representing interest (63 ) Present value of net minimum lease payments $ 448 |
Future minimum lease payments under non-cancelable operating leases | Future minimum lease payments under non-cancelable operating leases are as follows: 2019 2020 2021 2022 2023 Thereafter Minimum lease payments $ 2,012 $ 1,925 $ 1,780 $ 501 $ 437 $ — |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Share-based Compensation [Abstract] | |
The compensation cost and related income tax benefit for these plans | The compensation cost and related income tax benefit for these plans were as follows: For the years ended January 31, 2018 2017 2016 Share-based compensation cost $ 3,725 $ 3,071 $ 2,311 Tax benefit 1,275 1,103 819 |
Weighted average assumptions by grant year | The weighted average assumptions used for the Black-Scholes option pricing model by grant year are as follows: For the years ended January 31, 2018 2017 2016 Risk-free interest rate 1.68 % 1.05 % 1.33 % Expected dividend yield 1.78 % 3.33 % 2.59 % Expected volatility factor 33.87 % 32.61 % 36.81 % Expected option term (in years) 4.25 4.00 3.75 Weighted average grant date fair value $ 7.35 $ 3.05 $ 4.77 |
Outstanding stock options | Outstanding stock options as of January 31, 2018 and activity for the year then ended are presented below: Number Weighted average exercise price Aggregate intrinsic value Weighted Outstanding, January 31, 2017 990,900 $ 24.58 Granted 85,800 29.20 Exercised (206,000 ) 31.01 Forfeited (43,600 ) 19.05 Expired (124,150 ) 31.70 Outstanding, January 31, 2018 702,950 $ 22.34 $ 11,396 2.49 Outstanding exercisable, January 31, 2018 331,717 $ 23.43 $ 5,014 1.95 Options vested, or expected to vest, January 31, 2018 702,950 $ 22.34 $ 11,396 2.49 |
Activity for RSUs under the plan | Activity for performance-based RSUs under the Plan in fiscal 2018 was as follows: Number Weighted Outstanding, January 31, 2017 146,519 $ 16.78 Granted 22,745 29.20 Vested — — Forfeited (16,164 ) 16.89 Performance-based adjustment 26,629 23.96 Outstanding, January 31, 2018 179,729 $ 19.40 Cumulative dividends, January 31, 2018 7,130 Number Weighted Outstanding, January 31, 2017 126,729 $ 19.19 Granted 61,270 29.33 Vested (23,122 ) 29.62 Forfeited (18,028 ) 18.92 Outstanding, January 31, 2018 146,849 $ 21.81 Cumulative dividends, January 31, 2018 5,129 |
Weighted average grant date fair values | The weighted average grant date fair values of the time-based and performance-based RSUs by grant year are as follows: For the years ended January 31, 2018 2017 2016 Weighted average grant date fair value: time-based RSUs $ 29.33 $ 15.94 $ 19.25 Weighted average grant date fair value: performance-based RSUs $ 29.20 $ 15.61 $ 20.09 |
Outstanding stock units | Outstanding stock units as of January 31, 2018 and changes during the year then ended are presented below: Number Weighted Outstanding, January 31, 2017 98,649 $ 20.82 Granted 12,000 35.00 Deferred retainers 1,143 35.00 Dividends 1,547 33.98 Converted into common shares (25,725 ) 33.88 Outstanding, January 31, 2018 87,614 $ 19.35 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The options and restricted stock units excluded from the diluted net income per share calculation were as follows: For the years ended January 31, 2018 2017 2016 Anti-dilutive options and restricted stock units 344,774 884,099 1,107,733 |
Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below: For the years ended January 31, 2018 2017 2016 Numerator: Net income attributable to Raven Industries, Inc. $ 41,022 $ 20,191 $ 4,776 Denominator: Weighted average common shares outstanding 35,945,225 36,142,416 37,237,717 Weighted average stock units outstanding 104,980 100,019 86,745 Denominator for basic calculation 36,050,205 36,242,435 37,324,462 Weighted average common shares outstanding 35,945,225 36,142,416 37,237,717 Weighted average stock units outstanding 104,980 100,019 86,745 Dilutive impact of stock options and RSUs 399,620 129,480 75,481 Denominator for diluted calculation 36,449,825 36,371,915 37,399,943 Net income per share - basic $ 1.14 $ 0.56 $ 0.13 Net income per share - diluted $ 1.13 $ 0.56 $ 0.13 |
Business Segments and Major C41
Business Segments and Major Customer Information (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | Business segment financial performance and other information is as follows: For the years ended January 31, 2018 2017 2016 APPLIED TECHNOLOGY DIVISION Sales $ 124,688 $ 105,217 $ 92,599 Operating income (a)(f) 31,257 26,643 18,319 Assets (b) 66,555 67,911 65,490 Capital expenditures 1,489 1,017 664 Depreciation and amortization 3,365 3,828 4,428 ENGINEERED FILMS DIVISION Sales (c) $ 213,298 $ 138,855 $ 129,465 Operating income (f) 47,324 22,966 17,892 Assets (b) 168,797 133,309 134,942 Capital expenditures 8,128 2,768 10,780 Depreciation and amortization 8,761 8,580 7,735 AEROSTAR DIVISION Sales $ 39,915 $ 34,113 $ 36,368 Operating income (loss) (d)(f) 4,122 (1,560 ) (14,801 ) Assets (b) 22,127 23,515 32,689 Capital expenditures 343 547 941 Depreciation and amortization 1,386 1,720 3,297 INTERSEGMENT ELIMINATIONS Sales Applied Technology Division $ — $ (1 ) $ (8 ) Engineered Films Division (584 ) (789 ) (195 ) Aerostar Division — — — Operating income (f) 20 (12 ) 91 Assets (3,380 ) (69 ) (57 ) REPORTABLE SEGMENTS TOTAL Sales $ 377,317 $ 277,395 $ 258,229 Operating income (f) 82,723 48,037 21,501 Assets 254,099 224,666 233,064 Capital expenditures 9,960 4,332 12,385 Depreciation and amortization 13,512 14,128 15,460 CORPORATE & OTHER Operating (loss) from administrative expenses (g) $ (23,553 ) $ (19,624 ) $ (17,110 ) Assets (b)(e) 72,704 76,843 65,624 Capital expenditures 2,051 464 661 Depreciation and amortization 1,290 1,308 1,676 TOTAL COMPANY Sales $ 377,317 $ 277,395 $ 258,229 Operating income 59,170 28,413 4,391 Assets 326,803 301,509 298,688 Capital expenditures 12,011 4,796 13,046 Depreciation and amortization 14,802 15,436 17,136 (a) The fiscal year ended January 31, 2016 includes gains of $611 on disposal of assets related to the exit of contract manufacturing operations. (b) Certain facilities owned by the Company are shared by more than one reporting segment. All facilities are reported as an asset based on the segment that acquired the asset as we believe this better reflects total assets of the business segment. Expenses and costs related to these facilities including depreciation expense, are allocated and reported in each reporting segment's operating income for each fiscal year presented. (c) Fiscal year 2018 sales include $13,088 in net sales related to the CLI asset acquisition further described in Note 6 "Acquisitions of and Investments in Businesses and Technologies", and $24,225 of recovery film sales related to the hurricane recovery effort. (d) The fiscal year 2017 includes inventory write-downs of $2,278 for Vista as a result of discontinuing sales activities for a specific radar product line within its business. The fiscal year ended January 31, 2016 includes pre-contract cost write-offs of $2,933 , a goodwill impairment loss of $11,497 , a long-lived asset impairment loss of $3,826 , and a $2,273 reduction of an acquisition-related contingent liability for Vista as a result of lower financial expectations for net sales and operating income. These items are further described in Note 7 "Goodwill, Long-Lived Assets, and Other Charges ". (e) Assets are principally cash, investments, deferred taxes, and other receivables. (f) At the segment level, operating income does not include an allocation of general and administrative expenses. (g) |
Net Sales to Customers Outside the United States | Foreign sales are attributed to countries based on location of the customer. Net sales to customers outside the United States were as follows: For the years ended January 31, 2018 2017 2016 Canada $ 12,940 $ 13,969 $ 11,789 Europe 13,864 13,924 10,526 Latin America 4,439 3,402 2,676 Asia 4,074 1,535 482 Other foreign sales 6,239 2,698 2,376 Total foreign sales 41,556 35,528 27,849 United States 335,761 241,867 230,380 $ 377,317 $ 277,395 $ 258,229 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2016ReportingUnits | Jan. 31, 2018USD ($) | Jan. 31, 2018USD ($)Divisions | Jan. 31, 2018USD ($) | Jan. 31, 2018USD ($)ReportingUnits | Jan. 31, 2018USD ($)$ / shares | Jan. 31, 2017USD ($)ReportingUnits | Jan. 31, 2016ReportingUnits | |
Basis of Presentation and Principles of Consolidation | ||||||||
Number of divisions operated in by Parent | 3 | 3 | 3 | 3 | 4 | |||
Noncontrolling Interest | ||||||||
Payments to noncontrolling Interests | $ 0 | $ 0 | ||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Cash held outside the United States | $ 4,101,000 | $ 4,101,000 | 4,101,000 | $ 4,101,000 | $ 4,101,000 | 2,281,000 | ||
Pre-Contract Costs [Abstract] | ||||||||
Pre-contract costs deferred to inventory | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of change on net income | $ 692,000 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of change on diluted earnings per share | $ / shares | $ 0.02 | |||||||
Minimum | ||||||||
Intangible Assets | ||||||||
Finite-lived intangible assets, useful life, minimum, years | 3 years | |||||||
Maximum | ||||||||
Intangible Assets | ||||||||
Finite-lived intangible assets, useful life, minimum, years | 20 years | |||||||
Building and Improvements [Member] | Minimum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 15 years | |||||||
Building and Improvements [Member] | Maximum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 39 years | |||||||
Machinery and Equipment [Member] | Applied Technology | Minimum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 3 years | |||||||
Machinery and Equipment [Member] | Applied Technology | Maximum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 5 years | |||||||
Machinery and Equipment [Member] | Engineered Films | Minimum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 5 years | |||||||
Machinery and Equipment [Member] | Engineered Films | Maximum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 12 years | |||||||
Machinery and Equipment [Member] | Aerostar | Minimum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 3 years | |||||||
Machinery and Equipment [Member] | Aerostar | Maximum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 5 years | |||||||
Furniture, Fixtures, Office Equipment and Other [Member] | Minimum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 3 years | |||||||
Furniture, Fixtures, Office Equipment and Other [Member] | Maximum | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment useful lives | 7 years | |||||||
Aerostar Integrated Systems [Member] | ||||||||
Noncontrolling Interest | ||||||||
Joint venture, ownership percentage | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | |||
AgEagle Aerial Systems | Applied Technology | ||||||||
Equity Investments [Abstract] | ||||||||
Variable Interest Entity, acquisition date equity method investment | 2016-02 | |||||||
Percentage of voting interest acquired | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||
Variable Interest Entity, name of investee equity method investment | Ag-Eagle Aerial Systems, Inc. | |||||||
SST | Applied Technology | ||||||||
Equity Investments [Abstract] | ||||||||
Percentage of voting interest acquired | 22.00% | 22.00% | 22.00% | 22.00% | 22.00% | |||
Variable Interest Entity, name of investee equity method investment | Site-Specific Technology Development Group, Inc. |
Selected Balance Sheet Inform43
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Accounts receivable, net: | |||||
Trade accounts | $ 59,510 | $ 43,834 | |||
Allowance for doubtful accounts | (978) | (691) | |||
Accounts receivable, net | 58,532 | 43,143 | |||
Inventories: | |||||
Finished goods | 8,054 | 5,438 | |||
In process | 961 | 2,288 | |||
Materials | 46,336 | 34,610 | |||
Inventories | 55,351 | 42,336 | |||
Other current assets: | |||||
Insurance policy benefit | 759 | 802 | |||
Federal income taxes receivable | 1,397 | 604 | |||
Prepaid expenses and other | 3,705 | 1,283 | |||
Other current assets | 5,861 | 2,689 | |||
Property, plant and equipment, net: | |||||
Property, plant and equipment, net | 106,280 | 106,324 | |||
Other assets: | |||||
Equity investments | 1,955 | 2,371 | |||
Deferred income taxes | 19 | 18 | |||
Other | 976 | 1,283 | |||
Other assets | 2,950 | 3,672 | |||
Accrued liabilities: | |||||
Salaries and related | 9,409 | 6,286 | |||
Benefits | 4,225 | 3,960 | |||
Insurance obligations | 1,992 | 2,400 | |||
Warranties | 1,163 | 1,547 | $ 1,835 | $ 3,120 | |
Accrued income taxes, current | 226 | 498 | |||
Other taxes | 1,880 | 1,540 | |||
Acquisition-related contingent liability, current | 1,036 | 445 | |||
Other | 2,015 | 1,379 | |||
Accrued liabilities | 21,946 | 18,055 | |||
Other liabilities: | |||||
Postretirement benefits | 8,264 | 8,054 | |||
Acquisition-related contingent consideration | 2,010 | 1,397 | |||
Deferred income taxes | 615 | 1,421 | |||
Uncertain tax positions | 2,634 | 2,610 | |||
Other | 272 | 214 | |||
Other liabilities | 13,795 | 13,696 | |||
Land [Member] | |||||
Property, plant and equipment, net: | |||||
Property, plant and equipment, gross | [1] | 3,234 | 3,054 | ||
Building and Improvements [Member] | |||||
Property, plant and equipment, net: | |||||
Property, plant and equipment, gross | [1] | 80,299 | 77,817 | ||
Machinery and Equipment [Member] | |||||
Property, plant and equipment, net: | |||||
Property, plant and equipment, gross | [1] | 149,847 | 142,471 | ||
Property, plant and equipment, Owned [Member] | |||||
Property, plant and equipment, net: | |||||
Accumulated amortization for capitalized leases | [1] | (127,523) | (117,018) | ||
Property, plant and equipment, net | [1] | 105,857 | 106,324 | ||
Assets Held under Capital Leases [Member] | |||||
Property, plant and equipment, net: | |||||
Machinery and equipment | 488 | 0 | |||
Capital leases, lessee balance dheet, assets by major class, accumulated depreciation | (65) | 0 | |||
Capital leases, balance sheet, assets by major class, net | 423 | 0 | |||
Assets owned and held under capital lease [Member] | |||||
Property, plant and equipment, net: | |||||
Property, plant and equipment, net | $ 106,280 | $ 106,324 | |||
[1] | The amount of assets and liabilities held for sale as of January 31, 2018 are separately disclosed in Note 3 - Assets Held For Sale in Item 8 of this Form 10-K. There were no assets or liabilities held for sale as of January 31, 2017. |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Oct. 31, 2016 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Property, plant and equipment, net | $ 106,280 | $ 106,324 | ||
Goodwill | 46,710 | 40,649 | $ 40,672 | |
Amortizable intangible assets, net | 10,584 | 12,048 | ||
Other assets | 2,950 | 3,672 | ||
Total assets held for sale | 326,803 | 301,509 | 298,688 | |
Liabilities, current | 36,942 | 28,382 | ||
Long-lived asset impairment loss | 259 | 87 | 3,826 | |
Aerostar | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Goodwill | 737 | 789 | $ 789 | $ 789 |
All Segments | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Total assets held for sale | $ 0 | |||
Client private product assets | Aerostar | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Property, plant and equipment, net | 63 | |||
Goodwill | 103 | |||
Amortizable intangible assets, net | 329 | |||
Other assets | 17 | |||
Total assets held for sale | 512 | |||
Liabilities, current | 91 | |||
Liabilities | 91 | |||
Operating Income (Loss) | Client private product assets | Aerostar | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Long-lived asset impairment loss | $ 0 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) - Change in component of accumulated comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (3,676) | $ (3,501) | |
Other comprehensive (loss) before reclassifications | 1,234 | 50 | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | (131) | (225) | |
Balance at end of period | (2,573) | (3,676) | $ (3,501) |
Income tax (expense) benefit on postretirement benefits | 44 | 129 | (1,620) |
Cumulative Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (2,427) | (2,477) | |
Other comprehensive (loss) before reclassifications | 1,234 | 50 | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | 0 | 0 | |
Balance at end of period | (1,193) | (2,427) | (2,477) |
Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (1,249) | (1,024) | |
Other comprehensive (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | 131 | (225) | |
Balance at end of period | $ (1,380) | $ (1,249) | $ (1,024) |
Supplemental Cash Flow Inform46
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | $ (7,014) | $ (5,361) | $ 16,847 |
Inventories | (11,062) | 1,215 | 7,564 |
Prepaid expenses and other assets | (2,445) | 228 | (111) |
Accounts payable | 1,280 | 2,558 | (5,059) |
Accrued and other liabilities | 2,560 | 8,405 | (9,353) |
Change in operating assets and liabilities, net | (16,681) | 7,045 | 9,888 |
Cash paid during the year for income taxes | 19,854 | 6,618 | 6,558 |
Interest Paid | 186 | 190 | 129 |
Significant non-cash transactions: | |||
Capital expenditures incurred but not yet paid | 418 | 84 | 161 |
Assets acquired under capital leases | 79 | 0 | 0 |
Capital expenditures converted from inventory | $ 0 | $ 0 | $ 1,036 |
Acquisitions of and Investmen47
Acquisitions of and Investments in Businesses and Technologies - Business Acquisition (Details) - USD ($) $ in Thousands | Sep. 01, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 46,710 | $ 40,649 | $ 40,672 | ||
Engineered Films | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 33,232 | 27,518 | 27,518 | ||
Engineered Films | CLI | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, effective date of acquisition | Sep. 1, 2017 | ||||
Name of acquired entity | Colorado Lining International, Inc. | ||||
Adjustment to purchase price allocation | $ 566 | ||||
Total purchase price from business acquisition | 14,938 | ||||
Fair value of contingent consideration | 1,256 | ||||
Goodwill | 5,714 | ||||
Amount of goodwill that is tax deductible | 5,714 | ||||
Engineered Films | Customer Relationships and Customer Contracts | CLI | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets acquired | $ 610 | ||||
Applied Technology | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 12,741 | 12,342 | 12,365 | ||
Applied Technology | SBG Innovatiie and affiliate | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | May 1, 2014 | ||||
Aerostar | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 737 | $ 789 | $ 789 | $ 789 | |
Aerostar | Vista Research | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | Jan. 6, 2012 |
Acquisitions of and Investmen48
Acquisitions of and Investments in Businesses and Technologies - Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | |
Acquisition-related contingent consideration [Roll Forward] | |||||
Beginning balance | $ 1,741 | $ 2,059 | |||
Fair value of contingent consideration acquired | 1,256 | 0 | |||
Change in fair value of the liability | 457 | 36 | |||
Contingent consideration earn-out paid | (408) | (354) | $ (814) | ||
Ending balance | 3,046 | 1,741 | 2,059 | ||
Balance Sheet Classification [Abstract] | |||||
Fair value of contingent consideration liability, current | $ 1,036 | $ 345 | |||
Fair value of contingent consideration liability, noncurrent | 2,010 | 1,396 | |||
Ending balance | $ 1,741 | $ 2,059 | $ 2,059 | 3,046 | $ 1,741 |
Engineered Films | CLI | |||||
Balance Sheet Classification [Abstract] | |||||
Maximum amount of contingent consideration to be paid | 2,000 | ||||
Duration for payments of contingent consideration | 3 years | ||||
Business acquisition contingent consideration cumulative paid | $ 0 | ||||
Applied Technology | SBG Innovatiie and affiliate | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Date of acquisition agreement | May 1, 2014 | ||||
Balance Sheet Classification [Abstract] | |||||
Maximum amount of contingent consideration to be paid | 2,500 | ||||
Duration for payments of contingent consideration | 10 years | ||||
Business acquisition contingent consideration cumulative paid | $ 890 | ||||
Aerostar | Vista Research | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Date of acquisition agreement | Jan. 6, 2012 | ||||
Balance Sheet Classification [Abstract] | |||||
Maximum amount of contingent consideration to be paid | $ 15,000 | ||||
Duration for payments of contingent consideration | 7 years | ||||
Business acquisition contingent consideration cumulative paid | $ 1,572 |
Acquisitions of and Investmen49
Acquisitions of and Investments in Businesses and Technologies - Changes in the net carrying value of Equity Method investments (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018USD ($)investments | Jan. 31, 2017USD ($)investments | Jan. 31, 2016USD ($) | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance at beginning of year | $ 2,371 | ||
(Loss) income from equity investment | (114) | $ (72) | $ 83 |
Balance at end of year | $ 1,955 | $ 2,371 | |
Applied Technology | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Equity method investments held by name | investments | 2 | 2 | |
All Equity Method Investments | Applied Technology | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance at beginning of year | $ 2,371 | $ 2,805 | |
Payments to acquire equity method investments | 0 | 135 | |
(Loss) income from equity investment | (42) | (72) | |
Amortization of intangible assets | (320) | (497) | |
Equity method investment, other than temporary impairment | (72) | 0 | |
Balance at end of year | $ 1,937 | $ 2,371 | $ 2,805 |
AgEagle Aerial Systems | Applied Technology | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable Interest Entity, acquisition date equity method investment | 2016-02 | ||
Equity Method Investment, Additional Information | AgEagle | ||
Percentage of voting interest acquired | 5.00% | ||
Other Commitment | $ 0 | ||
SST | Applied Technology | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Additional Information | SST | ||
Percentage of voting interest acquired | 22.00% |
Goodwil, Long-lived Assets, a50
Goodwil, Long-lived Assets, and Other Charges - Goodwill Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2017USD ($) | Apr. 30, 2016ReportingUnits | Oct. 31, 2015USD ($) | Jan. 31, 2018USD ($)Divisions | Jan. 31, 2018USD ($) | Jan. 31, 2018USD ($)ReportingUnits | Jan. 31, 2017USD ($)ReportingUnits | Jan. 31, 2016USD ($)ReportingUnits | Oct. 31, 2016USD ($) | |
Goodwill [Line Items] | |||||||||
Number of reporting units in Aerostar Segment | ReportingUnits | 1 | 1 | 1 | 2 | |||||
Number of divisions operated in by Parent | 3 | 3 | 3 | 3 | 4 | ||||
Goodwill impairment loss | $ 0 | $ 0 | $ 11,497,000 | ||||||
Goodwill | $ 46,710,000 | 46,710,000 | $ 46,710,000 | 40,649,000 | 40,672,000 | ||||
Long-lived asset impairment loss | 259,000 | 87,000 | 3,826,000 | ||||||
Operating Income (Loss) | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill impairment loss | 0 | 0 | 11,497,000 | ||||||
Cost of Sales | |||||||||
Goodwill [Line Items] | |||||||||
Inventory write-down | 0 | 2,278,000 | 0 | ||||||
Pre-contract deferred costs written off | 0 | 0 | 2,933,000 | ||||||
Aerostar | |||||||||
Goodwill [Line Items] | |||||||||
Amount of estimated fair value that exceeded the net book value | $ 11,600,000 | $ 11,600,000 | $ 11,600,000 | $ 9,000,000 | |||||
Percentage of fair value in excess of carrying amount | 41.00% | 41.00% | 41.00% | 30.00% | |||||
Goodwill | $ 737,000 | $ 737,000 | $ 737,000 | 789,000 | 789,000 | $ 789,000 | |||
Engineered Films | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 33,232,000 | 33,232,000 | 33,232,000 | 27,518,000 | 27,518,000 | ||||
Vista Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Percentage of fair value in excess of carrying amount | (64.00%) | ||||||||
Goodwill | $ 11,497,000 | ||||||||
Reporting unit, carrying amount in excess of fair value | 14,000,000 | ||||||||
Implied fair value amount less than carrying value recorded for the reporting unit | 0 | ||||||||
Long-lived asset impairment loss | 3,813,000 | 3,826,000 | 3,826,000 | ||||||
Vista Reporting Unit | Operating Income (Loss) | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill impairment loss | 11,497,000 | 11,497,000 | |||||||
Vista Research | Cost of Sales | |||||||||
Goodwill [Line Items] | |||||||||
Pre-contract deferred costs written off | $ 2,933,000 | ||||||||
Applied Technology | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | $ 12,741,000 | 12,741,000 | $ 12,741,000 | $ 12,342,000 | $ 12,365,000 | ||||
AgEagle Aerial Systems | Applied Technology | Other Nonoperating Income (Expense) | |||||||||
Goodwill [Line Items] | |||||||||
Equity method investment, other than temporary impairment | $ 72,000 | $ 72,000 |
Goodwil, Long-lived Assets, a51
Goodwil, Long-lived Assets, and Other Charges - Changes in the Carrying Amount of Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 40,649 | $ 40,672 | |
Goodwill, Acquired During Period | 5,714 | ||
Goodwill, Written off Related to Sale of Business Unit | (52) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 399 | (23) | |
Goodwill, Transfers | 0 | ||
Goodwill, end balance | 46,710 | 40,649 | |
Applied Technology | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 12,342 | 12,365 | |
Goodwill, Acquired During Period | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 399 | (23) | |
Goodwill, Transfers | 0 | ||
Goodwill, end balance | 12,741 | 12,342 | |
Engineered Films | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 27,518 | 27,518 | |
Goodwill, Acquired During Period | 5,714 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Goodwill, Transfers | 0 | ||
Goodwill, end balance | 33,232 | 27,518 | |
Aerostar | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 789 | 789 | |
Goodwill, Acquired During Period | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | (52) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Goodwill, Transfers | [1] | 0 | |
Goodwill, end balance | $ 737 | $ 789 | |
[1] | The Company combined the Aerostar and Vista reporting units in fiscal 2017. No goodwill amount was transferred between reporting units due to the goodwill impairment loss recorded at the Vista reporting unit during fiscal 2016. |
Goodwil, Long-lived Assets, a52
Goodwil, Long-lived Assets, and Other Charges - Schedule of Goodwill Gross of Impairment (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross goodwill | $ 58,207 | $ 52,146 | |
Accumulated impairment loss | 11,497 | 11,497 | |
Net goodwill | $ 46,710 | $ 40,649 | $ 40,672 |
Goodwil, Long-lived Assets, a53
Goodwil, Long-lived Assets, and Other Charges - Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 24,795 | $ 24,501 |
Accumulated Amortization | (14,211) | (12,453) |
Net | 10,584 | 12,048 |
Existing Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 7,290 | 7,136 |
Accumulated Amortization | (6,996) | (6,553) |
Net | 294 | 583 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 13,264 | 12,987 |
Accumulated Amortization | (4,834) | (3,680) |
Net | 8,430 | 9,307 |
Patented Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 4,241 | 4,378 |
Accumulated Amortization | (2,381) | (2,220) |
Net | $ 1,860 | $ 2,158 |
Goodwil, Long-lived Assets, a54
Goodwil, Long-lived Assets, and Other Charges - The Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Thousands | Jan. 31, 2018USD ($) |
Estimated amortization expense | |
2,019 | $ 1,988 |
2,020 | 1,578 |
2,021 | 1,163 |
2,022 | 1,111 |
2,023 | $ 1,013 |
Goodwil, Long-lived Assets, a55
Goodwil, Long-lived Assets, and Other Charges - Long-lived Asset Impairment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Oct. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 259,000 | $ 87,000 | $ 3,826,000 | ||||
Finite-lived intangible assets, net | 10,584,000 | 12,048,000 | |||||
Patented Technology | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Finite-lived intangible assets, net | 1,860,000 | 2,158,000 | |||||
Aerostar | Lighter than Air asset group | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived assets excess of fair value over carrying value | $ 110,000,000 | ||||||
Long-lived asset, percentage fair value exceeds carrying value | 800.00% | ||||||
Aerostar | Radar Technology and Radar Customers | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | 0 | ||||||
Long-lived assets, fair value | $ 175,000 | ||||||
Finite-lived intangible assets, net | 262,000 | ||||||
Aerostar | Patented Technology | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | 25,000 | 25,000 | |||||
Aerostar | Property, Plant and Equipment | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | 62,000 | 62,000 | |||||
Aerostar | Operating Income (Loss) | Radar Technology and Radar Customers | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 87,000 | 87,000 | |||||
Vista Reporting Unit | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 3,813,000 | 3,826,000 | $ 3,826,000 | ||||
Long-lived assets, fair value | 103,000 | ||||||
Long-lived assets | 3,916,000 | ||||||
Vista Reporting Unit | Radar Technology and Radar Customers | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | 3,154,000 | 3,154,000 | |||||
Vista Reporting Unit | Patented Technology | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 13,000 | 105,000 | 118,000 | ||||
Vista Reporting Unit | Property, Plant and Equipment | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 554,000 | $ 554,000 | |||||
AgEagle Aerial Systems | Applied Technology | Operating Income (Loss) | Customer-Related Intangible Assets | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Long-lived asset impairment loss | $ 259,000 | 259,000 | |||||
AgEagle Aerial Systems | Applied Technology | Other Nonoperating Income (Expense) | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Equity method investment, other than temporary impairment | $ 72,000 | $ 72,000 |
Goodwil, Long-lived Assets, a56
Goodwil, Long-lived Assets, and Other Charges - Inventory Write Downs and Pre-Contract Costs Write Downs (Details) - Cost of Sales - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Schedule of Inventory write-down [Line Items] | ||||||
Inventory write-down | $ 0 | $ 2,278,000 | $ 0 | |||
Pre-contract deferred costs written off | $ 0 | 0 | $ 2,933,000 | |||
Vista Research | ||||||
Schedule of Inventory write-down [Line Items] | ||||||
Pre-contract deferred costs written off | $ 2,933,000 | |||||
Amount of deferred costs related to long-term contracts | $ 858,000 | $ 2,075,000 | ||||
Radar Inventory | Aerostar | ||||||
Schedule of Inventory write-down [Line Items] | ||||||
Inventory write-down | $ 2,278,000 | |||||
Radar Inventory | Vista Research | ||||||
Schedule of Inventory write-down [Line Items] | ||||||
Inventory write-down | $ 2,278,000 |
- Employee Retirement Benefits
- Employee Retirement Benefits (Details) | 12 Months Ended | ||
Jan. 31, 2018USD ($)contribution_plan | Jan. 31, 2017USD ($)contribution_plan | Jan. 31, 2016USD ($)contribution_plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of defined contribution plans | contribution_plan | 1 | 1 | 2 |
Defined contribution current payroll matching percentage | 5.00% | 4.00% | 4.00% |
Participant contribution rate for company stock, maximum | 10.00% | 10.00% | 20.00% |
Total contribution expense | $ 2,263,000 | $ 2,030,000 | $ 1,952,000 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year | (31,000) | ||
Recognized net loss over next fiscal year | 129,000 | ||
Amortization of prior service cost over next fiscal year | (160,000) | ||
Expected postretirement medical and other benefit payments in fiscal 2017 | 313,000 | ||
Plan assets on unfunded plan | $ 0 | $ 0 | $ 0 |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Participant balance transferred into Raven common stock | 10.00% | 10.00% | 20.00% |
Percentage of participant balance allowed in Raven Common stock | 10.00% | 10.00% | 20.00% |
Employee Retirement Benefits -
Employee Retirement Benefits - The accumulated benefit obligation (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | $ 8,416 | $ 7,991 |
Service cost | 74 | 80 |
Interest cost | 312 | 333 |
Actuarial loss (gain) and assumption changes | 112 | 341 |
Retiree benefits paid | 343 | 329 |
Benefit obligation at end of year | $ 8,571 | $ 8,416 |
Employee Retirement Benefits 59
Employee Retirement Benefits - Pre-tax adjustment to accumulated benefit obligation (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Net actuarial loss | $ 2,714 | $ 2,699 | ||
Prior service cost | (572) | (732) | ||
Total pre-tax accumulated other comprehensive loss | $ 2,142 | $ 1,967 | $ 2,142 | $ 1,967 |
Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation | 1,967 | 1,612 | ||
Recognized net (loss) | (96) | (146) | ||
Amortization of prior service cost | 159 | 160 | ||
Net actuarial loss (gain) | 112 | 341 | ||
Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation | $ 2,142 | $ 1,967 |
Employee Retirement Benefits 60
Employee Retirement Benefits - The liability and expense reflected in the balance sheet and income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Long-term portion in other liabilities | $ 8,264 | $ 8,054 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 8,416 | 7,991 |
Net periodic benefit cost | 323 | 399 |
Other comprehensive loss | 175 | 355 |
Total recognized in net periodic benefit cost and other comprehensive income | 498 | 754 |
Retiree benefits paid | 343 | 329 |
Benefit obligation at end of year | 8,571 | 8,416 |
Current portion in accrued liabilities | 307 | 362 |
Long-term portion in other liabilities | $ 8,264 | $ 8,054 |
Assumptions used to calculate benefit obligation: | ||
Discount rate | 3.75% | 4.00% |
Rate of compensation increase | 4.00% | 4.00% |
Health care cost trend rate assumed for next year | 6.50% | 6.67% |
Ultimate health care cost trend rate | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2,030 | 2,030 |
Assumptions used to calculated the net periodic benefit cost: | ||
Discount rate | 4.00% | 4.25% |
Rate of compensation increase | 4.00% | 4.00% |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ||
Effect on total of service and interest cost components, one percentage point increase | $ 71 | |
Effect on total of service and interest cost components, one percentage point decrease | (58) | |
Effect on accumulated postretirement benefit obligation, one percentage point increase | 1,180 | |
Effect on accumulated postretirement benefit obligation, one percentage point decrease | (1,045) | |
2,019 | 313 | |
2,020 | 323 | |
2,021 | 332 | |
2,022 | 341 | |
2023-2028 | $ 2,192 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 1,547 | $ 1,835 | $ 3,120 |
Change in provision | 1,762 | 1,597 | 1,945 |
Settlements made | (2,146) | (1,885) | (3,230) |
Ending balance | $ 1,163 | $ 1,547 | $ 1,835 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018USD ($)percentagepoints | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | |
Income Tax Contingency [Line Items] | |||
Statutory Federal tax rate - impact of TCJA | percentagepoints | 1.2 | ||
Federal statutory rate - expected rate first year after TCJA effective | 21.00% | ||
Tax Cuts And Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | $ 265 | ||
Tax Cuts And Jobs Act of 2017, incomplete accounting, provisional income tax benefit | 312 | ||
Tax benefit | $ 779 | $ 560 | |
Favorable prior year tax benefit | 1,044 | 989 | |
Impairment losses | 14,756 | ||
Total unrecognized tax benefits that, if recognized, would affect the company's effective tax rate | 2,143 | 1,806 | 2,140 |
Accrued interest and penalties related to unrecognized tax benefits | 418 | $ 500 | $ 672 |
Tax expense for Foreign transition tax in the 2017 TCJA | 265 | ||
United States | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, domestic | 58,757 | ||
Canada | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, foreign | 229 | ||
Undistributed earnings of foreign subsidiaries | $ 3,242 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate (Details) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory rate | 33.80% | 35.00% | 35.00% |
Impact of the Tax Cuts and Jobs Act, change in enacted tax rate, percent | (0.10%) | 0.00% | 0.00% |
State and local income taxes, net of U.S. federal benefit | 1.60% | 0.70% | (2.80%) |
Tax credit for research activities | (1.80%) | (3.70%) | (24.20%) |
Tax benefit on qualified production activities | (3.00%) | (2.80%) | (13.70%) |
Effective income tax rate reconciliation, tax benefit from insurance premium | (1.30%) | (1.50%) | (10.30%) |
Effective income tax rate reconciliation, change in uncertain tax positions, percent | 0.10% | (0.30%) | 1.80% |
Effective income tax rate reconciliation, foreign income tax rate differential, percent | 0.00% | (0.30%) | (2.90%) |
Effective income tax rate reconciliation, impact of settlement of share-based comp awards, percent | 1.20% | 0.00% | 0.00% |
Effective income tax rate reconciliation, other adjustments, percent | 0.00% | 0.40% | (1.70%) |
Effective income tax rate | 30.50% | 27.50% | (18.80%) |
Income Taxes - Significant comp
Income Taxes - Significant components of the company's income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Currently payable | $ 18,754 | $ 7,354 | $ 5,272 |
Deferred expense (benefit) | (787) | 307 | (6,039) |
Income tax expense (benefit) | $ 17,967 | $ 7,661 | $ (767) |
Income Taxes - Significant co65
Income Taxes - Significant components of the company's deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Current deferred tax assets: | ||
Accounts receivable | $ 184 | $ 212 |
Inventories | 664 | 978 |
Accrued vacation | 647 | 887 |
Insurance obligations | 137 | 383 |
Accrued benefit liabilities | 0 | 41 |
Warranty obligations | 262 | 565 |
Postretirement benefits | 1,929 | 3,072 |
Uncertain tax positions | 491 | 803 |
Share-based compensation | 1,761 | 3,201 |
Other accrued liabilities | 54 | 68 |
Deferred Tax Assets, Gross | 6,129 | 10,210 |
Deferred tax(liabilities): | ||
Depreciation and amortization | (6,082) | (10,565) |
Deferred Tax Liabilities, Other | (643) | (1,048) |
Deferred Tax Liabilities, Gross | 6,725 | 11,613 |
Net Deferred Tax (Liability), | $ 596 | $ 1,403 |
Income Taxes - Summary of the a
Income Taxes - Summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Gross unrecognized tax benefits at beginning of year | $ 2,110 | $ 2,327 |
Increases in tax positions related to the current year | 426 | 279 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | (193) |
Decreases as a result of a lapse in applicable statute of limitations | (320) | (303) |
Gross unrecognized tax benefits at end of year | $ 2,216 | $ 2,110 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Debt Instrument, Covenant Compliance | 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. | ||
JPMorgan Chase Bank | |||
Line of Credit Facility [Line Items] | |||
Date of new credit facility | Apr. 15, 2015 | ||
Maturity date of the line of credit | Apr. 15, 2020 | ||
Annual administrative and unborrowed capacity fees | $ 211,000 | $ 215,000 | $ 213,000 |
Borrowings under the credit line | 0 | 0 | 0 |
Borrowing outstanding under line of credit | 0 | 0 | 0 |
Borrowing capacity under line of credit | 125,000,000 | $ 125,000,000 | $ 125,000,000 |
Remaining borrowing capacity under the line of credit | $ 124,000,000 |
Financing Arrangements - Debt I
Financing Arrangements - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
JPMorgan Chase Bank | ||
Line of Credit Facility [Line Items] | ||
Unamortized debt issuance costs(a) | $ 242 | $ 352 |
Financing Arrangements - Letter
Financing Arrangements - Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | |
JPMorgan Chase and Wells Fargo | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding (a) | [1] | $ 1,097 | $ 514 |
[1] | Any draws required under the LOC' would be settled with available cash or borrowings under the Credit Agreement. |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Future Minimum Lease Payments and Present Value of Net Minimum Lease Payments (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Capital Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | ||
2,019 | $ 237,000 | |
2,020 | 169,000 | |
2,021 | 90,000 | |
2,022 | 32,000 | |
Thereafter | 0 | |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Rolling Maturity [Abstract] | ||
Minimum lease payments | 528,000 | |
Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon. | (17,000) | |
Net minimum lease payments | 511,000 | |
Less amounts representing interest | (63,000) | |
Present value of net minimum lease payments | 448,000 | |
Capital Lease Obligations, Current | 196,000 | $ 0 |
Capital Leases, Income Statement, Amortization Expense | 65,000 | |
Capital Leases, Income Statement, Interest Expense | $ 13,000 |
Financing Arrangements - Future
Financing Arrangements - Future minimum lease payments under non-cancelable operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Total Rent and Lease Expense | $ 2,104 | $ 2,028 | $ 2,095 |
Minimum lease payments | |||
2,019 | 2,012 | ||
2,021 | 1,780 | ||
2,020 | 1,925 | ||
2,022 | 501 | ||
2,023 | 437 | ||
Thereafter | $ 0 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term purchase commitment, amount | $ 5,000 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Amount of unpaid costs | $ 0 | $ 0 | |
Restructuring costs | $ 0 | 0 | $ 661,000 |
Applied Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 588,000 | ||
Proceeds from sale of productive assets | 960,000 | 1,288,000 | |
Applied Technology | Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 407,000 | ||
Applied Technology | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 181,000 | ||
Vista Research | |||
Restructuring Cost and Reserve [Line Items] | |||
Amount of unpaid costs | 0 | ||
Restructuring costs | 73,000 | ||
Vista Research | Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 58,000 | ||
Vista Research | Research and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 15,000 | ||
Operating Segments | Applied Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain on disposal of assets | $ 160,000 | $ 611,000 |
Share Based Compensation (Detai
Share Based Compensation (Details) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018USD ($)PlansDirectorAwardshares | Jan. 31, 2017USD ($)shares | Jan. 31, 2016USD ($) | May 22, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share based compensation plans | Plans | 2 | |||
Number of directors on Personnel and Compensation Committee | Director | 2 | |||
Number of award types | Award | 2 | |||
Granted, number of options (in shares) | 85,800 | |||
Award vesting period | 4 years | |||
Expiration period | 5 years | |||
Intrinsic value of options exercised | $ | $ 1,036 | $ 0 | $ 172 | |
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ | 1,312 | $ 1,323 | 1,755 | |
Total compensation cost for non-vested awards not yet recognized in the Company's statements of income | $ | $ 838 | |||
Weighted average period to recognize costs associated with non-vested awards in years | 1 year 11 months 4 days | |||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for grant under the plan | 100,000 | |||
Granted (in shares) | 12,000 | |||
stock unit to share conversion | 1,000 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 87,614 | 98,649 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period to recognize costs associated with non-vested awards in years | 1 year 9 months 21 days | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ | $ 12,590 | |||
Total unrecognized compensation cost net of estimated forfeitures | $ | $ 3,054 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 326,578 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested | $ | $ 685 | $ 754 | 1,437 | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ | $ 678 | $ 761 | $ 1,411 | |
2010 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for grant under the plan | 2,000,000 | |||
Remaining shares available for grant | 1,163,074 | |||
Maximum exercise period | 10 years | |||
2010 Stock Incentive Plan | Time-vested RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 61,270 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 146,849 | 126,729 | ||
2010 Stock Incentive Plan | Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 22,745 | |||
Percentage of target award | 100.00% | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 179,729 | 146,519 | ||
2010 Stock Incentive Plan | Performance-based Restricted Stock Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance shares target award | 0.00% | |||
2010 Stock Incentive Plan | Performance-based Restricted Stock Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance shares target award | 150.00% |
Share Based Compensation - The
Share Based Compensation - The compensation cost and related income tax benefit for these plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation [Abstract] | |||
Share-based compensation cost | $ 3,725 | $ 3,071 | $ 2,311 |
Tax benefit | $ 1,275 | $ 1,103 | $ 819 |
Share Based Compensation - Weig
Share Based Compensation - Weighted average assumptions by grant year (Details) - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 1.68% | 1.05% | 1.33% |
Expected dividend yield | 1.78% | 3.33% | 2.59% |
Expected volatility factor | 33.87% | 32.61% | 36.81% |
Expected option term (in years) | 4 years 3 months | 4 years | 3 years 9 months |
Weighted average grant date fair value | $ 7.35 | $ 3.05 | $ 4.77 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding stock options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 31, 2018USD ($)$ / sharesshares | |
Number of options | |
Outstanding, beginning of period (in shares) | shares | 990,900 |
Granted (in shares) | shares | 85,800 |
Exercised (in shares) | shares | (206,000) |
Forfeited (in shares) | shares | (43,600) |
Expired (in shares) | shares | (124,150) |
Outstanding, end of period (in shares) | shares | 702,950 |
Weighted average exercise price | |
Outstanding, beginning of period (in usd per share) | $ / shares | $ 24.58 |
Granted (in usd per share) | $ / shares | 29.20 |
Exercised (in usd per share) | $ / shares | 31.01 |
Forfeited (in usd per share) | $ / shares | 19.05 |
Expired (in usd per share) | $ / shares | 31.70 |
Outstanding, end of period (in usd per share) | $ / shares | $ 22.34 |
Aggregate intrinsic value, Outstanding, end of period | $ | $ 11,396 |
Weighted average remaining contractual term (years), Outstanding, end of period | 2 years 5 months 26 days |
Number of options, outstanding exercisable, end of period | shares | 331,717 |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, number | shares | 702,950 |
Weighted average exercise price, Outstanding exercisable, end of period | $ / shares | $ 23.43 |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, weighted average exercise price | $ / shares | $ 22.34 |
Aggregate intrinsic value, Outstanding exercisable, end of period | $ | $ 5,014 |
Weighted average remaining contractual term (years), Outstanding exercisable, end of period | 1 year 11 months 12 days |
Share-based compensation arrangement by share-based payment award, options, vested and expected to Vest, outstanding, weighted average remaining contractual term | 2 years 5 months 26 days |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Units (Details) - 2010 Stock Incentive Plan - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Time-vested RSUs | |||
Number of restricted stock units | |||
Outstanding, beginning of period (in shares) | 126,729 | ||
Granted (in shares) | 61,270 | ||
Vested (in shares) | (23,122) | ||
Forfeited (in shares) | (18,028) | ||
Outstanding, end of period (in shares) | 146,849 | 126,729 | |
Weighted average grant date fair value | |||
Outstanding, beginning of period (in usd per share) | $ 19.19 | ||
Granted (in usd per share) | 29.33 | $ 15.94 | $ 19.25 |
Vested (in usd per share) | 29.62 | ||
Forfeited (in usd per share) | 18.92 | ||
Outstanding, end of period (in usd per share) | $ 21.81 | $ 19.19 | |
Cumulative dividends, end of period | 5,129 | ||
Performance-based Restricted Stock Units | |||
Number of restricted stock units | |||
Outstanding, beginning of period (in shares) | 146,519 | ||
Granted (in shares) | 22,745 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | (16,164) | ||
Performance-based adjustment (in shares) | (26,629) | ||
Outstanding, end of period (in shares) | 179,729 | 146,519 | |
Weighted average grant date fair value | |||
Outstanding, beginning of period (in usd per share) | $ 16.78 | ||
Granted (in usd per share) | 29.20 | $ 15.61 | $ 20.09 |
Vested (in usd per share) | 0 | ||
Forfeited (in usd per share) | 16.89 | ||
Performance-based adjustment (in usd per share) | 23.96 | ||
Outstanding, end of period (in usd per share) | $ 19.40 | $ 16.78 | |
Cumulative dividends, end of period | 7,130 |
Share Based Compensation - Ou79
Share Based Compensation - Outstanding stock units (Details) - Director | 12 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Number of stock units | |
Outstanding, beginning of period (in shares) | shares | 98,649 |
Granted (in shares) | shares | 12,000 |
Deferred retainers (in shares) | shares | 1,143 |
Dividends (in shares) | shares | 1,547 |
Vested (in shares) | shares | (25,725) |
Outstanding, end of period (in shares) | shares | 87,614 |
Weighted average price | |
Outstanding, beginning of period (in usd per share) | $ / shares | $ 20.82 |
Granted (in usd per share) | $ / shares | 35 |
Deferred retainers (in usd per share) | $ / shares | 35 |
Dividends (in usd per share) | $ / shares | 33.98 |
Vested (in usd per share) | $ / shares | 33.88 |
Outstanding, end of period (in usd per share) | $ / shares | $ 19.35 |
Net Income per Share (Details)
Net Income per Share (Details) - shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 344,774 | 884,099 | 1,107,733 |
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 | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Numerator: | |||
Net income attributable to Raven Industries, Inc. | $ 41,022 | $ 20,191 | $ 4,776 |
Denominator: | |||
Weighted average common shares outstanding (in shares) | 35,945,225 | 36,142,416 | 37,237,717 |
Weighted average stock units outstanding (in shares) | 104,980 | 100,019 | 86,745 |
Denominator for basic calculation (in shares) | 36,050,205 | 36,242,435 | 37,324,462 |
Weighted average common shares outstanding (in shares) | 35,945,225 | 36,142,416 | 37,237,717 |
Weighted average stock units outstanding (in shares) | 104,980 | 100,019 | 86,745 |
Dilutive impact of stock options and RSUs (in shares) | 399,620 | 129,480 | 75,481 |
Denominator for diluted calculation (in shares) | 36,449,825 | 36,371,915 | 37,399,943 |
Net income per share - basic (in usd per share) | $ 1.14 | $ 0.56 | $ 0.13 |
Net income per share - diluted (in usd per share) | $ 1.13 | $ 0.56 | $ 0.13 |
Business Segments and Major C82
Business Segments and Major Customer Information (Details) | 12 Months Ended | ||
Jan. 31, 2018Divisionscustomer | Jan. 31, 2017Divisionscustomer | Jan. 31, 2016Divisionscustomer | |
Segment Reporting Information [Line Items] | |||
Number of Raven divisions | Divisions | 3 | 3 | 3 |
Concentration risk, number of customers | customer | 0 | 0 | 0 |
One Customer | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Business Segments and Major C83
Business Segments and Major Customer Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |||||
Segment Reporting Information [Line Items] | |||||||||
Sales | $ 377,317,000 | $ 277,395,000 | $ 258,229,000 | ||||||
Operating income(f) | 59,170,000 | 28,413,000 | 4,391,000 | ||||||
Assets | 326,803,000 | 301,509,000 | 298,688,000 | ||||||
Capital expenditures | 12,011,000 | 4,796,000 | 13,046,000 | ||||||
Depreciation and amortization | 14,802,000 | 15,436,000 | 17,136,000 | ||||||
Goodwill impairment loss | 0 | 0 | 11,497,000 | ||||||
Long-lived asset impairment loss | 259,000 | 87,000 | 3,826,000 | ||||||
Cost of Sales | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Inventory write-down | 0 | 2,278,000 | 0 | ||||||
Pre-contract deferred costs written off | 0 | 0 | 2,933,000 | ||||||
Operating Income (Loss) | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Goodwill impairment loss | 0 | 0 | 11,497,000 | ||||||
Vista Research | Cost of Sales | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Reduction in fair value of contingent consideration liability | 2,273,000 | ||||||||
Engineered Films | Hurricane Recovery Film | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 24,225,000 | ||||||||
Engineered Films | CLI | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 13,088,000 | ||||||||
Aerostar | Cost of Sales | Radar Inventory | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Inventory write-down | $ 2,278,000 | ||||||||
Vista Research | Cost of Sales | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Pre-contract deferred costs written off | $ 2,933,000 | ||||||||
Vista Research | Cost of Sales | Radar Inventory | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Inventory write-down | 2,278,000 | ||||||||
Corporate & Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating income(f) | [1] | (23,553,000) | (19,624,000) | (17,110,000) | |||||
Assets | [2],[3] | 72,704,000 | 76,843,000 | 65,624,000 | |||||
Capital expenditures | 2,051,000 | 464,000 | 661,000 | ||||||
Depreciation and amortization | 1,290,000 | 1,308,000 | 1,676,000 | ||||||
Vista Reporting Unit | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Long-lived asset impairment loss | 3,813,000 | 3,826,000 | 3,826,000 | ||||||
Vista Reporting Unit | Operating Income (Loss) | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Goodwill impairment loss | $ 11,497,000 | 11,497,000 | |||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 377,317,000 | 277,395,000 | 258,229,000 | ||||||
Operating income(f) | 82,723,000 | [4] | 48,037,000 | [1] | 21,501,000 | [1] | |||
Assets | 254,099,000 | 224,666,000 | 233,064,000 | ||||||
Capital expenditures | 9,960,000 | 4,332,000 | 12,385,000 | ||||||
Depreciation and amortization | 13,512,000 | 14,128,000 | 15,460,000 | ||||||
Operating Segments | Applied Technology | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 124,688,000 | 105,217,000 | 92,599,000 | ||||||
Operating income(f) | 31,257,000 | [4] | 26,643,000 | [4] | 18,319,000 | [1],[5] | |||
Assets | [3] | 66,555,000 | 67,911,000 | 65,490,000 | |||||
Capital expenditures | 1,489,000 | 1,017,000 | 664,000 | ||||||
Depreciation and amortization | 3,365,000 | 3,828,000 | 4,428,000 | ||||||
Gain on disposal of assets | 160,000 | 611,000 | |||||||
Operating Segments | Engineered Films | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 213,298,000 | [6] | 138,855,000 | 129,465,000 | |||||
Operating income(f) | 47,324,000 | [4] | 22,966,000 | [1] | 17,892,000 | [1] | |||
Assets | [3] | 168,797,000 | 133,309,000 | 134,942,000 | |||||
Capital expenditures | 8,128,000 | 2,768,000 | 10,780,000 | ||||||
Depreciation and amortization | 8,761,000 | 8,580,000 | 7,735,000 | ||||||
Operating Segments | Aerostar | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 39,915,000 | 34,113,000 | 36,368,000 | ||||||
Operating income(f) | [1] | 4,122,000 | (1,560,000) | [7] | (14,801,000) | [8] | |||
Assets | [3] | 22,127,000 | 23,515,000 | 32,689,000 | |||||
Capital expenditures | 343,000 | 547,000 | 941,000 | ||||||
Depreciation and amortization | 1,386,000 | 1,720,000 | 3,297,000 | ||||||
Operating Segments | Vista Reporting Unit | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Pre-contract deferred costs written off | 2,933,000 | ||||||||
Intersegment Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating income(f) | [1] | 20,000 | (12,000) | 91,000 | |||||
Assets | (3,380,000) | (69,000) | (57,000) | ||||||
Intersegment Eliminations | Applied Technology | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | 0 | (1,000) | (8,000) | ||||||
Intersegment Eliminations | Engineered Films | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | (584,000) | (789,000) | (195,000) | ||||||
Intersegment Eliminations | Aerostar | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Sales | $ 0 | $ 0 | $ 0 | ||||||
[1] | 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 "Operating (loss) from administrative expenses" in Corporate & Other. | ||||||||
[2] | Assets are principally cash, investments, deferred taxes, and other receivables. | ||||||||
[3] | Certain facilities owned by the Company are shared by more than one reporting segment. All facilities are reported as an asset based on the segment that acquired the asset as we believe this better reflects total assets of the business segment. Expenses and costs related to these facilities including depreciation expense, are allocated and reported in each reporting segment's operating income for each fiscal year presented. | ||||||||
[4] | (f) At the segment level, operating income does not include an allocation of general and administrative expenses. | ||||||||
[5] | The fiscal year ended January 31, 2016 includes gains of $611 | ||||||||
[6] | Fiscal year 2018 sales include $13,088 in net sales related to the CLI asset acquisition further described in Note 6 "Acquisitions of and Investments in Businesses and Technologies", and $24,225 | ||||||||
[7] | The fiscal year 2017 includes inventory write-downs of $2,278 | ||||||||
[8] | The fiscal year ended January 31, 2016 includes pre-contract cost write-offs of $2,933 , a goodwill impairment loss of $11,497 , a long-lived asset impairment loss of $3,826 , and a $2,273 |
Business Segments and Major C84
Business Segments and Major Customer Information - Sales to countries outside the United States (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 377,317 | $ 277,395 | $ 258,229 |
All foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 41,556 | 35,528 | 27,849 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12,940 | 13,969 | 11,789 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 13,864 | 13,924 | 10,526 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,439 | 3,402 | 2,676 |
Asia | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,074 | 1,535 | 482 |
Other foreign sales | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,239 | 2,698 | 2,376 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 335,761 | $ 241,867 | $ 230,380 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 05, 2018 | Jan. 31, 2018 | Jan. 31, 2017 |
Subsequent Event [Line Items] | |||
Equity method investments | $ 1,955 | $ 2,371 | |
Applied Technology | SST | |||
Subsequent Event [Line Items] | |||
Percentage of voting interest acquired | 22.00% | ||
Type 2 Subsequent Event Nonrecognized [Member] | |||
Subsequent Event [Line Items] | |||
Subsequent event, date | Feb. 5, 2018 | ||
Type 2 Subsequent Event Nonrecognized [Member] | Applied Technology | SST | |||
Subsequent Event [Line Items] | |||
Percentage of voting interest acquired | 22.00% | ||
Equity method investments | $ 1,900 |
Schedule II - Valuation and Q86
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 691 | $ 1,034 | $ 319 | |
Charged to Costs and Expenses | 357 | 380 | 1,066 | |
Charged to Other Accounts | 0 | 0 | 0 | |
Deductions From Reserves | [1] | 70 | 723 | 351 |
Balance at End of Year | $ 978 | $ 691 | $ 1,034 | |
[1] | Represents uncollectable accounts receivable written off during the year, net of recoveries. |