Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2020 | May 22, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-07982 | |
Entity Registrant Name | RAVEN INDUSTRIES, INC. | |
Entity Central Index Key | 0000082166 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0246171 | |
Entity Address, Address Line One | 205 East 6th Street, P.O. Box 5107 | |
Entity Address, City or Town | Sioux Falls | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57117-5107 | |
City Area Code | 605 | |
Local Phone Number | 336-2750 | |
Title of 12(g) Security | Common Stock, $1 par value | |
Trading Symbol | RAVN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 35,834,674 | |
Entity Shell Company | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2019 |
Current assets | |||
Cash and cash equivalents | $ 72,581 | $ 20,707 | |
Accounts receivable, net | 60,336 | 62,552 | |
Inventories, net | 57,101 | 53,899 | |
Other current assets | 6,268 | 5,436 | |
Total current assets | 196,286 | 142,594 | |
Property, plant and equipment, net | 102,061 | 100,850 | |
Goodwill | 104,608 | 106,509 | |
Intangible assets, net | 43,826 | 46,217 | |
Other assets | 11,552 | 7,087 | |
TOTAL ASSETS | 458,333 | 403,257 | |
Current liabilities | |||
Accounts payable | 20,392 | 14,893 | |
Accrued liabilities | 20,836 | 20,743 | |
Redeemable noncontrolling interest payable | 17,172 | 0 | |
Other current liabilities | 3,206 | 2,287 | |
Total current liabilities | 61,606 | 37,923 | |
Long-term debt | 50,364 | 225 | |
Other liabilities | 33,939 | 29,161 | |
Liabilities, Total | 145,909 | 67,309 | |
Commitments and contingencies (see Note 11) | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 0 | 21,302 | |
Shareholders' equity | |||
Common stock, $1 par value, authorized shares 100,000; issued 67,500 and 67,436, respectively | 67,500 | 67,436 | |
Paid-in capital | 62,505 | 61,508 | |
Retained earnings | 301,599 | 302,300 | |
Accumulated other comprehensive income (loss) | (7,997) | (5,415) | |
Treasury stock at cost, 31,665 and 31,665 shares, respectively | (111,183) | (111,183) | |
Total Raven Industries, Inc. shareholders' equity | 312,424 | 314,646 | |
Noncontrolling interest | 0 | 0 | |
Total shareholders' equity | 312,424 | 314,646 | $ 312,683 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 458,333 | $ 403,257 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) - $ / shares | Apr. 30, 2020 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,500,000 | 67,436,000 |
Treasury Stock, Common, Shares | 31,665,000 | 31,665,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 86,496 | $ 98,178 |
Cost of sales | 58,029 | 63,112 |
Gross profit | 28,467 | 35,066 |
Research and development expenses | 10,505 | 7,271 |
Selling, general, and administrative expenses | 14,023 | 12,674 |
Operating income | 3,939 | 15,121 |
Other income (expense), net | (468) | (69) |
Income before income taxes | 3,471 | 15,052 |
Income tax expense (benefit) | (478) | 1,842 |
Net income | 3,949 | 13,210 |
Net income (loss) attributable to redeemable noncontrolling interest and noncontrolling interest | (98) | 0 |
Net income attributable to Raven Industries, Inc. | $ 4,047 | $ 13,210 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.11 | $ 0.37 |
Diluted (in dollars per share) | $ 0.11 | $ 0.36 |
Comprehensive income (loss): | ||
Net income | $ 3,949 | $ 13,210 |
Other comprehensive income (loss): | ||
Foreign currency translation | (2,579) | (304) |
Postretirement benefits, net of income tax benefit of $1 and $4, respectively | (3) | (12) |
Other comprehensive income (loss), net of tax | (2,582) | (316) |
Comprehensive income (loss) | 1,367 | 12,894 |
Comprehensive income (loss) attributable to redeemable noncontrolling interest and noncontrolling interest | (98) | 0 |
Comprehensive income (loss) attributable to Raven Industries, Inc. | 1,465 | 12,894 |
Other comprehensive income, postretirement benefits, income tax (expense) benefit | $ 1 | $ 4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | $1 Par Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Raven Industries, Inc. Equity [Member] | Non-controlling Interest [Member] | redeemable noncontrolling interest [Member] |
Balance at beginning of period at Jan. 31, 2019 | $ 308,957 | $ 67,289 | $ 59,655 | $ (100,402) | $ (3,556) | $ 285,969 | $ 308,955 | $ 2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 13,210 | 13,210 | 13,210 | 0 | |||||
Other comprehensive income (loss): | |||||||||
Cumulative foreign currency translation adjustment | (304) | (304) | (304) | ||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (12) | (12) | (12) | ||||||
Cash dividends | (4,682) | 47 | (4,729) | (4,682) | |||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (667) | 26 | (693) | (667) | |||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (2,320) | 102 | (2,422) | (2,320) | |||||
Stock Repurchased and Retired During Period, Value | (2,281) | (2,281) | (2,281) | ||||||
Share-based compensation | 782 | 782 | 782 | ||||||
Balance at end of period at Apr. 30, 2019 | $ 312,683 | 67,417 | 57,369 | (102,683) | (3,872) | 294,450 | 312,681 | 2 | |
Other comprehensive income (loss): | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 4 | ||||||||
Temporary Equity, Carrying Amount, Beginning Balance at Jan. 31, 2019 | $ 0 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net Income | 0 | ||||||||
Temporary Equity, Carrying Amount, Ending Balance at Apr. 30, 2019 | 0 | ||||||||
Balance at beginning of period at Jan. 31, 2020 | 314,646 | 67,436 | 61,508 | (111,183) | (5,415) | 302,300 | 314,646 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,949 | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 4,047 | 4,047 | 4,047 | 0 | |||||
Other comprehensive income (loss): | |||||||||
Cumulative foreign currency translation adjustment | (2,579) | (2,579) | (2,579) | ||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (3) | (3) | (3) | ||||||
Reclassification and Redeption of Noncontrolling Interest (see Note 6) | 215 | 215 | 215 | ||||||
Cash dividends | (4,658) | 90 | (4,748) | (4,658) | |||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (113) | 11 | (124) | (113) | |||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (627) | 53 | (680) | (627) | |||||
Share-based compensation | 1,496 | 1,496 | 1,496 | ||||||
Balance at end of period at Apr. 30, 2020 | $ 312,424 | $ 67,500 | $ 62,505 | $ (111,183) | $ (7,997) | $ 301,599 | $ 312,424 | $ 0 | |
Other comprehensive income (loss): | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 1 | ||||||||
Temporary Equity, Carrying Amount, Beginning Balance at Jan. 31, 2020 | 21,302 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net Income | (98) | ||||||||
Recalassification and Redemption of Noncontrolling Interest (see Note 6) | (21,204) | ||||||||
Temporary Equity, Carrying Amount, Ending Balance at Apr. 30, 2020 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,949 | $ 13,210 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,176 | 4,082 |
Change in fair value of acquisition-related contingent consideration | (55) | 94 |
Deferred income taxes | (1,060) | 1,511 |
Share-based compensation expense | 1,496 | 782 |
Other operating activities, net | (159) | 32 |
Change in operating assets and liabilities: | ||
Accounts receivable | 937 | (13,510) |
Inventories | (4,008) | (4,092) |
Other assets | (715) | 1,373 |
Operating liabilities | 7,290 | 5,280 |
Net cash provided by operating activities | 11,851 | 8,762 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (4,434) | (1,570) |
Purchases of investments | (98) | (843) |
Proceeds from sale of assets | 251 | 0 |
Other investing activities | (9) | (28) |
Net cash used in investing activities | (4,290) | (2,441) |
FINANCING ACTIVITIES: | ||
Dividends paid | (4,658) | (4,682) |
Payments for common shares repurchased | 0 | (2,281) |
Payment of acquisition-related contingent liabilities | 0 | (620) |
Proceeds from debt | 50,150 | 0 |
Restricted stock units vested and issued | (627) | (2,320) |
Employee stock options exercises | (113) | (667) |
Other financing activities | (104) | (95) |
Net cash provided by (used in) financing activities | 44,648 | (10,665) |
Effect of Exchange Rate on Cash and Cash Equivalents | (335) | (73) |
Net Increase (decrease) in Cash and Cash Equivalents | 51,874 | (4,417) |
Cash and Cash Equivalents, Beginning Balance | 20,707 | 65,787 |
Cash and Cash Equivalents, Ending Balance | $ 72,581 | $ 61,370 |
Balance Sheet Information
Balance Sheet Information | 3 Months Ended |
Apr. 30, 2020 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | SELECTED BALANCE SHEET INFORMATION Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2020 January 31, 2020 Accounts receivable, net: Trade accounts $ 59,459 $ 56,978 Unbilled receivables 2,739 6,954 Allowance for doubtful accounts (1,862) (1,380) $ 60,336 $ 62,552 Inventories: Finished goods $ 9,266 $ 6,309 In process 1,491 3,287 Materials 46,344 44,303 $ 57,101 $ 53,899 Other current assets: Insurance policy benefit $ 38 $ 38 Income tax receivable 1,560 1,370 Prepaid expenses and other 4,670 4,028 $ 6,268 $ 5,436 Property, plant and equipment, net: (a) Land $ 3,117 $ 3,117 Buildings and improvements 81,114 80,330 Machinery and equipment 162,160 158,354 Financing lease right-of-use assets 866 881 Accumulated depreciation (145,196) (141,832) $ 102,061 $ 100,850 Other assets: Equity investments $ 1,325 $ 1,289 Operating lease right-of-use assets 8,022 4,275 Deferred income taxes 112 16 Other 2,093 1,507 $ 11,552 $ 7,087 Accrued liabilities: Salaries and related $ 4,178 $ 4,188 Benefits 6,190 5,339 Insurance obligations 1,763 1,680 Warranties 1,606 2,019 Income taxes 1,049 293 Other taxes 1,563 1,734 Acquisition-related contingent consideration 580 763 Lease liability 2,117 2,530 Other 1,790 2,197 $ 20,836 $ 20,743 Other liabilities: Postretirement benefits $ 8,739 $ 8,741 Acquisition-related contingent consideration 2,198 2,171 Lease liability 6,404 2,627 Deferred income taxes 5,213 7,080 Uncertain tax positions 2,627 2,606 Other 8,758 5,936 $ 33,939 $ 29,161 (a) Includes assets held for use and assets held for sale. The amount of assets held for sale at April 30, 2020, and January 31, 2020, were not material. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and fully vested stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding, which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. 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: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 321,454 29,796 The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 4,047 $ 13,210 Denominator: Weighted average common shares outstanding 35,797,939 35,962,066 Weighted average fully vested stock units outstanding 129,672 105,341 Denominator for basic calculation 35,927,611 36,067,407 Weighted average common shares outstanding 35,797,939 35,962,066 Weighted average fully vested stock units outstanding 129,672 105,341 Dilutive impact of stock options and restricted stock units 138,613 325,831 Denominator for diluted calculation 36,066,224 36,393,238 Net income per share ─ basic $ 0.11 $ 0.37 Net income per share ─ diluted $ 0.11 $ 0.36 |
Balance Sheet
Balance Sheet | 3 Months Ended |
Apr. 30, 2020 | |
Selected Balance Sheet Information [Abstract] | |
Components of selected balance sheet items | Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2020 January 31, 2020 Accounts receivable, net: Trade accounts $ 59,459 $ 56,978 Unbilled receivables 2,739 6,954 Allowance for doubtful accounts (1,862) (1,380) $ 60,336 $ 62,552 Inventories: Finished goods $ 9,266 $ 6,309 In process 1,491 3,287 Materials 46,344 44,303 $ 57,101 $ 53,899 Other current assets: Insurance policy benefit $ 38 $ 38 Income tax receivable 1,560 1,370 Prepaid expenses and other 4,670 4,028 $ 6,268 $ 5,436 Property, plant and equipment, net: (a) Land $ 3,117 $ 3,117 Buildings and improvements 81,114 80,330 Machinery and equipment 162,160 158,354 Financing lease right-of-use assets 866 881 Accumulated depreciation (145,196) (141,832) $ 102,061 $ 100,850 Other assets: Equity investments $ 1,325 $ 1,289 Operating lease right-of-use assets 8,022 4,275 Deferred income taxes 112 16 Other 2,093 1,507 $ 11,552 $ 7,087 Accrued liabilities: Salaries and related $ 4,178 $ 4,188 Benefits 6,190 5,339 Insurance obligations 1,763 1,680 Warranties 1,606 2,019 Income taxes 1,049 293 Other taxes 1,563 1,734 Acquisition-related contingent consideration 580 763 Lease liability 2,117 2,530 Other 1,790 2,197 $ 20,836 $ 20,743 Other liabilities: Postretirement benefits $ 8,739 $ 8,741 Acquisition-related contingent consideration 2,198 2,171 Lease liability 6,404 2,627 Deferred income taxes 5,213 7,080 Uncertain tax positions 2,627 2,606 Other 8,758 5,936 $ 33,939 $ 29,161 (a) Includes assets held for use and assets held for sale. The amount of assets held for sale at April 30, 2020, and January 31, 2020, were not material. |
Tables
Tables | 3 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | The options and restricted stock units excluded from the diluted net income per share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 321,454 29,796 |
Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 4,047 $ 13,210 Denominator: Weighted average common shares outstanding 35,797,939 35,962,066 Weighted average fully vested stock units outstanding 129,672 105,341 Denominator for basic calculation 35,927,611 36,067,407 Weighted average common shares outstanding 35,797,939 35,962,066 Weighted average fully vested stock units outstanding 129,672 105,341 Dilutive impact of stock options and restricted stock units 138,613 325,831 Denominator for diluted calculation 36,066,224 36,393,238 Net income per share ─ basic $ 0.11 $ 0.37 Net income per share ─ diluted $ 0.11 $ 0.36 |
Selected Balance Sheet Informat
Selected Balance Sheet Information - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 |
Accounts receivable, net: | ||
Trade accounts | $ 59,459 | $ 56,978 |
Unbilled receivables | 2,739 | 6,954 |
Allowance for doubtful accounts | (1,862) | (1,380) |
Accounts receivable, net | 60,336 | 62,552 |
Inventories: | ||
Finished goods | 9,266 | 6,309 |
In process | 1,491 | 3,287 |
Materials | 46,344 | 44,303 |
Inventories | 57,101 | 53,899 |
Other current assets: | ||
Insurance policy benefit | 38 | 38 |
Income tax receivable | 1,560 | 1,370 |
Prepaid Expense and other | 4,670 | 4,028 |
Other current assets | 6,268 | 5,436 |
Property, plant and equipment, net: | ||
Property, plant and equipment, net | 102,061 | 100,850 |
Other Assets (Noncurrent): | ||
Equity investments | 1,325 | 1,289 |
Operating Lease, Right-of-Use Asset | 8,022 | 4,275 |
Deferred Income Taxes | 112 | 16 |
Other | 2,093 | 1,507 |
Other assets | 11,552 | 7,087 |
Accrued liabilities: | ||
Salaries and related | 4,178 | 4,188 |
Benefits | 6,190 | 5,339 |
Insurance obligations | 1,763 | 1,680 |
Warranties | 1,606 | 2,019 |
Income Taxes | 1,049 | 293 |
Other taxes | 1,563 | 1,734 |
Acquisition-related contingent consideration liability, current | 580 | 763 |
Lease liability, current | 2,117 | 2,530 |
Other | 1,790 | 2,197 |
Accrued And Other Liabilities, Current | 20,836 | 20,743 |
Other liabilities: | ||
Postretirement benefits | 8,739 | 8,741 |
Acquisition-related contingent consideration liability, long-term | 2,198 | 2,171 |
Lease liability, noncurrent | 6,404 | 2,627 |
Deferred Income Tax Liabilities, Net | 5,213 | 7,080 |
Uncertain tax positions | 2,627 | 2,606 |
Other, Noncurrent | 8,758 | 5,936 |
Other Liabilities, Noncurrent | 33,939 | 29,161 |
Land [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment | 3,117 | 3,117 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment | 81,114 | 80,330 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment | 162,160 | 158,354 |
Right-of-use Assets, Financing Leases [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment | 866 | 881 |
Property, plant and equipment, Owned and Right-of-Use Assets for financing lease [Member] | ||
Property, plant and equipment, net: | ||
Accumulated depreciation | (145,196) | (141,832) |
Property, plant and equipment, net | $ 102,061 | $ 100,850 |
Net Income per Share (Antidilut
Net Income per Share (Antidiluted Securities Excluded from Computation) Details - shares | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 321,454 | 29,796 |
Net Income per Share (Calculati
Net Income per Share (Calculation of Numerator and Denominator) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Numerator: | ||
Net income attributable to Raven Industries, Inc. | $ 4,047 | $ 13,210 |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 35,797,939 | 35,962,066 |
Weighted average fully vested stock units outstanding (in shares) | 129,672 | 105,341 |
Denominator for basic calculation (in shares) | 35,927,611 | 36,067,407 |
Weighted average common shares outstanding (in shares) | 35,797,939 | 35,962,066 |
Weighted average fully vested stock units outstanding (in shares) | 129,672 | 105,341 |
Dilutive impact of stock options and restricted units (in shares) | 138,613 | 325,831 |
Denominator for diluted calculation (in shares) | 36,066,224 | 36,393,238 |
Net income per share - basic (in dollars per share) | $ 0.11 | $ 0.37 |
Net income per share - diluted (in dollars per share) | $ 0.11 | $ 0.36 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Raven Industries, Inc. ("the Company" or "Raven") is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, commercial lighter-than-air, and aerospace/defense markets. The Company is comprised of three unique operating units, or divisions, classified into reportable business segments: Applied Technology, Engineered Films, and Aerostar. The accompanying interim unaudited consolidated financial statements, which includes the accounts of Raven and its wholly-owned or controlled subsidiaries, net of intercompany balances and transactions, has been prepared by the Company in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present this financial information have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2020. Financial results for the interim three-month period ended April 30, 2020, are not necessarily indicative of the results that may be expected for the year ending January 31, 2021. The January 31, 2020, consolidated balance sheet was derived from audited financial statements but does not include all disclosures required in an annual report on Form 10-K. Preparing financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Redeemable noncontrolling interest The Company acquired a majority ownership in Dot Technology Corp. (DOT) in the fiscal 2020 fourth quarter. Due to the redemption features provided to the minority shareholders in the acquisition, the 36% remaining noncontrolling interest was classified as a redeemable noncontrolling interest in the Company’s Consolidated Balance Sheets as of January 31, 2020. During the first quarter of fiscal 2021, the minority interest shareholders exercised their put options, requiring the Company to redeem the remaining 36% of noncontrolling interest in DOT. The majority ownership in DOT and redeemable noncontrolling interest is further described in Note 6 "Acquisitions and Investments in Businesses and Technologies," and aligns under the Applied Technology segment. Related Party Transactions Following the acquisition of DOT, the Company sold products to, paid rent to, and purchased services for manufacturing, research and development (R&D), selling, and administration from a business owned by a minority interest shareholder of DOT. The total of these related party transactions was $1,755 for three months ended April 30, 2020, of which $855 was reported in accounts payable at April 30, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2020, other than described in the Accounting Standards Adopted section below. Accounting Pronouncements Accounting Standards Adopted In the fiscal 2021 first quarter, the Company adopted, Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" (ASU 2018-13), when it became effective. The amendments in ASU 2018-13 remove, modify, and add required disclosures for companies related to recurring and nonrecurring fair value measurements under Topic 820. Certain amendments in this guidance are required to be applied prospectively, and others are to be applied retrospectively. The amendments in ASU 2018-13 only related to financial statement disclosures and did not have a significant impact on the Company's consolidated financial statements or its note disclosures. In the fiscal 2021 first quarter, the Company adopted FASB ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), when it became effective along with all subsequent amendments to Topic 326 issued by FASB. Current GAAP generally delays recognition of the full amount of credit losses until the loss is deemed probable of occurring. The amendments in this guidance eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. At adoption, the Company did not have any financial instruments in scope under ASU 2016-13 other than trade accounts receivables. In accordance with ASU 2016-13, the Company updated its current expected credit loss model for its trade accounts receivable and remeasured its allowance for doubtful accounts as of February 1, 2020. The remeasurement impact was immaterial and no cumulative accounting adjustment was recorded to retained earnings in the first quarter of fiscal year 2021. New Accounting Standards Not Yet Adopted |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 6,082 $ — $ 6,082 $ — $ — $ 7,029 $ — $ 7,029 International — — 12 — 12 — — 34 — 34 Plastic Films & Sheeting Domestic — 30,556 — (60) 30,496 — 41,762 — (29) 41,733 International — 2,842 — — 2,842 — 2,530 — — 2,530 Precision Agriculture Equipment Domestic 30,861 — — — 30,861 29,584 — — — 29,584 International 11,146 — — — 11,146 12,141 — — — 12,141 Other Domestic — — 5,052 — 5,052 — — 5,122 — 5,122 International — — 5 — 5 — — 5 — 5 Totals $ 42,007 $ 33,398 $ 11,151 $ (60) $ 86,496 $ 41,725 $ 44,292 $ 12,190 $ (29) $ 98,178 (a) Intersegment sales for both fiscal 2021 and 2020 were primarily sales from Engineered Films to Aerostar. Contract Balances Contract balances consist of contract assets and contract liabilities. Contract assets primarily relate to the Company’s rights to consideration for work completed but not yet billed for at the reporting date, or retainage provisions on billings that have been issued. Contract liabilities primarily relate to consideration received from customers prior to transferring goods or services to the customer. Contract assets and contract liabilities are reported in "Accounts receivable, net" and "Other current liabilities" in the Consolidated Balance Sheets, respectively. During the three months ended April 30, 2020, the Company’s contract assets decreased by $4,215 while contract liabilities increased by $918, respectively. The change was primarily a result of the contract terms which include timing of customer payments, timing of invoicing, and progress made on open contracts. Due to the short-term nature of the Company’s contracts, substantially all contract liabilities are recognized as revenue during the twelve months thereafter. Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 3,310 $ 7,525 $ (4,215) (56.0) % Contract liabilities $ 3,206 $ 2,288 $ 918 40.1 % Remaining Performance Obligations As of April 30, 2020, the Company has no remaining performance obligations related to customer contracts with an original expected duration of one year or more. Revenue recognized from performance obligations satisfied in the prior period during the three-month period ending April 30, 2020, were not material. |
Acquisitions and Divestitures o
Acquisitions and Divestitures of and Investments in Businesses and Technologies | 3 Months Ended |
Apr. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | ACQUISITIONS AND DIVESTITURES OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Fiscal year 2021 There were no significant business acquisitions and divestitures or purchases of technologies in the three-month period ended April 30, 2020. Fiscal year 2020 On November 1, 2019, the Company acquired Smart Ag, Inc. (Smart Ag). Smart Ag is a technology company located in Ames, Iowa, that develops autonomous farming solutions for agriculture. Smart Ag offers aftermarket retrofit kits to automate farm equipment as well as a platform to connect, manage, and safely operate autonomous agricultural machinery. On November 13, 2019, the Company acquired a majority ownership in DOT. Simultaneously with acquiring this majority ownership, the Company contributed cash to DOT in exchange for additional equity, making the majority ownership percentage in DOT 60% when the transaction closed. DOT is located in Regina, Saskatchewan, Canada, and designs autonomous agriculture solutions and manufactures a unique U-shaped agriculture platform to semi-autonomously handle a large variety of agriculture implements. The acquisition provided noncontrolling interest shareholders various put options that, if exercised, obligated the Company to purchase their outstanding DOT shares. Due to the redemption features, the noncontrolling interest was classified as a redeemable noncontrolling interest in the Company’s Consolidated Balance Sheets as of January 31, 2020. Both acquisitions aligned under the Company's Applied Technology Division and complement the division's suite of precision ag products and solutions. The aggregate purchase price was approximately $54,000 in the fourth quarter of fiscal year 2020, excluding the noncontrolling interest. During the first quarter of fiscal 2021, the minority interest shareholders exercised their put options, requiring the Company to redeem the remaining noncontrolling interest in DOT. The redeemable amount of $17,172 is payable within ninety days and is classified as "Redeemable noncontrolling interest payable" in current liabilities on the Consolidated Balance Sheet at April 30, 2020. The remaining redeemable amount, as well as the liability for the noncontrolling interest redeemed in the prior fiscal year, totaling approximately $4,985, is payable in November 2021 and classified as "Other Liabilities" in the Consolidated Balance Sheet at April 30, 2020. The Company completed the valuation of intangible assets during the first quarter of fiscal 2021 and is still in the process of completing pre-acquisition tax filings, which may impact taxes and goodwill in the measurement period. The following adjustments were made to the purchase price allocation during the three months ended April 30, 2020: Previously Reported Measurement Period Adjustments Adjusted Balance Goodwill $ 56,022 $ 55 $ 56,077 Intangibles, net 31,800 (600) 31,200 Deferred income taxes (4,158) 309 (3,849) Accounts payable and other current liabilities (1,462) 236 (1,226) $ — Identifiable intangible assets acquired were primarily indefinite-lived intangible assets for in-process R&D. Amortization of these indefinite-lived intangible assets will start when the current in-process R&D project is complete and the product is commercialized, which is expected to occur in fiscal 2021. Amortization of the indefinite-lived intangibles will be on a straight-line basis over the remaining estimated useful lives of these assets. The Company expects the useful lives will range from seven to ten years. The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been included in the Company's consolidated financial statements for the prior year comparative period (unaudited): (Unaudited) Three Months Ended April 30, 2019 Net sales $ 98,278 Net income attributable to Raven Industries, Inc. $ 11,360 Earnings per common share Basic $ 0.31 Diluted $ 0.31 Acquisition-related Contingent Consideration The Company has contingent liabilities related to the acquisitions of AgSync, Inc. (AgSync) in fiscal 2019; Colorado Lining International, Inc. (CLI) in fiscal 2018; and Raven Europe B.V. (Raven Europe), formerly named SBG Innovatie BV and its affiliate, Navtronics BVBA (collectively, SBG), in fiscal 2015. 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 particular 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: Three Months Ended April 30, April 30, Beginning balance $ 2,934 $ 4,172 Fair value of contingent consideration acquired — 310 Change in fair value of the liability (55) 94 Contingent consideration earn-out paid (101) (620) Ending balance $ 2,778 $ 3,956 Classification of liability in the consolidated balance sheet Accrued liabilities $ 580 $ 1,306 Other liabilities, long-term 2,198 2,650 Balance at April 30 $ 2,778 $ 3,956 For the acquisition of AgSync, the Company entered into a contingent earn-out agreement, not to exceed $3,500. The earn-out is to be paid annually over three years after the purchase date, contingent upon achieving certain revenue milestones. The Company has made no payments on this potential earn-out liability as of April 30, 2020. In the acquisition of CLI, 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 revenue milestones and operational synergies. To date, the Company has paid a total of $1,333 of this potential earn-out liability. |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,934 $ 4,172 Fair value of contingent consideration acquired — 310 Change in fair value of the liability (55) 94 Contingent consideration earn-out paid (101) (620) Ending balance $ 2,778 $ 3,956 Classification of liability in the consolidated balance sheet Accrued liabilities $ 580 $ 1,306 Other liabilities, long-term 2,198 2,650 Balance at April 30 $ 2,778 $ 3,956 |
Goodwill, Long-lived Assets and
Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets and Other Intangibles (Notes) | 3 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Loss and Other Charges | GOODWILL, LONG-LIVED ASSETS, AND OTHER CHARGES Goodwill Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. There were no goodwill impairment losses reported in the three-month periods ending April 30, 2020 and 2019, respectively. The changes in the carrying amount of goodwill by reporting unit were as follows: Applied Technology (excluding Autonomy) Autonomy Engineered Aerostar Total Balance at January 31, 2020 $ 16,943 $ 55,700 $ 33,232 $ 634 $ 106,509 Changes due to business combinations — 55 — — 55 Foreign currency translation adjustment (36) (1,920) — — (1,956) Balance at April 30, 2020 $ 16,907 $ 53,835 $ 33,232 $ 634 $ 104,608 Long-lived Assets and Other Intangibles The Company assesses the recoverability of long-lived assets, including definite-lived intangibles and property, plant, and equipment, if events or changes in circumstances indicate that an asset might be impaired. For long-lived and intangible assets, management performs impairment reviews by asset group. 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 is not recoverable and exceeds the fair value of the asset. The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: April 30, 2020 January 31, 2020 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,174 $ (7,817) $ 1,357 $ 9,190 $ (7,706) $ 1,484 Customer relationships 16,059 (7,205) 8,854 16,067 (6,868) 9,199 Patents and other intangibles 6,703 (2,609) 4,094 6,678 (2,444) 4,234 In-process research and development (a) 29,521 — 29,521 31,300 — 31,300 Total $ 61,457 $ (17,631) $ 43,826 $ 63,235 $ (17,018) $ 46,217 (a) Refer to Note 6 "Acquisitions and Investments in Businesses and Technologies" for a more detailed description of these indefinite-lived intangible assets acquired in business combinations in fiscal 2020. A portion of these intangible assets are denominated in a foreign currency and subject to exchange rate fluctuations. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 3 Months Ended |
Apr. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Postretirement Benefits | EMPLOYEE POSTRETIREMENT BENEFITS The Company provides postretirement medical and other benefits to certain current and past senior executive officers and senior managers. These plan obligations are unfunded. The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 9 $ 7 Interest cost 70 83 Amortization of actuarial losses 43 24 Amortization of unrecognized gains in prior service cost (40) (40) Net periodic benefit cost $ 82 $ 74 Postretirement benefit cost components are reclassified in their entirety from accumulated other comprehensive loss to net periodic benefit cost. Service cost is reported in net income as "Cost of sales" or "Selling, general, and administrative expenses" in a manner consistent with the classification of direct labor and personnel costs of the eligible employees. The components of the net periodic benefit cost, other than the service cost component, are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. |
Warranties
Warranties | 3 Months Ended |
Apr. 30, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranties | WARRANTIES Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,019 $ 890 Change in provision 390 822 Settlements made (803) (321) Ending balance $ 1,606 $ 1,391 |
Debt Arrangements
Debt Arrangements | 3 Months Ended |
Apr. 30, 2020 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | DEBT Credit Facility On September 20, 2019, the Company entered into a credit facility with Bank of America, N. A., as administrative agent, and Wells Fargo Bank, National Association (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $100,000 with a maturity date of September 20, 2022. During the first quarter of fiscal year 2021, the Company drew $50,000 on its credit facility. As defined in the Credit Agreement, interest accrues at varying rates, with a current interest rate of approximately 1.8% as of April 30, 2020. Fees included in the Credit Agreement include an annual administrative fee as well as an unborrowed capacity fee. Debt under the agreement is subject to customary affirmative and negative covenants, including financial covenants. These financial covenants include a consolidated interest coverage ratio and consolidated leverage ratio, both of which are defined in the Credit Agreement. The Company has $50,000 in availability under the Credit Agreement as of April 30, 2020. Outstanding debt under the Credit Agreement is classified as "Long-term debt" on the Consolidated balance sheet as of April 30, 2020. The unamortized debt issuance costs associated with the Credit Agreement were as follows: April 30, 2020 January 31, 2020 Unamortized debt issuance costs (a) $ 194 $ 215 (a) Unamortized debt issuance costs are amortized over the term of the Credit Agreement and are reported as "Other assets" in the Consolidated Balance Sheets. Letters of credit (LOC) issued and outstanding were as follows: April 30, 2020 January 31, 2020 Letters of credit outstanding (a) $ 50 $ 50 (a) Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement. Long-Term Notes The Company assumed certain long-term notes pursuant to the acquisition of a majority ownership in DOT in fiscal year 2020 as described in Note 6 "Acquisitions and Investments in Businesses and Technologies" . The related financial assistance agreement (Agreement) is between DOT and Western Economic Diversification Canada (WEDC), a government agency in Canada, that was entered into in August 2019. Under the Agreement, the WEDC agrees to contribute up to $5,000 over a three-year period for costs incurred to develop a cloud-based distribution and service channel for a particular product being developed by DOT. DOT is eligible to receive contributions for costs incurred for purposes specified in the Agreement. The Company is required to repay the funds contributed by WEDC in 60 monthly installments beginning April 1, 2023, plus interest that begins on April 1, 2023, based on an average bank rate plus 3%. As of April 30, 2020, the Company had received $364 in contributions from WEDC and no repayments have been made. The outstanding liability balance is reported as "Long-term debt" on the Consolidated Balance Sheets. At April 30, 2020, the Company's debt maturities based on outstanding principal were as follows: 2021 2022 2023 2024 2025 Thereafter Maturities of debt $ — $ — $ 50,000 $ 364 $ — $ — |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 3 Months Ended |
Apr. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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; potential costs and liabilities 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. In addition, 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"). This gift will be used for the establishment of a precision agriculture facility to support South Dakota State University's Precision Agriculture degrees and curriculum. The Agreement states that the Company |
Income Tax Income Tax Disclosur
Income Tax Income Tax Disclosure | 3 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The Company’s effective tax rate varies from the federal statutory rate primarily due to state and local taxes, R&D tax credit, foreign-derived intangible income deduction, and tax-exempt insurance premiums. The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate (13.8) % 12.2 % The decrease in the effective tax rate year-over-year was driven primarily by an increase in the R&D tax credit as a percentage of estimated pre-tax income in the current fiscal year. The Company's discrete tax benefit was as follows: Three Months Ended April 30, April 30, Discrete tax benefit $ 331 $ 1,168 |
Dividends and Treasury Stock
Dividends and Treasury Stock | 3 Months Ended |
Apr. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK Dividends paid to Raven shareholders were as follows: Three Months Ended April 30, April 30, Dividends paid (a) $ 4,658 $ 4,682 Dividends paid per share (in cents per share) (a) 13.0 13.0 (a) There were no declared and unpaid shareholder dividends at April 30, 2020 or 2019. On November 3, 2014, the Company announced that its Board of Directors ("Board") had authorized a $40,000 stock buyback program. Since that time, the Board has provided additional authorizations to increase the total amount authorized under the program to $75,000. This authorization remains in place until the authorized spending limit is reached or such authorization is revoked by the Board. Pursuant to these authorizations, the Company repurchased 60,700 shares for $2,281 in the three-month period ended April 30, 2019. There were no shares repurchases in the three-month period ended April 30, 2020. There were no share repurchases unpaid at April 30, 2020, or April 30, 2019. The remaining dollar value authorized for share repurchases at April 30, 2020 is $17,179 . |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Apr. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share Based Compensation | SHARE-BASED COMPENSATION Share-based compensation expense is recognized based on the fair value of the share-based awards expected to vest during the period. The share-based compensation expense was as follows: Three Months Ended April 30, 2020 April 30, 2019 Cost of sales $ 80 $ 76 Research and development expenses 374 35 Selling, general, and administrative expenses 1,042 671 Total share-based compensation expense $ 1,496 $ 782 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING 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. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. Other income, interest expense, and income taxes are not allocated to individual operating segments. Segment information is reported consistent with the Company's management reporting structure. Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 42,007 $ 41,725 Engineered Films 33,398 44,292 Aerostar 11,151 12,190 Intersegment eliminations (a) (60) (29) Consolidated net sales $ 86,496 $ 98,178 Operating income (b) Applied Technology $ 8,939 $ 13,236 Engineered Films 1,607 6,363 Aerostar 293 1,996 Intersegment eliminations 40 1 Total reportable segment income 10,879 21,596 General and administrative expenses (b) (6,940) (6,475) Consolidated operating income $ 3,939 $ 15,121 (a) Intersegment sales for both fiscal 2021 and 2020 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Apr. 30, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTSThe Company has evaluated events up to the filing date of this Quarterly Report on Form 10-Q and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to the Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies New Accounting Standards (Policies) | 3 Months Ended |
Apr. 30, 2020 | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements, Policy | Accounting Standards Adopted In the fiscal 2021 first quarter, the Company adopted, Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" (ASU 2018-13), when it became effective. The amendments in ASU 2018-13 remove, modify, and add required disclosures for companies related to recurring and nonrecurring fair value measurements under Topic 820. Certain amendments in this guidance are required to be applied prospectively, and others are to be applied retrospectively. The amendments in ASU 2018-13 only related to financial statement disclosures and did not have a significant impact on the Company's consolidated financial statements or its note disclosures. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Standards Not Yet AdoptedThere are no significant ASU's issued not yet adopted as of April 30, 2020. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 6,082 $ — $ 6,082 $ — $ — $ 7,029 $ — $ 7,029 International — — 12 — 12 — — 34 — 34 Plastic Films & Sheeting Domestic — 30,556 — (60) 30,496 — 41,762 — (29) 41,733 International — 2,842 — — 2,842 — 2,530 — — 2,530 Precision Agriculture Equipment Domestic 30,861 — — — 30,861 29,584 — — — 29,584 International 11,146 — — — 11,146 12,141 — — — 12,141 Other Domestic — — 5,052 — 5,052 — — 5,122 — 5,122 International — — 5 — 5 — — 5 — 5 Totals $ 42,007 $ 33,398 $ 11,151 $ (60) $ 86,496 $ 41,725 $ 44,292 $ 12,190 $ (29) $ 98,178 |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 3,310 $ 7,525 $ (4,215) (56.0) % Contract liabilities $ 3,206 $ 2,288 $ 918 40.1 % |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company completed the valuation of intangible assets during the first quarter of fiscal 2021 and is still in the process of completing pre-acquisition tax filings, which may impact taxes and goodwill in the measurement period. The following adjustments were made to the purchase price allocation during the three months ended April 30, 2020: Previously Reported Measurement Period Adjustments Adjusted Balance Goodwill $ 56,022 $ 55 $ 56,077 Intangibles, net 31,800 (600) 31,200 Deferred income taxes (4,158) 309 (3,849) Accounts payable and other current liabilities (1,462) 236 (1,226) $ — |
Business Acquisition, Pro Forma Information | The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been included in the Company's consolidated financial statements for the prior year comparative period (unaudited): (Unaudited) Three Months Ended April 30, 2019 Net sales $ 98,278 Net income attributable to Raven Industries, Inc. $ 11,360 Earnings per common share Basic $ 0.31 Diluted $ 0.31 |
Goodwill, Long-lived Assets a_2
Goodwill, Long-lived Assets and Other Intangibles (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by reporting unit were as follows: Applied Technology (excluding Autonomy) Autonomy Engineered Aerostar Total Balance at January 31, 2020 $ 16,943 $ 55,700 $ 33,232 $ 634 $ 106,509 Changes due to business combinations — 55 — — 55 Foreign currency translation adjustment (36) (1,920) — — (1,956) Balance at April 30, 2020 $ 16,907 $ 53,835 $ 33,232 $ 634 $ 104,608 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: April 30, 2020 January 31, 2020 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,174 $ (7,817) $ 1,357 $ 9,190 $ (7,706) $ 1,484 Customer relationships 16,059 (7,205) 8,854 16,067 (6,868) 9,199 Patents and other intangibles 6,703 (2,609) 4,094 6,678 (2,444) 4,234 In-process research and development (a) 29,521 — 29,521 31,300 — 31,300 Total $ 61,457 $ (17,631) $ 43,826 $ 63,235 $ (17,018) $ 46,217 (a) Refer to Note 6 "Acquisitions and Investments in Businesses and Technologies" for a more detailed description of these indefinite-lived intangible assets acquired in business combinations in fiscal 2020. A portion of these intangible assets are denominated in a foreign currency and subject to exchange rate fluctuations. |
Employee Postretirement Benef_2
Employee Postretirement Benefits Employee Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost for postretirement plan | The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 9 $ 7 Interest cost 70 83 Amortization of actuarial losses 43 24 Amortization of unrecognized gains in prior service cost (40) (40) Net periodic benefit cost $ 82 $ 74 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,019 $ 890 Change in provision 390 822 Settlements made (803) (321) Ending balance $ 1,606 $ 1,391 |
Debt Arrangements (Tables)
Debt Arrangements (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Line of Credit Facility [Line Items] | |
Schedule of Debt [Table Text Block] | The unamortized debt issuance costs associated with the Credit Agreement were as follows: April 30, 2020 January 31, 2020 Unamortized debt issuance costs (a) $ 194 $ 215 |
Debt Instrument Redemption | At April 30, 2020, the Company's debt maturities based on outstanding principal were as follows: 2021 2022 2023 2024 2025 Thereafter Maturities of debt $ — $ — $ 50,000 $ 364 $ — $ — |
Schedule of Line of Credit Facilities [Table Text Block] | Letters of credit (LOC) issued and outstanding were as follows: April 30, 2020 January 31, 2020 Letters of credit outstanding (a) $ 50 $ 50 |
Income Tax Effective tax rate (
Income Tax Effective tax rate (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate (13.8) % 12.2 % |
Discrete Tax Benefit (Expense) [Table Text Block] | Three Months Ended April 30, April 30, Discrete tax benefit $ 331 $ 1,168 |
Dividends and Treasury Stock Ta
Dividends and Treasury Stock Tables (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared [Table Text Block] | Dividends paid to Raven shareholders were as follows: Three Months Ended April 30, April 30, Dividends paid (a) $ 4,658 $ 4,682 Dividends paid per share (in cents per share) (a) 13.0 13.0 (a) There were no declared and unpaid shareholder dividends at April 30, 2020 or 2019. |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The share-based compensation expense was as follows: Three Months Ended April 30, 2020 April 30, 2019 Cost of sales $ 80 $ 76 Research and development expenses 374 35 Selling, general, and administrative expenses 1,042 671 Total share-based compensation expense $ 1,496 $ 782 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Business segment net sales and operating income results | Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 42,007 $ 41,725 Engineered Films 33,398 44,292 Aerostar 11,151 12,190 Intersegment eliminations (a) (60) (29) Consolidated net sales $ 86,496 $ 98,178 Operating income (b) Applied Technology $ 8,939 $ 13,236 Engineered Films 1,607 6,363 Aerostar 293 1,996 Intersegment eliminations 40 1 Total reportable segment income 10,879 21,596 General and administrative expenses (b) (6,940) (6,475) Consolidated operating income $ 3,939 $ 15,121 (a) Intersegment sales for both fiscal 2021 and 2020 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Details) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020USD ($)Divisions | Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||
Number of operating units | Divisions | 3 | |
Related Party Transaction, Amounts of Transaction | $ 1,755 | |
Due to Affiliate, Current | $ 855 | |
Dot Technology Corp. [Member] | ||
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 36.00% | |
Redeemable Noncontrolling Interest, Percentage of Voting Interests Acquired | 36.00% |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 86,496 | $ 98,178 |
Applied Technology [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 42,007 | 41,725 |
Aerostar [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11,151 | 12,190 |
Engineered Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 33,398 | 44,292 |
All Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 86,496 | 98,178 |
UNITED STATES | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 6,082 | 7,029 |
UNITED STATES | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30,496 | 41,733 |
UNITED STATES | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30,861 | 29,584 |
UNITED STATES | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5,052 | 5,122 |
UNITED STATES | Applied Technology [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30,861 | 29,584 |
UNITED STATES | Aerostar [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 6,082 | 7,029 |
UNITED STATES | Aerostar [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5,052 | 5,122 |
UNITED STATES | Engineered Films [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30,556 | 41,762 |
Non-US [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 12 | 34 |
Non-US [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,842 | 2,530 |
Non-US [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11,146 | 12,141 |
Non-US [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5 | 5 |
Non-US [Member] | Applied Technology [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11,146 | 12,141 |
Non-US [Member] | Aerostar [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 12 | 34 |
Non-US [Member] | Aerostar [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5 | 5 |
Non-US [Member] | Engineered Films [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,842 | 2,530 |
Consolidation, Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (60) | (29) |
Consolidation, Eliminations [Member] | UNITED STATES | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (60) | (29) |
Consolidation, Eliminations [Member] | UNITED STATES | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Consolidation, Eliminations [Member] | Non-US [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 0 | $ 0 |
Revenue Contract Asset and Cont
Revenue Contract Asset and Contract Liabilities balances (Details) - Short-term Contract with Customer [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Jan. 31, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Contract Assets | $ 3,310 | $ 7,525 |
Change Contract Assets | $ (4,215) | |
Increase (decrease) in contract assets with customers, percentage | (56.00%) | |
Contract Liabilities | $ 3,206 | $ 2,288 |
Change in contract liabilities | $ 918 | |
Increase (decrease) in contract liabilities with customers, percentage | 40.10% |
Revenue Details (Details)
Revenue Details (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Performance obligations more than one year | $ 0 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) $ in Thousands | Nov. 13, 2019 | Nov. 01, 2019 | Apr. 30, 2020 | Jan. 31, 2020 |
Business Combination, Description [Abstract] | ||||
Business Combination, Consideration Transferred | $ 0 | |||
Redeemable noncontrolling interest payable | 17,172 | $ 0 | ||
Redeemable Noncontrolling Interest Payable, Noncurrent | 8,758 | 5,936 | ||
Applied Technology [Member] | Smart Ag [Member] | ||||
Business Combination, Description [Abstract] | ||||
Business Acquisition, Name of Acquired Entity | Smart Ag, Inc. | |||
Business Acquisition, Effective Date of Acquisition | Nov. 1, 2019 | |||
Applied Technology [Member] | Dot Technology [Member] | ||||
Business Combination, Description [Abstract] | ||||
Business Acquisition, Name of Acquired Entity | DOT | |||
Business Acquisition, Effective Date of Acquisition | Nov. 13, 2019 | |||
Redeemable Noncontrolling Interest, Percentage of Voting Interests Acquired | 60.00% | |||
Redeemable noncontrolling interest payable | 17,172 | |||
Redeemable Noncontrolling Interest Payable, Noncurrent | $ 4,985 | |||
Applied Technology [Member] | Smart Ag and DOT [Member] | ||||
Business Combination, Description [Abstract] | ||||
Business Combination, Consideration Transferred | $ 54,000 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures of and Investments in Businesses and Technologies Acquisition-related Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Acquisition-related contingent consideration [Roll Forward] | ||||
Acquisition-related contingent consideration, Beginning Balance | $ 2,934 | $ 4,172 | ||
Fair Value Contingent Consideration Acquisition of a Business | 0 | 310 | ||
Change in fair value of acquisition-related contingent consideration | (55) | 94 | ||
Contingent consideration earn-out paid | (101) | (620) | ||
Acquisition-related contingent consideration, Ending Balance | 2,778 | 3,956 | ||
Acquisition-related contingent consideration liability, current | $ 580 | $ 1,306 | ||
Acquisition-related contingent consideration liability, Noncurrent | 2,198 | 2,650 | ||
Business Combination, Contingent Consideration, Liability | $ 2,778 | $ 3,956 | 2,778 | $ 3,956 |
Applied Technology [Member] | AgSync [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 3 years | |||
Contingent consideration, potential cash payment | 3,500 | |||
Business acquisition contingent consideration cumulative paid | $ 0 | |||
Applied Technology [Member] | Raven Europe [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 10 years | |||
Contingent consideration, potential cash payment | 2,500 | |||
Business acquisition contingent consideration cumulative paid | $ 2,338 | |||
Engineered Films [Member] | CLI [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 3 years | |||
Contingent consideration, potential cash payment | $ 2,000 | |||
Business acquisition contingent consideration cumulative paid | $ 1,333 |
Measurement Period Adjustments
Measurement Period Adjustments (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($) | |
Business Acquisition [Line Items] | |
Goodwill Beginning balance | $ 106,509 |
Goodwill Ending balance | 104,608 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 |
Smart Ag and DOT [Member] | |
Business Acquisition [Line Items] | |
Goodwill Beginning balance | 56,022 |
Goodwill, Translation and Purchase Accounting Adjustments | 55 |
Goodwill Ending balance | 56,077 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 31,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 31,200 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (4,158) |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 309 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (3,849) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (1,462) |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 236 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ (1,226) |
Proforma Information (Details)
Proforma Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ | $ 98,278 |
Business Acquisition, Pro Forma Net Income (Loss) | $ | $ 11,360 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.31 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.31 |
Goodwill, Long-lived Assets a_3
Goodwill, Long-lived Assets and Other Intangibles Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Goodwill [Line Items] | ||
Goodwill impairment loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 106,509 | |
Goodwill, Measurement Period Adjustment | 55 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (1,956) | |
Goodwill Ending balance | 104,608 | |
Applied Technology (excluding Autonomy) [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 16,943 | |
Goodwill, Measurement Period Adjustment | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (36) | |
Goodwill Ending balance | 16,907 | |
Autonomy [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 55,700 | |
Goodwill, Measurement Period Adjustment | 55 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (1,920) | |
Goodwill Ending balance | 53,835 | |
Engineered Films [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 33,232 | |
Goodwill, Measurement Period Adjustment | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | 33,232 | |
Aerostar [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 634 | |
Goodwill, Measurement Period Adjustment | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | $ 634 |
Goodwill, Long-lived Assets a_4
Goodwill, Long-lived Assets and Other Intangibles Long-lived Assets and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Long-lived asset impairment loss | $ 0 | $ 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (17,631) | $ (17,018) | |
Intangible Assets, Gross (Excluding Goodwill) | 61,457 | 63,235 | |
Intangible assets, net | 43,826 | 46,217 | |
Indefinite-live In-process Research and Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 29,521 | 31,300 | |
Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 9,174 | 9,190 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,817) | (7,706) | |
Finite-Lived Intangible Assets, Net | 1,357 | 1,484 | |
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,059 | 16,067 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,205) | (6,868) | |
Finite-Lived Intangible Assets, Net | 8,854 | 9,199 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 6,703 | 6,678 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,609) | (2,444) | |
Finite-Lived Intangible Assets, Net | $ 4,094 | $ 4,234 |
Employee Postretirement Benef_3
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 9 | $ 7 |
Interest cost | 70 | 83 |
Amortization of actuarial losses | 43 | 24 |
Amortization of unrecognized prior service cost (Credit) | (40) | (40) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 82 | $ 74 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 2,019 | $ 890 |
Change in provision | 390 | 822 |
Settlements made | (803) | (321) |
Ending balance | $ 1,606 | $ 1,391 |
Financing Arrangements (Details
Financing Arrangements (Details) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020USD ($)numberOfInstallmentPayments | Sep. 20, 2019USD ($) | |
Bank of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Initiation Date | Sep. 20, 2019 | |
Borrowing capacity under line of credit | $ 100,000 | |
Maturity date of the line of credit | Sep. 20, 2022 | |
Proceeds from Lines of Credit | $ 50,000 | |
Line of Credit Facility, Interest Rate at Period End | 1.80% | |
Remaining borrowing capacity under the line of credit | $ 50,000 | |
WEDC [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity under line of credit | $ 5,000 | |
Number of Monthly installments to pay | numberOfInstallmentPayments | 60 | |
Interest rate at a future date | 3.00% | |
Other Long-term Debt | $ 364 | |
Repayments of Lines of Credit | $ 0 |
Financing Arrangements Unamorti
Financing Arrangements Unamortized debt Issuance costs (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Unamortized debt issuance costs | $ 194 | $ 215 |
Financing Arrangements Letters
Financing Arrangements Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 50 | $ 50 |
Debt Maturities (Details)
Debt Maturities (Details) $ in Thousands | Apr. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 50,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 364 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Charitable Gift [Member] $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment, Amount | $ 5,000 |
Loss Contingency Accrual | 2,631 |
Cumulative Loss Contingency Accrual, Payments | 2,145 |
Accrued Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Accrual, Current | 697 |
Other Noncurrent Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Accrual, Noncurrent | $ 1,934 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Contingency [Line Items] | ||
Effective tax rate, percent | (13.80%) | 12.20% |
Total Discrete tax benefit (expense), net | $ 331 | $ 1,168 |
Dividends and Treasury Stock (D
Dividends and Treasury Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 75,000 | $ 40,000 | |
Shares repurchased, Treasury Stock | 0 | 60,700 | |
Payments for Repurchase of Common Stock | $ 0 | $ 2,281 | |
Unpaid repurchases of common stock | 0 | $ 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 17,179 |
Dividends and Treasury Stock Di
Dividends and Treasury Stock Dividends paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Payments of Ordinary Dividends, Common Stock | $ 4,658 | $ 4,682 |
Cash dividends paid per common share (in dollars per share) | $ 0.130 | $ 0.130 |
Dividends Payable | $ 0 | $ 0 |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cost of Sales [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 80 | $ 76 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 374 | 35 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 1,042 | 671 |
Operating Income (Loss) [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 1,496 | $ 782 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 86,496 | $ 98,178 |
Administrative and general expenses | (6,940) | (6,475) |
Operating income | 3,939 | 15,121 |
Applied Technology [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 42,007 | 41,725 |
Operating income | 8,939 | 13,236 |
Engineered Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 33,398 | 44,292 |
Operating income | 1,607 | 6,363 |
Aerostar [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 11,151 | 12,190 |
Operating income | 293 | 1,996 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | (60) | (29) |
Operating income | 40 | 1 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 86,496 | 98,178 |
Operating income | $ 10,879 | $ 21,596 |