Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 19, 2021 | Jul. 31, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2021 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-07982 | ||
Entity Registrant Name | RAVEN INDUSTRIES, INC. | ||
Entity Incorporation, State or Country Code | SD | ||
Entity Tax Identification Number | 46-0246171 | ||
Entity Address, Address Line One | 205 E. 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(b) Security | Common Stock, $1 par value | ||
Trading Symbol | RAVN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000082166 | ||
Entity Public Float | $ 763,599,982 | ||
Company's Nasdaq share price per share | $ 21.61 | ||
Entity Common Stock, Shares Outstanding | 35,869,499 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 32,938 | $ 20,707 |
Accounts receivable, net | 48,669 | 62,552 |
Inventories, net | 52,703 | 53,899 |
Other current assets | 5,776 | 5,436 |
Total current assets | 140,086 | 142,594 |
Property, plant and equipment, net | 106,007 | 100,850 |
Goodwill | 107,677 | 106,509 |
Intangible assets, net | 44,585 | 46,217 |
Other assets | 11,016 | 7,087 |
TOTAL ASSETS | 409,371 | 403,257 |
Current liabilities | ||
Accounts payable | 18,639 | 14,893 |
Accrued liabilities | 30,401 | 20,743 |
Other current liabilities | 2,998 | 2,287 |
Total current liabilities | 52,038 | 37,923 |
Long-term debt | 1,981 | 225 |
Other liabilities | 23,997 | 29,161 |
Total liabilities | 78,016 | 67,309 |
Commitments and contingencies (see Note 13) | ||
Redeemable noncontrolling interest | 0 | 21,302 |
Shareholders’ Equity | ||
Common stock, $1.00 par value, authorized shares 100,000; issued 67,533 and 67,436 respectively | 67,533 | 67,436 |
Additional paid in capital | 66,670 | 61,508 |
Retained earnings | 311,676 | 302,300 |
Accumulated other comprehensive loss | (3,341) | (5,415) |
Less treasury stock at cost, 31,665 and 31,665 shares, respectively | (111,183) | (111,183) |
Total shareholders’ equity | 331,355 | 314,646 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 409,371 | $ 403,257 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 67,533 | 67,436 |
Treasury stock, shares | 31,665 | 31,665 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 348,359 | $ 382,530 | $ 406,668 |
Cost of sales | 230,557 | 258,783 | 274,119 |
Gross profit | 117,802 | 123,747 | 132,549 |
Research and development expenses | 43,094 | 31,558 | 26,174 |
Selling, general and administrative expenses | 55,057 | 52,250 | 51,242 |
Operating income | 19,651 | 39,939 | 55,133 |
Other income (expense), net | (476) | 95 | 6,437 |
Income before income taxes | 19,175 | 40,034 | 61,570 |
Income tax expense | 397 | 5,421 | 9,697 |
Net income | 18,778 | 34,613 | 51,873 |
Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (98) | (583) | 79 |
Net income attributable to Raven Industries, Inc. | $ 18,876 | $ 35,196 | $ 51,794 |
Net income per common share: | |||
─ Basic (in usd per share) | $ 0.52 | $ 0.98 | $ 1.44 |
─ Diluted (in usd per share) | $ 0.52 | $ 0.97 | $ 1.42 |
Comprehensive income: | |||
Net income | $ 18,778 | $ 34,613 | $ 51,873 |
Other comprehensive income (loss): | |||
Foreign currency translation | 2,299 | (994) | (1,045) |
Postretirement benefits, net of income tax (expense) benefit of $65, $251, and $(99), respectively | (225) | (865) | 342 |
Other comprehensive income (loss), net of tax | 2,074 | (1,859) | (703) |
Comprehensive income | 20,852 | 32,754 | 51,170 |
Comprehensive income attributable to noncontrolling interest and redeemable noncontrolling interest | (98) | (583) | 79 |
Comprehensive income attributable to Raven Industries, Inc. | 20,950 | 33,337 | 51,091 |
Supplemental Income Statement Elements [Abstract] | |||
Income tax (expense) benefit on postretirement benefits | $ 65 | $ 251 | $ (99) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock, at cost | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Raven Industries, Inc. Equity | Noncontrolling Interest | Redeemable Noncontrolling Interest |
Total shareholders' equity, beginning balance at Jan. 31, 2018 | $ 276,066 | $ 67,124 | $ 59,143 | $ (100,402) | $ 252,772 | $ (2,573) | $ 276,064 | $ 2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 51,873 | 51,794 | 51,794 | 79 | |||||
Other comprehensive income (loss), net of income tax | (703) | (703) | (703) | ||||||
Reclassification due to ASU 2018-02 adoption | 0 | 0 | (280) | 280 | 0 | ||||
Cash dividends | (18,674) | 203 | (18,877) | (18,674) | |||||
Dividends of less than wholly-owned subsidiary paid to noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest | (79) | 0 | 0 | 0 | (79) | ||||
Shares issued on stock options exercised net of shares withheld for employee taxes | (2,637) | 113 | (2,750) | (2,637) | |||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (840) | 52 | (892) | (840) | |||||
Share-based compensation | 3,951 | 3,951 | 3,951 | ||||||
Total shareholders' equity, ending balance at Jan. 31, 2019 | $ 308,957 | 67,289 | 59,655 | (100,402) | 285,969 | (3,556) | 308,955 | 2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends per common share (in usd per share) | $ 0.52 | ||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance at Jan. 31, 2019 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 35,195 | 35,196 | 35,196 | (1) | |||||
Other comprehensive income (loss), net of income tax | (1,859) | (1,859) | (1,859) | ||||||
Adjustments to additional paid in capital, other -redeemable noncontrolling interest | 199 | 199 | 199 | 0 | |||||
Cash dividends | (18,649) | 216 | (18,865) | (18,649) | |||||
Dividends of less than wholly-owned subsidiary paid to noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest | (1) | 0 | (1) | ||||||
Shares issued on stock options exercised net of shares withheld for employee taxes | (1,028) | 41 | (1,069) | (1,028) | |||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (2,358) | 106 | (2,464) | (2,358) | |||||
Stock repurchased and retired during period, value | (10,781) | 0 | (10,781) | (10,781) | |||||
Share-based compensation | 4,971 | 4,971 | 4,971 | ||||||
Total shareholders' equity, ending balance at Jan. 31, 2020 | $ 314,646 | 67,436 | 61,508 | (111,183) | 302,300 | (5,415) | 314,646 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends per common share (in usd per share) | $ 0.52 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Temporary Equity, Net Income (Loss) | (582) | ||||||||
Noncontrolling Interest, Increase from Business Combination | $ 0 | 0 | 0 | 0 | 24,315 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (2,431) | ||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance at Jan. 31, 2020 | 21,302 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 18,876 | 18,876 | 18,876 | 0 | |||||
Other comprehensive income (loss), net of income tax | 2,074 | 2,074 | 2,074 | ||||||
Adjustments to additional paid in capital, other -redeemable noncontrolling interest | 215 | 215 | 215 | ||||||
Cash dividends | (9,318) | 182 | (9,500) | (9,318) | |||||
Director shares issued | 0 | 9 | (9) | 0 | |||||
Shares issued on stock options exercised net of shares withheld for employee taxes | (405) | 26 | (431) | (405) | |||||
Share issued on vesting of stock units , net of shares withheld for employee taxes | (799) | 62 | (861) | (799) | |||||
Share-based compensation | 6,066 | 6,066 | 6,066 | ||||||
Total shareholders' equity, ending balance at Jan. 31, 2021 | $ 331,355 | $ 67,533 | $ 66,670 | $ (111,183) | $ 311,676 | $ (3,341) | $ 331,355 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends per common share (in usd per share) | $ 0.26 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Temporary Equity, Net Income (Loss) | (98) | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (21,204) | ||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance at Jan. 31, 2021 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net income | $ 18,778 | $ 34,613 | $ 51,873 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 14,893 | 13,770 | 13,296 |
Amortization of intangible assets | 2,528 | 2,471 | 1,827 |
Change in fair value of acquisition-related contingent consideration | (437) | 412 | 708 |
Gain from sale of equity method investments | 0 | 0 | (5,785) |
Deferred income taxes | (4,320) | 1,506 | 953 |
Share-based compensation expense | 6,066 | 4,971 | 3,951 |
Other operating activities, net | (295) | (335) | (2,424) |
Change in operating assets and liabilities | 18,259 | (2,536) | 1,553 |
Net cash provided by operating activities | 55,472 | 54,872 | 65,952 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (16,147) | (8,560) | (14,127) |
Payments related to business acquisitions, net of cash acquired | 0 | (53,317) | (7,671) |
Proceeds from sale or maturities of investments | 587 | 1,170 | 7,334 |
Purchases of investments | (289) | (1,118) | (745) |
Proceeds from sale of assets | 251 | 3,459 | 832 |
Other investing activities, net | (315) | (243) | (2,067) |
Net cash used in investing activities | (15,913) | (58,609) | (16,444) |
FINANCING ACTIVITIES: | |||
Dividends paid | (9,318) | (18,650) | (18,753) |
Payments for common shares repurchased | 0 | (10,781) | 0 |
Proceeds from debt | 51,685 | 33,593 | 0 |
Repayments of debt | (50,000) | (39,762) | 0 |
Payments for redeemable noncontrolling interest | (17,853) | 0 | 0 |
Payment of acquisition-related contingent liabilities | 0 | (1,306) | (1,324) |
Restricted stock units vested and issued, net of taxes | (799) | (2,358) | (840) |
Employee stock option exercises net of tax benefit | (405) | (1,028) | (2,637) |
Other financing activities, net | (441) | (595) | (201) |
Net cash used in financing activities | (27,131) | (40,887) | (23,755) |
Effect of exchange rate changes on cash | (197) | (456) | (501) |
Net increase (decrease) in cash and cash equivalents | 12,231 | (45,080) | 25,252 |
Cash and cash equivalents at beginning of year | 20,707 | 65,787 | 40,535 |
Cash and cash equivalents at end of year | $ 32,938 | $ 20,707 | $ 65,787 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Jan. 31, 2021 | |
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, 2021 2020 Accounts receivable, net: Trade accounts $ 47,879 $ 56,978 Unbilled receivables 2,734 6,954 Allowance for credit losses (1,944) (1,380) $ 48,669 $ 62,552 Inventories, net: Finished goods $ 7,684 $ 6,309 In process 759 3,287 Materials 44,260 44,303 $ 52,703 $ 53,899 Other current assets: Federal income tax receivable 1,440 1,370 Prepaid expenses and other 4,336 4,028 Insurance policy benefit $ — $ 38 $ 5,776 $ 5,436 Property, plant and equipment, net (a) : Land $ 3,117 $ 3,117 Buildings and improvements 84,651 80,330 Machinery and equipment 169,252 158,354 Financing lease right-of-use assets 1,282 881 258,302 242,682 Accumulated depreciation (152,295) (141,832) $ 106,007 $ 100,850 Other assets: Equity investments $ 1,595 $ 1,289 Operating lease right-of-use assets 6,850 4,275 Deferred income taxes 360 16 Other 2,211 1,507 $ 11,016 $ 7,087 Accrued liabilities: Salaries and related $ 4,881 $ 4,188 Benefits 6,255 5,339 Insurance obligations 1,896 1,680 Warranties 2,068 2,019 Income taxes 238 293 Other taxes 2,386 1,734 Acquisition-related contingent consideration 2,000 763 Lease liability 2,482 2,530 Other 8,195 2,197 $ 30,401 $ 20,743 Other liabilities: Postretirement benefits $ 8,996 $ 8,741 Acquisition-related contingent consideration — 2,171 Lease liability 5,426 2,627 Deferred income taxes 2,091 7,080 Uncertain tax positions 2,692 2,606 Other 4,792 5,936 $ 23,997 $ 29,161 (a) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 3 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, 2019 $ (2,238) $ (1,318) $ (3,556) Other comprehensive (loss) before reclassifications (994) — (994) Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $251 — (865) (865) Balance at January 31, 2020 (3,232) (2,183) (5,415) Other comprehensive income before reclassifications 2,299 — 2,299 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $65 — (225) (225) Balance at January 31, 2021 $ (933) $ (2,408) $ (3,341) 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 4 SUPPLEMENTAL CASH FLOW INFORMATION For the years ended January 31, 2021 2020 2019 Changes in operating assets and liabilities: Accounts receivable $ 12,045 $ (9,118) $ 3,938 Inventories (1,151) 891 1,092 Prepaid expenses and other assets (340) 2,092 (2,440) Accounts payable 3,408 5,493 (4,517) Accrued and other liabilities 4,297 (1,894) 3,480 $ 18,259 $ (2,536) $ 1,553 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes $ 4,771 $ 4,377 $ 8,225 Interest paid 281 267 227 Significant non-cash transactions: Capital expenditures and other intangibles included in accounts payable and other liabilities $ 895 $ 740 $ 655 Redeemable noncontrolling interest in accrued liabilities 5,333 — — Redeemable noncontrolling interest in other liabilities — 2,224 — Assets acquired under capital leases — — 38 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 677 $ 435 $ — Operating leases 5,555 1,924 — Capital expenditures converted from inventories 2,930 — — |
Net Income per Share
Net Income per Share | 12 Months Ended |
Jan. 31, 2021 | |
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, 2021 2020 2019 Anti-dilutive options and restricted stock units 263,508 29,876 54,631 The computation of earnings per share is presented below: For the years ended January 31, 2021 2020 2019 Numerator: Net income attributable to Raven Industries, Inc. $ 18,876 $ 35,196 $ 51,794 Denominator: Weighted average common shares outstanding 35,837,750 35,861,255 35,907,041 Weighted average stock units outstanding 147,776 122,792 99,922 Denominator for basic calculation 35,985,526 35,984,047 36,006,963 Weighted average common shares outstanding 35,837,750 35,861,255 35,907,041 Weighted average stock units outstanding 147,776 122,792 99,922 Dilutive impact of stock options and RSUs 164,695 231,708 431,595 Denominator for diluted calculation 36,150,221 36,215,755 36,438,558 Net income per share - basic $ 0.52 $ 0.98 $ 1.44 Net income per share - diluted $ 0.52 $ 0.97 $ 1.42 |
Schedule of Balance Sheet class
Schedule of Balance Sheet classifications | 12 Months Ended |
Jan. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Components of Balance Sheet Information | Following are the components of selected balance sheet items: As of January 31, 2021 2020 Accounts receivable, net: Trade accounts $ 47,879 $ 56,978 Unbilled receivables 2,734 6,954 Allowance for credit losses (1,944) (1,380) $ 48,669 $ 62,552 Inventories, net: Finished goods $ 7,684 $ 6,309 In process 759 3,287 Materials 44,260 44,303 $ 52,703 $ 53,899 Other current assets: Federal income tax receivable 1,440 1,370 Prepaid expenses and other 4,336 4,028 Insurance policy benefit $ — $ 38 $ 5,776 $ 5,436 Property, plant and equipment, net (a) : Land $ 3,117 $ 3,117 Buildings and improvements 84,651 80,330 Machinery and equipment 169,252 158,354 Financing lease right-of-use assets 1,282 881 258,302 242,682 Accumulated depreciation (152,295) (141,832) $ 106,007 $ 100,850 Other assets: Equity investments $ 1,595 $ 1,289 Operating lease right-of-use assets 6,850 4,275 Deferred income taxes 360 16 Other 2,211 1,507 $ 11,016 $ 7,087 Accrued liabilities: Salaries and related $ 4,881 $ 4,188 Benefits 6,255 5,339 Insurance obligations 1,896 1,680 Warranties 2,068 2,019 Income taxes 238 293 Other taxes 2,386 1,734 Acquisition-related contingent consideration 2,000 763 Lease liability 2,482 2,530 Other 8,195 2,197 $ 30,401 $ 20,743 Other liabilities: Postretirement benefits $ 8,996 $ 8,741 Acquisition-related contingent consideration — 2,171 Lease liability 5,426 2,627 Deferred income taxes 2,091 7,080 Uncertain tax positions 2,692 2,606 Other 4,792 5,936 $ 23,997 $ 29,161 (a) |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) changes | 12 Months Ended |
Jan. 31, 2021 | |
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, 2019 $ (2,238) $ (1,318) $ (3,556) Other comprehensive (loss) before reclassifications (994) — (994) Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $251 — (865) (865) Balance at January 31, 2020 (3,232) (2,183) (5,415) Other comprehensive income before reclassifications 2,299 — 2,299 Amounts reclassified from accumulated other comprehensive (loss) after tax benefit of $65 — (225) (225) Balance at January 31, 2021 $ (933) $ (2,408) $ (3,341) |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | For the years ended January 31, 2021 2020 2019 Changes in operating assets and liabilities: Accounts receivable $ 12,045 $ (9,118) $ 3,938 Inventories (1,151) 891 1,092 Prepaid expenses and other assets (340) 2,092 (2,440) Accounts payable 3,408 5,493 (4,517) Accrued and other liabilities 4,297 (1,894) 3,480 $ 18,259 $ (2,536) $ 1,553 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes $ 4,771 $ 4,377 $ 8,225 Interest paid 281 267 227 Significant non-cash transactions: Capital expenditures and other intangibles included in accounts payable and other liabilities $ 895 $ 740 $ 655 Redeemable noncontrolling interest in accrued liabilities 5,333 — — Redeemable noncontrolling interest in other liabilities — 2,224 — Assets acquired under capital leases — — 38 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 677 $ 435 $ — Operating leases 5,555 1,924 — Capital expenditures converted from inventories 2,930 — — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 31, 2021 | |
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, 2021 2020 2019 Anti-dilutive options and restricted stock units 263,508 29,876 54,631 |
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, 2021 2020 2019 Numerator: Net income attributable to Raven Industries, Inc. $ 18,876 $ 35,196 $ 51,794 Denominator: Weighted average common shares outstanding 35,837,750 35,861,255 35,907,041 Weighted average stock units outstanding 147,776 122,792 99,922 Denominator for basic calculation 35,985,526 35,984,047 36,006,963 Weighted average common shares outstanding 35,837,750 35,861,255 35,907,041 Weighted average stock units outstanding 147,776 122,792 99,922 Dilutive impact of stock options and RSUs 164,695 231,708 431,595 Denominator for diluted calculation 36,150,221 36,215,755 36,438,558 Net income per share - basic $ 0.52 $ 0.98 $ 1.44 Net income per share - diluted $ 0.52 $ 0.97 $ 1.42 |
Balance Sheet Information
Balance Sheet Information - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Accounts receivable, net: | ||
Unbilled receivables | $ 2,734 | $ 6,954 |
Inventories,net: | ||
Finished goods | 7,684 | 6,309 |
In process | 759 | 3,287 |
Materials | 44,260 | 44,303 |
Inventories, net | 52,703 | 53,899 |
Other current assets: | ||
Federal income taxes receivable | 1,440 | 1,370 |
Prepaid expenses and other | 4,336 | 4,028 |
Insurance policy benefit | 0 | 38 |
Other current assets | 5,776 | 5,436 |
Property, plant and equipment, net: | ||
Land | 3,117 | 3,117 |
Buildings and improvements | 84,651 | 80,330 |
Machinery and equipment | 169,252 | 158,354 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 1,282 | 881 |
Property, Plant and Equipment, Gross | 258,302 | 242,682 |
Accumulated Depreciation | (152,295) | (141,832) |
Property, Plant and Equipment, Net | 106,007 | 100,850 |
Other assets: | ||
Equity investments | 1,595 | 1,289 |
Operating Lease, Right-of-Use Asset | 6,850 | 4,275 |
Deferred income taxes | 360 | 16 |
Other | 2,211 | 1,507 |
Other assets | 11,016 | 7,087 |
Accrued liabilities: | ||
Salaries and related | 4,881 | 4,188 |
Benefits | 6,255 | 5,339 |
Insurance obligations | 1,896 | 1,680 |
Warranties | 2,068 | 2,019 |
Income taxes | 238 | 293 |
Other taxes | 2,386 | 1,734 |
Acquisition-related contingent consideration, current | 2,000 | 763 |
Lease liability, current | 2,482 | 2,530 |
Other | 8,195 | 2,197 |
Accrued liabilities | 30,401 | 20,743 |
Other liabilities: | ||
Postretirement benefits | 8,996 | 8,741 |
Acquisition-related contingent consideration | 0 | 2,171 |
Lease liability, noncurrent | 5,426 | 2,627 |
Deferred income taxes | 2,091 | 7,080 |
Uncertain tax positions | 2,692 | 2,606 |
Other | 4,792 | 5,936 |
Other liabilities | 23,997 | 29,161 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
Accounts receivable, net: | ||
Trade accounts | 47,879 | 56,978 |
Unbilled receivables | 2,734 | 6,954 |
Allowance for credit losses | (1,944) | (1,380) |
Accounts Receivable, Net | $ 48,669 | $ 62,552 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - Change in component of accumulated comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Supplemental Income Statement Elements [Abstract] | |||
Balance at beginning of period | $ (5,415) | $ (3,556) | |
Other comprehensive (loss) before reclassifications | 2,299 | (994) | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | (225) | (865) | |
Balance at end of period | (3,341) | (5,415) | $ (3,556) |
Income tax (expense) benefit on postretirement benefits | 65 | 251 | (99) |
Cumulative Foreign Currency Translation Adjustment | |||
Supplemental Income Statement Elements [Abstract] | |||
Balance at beginning of period | (3,232) | (2,238) | |
Other comprehensive (loss) before reclassifications | 2,299 | (994) | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | 0 | 0 | |
Balance at end of period | (933) | (3,232) | (2,238) |
Postretirement Benefits | |||
Supplemental Income Statement Elements [Abstract] | |||
Balance at beginning of period | (2,183) | (1,318) | |
Other comprehensive (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive (loss) after tax benefit (expense) | (225) | (865) | |
Balance at end of period | $ (2,408) | $ (2,183) | $ (1,318) |
Summary Cash Flow classfication
Summary Cash Flow classfications - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | $ 12,045 | $ (9,118) | $ 3,938 |
Inventories | (1,151) | 891 | 1,092 |
Prepaid expenses and other assets | (340) | 2,092 | (2,440) |
Accounts payable | 3,408 | 5,493 | (4,517) |
Accrued and other liabilities | 4,297 | (1,894) | 3,480 |
Change in operating assets and liabilities, net | 18,259 | (2,536) | 1,553 |
Cash paid during the year for income taxes | 4,771 | 4,377 | 8,225 |
Interest paid | 281 | 267 | 227 |
Significant non-cash transactions: | |||
Capital expenditures and other intangibles included in accounts payable and other liabilities | 895 | 740 | 655 |
Assets acquired under capital leases | 0 | 0 | 38 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 435 | 677 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,924 | 5,555 | 0 |
Noncash Fixed Assets Acquired, converted from inventory | 2,930 | 0 | 0 |
Redeemed Noncontrolling Interest not paid-current liability | |||
Other Significant Noncash Transactions [Line Items] | |||
Redeemable noncontrolling interest in other liabilities | 5,333 | 0 | 0 |
Redeemed Noncontrolling Interest not paid, Long Term Other LIability | |||
Other Significant Noncash Transactions [Line Items] | |||
Redeemable noncontrolling interest in other liabilities | $ 0 | $ 2,224 | $ 0 |
Antidilutive Securities
Antidilutive Securities - shares | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 263,508 | 29,876 | 54,631 |
Net Income per Share - Schedule
Net Income per Share - Schedule of calculation of numerator and denominator in earnings per share - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Numerator: | |||
Net income attributable to Raven Industries, Inc. | $ 18,876 | $ 35,196 | $ 51,794 |
Denominator: | |||
Weighted average common shares outstanding (in shares) | 35,837,750 | 35,861,255 | 35,907,041 |
Weighted average stock units outstanding (in shares) | 147,776 | 122,792 | 99,922 |
Denominator for basic calculation (in shares) | 35,985,526 | 35,984,047 | 36,006,963 |
Weighted average common shares outstanding (in shares) | 35,837,750 | 35,861,255 | 35,907,041 |
Weighted average stock units outstanding (in shares) | 147,776 | 122,792 | 99,922 |
Dilutive impact of stock options and RSUs (in shares) | 164,695 | 231,708 | 431,595 |
Denominator for diluted calculation (in shares) | 36,150,221 | 36,215,755 | 36,438,558 |
Net income per share - basic (in usd per share) | $ 0.52 | $ 0.98 | $ 1.44 |
Net income per share - diluted (in usd per share) | $ 0.52 | $ 0.97 | $ 1.42 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
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, commercial lighter-than-air, and aerospace and defense markets. The Company conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Aerostar Technical Solutions, Inc. (ATS), Aerostar Integrated Systems, LLC (AIS); Dot Technology Corp. (DOT); Raven CLI Construction, Inc.; Raven Engineered Films, Inc.; Raven Slingshot, Inc.; Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); Raven Europe BV (formerly known as SBG Innovatie BV or "SBG"); Raven Industries Australia Pty Ltd (Raven Australia); Raven Industries Holding, LLC, and Raven do Brasil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into three reportable business 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. Risks and Uncertainties In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic has had, and may continue to have, an unfavorable impact on certain areas of the Company's business. The broader implications of the COVID-19 pandemic on the Company's financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, and the availability, distribution, and effectiveness of vaccines to address the COVID-19 virus. The impact on the Company's customers and suppliers and the range of governmental and community reactions to the pandemic are uncertain. The Company may continue to experience reduced customer demand or constrained supply that could materially adversely impact business, financial condition, results of operations, liquidity and cash flows in future periods. Business Combinations The Company accounts for the acquisition of a business using the acquisition method of accounting. Assets acquired and liabilities assumed, including amounts attributed to noncontrolling interest, are recorded at their fair values upon acquisition. Assigning fair values requires the Company to make significant estimates and assumptions regarding the fair value of identifiable intangible assets, property, plant and equipment, deferred tax asset valuation allowances, and liabilities, such as uncertain tax positions and contingencies. Independent valuation specialists are used to assist in determining certain fair value calculations. The Company may refine these estimates, if necessary, during the measurement period by taking into consideration new information that, if known at the acquisition date, would have affected the fair values ascribed to the assets acquired and liabilities assumed. Significant estimates and assumptions are used in estimating the value of acquired identifiable intangible assets, including estimating future cash flows based on revenues and margins that the Company expects to generate following the acquisition, applying an appropriate discount rate to estimate a present value of those cash flows and determining their useful lives. Subsequent changes to projections driven by actual results following the acquisition date could require the Company to record impairment charges. Acquisition-related costs are recognized as an expense when incurred and are classified as selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income. Acquisition-related costs incurred were not material for any of the periods presented in this Form 10-K. Noncontrolling and Redeemable Noncontrolling Interest Noncontrolling interests represent capital contributions and income and loss attributable to the owners of less than wholly-owned and consolidated entities. Noncontrolling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, at the greater of the carrying value or the redemption value, and therefore are not included in either equity or liabilities. The increases or decreases in the estimated redemption amount are recorded with corresponding adjustments to paid-in capital. The Company owned a 75% interest in a business venture, AIS, to pursue potential product and support services contracts through U.S. government agencies. The Company acquired the remaining 25% noncontrolling interest of AIS in the fourth q uarter of fiscal year 2020 at an immaterial additional cost to the Company. This business venture is included in the Aerostar segment. The Company acquired a majority ownership in DOT in the fiscal year 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. At January 31, 2020, redeemable noncontrolling interests were reported at their carrying value of $21,302 versus the redemption value, as the carrying value was greater than the estimated redemption value. During the second quarter of fiscal year 2021, the Company closed on the transaction to purchase the shares of the largest minority interest shareholder for $17,853 giving the Company full voting control of 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. Prior to acquiring the noncontrolling interest in AIS and DOT, the accounts of AIS and DOT were consolidated with the accounts of the Company and a noncontrolling interest was recorded for the noncontrolling investor's interests in the net assets and operations of the business venture. 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 the largest minority interest shareholder of DOT. All of the shares formerly held by this minority interest shareholder were acquired in the second quarter of fiscal year 2021 and are owned by Raven; therefore, no transactions with this previous shareholder after July 31, 2020 are considered related party transactions. The total of the related party transactions was $1,954 for the six-month period ended July 31, 2020, none of which was in accounts payable at January 31, 2021. The total of these related party transactions was $3,176 for fiscal year 2020, of which $409 was reported in accounts payable at January 31, 2020. Equity Investments The Company owned an interest of approximately 5% in Ag-Eagle Aerial Systems, Inc. (AgEagle) before being sold for an immaterial gain in fiscal year 2019. The Company accounted for its investment in AgEagle under the equity method of accounting as the Company had the ability to exercise significant influence over the operating policies of AgEagle; however the Company did not hold a controlling financial interest. The Company owned an interest of approximately 22% in Site-Specific Technology Development Group, Inc. (SST) before being sold in fiscal year 2019. The Company's proceeds from the sale of its ownership interest in SST were $6,556 and was reported as "Proceeds from sale or maturity of investments" in the Consolidated Statements of Cash Flows in fiscal year 2019. The Company recognized a gain of $5,785 from the sale reported as "Other income (expense), net" in the Consolidated Statements of Income and Comprehensive Income for the fiscal year ended January 31, 2019. This amount included a fifteen percent hold-back provision held in an escrow account which was collected in fiscal 2020. The Company's share of the results of AgEagle and SST operations are included in "Other income (expense), net" for fiscal year 2019. 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 Consolidated Statements 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 in the Consolidated Balance Sheets. Foreign currency transaction gains or losses are recognized in the period incurred and are included in "Other income (expense), net" in the Consolidated Statements of Income and Comprehensive Income. Foreign currency transaction gains and losses were not material for fiscal years 2021, 2020 and 2019. 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 of 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 and money market funds. 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 in the United States of $30,721 and $14,003 as of January 31, 2021 and 2020, respectively. The Company held cash and cash equivalents in accounts outside the United States of $2,217 and $6,704 as of January 31, 2021 and 2020, respectively. Accounts Receivable and Allowance for Credit Losses 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 credit losses is the Company’s best estimate of expected credit losses on trade accounts receivables over their contractual life. The Company's expected credit losses is based on each segments' various macroeconomic indicators, updated Company forecast information and historical write-off experience by segment and an estimate of the collectability of significant past due accounts. Unbilled receivables arise when revenues have been earned, but not billed, and are related to differences in timing. Unbilled receivables were $2,734 and $6,954 as of January 31, 2021 and 2020, respectively. 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. 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 the Consolidated Statements of Income and Comprehensive Income. Leases The Company adopted the new lease accounting standard, "Accounting Standards Codification Topic 842 Leases (ASC 842)" using the modified retrospective method for all agreements existing as of February 1, 2019. Results for fiscal year 2021 and 2020 are presented under ASC 842. The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term, and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. 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. 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, short-term investments and mutual funds. The Company determines the fair value of its cash equivalents, short-term investments and mutual funds through quoted market prices. Mutual funds relate to the Company's deferred compensation plan further described within Note 8 "Employee Postretirement Benefits." The fair values of accounts receivable and accounts payable approximate their 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. Fair value measurements associated with goodwill and long-lived assets are further described in Note 7 "Goodwill and Long-Lived Assets." 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 "Acquisitions and Investments in Businesses and Technologies." Definite-Lived Intangible Assets Intangible assets, primarily comprised of technologies acquired through acquisitions, are recorded at cost and 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. Indefinite-lived Intangible Assets The Company acquired in-process R&D (IPR&D) intangible assets in business combinations transacted during the fourth quarter of fiscal year 2020. These assets are accounted for as indefinite-lived intangible assets and will be amortized when the associated R&D project is completed or abandoned. Upon completion of each project, a determination of the useful life of the acquired intangible assets is made and amortization is recorded to expense over the useful life. Management expects the R&D projects related to the IPR&D intangible assets will be completed in fiscal 2022. These assets are classified as "Intangible assets, net" on the Consolidated Balance Sheets. Indefinite-lived intangible assets are tested for impairment on an annual basis and between annual tests, whenever a triggering event indicates there may be an impairment. Management has determined that the IPR&D constitutes a single asset, with no separate identifiable cash flows. Prior to completing a quantitative assessment, the Company may perform a qualitative assessment over relevant events and circumstances to determine whether it is more likely than not that the fair value is less than the carrying value. If the assessment indicates that fair value may be less than its carrying value, then the fair values are estimated based on a discounted cash flow method analysis (quantitative analysis). If the fair value of the assets is less than the carrying value, an impairment loss is recognized for the amount that the carrying value exceeds fair value. When performing indefinite-lived intangible asset impairment testing, the fair values of assets are determined based on valuation techniques, using the best available information. Such valuations are derived from valuation models in which one or more significant inputs are not observable (Level 3 fair value measures). 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. Prior to completing a quantitative assessment, the Company may perform a qualitative impairment assessment over relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the assessment indicates the fair value of a reporting unit may be less than its carrying value, the Company will perform a quantitative assessment. In a quantitative assessment, the fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. The estimated fair value is 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. When performing goodwill impairment testing, the fair values of reporting units are determined based on valuation techniques, using the best available information. Such valuations are derived from valuation models 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 tangible and intangible assets, including right-of-use 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 asset impairment testing, the fair values of an asset 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 Legal costs are recognized as an expense in the period incurred. The Company is involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business, some of which allege substantial monetary damages. The Company accrues 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 than any other amount within the range, the minimum amount of the range is recorded as a liability. Amounts recovered by insurance, if any, are recognized when they are realized. Revenue Recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, the Company considers any future performance obligations. Generally, there is no post-shipment obligation on products sold other than warranty obligations in the normal and ordinary course of business. In the event significant post-shipment obligations were to exist, revenue recognition would be deferred until the Company had substantially accomplished what it must do to be entitled to the benefits represented by the revenue. Estimated returns, sales allowances, and warranty charges, if applicable, are recorded at the same time revenue is recorded. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for purposes of revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For contracts involving large quantities, the Company accounts for each piece of equipment product separately, as each is a distinct performance obligation from which the customer derives benefit. For contracts with multiple performance obligations, standalone selling price is generally readily observable. The Company’s performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods and services transferred to customers at a point in time accounts for a majority of the Company’s revenues. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. The Company uses an input measure to determine progress towards completion for revenue generated from products and services transferred to customers over time. Under this method, net sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract, and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. For performance obligations related to service contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. Sales returns The right of return may exist explicitly or implicitly with our customers. The Company’s return policy allows for customer returns only upon the Company's authorization. Goods returned must be a product the Company continues to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future. Shipping and handling costs Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in net sales in the accompanying Consolidated Statements of Income and Comprehensive Income. Shipping and handling costs incurred by the Company for the delivery of goods to customers are considered a cost to fulfill the contract and are included in cost of sales in the accompanying Consolidated Statements of Income and Comprehensive Income. Sales tax Taxes that are collected by the Company from a customer, which are assessed by governmental authorities that are both imposed upon and concurrent with a specific revenue-producing transaction, are excluded from revenues. 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 Personnel costs Total engineering costs consist of R&D and other engineering support related expenses. R&D costs are internal direct and indirect costs associated with development of technologies to support the Company's proprietary product lines in each of its divisions. These R&D costs are expensed as incurred. Engineering support related expenses may be allocated to overhead, and thus cost of sales, or R&D expenses based on the focus of the engineering effort. 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 in relation to sales and average time elapsed between purchases and claims 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 first quarter of fiscal year 2021, 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 first quarter of fiscal year 2021, 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 recogni |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 5 REVENUE Nature of goods and services The Company is comprised of three unique operating divisions, classified into reportable business segments: Applied Technology, Engineered Films, and Aerostar. The following is a description of principal activities, separated by segment, from which the Company generates revenue. Service revenues and contract losses are not material and are not separately disclosed. Furthermore, the Company primarily acts as a principal in transactions and recognizes revenue on a gross basis for which it is entitled from its customers. Applied Technology Applied Technology designs, manufactures, sells, and services innovative precision agriculture products and information management tools, which are collectively referred to as precision agriculture equipment, that help farmers reduce costs, more precisely control inputs, and improve farm yields for the global agriculture market. Customers can purchase precision agriculture equipment individually or in large quantities. For purchases made in large quantities, the Company accounts for each piece of equipment separately, as each is a distinct performance obligation from which the customer derives benefit. The stand-alone selling prices are determined based on the prices at which the Company charges other customers for similar products in similar circumstances. Kits or bundles, which can consist of various pieces of equipment, are shipped together and therefore allocation of transaction price does not impact timing of revenue recognition. In the normal course of business the customer agrees to a fixed price and revenue is recognized when control has transferred to the customer. Engineered Films Engineered Films produces high-performance plastic films and sheeting for geomembrane, agricultural, construction, and industrial applications and also offers design-build and installation services of these plastic films and sheeting. Plastic film and sheeting can be purchased separately or together with installation services. The majority of transactions within Engineered Films are considered non-customized product-only sales. The Company accounts for each product separately, as each is a distinct performance obligation from which the customer derives benefit. The stand-alone selling prices are determined based on the prices at which the Company charges other customers for similar products in similar circumstances. In the normal course of business, the customer agrees to a fixed price and revenue is recognized when control has transferred to the customer. The remaining transactions within Engineered Films are related to installation and/or customized product sales. Installation revenues are recognized over time using the cost incurred input method (i.e., costs incurred to date relative to total estimated costs at completion) because of continuous transfer of control to customers. For customized product-only sales, the Company recognizes revenue over time by applying an output method, such as units delivered, to measure progress. Aerostar Aerostar serves the aerospace and defense and commercial lighter-than-air markets. Aerostar's core products include high-altitude stratospheric platforms, technical services, and radar systems. These products can be integrated with additional third-party sensors to provide research, communications, and situational awareness capabilities to governmental and commercial customers. Aerostar pursues product and support services contracts with U.S. government agencies. Product sales to customers for which the division does not continuously transfer control are recognized based on a point-in-time. Contracts with customers which include elements of service, and are considered to be single performance obligations, are recognized over time. The stand-alone selling prices are determined based on the prices at which the Company charges other customers for similar products or services in similar circumstances. In the normal course of business the customer agrees to a fixed price. For revenues recognized at a point-in-time, the Company recognizes revenue when control has transferred to the customer. Certain lighter-than-air contracts are recognized over time using the cost incurred input method. The remaining transactions are recognized over time applying an output method, such as units delivered, to measure progress. Disaggregation of Revenues In the following table, revenue is disaggregated by major product category and geography as the Company believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue for all segments. Revenue by Product Category For the year ended January 31, 2021 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 36,966 $ — $ 36,966 International — — 68 — 68 Plastic Films & Sheeting Domestic — 135,842 — (100) 135,742 International — 12,079 — — 12,079 Precision Agriculture Equipment Domestic 113,640 — — (3) 113,637 International 33,558 — — — 33,558 Other Domestic — — 16,300 — 16,300 International — — 9 — 9 Totals $ 147,198 $ 147,921 $ 53,343 $ (103) $ 348,359 For the year ended January 31, 2020 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 36,535 $ — $ 36,535 International — — 52 — 52 Plastic Films & Sheeting Domestic — 187,087 — (90) 186,997 International — 10,632 — — 10,632 Precision Agriculture Equipment Domestic 99,137 — — (2) 99,135 International 31,323 — — — 31,323 Other Domestic — — 17,731 — 17,731 International — — 125 — 125 Totals $ 130,460 $ 197,719 $ 54,443 $ (92) $ 382,530 For the year ended January 31, 2019 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 37,866 $ — $ 37,866 International — — 932 — 932 Plastic Films & Sheeting Domestic — 208,882 — (512) 208,370 International — 17,692 — — 17,692 Precision Agriculture Equipment Domestic 100,051 — — (10) 100,041 International 29,698 — — — 29,698 Other Domestic — — 12,062 — 12,062 International — — 7 — 7 Totals $ 129,749 $ 226,574 $ 50,867 $ (522) $ 406,668 (a) Intersegment sales for fiscal years 2021, 2020, and 2019 were primarily sales from Engineered Films to Aerostar. Contract Balances Contract balances include contract assets and contract liabilities that are recorded when the Company enters into a contract with a customer. Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed (unbilled receivables) at the reporting date, or retainage provisions on billings that have been issued. Contract assets are converted to receivables when the right to collect becomes unconditional. The Company's contract assets reported at January 31, 2021 and 2020 primarily relate to Engineered Films' geomembrane installation services and service contracts for Aerostar's lighter-than air products and radar processing syst ems. Contract assets are reported in "Accounts receivable, net" in the Consolidated Balance Sheets. Contract liabilities consist of customer advances and deferred revenue. Contract liabilities primarily relate to consideration received from customers prior to transferring goods or services to the customer. Contract liabilities are reported in "Other current liabilities" in the Consolidated Balance Sheets. The changes in contract assets and liabilities were as follows: January 31, January 31, $ % Change Contract assets $ 3,256 $ 7,525 $ (4,269) (56.7) % Contract liabilities $ 2,998 $ 2,288 $ 710 31.0 % During the twelve months ended January 31, 2021, the Company’s contract assets decreased by $4,269 and contract liabilities increased by $710, primarily as a result of the contract terms which include timing of customer payments, timing of invoicing, and progress made on open contracts. The Company's contract assets at January 31, 2021, are primarily unbilled receivables that will be invoiced in first quarter of next year. The Company's contract liabilities at January 31, 2021, include customer advances that will substantially all convert to revenue recognized during the next fiscal year. Due to the short-term nature of the Company’s contracts, substantially all of the contract assets that existed as of January 31, 2020, were converted to accounts receivable. In addition the Company's contract liabilities that existed as of January 31, 2020, were recognized as revenue during fiscal 2021. Remaining performance obligations |
Acquisitions of and Investments
Acquisitions of and Investments in Businesses and Technologies | 12 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | NOTE 6 ACQUISITIONS AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Fiscal year 2021 acquisitions. There were no material business acquisitions in the twelve-month period ended January 31, 2021. Fiscal year 2020 acquisitions On November 1, 2019, the Company acquired Smart Ag. Smart Ag is a technology company located in Ames, Iowa, that develops autonomous farming solutions for agriculture. Smart Ag currently 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, located in Regina, Saskatchewan, Canada, 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, excluding the noncontrolling interest. During the first quarter of fiscal 2021, certain minority interest shareholders in DOT exercised their put options, requiring the Company to redeem the remaining noncontrolling interest in DOT. The Company closed on the transaction to purchase the shares of the largest minority shareholder for $17,853 in the second quarter of fiscal 2021. The remaining redeemable amount, as well as the liability for the noncontrolling interest redeemed in the prior fiscal year, totaling approximately $5,333, is payable in November 2021 and is classified as "Accrued Liabilities" in the Consolidated Balance Sheets at January 31, 2021. Including the noncontrolling interest, $56,022 of the purchase price was allocated to goodwill. Identifiable intangible assets acquired of $31,800 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 2022. 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 Company completed the valuation of intangible assets and pre-acquisition tax filings during the first and second quarters of fiscal 2021. The following adjustments were made to the purchase price allocation during fiscal 2021: Reported January 31, 2020 Measurement Period Adjustments Adjusted Balance Current assets $ 2,080 $ — 2,080 Goodwill $ 56,022 $ (440) $ 55,582 Intangible assets, net 31,800 (600) 31,200 Other long-term assets 1,770 — 1,770 Deferred income taxes (4,158) 1,005 (3,153) Accounts payable and other current liabilities (1,462) 35 (1,427) Long-term liabilities (7,587) — (7,587) Fair value of consideration transferred, including noncontrolling interest 78,465 — 78,465 Less: redeemable noncontrolling interest 24,315 (redeemed and acquired in fiscal year 2021) Fair value of purchase price consideration transferred, excluding noncontrolling interest $ 54,150 The following pro forma consolidated condensed financial results of operations are presented as if the acquisitions described above had been completed at the beginning of fiscal 2019 (unaudited): (Unaudited) For the years ended January 31, 2020 2019 Net sales $ 383,418 $ 406,886 Net income attributable to Raven Industries, Inc. $ 29,685 $ 48,210 Earnings per common share Basic $ 0.82 $ 1.34 Diluted $ 0.82 $ 1.32 These unaudited pro forma consolidated financial results have been prepared for comparative purposes only and include certain adjustments that were not material in nature. The pro forma information does not purport to be indicative of the results of operations that would have resulted had these business combinations occurred at the beginning of each period presented, or of future results of the consolidated entities. These acquisitions contributed no revenues and reduced fiscal 2020 net income attributable to Raven by $2,279. Fiscal year 2019 acquisition On January 1, 2019, the Company completed the acquisition of substantially all of the assets ("AgSync Acquisition") of AgSync Inc. (AgSync), an Indiana corporation, headquartered in Wakarusa, Indiana. This acquisition was aligned under the Company’s Applied Technology Division and enhanced its Slingshot platform by delivering a more seamless logistics solution for ag retailers, aerial applicators, custom applicators and enterprise farms. The AgSync Acquisition constitutes a business and as such was accounted for as a business combination; however, the business combination was not significant enough to warrant pro-forma financial information. The purchase price was approximately $9,700 which included potential earn-out payments with an estimated fair value of $2,052. The earn-out is contingent upon achieving certain revenue milestones. The purchase price 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, which is fully tax deductible. The Company completed the valuation and the purchase price allocation during the first quarter of fiscal 2020. This resulted in an adjustment in the fiscal 2020 first quarter that increased the purchase price and the estimated fair value of the contingent earn-out payments by approximately $300. The goodwill and identifiable intangible assets recorded as part of the purchase price allocation at January 31, 2020, were $4,526 and $5,700, respectively. Acquisition-related contingent consideration The Company has a contingent liability related to the acquisition of AgSync in fiscal 2019. The Company also had contingent liabilities related to the acquisitions of 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; both of which were settled in the current fiscal year. 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, 2021 2020 Beginning balance $ 2,934 $ 4,172 Fair value of contingent consideration acquired — 310 Change in fair value of the liability (437) 412 Contingent consideration earn-out paid (497) (1,960) Ending balance $ 2,000 $ 2,934 Classification of liability in the Consolidated Balance Sheets Accrued Liabilities $ 2,000 $ 763 Other Liabilities, long-term — 2,171 Ending balance $ 2,000 $ 2,934 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 January 31, 2021. Related to the acquisition of CLI in fiscal 2018, the Company committed to making additional earn-out payments, not to exceed $2,000, calculated and paid annually three years after the purchase date, contingent upon achieving certain revenues and operational synergies. The Company made its final payment related to this agreement in the third quarter of fiscal 2021 and has no further contingent obligations related to the acquisition of CLI. Cumulatively, the Company paid a total of $1,567 related to this earn-out liability. In connection with the acquisition of Raven Europe, the Company entered into a contingent earn-out agreement, not to exceed $2,500 calculated and paid quarterly for ten years after the purchase date contingent upon achieving certain revenues. All revenue milestones under the agreement were achieved by Raven Europe in fiscal 2021. The Company paid a total of $2,500 related to this potential earn-out liability and has no further contingent obligations related to the acquisition of Raven Europe. |
Goodwil, Long-lived Assets, and
Goodwil, Long-lived Assets, and Other Charges | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE 7 GOODWILL AND LONG-LIVED ASSETS Goodwill For goodwill, the Company performs impairment reviews by reporting unit. As of the measurement date of the fiscal 2021 and 2020 impairment tests the Company identified that it had four reporting units: Applied Technology, Engineered Films, Aerostar, and Autonomy. The Autonomy reporting unit was identified after the acquisitions of Smart Ag and DOT, during the fourth quarter of fiscal year 2020. For fiscal 2019, the Company had three reporting units as of the measurement date: Applied Technology, Engineered Films, and Aerostar. The changes in the carrying amount of goodwill by operating segment are shown below: Applied Engineered Aerostar Total Balance at January 31, 2019 $ 17,076 $ 33,232 $ 634 $ 50,942 Additions due to business combinations 55,989 — — 55,989 Foreign currency translation adjustment (422) — — (422) Balance at January 31, 2020 72,643 33,232 634 106,509 Measurement period adjustments (440) — — (440) Foreign currency translation adjustment 1,608 — — 1,608 Balance at January 31, 2021 $ 73,811 $ 33,232 $ 634 $ 107,677 Goodwill gross and net of accumulated impairment losses were as follows: As of January 31, 2021 2020 Gross goodwill $ 119,174 $ 118,006 Accumulated impairment loss (11,497) (11,497) Net goodwill $ 107,677 $ 106,509 Goodwill for each reporting unit is assessed for impairment on an annual basis during the fourth quarter, and between annual tests whenever a triggering event indicates there may be an impairment. The annual impairment tests were completed for each reporting unit based on a November 30th valuation date. Fiscal 2021 Goodwill Impairment Testing For the fiscal 2021 annual assessment, the Company elected to bypass the qualitative assessment and performed a quantitative assessment for each of the four reporting units. Based on the quantitative assessment performed as of the measurement date, as well as the qualitative assessments performed quarterly, no goodwill impairments were identified or recorded in fiscal 2021. The Company's Applied Technology, Engineered Films, and Aerostar reporting units were determined to have fair values significantly in excess of carrying value. Within the Autonomy reporting unit, the fair value of the reporting unit exceeded the carrying value of the assets by more than 20%. The fair value increase since the prior fiscal year acquisition is largely contributed to the significant investment in research and development activities to advance the autonomous technology, developed synergy between the Smart Ag and DOT acquisitions, and growing interest in the autonomous market. In determining the estimated fair value, the Company estimated a number of significant factors, including projected revenue growth rates, projected operating income results, terminal growth rates, and the discount rate. The Company made reasonable estimates and assumptions based on facts and circumstances available as of the measurement date. However, if actual results are not consistent with the estimates and assumptions used in the calculations, we may be exposed to future impairment losses that could be material. Events and conditions that could negatively impact the estimated fair value include increases in the Company's weighted average cost of capital, delays in the commercialization of autonomous products, inability to realize the anticipated revenue growth opportunities, and a decrease in projected profitability. Goodwill associated with the Autonomy reporting unit was $56,613 as of January 31, 2021. Fiscal 2020 & 2019 Goodwill Impairment Testing In fiscal 2020 and 2019 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 any of its reporting units based on the Company's qualitative analysis. Intangible Assets The following table provides the gross carrying amount for intangible assets and the related accumulated amortization of definite-lived intangible assets: For the years ended January 31, 2021 2020 Accumulated amortization Accumulated amortization Amount Net Amount Net Existing technology $ 9,263 $ (8,304) $ 959 $ 9,190 $ (7,706) $ 1,484 Customer relationships 16,128 (8,248) 7,880 16,067 (6,868) 9,199 Patents and other intangibles 7,297 (3,126) 4,171 6,678 (2,444) 4,234 In-process research and development (a) 31,575 — 31,575 31,300 — 31,300 Total $ 64,263 $ (19,678) $ 44,585 $ 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. The estimated future amortization expense for these definite-lived intangible assets during the next five years is as follows: 2022 2023 2024 2025 2026 Estimated amortization expense $ 2,498 $ 2,389 $ 1,907 $ 1,878 $ 1,582 The estimated future amortization expense table above does not reflect the expected amortization associated with indefinite-lived in-process R&D assets acquired in business combinations during fiscal 2020. Amortization of these indefinite-lived intangible assets will start upon completion of the current R&D projects, on a straight-line basis over their remaining estimated useful life. The applicable table will be updated at such time these intangible assets are placed into service. Indefinite-lived intangible assets Indefinite-lived intangible assets are assessed for impairment on an annual basis during the fourth quarter, and between annual tests whenever a triggering event indicates there may be an impairment. The annual impairment tests were completed for indefinite-lived intangible assets on a November 30th valuation date. Fiscal 2021 Indefinite-lived Intangible Impairment Testing For the fiscal 2021 annual assessment, the Company's quantitative assessment indicated no impairments, with the fair value of the indefinite-lived assets exceeding the carrying value of the assets. Management's assessment assumes that the Company will commercialize autonomous products during fiscal 2022. Fiscal 2020 Indefinite-lived Intangible Impairment Testing In fiscal 2020, no impairments were recorded as a result of the annual impairment assessment. In its annual impairment assessment, the Company concluded a quantitative analysis was not required for its indefinite-lived intangible assets based on the Company's qualitative analysis. Long-lived assets, including definite-lived intangible 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 measured and recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows. Fiscal 2021, 2020 and 2019 Long-lived Assets Impairment Assessment There were no impairment losses reported in the year ended January 31, 2021, 2020, or 2019 for any of the Company's long-lived assets. |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | NOTE 8 EMPLOYEE POSTRETIREMENT BENEFITS Defined contribution 401(k) plan The Company has one 401(k) plan covering substantially all employees and this plan matches employee contributions up to 5%. 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. Participants may elect to direct up to 10% of their contributions and the employers matching contributions to the 401(k) plan into the Company's common stock. In addition, the plan does not allow a participant to exchange more than 10% of their existing account balance into the Company’s common stock or permit exchanges that would cause the participant’s investment in the Company’s common stock to exceed 10% of the participant's total balance in the 401(k) plan. Officers of the Company may not include Raven's common stock in their 401(k) plan elections. Total contribution expense was $3,935, $3,696, and $3,006 for fiscal 2021, 2020, and 2019, respectively. Deferred compensation plan Effective January 1, 2018, the Company established a section 409A non-qualified deferred compensation plan (the "Plan") and associated rabbi trust for participants approved by the Board of Director's Personnel and Compensation Committee. The purpose of the deferred compensation plan is to attract and retain key employees by providing them with an opportunity to defer a portion of their compensation. The Plan's rabbi trust is funded from the participant's deferred compensation as the Company does not contribute or match participant contributions. Any assets held in rabbi trust are part of the Company's general assets and are subject to creditor's claims. The Company's common stock is not an investment option under this Plan as all contributions to the rabbi trust are invested in open-end mutual funds registered with the Securities and Exchange Commission based on the participant's investment elections. The Company reports these financial instruments at fair value using level 1 observable inputs and are primarily classified as long term assets and reported as "Other assets" in the Consolidated Balance Sheets. The fair value of the liability and financial instruments held were $1,697 and $1,691, respectively, at January 31, 2021. The fair value of the liability and financial instruments held were $1,363 and $1,358, respectively, at January 31, 2020. Changes in the fair value of these financial instruments, realized gains and losses, dividends, and interest income were reported in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income and were not material for fiscal years 2021, 2020 and 2019. Defined benefit postretirement plan In addition, the Company provides postretirement medical and other benefits to certain senior executive officers and senior managers. These plan obligations are unfunded and therefore have no assets as of January 31, 2021, and 2020. The accumulated benefit obligation is as follows: For the years ended January 31, 2021 2020 Benefit obligation at beginning of year $ 9,073 $ 8,001 Service cost 36 27 Interest cost 280 333 Actuarial loss and assumption changes 303 1,053 Retiree benefits paid (332) (341) Benefit obligation at end of year $ 9,360 $ 9,073 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. The following tables set forth the plan's pre-tax adjustment to accumulated other comprehensive income/loss For the years ended January 31, 2021 2020 Amounts not yet recognized in net periodic benefit cost: Net actuarial loss $ 2,817 $ 3,070 Prior service cost 290 (253) Total pre-tax accumulated other comprehensive loss $ 3,107 $ 2,817 Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation $ 2,817 $ 1,701 Reclassification adjustments recognized in benefit cost: Recognized net (loss) (173) (97) Amortization of prior service cost 160 160 Amounts recognized in AOCI during the year: Net actuarial loss 303 1,053 Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation $ 3,107 $ 2,817 The net actuarial loss for fiscal year 2021 was the result of a decrease in the discount rate by 24 basis points. The mortality assumptions, claims experience and demographics were also updated and were unfavorable to the benefit obligation at January 31, 2021 by approximately $31. The net actuarial loss for fiscal year 2020 was the result of a decrease in the discount rate by 111 basis points. The mortality assumptions and claims experience were also updated and were favorable to the benefit obligation at January 31, 2020 by approximately $400. 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, 2021 2020 Beginning liability balance $ 9,073 $ 8,001 Net periodic benefit cost 329 297 Other comprehensive loss 290 1,116 Total recognized in net periodic benefit cost and other comprehensive income 619 1,413 Retiree benefits paid (332) (341) Ending liability balance $ 9,360 $ 9,073 Current portion in accrued liabilities $ 364 $ 332 Long-term portion in other liabilities $ 8,996 $ 8,741 Assumptions used to calculate benefit obligation: Discount rate 2.90 % 3.14 % Rate of compensation increase 4.00 % 4.00 % Health care cost trend rates: Health care cost trend rate assumed for next year 6.00 % 6.17 % Ultimate health care cost trend rate 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2030 2030 Assumptions used to calculate the net periodic benefit cost: Discount rate 3.14 % 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 Company expects to make $369 in postretirement medical and other benefit payments in fiscal 2022. The following postretirement other than pension benefit payments, which reflect expected future service as appropriate, are expected to be paid: 2022 2023 2024 2025 2026 2027 - 2030 Expected postretirement medical and other benefit $ 369 $ 377 $ 379 $ 378 $ 384 $ 2,049 |
Warranties
Warranties | 12 Months Ended |
Jan. 31, 2021 | |
Product Warranty Costs [Abstract] | |
Warranties | NOTE 9 WARRANTIES Changes in the warranty accrual were as follows: For the years ended January 31, 2021 2020 2019 Beginning balance $ 2,019 $ 890 $ 1,163 Change in provision 2,095 3,326 1,449 Settlements made (2,046) (2,197) (1,722) Ending balance $ 2,068 $ 2,019 $ 890 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
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, 2021 2020 2019 Tax at U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of U.S. federal tax benefit 2.0 0.8 1.7 Tax credit for research activities (13.4) (4.6) (2.3) Tax benefit from foreign-derived intangible income (1.5) (1.1) (0.8) Tax benefit on insurance premiums (2.5) (1.2) (0.8) Change in uncertain tax positions 0.8 0.3 — Foreign tax rate difference (2.4) — 0.1 Impact of settlement of stock-based awards (0.1) (3.3) (2.4) Change in valuation allowances (1.7) 0.8 — Non-deductible compensation 2.0 0.8 — Other, net (2.1) — (0.8) Effective Tax Rate 2.1 % 13.5 % 15.7 % The decrease in the effective tax rate for fiscal 2021 and fiscal 2020, respectively, compared to the previous fiscal years, were both driven primarily by an increase in R&D spend and an a decrease in profitability, which resulted in a higher R&D tax credit as a percentage of pre-tax income. The expense (benefit) for income taxes consists of: For the years ended January 31, 2021 2020 2019 Current expense (benefit): Federal $ 3,500 $ 3,401 $ 6,910 State 688 416 1,099 Foreign 529 98 735 4,717 3,915 8,744 Deferred expense (benefit): Federal (1,508) 1,271 1,018 State (131) 204 73 Foreign (2,681) 31 (138) (4,320) 1,506 953 Income tax expense $ 397 $ 5,421 $ 9,697 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, 2021 2020 Deferred tax assets: Accounts receivable $ 412 $ 286 Inventories 1,487 1,152 Accrued vacation 966 778 Insurance obligations 150 205 Warranty obligations 441 454 Postretirement benefits 2,106 2,042 Uncertain tax positions 429 445 Share-based compensation 2,239 1,927 Tax loss carryforwards 6,684 3,929 Leases 1,541 962 Other accrued liabilities 1,472 952 17,927 13,132 Valuation allowance — (630) 17,927 12,502 Deferred tax (liabilities): Depreciation and amortization (17,599) (18,086) Leases (1,541) (962) Other (518) (518) (19,658) (19,566) Net deferred tax asset (liability) $ (1,731) $ (7,064) 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, 2021 2020 2019 Gross unrecognized tax benefits at beginning of year $ 2,176 $ 2,228 $ 2,216 Increases in tax positions related to the current year 427 338 415 Increases in tax positions related to prior years 27 45 — Decreases as a result of lapses in applicable statutes of limitation (365) (435) (403) Gross unrecognized tax benefits at end of year $ 2,265 $ 2,176 $ 2,228 The total unrecognized tax benefits (including interest and penalty) that, if recognized, would affect the Company's effective tax rate were $2,264, $2,162, and $2,183 as of January 31, 2021, 2020, and 2019, respectively. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. At January 31, 2021, 2020, and 2019, accrued interest and penalties were $427, $430, and $442, 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, 2021, federal tax returns filed in the U.S. for fiscal years ended January 31, 2018 through January 31, 2020 remain subject to examination by federal tax authorities. In state and local jurisdictions, tax returns for fiscal years ended January 31, 2015 through January 31, 2020 remain subject to examination by state and local tax authorities. International jurisdictions have open tax years varying by location beginning in fiscal 2015. Pre-tax book income (loss) for the U.S. companies and the foreign subsidiaries was $25,356 and $(6,181), respectively. As of January 31, 2021, the Company has no deferred tax liability recognized relating to the Company’s investment in foreign subsidiaries where the earnings have been indefinitely reinvested. The Tax Cuts and Jobs Act generally eliminates U.S. federal |
Debt
Debt | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | NOTE 11 DEBT Credit Facility The Company entered into a credit facility on September 20, 2019, 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. Loan proceeds may be utilized by Raven for strategic business purposes, such as business acquisitions, and for net working capital needs. The unamortized debt issuance costs associated with this Credit Agreement were as follows: As of January 31, 2021 2020 Unamortized debt issuance costs (a) $ 133 $ 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. 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 an annual administrative fee as well as an unborrowed capacity fee. Such fees were $79, $181 and $212 for the years ended January 31, 2021, 2020 and 2019, 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. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. The Company is in compliance with all financial covenants as of January 31, 2021. Letters of credit (LOC) issued and outstanding were as follows: As of January 31, 2021 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. There were no borrowings outstanding at January 31, 2021 or January 31, 2020. Availability under the Credit Agreement for borrowings as of January 31, 2021 was $100,000. Long-Term Notes The Company assumed certain long-term notes pursuant to the acquisition of 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 in Canadian dollars, approximately $4,000 in US dollars, 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 January 31, 2021, the Company had received $1,981 in contributions from WEDC and no repayments have been made. The outstanding liability balance is reported as "Long-term borrowings" on the Consolidated Balance Sheets. No interest expense is being recorded prior to the interest start date. At January 31, 2021, the Company's debt maturities based on outstanding principal were as follows: 2022 2023 2024 2025 2026 Thereafter Maturities of debt $ — $ — $ 1,981 $ — $ — $ — |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | NOTE 12 LEASES The Company enters into operating and finance lease contracts related to facilities, vehicles and equipment. Operating leases are primarily related to facilities to support production, R&D, and sales efforts. Finance leases are primarily related to vehicles and equipment to support general business operations. Lease payments are typically fixed and carry lease terms of one to five years , some of which have an option to terminate or extend up to an additional five years. For purposes of the quantitative disclosures below related to the calculation of operating and finance leases, lease terms predominantly did not include options to terminate or extend, as the Company is reasonably certain it would not exercise the options. Most of the Company's leases do not contain a purchase option, material residual value guarantee, or material restrictive covenants. The Company is primarily a lessee in all lease arrangements but may become a lessor and lease or sublease certain assets to other entities if not fully utilized. These lessor activities are not material and are not separately disclosed. To determine whether a contract is or contains a lease, the Company assessed its right to control the use of the identified asset, whether explicitly or implicitly stated, for a period of time while considering all facts and circumstances for each individual arrangement. The Company also has leases with non-lease components which are separately stated within the agreement and not included in the recognition of the right-of use asset and lease liability balances. The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class, and the Company's borrowing rates as of the commencement date of the contract. Components of Company lease costs, including operating, finance, and short-term leases are included in the table below. Depreciation of right-of-use assets, operating lease costs, and short-term lease costs are reported in net income as "Cost of sales," "Research and development expenses," or "Selling, general, and administrative expenses," depending on what business function the asset primarily supports. Interest on finance lease liabilities are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. For the years ended January 31, 2021 2020 Lease Costs: Finance Leases Depreciation of right-of-use assets $ 442 $ 413 Interest on lease liabilities 24 21 Total finance lease cost $ 466 $ 434 Operating Leases Operating lease cost $ 2,205 $ 1,536 Short-term lease cost 755 446 Total operating lease cost 2,960 1,982 Total finance and operating lease cost $ 3,426 $ 2,416 Supplemental balance sheet information related to operating and finance leases include: As of January 31, 2021 2020 Operating Leases Operating lease right-of-use assets $ 6,850 $ 4,275 Current lease liability $ 2,120 $ 2,272 Non-current lease liability 5,038 2,370 Total operating lease liabilities $ 7,158 $ 4,642 Finance Leases Property, plant and equipment, at cost $ 1,282 $ 881 Accumulated depreciation (532) (366) Property, plant and equipment, net $ 750 $ 515 Current lease liability $ 362 $ 258 Non-current lease liability 388 257 Total finance lease liabilities $ 750 $ 515 Weighted average remaining lease terms and discount rates include: As of January 31, 2021 2020 Weighted Average Remaining Lease Term: Operating leases 5 years 4 years Finance leases 2 years 2 years Weighted Average Discount Rate: Operating leases 2.7 % 3.5 % Finance leases 2.9 % 3.5 % Supplemental unaudited cash flow information related to operating and finance leases include: For the years ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,959 $ 1,536 Operating cash flows from finance leases $ 24 $ 21 Financing cash flows from finance leases $ 441 $ 413 Future operating and finance lease obligations that have not yet commenced as of January 31, 2021, were immaterial and excluded from the lease liability schedule below accordingly. As of January 31, 2021 Operating Leases Finance Leases Fiscal 2022 $ 2,308 $ 377 Fiscal 2023 1,592 258 Fiscal 2024 1,252 116 Fiscal 2025 1,050 23 Fiscal 2026 1,065 — Thereafter 436 — Total lease payments 7,703 774 Less imputed interest (545) (24) Total lease liabilities $ 7,158 $ 750 |
Contingencies
Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 13 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. 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 will make a $5,000 gift to the Foundation conditional on certain actions. These conditions were met and $4,503 of contribution expense was recognized in first quarter of fiscal 2019 and reported as "Selling, general, and administrative expenses" with interest expense to be recognized in periods thereafter. The fair value of this contingency at January 31, 2021, was $1,991 (measured based on the present value of the expected future cash outflows) of which $691 was classified as "Accrued liabilities" and $1,300 was classified as "Other liabilities" on the Consolidated Balance Sheet. The fair value of this contingency at January 31, 2020, was $2,607 of which $691 was classified as "accrued liabilities" and $1,916 was classified as "Other liabilities" on the Consolidated Balance Sheet. As of January 31, 2021, the Company has made payments related to the commitment totaling $2,860. In addition to commitments disclosed elsewhere in the Notes to the Consolidated Financial Statements, the Company has approximately $40,000 of unconditional purchase obligations for inventory and other obligations that arise in the normal course of business operations and have a term of less than one year. The majority of these obligations are related to the Applied Technology and Engineered Films divisions and arise from the purchase of raw materials inventory. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | NOTE 14 SHARE-BASED COMPENSATION At January 31, 2021, 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, 2021 2020 2019 Share-based compensation cost $ 6,066 $ 4,971 $ 3,951 Tax benefit $ 1,013 $ 670 $ 736 Share-based compensation cost capitalized as part of inventory is not material. 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 2019 Equity Incentive Plan (the Plan) which was approved by shareholders on May 21, 2019. The number of shares initially available for grant under the Plan was 1,300,000. As of January 31, 2021, the number of shares available for grant was 886,842. Shares outstanding under the Amended and Restated 2010 Stock Incentive Plan (the "2010 Plan") are still subject to terms of the 2010 Plan, but if those awards subsequently expire, are forfeited or cancelled, or are settled in cash, the shares subject to those awards will become available under the Plan. Under both Plans, option exercises or units and awards vested are settled in newly issued common shares. As of January 31, 2021, the number of shares reserved for issuance under the 2010 plan for grants, RSUs or awards was 930,194. Both plans are 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 either plan or extend the term of such awards to the extent allowed to a maximum term of ten years. One type of award, restricted stock units, was granted in fiscal 2021 and fiscal 2020. Stock Option Awards The Company granted no non-qualified stock options during fiscal 2021 or fiscal 2020. For fiscal years prior to fiscal 2020 , options were 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 was estimated on the date of grant using the Black-Scholes option pricing model. The Company used 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 were as follows: For the year ended January 31, 2019 Risk-free interest rate 2.51 % Expected dividend yield 1.48 % Expected volatility factor 35.20 % Expected option term (in years) 4.25 Weighted average grant date fair value $ 9.83 Outstanding stock options as of January 31, 2021, and activity for the year then ended are presented below: Number Weighted average exercise price Aggregate intrinsic value Weighted Outstanding, January 31, 2020 214,260 $ 25.03 Granted — — Exercised (93,475) 16.13 Forfeited (5,630) 32.5 Outstanding, January 31, 2021 115,155 $ 31.89 $ 192 1.58 Outstanding exercisable, January 31, 2021 72,855 $ 31.44 $ 138 1.47 Options vested, or expected to vest, January 31, 2021 115,155 $ 31.89 $ 192 1.58 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 $1,157, $2,620, and $7,568 during the years ended January 31, 2021, 2020, and 2019, respectively. The total fair value of options vested was $453, $749, and $892, during the years ended January 31, 2021, 2020, and 2019, respectively. As of January 31, 2021, the total unrecognized compensation cost for non-vested awards was $78. This amount is expected to be recognized over a weighted average period of one Restricted Stock Unit Awards The Company granted 127,365 time-vested RSUs during the year ended January 31, 2021. 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 2021 was as follows: Number Weighted Outstanding, January 31, 2020 300,512 $ 34.69 Granted 127,365 19.92 Vested (64,099) 30.11 Forfeited (15,827) 29.88 Outstanding, January 31, 2021 347,951 $ 30.35 Cumulative dividends, January 31, 2021 6,490 The Company also granted performance-based RSUs during the year ended January 31, 2021. The exact number of performance shares to be issued will vary from 0% to 200% 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 2020 and 2019 grants are based on return on equity (ROE), which is defined as net income attributable to Raven divided by the average of beginning and ending shareholders' equity for the fiscal year. There were two performance-based RSUs granted in fiscal 2021. One grant is specific to Applied Technology and is based on the amount of Autonomy revenue generated and the other grant is based on ROE. 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 2021 was as follows: Number Weighted Outstanding, January 31, 2020 159,047 $ 36.22 Granted 124,667 21.51 Vested (31,406) 29.20 Forfeited (20,416) 31.05 Performance-based adjustment (28,942) 36.48 Outstanding, January 31, 2021 202,950 $ 28.75 Cumulative dividends, January 31, 2021 3,507 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, 2021 2020 2019 Weighted average grant date fair value: time-based RSUs $ 19.92 $ 36.04 $ 35.15 Weighted average grant date fair value: performance-based RSUs $ 21.51 $ 39.01 $ 35.05 The total intrinsic value of RSUs vested (or converted to shares) was $1,996, $6,120, and $2,468 during the years ended January 31, 2021, 2020, and 2019, respectively. The total fair value of RSUs vested (or converted to shares) was $1,952, $5,948, and $2,477, during the years ended January 31, 2021, 2020, and 2019, respectively. As of January 31, 2021, there were 550,901 outstanding RSUs expected to vest with a weighted average term of 1.8 years and an aggregate intrinsic value of $17,778. None of the outstanding RSUs are vested as of January 31, 2021. The total unrecognized compensation cost for non-vested RSU awards at January 31, 2021, was $7,891. This amount is expected to be recognized over a weighted average period of 1.8 years. Deferred Stock Compensation Plan for Directors The Company issues common stock 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, 2021, and changes during the year then ended are presented below: Number of stock units Weighted average price Outstanding, January 31, 2020 129,413 $ 24.95 Granted 27,727 21.46 Deferred retainers 2,330 21.46 Dividends 1,685 21.64 Converted into common shares (9,184) 21.56 Outstanding, January 31, 2021 151,971 $ 24.43 |
Business Segments and Major Cus
Business Segments and Major Customer Information | 12 Months Ended |
Jan. 31, 2021 | |
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 business segments, are defined by their product lines which have been generally grouped based on technology, manufacturing processes, and end-use application. The Company's business segments are Applied Technology Division, Engineered Films Division, and Aerostar Division. Separate financial information is available for each 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 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, which are collectively referred to as precision agriculture equipment, that help farmers reduce costs, more precisely control inputs, and improve farm yields for the global agriculture market. The Applied Technology product families include application controls, GPS-guidance steering systems, field computers, automatic boom controls, machine automation, and injection systems. Applied Technology's services include wireless connectivity, cloud-based data management and logistics services. Applied Technology’s acquisition of Smart Ag and DOT in November 2019, further disclosed in Note 6 Acquisitions and Investments in Businesses and Technologies, brings a unique U-shaped platform designed to autonomously handle a large variety of agriculture implements along with perception, path planning, machine safety, and remote communication solutions to the precision ag market. Engineered Films produces high-performance plastic films and sheeting for geomembrane, agricultural, construction, and industrial applications and also offers design-build and installation services of these plastic films and sheeting. Plastic film and sheeting can be purchased separately or together with installation services. Engineered Films sells both direct to end-customers and through independent third-party distributors. The majority of product sold into the construction and agriculture markets is through distributors, while sales into the geomembrane and industrial markets are more direct in nature. The Company extrudes a significant portion of the film converted for its commercial products and believes it is one of the largest sheeting converters in the United States in the markets it serves. Engineered Films' ability to extrude and convert films, along with offering installation services for its geomembrane products, allows it to provide a more customized solution to customers. A number of film manufacturers compete with the Company on both price and product availability. Aerostar serves the aerospace and defense and commercial lighter-than-air markets. Aerostar's core products include high-altitude stratospheric platforms, technical services, and radar systems. These products can be integrated with additional third-party sensors to provide research, communications, and situational awareness capabilities to governmental and commercial customers. Aerostar’s growth strategy emphasizes the design and manufacture of proprietary products in these markets. Aerostar also pursues product and support services contracts with U.S. government agencies as well as sales of radar systems in international markets. 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, 2021 2020 2019 APPLIED TECHNOLOGY DIVISION Sales $ 147,198 $ 130,460 $ 129,749 Operating income (a)(f) 26,468 30,672 39,044 Assets (b)(c) 176,535 172,320 79,742 Capital expenditures 2,571 1,464 2,050 Depreciation and amortization 5,093 3,995 3,433 ENGINEERED FILMS DIVISION Sales (d) $ 147,921 $ 197,719 $ 226,574 Operating income (a) 15,743 28,695 39,714 Assets (b) 147,085 158,440 159,592 Capital expenditures 11,583 5,317 9,544 Depreciation and amortization 9,719 9,518 9,149 AEROSTAR DIVISION Sales $ 53,343 $ 54,443 $ 50,867 Operating income (a) 4,399 8,597 8,179 Assets (b) 22,896 26,344 21,515 Capital expenditures 1,148 652 168 Depreciation and amortization 1,065 933 891 INTERSEGMENT ELIMINATIONS Sales Applied Technology Division $ (3) $ (2) $ (10) Engineered Films Division (100) (90) (512) Aerostar Division — — — Operating income (a) 72 — (35) Assets (b) (32) (104) (104) REPORTABLE SEGMENTS TOTAL Sales (d) $ 348,359 $ 382,530 $ 406,668 Operating income (a)(f) 46,682 67,964 86,902 Assets (b) 346,484 357,000 260,745 Capital expenditures 15,302 7,433 11,762 Depreciation and amortization 15,877 14,446 13,473 CORPORATE & OTHER Operating (loss) from administrative expenses (a)(e) $ (27,031) $ (28,025) $ (31,769) Assets (b)(c)(g) 62,887 46,257 99,500 Capital expenditures 845 1,127 2,365 Depreciation and amortization 1,544 1,795 1,650 TOTAL COMPANY Sales (d) $ 348,359 $ 382,530 $ 406,668 Operating income (e)(f) 19,651 39,939 55,133 Assets 409,371 403,257 360,245 Capital expenditures 16,147 8,560 14,127 Depreciation and amortization 17,421 16,241 15,123 (a) 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. (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 the Company believes this most appropriately reflects the total assets of each 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) Applied Technology fiscal 2021 and 2020 Assets include goodwill and intangible assets related to the acquisitions of Smart Ag and DOT. These assets are further disclosed in Note 6 "Acquisitions and Investments in Business Technologies". Fiscal 2020 Assets for the Corporate & Other segment reflect the use of cash to fund the acquisitions of Smart Ag and DOT. (d) Economic conditions as a result of the global pandemic have created weak demand across a majority of Engineered Films' end-markets for fiscal 2021. Additionally, there were no sales of hurricane recovery film in fiscal 2021, while in fiscal 2020 and 2019 there were hurricane film sales of $1,860 and $14,494, respectively. (e) Fiscal 2019 administrative expenses included a $4,503 expense related to the previously announced gift to SDSU. Fiscal 2021 and 2020 included approximately $2,089 and $2,700 of expenses related to Project Atlas. Project Atlas related expenses in fiscal 2019 were approximately $4,000. (f) Applied Technology's operating income for fiscal 2021 includes $16,646 of costs and expenses incurred primarily for research and development related to Raven Autonomy™ to drive commercialization of its autonomous technology. Applied Technology's operating income for fiscal 2020 includes $2,834 of costs and expenses incurred in fourth quarter of fiscal 2020 related to Raven Autonomy™ . (g) Assets are principally cash, investments, and other receivables. Sales to one OEM customer in the Applied Technology Division accounted for 10% of the Company's consolidated nets sales in fiscal year 2021 and 14% of consolidated accounts receivable at January 31, 2021. No customers accounted for 10% or more of consolidated net sales in fiscal 2020 or 2019. 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, 2021 2020 2019 Canada $ 13,025 $ 12,121 $ 12,492 Europe 15,867 14,681 15,786 Latin America 6,709 8,261 5,950 Asia 5,168 3,387 7,240 Other foreign sales 4,945 3,682 6,861 Total foreign sales 45,714 42,132 48,329 United States 302,645 340,398 358,339 $ 348,359 $ 382,530 $ 406,668 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 SUBSEQUENT EVENTS The Company has evaluated events up to the filing date of this Annual Report on Form 10-K and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to the Consolidated Financial Statements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the years ended January 31, 2021, 2020 and 2019 (in thousands) Additions Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions From Reserves (1) Balance at Deducted in the balance sheet from the asset to which it applies: Allowance for credit losses: Year ended January 31, 2021 $ 1,380 $ 1,530 $ — $ 966 $ 1,944 Year ended January 31, 2020 739 816 — 175 1,380 Year ended January 31, 2019 978 37 — 276 739 Note : (1) Represents uncollectable accounts receivable written off during the year, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
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, commercial lighter-than-air, and aerospace and defense markets. The Company conducts this business through the following direct and indirect subsidiaries: Aerostar International, Inc. (Aerostar); Aerostar Technical Solutions, Inc. (ATS), Aerostar Integrated Systems, LLC (AIS); Dot Technology Corp. (DOT); Raven CLI Construction, Inc.; Raven Engineered Films, Inc.; Raven Slingshot, Inc.; Raven International Holding Company BV (Raven Holdings); Raven Industries Canada, Inc. (Raven Canada); Raven Europe BV (formerly known as SBG Innovatie BV or "SBG"); Raven Industries Australia Pty Ltd (Raven Australia); Raven Industries Holding, LLC, and Raven do Brasil Participacoes E Servicos Technicos LTDA (Raven Brazil). The Company and these subsidiaries comprise three unique operating units, or divisions, classified into three reportable business segments (Applied Technology, Engineered Films, and Aerostar). |
Risks and Uncertainties | Risks and UncertaintiesIn March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic has had, and may continue to have, an unfavorable impact on certain areas of the Company's business. The broader implications of the COVID-19 pandemic on the Company's financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, and the availability, distribution, and effectiveness of vaccines to address the COVID-19 virus. The impact on the Company's customers and suppliers and the range of governmental and community reactions to the pandemic are uncertain. The Company may continue to experience reduced customer demand or constrained supply that could materially adversely impact business, financial condition, results of operations, liquidity and cash flows in future periods. |
Business Combinations Policy | Business Combinations The Company accounts for the acquisition of a business using the acquisition method of accounting. Assets acquired and liabilities assumed, including amounts attributed to noncontrolling interest, are recorded at their fair values upon acquisition. Assigning fair values requires the Company to make significant estimates and assumptions regarding the fair value of identifiable intangible assets, property, plant and equipment, deferred tax asset valuation allowances, and liabilities, such as uncertain tax positions and contingencies. Independent valuation specialists are used to assist in determining certain fair value calculations. The Company may refine these estimates, if necessary, during the measurement period by taking into consideration new information that, if known at the acquisition date, would have affected the fair values ascribed to the assets acquired and liabilities assumed. Significant estimates and assumptions are used in estimating the value of acquired identifiable intangible assets, including estimating future cash flows based on revenues and margins that the Company expects to generate following the acquisition, applying an appropriate discount rate to estimate a present value of those cash flows and determining their useful lives. Subsequent changes to projections driven by actual results following the acquisition date could require the Company to record impairment charges. Acquisition-related costs are recognized as an expense when incurred and are classified as selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income. Acquisition-related costs incurred were not material for any of the periods presented in this Form 10-K. |
Noncontrolling Interest | Noncontrolling and Redeemable Noncontrolling Interest Noncontrolling interests represent capital contributions and income and loss attributable to the owners of less than wholly-owned and consolidated entities. Noncontrolling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, at the greater of the carrying value or the redemption value, and therefore are not included in either equity or liabilities. The increases or decreases in the estimated redemption amount are recorded with corresponding adjustments to paid-in capital. The Company owned a 75% interest in a business venture, AIS, to pursue potential product and support services contracts through U.S. government agencies. The Company acquired the remaining 25% noncontrolling interest of AIS in the fourth q uarter of fiscal year 2020 at an immaterial additional cost to the Company. This business venture is included in the Aerostar segment. The Company acquired a majority ownership in DOT in the fiscal year 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. At January 31, 2020, redeemable noncontrolling interests were reported at their carrying value of $21,302 versus the redemption value, as the carrying value was greater than the estimated redemption value. During the second quarter of fiscal year 2021, the Company closed on the transaction to purchase the shares of the largest minority interest shareholder for $17,853 giving the Company full voting control of 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. Prior to acquiring the noncontrolling interest in AIS and DOT, the accounts of AIS and DOT were consolidated with the accounts of the Company and a noncontrolling interest was recorded for the noncontrolling investor's interests in the net assets and operations of the business venture. |
Related Party Transactions | Related Party TransactionsFollowing 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 the largest minority interest shareholder of DOT. All of the shares formerly held by this minority interest shareholder were acquired in the second quarter of fiscal year 2021 and are owned by Raven; therefore, no transactions with this previous shareholder after July 31, 2020 are considered related party transactions. The total of the related party transactions was $1,954 for the six-month period ended July 31, 2020, none of which was in accounts payable at January 31, 2021. The total of these related party transactions was $3,176 for fiscal year 2020, of which $409 was reported in accounts payable at January 31, 2020. |
Equity Investments | Equity Investments The Company owned an interest of approximately 5% in Ag-Eagle Aerial Systems, Inc. (AgEagle) before being sold for an immaterial gain in fiscal year 2019. The Company accounted for its investment in AgEagle under the equity method of accounting as the Company had the ability to exercise significant influence over the operating policies of AgEagle; however the Company did not hold a controlling financial interest. The Company owned an interest of approximately 22% in Site-Specific Technology Development Group, Inc. (SST) before being sold in fiscal year 2019. The Company's proceeds from the sale of its ownership interest in SST were $6,556 and was reported as "Proceeds from sale or maturity of investments" in the Consolidated Statements of Cash Flows in fiscal year 2019. The Company recognized a gain of $5,785 from the sale reported as "Other income (expense), net" in the Consolidated Statements of Income and Comprehensive Income for the fiscal year ended January 31, 2019. This amount included a fifteen percent hold-back provision held in an escrow account which was collected in fiscal 2020. |
Use of Estimates | Use of Estimates Preparing the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 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 Consolidated Statements of Income and Comprehensive Income. Adjustments resulting from financial |
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 and money market funds. 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 in the United States of $30,721 and $14,003 as of January 31, 2021 and 2020, respectively. The Company held cash and cash equivalents in accounts outside the United States of $2,217 and $6,704 as of January 31, 2021 and 2020, respectively. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit LossesTrade accounts receivable are recorded at the invoiced amount, do not bear interest, and are considered past due based on invoice terms. The allowance for credit losses is the Company’s best estimate of expected credit losses on trade accounts receivables over their contractual life. The Company's expected credit losses is based on each segments' various macroeconomic indicators, updated Company forecast information and historical write-off experience by segment and an estimate of the collectability of significant past due accounts. Unbilled receivables arise when revenues have been earned, but not billed, and are related to differences in timing. Unbilled receivables were $2,734 and $6,954 as of January 31, 2021 and 2020, respectively. |
Inventory Valuation | 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. |
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 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 the Consolidated Statements of Income and Comprehensive Income. |
Leases | Leases The Company adopted the new lease accounting standard, "Accounting Standards Codification Topic 842 Leases (ASC 842)" using the modified retrospective method for all agreements existing as of February 1, 2019. Results for fiscal year 2021 and 2020 are presented under ASC 842. The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term, and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. |
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. 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, short-term investments and mutual funds. The Company determines the fair value of its cash equivalents, short-term investments and mutual funds through quoted market prices. Mutual funds relate to the Company's deferred compensation plan further described within Note 8 "Employee Postretirement Benefits." The fair values of accounts receivable and accounts payable approximate their 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. Fair value measurements associated with goodwill and long-lived assets are further described in Note 7 "Goodwill and Long-Lived Assets." 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 "Acquisitions and Investments in Businesses and Technologies." |
Goodwill and Intangible Assets | Definite-Lived Intangible Assets Intangible assets, primarily comprised of technologies acquired through acquisitions, are recorded at cost and 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. Indefinite-lived Intangible Assets The Company acquired in-process R&D (IPR&D) intangible assets in business combinations transacted during the fourth quarter of fiscal year 2020. These assets are accounted for as indefinite-lived intangible assets and will be amortized when the associated R&D project is completed or abandoned. Upon completion of each project, a determination of the useful life of the acquired intangible assets is made and amortization is recorded to expense over the useful life. Management expects the R&D projects related to the IPR&D intangible assets will be completed in fiscal 2022. These assets are classified as "Intangible assets, net" on the Consolidated Balance Sheets. Indefinite-lived intangible assets are tested for impairment on an annual basis and between annual tests, whenever a triggering event indicates there may be an impairment. Management has determined that the IPR&D constitutes a single asset, with no separate identifiable cash flows. Prior to completing a quantitative assessment, the Company may perform a qualitative assessment over relevant events and circumstances to determine whether it is more likely than not that the fair value is less than the carrying value. If the assessment indicates that fair value may be less than its carrying value, then the fair values are estimated based on a discounted cash flow method analysis (quantitative analysis). If the fair value of the assets is less than the carrying value, an impairment loss is recognized for the amount that the carrying value exceeds fair value. When performing indefinite-lived intangible asset impairment testing, the fair values of assets are determined based on valuation techniques, using the best available information. Such valuations are derived from valuation models in which one or more significant inputs are not observable (Level 3 fair value measures). 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. |
Long-Lived Assets | Long-Lived Assets The Company periodically assesses the recoverability of long-lived tangible and intangible assets, including right-of-use 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 asset impairment testing, the fair values of an asset 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 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 | Litigation and Contingencies Legal costs are recognized as an expense in the period incurred. The Company is involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of business, |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, the Company considers any future performance obligations. Generally, there is no post-shipment obligation on products sold other than warranty obligations in the normal and ordinary course of business. In the event significant post-shipment obligations were to exist, revenue recognition would be deferred until the Company had substantially accomplished what it must do to be entitled to the benefits represented by the revenue. Estimated returns, sales allowances, and warranty charges, if applicable, are recorded at the same time revenue is recorded. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for purposes of revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For contracts involving large quantities, the Company accounts for each piece of equipment product separately, as each is a distinct performance obligation from which the customer derives benefit. For contracts with multiple performance obligations, standalone selling price is generally readily observable. The Company’s performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods and services transferred to customers at a point in time accounts for a majority of the Company’s revenues. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. The Company uses an input measure to determine progress towards completion for revenue generated from products and services transferred to customers over time. Under this method, net sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract, and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. For performance obligations related to service contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. Sales returns The right of return may exist explicitly or implicitly with our customers. The Company’s return policy allows for customer returns only upon the Company's authorization. Goods returned must be a product the Company continues to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future. Shipping and handling costs Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in net sales in the accompanying Consolidated Statements of Income and Comprehensive Income. Shipping and handling costs incurred by the Company for the delivery of goods to customers are considered a cost to fulfill the contract and are included in cost of sales in the accompanying Consolidated Statements of Income and Comprehensive Income. Sales tax Taxes that are collected by the Company from a customer, which are assessed by governmental authorities that are both imposed upon and concurrent with a specific revenue-producing transaction, are excluded from revenues. |
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 Personnel costs |
Warranties | Warranties Accruals necessary for product warranties are estimated based on historical warranty costs in relation to sales and average time elapsed between purchases and claims for each division. Additional accruals are made for any significant, discrete warranty issues. |
Share-Based Compensation | Share-Based CompensationThe 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 first quarter of fiscal year 2021, 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 first quarter of fiscal year 2021, 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 credit losses 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 There are no significant ASUs issued and not yet adopted as of January 31, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
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 Personnel costs |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by major product category and geography as the Company believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue for all segments. Revenue by Product Category For the year ended January 31, 2021 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 36,966 $ — $ 36,966 International — — 68 — 68 Plastic Films & Sheeting Domestic — 135,842 — (100) 135,742 International — 12,079 — — 12,079 Precision Agriculture Equipment Domestic 113,640 — — (3) 113,637 International 33,558 — — — 33,558 Other Domestic — — 16,300 — 16,300 International — — 9 — 9 Totals $ 147,198 $ 147,921 $ 53,343 $ (103) $ 348,359 For the year ended January 31, 2020 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 36,535 $ — $ 36,535 International — — 52 — 52 Plastic Films & Sheeting Domestic — 187,087 — (90) 186,997 International — 10,632 — — 10,632 Precision Agriculture Equipment Domestic 99,137 — — (2) 99,135 International 31,323 — — — 31,323 Other Domestic — — 17,731 — 17,731 International — — 125 — 125 Totals $ 130,460 $ 197,719 $ 54,443 $ (92) $ 382,530 For the year ended January 31, 2019 ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 37,866 $ — $ 37,866 International — — 932 — 932 Plastic Films & Sheeting Domestic — 208,882 — (512) 208,370 International — 17,692 — — 17,692 Precision Agriculture Equipment Domestic 100,051 — — (10) 100,041 International 29,698 — — — 29,698 Other Domestic — — 12,062 — 12,062 International — — 7 — 7 Totals $ 129,749 $ 226,574 $ 50,867 $ (522) $ 406,668 |
Contract with Customer, Asset and Liability | The changes in contract assets and liabilities were as follows: January 31, January 31, $ % Change Contract assets $ 3,256 $ 7,525 $ (4,269) (56.7) % Contract liabilities $ 2,998 $ 2,288 $ 710 31.0 % |
Acquisitions of and Investmen_2
Acquisitions of and Investments in Businesses and Technologies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The Company completed the valuation of intangible assets and pre-acquisition tax filings during the first and second quarters of fiscal 2021. The following adjustments were made to the purchase price allocation during fiscal 2021: Reported January 31, 2020 Measurement Period Adjustments Adjusted Balance Current assets $ 2,080 $ — 2,080 Goodwill $ 56,022 $ (440) $ 55,582 Intangible assets, net 31,800 (600) 31,200 Other long-term assets 1,770 — 1,770 Deferred income taxes (4,158) 1,005 (3,153) Accounts payable and other current liabilities (1,462) 35 (1,427) Long-term liabilities (7,587) — (7,587) Fair value of consideration transferred, including noncontrolling interest 78,465 — 78,465 Less: redeemable noncontrolling interest 24,315 (redeemed and acquired in fiscal year 2021) Fair value of purchase price consideration transferred, excluding noncontrolling interest $ 54,150 |
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 completed at the beginning of fiscal 2019 (unaudited): (Unaudited) For the years ended January 31, 2020 2019 Net sales $ 383,418 $ 406,886 Net income attributable to Raven Industries, Inc. $ 29,685 $ 48,210 Earnings per common share Basic $ 0.82 $ 1.34 Diluted $ 0.82 $ 1.32 |
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, 2021 2020 Beginning balance $ 2,934 $ 4,172 Fair value of contingent consideration acquired — 310 Change in fair value of the liability (437) 412 Contingent consideration earn-out paid (497) (1,960) Ending balance $ 2,000 $ 2,934 Classification of liability in the Consolidated Balance Sheets Accrued Liabilities $ 2,000 $ 763 Other Liabilities, long-term — 2,171 Ending balance $ 2,000 $ 2,934 |
Goodwil, Long-lived Assets, a_2
Goodwil, Long-lived Assets, and Other Charges (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
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 operating segment are shown below: Applied Engineered Aerostar Total Balance at January 31, 2019 $ 17,076 $ 33,232 $ 634 $ 50,942 Additions due to business combinations 55,989 — — 55,989 Foreign currency translation adjustment (422) — — (422) Balance at January 31, 2020 72,643 33,232 634 106,509 Measurement period adjustments (440) — — (440) Foreign currency translation adjustment 1,608 — — 1,608 Balance at January 31, 2021 $ 73,811 $ 33,232 $ 634 $ 107,677 |
Goodwill Gross of Impairment | Goodwill gross and net of accumulated impairment losses were as follows: As of January 31, 2021 2020 Gross goodwill $ 119,174 $ 118,006 Accumulated impairment loss (11,497) (11,497) Net goodwill $ 107,677 $ 106,509 |
Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets | The following table provides the gross carrying amount for intangible assets and the related accumulated amortization of definite-lived intangible assets: For the years ended January 31, 2021 2020 Accumulated amortization Accumulated amortization Amount Net Amount Net Existing technology $ 9,263 $ (8,304) $ 959 $ 9,190 $ (7,706) $ 1,484 Customer relationships 16,128 (8,248) 7,880 16,067 (6,868) 9,199 Patents and other intangibles 7,297 (3,126) 4,171 6,678 (2,444) 4,234 In-process research and development (a) 31,575 — 31,575 31,300 — 31,300 Total $ 64,263 $ (19,678) $ 44,585 $ 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. |
The Estimated Future Amortization Expense for Identifiable Intangible Assets | The estimated future amortization expense for these definite-lived intangible assets during the next five years is as follows: 2022 2023 2024 2025 2026 Estimated amortization expense $ 2,498 $ 2,389 $ 1,907 $ 1,878 $ 1,582 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
The accumulated benefit obligation | The accumulated benefit obligation is as follows: For the years ended January 31, 2021 2020 Benefit obligation at beginning of year $ 9,073 $ 8,001 Service cost 36 27 Interest cost 280 333 Actuarial loss and assumption changes 303 1,053 Retiree benefits paid (332) (341) Benefit obligation at end of year $ 9,360 $ 9,073 |
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, 2021 2020 Amounts not yet recognized in net periodic benefit cost: Net actuarial loss $ 2,817 $ 3,070 Prior service cost 290 (253) Total pre-tax accumulated other comprehensive loss $ 3,107 $ 2,817 Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation $ 2,817 $ 1,701 Reclassification adjustments recognized in benefit cost: Recognized net (loss) (173) (97) Amortization of prior service cost 160 160 Amounts recognized in AOCI during the year: Net actuarial loss 303 1,053 Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation $ 3,107 $ 2,817 |
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, 2021 2020 Beginning liability balance $ 9,073 $ 8,001 Net periodic benefit cost 329 297 Other comprehensive loss 290 1,116 Total recognized in net periodic benefit cost and other comprehensive income 619 1,413 Retiree benefits paid (332) (341) Ending liability balance $ 9,360 $ 9,073 Current portion in accrued liabilities $ 364 $ 332 Long-term portion in other liabilities $ 8,996 $ 8,741 Assumptions used to calculate benefit obligation: Discount rate 2.90 % 3.14 % Rate of compensation increase 4.00 % 4.00 % Health care cost trend rates: Health care cost trend rate assumed for next year 6.00 % 6.17 % Ultimate health care cost trend rate 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2030 2030 Assumptions used to calculate the net periodic benefit cost: Discount rate 3.14 % 4.25 % Rate of compensation increase 4.00 % 4.00 % |
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: 2022 2023 2024 2025 2026 2027 - 2030 Expected postretirement medical and other benefit $ 369 $ 377 $ 379 $ 378 $ 384 $ 2,049 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Product Warranty Costs [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: For the years ended January 31, 2021 2020 2019 Beginning balance $ 2,019 $ 890 $ 1,163 Change in provision 2,095 3,326 1,449 Settlements made (2,046) (2,197) (1,722) Ending balance $ 2,068 $ 2,019 $ 890 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
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, 2021 2020 2019 Tax at U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of U.S. federal tax benefit 2.0 0.8 1.7 Tax credit for research activities (13.4) (4.6) (2.3) Tax benefit from foreign-derived intangible income (1.5) (1.1) (0.8) Tax benefit on insurance premiums (2.5) (1.2) (0.8) Change in uncertain tax positions 0.8 0.3 — Foreign tax rate difference (2.4) — 0.1 Impact of settlement of stock-based awards (0.1) (3.3) (2.4) Change in valuation allowances (1.7) 0.8 — Non-deductible compensation 2.0 0.8 — Other, net (2.1) — (0.8) Effective Tax Rate 2.1 % 13.5 % 15.7 % |
Significant components of the company's income tax provision | The expense (benefit) for income taxes consists of: For the years ended January 31, 2021 2020 2019 Current expense (benefit): Federal $ 3,500 $ 3,401 $ 6,910 State 688 416 1,099 Foreign 529 98 735 4,717 3,915 8,744 Deferred expense (benefit): Federal (1,508) 1,271 1,018 State (131) 204 73 Foreign (2,681) 31 (138) (4,320) 1,506 953 Income tax expense $ 397 $ 5,421 $ 9,697 |
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, 2021 2020 Deferred tax assets: Accounts receivable $ 412 $ 286 Inventories 1,487 1,152 Accrued vacation 966 778 Insurance obligations 150 205 Warranty obligations 441 454 Postretirement benefits 2,106 2,042 Uncertain tax positions 429 445 Share-based compensation 2,239 1,927 Tax loss carryforwards 6,684 3,929 Leases 1,541 962 Other accrued liabilities 1,472 952 17,927 13,132 Valuation allowance — (630) 17,927 12,502 Deferred tax (liabilities): Depreciation and amortization (17,599) (18,086) Leases (1,541) (962) Other (518) (518) (19,658) (19,566) Net deferred tax asset (liability) $ (1,731) $ (7,064) |
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, 2021 2020 2019 Gross unrecognized tax benefits at beginning of year $ 2,176 $ 2,228 $ 2,216 Increases in tax positions related to the current year 427 338 415 Increases in tax positions related to prior years 27 45 — Decreases as a result of lapses in applicable statutes of limitation (365) (435) (403) Gross unrecognized tax benefits at end of year $ 2,265 $ 2,176 $ 2,228 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Deferred Debt Issuance Costs | The unamortized debt issuance costs associated with this Credit Agreement were as follows: As of January 31, 2021 2020 Unamortized debt issuance costs (a) $ 133 $ 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. |
Schedule of Letters of Credit Oustandings | Letters of credit (LOC) issued and outstanding were as follows: As of January 31, 2021 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. |
Debt Instrument Redemption | At January 31, 2021, the Company's debt maturities based on outstanding principal were as follows: 2022 2023 2024 2025 2026 Thereafter Maturities of debt $ — $ — $ 1,981 $ — $ — $ — |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Components of Company lease costs, including operating, finance, and short-term leases are included in the table below. Depreciation of right-of-use assets, operating lease costs, and short-term lease costs are reported in net income as "Cost of sales," "Research and development expenses," or "Selling, general, and administrative expenses," depending on what business function the asset primarily supports. Interest on finance lease liabilities are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. For the years ended January 31, 2021 2020 Lease Costs: Finance Leases Depreciation of right-of-use assets $ 442 $ 413 Interest on lease liabilities 24 21 Total finance lease cost $ 466 $ 434 Operating Leases Operating lease cost $ 2,205 $ 1,536 Short-term lease cost 755 446 Total operating lease cost 2,960 1,982 Total finance and operating lease cost $ 3,426 $ 2,416 |
Lessee Disclosure- supplemental balance sheet information, cash flows, lease terms and discount rate disclosures | Supplemental balance sheet information related to operating and finance leases include: As of January 31, 2021 2020 Operating Leases Operating lease right-of-use assets $ 6,850 $ 4,275 Current lease liability $ 2,120 $ 2,272 Non-current lease liability 5,038 2,370 Total operating lease liabilities $ 7,158 $ 4,642 Finance Leases Property, plant and equipment, at cost $ 1,282 $ 881 Accumulated depreciation (532) (366) Property, plant and equipment, net $ 750 $ 515 Current lease liability $ 362 $ 258 Non-current lease liability 388 257 Total finance lease liabilities $ 750 $ 515 Weighted average remaining lease terms and discount rates include: As of January 31, 2021 2020 Weighted Average Remaining Lease Term: Operating leases 5 years 4 years Finance leases 2 years 2 years Weighted Average Discount Rate: Operating leases 2.7 % 3.5 % Finance leases 2.9 % 3.5 % Supplemental unaudited cash flow information related to operating and finance leases include: For the years ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,959 $ 1,536 Operating cash flows from finance leases $ 24 $ 21 Financing cash flows from finance leases $ 441 $ 413 |
Lessee, Operating Lease, Liability, Maturity | Future operating and finance lease obligations that have not yet commenced as of January 31, 2021, were immaterial and excluded from the lease liability schedule below accordingly. As of January 31, 2021 Operating Leases Finance Leases Fiscal 2022 $ 2,308 $ 377 Fiscal 2023 1,592 258 Fiscal 2024 1,252 116 Fiscal 2025 1,050 23 Fiscal 2026 1,065 — Thereafter 436 — Total lease payments 7,703 774 Less imputed interest (545) (24) Total lease liabilities $ 7,158 $ 750 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [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, 2021 2020 2019 Share-based compensation cost $ 6,066 $ 4,971 $ 3,951 Tax benefit $ 1,013 $ 670 $ 736 |
Weighted average assumptions by grant year | The weighted average assumptions used for the Black-Scholes option pricing model by grant year were as follows: For the year ended January 31, 2019 Risk-free interest rate 2.51 % Expected dividend yield 1.48 % Expected volatility factor 35.20 % Expected option term (in years) 4.25 Weighted average grant date fair value $ 9.83 |
Outstanding stock options | Outstanding stock options as of January 31, 2021, and activity for the year then ended are presented below: Number Weighted average exercise price Aggregate intrinsic value Weighted Outstanding, January 31, 2020 214,260 $ 25.03 Granted — — Exercised (93,475) 16.13 Forfeited (5,630) 32.5 Outstanding, January 31, 2021 115,155 $ 31.89 $ 192 1.58 Outstanding exercisable, January 31, 2021 72,855 $ 31.44 $ 138 1.47 Options vested, or expected to vest, January 31, 2021 115,155 $ 31.89 $ 192 1.58 |
Activity for RSUs under the plan | Activity for time-vested RSUs under the Plan in fiscal 2021 was as follows: Number Weighted Outstanding, January 31, 2020 300,512 $ 34.69 Granted 127,365 19.92 Vested (64,099) 30.11 Forfeited (15,827) 29.88 Outstanding, January 31, 2021 347,951 $ 30.35 Cumulative dividends, January 31, 2021 6,490 Activity for performance-based RSUs under the Plan in fiscal 2021 was as follows: Number Weighted Outstanding, January 31, 2020 159,047 $ 36.22 Granted 124,667 21.51 Vested (31,406) 29.20 Forfeited (20,416) 31.05 Performance-based adjustment (28,942) 36.48 Outstanding, January 31, 2021 202,950 $ 28.75 Cumulative dividends, January 31, 2021 3,507 |
Weighted average grant date fair values for RSUs | 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, 2021 2020 2019 Weighted average grant date fair value: time-based RSUs $ 19.92 $ 36.04 $ 35.15 Weighted average grant date fair value: performance-based RSUs $ 21.51 $ 39.01 $ 35.05 |
Outstanding stock units, Director deferred stock plan | Outstanding stock units as of January 31, 2021, and changes during the year then ended are presented below: Number of stock units Weighted average price Outstanding, January 31, 2020 129,413 $ 24.95 Granted 27,727 21.46 Deferred retainers 2,330 21.46 Dividends 1,685 21.64 Converted into common shares (9,184) 21.56 Outstanding, January 31, 2021 151,971 $ 24.43 |
Business Segments and Major C_2
Business Segments and Major Customer Information (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | Business segment financial performance and other information is as follows: For the years ended January 31, 2021 2020 2019 APPLIED TECHNOLOGY DIVISION Sales $ 147,198 $ 130,460 $ 129,749 Operating income (a)(f) 26,468 30,672 39,044 Assets (b)(c) 176,535 172,320 79,742 Capital expenditures 2,571 1,464 2,050 Depreciation and amortization 5,093 3,995 3,433 ENGINEERED FILMS DIVISION Sales (d) $ 147,921 $ 197,719 $ 226,574 Operating income (a) 15,743 28,695 39,714 Assets (b) 147,085 158,440 159,592 Capital expenditures 11,583 5,317 9,544 Depreciation and amortization 9,719 9,518 9,149 AEROSTAR DIVISION Sales $ 53,343 $ 54,443 $ 50,867 Operating income (a) 4,399 8,597 8,179 Assets (b) 22,896 26,344 21,515 Capital expenditures 1,148 652 168 Depreciation and amortization 1,065 933 891 INTERSEGMENT ELIMINATIONS Sales Applied Technology Division $ (3) $ (2) $ (10) Engineered Films Division (100) (90) (512) Aerostar Division — — — Operating income (a) 72 — (35) Assets (b) (32) (104) (104) REPORTABLE SEGMENTS TOTAL Sales (d) $ 348,359 $ 382,530 $ 406,668 Operating income (a)(f) 46,682 67,964 86,902 Assets (b) 346,484 357,000 260,745 Capital expenditures 15,302 7,433 11,762 Depreciation and amortization 15,877 14,446 13,473 CORPORATE & OTHER Operating (loss) from administrative expenses (a)(e) $ (27,031) $ (28,025) $ (31,769) Assets (b)(c)(g) 62,887 46,257 99,500 Capital expenditures 845 1,127 2,365 Depreciation and amortization 1,544 1,795 1,650 TOTAL COMPANY Sales (d) $ 348,359 $ 382,530 $ 406,668 Operating income (e)(f) 19,651 39,939 55,133 Assets 409,371 403,257 360,245 Capital expenditures 16,147 8,560 14,127 Depreciation and amortization 17,421 16,241 15,123 (a) 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. (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 the Company believes this most appropriately reflects the total assets of each 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) Applied Technology fiscal 2021 and 2020 Assets include goodwill and intangible assets related to the acquisitions of Smart Ag and DOT. These assets are further disclosed in Note 6 "Acquisitions and Investments in Business Technologies". Fiscal 2020 Assets for the Corporate & Other segment reflect the use of cash to fund the acquisitions of Smart Ag and DOT. (d) Economic conditions as a result of the global pandemic have created weak demand across a majority of Engineered Films' end-markets for fiscal 2021. Additionally, there were no sales of hurricane recovery film in fiscal 2021, while in fiscal 2020 and 2019 there were hurricane film sales of $1,860 and $14,494, respectively. (e) Fiscal 2019 administrative expenses included a $4,503 expense related to the previously announced gift to SDSU. Fiscal 2021 and 2020 included approximately $2,089 and $2,700 of expenses related to Project Atlas. Project Atlas related expenses in fiscal 2019 were approximately $4,000. (f) Applied Technology's operating income for fiscal 2021 includes $16,646 of costs and expenses incurred primarily for research and development related to Raven Autonomy™ to drive commercialization of its autonomous technology. Applied Technology's operating income for fiscal 2020 includes $2,834 of costs and expenses incurred in fourth quarter of fiscal 2020 related to Raven Autonomy™ . (g) Assets are principally cash, investments, and other receivables. |
Net Sales to Customers Outside the United States | Foreign sales are attributed to countries based on location of the customer. Net sales to customers outside the United States were as follows: For the years ended January 31, 2021 2020 2019 Canada $ 13,025 $ 12,121 $ 12,492 Europe 15,867 14,681 15,786 Latin America 6,709 8,261 5,950 Asia 5,168 3,387 7,240 Other foreign sales 4,945 3,682 6,861 Total foreign sales 45,714 42,132 48,329 United States 302,645 340,398 358,339 $ 348,359 $ 382,530 $ 406,668 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Jan. 31, 2021USD ($)ReportingUnits | Jan. 31, 2020USD ($)ReportingUnits | Jan. 31, 2019USD ($)ReportingUnits | Jan. 31, 2018 | |
Basis of Presentation and Principles of Consolidation | ||||||
Number of reportable segments | ReportingUnits | 3 | 3 | 3 | |||
Noncontrolling Interest | ||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 0 | $ 21,302 | ||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 17,853 | 0 | $ 0 | |||
Related Party Transactions [Abstract] | ||||||
Related Party Transaction, Amounts of Transaction | $ 1,954 | 3,176 | ||||
Due to Affiliate, Current | 0 | 409 | ||||
Cash and Cash Equivalents [Abstract] | ||||||
Cash and cash equivalents, on deposit in the United States | 30,721 | 14,003 | ||||
Cash held outside the United States | 2,217 | 6,704 | ||||
Equity Investments [Abstract] | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | 0 | $ 5,785 | |||
Accounts Receivable, Net, Current [Abstract] | ||||||
Unbilled Receivables, Current | $ 2,734 | $ 6,954 | ||||
Dot Technology Corp. [Member] | ||||||
Noncontrolling Interest | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 36.00% | |||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 21,302 | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 17,853 | |||||
Aerostar Integrated Systems [Member] | ||||||
Noncontrolling Interest | ||||||
Joint venture, ownership percentage | 75.00% | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 25.00% | |||||
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 | Minimum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 15 years | |||||
Building and Improvements | Maximum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 39 years | |||||
Machinery and Equipment | Applied Technology | Minimum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 3 years | |||||
Machinery and Equipment | Applied Technology | Maximum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 5 years | |||||
Machinery and Equipment | Engineered Films | Minimum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 5 years | |||||
Machinery and Equipment | Engineered Films | Maximum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 12 years | |||||
Machinery and Equipment | Aerostar | Minimum | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment useful lives | 3 years | |||||
Machinery and Equipment | 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 | |||||
AgEagle Aerial Systems | Applied Technology | ||||||
Equity Investments [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 5.00% | |||||
Variable Interest Entity, name of investee equity method investment | Ag-Eagle Aerial Systems, Inc. | |||||
SST | Applied Technology | ||||||
Equity Investments [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 22.00% | |||||
Variable Interest Entity, name of investee equity method investment | Site-Specific Technology Development Group, Inc. | |||||
Proceeds from Sale and Maturity of Other Investments | $ 6,556 | |||||
Hold-back for equity investment sold | 15.00% | |||||
SST | Applied Technology | Other Nonoperating Income (Expense) | ||||||
Equity Investments [Abstract] | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 5,785 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenues (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($)ReportingUnits | Jan. 31, 2020USD ($)ReportingUnits | Jan. 31, 2019USD ($)ReportingUnits | |
Disaggregation of Revenue [Line Items] | |||
Number of reportable segments | ReportingUnits | 3 | 3 | 3 |
Net sales | $ 348,359 | $ 382,530 | $ 406,668 |
ELIM | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (103) | (92) | (522) |
ATD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 147,198 | 130,460 | 129,749 |
EFD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 147,921 | 197,719 | 226,574 |
AERO | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 53,343 | 54,443 | 50,867 |
All Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 348,359 | 382,530 | 406,668 |
Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 302,645 | 340,398 | 358,339 |
Lighter-than-Air | Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 36,966 | 36,535 | 37,866 |
Lighter-than-Air | Domestic | AERO | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 36,966 | 36,535 | 37,866 |
Lighter-than-Air | International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 68 | 52 | 932 |
Lighter-than-Air | International | AERO | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 68 | 52 | 932 |
Plastic Films & Sheeting | Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 135,742 | 186,997 | 208,370 |
Plastic Films & Sheeting | Domestic | ELIM | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (100) | (90) | (512) |
Plastic Films & Sheeting | Domestic | EFD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 135,842 | 187,087 | 208,882 |
Plastic Films & Sheeting | International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,079 | 10,632 | 17,692 |
Plastic Films & Sheeting | International | ELIM | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Plastic Films & Sheeting | International | EFD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,079 | 10,632 | 17,692 |
Precision Agriculture Equipment | Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 113,637 | 99,135 | 100,041 |
Precision Agriculture Equipment | Domestic | ELIM | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (3) | (2) | (10) |
Precision Agriculture Equipment | Domestic | ATD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 113,640 | 99,137 | 100,051 |
Precision Agriculture Equipment | International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 33,558 | 31,323 | 29,698 |
Precision Agriculture Equipment | International | ELIM | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Precision Agriculture Equipment | International | ATD | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 33,558 | 31,323 | 29,698 |
Other | Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 16,300 | 17,731 | 12,062 |
Other | Domestic | AERO | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 16,300 | 17,731 | 12,062 |
Other | International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 9 | 125 | 7 |
Other | International | AERO | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 9 | $ 125 | $ 7 |
Revenue Changes in Contract Ass
Revenue Changes in Contract Assets and Liabilities (Details) - Short-term Contract with Customer [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Contract assets | $ 3,256 | $ 7,525 |
Contract asset $ change | $ (4,269) | |
Contract asset % change | (56.70%) | |
Contract liabilities | $ 2,998 | $ 2,288 |
Contract liability $ change | $ 710 | |
Contract liability % change | 31.00% |
Revenue from Contract with Cust
Revenue from Contract with Customer (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Performance obligations more than one year | $ 0 |
Acquisitions of and Investmen_3
Acquisitions of and Investments in Businesses and Technologies - Business Acquisition (Details) - USD ($) $ in Thousands | Nov. 13, 2019 | Nov. 01, 2019 | Jan. 01, 2019 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Business Acquisition [Line Items] | |||||||||
Goodwill, Acquired During Period | $ 55,989 | ||||||||
Goodwill | $ 107,677 | 106,509 | $ 50,942 | ||||||
Payments for redeemable noncontrolling interest | 17,853 | 0 | 0 | ||||||
Smart Ag and DOT | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 0 | ||||||||
Goodwill | $ 55,582 | $ 55,582 | 56,022 | ||||||
Applied Technology | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Acquired During Period | 55,989 | ||||||||
Goodwill | 73,811 | 72,643 | 17,076 | ||||||
Applied Technology | Smart Ag | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, effective date of acquisition | Nov. 1, 2019 | ||||||||
Name of acquired entity | Smart Ag | ||||||||
Applied Technology | Dot Technology | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, effective date of acquisition | Nov. 13, 2019 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | ||||||||
Payments for redeemable noncontrolling interest | $ 17,853 | ||||||||
Liability for Redeemed Noncontrolling interest, Current | 5,333 | ||||||||
Applied Technology | Smart Ag and DOT | |||||||||
Business Acquisition [Line Items] | |||||||||
Indefinite-lived Intangible Assets Acquired | 31,800 | ||||||||
Goodwill, Acquired During Period | 56,022 | ||||||||
Total purchase price from business acquisition | 54,000 | ||||||||
Applied Technology | AgSync | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, effective date of acquisition | Jan. 1, 2019 | ||||||||
Name of acquired entity | AgSync Inc. | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 300 | ||||||||
Total purchase price from business acquisition | $ 9,700 | ||||||||
Fair value of contingent consideration | $ 2,052 | ||||||||
Amount of goodwill that is tax deductible | 4,526 | ||||||||
Identifiable intangible assets acquired | 5,700 | ||||||||
Engineered Films | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Acquired During Period | 0 | ||||||||
Goodwill | $ 33,232 | $ 33,232 | $ 33,232 |
Purchase Price Allocation (Deta
Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 107,677 | $ 106,509 | $ 50,942 | |
Goodwill, Purchase Accounting Adjustments | $ (440) | |||
Smart Ag and DOT | ||||
Business Acquisition [Line Items] | ||||
Other current assets | $ 2,080 | 2,080 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Current Assets | 0 | |||
Goodwill | 55,582 | 56,022 | ||
Goodwill, Purchase Accounting Adjustments | (440) | |||
Intangible assets | 31,200 | 31,800 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) | |||
Other long-term assets | 1,770 | 1,770 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Long-term Assets | 0 | |||
Deferred income taxes | (3,153) | (4,158) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred taxes | 1,005 | |||
Accounts payable and other current liabilities | (1,427) | (1,462) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable and Accrued Liabilities | 35 | |||
Other Long-term Liabilities | (7,587) | (7,587) | ||
Business Combination, Provisional Information Measurement Period Adjustment, Other Long-term Liabilities | 0 | |||
Adjustment to purchase price allocation | 0 | |||
Fair value consideration transferred including redeemable noncontrolling interest | $ 78,465 | 78,465 | ||
Redeemable noncontrolling interest | 24,315 | |||
Fair value of purchase price consideration transferred excluding redeemable noncontrolling Interest | $ 54,150 |
Proforma Financial Information
Proforma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Net Sales | $ 383,418 | $ 406,886 |
Business Acquisition, Pro Forma Net Income | $ 29,685 | $ 48,210 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.82 | $ 1.34 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.82 | $ 1.32 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 0 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (2,279) |
Acquisitions of and Investmen_4
Acquisitions of and Investments in Businesses and Technologies - Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Acquisition-related contingent consideration [Roll Forward] | ||||
Beginning balance | $ 2,934 | $ 4,172 | ||
Fair value of contingent consideration acquired | 0 | 310 | ||
Change in fair value of the liability | (437) | 412 | ||
Contingent consideration earn-out paid | (497) | (1,960) | ||
Ending balance | 2,000 | 2,934 | ||
Balance Sheet Classification [Abstract] | ||||
Fair value of contingent consideration liability, current | $ 2,000 | $ 763 | ||
Fair value of contingent consideration liability, noncurrent | 0 | 2,171 | ||
Ending balance | $ 2,000 | $ 4,172 | 2,000 | 2,934 |
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 | $ 1,567 | |||
Remaining contingent obligation | 0 | |||
Applied Technology | AgSync | ||||
Balance Sheet Classification [Abstract] | ||||
Maximum amount of contingent consideration to be paid | 3,500 | |||
Duration for payments of contingent consideration | 3 years | |||
Business acquisition contingent consideration cumulative paid | $ 0 | |||
Applied Technology | Raven Europe | ||||
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 | $ 2,500 | |||
Remaining contingent obligation | $ 0 |
Goodwil, Long-lived Assets, a_3
Goodwil, Long-lived Assets, and Other Charges - Goodwill Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($)ReportingUnits | Oct. 31, 2020ReportingUnits | Oct. 31, 2019ReportingUnits | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($)ReportingUnits | |
Goodwill [Line Items] | ||||||
Number reporting units for Goodwill impairment analysis | ReportingUnits | 4 | 4 | 3 | 3 | ||
Goodwill | $ 106,509 | $ 107,677 | $ 106,509 | $ 50,942 | ||
Operating Income (Loss) | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 0 | 0 | 0 | |||
Applied Technology | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 72,643 | $ 73,811 | $ 72,643 | $ 17,076 | ||
Applied Technology | Autonomy | ||||||
Goodwill [Line Items] | ||||||
Percentage of fair value in excess of carrying amount | 20.00% | |||||
Goodwill | $ 56,613 |
Goodwil, Long-lived Assets, a_4
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, 2021 | Jan. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 106,509 | $ 50,942 |
Goodwill, Acquired During Period | 55,989 | |
Goodwill, Purchase Accounting Adjustments | (440) | |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,608 | (422) |
Goodwill, end balance | 107,677 | 106,509 |
Applied Technology | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 72,643 | 17,076 |
Goodwill, Acquired During Period | 55,989 | |
Goodwill, Purchase Accounting Adjustments | (440) | |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,608 | (422) |
Goodwill, end balance | 73,811 | 72,643 |
Engineered Films | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 33,232 | 33,232 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 |
Goodwill, end balance | 33,232 | 33,232 |
Aerostar | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 634 | 634 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 |
Goodwill, end balance | $ 634 | $ 634 |
Goodwil, Long-lived Assets, a_5
Goodwil, Long-lived Assets, and Other Charges - Schedule of Goodwill Gross of Impairment (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross goodwill | $ 119,174 | $ 118,006 | |
Accumulated impairment loss | (11,497) | (11,497) | |
Net goodwill | $ 107,677 | $ 106,509 | $ 50,942 |
Goodwil, Long-lived Assets, a_6
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, 2021 | Jan. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 64,263 | $ 63,235 |
Accumulated Amortization | (19,678) | (17,018) |
Intangible assets, net | 44,585 | 46,217 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 31,575 | 31,300 |
Accumulated Amortization | 0 | 0 |
Existing Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 9,263 | 9,190 |
Accumulated Amortization | (8,304) | (7,706) |
Net | 959 | 1,484 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 16,128 | 16,067 |
Accumulated Amortization | (8,248) | (6,868) |
Net | 7,880 | 9,199 |
Patented Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 7,297 | 6,678 |
Accumulated Amortization | (3,126) | (2,444) |
Net | $ 4,171 | $ 4,234 |
Goodwil, Long-lived Assets, a_7
Goodwil, Long-lived Assets, and Other Charges - The Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Estimated amortization expense | |
2022 | $ 2,498 |
2023 | 2,389 |
2024 | 1,907 |
2025 | 1,878 |
2026 | $ 1,582 |
Goodwil, Long-lived Assets, a_8
Goodwil, Long-lived Assets, and Other Charges - Long-lived Asset Impairment (Details) - Operating Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | ||
Long-lived asset impairment loss | $ 0 | $ 0 | $ 0 |
- Employee Retirement Benefits
- Employee Retirement Benefits (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($)contribution_plan | Jan. 31, 2020USD ($)contribution_plan | Jan. 31, 2019USD ($)contribution_plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of defined contribution plans | contribution_plan | 1 | 1 | 1 |
Defined contribution current payroll matching percentage | 5.00% | 5.00% | 5.00% |
Participant contribution rate for company stock, maximum | 10.00% | 10.00% | 10.00% |
Total contribution expense | $ 3,935 | $ 3,696 | $ 3,006 |
Deferred Compensation liability, current and noncurrent | 1,697 | 1,363 | |
Deferred compensation assets held in rabbi trust | $ 1,691 | $ 1,358 | |
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% | 10.00% |
Percentage of participant balance allowed in Raven Common stock | 10.00% | 10.00% | 10.00% |
Employee Retirement Benefits -
Employee Retirement Benefits - The accumulated benefit obligation (Details) - Other Postretirement Benefit Plan, Defined Benefit $ in Thousands | 12 Months Ended | |
Jan. 31, 2021USD ($)basesppoints | Jan. 31, 2020USD ($)basesppoints | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | $ 9,073 | $ 8,001 |
Service cost | 36 | 27 |
Interest cost | 280 | 333 |
Actuarial loss and assumption changes | 303 | 1,053 |
Retiree benefits paid | (332) | (341) |
Benefit obligation at end of year | 9,360 | $ 9,073 |
Plan assets on unfunded plan | $ 0 | |
Defined benefit plan change in discount rate | basesppoints | 24 | 111 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | $ 31 | $ 400 |
Employee Retirement Benefits _2
Employee Retirement Benefits - Pre-tax adjustment to accumulated benefit obligation (Details) - Other Postretirement Benefit Plan, Defined Benefit - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Net actuarial loss | $ 2,817 | $ 3,070 | ||
Prior service cost | 290 | (253) | ||
Total pre-tax accumulated other comprehensive loss | $ 3,107 | $ 1,701 | 3,107 | $ 2,817 |
Pre-tax accumulated other comprehensive loss - beginning of year related to benefit obligation | 2,817 | 1,701 | ||
Recognized net (loss) | (173) | (97) | ||
Amortization of prior service cost | 160 | 160 | ||
Net actuarial loss | 303 | 1,053 | ||
Pre-tax accumulated other comprehensive loss - end of year related to benefit obligation | $ 3,107 | $ 2,817 | ||
Expected postretirement medical and other benefit payments in fiscal 2022 | $ 369 |
Employee Retirement Benefits _3
Employee Retirement Benefits - The liability and expense reflected in the balance sheet and income statement (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Long-term portion in other liabilities | $ 8,996,000 | $ 8,741,000 |
Other Postretirement Benefit Plan, Defined Benefit | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 9,073,000 | 8,001,000 |
Net periodic benefit cost | 329,000 | 297,000 |
Other comprehensive loss | 290,000 | 1,116,000 |
Total recognized in net periodic benefit cost and other comprehensive income | 619,000 | 1,413,000 |
Retiree benefits paid | (332,000) | (341,000) |
Benefit obligation at end of year | 9,360,000 | 9,073,000 |
Current portion in accrued liabilities | 364,000 | 332,000 |
Long-term portion in other liabilities | $ 8,996,000 | $ 8,741,000 |
Assumptions used to calculate benefit obligation: | ||
Discount rate | 2.90% | 3.14% |
Rate of compensation increase | 4.00% | 4.00% |
Health care cost trend rate assumed for next year | 6.00% | 6.17% |
Ultimate health care cost trend rate | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2030 | 2030 |
Assumptions used to calculate the net periodic benefit cost: | ||
Discount rate | 3.14% | 4.25% |
Rate of compensation increase | 4.00% | 4.00% |
Defined Benefit Plan, Expected future payments | ||
2022 | $ 369,000 | |
2023 | 377,000 | |
2024 | 379,000 | |
2025 | 378,000 | |
2026 | 384,000 | |
2027-2030 | $ 2,049,000 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 2,019 | $ 890 | $ 1,163 |
Change in provision | 2,095 | 3,326 | 1,449 |
Settlements made | (2,046) | (2,197) | (1,722) |
Ending balance | $ 2,068 | $ 2,019 | $ 890 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Total unrecognized tax benefits that, if recognized, would affect the company's effective tax rate | $ 2,264 | $ 2,162 | $ 2,183 |
Accrued interest and penalties related to unrecognized tax benefits | 427 | $ 430 | $ 442 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 0 | ||
United States | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, domestic | 25,356 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Pre-tax book income, foreign | $ (6,181) |
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, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of U.S. federal benefit | 2.00% | 0.80% | 1.70% |
Tax credit for research activities | (13.40%) | (4.60%) | (2.30%) |
Tax Benefit from foreign derived intangible income | (1.50%) | (1.10%) | (0.80%) |
Tax benefit on insurance premiums | (2.50%) | (1.20%) | (0.80%) |
Change in uncertain tax positions | 0.80% | 0.30% | 0.00% |
Foreign Tax Rate Difference | (2.40%) | 0.00% | 0.10% |
Impact of settlement of stock based awards | (0.10%) | (3.30%) | (2.40%) |
Change in Deferred Tax Assets Valuation Allowance | (1.70%) | 0.80% | 0.00% |
Nondeductible Expense, Compensation | 2.00% | 0.80% | 0.00% |
Other adjustments, net | (2.10%) | 0.00% | (0.80%) |
Effective income tax rate | 2.10% | 13.50% | 15.70% |
Income Taxes - Significant comp
Income Taxes - Significant components of the company's income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 3,500 | $ 3,401 | $ 6,910 |
Current State and Local Tax Expense (Benefit) | 688 | 416 | 1,099 |
Current Foreign Tax Expense (Benefit) | 529 | 98 | 735 |
Currentl tax expense | 4,717 | 3,915 | 8,744 |
Deferred Federal Income Tax Expense (Benefit) | (1,508) | 1,271 | 1,018 |
Deferred State and Local Income Tax Expense (Benefit) | (131) | 204 | 73 |
Deferred Foreign Income Tax Expense (Benefit) | (2,681) | 31 | (138) |
Deferred expense (benefit) | (4,320) | 1,506 | 953 |
Income tax expense | $ 397 | $ 5,421 | $ 9,697 |
Income Taxes - Significant co_2
Income Taxes - Significant components of the company's deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current deferred tax assets: | ||
Accounts receivable | $ 412 | $ 286 |
Inventories | 1,487 | 1,152 |
Accrued vacation | 966 | 778 |
Insurance obligations | 150 | 205 |
Warranty obligations | 441 | 454 |
Postretirement benefits | 2,106 | 2,042 |
Uncertain tax positions | 429 | 445 |
Share-based compensation | 2,239 | 1,927 |
Tax Loss Carryforwards | 6,684 | 3,929 |
Leases | 1,541 | 962 |
Other accrued liabilities | 1,472 | 952 |
Deferred Tax Assets, Gross | 17,927 | 13,132 |
Deferred Tax Assets, Valuation Allowance | 0 | (630) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 17,927 | 12,502 |
Deferred tax(liabilities): | ||
Depreciation and amortization | (17,599) | (18,086) |
Deferred Tax Liabilities, Leasing Arrangements | (1,541) | (962) |
Deferred Tax Liabilities, Other | (518) | (518) |
Deferred Tax Liabilities, Gross | (19,658) | (19,566) |
Net Deferred Tax (Liability), | $ (1,731) | $ (7,064) |
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, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 2,176 | $ 2,228 | $ 2,216 |
Increases in tax positions related to the current year | 427 | 338 | 415 |
Increases in tax positions related to prior years | 27 | 45 | 0 |
Decreases as a result of a lapse in applicable statute of limitations | (365) | (435) | (403) |
Gross unrecognized tax benefits at end of year | $ 2,265 | $ 2,176 | $ 2,228 |
Debt (Details)
Debt (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021USD ($)numberOfInstallmentPayments | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Jan. 31, 2021CAD ($) | |
WEDC | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity under line of credit | $ 4,000 | $ 5,000 | ||
Number of Monthly installments to pay | numberOfInstallmentPayments | 60 | |||
Other Long-term Debt | $ 1,981 | |||
Interest rate at a future date | 3.00% | |||
Repayments of Lines of Credit | $ 0 | |||
Line of Credit Facility, Increase, Accrued Interest | 0 | |||
Bank of America | ||||
Line of Credit Facility [Line Items] | ||||
Annual administrative and unborrowed capacity fees | $ 79 | $ 181 | $ 212 | |
Debt Instrument, Covenant Compliance | The Company is in compliance with all financial covenants as of January 31, 2021. | |||
Borrowing outstanding under line of credit | $ 0 | $ 0 | ||
Borrowing capacity under line of credit | 100,000 | |||
Remaining borrowing capacity under the line of credit | $ 100,000 |
Debt - Debt Issuance Costs (Det
Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Bank of America | ||
Line of Credit Facility [Line Items] | ||
Unamortized debt issuance costs(a) | $ 133 | $ 215 |
Debt - Letters of Credit Outsta
Debt - Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Wells Fargo | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding (a) | $ 50 | $ 50 |
Five Year Payment requirements
Five Year Payment requirements (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 1,981 |
2025 | 0 |
2026 | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 0 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 5 years | |
Lessee, Operating Lease, Renewal Term | 5 years | |
Depreciation of right-of-use assets | $ 442 | $ 413 |
Interest on lease liability | 24 | 21 |
Lessee, total financing lease costs | 466 | 434 |
Operating lease, cost | 2,205 | 1,536 |
Short-term Lease, cost | 755 | 446 |
Total operating lease cost | 2,960 | 1,982 |
Total financing and operating lease cost | $ 3,426 | $ 2,416 |
Leases Balance Sheet Lease Info
Leases Balance Sheet Lease Information (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease right-of-use asset | $ 6,850 | $ 4,275 |
Property, plant and equipment, gross | 258,302 | 242,682 |
Accumulated Depreciation | (152,295) | (141,832) |
Property, plant and equipment, net | 106,007 | 100,850 |
Finance Lease, Liability, Total | 750 | 515 |
Accrued Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Current | 2,120 | 2,272 |
Finance Lease, Liability, Current | 362 | 258 |
Other Noncurrent Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Noncurrent | 5,038 | 2,370 |
Finance Lease, Liability, Noncurrent | 388 | 257 |
Current and Long-term Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Total | 7,158 | 4,642 |
Right of Use Asset, Financing Lease | ||
Lessee, Lease, Description [Line Items] | ||
Property, plant and equipment, gross | 1,282 | 881 |
Accumulated Depreciation | (532) | (366) |
Property, plant and equipment, net | $ 750 | $ 515 |
Leases Weighted Average Lease T
Leases Weighted Average Lease Terms and Discount Rate (Details) | Jan. 31, 2021 | Jan. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 4 years |
Finance Lease, Weighted Average Remaining Lease Term | 2 years | 2 years |
Operating Lease, Weighted Average Discount Rate, Percent | 2.70% | 3.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 2.90% | 3.50% |
Leases Cash Flow (Details)
Leases Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 1,959 | $ 1,536 |
Finance Lease, Interest Payment on Liability | 24 | 21 |
Finance Lease, Principal Payments | $ 441 | $ 413 |
Leases Operating and Financing
Leases Operating and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 2,308 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,592 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,252 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,050 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,065 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 436 | |
Lessee, Operating Lease, Liability, Payments, Due, Total | 7,703 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 377 | |
Finance Lease, Liability, Payments, Due Year Two | 258 | |
Finance Lease, Liability, Payments, Due Year Three | 116 | |
Finance Lease, Liability, Payments, Due Year Four | 23 | |
Finance Lease, Liability, Payments, Due Year Five | 0 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | |
Finance Lease, Liability, Payment, Due, Total | 774 | |
Finance Lease, Liability, Undiscounted Excess Amount | (24) | |
Finance Lease, Liability | 750 | $ 515 |
Current and Long-term Liabilities | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (545) | |
Operating Lease, Liability | $ 7,158 | $ 4,642 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Jan. 31, 2021 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2020 | |
Loss Contingencies [Line Items] | |||||
Recorded Unconditional Purchase Obligation Due in Next Twelve Months | $ 40,000 | ||||
Charitable Gift | |||||
Loss Contingencies [Line Items] | |||||
Long-term purchase commitment, amount | $ 5,000 | ||||
Loss Contingency, Loss in Period | $ 4,503 | ||||
Loss Contingency, Accrual, Current | 691 | $ 691 | |||
Loss Contingency, Accrual, Noncurrent | 1,300 | 1,916 | |||
Loss Contingency Accrual | 1,991 | $ 2,607 | |||
Loss Contingency Accrual, Payments | $ 2,860 | ||||
Selling, General and Administrative Expenses | Charitable Gift | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Loss in Period | $ 4,503 |
Share Based Compensation (Detai
Share Based Compensation (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($)AwardDirectorPlansshares | Jan. 31, 2020USD ($)Awardshares | Jan. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share based compensation plans | Plans | 2 | ||
Granted, number of options (in shares) | 0 | 0 | |
Expiration period | 5 years | ||
Intrinsic value of options exercised | $ | $ 1,157 | $ 2,620 | $ 7,568 |
Stock Option Awards, vested in period fair value | $ | $ 453 | $ 749 | 892 |
Weighted average period to recognize costs associated with non-vested awards in years | 1 year 15 days | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 78 | ||
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 27,727 | ||
stock unit to share conversion | 1 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 151,971 | 129,413 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of directors on Personnel and Compensation Committee | Director | 2 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of award types | Award | 1 | 1 | |
Weighted average period to recognize costs associated with non-vested awards in years | 1 year 9 months 18 days | ||
Total unrecognized compensation cost net of estimated forfeitures | $ | $ 7,891 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested | $ | 1,996 | $ 6,120 | 2,468 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ | $ 1,952 | $ 5,948 | $ 2,477 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 550,901 | ||
2019 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,300,000 | ||
Remaining shares available for grant | 886,842 | ||
Maximum exercise period | 10 years | ||
2019 Stock Incentive Plan | Time-vested RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 127,365 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 347,951 | 300,512 | |
2019 Stock Incentive Plan | Performance-based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 124,667 | ||
Percentage of target award | 100.00% | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 202,950 | 159,047 | |
2019 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% | ||
2019 Stock Incentive Plan | Performance-based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance shares target award | 200.00% | ||
2019 Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ | $ 17,778 | ||
2010 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for grant under the plan | 930,194 |
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, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation cost | $ 6,066 | $ 4,971 | $ 3,951 |
Tax benefit | $ 1,013 | $ 670 | $ 736 |
Share Based Compensation - Weig
Share Based Compensation - Weighted average assumptions by grant year (Details) | 12 Months Ended |
Jan. 31, 2019$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 2.51% |
Expected dividend yield | 1.48% |
Expected volatility factor | 35.20% |
Expected option term (in years) | 4 years 3 months |
Weighted average grant date fair value | $ 9.83 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Number of options | ||
Outstanding, beginning of period (in shares) | 214,260 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (93,475) | |
Forfeited (in shares) | (5,630) | |
Outstanding, end of period (in shares) | 115,155 | 214,260 |
Number of options, outstanding exercisable, end of period | 72,855 | |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, number | 115,155 | |
Weighted average exercise price | ||
Outstanding, beginning of period (in usd per share) | $ 25.03 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 16.13 | |
Forfeited (in usd per share) | 32.5 | |
Outstanding, end of period (in usd per share) | 31.89 | $ 25.03 |
Weighted average exercise price, Outstanding exercisable, end of period | 31.44 | |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, weighted average exercise price | $ 31.89 | |
Aggregate intrinsic value, Outstanding, end of period | $ 192 | |
Aggregate intrinsic value, Outstanding exercisable, end of period | $ 138 | |
Weighted average remaining contractual term (years), Outstanding, end of period | 1 year 6 months 29 days | |
Weighted average remaining contractual term (years), Outstanding exercisable, end of period | 1 year 5 months 19 days | |
Share-based compensation arrangement by share-based payment award, options, vested and expected to Vest, outstanding, weighted average remaining contractual term | 1 year 6 months 29 days |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Units (Details) - 2019 Stock Incentive Plan - $ / shares | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Time-vested RSUs | |||
Number of restricted stock units | |||
Outstanding, beginning of period (in shares) | 300,512 | ||
Granted (in shares) | 127,365 | ||
Vested (in shares) | (64,099) | ||
Forfeited (in shares) | (15,827) | ||
Outstanding, end of period (in shares) | 347,951 | 300,512 | |
Weighted average grant date fair value | |||
Outstanding, beginning of period (in usd per share) | $ 34.69 | ||
Granted (in usd per share) | 19.92 | $ 36.04 | $ 35.15 |
Vested (in usd per share) | 30.11 | ||
Forfeited (in usd per share) | 29.88 | ||
Outstanding, end of period (in usd per share) | $ 30.35 | $ 34.69 | |
Cumulative dividends, end of period | 6,490 | ||
Performance-based Restricted Stock Units | |||
Number of restricted stock units | |||
Outstanding, beginning of period (in shares) | 159,047 | ||
Granted (in shares) | 124,667 | ||
Vested (in shares) | (31,406) | ||
Forfeited (in shares) | (20,416) | ||
Performance-based adjustment (in shares) | (28,942) | ||
Outstanding, end of period (in shares) | 202,950 | 159,047 | |
Weighted average grant date fair value | |||
Outstanding, beginning of period (in usd per share) | $ 36.22 | ||
Granted (in usd per share) | 21.51 | $ 39.01 | $ 35.05 |
Vested (in usd per share) | 29.20 | ||
Forfeited (in usd per share) | 31.05 | ||
Performance-based adjustment (in usd per share) | 36.48 | ||
Outstanding, end of period (in usd per share) | $ 28.75 | $ 36.22 | |
Cumulative dividends, end of period | 3,507 |
Share Based Compensation - Ou_2
Share Based Compensation - Outstanding stock units (Details) - Director | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Number of stock units | |
Outstanding, beginning of period (in shares) | shares | 129,413 |
Granted (in shares) | shares | 27,727 |
Deferred retainers (in shares) | shares | 2,330 |
Dividends (in shares) | shares | 1,685 |
Vested (in shares) | shares | (9,184) |
Outstanding, end of period (in shares) | shares | 151,971 |
Weighted average price | |
Outstanding, beginning of period (in usd per share) | $ / shares | $ 24.95 |
Granted (in usd per share) | $ / shares | 21.46 |
Deferred retainers (in usd per share) | $ / shares | 21.46 |
Dividends (in usd per share) | $ / shares | 21.64 |
Vested (in usd per share) | $ / shares | 21.56 |
Outstanding, end of period (in usd per share) | $ / shares | $ 24.43 |
Business Segments and Major C_3
Business Segments and Major Customer Information (Details) - customer | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Concentration risk, number of customers | 1 | 0 | 0 |
Maximum | |||
Segment Reporting Information [Line Items] | |||
Percentage of Participant balance transferred into Raven common stock | 10.00% | 10.00% | 10.00% |
One Customer | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Business Segments and Major C_4
Business Segments and Major Customer Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 348,359 | $ 382,530 | $ 406,668 |
Operating income(a) | 19,651 | 39,939 | 55,133 |
Assets(b) | 409,371 | 403,257 | 360,245 |
Capital expenditures | 16,147 | 8,560 | 14,127 |
Depreciation and amortization | 17,421 | 16,241 | 15,123 |
Applied Technology | |||
Segment Reporting Information [Line Items] | |||
Net sales | 147,198 | 130,460 | 129,749 |
Applied Technology | Autonomy | |||
Segment Reporting Information [Line Items] | |||
Operating Expenses | 16,646 | 2,834 | |
Engineered Films | |||
Segment Reporting Information [Line Items] | |||
Net sales | 147,921 | 197,719 | 226,574 |
Engineered Films | Hurricane Recovery Film | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 1,860 | 14,494 |
Aerostar | |||
Segment Reporting Information [Line Items] | |||
Net sales | 53,343 | 54,443 | 50,867 |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Operating income(a) | (27,031) | (28,025) | (31,769) |
Assets(b) | 62,887 | 46,257 | 99,500 |
Capital expenditures | 845 | 1,127 | 2,365 |
Depreciation and amortization | 1,544 | 1,795 | 1,650 |
Corporate & Other | Project Atlas | |||
Segment Reporting Information [Line Items] | |||
Other General and Administrative Expense | 2,089 | 2,700 | 4,000 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 348,359 | 382,530 | 406,668 |
Operating income(a) | 46,682 | 67,964 | 86,902 |
Assets(b) | 346,484 | 357,000 | 260,745 |
Capital expenditures | 15,302 | 7,433 | 11,762 |
Depreciation and amortization | 15,877 | 14,446 | 13,473 |
Operating Segments | Applied Technology | |||
Segment Reporting Information [Line Items] | |||
Net sales | 147,198 | 130,460 | 129,749 |
Operating income(a) | 26,468 | 30,672 | 39,044 |
Assets(b) | 176,535 | 172,320 | 79,742 |
Capital expenditures | 2,571 | 1,464 | 2,050 |
Depreciation and amortization | 5,093 | 3,995 | 3,433 |
Operating Segments | Engineered Films | |||
Segment Reporting Information [Line Items] | |||
Net sales | 147,921 | 197,719 | 226,574 |
Operating income(a) | 15,743 | 28,695 | 39,714 |
Assets(b) | 147,085 | 158,440 | 159,592 |
Capital expenditures | 11,583 | 5,317 | 9,544 |
Depreciation and amortization | 9,719 | 9,518 | 9,149 |
Operating Segments | Aerostar | |||
Segment Reporting Information [Line Items] | |||
Net sales | 53,343 | 54,443 | 50,867 |
Operating income(a) | 4,399 | 8,597 | 8,179 |
Assets(b) | 22,896 | 26,344 | 21,515 |
Capital expenditures | 1,148 | 652 | 168 |
Depreciation and amortization | 1,065 | 933 | 891 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating income(a) | 72 | 0 | (35) |
Assets(b) | (32) | (104) | (104) |
Intersegment Eliminations | Applied Technology | |||
Segment Reporting Information [Line Items] | |||
Net sales | (3) | (2) | (10) |
Intersegment Eliminations | Engineered Films | |||
Segment Reporting Information [Line Items] | |||
Net sales | (100) | (90) | (512) |
Intersegment Eliminations | Aerostar | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 0 | $ 0 | 0 |
Charitable Gift | |||
Segment Reporting Information [Line Items] | |||
Loss Contingency, Loss in Period | $ 4,503 |
Business Segments and Major C_5
Business Segments and Major Customer Information - Sales to countries outside the United States (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 348,359 | $ 382,530 | $ 406,668 |
All foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 45,714 | 42,132 | 48,329 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 13,025 | 12,121 | 12,492 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 15,867 | 14,681 | 15,786 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,709 | 8,261 | 5,950 |
Asia | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,168 | 3,387 | 7,240 |
Other foreign sales | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,945 | 3,682 | 6,861 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 302,645 | $ 340,398 | $ 358,339 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,380 | $ 739 | $ 978 |
Charged to Costs and Expenses | 1,530 | 816 | 37 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions From Reserves | 966 | 175 | 276 |
Balance at End of Year | $ 1,944 | $ 1,380 | $ 739 |