Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2021 | May 21, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-07982 | |
Entity Registrant Name | RAVEN INDUSTRIES, INC. | |
Entity Central Index Key | 0000082166 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0246171 | |
Entity Address, Address Line One | 205 East 6th Street, P.O. Box 5107 | |
Entity Address, City or Town | Sioux Falls | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57117-5107 | |
City Area Code | 605 | |
Local Phone Number | 336-2750 | |
Title of 12(g) Security | Common Stock, $1 par value | |
Trading Symbol | RAVN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 35,917,637 | |
Entity Shell Company | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 17,764 | $ 32,938 |
Accounts receivable, net | 68,064 | 48,669 |
Inventories, net | 63,407 | 52,703 |
Other current assets | 7,904 | 5,776 |
Total current assets | 157,139 | 140,086 |
Property, plant and equipment, net | 107,905 | 106,007 |
Goodwill | 109,284 | 107,677 |
Intangible assets, net | 46,074 | 44,585 |
Other assets | 10,437 | 11,016 |
TOTAL ASSETS | 430,839 | 409,371 |
Current liabilities | ||
Accounts payable | 22,535 | 18,639 |
Accrued liabilities | 33,836 | 30,401 |
Other current liabilities | 3,751 | 2,998 |
Total current liabilities | 60,122 | 52,038 |
Long-term debt | 2,895 | 1,981 |
Other liabilities | 23,837 | 23,997 |
Liabilities, Total | 86,854 | 78,016 |
Commitments and contingencies (see Note 11) | ||
Shareholders' equity | ||
Common stock, $1 par value, authorized shares 100,000; issued 67,583 and 67,533, respectively | 67,583 | 67,533 |
Additional paid-in capital | 67,266 | 66,670 |
Retained earnings | 321,296 | 311,676 |
Accumulated other comprehensive loss | (977) | (3,341) |
Treasury stock at cost, 31,665 and 31,665 shares, respectively | (111,183) | (111,183) |
Total shareholders' equity | 343,985 | 331,355 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 430,839 | $ 409,371 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,583,000 | 67,533,000 |
Treasury Stock, Common, Shares | 31,665,000 | 31,665,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 112,486 | $ 86,496 |
Cost of sales | 72,500 | 58,029 |
Gross profit | 39,986 | 28,467 |
Research and development expenses | 11,462 | 10,505 |
Selling, general, and administrative expenses | 16,951 | 14,023 |
Operating income | 11,573 | 3,939 |
Other income (expense), net | 30 | (468) |
Income before income taxes | 11,603 | 3,471 |
Income tax expense (benefit) | 1,983 | (478) |
Net income | 9,620 | 3,949 |
Net loss attributable to redeemable noncontrolling interest | 0 | (98) |
Net income attributable to Raven Industries, Inc. | $ 9,620 | $ 4,047 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.27 | $ 0.11 |
Diluted (in dollars per share) | $ 0.26 | $ 0.11 |
Comprehensive income: | ||
Net income | $ 9,620 | $ 3,949 |
Other comprehensive income (loss): | ||
Foreign currency translation | 2,344 | (2,579) |
Postretirement benefits, net of income tax (expense) benefit of $(5) and $1, respectively | 20 | (3) |
Other comprehensive income (loss), net of tax | 2,364 | (2,582) |
Comprehensive income | 11,984 | 1,367 |
Comprehensive loss attributable to redeemable noncontrolling interest | 0 | (98) |
Comprehensive income attributable to Raven Industries, Inc. | 11,984 | 1,465 |
Supplemental Income Statement Elements [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (5) | $ 1 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | $1 Par Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | redeemable noncontrolling interest [Member] |
Balance at beginning of period at Jan. 31, 2020 | $ 314,646 | $ 67,436 | $ 61,508 | $ (111,183) | $ 302,300 | $ (5,415) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 4,047 | 4,047 | |||||
Other comprehensive income (loss): | |||||||
Cumulative foreign currency translation adjustment | (2,579) | (2,579) | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (3) | (3) | |||||
Reclassification and Redeption of Noncontrolling Interest (see Note 1) | 215 | 215 | |||||
Cash dividends | (4,658) | 90 | (4,748) | ||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (113) | 11 | (124) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (627) | 53 | (680) | ||||
Share-based compensation | 1,496 | 1,496 | |||||
Balance at end of period at Apr. 30, 2020 | $ 312,424 | 67,500 | 62,505 | (111,183) | 301,599 | (7,997) | |
Other comprehensive income (loss): | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 1 | ||||||
Temporary Equity, Carrying Amount, Beginning Balance at Jan. 31, 2020 | $ 21,302 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Net Income | (98) | ||||||
Recalassification and Redemption of Noncontrolling Interest (see Note 1) | (21,204) | ||||||
Temporary Equity, Carrying Amount, Ending Balance at Apr. 30, 2020 | 0 | ||||||
Balance at beginning of period at Jan. 31, 2021 | 331,355 | 67,533 | 66,670 | (111,183) | 311,676 | (3,341) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 9,620 | 9,620 | |||||
Other comprehensive income (loss): | |||||||
Cumulative foreign currency translation adjustment | 2,344 | 2,344 | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 20 | 20 | |||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (41) | 1 | (42) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (1,047) | 49 | (1,096) | ||||
Share-based compensation | 1,734 | 1,734 | |||||
Balance at end of period at Apr. 30, 2021 | 343,985 | $ 67,583 | $ 67,266 | $ (111,183) | $ 321,296 | $ (977) | |
Other comprehensive income (loss): | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (5) | ||||||
Temporary Equity, Carrying Amount, Beginning Balance at Jan. 31, 2021 | 0 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Net Income | 0 | ||||||
Temporary Equity, Carrying Amount, Ending Balance at Apr. 30, 2021 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 9,620 | $ 3,949 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,511 | 4,176 |
Change in fair value of acquisition-related contingent consideration | 0 | (55) |
Deferred income taxes | 49 | (1,060) |
Share-based compensation expense | 1,734 | 1,496 |
Other operating activities, net | (178) | (159) |
Change in operating assets and liabilities: | ||
Accounts receivable | (20,706) | 937 |
Inventories | (10,592) | (4,008) |
Other assets | (2,168) | (715) |
Operating liabilities | 9,951 | 7,290 |
Net cash provided by (used in) operating activities | (7,779) | 11,851 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (5,605) | (4,434) |
Purchases of investments | (587) | (98) |
Proceeds from sale of assets | 263 | 251 |
Other investing activities | (1,112) | (9) |
Net cash used in investing activities | (7,041) | (4,290) |
FINANCING ACTIVITIES: | ||
Dividends paid | 0 | (4,658) |
Proceeds from debt | 815 | 50,150 |
Tax withholding on vesting of restricted stock | (1,047) | (627) |
Employee stock options exercises | (41) | (113) |
Other financing activities | (116) | (104) |
Net cash provided by (used in) financing activities | (389) | 44,648 |
Effect of Exchange Rate on Cash and Cash Equivalents | 35 | (335) |
Net Increase in Cash and Cash Equivalents | (15,174) | 51,874 |
Cash and Cash Equivalents, Beginning Balance | 32,938 | 20,707 |
Cash and Cash Equivalents, Ending Balance | $ 17,764 | $ 72,581 |
Balance Sheet Information
Balance Sheet Information | 3 Months Ended |
Apr. 30, 2021 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | SELECTED BALANCE SHEET INFORMATION Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2021 January 31, 2021 Accounts receivable, net: Trade accounts $ 63,788 $ 47,879 Unbilled receivables 6,157 2,734 Allowance for credit losses (1,881) (1,944) $ 68,064 $ 48,669 Inventories, net: Finished goods $ 12,535 $ 7,684 In process 1,270 759 Materials 49,602 44,260 $ 63,407 $ 52,703 Other current assets: Income tax receivable 876 1,440 Prepaid expenses and other 7,028 4,336 $ 7,904 $ 5,776 Property, plant and equipment, net: (a) Land $ 3,117 $ 3,117 Buildings and improvements 86,785 84,651 Machinery and equipment 172,808 169,252 Financing lease right-of-use assets 1,245 1,282 263,955 258,302 Accumulated depreciation (156,050) (152,295) $ 107,905 $ 106,007 Other assets: Equity investments $ 1,748 $ 1,595 Operating lease right-of-use assets 6,216 6,850 Deferred income taxes 352 360 Other 2,121 2,211 $ 10,437 $ 11,016 Accrued liabilities: Salaries and related $ 6,588 $ 4,881 Benefits 6,508 6,255 Insurance obligations 1,746 1,896 Warranties 2,655 2,068 Income taxes 1,406 238 Other taxes 1,838 2,386 Acquisition-related contingent consideration 2,000 2,000 Lease liability 2,135 2,482 Other 8,960 8,195 $ 33,836 $ 30,401 Other liabilities: Postretirement benefits $ 8,999 $ 8,996 Lease liability 4,989 5,426 Deferred income taxes 2,264 2,091 Uncertain tax positions 2,759 2,692 Other 4,826 4,792 $ 23,837 $ 23,997 (a) Includes assets held for use and assets held for sale. The amount of assets held for sale at April 30, 2021, and January 31, 2021, were not material. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average common shares and fully vested stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding, which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units, and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. Certain outstanding options and restricted stock units were excluded from the diluted net income per share calculations because their effect would have been anti-dilutive under the treasury stock method. The options and restricted stock units excluded from the diluted net income per share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 110,906 321,454 The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 9,620 $ 4,047 Denominator: Weighted average common shares outstanding 35,885,444 35,797,939 Weighted average fully vested stock units outstanding 151,971 129,672 Denominator for basic calculation 36,037,415 35,927,611 Weighted average common shares outstanding 35,885,444 35,797,939 Weighted average fully vested stock units outstanding 151,971 129,672 Dilutive impact of stock options and restricted stock units 412,579 138,613 Denominator for diluted calculation 36,449,994 36,066,224 Net income per share ─ basic $ 0.27 $ 0.11 Net income per share ─ diluted $ 0.26 $ 0.11 |
Balance Sheet
Balance Sheet | 3 Months Ended |
Apr. 30, 2021 | |
Selected Balance Sheet Information [Abstract] | |
Components of selected balance sheet items | Following are the components of selected items from the Consolidated Balance Sheets: April 30, 2021 January 31, 2021 Accounts receivable, net: Trade accounts $ 63,788 $ 47,879 Unbilled receivables 6,157 2,734 Allowance for credit losses (1,881) (1,944) $ 68,064 $ 48,669 Inventories, net: Finished goods $ 12,535 $ 7,684 In process 1,270 759 Materials 49,602 44,260 $ 63,407 $ 52,703 Other current assets: Income tax receivable 876 1,440 Prepaid expenses and other 7,028 4,336 $ 7,904 $ 5,776 Property, plant and equipment, net: (a) Land $ 3,117 $ 3,117 Buildings and improvements 86,785 84,651 Machinery and equipment 172,808 169,252 Financing lease right-of-use assets 1,245 1,282 263,955 258,302 Accumulated depreciation (156,050) (152,295) $ 107,905 $ 106,007 Other assets: Equity investments $ 1,748 $ 1,595 Operating lease right-of-use assets 6,216 6,850 Deferred income taxes 352 360 Other 2,121 2,211 $ 10,437 $ 11,016 Accrued liabilities: Salaries and related $ 6,588 $ 4,881 Benefits 6,508 6,255 Insurance obligations 1,746 1,896 Warranties 2,655 2,068 Income taxes 1,406 238 Other taxes 1,838 2,386 Acquisition-related contingent consideration 2,000 2,000 Lease liability 2,135 2,482 Other 8,960 8,195 $ 33,836 $ 30,401 Other liabilities: Postretirement benefits $ 8,999 $ 8,996 Lease liability 4,989 5,426 Deferred income taxes 2,264 2,091 Uncertain tax positions 2,759 2,692 Other 4,826 4,792 $ 23,837 $ 23,997 (a) Includes assets held for use and assets held for sale. The amount of assets held for sale at April 30, 2021, and January 31, 2021, were not material. |
Tables
Tables | 3 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | The options and restricted stock units excluded from the diluted net income per share calculation were as follows: Three Months Ended April 30, April 30, Anti-dilutive options and restricted stock units 110,906 321,454 |
Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below: Three Months Ended April 30, April 30, Numerator: Net income attributable to Raven Industries, Inc. $ 9,620 $ 4,047 Denominator: Weighted average common shares outstanding 35,885,444 35,797,939 Weighted average fully vested stock units outstanding 151,971 129,672 Denominator for basic calculation 36,037,415 35,927,611 Weighted average common shares outstanding 35,885,444 35,797,939 Weighted average fully vested stock units outstanding 151,971 129,672 Dilutive impact of stock options and restricted stock units 412,579 138,613 Denominator for diluted calculation 36,449,994 36,066,224 Net income per share ─ basic $ 0.27 $ 0.11 Net income per share ─ diluted $ 0.26 $ 0.11 |
Selected Balance Sheet Informat
Selected Balance Sheet Information - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Accounts receivable, net: | ||
Accounts receivable, net | $ 68,064 | $ 48,669 |
Inventories, net: | ||
Finished goods | 12,535 | 7,684 |
In process | 1,270 | 759 |
Materials | 49,602 | 44,260 |
Inventories, net | 63,407 | 52,703 |
Other current assets: | ||
Income tax receivable | 876 | 1,440 |
Prepaid Expense and other | 7,028 | 4,336 |
Other Assets, Current | 7,904 | 5,776 |
Property, plant and equipment, net: | ||
Land | 3,117 | 3,117 |
Buildings and Improvements | 86,785 | 84,651 |
Machinery and Equipment | 172,808 | 169,252 |
Financing Lease Right-of-Use Asset | 1,245 | 1,282 |
Property, Plant and Equipment, Gross, Total | 263,955 | 258,302 |
Accumulated depreciation | (156,050) | (152,295) |
Property, Plant and Equipment, Net, Total | 107,905 | 106,007 |
Other Assets (Noncurrent): | ||
Equity investments | 1,748 | 1,595 |
Operating Lease, Right-of-Use Asset | 6,216 | 6,850 |
Deferred Income Taxes | 352 | 360 |
Other | 2,121 | 2,211 |
Other assets | 10,437 | 11,016 |
Accrued liabilities: | ||
Salaries and related | 6,588 | 4,881 |
Benefits | 6,508 | 6,255 |
Insurance obligations | 1,746 | 1,896 |
Warranties | 2,655 | 2,068 |
Income Taxes | 1,406 | 238 |
Other taxes | 1,838 | 2,386 |
Acquisition-related contingent consideration liability, current | 2,000 | 2,000 |
Lease liability, current | 2,135 | 2,482 |
Other | 8,960 | 8,195 |
Accrued Liabilities | 33,836 | 30,401 |
Other liabilities: | ||
Postretirement benefits | 8,999 | 8,996 |
Lease liability, noncurrent | 4,989 | 5,426 |
Deferred Income Tax Liabilities, Net | 2,264 | 2,091 |
Uncertain tax positions | 2,759 | 2,692 |
Other, Noncurrent | 4,826 | 4,792 |
Other Liabilities, Noncurrent | 23,837 | 23,997 |
Allowance for uncollectable Account Receivable[Member] | ||
Accounts receivable, net: | ||
Trade accounts | 63,788 | 47,879 |
Unbilled receivables | 6,157 | 2,734 |
Allowance for doubtful accounts | (1,881) | (1,944) |
Accounts receivable, net | $ 68,064 | $ 48,669 |
Net Income per Share (Antidilut
Net Income per Share (Antidiluted Securities Excluded from Computation) Details - shares | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 110,906 | 321,454 |
Net Income per Share (Calculati
Net Income per Share (Calculation of Numerator and Denominator) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Numerator: | ||
Net income attributable to Raven Industries, Inc. | $ 9,620 | $ 4,047 |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 35,885,444 | 35,797,939 |
Weighted average fully vested stock units outstanding (in shares) | 151,971 | 129,672 |
Denominator for basic calculation (in shares) | 36,037,415 | 35,927,611 |
Weighted average common shares outstanding (in shares) | 35,885,444 | 35,797,939 |
Weighted average fully vested stock units outstanding (in shares) | 151,971 | 129,672 |
Dilutive impact of stock options and restricted units (in shares) | 412,579 | 138,613 |
Denominator for diluted calculation (in shares) | 36,449,994 | 36,066,224 |
Net income per share - basic (in dollars per share) | $ 0.27 | $ 0.11 |
Net income per share - diluted (in dollars per share) | $ 0.26 | $ 0.11 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Raven Industries, Inc. ("the Company" or "Raven") is a diversified technology company providing a variety of products to customers within the industrial, agricultural, geomembrane, construction, commercial lighter-than-air, and aerospace and defense markets. The Company is comprised of three unique operating units, or divisions, classified into reportable business segments: Applied Technology, Engineered Films, and Aerostar. The accompanying interim unaudited consolidated financial statements, which includes the accounts of Raven and its wholly-owned or controlled subsidiaries, net of intercompany balances and transactions, has been prepared by the Company in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present this financial information have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021. Financial results for the interim three-month period ended April 30, 2021, are not necessarily indicative of the results that may be expected for the year ending January 31, 2022. The January 31, 2021, consolidated balance sheet was derived from audited financial statements but does not include all disclosures required in an annual report on Form 10-K. Preparing financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties (COVID-19) The COVID-19 pandemic has had, and may continue to have, an unfavorable impact on certain areas of the Company's business. Economic conditions have continued to improve during the three-months ended April 30, 2021, however, 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 effectiveness of vaccines to address the COVID-19 virus, as well as potential variants or further spread of the virus. The pandemic's ongoing impact to the Company's customers and suppliers remains uncertain. The Company may continue to experience supply chain constraints that hampers the Company's ability to fulfill orders on time or reduced customer demand in certain markets could materially and adversely impact business, financial condition, results of operations, liquidity and cash flows in future periods. Redeemable Noncontrolling Interest The Company acquired a majority ownership in Dot Technology Corp. (DOT) in the fourth quarter of fiscal 2020. DOT, located in Regina, Saskatchewan, Canada, designs autonomous agriculture solutions and manufactures an 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 provided to the minority shareholders in the acquisition, the 36% remaining noncontrolling interest was classified as a redeemable noncontrolling interest in the Company’s Consolidated Balance Sheets as of January 31, 2020. During the second quarter of fiscal 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 remaining redeemable amount, as well as the liability for the noncontrolling interest redeemed in the prior fiscal year, totaling approximately $5,438, is payable in November 2021 and is classified as "Accrued Liabilities" in the Consolidated Balance Sheet at April 30, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThere have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021, other than described below. Software Development Costs The Company capitalizes certain software development costs related to software to be sold, included in core autonomous products, or otherwise marketed. Capitalized software development costs include purchased materials and services, salary and benefits of our development and engineering staff, and other costs associated with the development of new products. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and the Company has the capability to manufacture the end product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to "Cost of Sales" in the Consolidated Statements of Income and Comprehensive Income over the product's estimated economic life, using the greater of straight-line or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. The capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that is determined to be in excess of net realizable value is expensed in the period such a determination is made. The gross carrying amount of software development costs was $795 and $0 at April 30, 2021 and January 31, 2021 respectively and is reported in "Intangible Assets, net" on the Consolidated Balance Sheets . No amortization expense was recorded in the three-month period ended April 30, 2021, as none of the software development costs were available for general release to the public. Accounting Pronouncements Accounting Standards Adopted There are no significant Accounting Standard Updates (ASU's) issued that were adopted in the three-month period ended April 30, 2021. New Accounting Standards Not Yet Adopted |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 4,499 $ — $ 4,499 $ — $ — $ 6,082 $ — $ 6,082 International — — 597 — 597 — — 12 — 12 Plastic Films & Sheeting Domestic — 45,402 — (34) 45,368 — 30,556 — (60) 30,496 International — 3,363 — — 3,363 — 2,842 — — 2,842 Precision Agriculture Equipment Domestic 35,652 — — — 35,652 30,861 — — — 30,861 International 19,216 — — — 19,216 11,146 — — — 11,146 Other Domestic — — 3,767 — 3,767 — — 5,052 — 5,052 International — — 24 — 24 — — 5 — 5 Totals $ 54,868 $ 48,765 $ 8,887 $ (34) $ 112,486 $ 42,007 $ 33,398 $ 11,151 $ (60) $ 86,496 (a) Intersegment sales for both fiscal 2022 and 2021 were primarily sales from Engineered Films to Aerostar. Contract Balances Contract balances consist of contract assets and contract liabilities. Contract assets primarily relate to the Company’s rights to consideration for work completed but not yet billed for at the reporting date, or retainage provisions on billings that have been issued. Contract liabilities primarily relate to consideration received from customers prior to transferring goods or services to the customer. Contract assets and contract liabilities are reported in "Accounts receivable, net" and "Other current liabilities" in the Consolidated Balance Sheets, respectively. During the three months ended April 30, 2021, the Company’s contract assets and liabilities increased by $3,418 and $753, respectively. The change was primarily a result of the contract terms which include timing of customer payments, timing of invoicing, and progress made on open contracts. Due to the short-term nature of the Company’s contracts, substantially all contract liabilities are recognized as revenue during the twelve months thereafter. Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 6,674 $ 3,256 $ 3,418 105.0 % Contract liabilities 3,751 $ 2,998 $ 753 25.1 % Remaining Performance Obligations As of April 30, 2021, the Company has no remaining performance obligations related to customer contracts with an original expected duration of one year or more. Revenue recognized from performance obligations satisfied in the prior period during the three-month period ending April 30, 2021, were not material. |
Acquisitions and Divestitures o
Acquisitions and Divestitures of and Investments in Businesses and Technologies | 3 Months Ended |
Apr. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions of and Investments in Businesses and Technologies | ACQUISITIONS AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Fiscal year 2022 and 2021 There were no material business acquisitions in the three-month periods ended April 30, 2021 and April 30, 2020, respectively. Acquisition-related Contingent Consideration The Company has a contingent liability related to the acquisition of AgSync, Inc. (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; which were settled in the second and third quarters of the prior fiscal year, respectively. The fair value of such contingent consideration is estimated as of the acquisition date, and subsequently at the end of each reporting period, using forecasted cash flows. Projecting future cash flows requires the Company to make significant estimates and assumptions regarding future events, conditions, or revenues being achieved under the particular contingent agreement as well as the appropriate discount rate. Such valuation techniques include one or more significant inputs that are not observable (Level 3 fair value measures). Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,000 $ 2,934 Change in fair value of the liability — (55) Contingent consideration earn-out paid — (101) Ending balance $ 2,000 $ 2,778 Classification of liability in the consolidated balance sheet Accrued liabilities $ 2,000 $ 580 Other liabilities, long-term — 2,198 Balance at April 30 $ 2,000 $ 2,778 For the acquisition of AgSync, the Company entered into a contingent earn-out agreement, not to exceed $3,500. The earn-out is to be paid annually over three years after the purchase date, contingent upon achieving certain revenue milestones. The Company has made no payments on this potential earn-out liability as of April 30, 2021. |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Changes in the fair value of the liability for acquisition-related contingent consideration are as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,000 $ 2,934 Change in fair value of the liability — (55) Contingent consideration earn-out paid — (101) Ending balance $ 2,000 $ 2,778 Classification of liability in the consolidated balance sheet Accrued liabilities $ 2,000 $ 580 Other liabilities, long-term — 2,198 Balance at April 30 $ 2,000 $ 2,778 |
Goodwill, Long-lived Assets and
Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets and Other Intangibles (Notes) | 3 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Loss and Other Charges | GOODWILL, LONG-LIVED ASSETS, AND OTHER CHARGES Goodwill Management assesses goodwill for impairment annually during the fourth quarter and between annual tests whenever a triggering event indicates there may be an impairment. Impairment tests of goodwill are done at the reporting unit level. There were no goodwill impairment losses reported in the three-month periods ended April 30, 2021 and 2020, respectively. The changes in the carrying amount of goodwill by reporting segment were as follows: Applied Technology Engineered Aerostar Total Balance at January 31, 2021 $ 73,811 $ 33,232 $ 634 $ 107,677 Foreign currency translation adjustment 1,607 — — 1,607 Balance at April 30, 2021 $ 75,418 $ 33,232 $ 634 $ 109,284 Long-lived assets, including definite-lived intangibles The Company assesses the recoverability of long-lived assets, including definite-lived intangibles and property, plant, and equipment, if events or changes in circumstances indicate that an asset might be impaired. There were no impairment charges in the three-month periods ended April 30, 2021 and April 30, 2020, respectively. Indefinite-lived intangible assets Indefinite-lived intangible assets relate to in-process R&D (IPR&D) and are capitalized and subject to annual impairment testing using a fair-value based test. Amortization of the IPR&D will start when the current in-process research and development project is complete and the product is commercialized. Amortization of the IPR&D will be on a straight-line basis over the remaining estimated useful lives of these assets. No amortization has been recorded on t hese indefinite-lived intangible assets in the three-month periods ended April 30, 2021 and April 30, 2020, respectively. The following table summarizes the components of intangible assets, which are reported net on the Consolidated Balance Sheets: April 30, 2021 January 31, 2021 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,257 $ (8,424) $ 833 $ 9,263 $ (8,304) $ 959 Customer relationships 16,125 (8,578) 7,547 16,128 (8,248) 7,880 Software development 795 — 795 — — — Patents and other intangibles 7,495 (3,188) 4,307 7,297 (3,126) 4,171 In-process research and development (a) 32,592 — 32,592 31,575 — 31,575 Total $ 66,264 $ (20,190) $ 46,074 $ 64,263 $ (19,678) $ 44,585 (a) A portion of these intangible assets are denominated in a foreign currency and subject to exchange rate fluctuations. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 3 Months Ended |
Apr. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Postretirement Benefits | EMPLOYEE POSTRETIREMENT BENEFITS The Company provides postretirement medical and other benefits to certain current and past senior executive officers and senior managers. These plan obligations are unfunded. The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 9 $ 9 Interest cost 67 70 Amortization of actuarial losses 49 43 Amortization of unrecognized gains in prior service cost (24) (40) Net periodic benefit cost $ 101 $ 82 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 "Selling, general, and administrative expenses" in a manner consistent with the classification of direct labor and personnel costs of the eligible employees. The components of the net periodic benefit cost, other than the service cost component, are classified as a non-operating expense in "Other income (expense), net" on the Consolidated Statements of Income and Comprehensive Income. |
Warranties
Warranties | 3 Months Ended |
Apr. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Warranties | WARRANTIES Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,068 $ 2,019 Change in provision 704 390 Settlements made (117) (803) Ending balance $ 2,655 $ 1,606 |
Debt Arrangements
Debt Arrangements | 3 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | DEBT Credit Facility On September 20, 2019, the Company entered into a credit facility with Bank of America, N. A., as administrative agent, and Wells Fargo Bank, National Association (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $100,000 with a maturity date of September 20, 2022. Loans or borrowings defined under the Credit Agreement accrue interest and fees at varying rates. The Credit Agreement includes an annual administrative fee as well as an unborrowed capacity fee. Debt under the agreement is subject to customary affirmative and negative covenants, including financial covenants. These financial covenants include a consolidated interest coverage ratio and consolidated leverage ratio, both of which are defined in the Credit Agreement. As of April 30, 2021, the Company has no outstanding borrowings under the Credit Agreement. The Company has $100,000 in availability under the Credit Agreement as of April 30, 2021. The credit facility may be utilized for strategic business purposes such as business acquisitions, and for net working capital needs. The unamortized debt issuance costs associated with the Credit Agreement were as follows: April 30, 2021 January 31, 2021 Unamortized debt issuance costs (a) $ 113 $ 133 (a) Unamortized debt issuance costs are amortized over the term of the Credit Agreement and are reported as "Other assets" in the Consolidated Balance Sheets. Letters of credit (LOC) issued and outstanding were as follows: April 30, 2021 January 31, 2021 Letters of credit outstanding (a) $ 50 $ 50 (a) Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement. Long-Term Notes The Company has a long-term note related to a financial assistance agreement (Agreement) with 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. The Company is eligible to receive contributions for costs incurred for purposes specified in the Agreement and is required to repay the funds contributed by WEDC in 60 monthly installments beginning April 1, 2023, plus interest that begins on April 1, 2023, based on an average bank rate plus 3%. As of April 30, 2021, the Company has received $2,895 in contributions from WEDC and no repayments have been made. The outstanding liability balance is reported as "Long-term debt" on the Consolidated Balance Sheets. No interest expense is being recorded prior to the interest start date. At April 30, 2021, the Company's debt maturities based on outstanding principal were as follows: 2022 2023 2024 2025 2026 Thereafter Maturities of debt $ — $ — $ 2,895 $ — $ — $ — |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 3 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES The Company is involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of its business, the potential costs and liabilities of which cannot be determined at this time. Management does not believe the ultimate outcomes of its legal proceedings are likely to be material to its results of operations, financial position, or cash flows. In addition, the Company has insurance policies that provide coverage to various degrees for potential liabilities arising from legal proceedings. |
Income Tax Income Tax Disclosur
Income Tax Income Tax Disclosure | 3 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The Company’s effective tax rate varies from the federal statutory rate primarily due to state and local taxes and R&D tax credits. The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate 17.1 % (13.8) % |
Dividends and Treasury Stock
Dividends and Treasury Stock | 3 Months Ended |
Apr. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK On August 26, 2020 , the Company announced that the Board of Directors ("Board") indefinitely suspended the Company’s regular quarterly cash dividend on its common stock, therefore no dividends were paid to Raven shareholders in the three-month period ended April 30, 2021. Dividends paid to Raven shareholders for the three months ended April 30, 2020 were $4,658. There were no declared and unpaid shareholder dividends at April 30, 2021 or 2020. The Company has a stock buyback program approved by the Board in November 2014. The Company had no share repurchases in the three-month periods ended April 30, 2021 and 2020. The total amount authorized under the program is $75,000 and t he remaining dollar value authorized for share repurchases at April 30, 2021 is $17,179 . This authorization remains in place until the authorized spending limit is reached or such authorization is revoked by the Board. |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share Based Compensation | SHARE-BASED COMPENSATION Share-based compensation expense is recognized based on the fair value of the share-based awards expected to vest during the period. The share-based compensation expense was as follows: Three Months Ended April 30, 2021 April 30, 2020 Cost of sales $ 76 $ 80 Research and development expenses 273 374 Selling, general, and administrative expenses 1,385 1,042 Total share-based compensation expense $ 1,734 $ 1,496 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTINGThe Company's operating segments, which are also its reportable segments, are defined by their product lines which have been generally grouped based on technology, manufacturing processes, and end-use application. The Company's reportable segments are Applied Technology Division, Engineered Films Division, and Aerostar Division. Separate financial information is available for each reportable segment and regularly evaluated by the Company's chief operating decision-maker, the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. The Company measures the performance of its segments based on their operating income excluding administrative and general expenses. Other income, interest expense, and income taxes are not allocated to individual operating segments. Segment information is reported consistent with the Company's management reporting structure. Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 54,868 $ 42,007 Engineered Films 48,765 33,398 Aerostar 8,887 11,151 Intersegment eliminations (a) (34) (60) Consolidated net sales $ 112,486 $ 86,496 Operating income (b) Applied Technology $ 13,187 $ 8,939 Engineered Films 6,767 1,607 Aerostar 589 293 Intersegment eliminations (7) 40 Total reportable segment income 20,536 10,879 General and administrative expenses (b) (8,963) (6,940) Consolidated operating income $ 11,573 $ 3,939 (a) Intersegment sales for both fiscal 2022 and 2021 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Apr. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTSThe Company has evaluated events up to the filing date of this Quarterly Report on Form 10-Q and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to the Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies New Accounting Standards (Policies) | 3 Months Ended |
Apr. 30, 2021 | |
New Accounting Standards [Abstract] | |
Software to be Sold, Leased, or Otherwise Marketed, Policy [Policy Text Block] | Software Development Costs The Company capitalizes certain software development costs related to software to be sold, included in core autonomous products, or otherwise marketed. Capitalized software development costs include purchased materials and services, salary and benefits of our development and engineering staff, and other costs associated with the development of new products. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. Based on our product development process, technological feasibility is generally established once product and detailed program designs have been completed, uncertainties related to high-risk development issues have been resolved through coding and testing, and the Company has the capability to manufacture the end product. Once a software product is available for general release to the public, capitalized development costs associated with that product will begin to be amortized to "Cost of Sales" in the Consolidated Statements of Income and Comprehensive Income over the product's estimated economic life, using the greater of straight-line or a method that results in cost recognition in future periods that is consistent with the anticipated timing of product revenue recognition. The capitalized software development costs are subject to an ongoing assessment of recoverability, which is impacted by estimates and assumptions of future revenues and expenses for these software products, as well as other factors such as changes in product technologies. Any portion of unamortized capitalized software development costs that is determined to be in excess of net realizable value is expensed in the period such a determination is made. The gross carrying amount of software development costs was $795 and $0 at April 30, 2021 and January 31, 2021 respectively and is reported in "Intangible Assets, net" on the Consolidated Balance Sheets . No amortization expense was recorded in the three-month period ended April 30, 2021, as none of the software development costs were available for general release to the public. |
New Accounting Pronouncements, Policy | Accounting Standards Adopted There are no significant Accounting Standard Updates (ASU's) issued that were adopted in the three-month period ended April 30, 2021. New Accounting Standards Not Yet Adopted |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues Revenue is disaggregated by major product category and geography, as we believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table includes a reconciliation of the disaggregated revenue by reportable segments. Service revenues are not material and are not separately disclosed. Revenue by Product Category Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 ATD EFD AERO ELIM (a) Total ATD EFD AERO ELIM (a) Total Lighter-than-Air Domestic $ — $ — $ 4,499 $ — $ 4,499 $ — $ — $ 6,082 $ — $ 6,082 International — — 597 — 597 — — 12 — 12 Plastic Films & Sheeting Domestic — 45,402 — (34) 45,368 — 30,556 — (60) 30,496 International — 3,363 — — 3,363 — 2,842 — — 2,842 Precision Agriculture Equipment Domestic 35,652 — — — 35,652 30,861 — — — 30,861 International 19,216 — — — 19,216 11,146 — — — 11,146 Other Domestic — — 3,767 — 3,767 — — 5,052 — 5,052 International — — 24 — 24 — — 5 — 5 Totals $ 54,868 $ 48,765 $ 8,887 $ (34) $ 112,486 $ 42,007 $ 33,398 $ 11,151 $ (60) $ 86,496 |
Contract with Customer, Asset and Liability [Table Text Block] | Changes in our contract assets and liabilities were as follows: April 30, January 31, $ Change % Change Contract assets $ 6,674 $ 3,256 $ 3,418 105.0 % Contract liabilities 3,751 $ 2,998 $ 753 25.1 % |
Goodwill, Long-lived Assets a_2
Goodwill, Long-lived Assets and Other Intangibles (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by reporting segment were as follows: Applied Technology Engineered Aerostar Total Balance at January 31, 2021 $ 73,811 $ 33,232 $ 634 $ 107,677 Foreign currency translation adjustment 1,607 — — 1,607 Balance at April 30, 2021 $ 75,418 $ 33,232 $ 634 $ 109,284 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes the components of intangible assets, which are reported net on the Consolidated Balance Sheets: April 30, 2021 January 31, 2021 Accumulated Accumulated Amount amortization Net Amount amortization Net Existing technology $ 9,257 $ (8,424) $ 833 $ 9,263 $ (8,304) $ 959 Customer relationships 16,125 (8,578) 7,547 16,128 (8,248) 7,880 Software development 795 — 795 — — — Patents and other intangibles 7,495 (3,188) 4,307 7,297 (3,126) 4,171 In-process research and development (a) 32,592 — 32,592 31,575 — 31,575 Total $ 66,264 $ (20,190) $ 46,074 $ 64,263 $ (19,678) $ 44,585 (a) A portion of these intangible assets are denominated in a foreign currency and subject to exchange rate fluctuations. |
Employee Postretirement Benef_2
Employee Postretirement Benefits Employee Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost for postretirement plan | The components of the net periodic benefit cost for postretirement benefits are as follows: Three Months Ended April 30, April 30, Service cost $ 9 $ 9 Interest cost 67 70 Amortization of actuarial losses 49 43 Amortization of unrecognized gains in prior service cost (24) (40) Net periodic benefit cost $ 101 $ 82 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Changes in the warranty accrual were as follows: Three Months Ended April 30, April 30, Beginning balance $ 2,068 $ 2,019 Change in provision 704 390 Settlements made (117) (803) Ending balance $ 2,655 $ 1,606 |
Debt Arrangements (Tables)
Debt Arrangements (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Line of Credit Facility [Line Items] | |
Schedule of Debt [Table Text Block] | The unamortized debt issuance costs associated with the Credit Agreement were as follows: April 30, 2021 January 31, 2021 Unamortized debt issuance costs (a) $ 113 $ 133 |
Debt Instrument Redemption | At April 30, 2021, the Company's debt maturities based on outstanding principal were as follows: 2022 2023 2024 2025 2026 Thereafter Maturities of debt $ — $ — $ 2,895 $ — $ — $ — |
Schedule of Line of Credit Facilities [Table Text Block] | Letters of credit (LOC) issued and outstanding were as follows: April 30, 2021 January 31, 2021 Letters of credit outstanding (a) $ 50 $ 50 |
Income Tax Effective tax rate (
Income Tax Effective tax rate (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s effective tax rates were as follows: Three Months Ended April 30, April 30, Effective tax rate 17.1 % (13.8) % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The share-based compensation expense was as follows: Three Months Ended April 30, 2021 April 30, 2020 Cost of sales $ 76 $ 80 Research and development expenses 273 374 Selling, general, and administrative expenses 1,385 1,042 Total share-based compensation expense $ 1,734 $ 1,496 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Business segment net sales and operating income results | Business segment financial performance and other information is as follows: Three Months Ended April 30, April 30, Net sales Applied Technology $ 54,868 $ 42,007 Engineered Films 48,765 33,398 Aerostar 8,887 11,151 Intersegment eliminations (a) (34) (60) Consolidated net sales $ 112,486 $ 86,496 Operating income (b) Applied Technology $ 13,187 $ 8,939 Engineered Films 6,767 1,607 Aerostar 589 293 Intersegment eliminations (7) 40 Total reportable segment income 20,536 10,879 General and administrative expenses (b) (8,963) (6,940) Consolidated operating income $ 11,573 $ 3,939 (a) Intersegment sales for both fiscal 2022 and 2021 were primarily sales from Engineered Films to Aerostar. (b) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Details) $ in Thousands | Nov. 13, 2019 | Apr. 30, 2021USD ($)Divisions | Jul. 31, 2020USD ($) | Jan. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||||
Number of operating units | Divisions | 3 | |||
Dot Technology [Member] | Applied Technology [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||||
Business Acquisition, Name of Acquired Entity | Dot Technology Corp. | |||
Dot Technology Corp. [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 36.00% | |||
Payments to redeem minority non-controlling Interest | $ 17,853 | |||
Liability for redeemed noncontrolling interest, Current | $ 5,438 |
Software Development Costs (Det
Software Development Costs (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Accounting Policies [Abstract] | ||
Capitalized Computer Software, Gross | $ 795 | $ 0 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 112,486 | $ 86,496 |
Applied Technology [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 54,868 | 42,007 |
Aerostar [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 8,887 | 11,151 |
Engineered Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 48,765 | 33,398 |
All Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 112,486 | 86,496 |
UNITED STATES | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4,499 | 6,082 |
UNITED STATES | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45,368 | 30,496 |
UNITED STATES | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 35,652 | 30,861 |
UNITED STATES | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,767 | 5,052 |
UNITED STATES | Applied Technology [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 35,652 | 30,861 |
UNITED STATES | Aerostar [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4,499 | 6,082 |
UNITED STATES | Aerostar [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,767 | 5,052 |
UNITED STATES | Engineered Films [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45,402 | 30,556 |
Non-US [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 597 | 12 |
Non-US [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,363 | 2,842 |
Non-US [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 19,216 | 11,146 |
Non-US [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 24 | 5 |
Non-US [Member] | Applied Technology [Member] | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 19,216 | 11,146 |
Non-US [Member] | Aerostar [Member] | Lighter-than-air [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 597 | 12 |
Non-US [Member] | Aerostar [Member] | Other Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 24 | 5 |
Non-US [Member] | Engineered Films [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,363 | 2,842 |
Consolidation, Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (34) | (60) |
Consolidation, Eliminations [Member] | UNITED STATES | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (34) | (60) |
Consolidation, Eliminations [Member] | UNITED STATES | Precision Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Consolidation, Eliminations [Member] | Non-US [Member] | Plastic Films and Sheeting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 0 | $ 0 |
Revenue Contract Asset and Cont
Revenue Contract Asset and Contract Liabilities balances (Details) - Short-term Contract with Customer [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Jan. 31, 2021 | |
Capitalized Contract Cost [Line Items] | ||
Contract Assets | $ 6,674 | $ 3,256 |
Change Contract Assets | $ 3,418 | |
Increase (decrease) in contract assets with customers, percentage | 105.00% | |
Contract Liabilities | $ 3,751 | $ 2,998 |
Change in contract liabilities | $ 753 | |
Increase (decrease) in contract liabilities with customers, percentage | 25.10% |
Revenue Details (Details)
Revenue Details (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Performance obligations more than one year | $ 0 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Business Combination, Description [Abstract] | ||
Business Combination, Consideration Transferred | $ 0 | $ 0 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures of and Investments in Businesses and Technologies Acquisition-related Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Acquisition-related contingent consideration [Roll Forward] | ||||
Acquisition-related contingent consideration, Beginning Balance | $ 2,000 | $ 2,934 | ||
Change in fair value of acquisition-related contingent consideration | 0 | (55) | ||
Contingent consideration earn-out paid | 0 | (101) | ||
Acquisition-related contingent consideration, Ending Balance | 2,000 | 2,778 | ||
Acquisition-related contingent consideration liability, current | $ 2,000 | $ 580 | ||
Acquisition-related contingent consideration liability, Noncurrent | 0 | 2,198 | ||
Business Combination, Contingent Consideration, Liability | $ 2,000 | $ 2,778 | 2,000 | $ 2,778 |
Applied Technology [Member] | AgSync [Member] | ||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Contingent Consideration Term in Years | 3 years | |||
Contingent consideration, potential cash payment | $ 3,500 | |||
Business acquisition contingent consideration cumulative paid | $ 0 |
Goodwill, Long-lived Assets a_3
Goodwill, Long-lived Assets and Other Intangibles Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Goodwill [Line Items] | ||
Goodwill impairment loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 107,677 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,607 | |
Goodwill Ending balance | 109,284 | |
Applied Technology (excluding Autonomy) [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 73,811 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,607 | |
Goodwill Ending balance | 75,418 | |
Engineered Films [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 33,232 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | 33,232 | |
Aerostar [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning balance | 634 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill Ending balance | $ 634 |
Goodwill, Long-lived Assets a_4
Goodwill, Long-lived Assets and Other Intangibles Long-lived Assets and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Long-lived asset impairment loss | $ 0 | $ 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (20,190) | $ (19,678) | |
Intangible Assets, Gross (Excluding Goodwill) | 66,264 | 64,263 | |
Intangible assets, net | 46,074 | 44,585 | |
Indefinite-live In-process Research and Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 32,592 | 31,575 | |
Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 9,257 | 9,263 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,424) | (8,304) | |
Finite-Lived Intangible Assets, Net | 833 | 959 | |
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,125 | 16,128 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,578) | (8,248) | |
Finite-Lived Intangible Assets, Net | 7,547 | 7,880 | |
Computer Software, Intangible Asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 795 | 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Finite-Lived Intangible Assets, Net | 795 | 0 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 7,495 | 7,297 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,188) | (3,126) | |
Finite-Lived Intangible Assets, Net | $ 4,307 | $ 4,171 |
Employee Postretirement Benef_3
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 9 | $ 9 |
Interest cost | 67 | 70 |
Amortization of actuarial losses | 49 | 43 |
Amortization of unrecognized prior service cost (Credit) | (24) | (40) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 101 | $ 82 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 2,068 | $ 2,019 |
Change in provision | 704 | 390 |
Settlements made | (117) | (803) |
Ending balance | $ 2,655 | $ 1,606 |
Financing Arrangements (Details
Financing Arrangements (Details) $ in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 30, 2021USD ($)numberOfInstallmentPayments | Apr. 30, 2021CAD ($) | Sep. 20, 2019USD ($) | |
Bank of America [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Initiation Date | Sep. 20, 2019 | ||
Borrowing capacity under line of credit | $ 100,000 | ||
Maturity date of the line of credit | Sep. 20, 2022 | ||
Remaining borrowing capacity under the line of credit | $ 100,000 | ||
WEDC [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under line of credit | $ 4,000 | $ 5,000 | |
Number of Monthly installments to pay | numberOfInstallmentPayments | 60 | ||
Interest rate at a future date | 3.00% | ||
Other Long-term Debt | $ 2,895 | ||
Repayments of debt | 0 | ||
Accrued Interest | $ 0 |
Financing Arrangements Unamorti
Financing Arrangements Unamortized debt Issuance costs (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Bank of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized debt issuance costs | $ 113 | $ 133 |
Financing Arrangements Letters
Financing Arrangements Letters of Credit Outstanding (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 50 | $ 50 |
Debt Maturities (Details)
Debt Maturities (Details) | Apr. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year One | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,895,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 0 |
Income Tax (Details)
Income Tax (Details) | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Contingency [Line Items] | ||
Effective tax rate, percent | 17.10% | (13.80%) |
Dividends and Treasury Stock (D
Dividends and Treasury Stock (Details) | 3 Months Ended |
Apr. 30, 2021USD ($)shares | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ 75,000,000 |
Shares repurchased, Treasury Stock | shares | 0 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 17,179,000 |
Dividends and Treasury Stock Di
Dividends and Treasury Stock Dividends paid (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Payments of Ordinary Dividends, Common Stock | $ 0 | $ 4,658 |
Dividends Payable | $ 0 | $ 0 |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cost of Sales [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 76 | $ 80 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 273 | 374 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 1,385 | 1,042 |
Operating Income (Loss) [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 1,734 | $ 1,496 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 112,486 | $ 86,496 |
Operating income | 11,573 | 3,939 |
Applied Technology [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 54,868 | 42,007 |
Operating income | 13,187 | 8,939 |
Engineered Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 48,765 | 33,398 |
Operating income | 6,767 | 1,607 |
Aerostar [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 8,887 | 11,151 |
Operating income | 589 | 293 |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | (34) | (60) |
Operating income | (7) | 40 |
Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 112,486 | 86,496 |
Operating income | 20,536 | 10,879 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Administrative and general expenses | $ (8,963) | $ (6,940) |