þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended July 31, 2018 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
South Dakota (State or other jurisdiction of incorporation or organization) | 46-0246171 (I.R.S. Employer Identification No.) |
Large accelerated filer þ | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o | |
Emerging growth company o |
PAGE | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 4. Mine Safety Disclosures | |
(dollars and shares in thousands, except per-share data) | July 31, 2018 | January 31, 2018 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, net | |||||||
Inventories | |||||||
Other current assets | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Goodwill | |||||||
Amortizable intangible assets, net | |||||||
Other assets | |||||||
TOTAL ASSETS | $ | $ | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | $ | |||||
Accrued liabilities | |||||||
Other current liabilities | |||||||
Total current liabilities | |||||||
Other liabilities | |||||||
Commitments and contingencies (see Note 11) | |||||||
Shareholders' equity | |||||||
Common stock, $1 par value, authorized shares 100,000; issued 67,229 and 67,124, respectively | |||||||
Paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive income (loss) | ( | ) | ( | ) | |||
Treasury stock at cost, 31,332 and 31,332 shares, respectively | ( | ) | ( | ) | |||
Total Raven Industries, Inc. shareholders' equity | |||||||
Noncontrolling interest | |||||||
Total equity | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
(dollars in thousands, except per-share data) | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | |||||||||||
Net sales | $ | $ | $ | $ | |||||||||||
Cost of sales | |||||||||||||||
Gross profit | |||||||||||||||
Research and development expenses | |||||||||||||||
Selling, general, and administrative expenses | |||||||||||||||
Long-lived asset impairment loss | |||||||||||||||
Operating income | |||||||||||||||
Other (expense) income, net | ( | ) | ( | ) | ( | ) | |||||||||
Income before income taxes | |||||||||||||||
Income tax expense | |||||||||||||||
Net income | |||||||||||||||
Net income (loss) attributable to the noncontrolling interest | ( | ) | ( | ) | |||||||||||
Net income attributable to Raven Industries, Inc. | $ | $ | $ | $ | |||||||||||
Net income per common share: | |||||||||||||||
─ Basic | $ | $ | $ | $ | |||||||||||
─ Diluted | $ | $ | $ | $ | |||||||||||
Cash dividends paid per common share | $ | $ | $ | $ | |||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation | ( | ) | ( | ) | |||||||||||
Postretirement benefits, net of income tax benefit of $2, $3, $4 and $7 respectively | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | |||||||||||
Comprehensive income | |||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | ( | ) | ( | ) | |||||||||||
Comprehensive income attributable to Raven Industries, Inc. | $ | $ | $ | $ |
$1 Par Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Raven Industries, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||
(dollars in thousands, except per-share amounts) | Shares | Cost | ||||||||||||||||||||||||
Balance January 31, 2017 | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net income | — | — | — | — | — | ( | ) | |||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | — | — | — | — | — | — | ||||||||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit of $7 | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||
Cash dividends ($0.26 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||
Director shares issued | ( | ) | — | — | — | — | — | |||||||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||
Balance July 31, 2017 | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Balance January 31, 2018 | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit of $4 | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||
Reclassification due to ASU 2018-02 adoption | — | — | — | — | ( | ) | — | |||||||||||||||||||
Cash dividends ($0.26 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||
Balance July 31, 2018 | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ |
Six Months Ended | |||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | |||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Change in fair value of acquisition-related contingent consideration | |||||||
Long-lived asset impairment loss | |||||||
Loss from equity investment | |||||||
Gain from sale of equity method investment | ( | ) | |||||
Deferred income taxes | ( | ) | ( | ) | |||
Share-based compensation expense | |||||||
Other operating activities, net | ( | ) | |||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | ( | ) | ( | ) | |||
Inventories | ( | ) | ( | ) | |||
Other assets | ( | ) | |||||
Operating liabilities | |||||||
Net cash provided by operating activities | |||||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Proceeds from sale or maturity of investments | |||||||
Purchases of investments | ( | ) | ( | ) | |||
Proceeds (disbursements) from sale of assets, settlement of liabilities | ( | ) | |||||
Other investing activities | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
FINANCING ACTIVITIES: | |||||||
Dividends paid | ( | ) | ( | ) | |||
Payments of acquisition-related contingent liability | ( | ) | ( | ) | |||
Restricted stock units vested and issued | ( | ) | ( | ) | |||
Employee stock option exercises | ( | ) | ( | ) | |||
Other financing activities | ( | ) | |||||
Net cash used in financing activities | ( | ) | ( | ) | |||
Effect of exchange rate changes on cash | ( | ) | |||||
Net increase in cash and cash equivalents | |||||||
Cash and cash equivalents at beginning of year | |||||||
Cash and cash equivalents at end of period | $ | $ |
July 31, 2018 | January 31, 2018 | |||||||
Accounts receivable, net: | ||||||||
Trade accounts | $ | $ | ||||||
Unbilled receivables | ||||||||
Allowance for doubtful accounts | ( | ) | ( | ) | ||||
$ | $ | |||||||
Inventories: | ||||||||
Finished goods | $ | $ | ||||||
In process | ||||||||
Materials | ||||||||
$ | $ | |||||||
Other current assets: | ||||||||
Insurance policy benefit | $ | $ | ||||||
Income tax receivable | ||||||||
Receivable from sale of investment | ||||||||
Prepaid expenses and other | ||||||||
$ | $ | |||||||
Property, plant and equipment, net: | ||||||||
Land | $ | $ | ||||||
Buildings and improvements | ||||||||
Machinery and equipment | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Property, plant and equipment subject to capital leases: | ||||||||
Machinery and equipment | ||||||||
Accumulated amortization for capitalized leases | ( | ) | ( | ) | ||||
$ | $ | |||||||
Other assets: | ||||||||
Equity investments | $ | $ | ||||||
Deferred income taxes | ||||||||
Other | ||||||||
$ | $ | |||||||
Accrued liabilities: | ||||||||
Salaries and related | $ | $ | ||||||
Benefits | ||||||||
Insurance obligations | ||||||||
Warranties | ||||||||
Income taxes | ||||||||
Other taxes | ||||||||
Acquisition-related contingent consideration | ||||||||
Other | ||||||||
$ | $ | |||||||
Other liabilities: | ||||||||
Postretirement benefits | $ | $ | ||||||
Acquisition-related contingent consideration | ||||||||
Deferred income taxes | ||||||||
Uncertain tax positions | ||||||||
Other | ||||||||
$ | $ |
Three Months Ended | Six Months Ended | ||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||
Anti-dilutive options and restricted stock units |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Raven Industries, Inc. | $ | $ | $ | $ | |||||||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||
Weighted average fully vested stock units outstanding | |||||||||||||||
Denominator for basic calculation | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||
Weighted average fully vested stock units outstanding | |||||||||||||||
Dilutive impact of stock options and restricted stock units | |||||||||||||||
Denominator for diluted calculation | |||||||||||||||
Net income per share ─ basic | $ | $ | $ | $ | |||||||||||
Net income per share ─ diluted | $ | $ | $ | $ |
Revenue by Product Category | |||||||||||||||||||||||||||||||
Three Months Ended July 31, 2018 | Three Months Ended July 31, 2017 | ||||||||||||||||||||||||||||||
ATD | EFD | AERO | ELIM(a) | Total | ATD | EFD | AERO | ELIM(a) | Total | ||||||||||||||||||||||
Lighter-than-Air | |||||||||||||||||||||||||||||||
Domestic | $ | — | $ | — | $ | $ | — | $ | $ | — | $ | — | $ | $ | — | $ | |||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Plastic Films & Sheeting | |||||||||||||||||||||||||||||||
Domestic | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
International | — | — | — | — | |||||||||||||||||||||||||||
Precision Agriculture Equipment | |||||||||||||||||||||||||||||||
Domestic | — | — | — | — | — | — | |||||||||||||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Domestic | — | — | — | — | — | — | |||||||||||||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Totals | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Six Months Ended July 31, 2018 | Six Months Ended July 31, 2017 | ||||||||||||||||||||||||||||||
ATD | EFD | AERO | ELIM(a) | Total | ATD | EFD | AERO | ELIM(a) | Total | ||||||||||||||||||||||
Lighter-than-Air | |||||||||||||||||||||||||||||||
Domestic | $ | — | $ | — | $ | $ | — | $ | $ | — | $ | — | $ | $ | — | $ | |||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Plastic Films & Sheeting | |||||||||||||||||||||||||||||||
Domestic | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
International | — | — | — | — | |||||||||||||||||||||||||||
Precision Agriculture Equipment | |||||||||||||||||||||||||||||||
Domestic | — | — | — | — | — | — | |||||||||||||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Domestic | — | — | — | — | — | — | |||||||||||||||||||||||||
International | — | — | — | — | — | — | |||||||||||||||||||||||||
Totals | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ |
July 31, 2018 | January 31, 2018 | $ Change | % Change | ||||||||||
Contract assets(a) | $ | $ | $ | % | |||||||||
Contract liabilities(b) | $ | $ | $ | ( | ) | ( | )% |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||
Change in fair value of the liability | |||||||||||||||
Contingent consideration earn-out paid | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Ending balance | $ | $ | $ | $ | |||||||||||
Classification of liability in the Consolidated balance sheet | |||||||||||||||
Accrued liabilities | $ | $ | $ | $ | |||||||||||
Other liabilities, long-term | |||||||||||||||
Balance at July 31 | $ | $ | $ | $ |
Applied Technology | Engineered Films | Aerostar | Total | |||||||||||||
Balance at January 31, 2018 | $ | $ | $ | $ | ||||||||||||
Divestiture of business | ( | ) | ( | ) | ||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ||||||||||||
Balance at July 31, 2018 | $ | $ | $ | $ |
July 31, 2018 | January 31, 2018 | ||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||
Amount | amortization | Net | Amount | amortization | Net | ||||||||||||||
Existing technology | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
Customer relationships | ( | ) | ( | ) | |||||||||||||||
Patents and other intangibles | ( | ) | ( | ) | |||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Amortization of actuarial losses | |||||||||||||||
Amortization of unrecognized gains in prior service cost | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||
Change in provision | |||||||||||||||
Settlements made | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Ending balance | $ | $ | $ | $ |
July 31, 2018 | January 31, 2018 | ||||||
Unamortized debt issuance costs(a) | $ | $ |
July 31, 2018 | January 31, 2018 | ||||||
Letters of credit outstanding(a) | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Effective tax rate | % | % | % | % |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Discrete tax benefit (expense) | $ | $ | ( | ) | $ | $ | ( | ) |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Dividends paid(a) | $ | $ | $ | $ | |||||||||||
Dividends paid per share (in cents per share)(a) |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||
Research and development expenses | |||||||||||||||
Selling, general, and administrative expenses | |||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Net sales | |||||||||||||||
Applied Technology | $ | $ | $ | $ | |||||||||||
Engineered Films(a) | |||||||||||||||
Aerostar | |||||||||||||||
Intersegment eliminations(b) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Consolidated net sales | $ | $ | $ | $ | |||||||||||
Operating income(c) | |||||||||||||||
Applied Technology | $ | $ | $ | $ | |||||||||||
Engineered Films | |||||||||||||||
Aerostar | |||||||||||||||
Intersegment eliminations | |||||||||||||||
Total reportable segment income | |||||||||||||||
General and administrative expenses(c) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Consolidated operating income | $ | $ | $ | $ |
• | Executive Summary |
• | Results of Operations - Segment Analysis |
• | Outlook |
• | Liquidity and Capital Resources |
• | Off-Balance Sheet Arrangements and Contractual Obligations |
• | Critical Accounting Policies and Estimates |
• | Accounting Pronouncements |
• | Consolidated net sales, gross margin, operating income, operating margin, net income, and diluted earnings per share |
• | Cash flow from operations and shareholder returns |
• | Segment net sales, gross profit, gross margin, operating income, and operating margin. At the segment level, operating income does not include an allocation of general and administrative expenses. |
• | Intentionally serve a set of diversified market segments with attractive near- and long-term growth prospects; |
• | Consistently manage a pipeline of growth initiatives within our market segments; |
• | Aggressively compete on quality, service, innovation, and peak performance; |
• | Hold ourselves accountable for continuous improvement; |
• | Value our balance sheet as a source of strength and stability with which to pursue strategic acquisitions; and |
• | Make corporate responsibility a top priority. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
(dollars in thousands, except per-share data) | July 31, 2018 | July 31, 2017 | % Change | July 31, 2018 | July 31, 2017 | % Change | ||||||||||||||||
Net sales | $ | 102,684 | $ | 86,610 | 18.6 | % | $ | 213,813 | $ | 180,145 | 18.7 | % | ||||||||||
Gross profit | 34,608 | 26,513 | 30.5 | % | 74,606 | 58,469 | 27.6 | % | ||||||||||||||
Gross margin (a) | 33.7 | % | 30.6 | % | 34.9 | % | 32.5 | % | ||||||||||||||
Operating income | $ | 16,629 | $ | 11,700 | 42.1 | % | $ | 38,160 | $ | 29,919 | 27.5 | % | ||||||||||
Operating margin (a) | 16.2 | % | 13.5 | % | 17.8 | % | 16.6 | % | ||||||||||||||
Other (expense) income, net | $ | (139 | ) | $ | (63 | ) | $ | 5,540 | $ | (293 | ) | |||||||||||
Net income attributable to Raven Industries, Inc. | $ | 13,677 | $ | 8,235 | 66.1 | % | $ | 35,812 | $ | 20,583 | 74.0 | % | ||||||||||
Diluted earnings per share | $ | 0.38 | $ | 0.23 | $ | 0.98 | $ | 0.56 | ||||||||||||||
Cash flow from operating activities | $ | 25,049 | $ | 12,159 | 106.0 | % | $ | 38,652 | $ | 19,861 | 94.6 | % | ||||||||||
Cash outflow for capital expenditures | $ | (2,689 | ) | $ | (2,433 | ) | 10.5 | % | $ | (6,853 | ) | $ | (5,223 | ) | 31.2 | % | ||||||
Cash dividends | $ | (4,668 | ) | $ | (4,693 | ) | (0.5 | )% | $ | (9,326 | ) | $ | (9,384 | ) | (0.6 | )% | ||||||
Common share repurchases | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
(a) The Company's gross and operating margins may not be comparable to industry peers due to the diversity of its operations and variability in the classification of expenses across industries in which the Company operates. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | $ Change | % Change | July 31, 2018 | July 31, 2017 | $ Change | % Change | ||||||||||||||||||||||
Net sales | $ | 30,362 | $ | 28,424 | $ | 1,938 | 6.8 | % | $ | 70,792 | $ | 68,914 | $ | 1,878 | 2.7 | % | ||||||||||||||
Gross profit | 15,815 | 12,242 | 3,573 | 29.2 | % | 37,001 | 30,764 | 6,237 | 20.3 | % | ||||||||||||||||||||
Gross margin | 52.1 | % | 43.1 | % | 52.3 | % | 44.6 | % | ||||||||||||||||||||||
Operating expenses | $ | 7,027 | $ | 5,605 | $ | 1,422 | 25.4 | % | $ | 12,265 | $ | 10,674 | $ | 1,591 | 14.9 | % | ||||||||||||||
Operating expenses as % of sales | 23.1 | % | 19.7 | % | 17.3 | % | 15.5 | % | ||||||||||||||||||||||
Long-lived asset impairment loss | $ | — | $ | — | $ | — | $ | 259 | ||||||||||||||||||||||
Operating income(a) | $ | 8,788 | $ | 6,637 | $ | 2,151 | 32.4 | % | $ | 24,736 | $ | 20,090 | $ | 4,646 | 23.1 | % | ||||||||||||||
Operating margin | 28.9 | % | 23.3 | % | 34.9 | % | 29.2 | % | ||||||||||||||||||||||
(a) At the segment level, operating income does not include an allocation of general and administrative expenses. |
• | Market conditions. Commodity prices remain unfavorable; however, the division continues to drive growth due to innovative new product introductions and building on key OEM relationships. The Company does not model comparative market share position for its divisions, but the Company believes Applied Technology has maintained or increased its market share in fiscal 2019. |
• | Sales volume. Second quarter fiscal 2019 net sales increased $1.9 million or 6.8%, to $30.4 million compared to $28.4 million in the prior year. Year-to-date sales increased 2.7% to $70.8 million compared to $68.9 million in the prior year. The increases in net sales in the three- and six-month periods were led by increases in sales volume for its core product lines and favorable exchange rates in Europe and Canada. |
• | International sales. For the second quarter of fiscal 2019, international sales totaled $6.8 million, down 11.9% from $7.7 million in the prior year comparative period. International sales represented 22.3% of segment revenue compared to 27.0% of segment revenue in the prior year comparative period. Year-to-date, international sales totaled $17.7 million, a decrease of $0.2 million from a year ago. Year-to-date international sales represented 25.0% of segment sales compared to 26.0% in the prior year comparative period. The year-to-date decrease in international sales was primarily driven by timing of significant purchases by a specific customer which the Company does not expect to be indicative of future trends. |
• | Gross margin. Gross margin increased to 52.1% for the second quarter of fiscal 2019, up from 43.1% in the prior year comparative period. Fiscal 2019 first-half gross margin increased to 52.3% from 44.6% in the fiscal 2018 comparative period. Lower raw materials costs, operational efficiencies, and a reduction of manufacturing related engineering support were the primary drivers of this increase year-over-year. Engineering support related expenses may be allocated to overhead, and thus cost of sales, or research and development expenses based on the focus of the engineering effort. |
• | Operating expenses. Fiscal 2019 second quarter operating expense as a percentage of net sales was 23.1%, up from 19.7% in the prior year comparative period. Year-to-date operating expense as a percentage of net sales were up from 15.5% to 17.3%. These increases were primarily driven by higher investment in research and development activities, and the start-up related costs to establish the division's Latin American headquarters in Brazil. These strategic investments are expected to support the division's long-term growth through new product introductions and expanded geographic presence. Division operating margin for the three-month period increased 560 basis points. This increase in division profit was primarily driven by increased leverage on higher sales volume and lower engineering support costs. Division operating margin for the six-month period increased 570 basis points. This increase in division profit was primarily driven by increased leverage on higher sales volume, lower warranty expense, value engineering and sourcing efforts which reduced materials costs, and favorable legal recoveries. |
• | Long-lived asset impairment loss. As described in Note 7 Goodwill, Long-lived Assets, and Other Intangibles of the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q, during the first quarter of fiscal 2018 the Company determined that the intangible asset related to the investment in AgEagle was fully impaired due to the decrease in expected future cash flows. No impairments were recognized in the three- or six-month periods ended July 31, 2018 or the three-month period ended July 31, 2017. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | $ Change | % Change | July 31, 2018 | July 31, 2017 | $ Change | % Change | ||||||||||||||||||||||
Net sales | $ | 58,875 | $ | 49,028 | $ | 9,847 | 20.1 | % | $ | 118,867 | $ | 92,583 | $ | 26,284 | 28.4 | % | ||||||||||||||
Gross profit | 12,756 | 11,526 | 1,230 | 10.7 | % | 27,942 | 22,273 | 5,669 | 25.5 | % | ||||||||||||||||||||
Gross margin | 21.7 | % | 23.5 | % | 23.5 | % | 24.1 | % | ||||||||||||||||||||||
Operating expenses | $ | 1,950 | $ | 1,975 | $ | (25 | ) | (1.3 | )% | $ | 3,940 | $ | 4,002 | $ | (62 | ) | (1.5 | )% | ||||||||||||
Operating expenses as % of sales | 3.3 | % | 4.0 | % | 3.3 | % | 4.3 | % | ||||||||||||||||||||||
Operating income(a) | $ | 10,806 | $ | 9,551 | $ | 1,255 | 13.1 | % | $ | 24,002 | $ | 18,271 | $ | 5,731 | 31.4 | % | ||||||||||||||
Operating margin | 18.4 | % | 19.5 | % | 20.2 | % | 19.7 | % | ||||||||||||||||||||||
(a) At the segment level, operating income does not include an allocation of general and administrative expenses. |
• | Market conditions. End-market conditions in the geomembrane market have continued to improve over the last twelve months. At the end of the second quarter of fiscal 2019, U.S. land-based rig counts have increased approximately 10% versus the second quarter of fiscal 2018. Net sales included $8.9 million in deliveries of hurricane recovery film in the six-month period ending July 31, 2018 and there were no significant deliveries of hurricane recovery film in the three months ended July 31, 2018. Sales of such film are generally less than $2.0 million on an annual basis. The Company does not presently expect any additional hurricane recovery film sales in fiscal 2019. The Company does not model comparative market share position for its divisions, but the Company believes Engineered Films has maintained or increased market share in its core business. |
• | Sales volume and selling prices. Second quarter net sales were $58.9 million, an increase of $9.8 million, or 20.1%, compared to fiscal 2018 second quarter net sales of $49.0 million. First half fiscal 2019 net sales were up $26.3 million, or 28.4%, to $118.9 million compared to $92.6 million in the first half of fiscal 2018. As described in Note 6 Acquisitions and Divestitures of and Investments in Businesses and Technologies of the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q, during the third quarter of fiscal 2018 the Company closed on the acquisition of CLI, further strengthening Engineered Films' presence in the geomembrane market. CLI contributed $10.3 million and $18.4 million in sales for the three- and six-month periods ended July 31, 2018, respectively. In the three- and six-month periods ended July 31, 2017, the division generated $1.3 million and $3.6 million in sales to CLI, respectively. Drivers of the increase in the underlying business include improved market conditions within the geomembrane market, new business wins in the industrial market and the delivery of hurricane recovery films. One of the key capital investments in fiscal 2019 is a new blown film line (Line 15). The installation process is progressing according to schedule and start-up of the new line is anticipated in the fourth quarter of this fiscal year. The Company expects Line 15 to be a strong contributor to organic growth in Engineered Films next year and over the long-term. |
• | Gross margin. For the three- and six-month periods ended July 31, 2018, gross margin was 21.7% and 23.5%, respectively. The gross margin for the three- and six-month period ended July 31, 2017 was 23.5% and 24.1%, respectively. Strong division profit margins were sustained even with the heavier mix of installation services |
• | Operating expenses. Second quarter operating expenses were down 1.3% compared to the prior year second quarter. As a percentage of net sales, operating expenses were 3.3% in the current year three-month period as compared to 4.0% in the prior year comparative period. Year-to-date operating expenses were 3.3% as a percentage of net sales as compared to 4.3% in the prior year comparative period. Expense discipline constrained costs while sales grew substantially. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | $ Change | % Change | July 31, 2018 | July 31, 2017 | $ Change | % Change | ||||||||||||||||||||||
Net sales | $ | 13,517 | $ | 9,369 | $ | 4,148 | 44.3 | % | $ | 24,418 | $ | 18,975 | $ | 5,443 | 28.7 | % | ||||||||||||||
Gross profit | 6,018 | 2,734 | 3,284 | 120.1 | % | 9,659 | 5,423 | 4,236 | 78.1 | % | ||||||||||||||||||||
Gross margin | 44.5 | % | 29.2 | % | 39.6 | % | 28.6 | % | ||||||||||||||||||||||
Operating expenses | $ | 2,183 | $ | 1,346 | $ | 837 | 62.2 | % | $ | 3,019 | $ | 2,617 | $ | 402 | 15.4 | % | ||||||||||||||
Operating expenses as % of sales | 16.2 | % | 14.4 | % | 12.4 | % | 13.8 | % | ||||||||||||||||||||||
Operating income(a) | $ | 3,835 | $ | 1,388 | $ | 2,447 | 176.3 | % | $ | 6,640 | $ | 2,806 | $ | 3,834 | 136.6 | % | ||||||||||||||
Operating margin | 28.4 | % | 14.8 | % | 27.2 | % | 14.8 | % | ||||||||||||||||||||||
(1) At the segment level, operating income does not include an allocation of general and administrative expenses. |
• | Market conditions. Aerostar’s business consists of proprietary products and services to the aerospace, defense, and commercial markets. It is particularly challenging to measure market share information across the product and service offerings and the Company does not model comparative market share position for any of its divisions. However, the Company believes that the sales growth in the three- and six-month periods was driven by market share gains and overall growth in the markets served. |
• | Sales volume. Net sales increased 44.3% from $9.4 million for the three-month period ended July 31, 2017 to $13.5 million for the three-month period ended July 31, 2018. Year-to-date sales were $24.4 million, up $5.4 million year-over-year, or 28.7%. In the first quarter of fiscal 2019 the division sold its client private business. Aerostar's client private business generated sales of $0.0 million and $0.3 million for the three- and six-month periods in 2019 fiscal year, respectively, and $1.4 million and $3.0 million in the prior comparative three- and six-month periods, respectively. The increase in net sales was driven by improved sales volume in Aerostar's stratospheric balloon platform and also benefited from aerostat contract deliveries. |
• | Gross margin. For the three-month period, gross margin increased from 29.2% to 44.5%. Gross margin increased from 28.6% to 39.6% in the six-month period. The increase in gross margin year-over-year was primarily the result of a favorable sales mix and and a higher proportion of costs being allocated to specific stratospheric balloon contracts. |
• | Operating expenses. Second quarter fiscal 2019 operating expense was $2.2 million, or 16.2% of net sales, an increase from 14.4% of net sales in the second quarter of fiscal 2018. The increase in operating expenses for the second quarter was driven by higher internal research and development spending as compared to the prior year comparative period. Year-to-date operating expense as a percentage of net sales was 12.4%, down from 13.8% in the prior year. Expense discipline constrained costs while sales grew substantially. |
Three Months Ended | Six Months Ended | |||||||||||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Administrative expenses | $ | 6,819 | $ | 5,887 | $ | 17,222 | $ | 11,257 | ||||||||
Administrative expenses as a % of sales | 6.6 | % | 6.8 | % | 8.1 | % | 6.2 | % | ||||||||
Other (expense) income, net | $ | (139 | ) | $ | (63 | ) | $ | 5,540 | $ | (293 | ) | |||||
Effective tax rate | 16.8 | % | 29.2 | % | 17.9 | % | 30.5 | % |
(dollars in thousands) | July 31, 2018 | January 31, 2018 | July 31, 2017 | |||||||||
Cash and cash equivalents | $ | 65,439 | $ | 40,535 | $ | 55,197 |
Three Months Ended | Six Months Ended | |||||||||||||||
(dollars in thousands) | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||||||
Cash provided by operating activities | $ | 25,049 | $ | 12,159 | $ | 38,652 | $ | 19,861 | ||||||||
Cash used in investing activities | (4,673 | ) | (2,753 | ) | (1,488 | ) | (5,589 | ) | ||||||||
Cash used in financing activities | (6,082 | ) | (5,010 | ) | (11,857 | ) | (10,003 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (172 | ) | 324 | (403 | ) | 280 | ||||||||||
Net increase in cash and cash equivalents | $ | 14,122 | $ | 4,720 | $ | 24,904 | $ | 4,549 |
(dollars in thousands) | July 31, 2018 | July 31, 2017 | ||||||
Accounts receivable, net | $ | 61,348 | $ | 46,398 | ||||
Plus: Inventories | 55,993 | 50,844 | ||||||
Less: Accounts payable | 14,882 | 12,597 | ||||||
Net working capital(a) | $ | 102,459 | $ | 84,645 | ||||
Annualized net sales(b) | 410,736 | 346,440 | ||||||
Net working capital percentage(c) | 24.9 | % | 24.4 | % | ||||
(a) Net working capital is defined as accounts receivable (net) plus inventories less accounts payable. | ||||||||
(b) Annualized net sales is defined as the most recent quarter net sales times four for each of the fiscal periods, respectively. | ||||||||
(c) Net working capital percentage is defined as Net working capital divided by Annualized net sales for each of the fiscal periods, respectively. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
Exhibit Number | Description | |
Amended and Restated Deferred Stock Compensation Plan for Directors of Raven Industries, Inc., effective July 11, 2018 (incorporated herein by reference to Exhibit 10.1 of the Company's Form 8-K filed July 12, 2018). | ||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
RAVEN INDUSTRIES, INC. | ||||
/s/ Steven E. Brazones | ||||
Steven E. Brazones | ||||
Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Raven Industries, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or others performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting. |
Dated: August 23, 2018 | /s/ Daniel A. Rykhus |
Daniel A. Rykhus | |
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Raven Industries, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or others performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting. |
Dated: August 23, 2018 | /s/ Steven E. Brazones |
Steven E. Brazones | |
Vice President and Chief Financial Officer |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Raven Industries, Inc. |
Dated: August 23, 2018 | /s/ Daniel A. Rykhus |
Daniel A. Rykhus | |
President and Chief Executive Officer |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Raven Industries, Inc. |
Dated: August 23, 2018 | /s/ Steven E. Brazones |
Steven E. Brazones | |
Vice President and Chief Financial Officer | |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jul. 31, 2018 |
Aug. 17, 2018 |
|
Document Information [Line Items] | ||
Entity Registrant Name | RAVEN INDUSTRIES INC | |
Entity Central Index Key | 0000082166 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2018 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 35,902,427 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) (Unaudited) - $ / shares |
Jul. 31, 2018 |
Jan. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,229,000 | 67,124,000 |
Treasury stock, at cost (in shares) | 31,332,000 | 31,332,000 |
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Income Statement [Abstract] | ||||
Other comprehensive income, postretirement benefits, income tax (expense) benefit | $ 2 | $ 3 | $ 4 | $ 7 |
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
$1 Par Common Stock [Member] |
Paid-in Capital [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Raven Industries, Inc. Equity [Member] |
Non-controlling Interest [Member] |
---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Jan. 31, 2017 | $ 259,431 | $ 67,060 | $ 55,795 | $ (90,402) | $ 230,649 | $ (3,676) | $ 259,426 | $ 5 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2017 | 30,984 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20,582 | 20,583 | 20,583 | (1) | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | 822 | 822 | 822 | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (13) | (13) | (13) | |||||
Cash dividends | (9,384) | 109 | (9,493) | (9,384) | ||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (148) | 12 | (160) | (148) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (151) | 11 | (162) | (151) | ||||
Director shares issued | 0 | 4 | (4) | 0 | ||||
Share-based compensation | 1,932 | 0 | 1,932 | 1,932 | ||||
Balance at end of period at Jul. 31, 2017 | 273,071 | 67,087 | 57,510 | $ (90,402) | 241,739 | (2,867) | 273,067 | 4 |
Treasury stock at end of period (in shares) at Jul. 31, 2017 | 30,984 | |||||||
Balance at beginning of period at Jan. 31, 2018 | $ 276,066 | 67,124 | 59,143 | $ (100,402) | 252,772 | (2,573) | 276,064 | 2 |
Treasury stock at beginning of period (in shares) at Jan. 31, 2018 | 31,332 | 31,332 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 35,868 | 35,812 | 35,812 | 56 | ||||
Other comprehensive income (loss): | ||||||||
Cumulative foreign currency translation adjustment | (837) | (837) | (837) | |||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | (12) | (12) | (12) | |||||
Reclassification due to ASU 2018-02 adoption | 0 | 280 | (280) | 0 | ||||
Cash dividends | (9,326) | 100 | (9,426) | (9,326) | ||||
Shares issued on stock options exercised, net of shares withheld for employee taxes | (679) | 42 | (721) | (679) | ||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes | (1,251) | 63 | (1,314) | (1,251) | ||||
Share-based compensation | 2,281 | 0 | 2,281 | 2,281 | ||||
Balance at end of period at Jul. 31, 2018 | $ 302,110 | $ 67,229 | $ 59,489 | $ (100,402) | $ 279,438 | $ (3,702) | $ 302,052 | $ 58 |
Treasury stock at end of period (in shares) at Jul. 31, 2018 | 31,332 | 31,332 |
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.260 | $ 0.260 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 4 | $ 7 |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
|
OPERATING ACTIVITIES: | ||
Net income | $ 35,868 | $ 20,582 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,401 | 7,184 |
Change in fair value of acquisition-related contingent consideration | 403 | 145 |
Long-lived asset impairment loss | 0 | 259 |
Loss from equity investment | 0 | 154 |
Gain from sale of equity method investment | (5,785) | 0 |
Deferred income taxes | (439) | (942) |
Share-based compensation expense | 2,281 | 1,932 |
Other operating activities, net | (1,987) | 174 |
Change in operating assets and liabilities: | ||
Accounts receivable | (2,982) | (3,279) |
Inventories | (792) | (8,466) |
Other assets | 74 | (1,257) |
Operating liabilities | 4,610 | 3,375 |
Net cash provided by operating activities | 38,652 | 19,861 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (6,853) | (5,223) |
Proceeds from sale or maturity of investments | 6,668 | 250 |
Purchases of investments | (164) | (255) |
Proceeds (disbursements) from sale of assets, settlement of liabilities | 832 | (344) |
Other investing activities | (1,971) | (17) |
Net cash used in investing activities | (1,488) | (5,589) |
FINANCING ACTIVITIES: | ||
Dividends paid | (9,326) | (9,384) |
Payments of acquisition-related contingent liability | (499) | (320) |
Restricted stock units vested and issued | (679) | (151) |
Employee stock options exercises | (1,251) | (148) |
Other financing activities | (102) | 0 |
Net cash used in financing activities | (11,857) | (10,003) |
Effect of exchange rate changes on cash | (403) | 280 |
Net increase in cash and cash equivalents | 24,904 | 4,549 |
Cash and cash equivalents at beginning of year | 40,535 | 50,648 |
Cash and cash equivalents at end of period | $ 65,439 | $ 55,197 |
Basis of Presentation and Principles of Consolidation |
6 Months Ended |
---|---|
Jul. 31, 2018 | |
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 agricultural, aerospace/defense, construction, geomembrane, industrial, and stratospheric balloon markets. The Company is comprised of three unique operating units, or divisions, classified into reportable 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, 2018. Financial results for the interim three- and six-month periods ended July 31, 2018 are not necessarily indicative of the results that may be expected for the year ending January 31, 2019. The January 31, 2018 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. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) |
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Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2018 other than described in the Accounting Standards Adopted section below. Accounting Pronouncements Accounting Standards Adopted In the fiscal 2019 first quarter, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) issued in February 2018. The amendments in this guidance allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and are intended to improve the usefulness of information reported. The Company elected to apply the amendments in the period of adoption. The Company recorded a $280 reclassification entry for the stranded tax effects in Accumulated Other Comprehensive Income related to Raven's post-retirement plan further disclosed in the Company's Annual Report in the Form 10-K filed March 23, 2018. The impact of the reclassification is reported as "Reclassification due to ASU 2018-02 adoption" in the Consolidated Statements of Shareholders' Equity. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" (ASU 2017-09) on a prospective basis. The guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards as equity instruments or liability instruments are the same immediately before and after the modification to the award. The Company did not modify any of its outstanding awards during the six-month period ended July 31, 2018; therefore, the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted, the FASB ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Postretirement Benefit Cost" (ASU 2017-07). The guidance clarifies where the cost components of the net benefit cost should be reported in the income statement and it allows only the service cost to be capitalized. The adoption of this guidance resulted in $7 and $14 of the net periodic benefit cost being reported as a charge to operating income and $71 and $142 reported as a charge to non-operating income (expense) for the three- and six-months ended July 31, 2018, respectively. The classification of this charge on the Consolidated Statements of Income and Comprehensive Income is described in Note 8 Employee Retirement Benefits in the Notes to the Consolidated Financial Statements. The net periodic benefit cost for the prior fiscal year was not material. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16). Previous GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. This new guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company did not have any intra-entity transfers of assets impacted by this guidance, as such the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15). The specific classification issues clarified in the guidance either were not applicable to the Company or are consistent with how the Company previously classified them, therefore the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU No. 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" (ASU 2016-01). The updated accounting guidance requires equity securities to be measured at fair value with changes in the fair value recognized through net income. An entity’s equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this update. The impacted financial instruments held at the time of adoption were not material, as such, the adoption of this guidance and the subsequent changes to Subtopic 825-10 in ASU 2018-03 "Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," did not have a material impact on the Company's consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter, the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" (ASU 2014-09). ASU 2014-09 provides a comprehensive new recognition model that requires recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration which a company expects to receive in exchange for those goods or services. This guidance supersedes the revenue recognition requirements in FASB ASC Topic 605, "Revenue Recognition," and most industry-specific guidance. ASU 2014-09 defines a five-step process to achieve this core principle. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The Company adopted ASU 2014-09 on a modified retrospective basis. The comparative historical information has not been adjusted and continues to be reported under ASC Topic 605 as previously presented. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements or results of operations as of the adoption date and for the three- or six months ended July 31, 2018 as a significant majority of our sales revenue is recognized when products are shipped from our manufacturing facilities. As part of our adoption of ASU 2014-09 we have elected the following practical expedients: modified retrospective basis was applied for all contracts that were not completed as of February 1, 2018; shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are considered fulfillment costs included within cost of sales; and 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. Additional disclosures related to the revenues arising from contracts with customers as required by Topic 606 are included in Note 5 Revenue. New Accounting Standards Not Yet Adopted In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize a lease liability (to make lease payments) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet with terms greater than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. In July 2018 the FASB amended Topic 842 to provide entities additional guidance on transition to adopt using either a modified retrospective approach for leases that exist upon adoption and in the comparative periods presented, or an optional approach to initially apply the new lease guidance upon the adoption date without adjusting the comparative periods presented. The Company is currently evaluating the method and impact the adoption will have on its consolidated financial statements, results of operations, and disclosures.
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Selected Balance Sheet Information | SELECTED BALANCE SHEET INFORMATION Following are the components of selected items from the Consolidated Balance Sheets:
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Net Income per Share |
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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 share calculation were as follows:
The computation of earnings per share is presented below:
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Revenue (Notes) |
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Revenue from Contract with Customer [Text Block] | REVENUE Nature of goods and services The Company is comprised of three unique operating divisions, classified into reportable segments: Applied Technology (ATD), Engineered Films (EFD), and Aerostar (AERO). The following is a description of principal activities, separated by reportable segment, from which the Company generates revenue. Note that service revenues are not material and are not separately disclosed. 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 growers reduce costs, more precisely control inputs, and improve crop 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 stated price that does not vary upon purchase and revenue is recognized when control has transferred to the customer. Engineered Films Engineered Films manufactures high performance plastic films and sheeting for geomembrane, agricultural, construction, and industrial applications. Engineered Films' ability to develop value-added innovative products is expanded by its fabrication, conversion, and installation capabilities. 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 stated price that does not vary upon purchase 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 our 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/defense and stratospheric balloon markets. Aerostar designs and manufactures proprietary products including high-altitude (stratospheric) balloon systems, and tethered aerostats, which are collectively referred to as lighter-than-air products, and offers radar processing systems and related services. 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 agencies and instrumentalities of the U.S. government. Product sales to customers for which we do 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 stated price that does not vary upon purchase. 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 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 table also includes a reconciliation of the disaggregated revenue with reportable segments.
Contract Balances Contract assets consist of unbilled receivables and retainage. Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed 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. 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. The changes in our contract assets and liabilities were as follows:
(b) Contract liabilities are reported in "Other current liabilities" in the Consolidated Balance Sheet. During the six months ended July 31, 2018, the Company’s contract assets increased by $48 and contract liabilities decreased by $1,157, primarily as 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 of the contract assets that existed as of January 31, 2018 were converted to receivables and contract liabilities that existed as of January 31, 2018 were recognized as revenue during the first quarter of fiscal 2019. Remaining performance obligations As of July 31, 2018, the Company did not have any remaining performance obligations related to customer contracts that had an original expected duration of one year or more.
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Acquisitions and Divestitures of and Investments in Businesses and Technologies |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of and Investments in Businesses and Technologies | ACQUISITIONS AND DIVESTITURES OF AND INVESTMENTS IN BUSINESSES AND TECHNOLOGIES Colorado Lining International, Inc. On September 1, 2017, the Company completed the acquisition of substantially all of the assets (the acquisition) of Colorado Lining International, Inc., a Colorado corporation, headquartered in Parker, CO (CLI). The acquisition was immediately aligned under the Company’s Engineered Films Division. The acquisition enhanced the Company’s geomembrane market position through extended service and product offerings with the addition of new design-build and installation service components, and advanced Engineered Films’ business model into a vertically-integrated, full-service solutions provider for the geomembrane market. The acquisition constituted a business and as such was accounted for as a business combination. The purchase price of $14,938 included a potential earn-out with an estimated fair value of $1,256. The earn-out payments are contingent upon achieving certain revenue targets and operational synergies. The fair value of the business acquired was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed was recorded as goodwill. Goodwill recorded as part of the purchase price allocation was $5,714, all of which is tax deductible. Intangible assets acquired in the acquisition related to customer relationships, order backlog and non-compete agreements were valued at $610. Aerostar's Client Private Business In fiscal 2018 Aerostar actively marketed the sale of its client private business and classified it as held for sale. During the first quarter of fiscal 2019, the client private business was sold for $832 which resulted in an immaterial gain in the six-months ended July 31, 2018. No gain was recognized during the three-months ended July 31, 2018. Site-Specific Technology Development Group, Inc. (SST) In February 2018 the Company sold its ownership interest of approximately 22% in SST with a carrying value of $1,937. This investment was being accounted for as an equity method investment. Raven received $6,556 in cash at closing which was reported as "Proceeds from sale or maturity of investments" in the Consolidated Statements of Cash Flows. The Company recognized a gain on the sale of $5,785 for the six-months ended July 31, 2018. No gain was recognized during the three-months ended July 31, 2018. The gain was reported in "Other (expense) income, net" in the Consolidated Statements of Income and Comprehensive Income. This amount includes a fifteen percent hold-back provision held in an escrow account which is expected to be settled in fiscal 2020. Acquisition-related Contingent Consideration The Company has contingent liabilities related to the acquisition of CLI in September 2017, as well as the prior acquisitions of SBG Innovatie BV and its affiliate, Navtronics BVBA (collectively, SBG) in May 2014 and Vista Research, Inc. (Vista) in January 2012. The fair value of such contingent consideration is estimated as of the acquisition date, and subsequently at the end of each reporting period, using forecasted cash flows. Projecting future cash flows requires the Company to make significant estimates and assumptions regarding future events, conditions, or revenues being achieved under the subject contingent agreement as well as the appropriate discount rate. Such valuation techniques include one or more significant inputs that are not observable (Level 3 fair value measures). Changes in the fair value of the liability for acquisition-related contingent consideration are as follows:
In the CLI acquisition, the Company entered into a contingent earn-out agreement, not to exceed $2,000. The earn-out is paid annually for three years after the purchase date, contingent upon achieving certain revenues and operational synergies. To date, the Company has made no payments on this potential earn-out liability. In connection with the acquisition of SBG, Raven is committed to making additional earn-out payments, not to exceed $2,500 calculated and paid quarterly for ten years after the purchase date contingent upon achieving certain revenues. To date, the Company has paid a total of $1,178 of this potential earn-out liability. |
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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:
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Goodwill, Long-lived Assets and Other Intangibles Goodwill, Long-lived Assets and Other Intangibles (Notes) |
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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. Management performed an assessment in the second quarter of fiscal 2019 and determined that no triggering events had occurred for any of the Company's reporting units. There were no goodwill impairment losses reported in the three- and six-month periods ending July 31, 2018 and 2017, respectively. The changes in the carrying amount of goodwill by reporting unit were as follows:
Long-lived Assets and Other Intangibles Fiscal 2019 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 and performs impairment reviews by asset group. When performing long-lived asset testing, the fair values of assets are determined based on valuation techniques using the best available information. Such valuations are derived from valuation techniques in which one or more significant inputs are not observable (Level 3 fair value measures). An impairment loss is recognized when the estimated undiscounted cash flows used in determining the fair value of the asset are less than its carrying amount. Management performed an assessment in the fiscal 2019 second quarter and determined that there were no impairment indicators identified for any of the Company's asset groups. There were no long-lived asset impairment losses reported in the three- and six month periods ending July 31, 2018. Fiscal 2018 During first quarter of fiscal 2018, the Company determined that the investment in AgEagle Aerial Systems, Inc. (AgEagle) was impaired due to lower than expected cash flows. This impairment was determined to be other-than-temporary and an accelerated equity method investment loss of $72 was reported in "Other (expense) income, net" in the Consolidated Statements of Income and Comprehensive Income for the six-month period ended July 31, 2017. The Company also determined the customer relationship intangible asset related to the AgEagle exclusive distribution agreement was fully impaired. The total impairment loss reported related to this intangible asset was $259 and was reported in "Long-lived asset impairment loss" in the Consolidated Statements of Income and Comprehensive Income for the six-month period ended July 31, 2017. There were no long-lived asset impairments or equity method investment losses reported in the second quarter of fiscal 2018. The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:
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Employee Postretirement Benefits |
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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:
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Warranties |
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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:
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Financing Arrangements Financing Arrangements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangements | FINANCING ARRANGEMENTS The Company entered into a credit facility on April 15, 2015, with JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Administrative Agent, JPMorgan Chase Bank, National Association, as administrative agent, and each lender from time to time party thereto (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $125,000 with a maturity date of April 15, 2020. Simultaneous with execution of the Credit Agreement, Raven and its subsidiaries entered into a guaranty agreement in favor of JPMorgan Chase Bank, National Association in its capacity as administrator under the Credit Agreement for the benefit of JPMorgan Chase Bank, N.A., Toronto Branch and the lenders and their affiliates under the Credit Agreement. The unamortized debt issuance costs associated with this Credit Agreement were as follows:
(a) Unamortized debt issuance costs are reported as "Other assets" in the Consolidated Balance Sheets. Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement includes annual administrative and unborrowed capacity fees. The Credit Agreement also contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. The Company is in compliance with all covenants as of July 31, 2018. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. The loan proceeds may be utilized by Raven for strategic business purposes and for working capital needs. Letters of credit (LOC) issued and outstanding were as follows:
(a) All of these LOC are outstanding under the Credit Agreement except one LOC for $50 that is outstanding with Wells Fargo. Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement. |
Commitments and Contingencies Commitments and Contingencies Disclosure |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES The Company may be involved as a party in lawsuits, claims, regulatory inquiries, or disputes arising in the normal course of its business. Such items may result in potential costs and liabilities which cannot be determined at this time. The Company has insurance policies that provide coverage to various degrees for potential liabilities arising from legal proceedings. The Company entered into a Gift Agreement (the Agreement) effective in January 2018 with the South Dakota State University Foundation, Inc. (the Foundation). The Agreement states that the Company will make a $5,000 gift to the Foundation, conditional on certain actions. Management concluded that the contingencies related to this gift were substantially met during the three-month period ended April 30, 2018 and a liability had been incurred. As such, $4,503 of contribution expense was recognized in the three-month period ending April 30, 2018 with interest expense to be recognized in periods thereafter. The fair value of this contingency at July 31, 2018 was $4,546 (measured based on the present value of the expected future cash outflows) of which $1,407 was classified as "Accrued liabilities" and $3,139 was classified as "Other liabilities". For the six-month period ended July 31, 2018, the Company reported $4,503 of selling, general, and administrative expenses for contributions to be made and $43 of interest expense. This gift will be used by South Dakota State University (SDSU), located in Brookings, SD, for the establishment of a precision agriculture facility to support SDSU's Precision Agriculture degrees and curriculum. |
Income Tax Income Tax Disclosure |
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Income Tax Disclosure | INCOME TAXES The U.S. Tax Cuts and Jobs Act (TCJA) was enacted on December 22, 2017 and reduced the U.S. federal statutory tax rate to 21 percent effective January 1, 2018. In addition, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), Income Tax Accounting Implications of the TCJA, which allows the Company to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. The Company considers the accounting for the transition tax to be incomplete due to its ongoing analysis of final year-end data and tax positions. The Company expects to complete its accounting for the transition tax in the third quarter of fiscal 2019. Also, the Company has determined that it will elect to recognize Global Intangible Low Taxed Income (GILTI) as a period cost if, and when, incurred. As of July 31, 2018, undistributed earnings of the Canadian and European subsidiaries were considered to have been reinvested indefinitely. The Company’s effective tax rate varies from the federal statutory rate primarily due to state and local taxes, research and development tax credit, foreign-derived intangible income deduction, and tax-exempt insurance premiums. The Company’s effective tax rates were as follows:
The decrease in the effective tax rate year-over-year is primarily due to the decrease in the federal statutory tax rate pursuant to the TCJA. The Company also recognized a discrete tax benefit (expense) related to the vesting or settlement of stock awards as follows:
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Dividends and Treasury Stock |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and Treasury Stock | DIVIDENDS AND TREASURY STOCK Dividends paid to Raven shareholders were as follows:
(a)There were no declared and unpaid shareholder dividends at July 31, 2018 or 2017. On November 3, 2014, the Company announced that its Board of Directors (Board) had authorized a $40,000 stock buyback program. Since that time, the Board has provided additional authorizations to increase the total amount authorized under the program to $75,000. This authorization remains in place until such time as the authorized spending limit is reached or such authorization is revoked by the Board. |
Share Based Compensation |
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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:
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | SEGMENT REPORTING The Company's reportable segments are defined by their product lines which have been grouped in these segments based on technology, manufacturing processes, and end-use application. Raven's reportable segments are Applied Technology, Engineered Films, and Aerostar. The Company measures the performance of its segments based on certain metrics such as net sales and operating income excluding general and administrative expenses. Other (expense) income and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Separate financial information is available and regularly evaluated by the Company's chief operating decision-maker (CODM), the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. Segment information is reported consistent with the Company's management reporting structure. Business segment net sales and operating income results are as follows:
(a) Fiscal year 2019 Net sales includes approximately $10,276 and $18,373 in net sales for the three- and six-month periods ended July 31, 2018, respectively, related to the CLI acquisition further described in Note 6 "Acquisitions and Divestitures of and Investments in Businesses and Technologies". The division generated $1,283 and $3,608 in sales to CLI for the three- and six-month periods ended July 31, 2017, respectively. Fiscal year 2019 Net sales includes $0 and $8,919 of recovery film sales for the three- and six-month periods ended July, 31, 2018, respectively, related to the hurricane recovery effort. No hurricane recovery film sales occurred during the three- and six-month periods ended July 31, 2017. (b) Intersegment sales for both fiscal 2019 and 2018 were primarily sales from Engineered Films to Aerostar. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income.
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Subsequent Events (Notes) |
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Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
Summary of Significant Accounting Policies New Accounting Standards (Policies) |
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New Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Standards Adopted In the fiscal 2019 first quarter, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) issued in February 2018. The amendments in this guidance allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and are intended to improve the usefulness of information reported. The Company elected to apply the amendments in the period of adoption. The Company recorded a $280 reclassification entry for the stranded tax effects in Accumulated Other Comprehensive Income related to Raven's post-retirement plan further disclosed in the Company's Annual Report in the Form 10-K filed March 23, 2018. The impact of the reclassification is reported as "Reclassification due to ASU 2018-02 adoption" in the Consolidated Statements of Shareholders' Equity. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" (ASU 2017-09) on a prospective basis. The guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards as equity instruments or liability instruments are the same immediately before and after the modification to the award. The Company did not modify any of its outstanding awards during the six-month period ended July 31, 2018; therefore, the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted, the FASB ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Postretirement Benefit Cost" (ASU 2017-07). The guidance clarifies where the cost components of the net benefit cost should be reported in the income statement and it allows only the service cost to be capitalized. The adoption of this guidance resulted in $7 and $14 of the net periodic benefit cost being reported as a charge to operating income and $71 and $142 reported as a charge to non-operating income (expense) for the three- and six-months ended July 31, 2018, respectively. The classification of this charge on the Consolidated Statements of Income and Comprehensive Income is described in Note 8 Employee Retirement Benefits in the Notes to the Consolidated Financial Statements. The net periodic benefit cost for the prior fiscal year was not material. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16). Previous GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. This new guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company did not have any intra-entity transfers of assets impacted by this guidance, as such the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15). The specific classification issues clarified in the guidance either were not applicable to the Company or are consistent with how the Company previously classified them, therefore the adoption of this guidance had no impact on its consolidated financial statements, results of operations, or disclosures. In the fiscal 2019 first quarter when it became effective, the Company adopted FASB ASU No. 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" (ASU 2016-01). The updated accounting guidance requires equity securities to be measured at fair value with changes in the fair value recognized through net income. An entity’s equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this update. The impacted financial instruments held at the time of adoption were not material, as such, the adoption of this guidance and the subsequent changes to Subtopic 825-10 in ASU 2018-03 "Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," did not have a material impact on the Company's consolidated financial statements, results of operations, or disclosures. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Standards Not Yet Adopted In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The primary difference between previous GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance requires a lessee to recognize a lease liability (to make lease payments) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet with terms greater than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. In July 2018 the FASB amended Topic 842 to provide entities additional guidance on transition to adopt using either a modified retrospective approach for leases that exist upon adoption and in the comparative periods presented, or an optional approach to initially apply the new lease guidance upon the adoption date without adjusting the comparative periods presented. The Company is currently evaluating the method and impact the adoption will have on its consolidated financial statements, results of operations, and disclosures.
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Selected Balance Sheet Information (Tables) |
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Components of selected balance sheet items | Following are the components of selected items from the Consolidated Balance Sheets:
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Net Income per Share (Tables) |
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Schedule of antidilutive securities excluded from computation of earnings per share | The options and restricted stock units excluded from the diluted net income per-share share calculation were as follows:
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Schedule of calculation of numerator and denominator in earnings per share | The computation of earnings per share is presented below:
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Revenue (Tables) |
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Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues In the following table, 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 table also includes a reconciliation of the disaggregated revenue with reportable segments.
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Contract with Customer, Asset and Liability [Table Text Block] | :
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Goodwill, Long-lived Assets and Other Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by reporting unit were as follows:
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Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:
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Employee Postretirement Benefits Employee Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Warranties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Changes in the warranty accrual were as follows:
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Financing Arrangements Financing Arrangements(Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jul. 31, 2018 | |||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The unamortized debt issuance costs associated with this Credit Agreement were as follows:
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Schedule of Line of Credit Facilities [Table Text Block] | Letters of credit (LOC) issued and outstanding were as follows:
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Income Tax Effective tax rate (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s effective tax rates were as follows:
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discrete tax benefit (expense) [Table Text Block] | The Company also recognized a discrete tax benefit (expense) related to the vesting or settlement of stock awards as follows:
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Dividends and Treasury Stock Tables (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | Dividends paid to Raven shareholders were as follows:
(a)There were no declared and unpaid shareholder dividends at July 31, 2018 or 2017. |
Share Based Compensation (Tables) |
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Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The share-based compensation expense was as follows:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business segment net sales and operating income results | The Company's reportable segments are defined by their product lines which have been grouped in these segments based on technology, manufacturing processes, and end-use application. Raven's reportable segments are Applied Technology, Engineered Films, and Aerostar. The Company measures the performance of its segments based on certain metrics such as net sales and operating income excluding general and administrative expenses. Other (expense) income and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Separate financial information is available and regularly evaluated by the Company's chief operating decision-maker (CODM), the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. Segment information is reported consistent with the Company's management reporting structure. Business segment net sales and operating income results are as follows:
(a) Fiscal year 2019 Net sales includes approximately $10,276 and $18,373 in net sales for the three- and six-month periods ended July 31, 2018, respectively, related to the CLI acquisition further described in Note 6 "Acquisitions and Divestitures of and Investments in Businesses and Technologies". The division generated $1,283 and $3,608 in sales to CLI for the three- and six-month periods ended July 31, 2017, respectively. Fiscal year 2019 Net sales includes $0 and $8,919 of recovery film sales for the three- and six-month periods ended July, 31, 2018, respectively, related to the hurricane recovery effort. No hurricane recovery film sales occurred during the three- and six-month periods ended July 31, 2017. (b) Intersegment sales for both fiscal 2019 and 2018 were primarily sales from Engineered Films to Aerostar. (c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income.
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Basis of Presentation and Principles of Consolidation (Details) |
6 Months Ended | |
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Jul. 31, 2018
Divisions
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Jul. 31, 2018
segment
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Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||
Number of operating units | 3 | 3 |
Aerostar Integrated Systems [Member] | ||
Organization, Consolidation and Presentation of Financial Statements Line Items [Line Items] | ||
Joint venture, ownership percentage | 75.00% | 75.00% |
Summary of Significant Accounting Policies Effect of adopting new accounting guidance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 0 | $ 0 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 280 | $ 280 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Service cost reported in operating income | 7 | 21 | 14 | 43 |
Defined Benefit Plan, Net Periodic Benefit Cost reported in non-operating income | 78 | $ 93 | 156 | $ 187 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Operating Income (Loss) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Service cost reported in operating income | 7 | 14 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Nonoperating Income (Expense) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost reported in non-operating income | $ 71 | $ 142 |
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jul. 31, 2018 |
Apr. 30, 2018 |
Jan. 31, 2018 |
Jul. 31, 2017 |
Apr. 30, 2017 |
Jan. 31, 2017 |
---|---|---|---|---|---|---|
Accounts receivable, net: | ||||||
Trade accounts | $ 59,138 | $ 57,063 | ||||
Unbilled receivables | 3,167 | 2,447 | ||||
Allowance for doubtful accounts | (957) | (978) | ||||
Accounts receivable, net | 61,348 | 58,532 | ||||
Inventories: | ||||||
Finished goods | 6,709 | 8,054 | ||||
In process | 1,406 | 961 | ||||
Materials | 47,878 | 46,336 | ||||
Inventories | 55,993 | 55,351 | ||||
Other current assets: | ||||||
Insurance policy benefit | 714 | 759 | ||||
Income tax receivable | 16 | 1,397 | ||||
Receivable from sale of investments | 1,055 | 0 | ||||
Prepaid Expense and other | 3,587 | 3,705 | ||||
Other current assets | 5,372 | 5,861 | ||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 106,716 | 106,280 | ||||
Other Assets (Noncurrent): | ||||||
Equity investments | 175 | 1,955 | ||||
Deferred Income Taxes, Noncurrent | 20 | 19 | ||||
Other | 2,642 | 976 | ||||
Other assets | 2,837 | 2,950 | ||||
Accrued liabilities: | ||||||
Salaries and related | 5,759 | 9,409 | ||||
Benefits | 4,045 | 4,225 | ||||
Insurance obligations | 2,488 | 1,992 | ||||
Warranties | 1,137 | $ 1,097 | 1,163 | $ 2,265 | $ 2,405 | $ 1,547 |
Income Taxes | 1,667 | 226 | ||||
Other taxes | 1,357 | 1,880 | ||||
Acquisition-related contingent consideration liability, current | 1,709 | 1,036 | ||||
Other | 3,713 | 2,015 | ||||
Accrued liabilities | 21,875 | 21,946 | ||||
Other liabilities: | ||||||
Postretirement benefits | 8,260 | 8,264 | ||||
Acquisition-related contingent consideration liability, long-term | 1,241 | 2,010 | ||||
Deferred income taxes | 168 | 615 | ||||
Uncertain tax positions | 2,636 | 2,634 | ||||
Other Liabilities, Noncurrent | 4,010 | 272 | ||||
Other liabilities | 16,315 | 13,795 | ||||
Land [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 3,234 | 3,234 | ||||
Building and Building Improvements [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 81,092 | 80,299 | ||||
Machinery and Equipment [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 155,515 | 149,847 | ||||
Property, plant and equipment, Owned [Member] | ||||||
Property, plant and equipment, net: | ||||||
Accumulated depreciation | (133,482) | (127,523) | ||||
Property, plant and equipment, net | 106,359 | 105,857 | ||||
Assets Held under Capital Leases [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment | 510 | 488 | ||||
Accumulated depreciation | (153) | (65) | ||||
Assets owned or held under capital lease [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | $ 106,716 | $ 106,280 |
Net Income per Share (Antidiluted Securities Excluded from Computation) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
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Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in options and restricted units) | 55,810 | 209,400 | 36,384 | 409,136 |
Net Income per Share (Schedule of Calculation of Numerator and Denominator in Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Numerator: | ||||
Net income attributable to Raven Industries, Inc. | $ 13,677 | $ 8,235 | $ 35,812 | $ 20,583 |
Denominator: | ||||
Weighted average common shares outstanding (in shares) | 35,893,132 | 36,096,048 | 35,859,614 | 36,088,095 |
Weighted average fully vested stock units outstanding (in shares) | 102,339 | 109,146 | 95,027 | 103,966 |
Denominator for basic calculation (in shares) | 35,995,471 | 36,205,194 | 35,954,641 | 36,192,061 |
Weighted average common shares outstanding (in shares) | 35,893,132 | 36,096,048 | 35,859,614 | 36,088,095 |
Weighted average fully vested stock units outstanding (in shares) | 102,339 | 109,146 | 95,027 | 103,966 |
Dilutive impact of stock options and restricted units (in shares) | 429,409 | 348,795 | 455,595 | 322,661 |
Denominator for diluted calculation (in shares) | 36,424,880 | 36,553,989 | 36,410,236 | 36,514,722 |
Net income per share - basic (in dollars per share) | $ 0.38 | $ 0.23 | $ 1.00 | $ 0.57 |
Net income per share - diluted (in dollars per share) | $ 0.38 | $ 0.23 | $ 0.98 | $ 0.56 |
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
||||||
Disaggregation of Revenue [Line Items] | |||||||||
Net sales | $ 102,684 | $ 86,610 | $ 213,813 | $ 180,145 | |||||
Lighter-than-air [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 11,199 | 5,460 | 17,747 | 11,666 | |||||
International Net Sales | 82 | 28 | 536 | 54 | |||||
Plastic Films and Sheeting [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 54,851 | 45,032 | 109,954 | 86,027 | |||||
International Net Sales | 3,954 | 3,785 | 8,649 | 6,229 | |||||
Precision Agriculture [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 23,592 | 20,742 | 53,117 | 51,000 | |||||
International Net Sales | 6,770 | 7,682 | 17,675 | 17,914 | |||||
Other Product [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 2,221 | 3,881 | 6,120 | 7,213 | |||||
International Net Sales | 15 | 0 | 15 | 42 | |||||
Engineered Films Plastic Films & Sheeting [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 54,921 | 45,243 | 110,218 | 86,354 | |||||
International Net Sales | 3,954 | 3,785 | 8,649 | 6,229 | |||||
Net sales | 58,875 | 49,028 | 118,867 | 92,583 | |||||
Applied Technology Precision Agriculture Equipment [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 23,592 | 20,742 | 53,117 | 51,000 | |||||
International Net Sales | 6,770 | 7,682 | 17,675 | 17,914 | |||||
Net sales | 30,362 | 28,424 | 70,792 | 68,914 | |||||
Aerostar Lighter-than-air [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 11,199 | 5,460 | 17,747 | 11,666 | |||||
International Net Sales | 82 | 28 | 536 | 54 | |||||
Aerostar Other [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | 2,221 | 3,881 | 6,120 | 7,213 | |||||
International Net Sales | 15 | 0 | 15 | 42 | |||||
Aerostar [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Net sales | 13,517 | 9,369 | 24,418 | 18,975 | |||||
Intersegment Eliminations [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Net sales | [1],[2] | (70) | (211) | (264) | (327) | ||||
Intersegment Eliminations [Member] | Plastic Films and Sheeting [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Domestic Net Sales | [1] | (70) | (211) | (264) | (327) | ||||
International Net Sales | [1] | 0 | 0 | 0 | 0 | ||||
All Segments [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Net sales | $ 102,684 | $ 86,610 | $ 213,813 | $ 180,145 | |||||
|
Revenue Contract Asset and Contract Liabilities balances (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
Jan. 31, 2018 |
||||||
Capitalized Contract Cost [Line Items] | |||||||
Increase (Decrease) in Contract Assets | $ 48 | ||||||
Increase (Decrease) in Contract Liabilities | (1,157) | ||||||
Short-term Contract with Customer [Member] | |||||||
Capitalized Contract Cost [Line Items] | |||||||
Contract with Customer, Asset, Gross | [1] | 3,167 | $ 3,119 | ||||
Increase (Decrease) in Contract Assets | [1] | $ 48 | |||||
Increase (decrease) in contract assets with customers, percentage | [1] | 1.50% | |||||
Contract with Customer, Liability, Current | [2] | $ 733 | $ 1,890 | ||||
Increase (Decrease) in Contract Liabilities | [2] | $ (1,157) | |||||
Increase (decrease) in contract liabilities with customers, percentage | [2] | (61.20%) | |||||
|
Revenue Details (Details) - 6 months ended Jul. 31, 2018 $ in Thousands |
Divisions |
USD ($) |
segment |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Number of operating divisions | 3 | 3 | |
Increase (Decrease) in Cost in Excess of Billing on Uncompleted Contract | $ 48 | ||
Increase (Decrease) in Billing in Excess of Cost of Earnings | (1,157) | ||
Performance obligations more than one year | $ 0 |
Acquisitions and Divestitures of and Investments in Businesses and Technologies Business Combinations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 05, 2018 |
Sep. 01, 2017 |
Jul. 31, 2018 |
Jul. 31, 2018 |
Jul. 31, 2017 |
Jan. 31, 2018 |
|
Variable Interest Entity Disclosure [Abstract] | ||||||
Proceeds from sale or maturity of investments | $ 6,668 | $ 250 | ||||
Gain from sale of equity method investment | (5,785) | $ 0 | ||||
Engineered Films [Member] | CLI [Member] | ||||||
Business Combination, Description [Abstract] | ||||||
Business Acquisition, Effective Date of Acquisition | Sep. 01, 2017 | |||||
Business Acquisition, Name of Acquired Entity | Colorado Lining International, Inc. | |||||
Business Combination, Consideration Transferred | $ 14,938 | |||||
Fair Value of Business Acquisition Contingent Consideration - at acquisition | 1,256 | |||||
Goodwill | 5,714 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 610 | |||||
Aerostar [Member] | ||||||
Business Combination, Description [Abstract] | ||||||
Proceeds from disposal of Aerostar client private business | $ 0 | 832 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | |||||
Applied Technology [Member] | SST [Member] | ||||||
Variable Interest Entity Disclosure [Abstract] | ||||||
Disposal Date | Feb. 05, 2018 | |||||
Equity Method Investment, Ownership Percentage | 22.00% | |||||
Equity Method Investment, Additional Information | SST | |||||
Equity Method Investments | $ 1,937 | |||||
Proceeds from sale or maturity of investments | $ 6,556 | |||||
Other Nonoperating Income (Expense) [Member] | Applied Technology [Member] | SST [Member] | ||||||
Variable Interest Entity Disclosure [Abstract] | ||||||
Gain from sale of equity method investment | $ 0 | $ 5,785 |
Acquisitions and Divestitures of and Investments in Businesses and Technologies Acquisition-related Contingent Consideration (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Acquisition-related contingent consideration [Roll Forward] | ||||||
Acquisition-related contingent consideration, Beginning Balance | $ 2,903 | $ 1,672 | $ 3,046 | $ 1,742 | ||
Change in fair value of acquisition-related contingent consideration | 251 | 54 | 403 | 145 | ||
Contingent consideration earn-out paid | (204) | (159) | (499) | (320) | ||
Acquisition-related contingent consideration, Ending Balance | 2,950 | 1,567 | 2,950 | 1,567 | ||
Acquisition-related contingent consideration liability, current | $ 1,709 | $ 385 | ||||
Acquisition-related contingent consideration liability, Noncurrent | 1,241 | 1,182 | ||||
Business Combination, Contingent Consideration, Liability | $ 2,903 | $ 1,672 | $ 3,046 | $ 1,742 | 2,950 | $ 1,567 |
Applied Technology [Member] | SBG Innovatiie and affiliate [Member] | ||||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||||
Business Acquisition, Date of Acquisition Agreement | May 01, 2014 | |||||
Contingent Consideration Term in Years | 10 years | |||||
Contingent consideration, potential cash payment | 2,500 | |||||
Business acquisition contingent consideration cumulative paid | $ 1,178 | |||||
Aerostar [Member] | Vista Research [Member] | ||||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||||
Business Acquisition, Date of Acquisition Agreement | Jan. 06, 2012 | |||||
Contingent Consideration Term in Years | 7 years | |||||
Contingent consideration, potential cash payment | 15,000 | |||||
Business acquisition contingent consideration cumulative paid | $ 1,783 | |||||
Engineered Films [Member] | CLI [Member] | ||||||
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||||
Business Acquisition, Date of Acquisition Agreement | Sep. 01, 2017 | |||||
Contingent Consideration Term in Years | 3 years | |||||
Contingent consideration, potential cash payment | $ 2,000 | |||||
Business acquisition contingent consideration cumulative paid | $ 0 |
Goodwill, Long-lived Assets and Other Intangibles Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||||
Goodwill Beginning balance | 46,710 | |||
Divestiture of business | (103) | |||
Goodwill, Foreign Currency Translation Gain (Loss) | (169) | |||
Goodwill Ending balance | 46,438 | 46,438 | ||
Applied Technology [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Beginning balance | 12,741 | |||
Divestiture of business | 0 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | (169) | |||
Goodwill Ending balance | 12,572 | 12,572 | ||
Engineered Films [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Beginning balance | 33,232 | |||
Divestiture of business | 0 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |||
Goodwill Ending balance | 33,232 | 33,232 | ||
Aerostar [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Beginning balance | 737 | |||
Divestiture of business | (103) | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |||
Goodwill Ending balance | $ 634 | $ 634 |
Goodwill, Long-lived Assets and Other Intangibles Long-lived Assets and Other Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
Jan. 31, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Long-lived asset impairment loss | $ 0 | $ 0 | $ 0 | $ 259 | |
Finite-Lived Intangible Assets, Gross | 25,470 | 25,470 | $ 24,795 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (13,698) | (13,698) | (14,211) | ||
Finite-Lived Intangible Assets, Net | 11,772 | 11,772 | 10,584 | ||
Technology-Based Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 7,225 | 7,225 | 7,290 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (7,088) | (7,088) | (6,996) | ||
Finite-Lived Intangible Assets, Net | 137 | 137 | 294 | ||
Customer-Related Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 12,504 | 12,504 | 13,264 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,978) | (4,978) | (4,834) | ||
Finite-Lived Intangible Assets, Net | 7,526 | 7,526 | 8,430 | ||
Patents [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 5,741 | 5,741 | 4,241 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,632) | (1,632) | (2,381) | ||
Finite-Lived Intangible Assets, Net | 4,109 | 4,109 | $ 1,860 | ||
AgEagle Aerial Systems [Member] | Applied Technology [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | 0 | 72 | |
AgEagle Aerial Systems [Member] | Applied Technology [Member] | Customer-Related Intangible Assets [Member] | Operating Income (Loss) [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Long-lived asset impairment loss | $ 0 | $ 0 | $ 0 | $ 259 |
Employee Postretirement Benefits Employee Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 7 | $ 21 | $ 14 | $ 43 |
Interest cost | 79 | 82 | 158 | 164 |
Amortization of actuarial losses | 32 | 30 | 64 | 60 |
Amortization of unrecognized prior service cost (Credit) | (40) | (40) | (80) | (80) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 78 | $ 93 | $ 156 | $ 187 |
Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Product Warranty Accrual [Roll Forward] | ||||
Beginning balance | $ 1,097 | $ 2,405 | $ 1,163 | $ 1,547 |
Change in provision | 329 | 401 | 486 | 1,778 |
Settlements made | (289) | (541) | (512) | (1,060) |
Ending balance | $ 1,137 | $ 2,265 | $ 1,137 | $ 2,265 |
Financing Arrangements (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Apr. 15, 2015 |
|
Line of Credit Facility [Line Items] | |||
Debt Instrument, Covenant Compliance | The Company is in compliance with all covenants as of July 31, 2018. | ||
JPMorgan Chase Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Initiation Date | Apr. 15, 2015 | ||
Borrowing capacity under line of credit | $ 125,000 | ||
Maturity date of the line of credit | Apr. 15, 2020 | ||
Borrowing outstanding under line of credit | $ 0 | $ 0 | |
Remaining borrowing capacity under the line of credit | $ 124,536 |
Financing Arrangements Unamortized debt Issuance costs (Details) - USD ($) $ in Thousands |
Jul. 31, 2018 |
Jan. 31, 2018 |
||
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Unamortized debt issuance costs | [1] | $ 187 | $ 242 | |
|
Financing Arrangements Letters of Credit Outstanding (Details) - USD ($) $ in Thousands |
Jul. 31, 2018 |
Jan. 31, 2018 |
Jul. 31, 2017 |
||
---|---|---|---|---|---|
Line of Credit Facility [Line Items] | |||||
Letters of Credit Outstanding, Amount | [1] | $ 514 | $ 1,097 | ||
Wells Fargo Bank, N.A. [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letters of Credit Outstanding, Amount | $ 50 | $ 50 | |||
|
Commitments and Contingencies (Details) - Charitable Gift [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
Jan. 31, 2018 |
|
Loss Contingencies [Line Items] | |||||
Long-term Purchase Commitment, Amount | $ 5,000 | ||||
Loss Contingency Accrual | $ 4,546 | 4,546 | $ 0 | ||
Selling, General and Administrative Expenses [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Loss in Period | 0 | $ 0 | 4,503 | $ 0 | |
Other Nonoperating Income (Expense) [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, Period Increase (Decrease) | 43 | $ 0 | 43 | $ 0 | |
Accrued Liabilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Accrual, Current | 1,407 | 1,407 | 0 | ||
Other Noncurrent Liabilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Accrual, Noncurrent | $ 3,139 | $ 3,139 | $ 0 |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Effective tax rate, percent | 16.80% | 29.20% | 17.90% | 30.50% |
Discrete tax benefit (expense) | $ 471 | $ (90) | $ 714 | $ (569) |
Dividends and Treasury Stock (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
Jan. 31, 2015 |
|
Stockholders' Equity Note [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 75,000 | $ 50,000 | $ 75,000 | $ 50,000 | $ 40,000 |
Shares repurchased, Treasury Stock | 0 | 0 | 0 | 0 | |
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | |
Unpaid repurchases of common stock | 0 | $ 0 | 0 | $ 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 27,959 | $ 27,959 |
Dividends and Treasury Stock Dividends paid (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
||||
Stockholders' Equity Note [Abstract] | |||||||
Payments of Ordinary Dividends, Common Stock | [1] | $ 4,668 | $ 4,693 | $ 9,326 | $ 9,384 | ||
Cash dividends paid per common share (in dollars per share) | [1] | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 | ||
Dividends Payable | $ 0 | $ 0 | $ 0 | $ 0 | |||
|
Share Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
|
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 103 | $ 55 | $ 183 | $ 113 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 36 | 31 | 67 | 68 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 1,355 | 1,055 | 2,031 | 1,751 |
Operating Income (Loss) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 1,494 | $ 1,141 | $ 2,281 | $ 1,932 |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
Jul. 31, 2017 |
Jul. 31, 2018 |
Jul. 31, 2017 |
||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $ 102,684 | $ 86,610 | $ 213,813 | $ 180,145 | |||||||||
Administrative and general expenses | [1] | (6,819) | (5,887) | (17,222) | (11,257) | ||||||||
Operating income | 16,629 | 11,700 | 38,160 | 29,919 | |||||||||
Applied Technology [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 30,362 | 28,424 | 70,792 | 68,914 | |||||||||
Operating income | 8,788 | 6,637 | 24,736 | 20,090 | |||||||||
Engineered Films [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | [2] | 58,875 | 49,028 | 118,867 | 92,583 | ||||||||
Operating income | 10,806 | 9,551 | 24,002 | 18,271 | |||||||||
Engineered Films [Member] | Hurricane Recovery Film [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 0 | 0 | 8,919 | 0 | |||||||||
Aerostar [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 13,517 | 9,369 | 24,418 | 18,975 | |||||||||
Operating income | 3,835 | 1,388 | 6,640 | 2,806 | |||||||||
Intersegment Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | [3],[4] | (70) | (211) | (264) | (327) | ||||||||
Operating income | 19 | 11 | 4 | 9 | |||||||||
Corporate Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating income | 23,448 | 17,587 | 55,382 | 41,176 | |||||||||
CLI [Member] | Engineered Films [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $ 10,276 | $ 1,283 | $ 18,373 | $ 3,608 | |||||||||
|
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