Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Oct. 31, 2020 |
Jan. 31, 2020 |
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Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 10,416,724 | 10,343,610 |
Treasury Stock, Shares | 3,295,188 | 3,281,701 |
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
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Income Statement [Abstract] | ||||
Revenue | $ 28,017 | $ 33,318 | $ 86,595 | $ 102,967 |
Cost of Revenue | 18,282 | 21,021 | 56,218 | 64,454 |
Gross Profit | 9,735 | 12,297 | 30,377 | 38,513 |
Operating Expenses: | ||||
Selling and Marketing | 5,553 | 6,944 | 17,033 | 20,122 |
Research and Development | 1,412 | 2,076 | 4,845 | 5,868 |
General and Administrative | 2,353 | 2,830 | 7,214 | 8,445 |
Operating Expenses | 9,318 | 11,850 | 29,092 | 34,435 |
Operating Income | 417 | 447 | 1,285 | 4,078 |
Other Expense, Net | (437) | (238) | (459) | (788) |
Income (Loss) Before Income Taxes | (20) | 209 | 826 | 3,290 |
Income Tax (Benefit) Provision | (32) | (247) | 379 | 182 |
Net Income | $ 12 | $ 456 | $ 447 | $ 3,108 |
Net Income per Common Share - Basic: | $ 0 | $ 0.06 | $ 0.06 | $ 0.44 |
Net Income per Common Share - Diluted: | $ 0 | $ 0.06 | $ 0.06 | $ 0.43 |
Weighted Average Number of Common Shares Outstanding—Basic | 7,120,286 | 7,046,803 | 7,099,505 | 7,012,595 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,185,485 | 7,198,598 | 7,137,478 | 7,272,435 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 12 | $ 456 | $ 447 | $ 3,108 |
Other Comprehensive Income (Loss), Net of Taxes: | ||||
Foreign Currency Translation Adjustments | (157) | 87 | 53 | (166) |
Change in Value of Derivatives Designated as Cash Flow Hedge | 15 | 62 | (255) | 62 |
Losses (Gains) from Cash Flow Hedges Reclassified to Income Statement | 3 | 193 | (201) | |
Cross-Currency Interest Rate Swap Termination | 45 | |||
Other Comprehensive Income (Loss) | (142) | 152 | 36 | (305) |
Comprehensive Income (Loss) | $ (130) | $ 608 | $ 483 | $ 2,803 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
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May 02, 2020 |
Nov. 02, 2019 |
Aug. 03, 2019 |
May 04, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common Stock – Cash Dividend per share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Business and Basis of Presentation |
9 Months Ended |
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Oct. 31, 2020 | |
Business and Basis Of Presentation [Abstract] | |
Business and Basis of Presentation | Note 1 – Business and Basis of Presentation Overview Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design , develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries. In the United States, we have factory-trained direct field salespeople located in major cities from coast to coast. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third-party contractors. Additionally, we utilize over 225 independent dealers and representatives selling and marketing our products in over 60 countries.Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the brand names QuickLabel ® , TrojanLabel® and GetLabels™ . The T&M segment includes our line of aerospace flight deck printers and test and measurement data acquisition systems sold under the AstroNova® brand name. PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers, high-volume presses and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and flexible packaging material substrates and other supplies, including ink and toner, that allow customers to mark, track, protect and enhance the appearance of their products. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution light-weight flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. Unless otherwise indicated, references to “AstroNova”, “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to AstroNova, Inc. and its consolidated subsidiaries.Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended January 31, 2020.The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information, in context of the unknown future impacts of COVID-19 using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition, the allowances for doubtful accounts, inventory valuation, income taxes, impairment of long-lived assets and goodwill, share-based compensation, accrued expenses, self-insurance liability accrual and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters, including our expectations at the time regarding the duration, scope and severity of the COVID-19 pandemic. Consequently, actual results could differ from those estimates.Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. Certain amounts in the prior year financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounting Policies |
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Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Update The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020. Recently Adopted Accounting Pronouncements Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The provisions of ASU 2018-13 relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The remaining provisions should be applied retrospectively to all periods presented upon their effective date. We adopted the provisions of this guidance effective February 1, 2020. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.Recent Accounting Standards Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently in the process of evaluating the impact of the transition from LIBOR to an alternative reference rate, but we do not expect that to have a material impact on our consolidated financial statements.No other new accounting pronouncements, issued or effective during the nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Note 3 – Revenue Recognition We derive revenue from the sal e of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
Major product types:
Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $313,000 and $466,000 at October 31, 2020 and January 31, 2020, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the nine months ended October 31, 2020 is primarily due t o $466,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2020 and current period deferred revenue recognized in income during the period, offset by cash payments received in advance of satisfying performance obligations. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized based on the forecasted number of units sold over the remaining benefit term, which we currently estimate to be approximately 6 years. The balance of these contract assets at January 31, 2020 was $944,000. We amortized $44,000 of direct costs for the nine months ended October 31, 2020 and the balance of deferred incremental direct costs net of accumulated amortization at October 31, 2020 was $900,000, of which $59,000 is reported in other current assets and $841,000 is reported in other assets in the accompanying condensed consolidated balance sheet. |
Net Income Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Note 4 – Net Income Per Common Share Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:
For the three and nine months ended October 31, 2020, the diluted per share amounts do not reflect common equivalent shares outstanding of 689,157 and 892,868
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Intangible Assets |
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Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows:
There were no impairments to intangible assets during the periods ended October 31, 2020 and November 2, 2019 . With respect to the acquired intangibles included in the table above, amortization expense of $1.0 million and $1.1 million has been included in the condensed consolidated statements of income for the three months ended October 31, 2020 and November 2, 2019, respectively. Amortization expense of $3.1 million and $3.2 million related to the above acquired intangibles has been included in the accompanying condensed consolidated statement of income for the nine months ended October 31, 2020 and November 2, 2019, respectively. Estimated amortization expense for the next five fiscal years is as follows:
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Inventories |
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Inventories | Note 6 – Inventories Inventories are stated at the lower of cost (first-in, first-out) and net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
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Credit Agreement and Debt |
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Credit Agreement and Debt | Note 7 – Credit Agreement and Debt Credit Agreement On July 30, 2020, we entered into an Amended and Restat ed Credit Agreement (the “A&R Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), our wholly owned subsidiary, ANI ApS, a Danish private limited liability company and TrojanLabel ApS, a Danish private limited liability company and wholly-owned subsidiary of ANI ApS(“TrojanLabel”). The A&R Credit Agreement amended and restated the Credit Agreement dated as of February 28, 2017 (the “Existing Credit Agreement”) by and among us, ANI ApS, TrojanLabel and the Lender. In connection with the A&R Credit Agreement, we entered into an Amended and Restated Security and Pledge Agreement and a mortgage in favor of the Lender with respect to our owned real property in West Warwick, Rhode Island. Under the A&R Credit Agreement, AstroNova, Inc. is the sole borrower, and its obligations are guaranteed by ANI ApS and TrojanLabel. Immediately prior to the closing of the A&R Credit Agreement, we repaid $1.5 million in principal amount of term loans outstanding under the Existing Credit Agreement. The A&R Credit Agreement provides for (i) a term loan in the principal amount of $15.2 million, which we used to refinance the outstanding term loans borrowed by us and ANI ApS under the Existing Credit Agreement and a portion of the outstanding revolving loans borrowed by us under the Existing Credit Agreement, and (ii) a $10.0 million revolving credit facility available to us for general corporate purposes. Revolving credit loans may be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner. During the three months ended October 31, 2020, we repaid the entire outstanding balance under the revolving line of credit. Balances outstanding under the revolving line of credit during the nine months ended October 31, 2020 bore interest at a weighted average annual rate of 3.41%, and $35,000 and $188,000of interest was incurred and is included in other expense in the accompanying condensed consolidated income statement for the three and nine month periods ended October 31, 2020, respectively. At October 31, 2020, there was no balance outstanding under the revolving line of credit and $10.0 million was available for borrowing under the revolving credit facility. The A&R Credit Agreement was accounted for as a debt modification in a non-troubled debt restructuring. We incurred $0.2 million of new debt issuance costs related to the term loan, of which $0.1 million of new lender fees were recorded against the debt as debt issuance costs and will be amortized over the term of the loan and $0.1 million of third party fees that were expensed as incurred. Additionally, $0.1 million of unamortized debt issuance costs related to the prior term debt will be amortized over the remaining life of the new term loan. We also incurred $0.1 million of new debt issuance fees in connection with the revolving line of credit which are included as a component of prepaid expenses and other current assets and will be amortized over the remaining life of the A&R Credit Agreement.Under the A&R Credit Agreement, the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending July 31, 2020 and October 31, 2020 is $0.8 million; the principal amount of the quarterly installment required to be paid on the last day of our fiscal quarter ending January 31, 2021 is $1.1 million; the principal amount of the quarterly installment required to be paid on the last day of the our fiscal quarter ending April 30, 2021 is $1.1 million; the principal amount of each quarterly installment required to be paid on the last day of each of the our fiscal quarters ending July 31, 2021, October 31, 2021, January 31, 2022 and April 30, 2022 is $1.4 million, and the entire remaining principal balance of the term loan is required to be paid on June 15, 2022. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than June 15, 2022, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. Under the A&R Credit Agreement the term loan and revolving credit loans bear interest at a rate per annum equal to, at the our option, either (a) the LIBOR Rate (or in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 2.15% to 3.65% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the LIBOR Rate plus 1.00% or (iv) 1.00%, plus a margin that varies within a range of 1.15% to 2.65% based on our consolidated leverage ratio. We are also required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.25% and 0.675% based on our consolidated leverage ratio. The loans under the A&R Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to continued compliance with the A&R Credit Agreement. No amount of the term loan that is repaid may be reborrowed. Under the A&R Credit Agreement , we must comply with various customary financial and non-financial covenants including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, a minimum level of EBITDA, a consolidated asset coverage ratio and a minimum level of liquidity. The primary non-financial covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on capital stock, to repurchase or acquire capital stock, to conduct mergers or acquisitions, to sell assets, to alter the capital structure, to make investments and loans, to change the nature of their business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the A&R Credit Agreement.The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the A&R Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or our undergoing a change of control. In addition to the guarantees by ANI ApS and TrojanLabel, our obligations under the A&R Credit Agreement are also secured by substantially all of AstroNova, Inc.’s personal property assets (including a pledge of the equity interests it holds in ANI ApS, in our wholly-owned German subsidiary AstroNova GmbH, and in our wholly-owned French subsidiary AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Isla nd . Long-Term Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
During the three and nine months ended October 31, 2020, we recognized $159,000 and $312,000 of interest expense, respectively, which was included in other income (expense) in the accompanying condensed consolidated income statement. During the three and nine months ended November 2, 2019, we recognized $ 101,000 and $285,000 of interest expense, respectively, which was included in other expense in the accompanying condensed consolidated income statement. The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of October 31, 2020 is as follows:
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Paycheck Protection Program Loan |
9 Months Ended |
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Oct. 31, 2020 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Program Loan | Note 8 – Paycheck Protection Program Loan On May 6, 2020, we entered into a loan agreement with, and executed a promissory note in favor of Greenwood Credit Union (“Greenwood”) pursuant to which we borrowed $4.4 million (the “PPP Loan”) from Greenwood pursuant to the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) and authorized by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020 (the “PPP Flexibility Act”) which was enacted on June 5, 2020. The PPP Loan, which will mature on May 6, 2022, is unsecured and bears interest at a rate of 1.0% per annum, accruing from the loan date, and is payable monthly. No payments are due on the PPP Loan until the date on which the SBA determines the amount of the PPP Loan that is eligible for forgiveness, so long as we apply for forgiveness within the ten months from the end of the twenty-four week period following the date of loan disbursement, but interest will continue to accrue during the deferral period. We accrued interest for the PPP Loan in the amount of $22,000, which is included in other expense in the accompanying condensed consolidated statements of income for the nine month period ended October 31, 2020. The PPP Loan may be prepaid at any time without penalty. The loan agreement and promissory note include customary provisions for a loan of this type, including prohibitions on our payment of dividends or repurchase of shares of our stock while the PPP Loan remains outstanding. The loan agreement and promissory note also include events of default relating to, among other things, payment defaults, breaches of the provisions of the loan agreement or the promissory note, and cross-defaults on other loans. Subject to the limitations and conditions set forth in the CARES Act, the PPP Flexibility Act, and the regulations and guidance provided by the SBA with respect to the PPP, a portion of the PPP Loan may be forgiven in an amount up to the amount of the PPP Loan proceeds that we spent on payroll, rent, utilities and interest on certain debt during the twenty-four-week period following incurrence of the PPP Loan. Interest accrued on the forgiven portion of the principal amount of the PPP Loan is also forgiven. The amount of the PPP Loan to be forgiven in respect of rent, utilities and interest on certain debt will be capped at 40%of the forgiven amount, with the remaining forgiven amount allocated to payroll costs. We have fully utilized the PPP Loan proceeds for qualifying expenses and during the fourth quarter of this current year we expect to apply for forgiveness of the PPP Loan (including all associated accrued interest) in accordance with the terms of the CARES Act, as amended by the PPP Flexibility Act. Whether our application for forgiveness will be granted and in what amount is subject to approval by the SBA and may also be subject to further requirements in any regulations and guidelines the SBA may adopt. The PPP Loan is classified as long-term debt in the condensed consolidated balance sheet until the forgiveness determination has been made by the SBA. |
Derivative Financial Instruments and Risk Management |
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Derivative Financial Instruments and Risk Management | Note 9 – Derivative Financial Instruments and Risk Management In February 28, 2017, as part of the Existing Credit Agreement, we entered into a cross-currency interest rate swap to manage the interest rate risk and foreign currency exchange risk associated with the floating-rate foreign currency-denominated term loan borrowing by ANI ApS and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing (the “Swaps”). Both Swaps were designated as cash flow hedges of floating-rate borrowings. Our cross-currency interest rate swap agreement effectively modified our exposure to interest rate risk and foreign currency exchange rate risk by converting our floating-rate debt denominated in U.S. Dollars on our ANI ApS’s books to a fixed-rate debt denominated in Danish Kroner for the term of the loan, thus reducing the impact of interest-rate and foreign currency exchange rate changes on future interest expense and principal repayments. This swap involved the receipt of floating interest rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Kroner, as well as exchanges of principal at the inception spot rate, over the life of the term loan. Subsequently, concurrent with our borrowings to fund the payments for the Asset Purchase and License Agreement with Honeywell International, we entered into an interest rate swap agreement to modify our exposure to interest rate risk by effectively converting our floating-rate borrowings to fixed-rate debt over the term of the loan, thus reducing the impact of interest-rate changes on future interest expense. This swap involved the receipt of floating interest rate amounts in U.S. Dollars in exchange for fixed interest rate payments in U.S. dollars over the life of the term loan. As a direct result of the terms of the Lender’s conditions for entry into the A&R Credit Agreement, on July 30, 2020, we terminated the two Swaps that we used to manage the interest rate and foreign currency exchange risks associated with our prior borrowings under the Existing Credit Agreement. The terms of the A&R Credit Agreement caused those swaps to cease to be effective hedges of the underlying exposures. The termination of the Swaps was contracted immediately prior to the end of the second quarter of fiscal 2021 at a cash cost of approximately $0.7 million which was settled in the third quarter. Upon termination, the remaining balance of $58,000 in accumulated other comprehensive loss related to the cross-currency interest rate swap was reclassified into earnings as the forecasted foreign currency interest payments will not occur and such balance is included in other expense in the accompanying condensed consolidated statements of income for the nine month period ended October 31, 2020. The balance in accumulated other comprehensive loss related to the interest rate swap of $ The following table summarizes the notional amount and fair value of our derivative instruments:
The fair value of both the Cross-currency Interest Rate Swap and the Interest Rate swap are included in other long-term liabilities on the condensed consolidated balance sheets for the period ended January 31, 2020. The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 31, 2020 and November 2, 2019:
At October 31, 2020, we expect to reclassify approximately $0.1 million of net losses on the frozen OCI balance associated with the terminated interest rate swap from accumulated other comprehensive loss to earnings during the next 12 months due to the payment of variable interest associated with the floating interest rate debt. |
Royalty Obligation |
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Oct. 31, 2020 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 10 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The g uaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated after-tax cost of debt for similar companies. As of October 31, 2020, we had paid an aggregate of $5.0 million of the guaranteed minimum royalty obligation. At October 31, 2020, the current portion of the outstanding guaranteed minimum royalty obligation of $2.0 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $6.6 million is reported as a long-term liability on our condensed consolidated balance sheet. We did not incur any excess royalty expense for the three and nine month periods ended October 31, 2020. We did incur excess royalty expense of $0.1 million and $0.8 million, respectively, for the three and nine month periods ended November 2, 2019, which is included in cost of revenue in our consolidated statements of income. A total of $0.1 million of excess royalty is payable and reported as a current liability on our condensed consolidated balance sheet at October 31, 2020. |
Leases |
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Leases | Note 11 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of 1 to 8 years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options. Balance sheet and other information related to our leas es is as follows:
Lease cost information is as follows:
Maturities of operating lease liabilities are as follows:
As of October 31, 2020, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.3 years and 4.0%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows:
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Accumulated Other Comprehensive Loss | Note 12 – Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. |
Share-Based Compensation |
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Share-Based Compensation | Note 13 – Share-Based Compensation We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (RSAs). The 2018 Plan authorizes the issuance of up to 950,000 shares of common stock, plus an additional number of shares equal to the number of shares subject to awards granted under previous equity incentive plans that are forfeited, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, 301,438 unvested shares of restricted stock and options to purchase an aggregate of 135,500 shares were outstanding as of October 31, 2020.In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 plans, but outstanding awards will continue to be governed by those plans. As of October 31, 2020, options to purchase an aggregate of 338,458 shares were outstanding under the 2007 Plan and 14,583 unvested shares of restricted stock and options to purchase an aggregate of 148,625 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”), under which each of our non-employee directors automatically receives a grant of restricted stock on the date of their re-election to our board of directors. The number of whole shares granted is equal to the number calculated by dividing the stock component of the director compensation amount determined by the compensation committee for that year by the fair market value of our stock on that day. The value of the restricted stock award for fiscal 2021 is $60,000. Shares of restricted stock granted under the Program become vested on the first anniversary of the date of grant, conditioned upon the recipient’s continued service on our board of directors through that date.Share-based compensation expense was recognized as follows:
Stock Options There were no stock options granted during the nine months ended October 31, 2020 and November 2, 2019. Aggregated information regarding stock option activity for the nine months ended October 31, 2020 is summarized below:
Set forth below is a summary of options outstanding at October 31, 2020:
As of October 31, 2020, there was approximately $0.4 million of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.9 years. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the nine months ended October 31, 2020 is summarized below:
As of October 31, 2020, there was approximately $2.0 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 0.9 years. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 247,500 shares were reserved for issuance under this plan. During the nine months ended October 31, 2020 and November 2, 2019, there were 12,098 and 5,441 shares, respectively, purchased under this plan. As of October 31, 2020, 12,877 shares remain available for purchase under our Employee Stock Purchase Plan. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Income Taxes | Note 14 – Income Taxes Our effective tax rates for the period are as follows:
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which the y occur.During the three months ended October 31, 2020, we recognized an income tax benefit of approximately $32,000. The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2021 as compared to operating results forecasted at the end of our second quarter of fiscal 2021. During the three months ended November 2, 2019, we recognized an income tax benefit of approximately $247,000. The effective tax rate in this period was directly impacted by 1) a reduction in forecasted operating results for our fiscal 2020 as compared to operating results forecasted at the end of our second quarter of fiscal 2020, 2) a $306,000 tax benefit related to the reversal of previously uncertain tax positions due to the finalization of an IRS audit and 3) an $18,000 tax benefit arising from windfall tax benefits related to our stock. During the nine months ended October 31, 2020, we recognized an income tax expense of approximately $379,000. The effective tax rate in this period was directly impacted by 1) a significant decrease in forecasted operating results for our fiscal 2021 as compared to operating results forecasted at the end of our second quarter of fiscal 2021, 2) a $118,000 expense arising from shortfall tax expense related to our stock, 3) a $79,000 expense related to return to provision adjustments from foreign tax returns filed in the year and 4) a $78,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions. During the nine months ended November 2, 2019, we recognized an income tax expense of approximately $182,000. The effective tax rate in this period was directly impacted by 1) a $359,000 tax benefit related to the reversal of previously uncertain tax positions due to the finalization of an IRS audit and the expiration of the statute of limitations on previously uncertain tax positions and 2) a $251,000 tax benefit arising from windfall tax benefits related to our stock. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial reporting purposes. As of October 31, 2020, our cumulative unrecognized tax benefits totaled $319,000 compared to $362,000 as of January 31, 2020. Besides the expiration of the statute of limitations on a previously uncertain tax position, there were no other developments affecting unrecognized tax benefits during the quarter ended October 31, 2020. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 15 – Segment Information We report two segments: Product Identification (“PI”) and Test & Measurement (“T&M”). We evaluate segment performance based on the segment profit (loss) before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment:
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Fair Value |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Note 16 – Fair Value Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables provide a summary of the financial liabilities that are measured at fair value as of October 31, 2020 and January 31, 2020:
We use d the market approach to measure fair value of our derivative instruments. Derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates, and were classified as Level 2 because they were over-the-counter were not traded in an active market.Assets and Liabilities Not Recorded at Fair Value Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The provisions of ASU 2018-13 relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The remaining provisions should be applied retrospectively to all periods presented upon their effective date. We adopted the provisions of this guidance effective February 1, 2020. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.Recent Accounting Standards Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently in the process of evaluating the impact of the transition from LIBOR to an alternative reference rate, but we do not expect that to have a material impact on our consolidated financial statements.No other new accounting pronouncements, issued or effective during the nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Primary geographical markets:
Major product types:
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Net Income Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Net Income Per Share | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:
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Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows:
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Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The components of inventories are as follows:
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Credit Agreement and Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets | Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
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Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of October 31, 2020 is as follows:
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Derivative Financial Instruments and Risk Management (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summarizes the Notional Amount and Fair Value of the Derivative Instrument | The following table summarizes the notional amount and fair value of our derivative instruments:
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Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements | The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 31, 2020 and November 2, 2019:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leas es is as follows:
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Schedule Lease Cost Information | Lease cost information is as follows:
|
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Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows:
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Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
|
Share-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows:
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Aggregated Information Regarding Stock Option Activity | Aggregated information regarding stock option activity for the nine months ended October 31, 2020 is summarized below:
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Summary of Options Outstanding | Set forth below is a summary of options outstanding at October 31, 2020:
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Aggregated Information Regarding RSU, PSU and RSA Activity | Aggregated information regarding RSU and RSA activity for the nine months ended October 31, 2020 is summarized below:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Projected Effective Tax Rate for Periods | Our effective tax rates for the period are as follows:
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit for each reporting segment:
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Fair Value (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables provide a summary of the financial liabilities that are measured at fair value as of October 31, 2020 and January 31, 2020:
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Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value | Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
|
Business and Basis of Presentation - Additional Information (Detail) |
9 Months Ended |
---|---|
Oct. 31, 2020
Segment
| |
Number of Operating Segments | 2 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 28,017 | $ 33,318 | $ 86,595 | $ 102,967 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 16,788 | 21,831 | 54,442 | 64,471 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 7,081 | 7,059 | 20,845 | 22,408 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,273 | 1,441 | 4,154 | 4,346 |
Central and South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,233 | 1,019 | 3,101 | 3,232 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,209 | 1,396 | 3,050 | 7,063 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 433 | $ 572 | $ 1,003 | $ 1,447 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 28,017 | $ 33,318 | $ 86,595 | $ 102,967 |
Hardware [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 7,667 | 12,160 | 25,021 | 37,514 |
Supplies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 17,996 | 17,655 | 54,254 | 55,463 |
Service and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 2,354 | $ 3,503 | $ 7,320 | $ 9,990 |
Revenue Recognition - Additional Information (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Oct. 31, 2020 |
Jan. 31, 2020 |
|
Disaggregation of Revenue [Abstract] | ||
Contract liabilities and extended warranties | $ 313,000 | $ 466,000 |
Revenue recognized | 466,000 | |
Contract assets balance | 841,000 | $ 944,000 |
Amortization of incremental direct costs | 44,000 | |
Deferred incremental direct contract costs reported in other current assets | 59,000 | |
Deferred incremental direct costs net of accumulated amortization | $ 900,000 | |
Capitalized Contract Costs Benefitial Term | 6 years |
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Weighted Average Common Shares Outstanding – Basic | 7,120,286 | 7,046,803 | 7,099,505 | 7,012,595 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 65,199 | 151,795 | 37,973 | 259,840 |
Weighted Average Common Shares Outstanding – Diluted | 7,185,485 | 7,198,598 | 7,137,478 | 7,272,435 |
Net Income Per Common Share - Additional Information (Detail) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Number of common equivalent shares | 689,157 | 238,477 | 892,868 | 206,592 |
Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairments of intangible assets | $ 0 | $ 0 | ||
Amortization expense | $ 1,000,000.0 | $ 1,100,000 | $ 3,100,000 | $ 3,200,000 |
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Oct. 31, 2020
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 999 |
2022 | 3,979 |
2023 | 3,972 |
2024 | 3,975 |
2025 | $ 3,395 |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Oct. 31, 2020 |
Jan. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 21,058 | $ 20,151 |
Work-In-Process | 1,631 | 1,408 |
Finished Goods | 16,464 | 17,992 |
Inventory, Gross | 39,153 | 39,551 |
Inventory Reserve | (8,285) | (5,626) |
Inventories | $ 30,868 | $ 33,925 |
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Oct. 31, 2020 |
Jan. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
USD Term Loan | $ 13,628 | $ 13,034 |
Debt Issuance Costs, net of accumulated amortization | (156) | (111) |
Current Portion of Term Loans | (4,984) | (5,208) |
Long-Term Debt | 8,488 | 7,715 |
Term Loan Due June 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 13,628 | |
Term Loan Due January 31, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | 8,250 | |
Term Loan Due January 31, 2020 One [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 4,784 |
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) |
9 Months Ended | |
---|---|---|
Oct. 31, 2020 |
Jan. 31, 2020 |
|
Term Loan Due June 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 3.80% as of October 31, 2020); maturity date of June 15, 2022) | |
Interest rate | 3.80% | |
Debt instrument, maturity date | Jun. 15, 2022 | |
Term Loan Due January 31, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% | |
Term Loan Due January 31, 2020 One [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% |
Credit Agreement and Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Oct. 31, 2020
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Fiscal 2021, remainder | $ 1,052 |
Fiscal 2022 | 5,326 |
Fiscal 2023 | 7,250 |
Long-term Debt | $ 13,628 |
Paycheck Protection Program Loan - Additional information (Detail) - Paycheck Protection Program Loan [Member] - USD ($) |
9 Months Ended | |
---|---|---|
Oct. 31, 2020 |
May 06, 2020 |
|
Percent of loan to be forgiven | 40.00% | |
Green wood Credit Union [Member] | ||
Debt instrument face amount | $ 4,400,000 | |
Loan, payment terms | The PPP Loan, which will mature on May 6, 2022, is unsecured and bears interest at a rate of 1.0% per annum, accruing from the loan date, and is payable monthly. | |
Loan, maturity date | May 06, 2022 | |
Loan, interest rate | 1.00% | |
Loan, payments due | $ 0 | |
Green wood Credit Union [Member] | Other Expense [Member] | ||
Loan, interest accrued | $ 22,000 |
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Oct. 31, 2020 |
Aug. 01, 2020 |
Oct. 31, 2020 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest Rate Swap Termination | $ 45,000 | ||
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash paid termination of swaps | $ 700,000 | ||
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain reclassify from Accumulated OCI into loss during next 12 months | $ (100,000) | ||
Interest Rate Swap Termination | $ 200,000 | ||
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain Reclassified from Accumulated OCI into Income (Expense) | $ 58,000 |
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
Jan. 31, 2020 |
Jan. 31, 2018 |
|
Guaranteed Minimum Royalty Payment | $ 5,000 | |||||
Royalty Obligation, Current | $ 2,000 | 2,000 | $ 2,000 | |||
Royalty Obligation Non Current | 6,624 | 6,624 | 8,012 | |||
Accrued Royalties, Current, Excess Royalty Payment Due | 147 | $ 147 | $ 773 | |||
Honeywell Asset Purchase and License Agreement [Member] | ||||||
Payment Term Period | 10 years | |||||
Minimum Royalty Payment Obligations | $ 15,000 | |||||
Fair Value Assumption Percentage Of Present Value Factor | 2.80% | |||||
Royalty Obligation, Current | 2,000 | $ 2,000 | ||||
Royalty Obligation Non Current | 6,600 | 6,600 | ||||
Excess Royalty Payments | $ 0 | $ 100 | $ 0 | $ 800 |
Leases - Additional Information (Detail) |
9 Months Ended |
---|---|
Oct. 31, 2020 | |
Lessee, Operating Lease, Option to Extend | options to extend the lease term for periods of up to five years |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Maximum [Member] | |
Operating Lease Remaining Lease Term | 8 years |
Minimum [Member] | |
Operating Lease Remaining Lease Term | 1 year |
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands |
Oct. 31, 2020 |
Jan. 31, 2020 |
---|---|---|
Operating Leases [Abstract] | ||
Right of Use Assets | $ 1,436 | $ 1,661 |
Other Liabilities and Accrued Expenses | 376 | 416 |
Lease Liabilities | $ 1,105 | $ 1,279 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
General and Administrative Expense [Member] | ||||
Operating Lease Costs | $ 120 | $ 119 | $ 362 | $ 329 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Oct. 31, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
2021, remaining | $ 106 |
2022 | 361 |
2023 | 310 |
2024 | 283 |
2025 | 177 |
Thereafter | 415 |
Total Lease Payments | 1,652 |
Less: Imputed Interest | (171) |
Total Lease Liabilities | $ 1,481 |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows for operating leases | $ 102 | $ 108 | $ 333 | $ 306 |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Share-based Compensation [Abstract] | ||||
Stock Options | $ 126 | $ 148 | $ 390 | $ 487 |
Restricted Stock Awards and Restricted Stock Units | 462 | 371 | 1,284 | 1,074 |
Employee Stock Purchase Plan | 3 | 6 | 13 | 15 |
Total | $ 591 | $ 525 | $ 1,687 | $ 1,576 |
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) |
9 Months Ended |
---|---|
Oct. 31, 2020
$ / shares
shares
| |
Share-based Compensation [Abstract] | |
Beginning balance, Number of Options | shares | 679,044 |
Exercised, Number of Options | shares | (800) |
Forfeited, Number of Options | shares | (54,261) |
Canceled, Number of Options | shares | (1,400) |
Ending balance, Number of Options | shares | 622,583 |
Beginning balance, Weighted-Average Exercise Price | $ / shares | $ 14.46 |
Exercised, Weighted-Average Exercise Price | $ / shares | 7.36 |
Forfeited, Weighted-Average Exercise Price | $ / shares | 12.89 |
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares | 7.36 |
Ending balance, Weighted-Average Exercise Price | $ / shares | $ 14.62 |
Income Taxes - Projected Effective Tax Rate for Periods (Detail) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rates for income from continuing operations | 160.00% | (118.20%) | 45.90% | 5.50% |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 31, 2020 |
Nov. 03, 2019 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
Jan. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||||||
Income tax expense (benefit) | $ (32,000) | $ (247,000) | $ (247,000) | $ 379,000 | $ 182,000 | |
Tax expense resulting from shortfall | 18,000 | 118,000 | 251,000 | |||
Expiration of the statue of limitations on previously uncertain tax positions | 78,000 | |||||
Cumulative unrecognized tax benefits | $ 319,000 | 319,000 | $ 362,000 | |||
Changes to unrecognized tax benefits | 0 | |||||
Provision Adjustment from several foreign tax | $ 79,000 | |||||
Tax benefit related to the reversal of previously uncertain tax positions | $ 306,000 | $ 359,000 |
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands |
Oct. 31, 2020 |
Jan. 31, 2019 |
---|---|---|
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | $ 13,637 | $ 13,258 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | 13,637 | 13,258 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | $ 13,628 | $ 13,034 |