Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Oct. 30, 2021 |
Jan. 31, 2021 |
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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 | 10,556,891 | 10,425,094 |
Treasury Stock, Shares | 3,322,115 | 3,297,058 |
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
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Income Statement [Abstract] | ||||
Revenue | $ 28,857 | $ 28,017 | $ 87,780 | $ 86,595 |
Cost of Revenue | 18,472 | 18,282 | 53,792 | 56,218 |
Gross Profit | 10,385 | 9,735 | 33,988 | 30,377 |
Operating Expenses: | ||||
Selling and Marketing | 5,777 | 5,553 | 16,931 | 17,033 |
Research and Development | 1,948 | 1,412 | 5,203 | 4,845 |
General and Administrative | 2,364 | 2,353 | 7,372 | 7,214 |
Operating Expenses | 10,089 | 9,318 | 29,506 | 29,092 |
Operating Income | 296 | 417 | 4,482 | 1,285 |
Other Income (Expense), net: | ||||
Extinguishment of Debt – PPP Loan | 0 | 4,466 | ||
Loss on Disposal of Assets | (696) | 0 | (696) | 0 |
Interest Expense | (135) | (286) | (526) | (776) |
Gain (Loss) on Foreign Currency Transactions | (117) | (85) | (231) | 314 |
Other, net | 53 | (66) | (11) | 3 |
Other Income (Expense), net | (895) | (437) | 3,002 | (459) |
Income (Loss) Before Income Taxes | (599) | (20) | 7,484 | 826 |
Income Tax Provision (Benefit) | (174) | (32) | 297 | 379 |
Net Income (Loss) | $ (425) | $ 12 | $ 7,187 | $ 447 |
Net Income (Loss) per Common Share—Basic: | $ (0.06) | $ 0.00 | $ 1.00 | $ 0.06 |
Net Income (Loss) per Common Share—Diluted: | $ (0.06) | $ 0.00 | $ 0.98 | $ 0.06 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 7,234,045 | 7,120,286 | 7,196,066 | 7,099,505 |
Diluted | 7,234,045 | 7,185,485 | 7,324,503 | 7,137,478 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (425) | $ 12 | $ 7,187 | $ 447 |
Other Comprehensive Income (Loss), Net of Taxes: | ||||
Foreign Currency Translation Adjustments | (410) | (157) | (839) | 53 |
Change in Value of Derivatives Designated as Cash Flow Hedge | 15 | (255) | ||
Loss from Cash Flow Hedges Reclassified to Income Statement | 16 | 0 | 47 | 193 |
Cross-Currency Interest Rate Swap Termination | 0 | 45 | ||
Other Comprehensive Income (Loss) | (394) | (142) | (792) | 36 |
Comprehensive Income (Loss) | $ (819) | $ (130) | $ 6,395 | $ 483 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) |
3 Months Ended |
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May 02, 2020
$ / shares
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Statement of Stockholders' Equity [Abstract] | |
Cash dividend per share | $ 0.07 |
Business and Basis of Presentation |
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Oct. 30, 2021 | |
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. 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 QuickLabel ® , TrojanLabel® and GetLabels™ ® 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. Our Product Identification products are sold by direct field salespersons as well as independent dealers and representatives, while our Test & Measurement products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in Product Identification products. 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 200 independent dealers and representatives selling and marketing our products in over 60 countries. 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, 2021. 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 the continuing COVID-19 pandemic, 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, useful lives of sales contract costs and intangibles, 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 Update |
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Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Update | Note 2 – Summary of Significant Accounting Policies Update The accounting polices 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, 2021. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU 2019-12 for the period beginning February 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements and accompanying disclosures. 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 sale 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 $284,000 and $285,000 at October 30, 2021 and January 31, 2021, 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 30, 2021 is primarily due $254,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2021, offset by cash payments received in advance of satisfying performance obligations in the current period. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a a ffected by a change in accounting principle. The impact on net income was immaterial for the nine-month period ended October 30, 2021. The balance of these contract assets at January 31, 2021 was $0.9 million and in the second quarter of the current year, we incurred an additional $0.4 million in contract costs which will be amortized over 20 years. We amortized $43,000 of direct costs for the nine months ended October 30, 2021, and the balance of deferred incremental direct costs net of accumulated amortization at October 30, 2021 was $1.3 million of which $0.1 million is reported in other current assets and $1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet. |
Net Income Per Common Share |
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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 months ended October 30, 2021, the Company had weighted average common stock equivalent shares outstanding of 144,955 that could potentially dilute earnings per share in future periods that were excluded from the computation of diluted EPS because their effect would have been anti-dilutive given the net loss during the period. For the , , |
Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows:
In the second quarter of the current year, we extended the remaining useful life of the customer contract relationship intangibles for Honeywell International, Inc. (“Honeywell”) from 6 years to 20 years and for the RITEC intangibles we changed the amortization method which was based on revenue with a remaining life of 4 years to the straight-line method with a 20-year remaining life. We believe these changes, based on the life of the aircraft related to these intangibles, appropriately reflects a more systematic and rational approach to distributing the cost of these intangibles over their useful lives. The change in the amortization of the Honeywell customer contract relationship intangibles is being treated as a change in accounting estimate and the change in the amortization of the RITEC customer contract relationship intangibles is being treated as a change in accounting estimate that is effected by a change in accounting principle. The changes in amortization resulted in a $1.2 million decrease in amortization expense and a $1.2 million, increase to net income for the nine-month period ended October 30, 2021. There were no impairments to intangible assets during the periods ended October 30, 2021 and October 31, 2020. With respect to the acquired intangibles included in the table above, amortization expense of $0.4 million and $1.0 million has been included in the condensed consolidated statements of income for the three months ended October 30, 2021 and October 31, 2020, respectively. Amortization expense of $1.8 million and $3.1 million related to the above acquired intangibles has been included in the accompanying condensed consolidated statement of income for the nine months ended October 30, 2021 and October 31, 2020, 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) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
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Property, Plant and Equipment |
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Property, Plant and Equipment | Note 7—Property, Plant and Equipment Property, plant and equipment consists of the following:
Depreciation expense on property, plant and equipment was $0.4 million and $1.2 million for the three and nine months ended October 30, 2021. Depreciation expense on property, plant and equipment was $1.5 million and $0.4 million for the three and nine months ended October 31, 2020. During the quarter ended October 30, 2021, we wrote-off our Oracle EnterpriseOne enterprise resource planning (“ERP”) system in anticipation of the full implementation of our new global ERP system which was effective at the beginning of the fourth quarter of the current year. The book value and related accumulated depreciation of the Oracle EnterpriseOne ERP system along with the balance of the related prepaid service and maintenance contracts have been removed from the accompanying condensed consolidated balance sheet at October 30, 2021 and we have recorded a net loss on the disposal of $ which is included in other income (expense) in the accompanying condensed consolidated income statement for the three and nine months ended October 30, 2021. |
Credit Agreement and Debt |
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Credit Agreement and Debt | Note 8 – Credit Agreement and Debt Credit Agreement On March 24, 2021, we entered into a First Amendment to Credit Agreement (the “Amendment”) to our Amended & Restated Credit Agreement (the “A&R Credit Agreement,” as amended by the Amendment; the “Amended Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), and our subsidiaries, ANI ApS and TrojanLabel. The A&R Credit Agreement, which we entered into on July, 30, 2020, amended and restated the Credit Agreement dated as of February 28, 2017 (the “Prior Credit Agreement”) by and among us, ANI ApS, TrojanLabel and the Lender. Immediately prior to the closing of the Amendment, we repaid $2.6 million in principal amount of the term loan outstanding under the A&R Credit Agreement, resulting in an outstanding balance of the term loan of $10.0 million and no amount drawn and outstanding under the revolving credit facility under the A&R Credit Agreement. The Amended Credit Agreement provides for (i) a term loan in the principal amount of $10.0 million, and (ii) a $22.5 million revolving credit facility available for general corporate purposes. At the closing of the Amendment, we borrowed the entire $10.0 million term loan which was used to refinance, in full, the outstanding term loan under the A&R Credit Agreement. Under the Amended Credit Agreement, revolving credit loans may continue to be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner. At October 30, 2021, there is no balance outstanding on the revolving line of credit and the entire $22.5 million is available for borrowing. There was no interest incurred for the three- and nine-month period ended October 30, 2021 and $ 22,000 and $188,000 of interest was incurred on this obligation and included in interest expense in the accompanying condensed consolidated income statement for the three- and nine-month periods ended October 31, 2020, respectively. The Amended Credit Agreement requires that the term loan be paid as follows: the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2021 through January 31, 2022 is $187,500; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2022 through January 31, 2023 is $250,000; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2023 through January 31, 2025 is $312,500; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2025 and July 31, 2025 is $500,000; and the entire remaining principal balance of the term loan is required to be paid on September 30, 2025. 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 September 30, 2025, at which time any outstanding revolving loans will be due and payable in full, and the revolving credit facility will terminate. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. The Amended Credit Agreement includes an uncommitted accordion provision under which the term loan and/or revolving credit facility commitments may be increased in an aggregate principal amount not exceeding $10.0 million, subject to obtaining the agreement of the Lender and the satisfaction of certain other conditions. The interest rates under the A&R Credit Agreement were modified in the Amended Credit Agreement as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the LIBOR Rate as defined in the Amended Credit Agreement (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 1.60% to 2.30% 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) Lender’s publicly announced prime rate, (iii) the LIBOR Rate plus 1.00% or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.30% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.30% based on our consolidated leverage ratio. During the quarter ended October 30, 2021, we incurred $8,300 in commitment fees on the undrawn portion of our revolving credit facility, which is included in interest expense in the accompanying condensed consolidated income statement. As under the A&R Credit Agreement, the loans under the Amended 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 Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. 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 their capital stock, to repurchase or acquire their capital stock, to conduct mergers or acquisitions, to sell assets, to alter their 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 Amended Credit Agreement, certain of which provisions were modified by the Amendment. The Lender is entitled to accelerate repayment of the loans and to terminate its revolving Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests held 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 Island. Long-Term Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
During the three and nine months ended October 30, 2021, we recognized $50,000 and $230,000 of interest expense on debt, respectively, which was included in interest expense in the accompanying condensed consolidated income statement. During the three and nine months ended October 31, 2020, we recognized $159,000 and $312,000 of interest expense on debt, respectively, which was included in interest 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 30, 2021 is as follows:
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Paycheck Protection Program Loan |
9 Months Ended |
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Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Program Loan | Note 9 – 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, which was enacted on June 5, 2020. The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date. No payments were due on the PPP Loan until the date on which the lender determined the amount of the PPP Loan that is eligible for forgiveness. The PPP Loan was classified as long-term debt – PPP Loan in the condensed consolidated balance sheet until forgiveness was made. On June 15, 2021, Greenwood notified us that the SBA approved our application for forgiveness of the entire $4.4 million principal balance of our PPP Loan and all accrued interest thereon. As a result, in the second quarter of fiscal 2022, we recorded a $4.5 million gain on extinguishment of debt, which is included in the accompanying condensed consolidated income statement for the nine months ended October 30, 2021. |
Derivative Financial Instruments and Risk Management |
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Derivative Financial Instruments and Risk Management | Note 10 – Derivative Financial Instruments and Risk Management In 2017, 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 our Danish Subsidiary and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing. 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 Danish subsidiary’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 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. The interest rate swap agreement effectively modified our exposure to interest rate risk by effectively converting our floating-rate term-loan debt to fixed-rate debt, thus reducing the impact of interest-rate changes on future interest expense. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-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 these two swaps. 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 of fiscal 2021. 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. The $ 0.2 million balance remaining in accumulated other comprehensive loss related to the interest rate swap is being amortized into earnings through the original term of the hedge relationship, as the underlying floating interest rate debt still exists. The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 30, 2021 and October 31, 2020:
As of October 30, 2021, 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. |
Employee Retention Credit |
9 Months Ended |
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Oct. 30, 2021 | |
Employee Retention Credit Disclosure [Abstract] | |
Employee Retention Credit | Note 11 – Employee Retention Credit The CARES Act provides an employee retention credit (“ERC”) As a result of the foregoing legislation, we are eligible to claim a refundable tax credit against the employer share of Social Security taxes equal to seventy percent (70%) of the qualified wages that we paid to our employees between December 31, 2020 and June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021. Since there is no US GAAP guidance for for-profit business entities that receive government assistance that is not in the form of a loan, an income tax credit or revenue from a contract with a customer, we determined the appropriate accounting treatment by analogy to other guidance. We accounted for the employee retention credit by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, of International Financial Reporting Standards (IFRS). Under an IAS 20 analogy, a business entity would recognize the credit on a systematic basis over the periods in which the entity recognizes the payroll expenses for which the grant (i.e., tax credit) is intended to compensate when there is reasonable assurance (i.e., it is probable) that the entity will comply with any conditions attached to the grant and the grant (i.e., tax credit) will be received, accordingly, we recognized the employee retention credit in the income statement captions from which the employee taxes were originally incurred and offset the receivable in prepaid expenses and other current assets. We evaluated our eligibility for the ERC in the second quarter of calendar year 2021. In order to qualify for the ERC, we needed to experience a 20% reduction in gross receipts from either (1) the same quarter in calendar year 2019 or (2) the immediately preceding quarter to the corresponding calendar quarter in 2019. We determined that we qualified for the employee retention credit under the first scenario for wages paid in calendar year 2020 and the first calendar quarter of 2021. In the second quarter of the current year, we amended certain payroll tax filing s and applied for a refund of $3.1 million. We recorded a receivable in the second quarter of the current year within prepaid expenses and other current assets in the condensed consolidated balance sheet. Such amount remains outstanding as of October 30, 2021. In the second quarter of the current year, the $3.1 million of ERCs was recognized as a reduction in employer payroll taxes and allocated to the financial statement captions from which the employee’s taxes were originally incurred. As a result, we recorded a reduction in expenses of $1.7 million in cost of revenue, $0.8 million in selling and marketing, $0.3 million in research and development and $0.3 million in general and administrative which is reflected in the accompanying condensed consolidated income statement for the nine-month period ended October 30, 2021. |
Royalty Obligation |
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Oct. 30, 2021 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 12 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with 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 guaranteed 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 30, 2021, we had paid an aggregate of $7.0 million of the guaranteed minimum royalty obligation. At October 30, 2021, 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 $4.8 million is reported as a long-term liability on our condensed consolidated balance sheet. We incurred $0.2 million in excess royalty expense for the nine-month period ended October 30, 2021, which is included in cost of revenue in our consolidated statements of income. A total of $0.2 million in excess royalties was paid in the current fiscal year, and there are $0.2 million in excess royalty payables due as a result of this agreement for the period ended October 30, 2021. |
Leases |
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Leases | Note 13 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of to six 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 leases is as follows:
Lease cost information is as follows:
Maturities of operating lease liabilities are as follows:
As of October 30, 2021, the weighted-average remaining lease term and Supplemental cash flow information related to leases is as follows:
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | Note 14 – 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, Danish and Shanghai subsidiaries. |
Share-Based Compensation |
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Share-Based Compensation | Note 15 – 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, there were 132,503 unvested RSUs; 65,167 unvested PSUs; 20,410 unvested RSAs and options to purchase an aggregate of 135,500 shares outstanding as of October 30, 2021. 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 30, 2021, options to purchase an aggregate of 326,468 shares were outstanding under the 2007 Plan and 3,750 unvested shares of restricted stock and options to purchase an aggregate of 141,000 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 2022 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 30, 2021 and October 31, 2020. Aggregated information regarding stock option activity for the nine months ended October 30, 2021 is summarized below:
Set forth below is a summary of options outstanding at October 30, 2021:
As of October 30, 2021, there was approximately $32,000 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.4 years. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the six months ended October 30, 2021 is summarized below:
As of July 31, 2021, there was approximately $2.1 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 0.9 year. 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 30, 2021 and October 31, 2020, there were 5,684 and 12,098 shares, respectively, purchased under this plan. As of October 30, 2021, 4,690 shares remain available for purchase under our Employee Stock Purchase Plan. |
Income Taxes |
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Income Taxes | Note 16 – 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 they occur. During the three months ended October 30, 2021, we recognized an income tax benefit of approximately $174,000. The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2022 as compared to operating results forecasted at the end of our second quarter of fiscal 2022. 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 nine months ended October 30, 2021, we recognized an income tax expense of approximately $297,000. The effective tax rate in this period was directly impacted a significant decrease in forecasted operating results for our fiscal 2022 as compared to operating results forecasted at the end of our second quarter of fiscal 2022, a $1.1 million tax benefit from the forgiveness of the PPP L oan, a $0.1 million tax benefit arising from windfall tax expense related to our stock, a $30,000 tax benefit related to return to provision adjustments from foreign tax returns filed in the year, and a $0.3 million tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions. The PPP L oan forgiveness recognized is excluded from taxable income under Section 1106(i) of the CARES Act. 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 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, a $118,000 expense arising from shortfall tax expense related to our stock, a $79,000 expense related to return to provision adjustments from foreign tax returns filed in the year and a $78,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions. We maintain a valuation allowance on some of our deferred tax assets in certain jurisdictions. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized. 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 30, 2021, our cumulative unrecognized tax benefits totaled $221,000 compared to $384,000 as of January 31, 2021. We established unrecognized tax benefits for certain positions taken on the fiscal year 2021 Canadian tax return. There were no other developments affecting unrecognized tax benefits during the quarter ended October 30, 2021. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 17 – 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 18 – Fair Value 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 Update (Policies) |
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Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Income Taxes | Income Taxes In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU 2019-12 for the period beginning February 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements and accompanying disclosures. 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 | Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment | Property, plant and equipment consists of the following:
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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 30, 2021 is as follows:
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Derivative Financial Instruments and Risk Management (Tables) |
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 30, 2021 and October 31, 2020:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases 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:
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Balance of Accumulated Other Comprehensive Loss |
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Share-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Options Granted | Stock Options There were no stock options granted during the nine months ended October 30, 2021 and October 31, 2020. Aggregated information regarding stock option activity for the nine months ended October 30, 2021 is summarized below:
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Summary of Options Outstanding |
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Fair Value of Stock Options Granted |
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Projected Effective Tax Rate for Periods |
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment |
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Fair value of Level 3 Financial Liability | 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. 30, 2021
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. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 28,857 | $ 28,017 | $ 87,780 | $ 86,595 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 17,280 | 16,788 | 51,154 | 54,442 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 7,163 | 7,081 | 23,588 | 20,845 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,724 | 1,273 | 4,761 | 4,154 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,473 | 1,209 | 4,523 | 3,050 |
Central and South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 814 | 1,233 | 2,569 | 3,101 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 403 | $ 433 | $ 1,185 | $ 1,003 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 28,857 | $ 28,017 | $ 87,780 | $ 86,595 |
Hardware [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 7,622 | 7,667 | 23,147 | 25,021 |
Supplies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 18,055 | 17,996 | 54,944 | 54,254 |
Service and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 3,180 | $ 2,354 | $ 9,689 | $ 7,320 |
Revenue Recognition - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jul. 31, 2021 |
Oct. 30, 2021 |
Jan. 31, 2021 |
|
Contract liabilities and extended warranties | $ 284,000 | $ 285,000 | |
Revenue recognized | 254,000 | ||
Contract assets balance | 1,200,000 | $ 900,000 | |
Additional contract costs | 400,000 | ||
Amortization of incremental direct costs | 43,000 | ||
Deferred incremental direct contract costs reported in other current assets | 100,000 | ||
Deferred incremental direct costs net of accumulated amortization | $ 1,300,000 | ||
Capitalized contract costs additional amounts incurred amortization period | 20 years | 6 years | |
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Capitalized contract costs additional amounts incurred amortization period | 20 years |
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Weighted Average Common Shares Outstanding – Basic | 7,234,045 | 7,120,286 | 7,196,066 | 7,099,505 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 0 | 65,199 | 128,437 | 37,973 |
Weighted Average Common Shares Outstanding – Diluted | 7,234,045 | 7,185,485 | 7,324,503 | 7,137,478 |
Net Income Per Common Share - Additional Information (Detail) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Number of common equivalent shares | 189,827 | 689,157 | 362,935 | 892,868 |
Weighted average common stock equivalent shares outstanding | 144,955 |
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Oct. 30, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2022 | $ 401 |
2023 | 1,637 |
2024 | 1,699 |
2025 | 1,009 |
2026 | $ 1,009 |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 21,526 | $ 20,265 |
Work-In-Process | 2,061 | 2,076 |
Finished Goods | 16,928 | 16,371 |
Inventory, Gross | 40,515 | 38,712 |
Inventory Reserve | (8,854) | (8,652) |
Inventories | $ 31,661 | $ 30,060 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 31, 2021 |
---|---|---|
Land and Land Improvement | $ 1,004 | $ 1,004 |
Buildings and Leasehold Improvements | 12,635 | 12,642 |
Machinery and Equipment | 23,305 | 23,346 |
Computer Equipment and Software | 13,680 | 13,847 |
Gross Property, Plant and Equipment | 50,624 | 50,839 |
Accumulated Depreciation | (38,950) | (38,828) |
Net Property Plant and Equipment | $ 11,674 | $ 12,011 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Depreciation expense on property, plant and equipment | $ 400 | $ 1,500 | $ 1,200 | $ 400 |
Nonoperating Income (Expense) [Member] | ||||
Capitalized Computer Software, Impairments | $ 696 | $ 696 |
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
USD Term Loan | $ 9,438 | $ 12,576 |
Debt Issuance Costs, net of accumulated amortization | (103) | (141) |
Current Portion of Term Loans | (938) | (5,326) |
Long-Term Debt | 8,397 | 7,109 |
Term Loan Due September 30, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 9,438 | |
Term Loan Due January 31, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 12,576 |
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) |
9 Months Ended | 12 Months Ended |
---|---|---|
Oct. 30, 2021 |
Jan. 31, 2021 |
|
Term Loan Due September 30, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 2.35% as of October 30, 2021); maturity date of September 30, 2025 | |
Interest rate | 2.35% | |
Debt instrument, maturity date | Sep. 30, 2025 | |
Term Loan Due January 31, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 4.65% as of January 31, 2021 | |
Interest rate | 4.65% |
Credit Agreement and Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Oct. 30, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Fiscal 2022, remainder | $ 188 |
Fiscal 2023 | 1,000 |
Fiscal 2024 | 1,000 |
Fiscal 2025 | 1,250 |
Fiscal 2026 | 6,000 |
Long-term Debt | $ 9,438 |
Paycheck Protection Program Loan - Additional information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 15, 2021 |
Oct. 30, 2021 |
Oct. 30, 2021 |
May 06, 2020 |
|
Extinguishment of Debt – PPP Loan | $ 0 | $ 4,466 | ||
Paycheck Protection Program Loan [Member] | Green wood Credit Union [Member] | ||||
Debt instrument face amount | $ 4,400 | |||
Loan, payment terms | The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date | |||
Loan, maturity date | May 06, 2022 | |||
Loan, interest rate | 1.00% | 1.00% | ||
Loan, payments due | $ 0 | |||
Amount of PPP loan forgiven | $ 4,400 | |||
Extinguishment of Debt – PPP Loan | $ 4,500 |
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended |
---|---|---|
Aug. 01, 2020 |
Oct. 30, 2021 |
|
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 |
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 0 | $ (340) | ||
Location of Gain Reclassified from Accumulated OCI into Income (Expense) | Other Income (Expense) | Other Income (Expense) | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (20) | $ (20) | $ (60) | $ (268) |
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 30, 2021 |
Jan. 31, 2021 |
Jan. 31, 2018 |
|
Guaranteed Minimum Royalty Payment | $ 7,000 | |||
Royalty Obligation, Current | $ 2,000 | 2,000 | $ 2,000 | |
Royalty Obligation Non Current | 4,811 | 4,811 | 6,161 | |
Accrued Royalties, Current, Excess Royalty Payment Due | 220 | $ 220 | $ 177 | |
Honeywell Asset Purchase and License Agreement [Member] | ||||
Payment Term Period | 10 years | |||
Minimum Royalty Payment Obligation | $ 15,000 | |||
Fair Value Assumption Percentage Of Present Value Factor | 2.80% | |||
Royalty Obligation, Current | 2,000 | $ 2,000 | ||
Royalty Obligation Non Current | 4,800 | 4,800 | ||
Excess Royalty Payments | 200 | 200 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | $ 200 | $ 200 |
Leases - Additional Information (Detail) |
9 Months Ended |
---|---|
Oct. 30, 2021 | |
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 | 4 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Maximum [Member] | |
Operating Lease Remaining Lease Term | 6 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. 30, 2021 |
Jan. 31, 2021 |
---|---|---|
Operating Leases [Abstract] | ||
Right of Use Assets | $ 1,106 | $ 1,389 |
Other Accrued Expenses | 329 | 372 |
Lease Liabilities | $ 826 | $ 1,065 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
General and Administrative Expense [Member] | ||||
Operating Lease Costs | $ 125 | $ 120 | $ 386 | $ 362 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Oct. 31, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2022, remaining | $ 92 |
2023 | 309 |
2024 | 282 |
2025 | 176 |
2026 | 156 |
Thereafter | 257 |
Total Lease Payments | 1,272 |
Less: Imputed Interest | (117) |
Total Lease Liabilities | $ 1,155 |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows for operating leases | $ 85 | $ 102 | $ 285 | $ 333 |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Share-based Compensation [Abstract] | ||||
Stock Options | $ 25 | $ 126 | $ 187 | $ 390 |
Restricted Stock Awards and Restricted Stock Units | 369 | 462 | 1,147 | 1,284 |
Employee Stock Purchase Plan | 4 | 3 | 11 | 13 |
Total | $ 398 | $ 591 | $ 1,345 | $ 1,687 |
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) |
9 Months Ended |
---|---|
Oct. 30, 2021
$ / shares
shares
| |
Share-based Compensation [Abstract] | |
Beginning balance, Number of Options | shares | 622,083 |
Granted, Number of Options | shares | 0 |
Exercised, Number of Options | shares | (4,925) |
Forfeited, Number of Options | shares | (14,190) |
Canceled, Number of Options | shares | 0 |
Ending balance, Number of Options | shares | 602,968 |
Beginning balance, Weighted-Average Exercise Price Per Share | $ / shares | $ 14.63 |
Granted, Weighted-Average Exercise Price Per Share | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price Per Share | $ / shares | 9.42 |
Forfeited, Weighted-Average Exercise Price Per Share | $ / shares | 15.00 |
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares | 0 |
Ending balance, Weighted-Average Exercise Price Per Share | $ / shares | $ 14.66 |
Income Taxes - Projected Effective Tax Rate for Periods (Detail) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rates for income from continuing operations | 29.00% | 160.00% | 4.00% | 45.90% |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
Jan. 31, 2021 |
|
Income tax expense (benefit) | $ (174,000) | $ (32,000) | $ 297,000 | $ 379,000 | |
Changes to unrecognized tax benefits | 0 | ||||
Cumulative unrecognized tax benefits | 221,000 | 221,000 | $ 384,000 | ||
Tax expense resulting from shortfall | 100,000 | 118,000 | |||
Tax Adjustments, Settlements, and Unusual Provisions | 30,000 | $ 300,000 | 78,000 | ||
Tax expenses benefits resulting from provisional adjustments | $ 79,000 | ||||
Forgiveness Of Loan Under Paycheck Protection Programme [Member] | |||||
Tax benefits resulting from forgiveness of debt | $ 1,100,000 |
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. 30, 2021 |
Jan. 31, 2021 |
---|---|---|
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,443 | $ 12,586 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | 9,443 | 12,586 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,438 | $ 12,576 |