Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
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Statement of Financial Position [Abstract] | ||
Accounts Receivable, Reserves | $ 1,054 | $ 856 |
Preferred Stock, Par Value | $ 10 | $ 10 |
Preferred Stock, Shares Authorized | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 10,425,094 | 10,343,610 |
Treasury Stock, Shares | 3,297,058 | 3,281,701 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
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Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
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Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 1,284 | $ 1,759 | $ 5,730 |
Other Comprehensive Income (Loss), net of taxes and reclassification adjustments: | |||
Foreign Currency Translation Adjustments | 710 | (133) | (671) |
Change in Value of Derivatives Designated as Cash Flow Hedge | (239) | 122 | 622 |
(Gains) Losses from Cash Flow Hedges Reclassified to Income Statement | 193 | (264) | (600) |
Cross-Currency Interest Rate Swap Terminations | 45 | ||
Realized Gain on Securities Available for Sale Reclassified to Income Statement | 3 | ||
Other Comprehensive Income (Loss) | 709 | (275) | (646) |
Comprehensive Income | $ 1,993 | $ 1,484 | $ 5,084 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
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Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
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Statement of Stockholders' Equity [Abstract] | |||
Cash dividend per share | $ 0.28 | $ 0.28 | $ 0.07 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies Basis of Presentation: Principles of Consolidation: Reclassification: Use of Estimates: Cash and Cash Equivalents: Inventories: (first-in, first-out) or net realizable value and include material, labor and manufacturing overhead. Property, Plant and Equipment: Revenue Recognition: We recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (“Topic 606”).” The core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five step process to recognize revenue and requires more judgment and estimates within the revenue recognition process than required under previous U.S. GAAP, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by Topic 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform service at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total less than 10% of revenue for the years ended January 31, 2021 and 2020. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period are included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue. We recognize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. Costs related to obtaining sales contracts for our aerospace printer products have been capitalized and are being amortized based on the forecasted number of units sold over the estimated benefit term. We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual agreements with each of these parties outline commission structures and rates to be paid. Generally speaking, the contracts are all individual procurement decisions by the customers and do not include renewal provisions and as such the majority of the contracts have an economic life of significantly less than a year. Accounts Receivables and Allowance for Doubtful Accounts: write-off experience and current market assessments. Accounts receivable are stated at their estimated net realizable value. Research and Development Costs: Foreign Currency Translation: year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income was a net transactional foreign exchange gain of $0.6 million in fiscal 2021, and a net transaction foreign exchange loss of $0.4 million in fiscal 2020 and $0.7 million for fiscal 2019. Advertising: We Long-Lived Assets: Intangible Assets: non-competition agreements acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2021, 2020 or 2019. Goodwill: impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments (Product Identification and T&M) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. We estimate the fair value of our reporting units using a blended income and market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach, compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. We performed a quantitative analysis of the reporting units as of January 31, 2021 and determined that the fair value was in excess of our carrying value and therefore, no goodwill impairment has occurred. See Note 3, “Goodwill,” for further details. Leases: We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified in other long-term assets, short-term lease liabilities are classified in other current liabilities, and long-term lease liabilities are classified in other long-term liabilities in the consolidated balance sheet. In the statement of cash flow, payments for operating leases are classified as operating activities. In addition, several of our lease agreements include non-lease components for items such as common area maintenance and utilities which are accounted for separately from the lease component.Income Taxes: non-current in the accompanying consolidated balance sheet. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2021 and 2020, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D credit carryforwards. In addition, during fiscal 2021, we provided a valuation allowance for deferred tax assets attributable to foreign tax credit carryforwards which would expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (“Tax Act”) was enacted into law and the new legislation contains several key tax provisions that affected us, including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. All accounting under SAB 118 was finalized during the quarter ending January 31, 2019 with no material changes from the provisional amounts previously recorded. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The legislation had sweeping effects including various types of economic relief for impacted businesses and industries. One such relief provision was the Paycheck Protection Program, which provided short-term cash flow assistance to finance employee payroll and qualified expenses. 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”). On December 27, 2020 the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law. The legislation permits the deductibility of expenses to the extent that the payment of such expenses results (or is expected to result) in the forgiveness of a loan (covered loan) guaranteed under the Paycheck Protection Program. We have fully utilized the PPP Loan proceeds for qualifying expenses and, subsequent to year end, have applied 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. Consistent with the legislation, we expect to deduct the full $4.4 million of qualified expenses on our 2020 federal tax return. Net Income Per Common Share: Fair Value Measurement: market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows:
Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments. Self-Insurance: Share-Based Compensation: Cash flow from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) is classified with other income tax cash flows as an operating activity. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. Derivative Financial Instruments: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) (OCI) and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the hedged transaction affects earnings (e.g., in “Interest Expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “Other, Net” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, are recognized in the statement of income during the current period. Recent Accounting Pronouncements Recently Adopted: 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 accompanying disclosures. Recent Accounting Standards Not Yet Adopted: Income Taxes In December 2019, the FASB issued an 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. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. 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 are not electing to early adopt and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and accompanying disclosures. No other new accounting pronouncements, issued or effective during fiscal 2021, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition |
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Revenue Recognition | Note 2—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 in the cabin of military, commercial and business aircraft, (ii) related consumable supplies including paper, labels, tags, inks, toners and ribbons, (iii) repairs and maintenance of equipment 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 $285,000 and $466,000 at January 31, 2021 and January 31, 2020, respectively, and are recorded as deferred revenue in the consolidated balance sheet. The decrease in the deferred revenue balance during the period ended January 31, 2021 is primarily due to $466,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2020 offset by cash payments received in advance of satisfying performance obligations. Contract Costs 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 estimated benefit term. The balance of these contract assets at January 31, 2020 was $944,000, of which $59,000 was reported in other current assets and $885,000 was reported in other assets in the consolidated balance sheet. Amortization of incremental direct costs was $26,940 for the period ended January 31, 2021. The balance of the deferred incremental direct contract costs net of accumulated amortization at January 31, 202 1 is $ 917,000, of which $ 36,000 was reported in other current assets and $ 881,000 was reported in other assets in the consolidated balance sheet. The contract costs are expected to be amortized over the estimated remaining period of benefit, which we currently estimate to be approximately 5 years.
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Goodwill |
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Goodwill | Note 3—Goodwill Goodwill by reporting unit is as follows:
After consideration of the impact of the decline in the global economy due to the COVID-19 pandemic, coupled with the grounding of the 737 MAX in March, 2019 and the production halt in January, 2020 which negatively impacted revenues and margins in fiscal 2020 and 2021, we elected to forgo the qualitative assessment and instead performed a quantitative goodwill impairment test to determine if the carrying values of the reporting units are greater than the fair values. We utilized a blended income and market approach. The income approach was based upon a discounted cash flow model which we believe provides a fair value estimate of the reporting unit’s expected long-term operating performance. The market approach compares the reporting units to similar publicly traded companies. Based on our quantitative impairment assessment as of January 31, 2021, we determined that the fair value of the reporting units were in excess of their carrying values and therefore, no goodwill impairment had occurred. |
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Intangible Assets | Note 4—Intangible Assets Intangible assets are as follows:
Estimated amortization expense for the next five fiscal years is as follows:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 5—Inventories The components of inventories are as follows:
Finished goods inventory includes $4.0 million and $3.4 million of demonstration equipment at January 31, 2021 and 2020, respectively. |
Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Note 6—Property, Plant and Equipment Property, plant and equipment consist of the following:
Depreciation expense on property, plant and equipment was $1.9 million for the year ended January 31, 2021 and $2.0 million for both of the years ended January 31, 2020 and 2019. |
Accrued Expenses |
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Accrued Expenses | Note 7—Accrued Expenses Accrued expenses consisted of the following:
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Credit Agreement and Long- Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreement and Long- Term Debt | Note 8—Credit Agreement and Long- Credit Agreement On July 30, 2020, we entered into an Amended and Restated 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 “Prior 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 at January 31, 2021, 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 Prior 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 Prior Credit AgreementPr 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. i or During the third quarter of fiscal year 2021, we repaid the entire outstanding balance under the revolving line of credit. Balances outstanding under the revolving line of credit during the year ended January 31, 2021 bore interest at a weighted average annual rate of 3.41%, and $188,000 of interest was incurred and is included in other income (expense) in the accompanying condensed consolidated income statement for the year ended January 31, 2021. At January 31, 2021, 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 on or about July 31, 2020 and October 31, 2020 was $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 was $1.1 million; the principal amount of the quarterly installment required to be paid on the last day of the our fiscal quarter ending on or about April 30, 2021 will be $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 on or about 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 Island. Long-Term Debt Long-term debt in the accompanying condensed consolidated balance sheets under the A&R Credit Agreement is as follows:
During the years ended January 31, 2021, 2020 and 2019, we recognized $0.5 million, $0.4 million and $0.6 million of interest expense, respectively, which was included in other income (expense) in the accompanying consolidated income statement. The schedule of required principal payments remaining under the A&R Credit Agreement on long-term debt outstanding as of January 31, 2021 is as follows:
Refer to Note 23, “Subsequent Event” for details regarding the First Amendment to Credit Agreement to our A&R Credit Agreement, which was entered into subsequent to year end on March 24, 2021. |
Paycheck Protection Program Loan |
12 Months Ended |
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Jan. 31, 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 (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 $33,000, which is included in other income (expense) in the accompanying consolidated statements of income for the year ended January 31, 2021. 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 during fiscal year 2021 and subsequent to year end we applied 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 10—Derivative Financial Instruments and Risk Management On February 28, 2017, as part of the Prior 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 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 Prior 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 consolidated statements of income for the period ended January 31, 2021. The remaining balance in accumulated other comprehensive loss related to the interest rate swap of $ 0.1 million 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 summarizes the notional amount and fair value of our derivative instruments:
The following tables present the impact of the derivative instruments in our consolidated financial statements for the years ended January 31, 2021 and 2020:
At January 31, 2021, we expect to reclassify approximately $0.1 million of net gains on the swap contracts from accumulated other comprehensive loss to earnings during the next 12 months due to changes in foreign exchange rates and the payment of variable interest associated with the floating-rate debt. |
Royalty Obligation |
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Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 11—Royalty Obligation In fiscal 2018, AstroNova, Inc. entered into an Asset Purchase and License Agreement with Honeywell International, Inc. 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 in quarterly installments over a ten-year period. Royalty payments are 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 January 31, 2021, we had paid an aggregate of $5.5 million of the guaranteed minimum royalty obligation. At January 31, 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 $6.1 million is reported as a long-term liability on our consolidated balance sheet. In addition to the guaranteed minimum royalty payments, for the periods ended January 31, 2021 and January 31, 2020, we also incurred excess royalty expense of $31 thousand and $1.2 million, respectively, which is included in cost of revenue in our consolidated statements of income. A total of $0.2 million of excess royalty is payable and reported as a current liability on our consolidated balance sheet at January 31, 2021. |
Leases |
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Leases | Note 12—Leases We enter into lease contracts for certain of its facilities at various locations worldwide. Our leases have remaining lease terms of to eight years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain the Company will exercise such options. We lease office space from an affiliate. This lease is classified as an operating lease with annual rental payments of $63,000 for both January 31, 2021 and January 31, 2020. 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 January 31, 2021, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.2 years and 4.00%, 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 13—Accumulated Other Comprehensive Income (Loss) The changes in the balance of accumulated other comprehensive income (loss) by component are as follows:
The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. |
Shareholders' Equity |
12 Months Ended |
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Jan. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Shareholders' Equity | Note 14—Shareholders’ Equity During fiscal 2021, 2020 and 2019, certain of our employees delivered a total of 15,357, 20,329 and 33,430 shares, respectively, of our common stock to satisfy the exercise price and related taxes for stock options exercised and restricted stock vesting. The shares delivered were valued at a total of $0.1 million; $0.5 million and $0.6 million, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2021, 2020 and 2019. These transactions did not impact the number of shares authorized for repurchase under our current repurchase program. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Note 15—Share-Based Compensation The Company maintains the following share-based compensation plans: Stock Plans: 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 the 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, 186,500 unvested shares of restricted stock and options to purchase an aggregate of 135,500 shares were outstanding as of January 31, 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 January 31, 2021, options to purchase an aggregate of 337,958 shares were outstanding under the 2007 Plan and 10,833 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 was $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: Share-based compensation expense has been recognized as follows:
Stock Options: Aggregated information regarding stock options granted under the plans is summarized below:
Set forth below is a summary of options outstanding at January 31, 2021:
No options were granted during fiscal 2021 or fis 2020. The weighted-average estimated fair value of options granted during fiscal 2019 was $7.43. As of January 31, 2021, there was $0.2 million of unrecognized compensation expense related to the unvested stock options granted under the plans. This expense is expected to be recognized over a weighted-average period of 0.8 years. cal As of January 31, 2021, the aggregate intrinsic value (the aggregate difference between the closing stock price of our common stock on January 31, 2021, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $0.1 million for all exercisable options and $0.1 million for all options outstanding. The total aggregate intrinsic value of options exercised during 2021, 2020 and 2019 was $4,000, $0.5 million and $1.1 million, respectively. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs): Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:
As of January 31, 2021, there was $1.1 million of unrecognized compensation expense related to unvested RSUs and RSAs. This expense is expected to be recognized over a weighted average period of 0.8 years. Employee Stock Purchase Plan (ESPP): Our ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair market value on the date of purchase. A total of 247,500 shares were initially reserved for issuance under this plan. Summarized plan activity is as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 16—Income Taxes The components of income (loss) before income taxes are as follows:
The components of the provision/(benefit) for income taxes are as follows:
Total income tax provision/(benefit)
Our effective tax rate for 2021 was 41.1% compared to negative 28.4% in 2020 and 21.6% in 2019. The increase in the effective tax rate in 2021 from 2020 is primarily related to the change in mix of income between relevant jurisdictions in which we subject to income taxes. Specific items increasing the effective tax rate include foreign rate differential, Denmark statutory audit adjustments, stock-based compensation, and Canada withholding taxes. This increase was offset by the foreign derived intangible income (“FDII”) deduction, the release of a valuation allowance in China, and R&D tax credits expected to be utilized. are The decrease in the effective tax rate in 2020 from 2019 is primarily related to lower pre-tax income in 2020 compared to 2019.. Specific items decreasing the effective tax rate include FDII, the release of ASC 740 liabilities, R&D credit utilization, and return to provision adjustments. This decrease was offset by valuation allowances recorded on unbenefited losses in China and on carryforward foreign tax credits expected to expire unused. The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
The valuation allowance of $1.7 million at January 31, 2021 relate s to domestic research and development tax credit carryforwards and foreign tax credit carryforwards which are expected to expire unused. The valuation allowance of $1.8 million at January 31, 2020 included a valuation allowance on China net operating losses, which was released during 2021. At January 31, 2021, we had net operating loss carryforwards of $0.4 million in China, which expire in 2022 through 2026. We have net operating loss carryforwards of $0.2 million in Germany, which can be carried forward indefinitely. We expect to utilize the net operating loss carryforwards in China and Germany before expiration. At January 31, 2021, we had state research credit carryforwards of approximately $1.5 million which expire in 2021 through 2028. We maintain a full valuation allowance against these credits as we expect these credits to expire unused. We believe that it is reasonably possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:
During fiscal 2021 and 2020, we released $50,000 and $114,000, respectively, of accrued interest and penalties relating to a change in various unrecognized tax positions. During fiscal 2019, we recognized $8,000 of expense related to a change in interest and penalties, which are included as a component of income tax expense in the accompanying statements of income for the period ended January 31, 2019. The Company has accrued potential interest and penalties of $0.3 million included in Income Taxes Payable in the consolidated balance sheet at the end of both January 31, 2021 and 2020. The Company and its subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. The Company was previously under audit by the IRS for the tax years ended January 31, 2015, 2016, and 2017, but on June 6, 2019, we received formal communication regarding the close of the audit with no additional changes made by the IRS. Therefore, the reserves for federal uncertain tax positions relating to the years in question have been released. In fiscal 2020, we released $232,000 relating to the federal tax exposure for the years previously under audit and $74,000 of related interest (net of federal benefit) and penalties. The Company was also notified of an income tax audit from the state of Rhode Island, but no significant items have been raised at this time other than information requests. No assessments have been made as of January 31, 2021. U.S. income taxes have not been provided on $5.7 million of undistributed earnings of our foreign subsidiaries since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, the Company would not be subject to U.S. tax as a result of the Tax Act but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical. |
Nature of Operations, Segment Reporting and Geographical Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations, Segment Reporting and Geographical Information | Note 17—Nature of Operations, Segment Reporting and Geographical Information Our operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware and software and related consumable supplies. We organize and manage our business as a portfolio of products and services designed around a common theme of data acquisition and information output. We have two reporting segments consistent with our revenue product groups: Product Identification (“PI”) and Test & Measurement (“T&M”). Our PI segment produces an array of high-technology digital color and monochrome label printers and mini presses, labeling software and supplies for a variety of commercial industries worldwide. AstroNova’s T&M segment produces data acquisition systems used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing. The T&M segment also includes our line of aerospace flight deck and cabin printers. Business is conducted in the United States and through foreign branch offices and subsidiaries in Canada, Europe, China, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Revenue and service activities outside the United States are conducted through wholly-owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. We evaluate segment performance based on the segment profit before corporate and financial administration expenses. Summarized below are the revenue and segment operating profit (loss) (both in dollars and as a percentage of revenue) for each reporting segment:
No customer accounted for greater than 10% of net revenue in fiscal 2021, 2020 or 2019. Other information by segment is presented below:
Geographical Data Presented below is selected financial information by geographic area:
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Employee Benefit Plans |
12 Months Ended |
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Jan. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 18—Employee Benefit Plans We sponsor a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code. All contributions are deposited into trust funds. It is our policy to fund any contributions accrued. Our annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $0.4 million in fiscal 2021 and $0.5 million in both fiscal 2020 and 2019. |
Product Warranty Liability |
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Guarantees and Product Warranties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Liability | Note 19—Product Warranty Liability We offer a manufacturer’s warranty for the majority of our hardware products. The specific terms and conditions of warranty vary depending upon the products sold and country in which we do business. We estimate the warranty costs based on historical claims experience and record a liability in the amount of such estimates at the time product revenue is recognized. We regularly assess the adequacy of our recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows:
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Concentration of Risk |
12 Months Ended |
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Jan. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 20—Concentration of Risk Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts which constitute our customer base. We periodically perform on-going credit evaluations of our customers. We have not historically experienced significant credit losses on collection of our accounts receivable. |
Commitments and Contingencies |
12 Months Ended |
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Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 21—Commitments and Contingencies We are subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims; workers compensation claims; product liability; warranty and modification; and adjustment or replacement of component parts of units sold. Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, we believe that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that future results of operations for any particular future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of our control. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 22—Fair Value Measurements 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:
We used the market approach to measure fair value of our derivative instruments. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates and are classified as Level 2 because they are over-the-counter Assets and Liabilities Not Recorded at Fair Value on the Consolidated Balance Sheet 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 above table does not include the PPP loan, as the fair value of the PPP loan approximates its carrying value. 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 borrowings with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
Subsequent Event |
12 Months Ended |
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Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 2 3 —Subsequent Event On March 24, 2021, we entered into a First Amendment to Credit Agreement (the “Amendment”) to the A&R Credit Agreement as amended by the Amendment; the “Amended Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), ANI ApS and TrojanLabel. 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 Amend ment 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. , w e 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 Prior 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 defin 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) Bank of America’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. The commitment fee paid on the undrawn portion of the revolving credit facility was $28,000 for fiscal year 2021 and is included in the interest expense line in the consolidated income statement for the period ended January 31, 2021. ed As under the Prior 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 minimum EBITDA, minimum consolidated asset coverage ratio, minimum liquidity and maximum capital expenditures covenants with which we were required to comply under the Prior Credit Agreement were eliminated by the Amendment. 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 credit commitment under the Amended 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 a change of control. 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. Pursuant to the Amendment, the guarantees of our obligations under the Prior Credit Agreement that were previously provided by ANI ApS and TrojanLabel were released. |
Schedule II - Valuation and Qualifying Accounts and Reserves |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation: |
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Principles of Consolidation | Principles of Consolidation: |
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Reclassification | Reclassification: |
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Use of Estimates | Use of Estimates: |
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Cash and Cash Equivalents | Cash and Cash Equivalents: |
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Inventories | Inventories: (first-in, first-out) or net realizable value and include material, labor and manufacturing overhead.
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Property, Plant and Equipment | Property, Plant and Equipment: |
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Revenue Recognition | Revenue Recognition: We recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (“Topic 606”).” The core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five step process to recognize revenue and requires more judgment and estimates within the revenue recognition process than required under previous U.S. GAAP, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by Topic 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform service at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total less than 10% of revenue for the years ended January 31, 2021 and 2020. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period are included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue. We recognize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. Costs related to obtaining sales contracts for our aerospace printer products have been capitalized and are being amortized based on the forecasted number of units sold over the estimated benefit term. We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual |
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Accounts Receivables and Allowance for Doubtful Accounts | Accounts Receivables and Allowance for Doubtful Accounts: write-off experience and current market assessments. Accounts receivable are stated at their estimated net realizable value.
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Research and Development Costs | Research and Development Costs: |
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Foreign Currency Translation | Foreign Currency Translation: year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income was a net transactional foreign exchange gain of $0.6 million in fiscal 2021, and a net transaction foreign exchange loss of $0.4 million in fiscal 2020 and $0.7 million for fiscal 2019.
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Advertising | Advertising: We |
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Long-Lived Assets | Long-Lived Assets: |
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Intangible Assets | Intangible Assets: non-competition agreements acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2021, 2020 or 2019.
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Goodwill | Goodwill: impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments (Product Identification and T&M) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. We estimate the fair value of our reporting units using a blended income and market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach, compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. We performed a quantitative analysis of the reporting units as of January 31, 2021 and determined that the fair value was in excess of our carrying value and therefore, no goodwill impairment has occurred. See Note 3, “Goodwill,” for further details. |
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Leases | Leases: We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified in other long-term assets, short-term lease liabilities are classified in other current liabilities, and long-term lease liabilities are classified in other long-term liabilities in the consolidated balance sheet. In the statement of cash flow, payments for operating leases are classified as operating activities. |
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Income Taxes | Income Taxes: non-current in the accompanying consolidated balance sheet. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2021 and 2020, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D credit carryforwards. In addition, during fiscal 2021, we provided a valuation allowance for deferred tax assets attributable to foreign tax credit carryforwards which would expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (“Tax Act”) was enacted into law and the new legislation contains several key tax provisions that affected us, including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. All accounting under SAB 118 was finalized during the quarter ending January 31, 2019 with no material changes from the provisional amounts previously recorded. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The legislation had sweeping effects including various types of economic relief for impacted businesses and industries. One such relief provision was the Paycheck Protection Program, which provided short-term cash flow assistance to finance employee payroll and qualified expenses. 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”). On December 27, 2020 the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law. The legislation permits the deductibility of expenses to the extent that the payment of such expenses results (or is expected to result) in the forgiveness of a loan (covered loan) guaranteed under the Paycheck Protection Program. We have fully utilized the PPP Loan proceeds for qualifying expenses and, subsequent to year end, have applied 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. Consistent with the legislation, we expect to deduct the full $4.4 million of qualified expenses on our 2020 federal tax return. |
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Net Income Per Common Share | Net Income Per Common Share: |
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Fair Value Measurement | Fair Value Measurement: market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows:
Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments. |
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Self-Insurance | Self-Insurance: |
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Share-Based Compensation | Share-Based Compensation: Cash flow from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) is classified with other income tax cash flows as an operating activity. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. |
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Derivative Financial Instruments | Derivative Financial Instruments: |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted: 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 accompanying disclosures. Recent Accounting Standards Not Yet Adopted: Income Taxes In December 2019, the FASB issued an 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. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. 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 are not electing to early adopt and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and accompanying disclosures. No other new accounting pronouncements, issued or effective during fiscal 2021, 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 | Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
Major product types:
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Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Goodwill by reporting unit | Goodwill by reporting unit 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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Components of Inventories | The components of inventories are as follows:
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Property, Plant and Equipment (Tables) |
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Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following:
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Accrued Expenses (Tables) |
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Summary of Accrued Expenses | Accrued expenses consisted of the following:
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Credit Agreement and Long- Term Debt (Tables) |
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 under the A&R Credit Agreement 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 under the A&R Credit Agreement on long-term debt outstanding as of January 31, 2021 is as follows:
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Derivative Financial Instruments and Risk Management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 tables present the impact of the derivative instruments in our consolidated financial statements for the years ended January 31, 2021 and 2020:
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 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) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive income (loss) by component are as follows:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense | Share-based compensation expense has been recognized as follows:
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Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans is summarized below:
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Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2021:
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Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:
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Summarized Plan Activity | Summarized plan activity is as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income before Income Taxes | The components of income (loss) before income taxes are as follows:
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Components of Provision for Income Taxes | The components of the provision/(benefit) for income taxes are as follows:
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Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) | Total income tax provision/(benefit)
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Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
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Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties |
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Nature of Operations, Segment Reporting and Geographical Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales and Segment Operating Profit (loss) for Each Reporting Segment | Summarized below are the revenue and segment operating profit (loss) (both in dollars and as a percentage of revenue) for each reporting segment:
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Summary of Other Information by Segment | Other information by segment is presented below:
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Summary of Selected Financial Information by Geographic Area | Geographical Data Presented below is selected financial information by geographic area:
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Product Warranty Liability (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Guarantees and Product Warranties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Product Warranty Liability | Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows:
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Fair Value Measurements (Tables) |
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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:
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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:
|
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Total Revenue | $ 116,033 | $ 133,446 | $ 136,657 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 70,911 | 83,671 | 83,668 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 29,029 | 29,617 | 31,574 |
Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 5,574 | 5,719 | 6,692 |
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 5,105 | 8,316 | 8,207 |
Central and South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 3,950 | 4,145 | 4,147 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | $ 1,464 | $ 1,978 | $ 2,369 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Total Revenue | $ 116,033 | $ 133,446 | $ 136,657 |
Hardware [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 34,111 | 48,959 | 53,207 |
Supplies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | 71,772 | 71,838 | 71,178 |
Service and Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenue | $ 10,150 | $ 12,649 | $ 12,272 |
Revenue Recognition - Additional Information (Detail) - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Disaggregation of Revenue [Abstract] | ||
Contract liabilities and extended warranties | $ 285,000 | $ 466,000 |
Revenue recognized | 466,000 | |
Contract assets balance | 881,000 | 885,000 |
Amortization of incremental direct costs | 26,940 | |
Deferred incremental direct contract costs reported in other current assets | $ 36,000 | 59,000 |
Amortization period of contract costs | 5 years | |
Deferred incremental direct costs net of accumulated amortization | $ 917,000 | $ 944,000 |
Goodwill - Summary of Goodwill by reporting unit (Detail) - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Goodwill [Line Items] | ||
Balance at beginning | $ 12,034,000 | $ 12,329,000 |
Foreign currency translation | 772 | (295,000) |
Balance at end | 12,806,000 | 12,034,000 |
Product Idenification [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning | 7,512,000 | 7,807,000 |
Foreign currency translation | 772 | (295,000) |
Balance at end | 8,284,000 | 7,512,000 |
T M [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning | 4,522,000 | 4,522,000 |
Balance at end | $ 4,522,000 | $ 4,522,000 |
Goodwill - Additional Information (Detail) |
12 Months Ended |
---|---|
Jan. 31, 2021
USD ($)
| |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impaired | $ 0 |
Intangible Assets - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
Impairments of intangible assets | $ 0 | $ 0 | $ 0 |
Amortization expense | $ 4,100,000 | $ 4,200,000 | $ 4,100,000 |
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Jan. 31, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 3,938 |
2023 | 3,956 |
2024 | 4,055 |
2025 | 3,416 |
2026 | $ 3,021 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory demonstration equipment | $ 4.0 | $ 3.4 |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 20,265 | $ 20,151 |
Work-in-Progress | 2,076 | 1,408 |
Finished Goods | 16,371 | 17,992 |
Inventory, Gross | 38,712 | 39,551 |
Inventory Reserve | (8,652) | (5,626) |
Inventories | $ 30,060 | $ 33,925 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land and Land Improvements | $ 1,004 | $ 967 |
Buildings and Leasehold Improvements | 12,642 | 12,524 |
Machinery and Equipment | 23,346 | 23,167 |
Computer Equipment and Software | 13,847 | 11,388 |
Gross Property, Plant and Equipment | 50,839 | 48,046 |
Accumulated Depreciation | (38,828) | (36,778) |
Net Property Plant and Equipment | $ 12,011 | $ 11,268 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense on property, plant and equipment | $ 1.9 | $ 2.0 | $ 2.0 |
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
Jan. 31, 2018 |
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Warranty | $ 730 | $ 850 | $ 832 | $ 575 |
Professional Fees | 546 | 697 | ||
Lease Liability | 372 | 416 | ||
Accrued Payroll & Sales Tax | 292 | 193 | ||
Stockholder Relation Fees | 91 | 194 | ||
Dealer Commissions | 57 | 236 | ||
Other Accrued Expenses | 1,851 | 2,125 | ||
Total | $ 3,939 | $ 4,711 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Lease Liability | Lease Liability |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
USD Term Loan | $ 12,576 | $ 13,034 |
Debt Issuance Costs, net of accumulated amortization | (141) | (111) |
Current Portion of Term Loan | (5,326) | (5,208) |
Long-Term Debt | 7,109 | 7,715 |
Term Loan Due June 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | 12,576 | 0 |
Term Loan Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | 0 | 8,250 |
Term Loan Due January 31, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 0 | $ 4,784 |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) |
12 Months Ended |
---|---|
Jan. 31, 2021 | |
Term Loan Due June 15, 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, description of variable rate basis | 4.65% as of January 31, 2021); maturity date of June 15, 2022 |
Interest rate | 4.65% |
Debt instrument, maturity date | Jun. 15, 2022 |
Term Loan Due November 30, 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 3.03% |
Term Loan Due January 31, 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 3.03% |
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Jan. 31, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Fiscal 2022 | $ 5,326 |
Fiscal 2023 | 7,250 |
Long-term Debt | $ 12,576 |
Paycheck Protection Program Loan - Additional information (Detail) - Paycheck Protection Program Loan [Member] - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
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 | $ 33,000 |
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Aug. 01, 2020 |
Jan. 31, 2021 |
|
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 | 100,000 | |
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] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Cross Currency Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (301) | $ 159 |
Location of Gain Reclassified from Accumulated OCI into Income (Expense) | Other Income | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (248) | 338 |
Cross Currency Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | 4,489 | |
Fair Value Derivatives, Liability | 250 | |
Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | 8,250 | |
Fair Value Derivatives, Liability | $ 96 |
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2018 |
|
Guaranteed Minimum Royalty Payment | $ 5,500 | ||
Royalty Obligation, Current | 2,000 | $ 2,000 | |
Royalty Obligation Non Current | 6,161 | 8,012 | |
Accrued Royalties, Current, Excess Royalty Payment Due | $ 177 | 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 | ||
Royalty Obligation Non Current | 6,100 | ||
Excess Royalty Payments | $ 31 | $ 1,200 |
Leases - Additional Information (Detail) - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Lessee, Operating Lease, Option to Extend | options to extend the lease term for periods of up to five years | |
Lease expense, related party | $ 63,000 | $ 63,000 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 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 |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Operating Leases [Abstract] | ||
Right of Use Assets | $ 1,389 | $ 1,661 |
Other Accrued Expenses | 372 | 416 |
Lease Liabilities | $ 1,065 | $ 1,279 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 485 | $ 449 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Jan. 31, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 372 |
2023 | 318 |
2024 | 292 |
2025 | 184 |
2026 | 163 |
Thereafter | 270 |
Total Lease Payments | 1,599 |
Less: Imputed Interest | (162) |
Total Lease Liabilities | $ 1,437 |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Cash paid for operating lease liabilities | $ 429 | $ 406 |
Shareholders' Equity - Additional information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Class of Stock [Line Items] | |||
Company shares given to employees, shares | 15,357 | 20,329 | 33,430 |
Company shares given to employees, value | $ 0.1 | $ 0.5 | $ 0.6 |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Share-based Compensation [Abstract] | |||
Stock Options | $ 517 | $ 616 | $ 783 |
Restricted Stock Awards and Restricted Stock Units | 1,285 | 1,136 | 1,088 |
Employee Stock Purchase Plan | 17 | 23 | 15 |
Total | $ 1,819 | $ 1,775 | $ 1,886 |
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Share-based Compensation [Abstract] | |||
Beginning balance, Number of Options | 679,044 | 771,145 | 745,270 |
Granted, Number of Options | 0 | 0 | 196,000 |
Exercised, Number of Options | (1,200) | (57,175) | (150,125) |
Forfeited, Number of Options | (54,361) | (34,526) | (16,300) |
Canceled, Number of Options | (1,400) | (400) | (3,700) |
Ending balance, Number of Options | 622,083 | 679,044 | 771,145 |
Beginning balance, Weighted-Average Exercise Price Per Share | $ 14.46 | $ 14.30 | $ 12.52 |
Granted, Weighted-Average Exercise Price Per Share | 0 | 18.21 | |
Exercised, Weighted-Average Exercise Price Per Share | 7.60 | 11.60 | 10.62 |
Forfeited, Weighted-Average Exercise Price Per Share | 12.89 | 15.73 | 15.10 |
Cancelled, Weighted-Average Exercise Price Per Share | 7.36 | 6.22 | 8.95 |
Ending balance, Weighted-Average Exercise Price Per Share | $ 14.63 | $ 14.46 | $ 14.30 |
Share-Based Compensation - Summarized Plan Activity (Detail) - Employee Stock Purchase Plan [Member] - shares |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Reserved, Beginning Balance | 24,974 | 33,853 | 39,207 |
Shares Purchased | (14,600) | (8,879) | (5,354) |
Shares Reserved, Ending Balance | 10,374 | 24,974 | 33,853 |
Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Deferred Tax Assets: | ||
Inventory | $ 2,700 | $ 2,094 |
Honeywell Royalty Liability | 2,590 | 2,583 |
State R&D Credits | 1,546 | 1,496 |
Share-Based Compensation | 600 | 582 |
Bad Debt | 245 | 165 |
Warranty Reserve | 176 | 205 |
Compensation Accrual | 159 | 159 |
Net Operating Loss | 154 | 443 |
ASU 842 Adjustment—Lease Liability | 125 | |
Unrecognized State Tax Benefits | 101 | 116 |
Foreign Tax Credit | 83 | 113 |
Deferred Service Contract Revenue | 68 | 111 |
Other | 308 | 295 |
Deferred Tax Assets, Total | 8,855 | 8,362 |
Deferred Tax Liabilities: | ||
Accumulated Tax Depreciation in Excess of Book Depreciation | 752 | 1,002 |
Intangibles | 399 | 776 |
ASU 842 Adjustment – Lease Liability | 119 | 0 |
Other | 307 | 188 |
Deferred Tax Liabilities, Total | 1,577 | 1,966 |
Subtotal | 7,278 | 6,396 |
Valuation Allowance | (1,721) | (1,752) |
Net Deferred Tax Assets | $ 5,557 | $ 4,644 |
Income Taxes - Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Income Tax Provision at Statutory Rate | $ 458 | $ 288 | $ 1,534 |
Denmark Statutory Audit | 341 | ||
Foreign Rate Deferential | 197 | 315 | 558 |
Share Based Compensation | 171 | (145) | (127) |
Canada Withholding Taxes | 62 | ||
State Taxes, Net of Federal Tax Effect | 28 | (48) | 226 |
Global Intangible Low Taxed Income | 14 | 107 | |
Meals and Entertainment | 11 | 31 | 56 |
U.S Corporate Rate Change | 52 | ||
Transition Tax on Repatriated Earnings | 14 | ||
Return to Provision Adjustment | (2) | (207) | 58 |
Change in Reserves Related to ASC 740 Liability | (10) | (352) | (34) |
Change in Valuation Allowance | (81) | 256 | |
R&D Credits | (157) | (209) | (218) |
Foreign Deferred Intangible Income | (150) | (107) | (53) |
Foreign Tax Credits | (344) | (477) | |
Other | 13 | 26 | (11) |
Total | $ 895 | $ (389) | $ 1,578 |
Income Taxes - Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ (1,193) | $ 1,930 | $ 6,859 |
Foreign | 3,372 | (560) | 449 |
Income before Income Taxes | $ 2,179 | $ 1,370 | $ 7,308 |
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Current: | |||
Federal | $ 1,272 | $ 660 | $ 1,807 |
State | 224 | 221 | 457 |
Foreign | 420 | 368 | 952 |
Current Income Tax Expense | 1,916 | 1,249 | 3,216 |
Deferred: | |||
Federal | (910) | (1,364) | (843) |
State | (189) | (282) | (170) |
Foreign | 78 | 8 | (625) |
Deferred Income Tax Expense Total | (1,021) | (1,638) | (1,638) |
Total | $ 895 | $ (389) | $ 1,578 |
Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Balance at February 1 | $ 362 | $ 618 | $ 665 |
Increases in prior period tax positions | 59 | ||
Increases in current period tax positions | 5 | 2 | 7 |
Reductions related to lapse of statutes of limitations | (42) | (26) | (54) |
Reductions related to settlement with tax authorities | (232) | ||
Balance at January 31 | $ 384 | $ 362 | $ 618 |
Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021
USD ($)
Segment
|
Jan. 31, 2020
USD ($)
Segment
|
Jan. 31, 2019
USD ($)
Segment
|
|
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 2 | ||
Customer accounted for greater than 10% of net sales | Segment | 0 | 0 | 0 |
Goodwill assigned | $ 12,806 | $ 12,034 | $ 12,329 |
T&M [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill assigned | 4,500 | 4,500 | |
Product Identification [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill assigned | $ 8,300 | $ 7,500 |
Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||
Assets | $ 115,473 | $ 116,664 | |
Depreciation and Amortization | 5,983 | 6,284 | $ 6,152 |
Capital Expenditures | 2,587 | 2,906 | 2,645 |
Operating Segments [Member] | Product Identification [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 50,047 | 51,439 | |
Depreciation and Amortization | 1,835 | 1,928 | 1,888 |
Capital Expenditures | 1,563 | 2,001 | 1,935 |
Operating Segments [Member] | T&M [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 51,262 | 57,050 | |
Depreciation and Amortization | 4,148 | 4,356 | 4,264 |
Capital Expenditures | 1,024 | 905 | $ 710 |
Corporate Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 14,164 | $ 8,175 |
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Postemployment Benefits [Abstract] | |||
Contributions paid or accrued amounted | $ 0.4 | $ 0.5 | $ 0.5 |
Product Warranty Liability - Activity in Product Warranty Liability (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Product Warranties Disclosures [Abstract] | |||
Balance, beginning of the year | $ 850 | $ 832 | $ 575 |
Provision for Warranty Expense | 855 | 1,733 | 1,680 |
Cost of Warranty Repairs | (975) | (1,715) | (1,423) |
Balance, end of the year | $ 730 | $ 850 | $ 832 |
Concentration of Risk - Additional Information (Detail) - Vendor [Member] |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
Purchases [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.20% | 21.20% | 21.60% |
Trade Accounts Payables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.80% | 28.00% | 28.70% |
Fair Value Measurements - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jan. 31, 2020 |
---|---|---|
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and Related Current Maturities | $ 12,586 | $ 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 | 12,586 | 13,258 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and Related Current Maturities | $ 12,576 | $ 13,034 |
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2019 |
|
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 856 | $ 521 | $ 377 |
Provision/(Benefit) Charged to Operations | 194 | 546 | 310 |
Deductions | 4 | (211) | (166) |
Balance at End of Year | $ 1,054 | $ 856 | $ 521 |