XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Reporting
 3 Months Ended
Apr. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING

The Company's reportable segments are defined by their product lines which have been grouped in these segments based on technology, manufacturing processes, and end-use application. Raven's reportable segments are Applied Technology, Engineered Films, and Aerostar. The Company measures the performance of its segments based on certain metrics such as net sales and operating income excluding general and administrative expenses. Other income (expense) and income taxes are not allocated to individual operating segments, and assets not identifiable to an individual segment are included as corporate assets. Separate financial information is available and regularly evaluated by the Company's chief operating decision-maker (CODM), the President and Chief Executive Officer, in making resource allocation decisions for the Company's reportable segments. Segment information is reported consistent with the Company's management reporting structure.

Business segment net sales and operating income results are as follows:
 
Three Months Ended
 
April 30,
2018
 
April 30,
2017
Net sales
 
 
 
Applied Technology
$
40,430

 
$
40,490

Engineered Films(a)
 
59,992

 
43,555

Aerostar
10,901

 
9,606

Intersegment eliminations(b)
(194
)
 
(116
)
Consolidated net sales
$
111,129

 
$
93,535

 
 
 
 
Operating income(c)
 
 
 
Applied Technology 
$
15,948

 
$
13,453

Engineered Films
13,196

 
8,720

Aerostar
2,805

 
1,418

Intersegment eliminations 
(15
)
 
(2
)
Total reportable segment income
31,934

 
23,589

General and administrative expenses(c)
(10,403
)
 
(5,370
)
Consolidated operating income
$
21,531

 
$
18,219


(a) Fiscal year 2019 Net sales includes $7,744 in net sales related to the CLI asset acquisition further described in Note 6 "Acquisitions and Divestitures of and Investments in Businesses and Technologies", and $8,919 of recovery film sales related to the hurricane recovery effort.
(b) Intersegment sales for both fiscal 2019 and 2018 were primarily sales from Engineered Films to Aerostar.
(c) At the segment level, operating income does not include an allocation of general and administrative expenses and, as a result, "General and administrative expenses" are reported as a deduction from "Total reportable segment income" to reconcile to "Operating income" reported in the Consolidated Statements of Income and Comprehensive Income.