XML 24 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Correction of Immaterial Errors
 6 Months Ended
Jul. 31, 2014
Accounting Changes and Error Corrections [Abstract]  
Correction of Immaterial Errors
Correction of Immaterial Errors
Subsequent to the year ended January 31, 2014, the Company identified certain errors in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended April 30, July 31 and October 31, 2013. The Company previously recorded its quarterly net periodic pension cost as an increase to accrued pension expenses, when a portion of the net periodic pension cost attributed to the recognized net actuarial loss or (gain) should have been recorded as a decrease in the Company’s accumulated other comprehensive loss. These errors have no impact on the amounts previously reported in the Company’s statements of operations or statements of cash flows. Further, these errors have no impact on its consolidated financial statements as of and for the year ended January 31, 2014.
Management has evaluated the materiality of these errors quantitatively and qualitatively and has concluded that the corrections of these errors are immaterial to the condensed consolidated balance sheets, consolidated statements of comprehensive income (loss), and the financial statements as a whole. Accordingly, the Company has corrected the accompanying condensed consolidated balance sheet and consolidated statement of comprehensive income (loss) for the three and six months ended July 31, 2013, and it intends to revise its condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended October 31, 2013 through subsequent periodic filings. The effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended July 31 and October 31, 2013 are as follows:
 
 
For the Quarter Ended July 31, 2013
 
For the Quarter Ended October 31, 2013
(in thousands)
 
As Previously Reported
 
As Corrected
 
As Previously Reported
 
As Corrected
Accrued pension expenses
 
$
26,567

 
$
25,763

 
$
26,398

 
$
25,192

Total stockholder’s equity
 
28,901

 
29,705

 
33,181

 
34,387

Net income (loss)
 
6,210

 
6,210

 
3,408

 
3,408

Comprehensive income (loss)
 
6,210

 
6,612

 
4,208

 
4,610

Impact for period-to-date comprehensive income (loss)
 
1,763

 
2,567

 
5,971

 
7,177