Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Oct. 31, 2015 | Dec. 08, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KMG | |
Entity Registrant Name | KMG CHEMICALS INC | |
Entity Central Index Key | 1,028,215 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,715,586 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 10,398 | $ 7,517 |
Accounts receivable | ||
Trade, net of allowances of $156 at October 31, 2015 and $144 at July 31, 2015 | 35,573 | 36,887 |
Other | 3,515 | 3,668 |
Inventories, net | 39,592 | 42,082 |
Current deferred tax assets | 2,953 | 2,953 |
Prepaid expenses and other | 2,739 | 3,738 |
Total current assets | 94,770 | 96,845 |
Property, plant and equipment, net | 80,289 | 80,589 |
Deferred tax assets | 131 | 131 |
Goodwill | 22,374 | 22,408 |
Intangible assets, net | 35,959 | 36,560 |
Restricted cash | 1,000 | 1,000 |
Other assets, net | 4,850 | 4,826 |
Total assets | 239,373 | 242,359 |
Current liabilities | ||
Accounts payable | 27,279 | 35,980 |
Accrued liabilities | 10,120 | 9,602 |
Employee incentive accrual | 6,780 | 4,852 |
Total current liabilities | 44,179 | 50,434 |
Long-term debt, net of current maturities | 51,500 | 53,000 |
Deferred tax liabilities | 13,145 | 13,075 |
Other long-term liabilities | 2,422 | 2,429 |
Total liabilities | $ 111,246 | $ 118,938 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, 11,710,439 shares issued and outstanding at October 31, 2015 and 11,690,439 shares issued and outstanding at July 31, 2015 | $ 117 | $ 117 |
Additional paid-in capital | 32,625 | 31,676 |
Accumulated other comprehensive income (loss) | (10,151) | (9,667) |
Retained earnings | 105,536 | 101,295 |
Total stockholders’ equity | 128,127 | 123,421 |
Total liabilities and stockholders’ equity | $ 239,373 | $ 242,359 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowances for accounts receivables | $ 156 | $ 144 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,710,439 | 11,690,439 |
Common stock, shares outstanding | 11,710,439 | 11,690,439 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | ||
Net sales | $ 76,650 | $ 90,779 |
Cost of sales | 47,390 | 63,188 |
Gross profit | 29,260 | 27,591 |
Distribution expenses | 10,129 | 12,999 |
Selling, general and administrative expenses | 11,215 | 9,200 |
Restructuring charges | 466 | 577 |
Realignment charges | 130 | 1,996 |
Operating income | 7,320 | 2,819 |
Other income (expense) | ||
Interest expense, net | (152) | (803) |
Other, net | (17) | (28) |
Total other expense, net | (169) | (831) |
Income before income taxes | 7,151 | 1,988 |
Provision for income taxes | (2,560) | (803) |
Net income | $ 4,591 | $ 1,185 |
Earnings per share | ||
Net income per common share basic | $ 0.39 | $ 0.10 |
Net income per common share diluted | $ 0.39 | $ 0.10 |
Weighted average shares outstanding | ||
Basic | 11,697 | 11,658 |
Diluted | 11,865 | 11,696 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 4,591 | $ 1,185 |
Other comprehensive income | ||
Foreign currency translation income (loss) | (484) | (3,974) |
Total other comprehensive income (loss) | (484) | (3,974) |
Total comprehensive income (loss) | $ 4,107 | $ (2,789) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Cash flows from operating activities | ||
Net income | $ 4,591 | $ 1,185 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 3,545 | 3,430 |
Non-cash restructuring and realignment charges | 105 | 2,589 |
Amortization of loan costs | 42 | 27 |
Stock-based compensation expense | 939 | 436 |
Bad debt expense | 12 | |
Allowance for excess and obsolete inventory | 57 | 221 |
Loss (gain) on disposal of property | 9 | (2) |
Deferred income taxes | 86 | (1,141) |
Tax benefit from stock-based awards | (10) | (9) |
Changes in operating assets and liabilities | ||
Accounts receivable — trade | 1,099 | (2,398) |
Accounts receivable — other | 160 | (373) |
Inventories | 2,310 | (826) |
Other current and noncurrent assets | 420 | (139) |
Accounts payable | (7,850) | 4,486 |
Accrued liabilities and other | 2,450 | 2,099 |
Net cash provided by operating activities | 7,965 | 9,585 |
Cash flows from investing activities | ||
Additions to property, plant and equipment | (3,616) | (4,184) |
Disposals of property, plant and equipment | 10 | |
Net cash used in investing activities | (3,616) | (4,174) |
Cash flows from financing activities | ||
Net payments under revolving credit agreement | (40,000) | |
Principal payments on term loan | (20,000) | |
Borrowings under New Credit Facility | 59,100 | |
Payments under New Credit Facility | (1,500) | (3,100) |
Tax benefit from stock-based awards | 10 | 9 |
Payment of dividends | (351) | (349) |
Net cash used in financing activities | (1,841) | (4,340) |
Effect of exchange rate changes on cash | 373 | (592) |
Net increase in cash and cash equivalents | 2,881 | 479 |
Cash and cash equivalents at beginning of period | 7,517 | 19,252 |
Cash and cash equivalents at end of period | 10,398 | 19,731 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 151 | 757 |
Cash paid for income taxes | 1,371 | 1,149 |
Supplemental disclosure of non-cash investing activities | ||
Purchase of property, plant and equipment through accounts payable | $ 137 | $ 960 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Oct. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated balance sheet as of July 31, 2015, which has been derived from audited consolidated financial statements, and the unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. As permitted under those requirements, certain footnotes or other financial information that are normally required by generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information not misleading and in the opinion of management reflect all adjustments, including those of a normal recurring nature, that are necessary for a fair presentation of financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of results of operations to be expected for the full year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2015. These condensed consolidated financial statements are prepared using certain estimates by management and include the accounts of KMG Chemicals, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. |
Acquisitions
Acquisitions | 3 Months Ended |
Oct. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions On May 1, 2015, the Company completed the acquisition of Valves Incorporated of Texas, a privately held Texas corporation, pursuant to the terms of a previously announced Agreement and Plan of Merger. The acquired company manufactures and distributes industrial sealants and lubricants, primarily to the oil and gas, storage, pipeline and gas distribution markets, as well as related products, such as lubrication equipment and fittings. As of October 31, 2015, the valuation of the assets acquired and the liabilities assumed is not final. The pro forma impact on consolidated results is immaterial. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings Per Share Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding. Diluted earnings per share have been computed by dividing net income by the weighted average shares outstanding plus potentially dilutive common shares. There were approximately 168,000 and 38,000 dilutive shares related to stock-based awards for the three months ended October 31, 2015 and 2014, respectively. Outstanding stock-based awards are not included in the computation of diluted earnings per share under the treasury stock method if including them would be anti-dilutive. There were 14,783 such potentially dilsutive securities that were not included for the three months ended October 31, 2015. There were no shares of potentially dilutive securities not included in the computation of diluted earnings per share for the three months ended October 31, 2014. |
Inventories
Inventories | 3 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are summarized in the following table (in thousands): October 31, July 31, 2015 2015 Raw materials $ 7,646 $ 8,723 Work in process 1,053 780 Supplies 1,016 525 Finished products 30,395 32,535 Less: reserve for inventory obsolescence (518 ) (481 ) Inventories, net $ 39,592 $ 42,082 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Oct. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment and related accumulated depreciation and amortization are summarized as follows (in thousands): October 31, July 31, 2015 2015 Land $ 13,306 $ 13,257 Buildings and improvements 37,903 38,036 Equipment 84,387 84,273 Leasehold improvements 193 193 135,789 135,759 Less: accumulated depreciation and amortization (64,328 ) (61,936 ) 71,461 73,823 Construction-in-progress 8,828 6,766 Property, plant and equipment, net $ 80,289 $ 80,589 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Oct. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The Company has stock-based incentive plans which are described in more detail in the consolidated financial statements in the Company’s Annual Report on Form 10-K for fiscal year 2015. The Company recognized stock-based compensation costs of approximately $939,000 and $436,000 for the three months ended October 31, 2015 and 2014, respectively. The Company also recognized the related tax benefits of $333,000 and $161,000 for the three months ended October 31, 2015 and 2014, respectively. Stock-based compensation costs are recorded under selling, general and administrative expenses in the condensed consolidated statements of income. As of October 31, 2015, the unrecognized compensation costs related to stock-based awards was approximately $5.4 million, which is expected to be recognized over a weighted-average period of 2.2 years. Performance Shares On August 1, 2015, there were 244,790 non-vested performance shares outstanding which reflected the maximum number of shares under the awards. No performance share awards vested during the three months ended October 31, 2015. As of October 31, 2015, the non-vested performance-based stock awards consisted of Series 1 awards granted to certain executives and employees in fiscal years 2015 and 2014 as summarized below reflecting the target number of shares under the awards. Target Expected Series Award Grant Date Measurement Percentage Shares Date of Grant Award Shares Fair Value Period Vesting (1) to Vest Fiscal Year 2015 Awards 3/26/2015 Series 1 21,173 $ 25.85 7/31/2017 12/9/2014 Series 1 103,499 $ 17.81 7/31/2017 Forfeitures (2) (1,124 ) Total 123,548 134 % 165,368 Fiscal Year 2014 Awards 2/25/2014 Series 1 127,315 $ 14.88 7/31/2016 Forfeitures (2) (7,372 ) Total 119,943 100 % 119,943 (1) The percentage vesting for performance share awards is currently estimated at 134% and 100% of the target award for the fiscal year 2015 and 2014 awards, respectively. (2) Forfeitures include Series 1 awards that were granted in fiscal years 2015 and 2014 to certain employees that were forfeited at the termination of their employment. Series 1: For the fiscal year 2015 and 2014 awards, vesting is subject to performance requirements composed of certain objectives including average annual return on invested capital and annual compound growth rate in the Company’s diluted earnings per share. These objectives are assessed quarterly using the Company’s budget, actual results and long-term projections. For each of the Series 1 awards, the expected percentage of vesting is evaluated through October 31, 2015, and reflects the percentage of shares projected to vest for the respective awards at the end of their measurement periods. For the fiscal year 2015 and 2014 awards, shares vested may increase to a maximum of 167% and 150%, respectively, of the target award on achievement of maximum performance objectives. Series 2: None outstanding. Series 3: The table does not include certain performance-based awards that are granted to Christopher T. Fraser according to his employment agreement. Awards to Mr. Fraser for fiscal year 2015 included (i) a performance-based Series 3 award for 10,000 shares of common stock (at maximum) having a performance requirement related to debt payments during the fiscal year, and (ii) a performance-based Series 3 award for 4,000 shares of common stock having certain organizational objectives as a performance requirement, and in each case such awards vest and are measured over a one year period beginning August 1 and ending July 31. The award for fiscal year 2015 was fully vested and 14,000 shares were issued on October 1, 2015. As of October 31, 2015, the 2016 Series 3 awards to Mr. Fraser have not been granted, but when granted they are expected to vest at 100%. The weighted-average per share grant-date fair value of the target award shares for performance-based awards outstanding was $17.51 and $17.36 at October 31, 2015 and August 1, 2015, respectively. The weighted-average per share grant-date fair value of the target award shares for performance-based awards granted during the three months ended October 31, 2015 and 2014 was $21.04 and $16.65, respectively. The weighted-average per share grant-date fair value of awards forfeited during the three months ended October 31, 2015 and 2014 was $19.63 and $14.88, respectively. Time Based Shares A summary of activity for time-based stock awards for the three months ended October 31, 2015 is presented below: Shares Weighted-Average Grant-Date Fair Value Non-vested on August 1, 2015 82,688 $ 19.66 Granted (1) 85,147 21.83 Vested (2) (11,147 ) 21.59 Forfeited (3) (188 ) 25.85 Non-vested on October 31, 2015 156,500 20.70 (1) Includes 5,147 shares granted to non-employee directors for service during the three month period ended October 31, 2015. Also includes 80,000 shares granted to Mr. Fraser which vest over a service period of five years beginning on August 1, 2015. The shares are to vest one third (1/3) at the end of years three, four and five of the service period. (2) Includes 5,147 shares granted to non-employee directors for service for the three months ended October 31, 2015. The shares vest on the date of grant, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The vested amount includes 6,000 shares granted to Mr. Fraser. (3) Forfeitures include Series 1 awards that were granted in fiscal year 2015 to certain employees that were forfeited at the termination of their employment. The total fair value of shares vested during the three months ended October 31, 2015 and 2014 was approximately $474,000 and $237,000, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Oct. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets Intangible assets are summarized as follows (in thousands): Number October 31, 2015 Weighted Foreign Average Currency Amortization Original Accumulated Translation Carrying Period Cost Amortization Adjustment Amount Intangible assets subject to amortization: (range of useful life): Electronic chemicals-related contracts (5-8 years) 6.2 $ 2,204 $ (905 ) $ (99 ) $ 1,200 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (81 ) — 36 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (3,900 ) (20 ) 10,180 Other chemicals-customer relationships (15 years) 15.0 10,291 (343 ) — 9,948 Other chemicals-Other related contracts (5 years) 5.0 152 (15 ) — 137 Total intangible assets subject to amortization 13.8 $ 26,864 $ (5,244 ) $ (119 ) $ 21,501 Intangible assets not subject to amortization: Other chemicals-penta product registrations 8,765 Other chemicals-related trade name and trademark 2,885 Other chemicals-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 35,959 Number July 31, 2015 Weighted Foreign Average Currency Amortization Original Accumulated Translation Carrying Period Cost Amortization Adjustment Amount Intangible assets subject to amortization: (range of useful life): Electronic chemicals-related contracts (5-8 years) 6.6 $ 2,204 $ (839 ) $ (87 ) $ 1,278 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (77 ) — 40 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (3,649 ) 70 10,521 Other chemicals-customer relationships (15 years) 15.0 10,291 (172 ) — 10,119 Other chemicals-Other related contracts (5 years) 5.0 152 (8 ) — 144 Total intangible assets subject to amortization 13.8 $ 26,864 $ (4,745 ) $ (17 ) 22,102 Intangible assets not subject to amortization: Other chemicals-penta product registrations 8,765 Other chemicals-related trade name and trademark 2,885 Other chemicals-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 36,560 Intangible assets subject to amortization are amortized over their estimated useful lives. Amortization expense was approximately $499,000 and $414,000 for the three month periods ended October 31, 2015 and 2014, respectively. |
Dividends
Dividends | 3 Months Ended |
Oct. 31, 2015 | |
Dividends [Abstract] | |
Dividends | 8. Dividends Dividends of approximately $351,000 ($0.03 per share) and $349,000 ($0.03 per share) were declared and paid in the first quarter of fiscal years 2016 and 2015, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 9. Segment Information The Company has two reportable segments — electronic chemicals and other chemicals. Three Months Ended October 31, 2015 2014 (Amounts in thousands) Sales Electronic chemicals $ 66,082 $ 66,323 Other chemicals 10,568 24,427 Total sales for reportable segments $ 76,650 $ 90,750 Depreciation and amortization (1) Electronic chemicals $ 2,915 $ 3,202 Other chemicals 297 96 Other 333 132 Total consolidated depreciation and amortization $ 3,545 $ 3,430 Segment income from operations (2) Electronic chemicals $ 7,274 $ 4,121 Other chemicals 3,764 2,585 Total segment income from operations $ 11,038 $ 6,706 (1) Depreciation and amortization excludes restructuring related depreciation. (2) Segment income from operations includes allocated corporate overhead expenses. Corporate overhead expenses allocated to segment income from operations for the three months ended October 31, 2015 and 2014 were as follows: Three Months Ended October 31, 2015 2014 (Amounts in thousands) Electronic chemicals $ 2,481 $ 2,391 Other chemicals 790 934 Total corporate overhead expense allocation $ 3,271 $ 3,325 A reconciliation of total segment information to consolidated amounts is as follows: Three Months Ended October 31, 2015 2014 (Amounts in thousands) Sales Total sales for reportable segments $ 76,650 $ 90,750 Other — 29 Net sales $ 76,650 $ 90,779 Segment income from operations Total segment income from operations $ 11,038 $ 6,706 Other corporate expense (1) (3,122 ) (1,314 ) Restructuring and realignment charges (596 ) (2,573 ) Operating income 7,320 2,819 Interest expense, net (152 ) (803 ) Other income (expense), net (Including gain on sale of creosote distribution business) (17 ) (28 ) Income before income taxes $ 7,151 $ 1,988 (1) Other corporate expense primarily represents employee stock-based compensation expenses and those expenses associated with the Company’s operation as a public company, such as board compensation, audit expense, fees related to the listing of our stock, and expenses incurred to pursue acquisition opportunities. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt The Company’s debt as of October 31, 2015 and July 31, 2015 consisted of the following: October 31, July 31, 2015 2015 (Amounts in thousands) Senior secured debt: Revolving loan facility, maturing on October 9, 2019, variable interest rates based on LIBOR plus 1.0% at October 31, 2015 $ 51,500 $ 53,000 Total debt 51,500 53,000 Current maturities of long-term debt — — Long-term debt, net of current maturities $ 51,500 $ 53,000 On October 9, 2014, the Company entered into a new credit facility (the “Second Restated Credit Facility”). The Second Restated Credit Facility is with Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, National Association and JPMorgan Chase Bank, N.A. The initial advance under the Second Restated Credit Facility was used to repay in full the $20.0 million outstanding indebtedness under the Company’s note purchase agreement with The Prudential Insurance Company of America and Pruco Life Insurance Company, and the Company refinanced $38.0 million then outstanding under its existing revolving loan facility. The Company incurred approximately $666,000 in fees and expenses to enter into the Second Restated Credit Facility. Additionally, the Company paid $288,000 for a make-whole charge for the early repayment of the note purchase agreement. The Second Restated Credit Facility provides for a revolving loan up to $150.0 million, including an accordion feature that allows for an additional revolving loan increase of up to an additional $100.0 million with approval from the lenders. At October 31, 2015, the Company had $51.5 million outstanding under the revolving facility, and an additional $2.8 million was reserved for outstanding letters of credit, with up to an additional $95.7 million of additional borrowing capacity. The amount available under the Second Restated Credit Facility at October 31, 2015 was limited, however, by a loan covenant restriction related to the ratio of funded debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). Taking that restriction into account, at October 31, 2015 the Company could draw approximately an additional $84.9 million on its revolving loan. The maturity date for the Second Restated Credit Facility is October 9, 2019. The revolving loan bears interest at a varying rate of the 30-day LIBOR rate plus a margin based on our funded debt to EBITDA. Ratio of Funded Debt to EBITDA Margin Equal to or greater than 3.00 to 1.0 1.875 % Equal to or greater than 2.75 to 1.0, but less than 3.00 to 1.0 1.625 % Equal to or greater than 2.50 to 1.0, but less than 2.75 to 1.0 1.500 % Equal to or greater than 2.25 to 1.0, but less than 2.50 to 1.0 1.375 % Equal to or greater than 2.00 to 1.0, but less than 2.25 to 1.0 1.250 % Equal to or greater than 1.50 to 1.0, but less than 2.00 to 1.0 1.125 % Less than 1.50 to 1.0 1.000 % Advances under the revolving loan bear interest at 1.188% as of October 31, 2015. The Company will also incur an unused commitment fee on the unused amount of commitments under the Second Restated Credit Facility from 0.30% to 0.15%, based on the ratio of funded debt to EBITDA. Loans under the Second Restated Credit Facility are secured by the Company’s assets, including inventory, accounts receivable, equipment, intangible assets, and real property. The Second Restated Credit Facility has restrictive covenants, including that the Company must maintain a fixed charge coverage ratio of 1.5 to 1.0 or greater, a ratio of funded debt to EBITDA (as adjusted for non-cash and unusual, non-recurring, and certain acquisition and integration costs) of 3.25 to 1.0 (with a step-up to 3.5 to 1.0 during an acquisition period with lender consent) and a current ratio of at least 1.5 to 1.0. As of October 31, 2015, the Company was in compliance with all covenants of the Second Restated Credit Facility. |
Income Taxes
Income Taxes | 3 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Income tax expense for the interim periods was computed using an estimated annual effective income tax rate applied to year-to-date income before income tax expense. In determining the estimated annual effective income tax rate, we analyze various factors, including forecasts of projected annual earnings and the ability to use tax credits and net operating loss carry forwards. The overall effective income tax rate for the three month period ended October 31, 2015 is 35.8%, including the valuation allowances recorded against the Company’s current operating losses for its Italian subsidiary. For the three month period ended October 31, 2014, the overall effective income tax rate was 40.4%. Excluding the Italian results and discrete benefits, the estimated annual effective tax rate on ordinary income is 34.2% for the three month period ended October 31, 2015. Excluding the Italian results and discrete benefits, for the three month period ended October 31, 2014 the overall effective rate was 33.7%. |
Litigation and Other Contingenc
Litigation and Other Contingencies | 3 Months Ended |
Oct. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Other Contingencies | 12. Litigation and Other Contingencies The Company is subject to contingencies, including litigation relating to environmental laws and regulations, commercial disputes and other matters. Certain of these contingencies are discussed below. The ultimate resolution of these contingencies is subject to significant uncertainty, and should the Company fail to prevail in any of them or should several of them be resolved against the Company in the same reporting period, these matters could, individually or in the aggregate, be material to the consolidated financial statements. The ultimate outcome of these matters, however, cannot be determined at this time, nor can the amount of any potential loss be reasonably estimated, and as a result except where indicated no amounts have been recorded in the Company’s consolidated financial statements. The Company records legal costs associated with loss contingencies as expenses in the period in which they are incurred. The Company’s subsidiary in Italy is contesting two cases in the Provincial Tax Court in Milan, Italy. In the first case the Company disputes income tax assessments by the taxing authority for the three year period ended July 31, 2011. In the aggregate, the amount of the assessments, including interest and penalties, is €1.8 million. If all the adjustments are sustained, the additional liability for the years 2009 through 2011 would total approximately $2.0 million, including interest and penalties through October 31, 2015 (at an exchange rate of 1.103 $/€). The Company had a liability for an uncertain tax position for items in the amount of $99,000 and $57,000 as of October 31, 2015 and July 31, 2015, respectively. In the second case, the Company’s subsidiary is contesting the assessment of additional registration tax. The taxing authority is asserting an increased valuation of assets purchased from Air Products and Chemicals, Inc. in December 2007 on which registration tax is payable. The amount of this assessment, including interest and penalties through October 31, 2015, is €805,000 (or approximately $890,000 at an exchange rate of 1.103 $/€). The Provincial Tax Court issued a ruling in October 2014 agreeing with the Company’s position in the income tax assessment case. In April 2015, the taxing authority appealed that ruling. The hearing date has not been set. The Company intends to vigorously pursue its position before the court in both cases, but the ultimate outcome of this litigation is subject to uncertainty. The EPA has listed the Star Lake Canal Superfund Site near Beaumont, Texas on the National Priorities List. In December 2002, the Company received a letter from the EPA addressed to Idacon (f/k/a Sonford Chemical Company) notifying Idacon of potential liability under CERCLA in connection with this site. The letter requested reimbursement from Idacon for costs incurred by the EPA in responding to releases at the site, equal to $500,000 as of July 31, 2002. Idacon sold substantially all of its assets to one of our subsidiaries in 1988. The Company responded to a request for information from the EPA on the corporate history and relationship between the Company and its subsidiaries and Sonford Chemical Company in April 2003. On December 22, 2005, the EPA and certain potentially responsible parties entered an administrative order on consent which required the implementation of a remedial investigation and feasibility study. We understand that these studies were completed by mid-2012. EPA prepared a Record of Decision, selecting a remedy of excavation and disposal of soil and/or sediment, containment with soil, clay and/or armor caps and monitored natural recovery. The EPA has estimated that the remediation will cost approximately $22.0 million. In October 2014, the Company’s subsidiary, KMG-Bernuth, received a letter from EPA notifying it of potential liability under CERCLA, and inviting it to enter into negotiations to pay for or perform the selected remedy. The Company is engaged in discussions with EPA and approximately seven other parties to assess their respective potential liability. No assurance can be given that the EPA will not designate the Company’s subsidiary as a potentially responsible party. The Company established a liability of $1.3 million in the third quarter of fiscal year 2015 in connection with this matter. The Company is subject to federal, state, local and foreign laws and regulations and potential liabilities relating to the protection of the environment and human health and safety including, among other things, the cleanup of contaminated sites, the treatment, storage and disposal of wastes, the emission of substances into the air or waterways, and various health and safety matters. The Company expects to incur substantial costs for ongoing compliance with such laws and regulations. The Company may also face governmental or third-party claims, or otherwise incur costs, relating to cleanup of, or for injuries resulting from, contamination at sites associated with past and present operations. The Company accrues for environmental liabilities when a determination can be made that they are probable and reasonably estimable. |
Restructuring and Realignment E
Restructuring and Realignment Events | 3 Months Ended |
Oct. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Realignment Events | 13. Restructuring and Realignment Events As part of the Company’s global restructuring of its electronic chemicals operations, the Fremont, California manufacturing site acquired in the acquisition from OM Group has been closed, and production has been shifted primarily to the Company’s Hollister, California and Pueblo, Colorado facilities. The Company has also announced that it will close one of its facilities in Milan, Italy, and shift some production to facilities in France and the United Kingdom. Accelerated depreciation with respect to the closed facilities has been completed. At October 31, 2015, the accrued liability associated with restructuring and other related charges consisted of the following: Employee Decommissioning Costs and Other Total Accrued liability at August 1, 2015 $ 716 $ 169 $ 17 $ 902 Charges — — — — Payments — (51 ) — (51 ) Adjustment 3 1 — 4 Accrued liability at October 31, 2015 $ 719 $ 119 $ 17 $ 855 Total accelerated depreciation related to the closure of the Fremont and Milan facilities for the three months ended October 31, 2015 and 2014 was approximately $105,000 and $631,000, respectively. In October 2014, the Company announced a realignment of its hydrofluoric acid business and subsequently exited the facility operated for the Company by Chemtrade Logistics (“Chemtrade”) in Bay Point, California. Under the manufacturing agreement, the Company is obligated to pay or reimburse Chemtrade for certain costs associated with the cessation of operations at Bay Point, including certain employee costs and the decommissioning, dismantling and removal of the Company’s manufacturing equipment at the site. The asset retirement obligation was initially established in the amount of $3.7 million for decontamination, decommissioning and dismantling at Bay Point. Operations ceased in the third quarter of fiscal year 2015. The changes to the asset retirement obligation associated with realignment during the three months ended October 31, 2015 are as follows: Asset retirement obligation at August 1, 2015 $ 811 Charges 130 Payments (132 ) Asset retirement obligation at October 31, 2015 $ 809 The Company incurred no charges for accelerated depreciation during the three month period ended October 31, 2015. For the three month period ended October 31, 2014, the Company recorded $1.9 million of accelerated depreciation. All assets have been fully depreciated as of July 31, 2015. Additionally, the Company incurred certain employee costs of $130,000 during the three months ended October 31, 2015, and $38,000 in employee costs during the three months ended October 31, 2014. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are summarized in the following table (in thousands): October 31, July 31, 2015 2015 Raw materials $ 7,646 $ 8,723 Work in process 1,053 780 Supplies 1,016 525 Finished products 30,395 32,535 Less: reserve for inventory obsolescence (518 ) (481 ) Inventories, net $ 39,592 $ 42,082 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment and Related Accumulated Depreciation and Amortization | October 31, July 31, 2015 2015 Land $ 13,306 $ 13,257 Buildings and improvements 37,903 38,036 Equipment 84,387 84,273 Leasehold improvements 193 193 135,789 135,759 Less: accumulated depreciation and amortization (64,328 ) (61,936 ) 71,461 73,823 Construction-in-progress 8,828 6,766 Property, plant and equipment, net $ 80,289 $ 80,589 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Performance Based Stock Awards Granted | Target Expected Series Award Grant Date Measurement Percentage Shares Date of Grant Award Shares Fair Value Period Vesting (1) to Vest Fiscal Year 2015 Awards 3/26/2015 Series 1 21,173 $ 25.85 7/31/2017 12/9/2014 Series 1 103,499 $ 17.81 7/31/2017 Forfeitures (2) (1,124 ) Total 123,548 134 % 165,368 Fiscal Year 2014 Awards 2/25/2014 Series 1 127,315 $ 14.88 7/31/2016 Forfeitures (2) (7,372 ) Total 119,943 100 % 119,943 (1) The percentage vesting for performance share awards is currently estimated at 134% and 100% of the target award for the fiscal year 2015 and 2014 awards, respectively. (2) Forfeitures include Series 1 awards that were granted in fiscal years 2015 and 2014 to certain employees that were forfeited at the termination of their employment. |
Summary of Activity for Time-Based Stock Awards | A summary of activity for time-based stock awards for the three months ended October 31, 2015 is presented below: Shares Weighted-Average Grant-Date Fair Value Non-vested on August 1, 2015 82,688 $ 19.66 Granted (1) 85,147 21.83 Vested (2) (11,147 ) 21.59 Forfeited (3) (188 ) 25.85 Non-vested on October 31, 2015 156,500 20.70 (1) Includes 5,147 shares granted to non-employee directors for service during the three month period ended October 31, 2015. Also includes 80,000 shares granted to Mr. Fraser which vest over a service period of five years beginning on August 1, 2015. The shares are to vest one third (1/3) at the end of years three, four and five of the service period. (2) Includes 5,147 shares granted to non-employee directors for service for the three months ended October 31, 2015. The shares vest on the date of grant, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The vested amount includes 6,000 shares granted to Mr. Fraser. (3) Forfeitures include Series 1 awards that were granted in fiscal year 2015 to certain employees that were forfeited at the termination of their employment. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets are summarized as follows (in thousands): Number October 31, 2015 Weighted Foreign Average Currency Amortization Original Accumulated Translation Carrying Period Cost Amortization Adjustment Amount Intangible assets subject to amortization: (range of useful life): Electronic chemicals-related contracts (5-8 years) 6.2 $ 2,204 $ (905 ) $ (99 ) $ 1,200 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (81 ) — 36 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (3,900 ) (20 ) 10,180 Other chemicals-customer relationships (15 years) 15.0 10,291 (343 ) — 9,948 Other chemicals-Other related contracts (5 years) 5.0 152 (15 ) — 137 Total intangible assets subject to amortization 13.8 $ 26,864 $ (5,244 ) $ (119 ) $ 21,501 Intangible assets not subject to amortization: Other chemicals-penta product registrations 8,765 Other chemicals-related trade name and trademark 2,885 Other chemicals-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 35,959 Number July 31, 2015 Weighted Foreign Average Currency Amortization Original Accumulated Translation Carrying Period Cost Amortization Adjustment Amount Intangible assets subject to amortization: (range of useful life): Electronic chemicals-related contracts (5-8 years) 6.6 $ 2,204 $ (839 ) $ (87 ) $ 1,278 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (77 ) — 40 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (3,649 ) 70 10,521 Other chemicals-customer relationships (15 years) 15.0 10,291 (172 ) — 10,119 Other chemicals-Other related contracts (5 years) 5.0 152 (8 ) — 144 Total intangible assets subject to amortization 13.8 $ 26,864 $ (4,745 ) $ (17 ) 22,102 Intangible assets not subject to amortization: Other chemicals-penta product registrations 8,765 Other chemicals-related trade name and trademark 2,885 Other chemicals-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 36,560 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | The Company has two reportable segments — electronic chemicals and other chemicals. Three Months Ended October 31, 2015 2014 (Amounts in thousands) Sales Electronic chemicals $ 66,082 $ 66,323 Other chemicals 10,568 24,427 Total sales for reportable segments $ 76,650 $ 90,750 Depreciation and amortization (1) Electronic chemicals $ 2,915 $ 3,202 Other chemicals 297 96 Other 333 132 Total consolidated depreciation and amortization $ 3,545 $ 3,430 Segment income from operations (2) Electronic chemicals $ 7,274 $ 4,121 Other chemicals 3,764 2,585 Total segment income from operations $ 11,038 $ 6,706 (1) Depreciation and amortization excludes restructuring related depreciation. (2) Segment income from operations includes allocated corporate overhead expenses. |
Overhead Expenses Allocated to Segment Income | Corporate overhead expenses allocated to segment income from operations for the three months ended October 31, 2015 and 2014 were as follows: Three Months Ended October 31, 2015 2014 (Amounts in thousands) Electronic chemicals $ 2,481 $ 2,391 Other chemicals 790 934 Total corporate overhead expense allocation $ 3,271 $ 3,325 |
Reconciliation of Total Segment to Consolidated Amounts | A reconciliation of total segment information to consolidated amounts is as follows: Three Months Ended October 31, 2015 2014 (Amounts in thousands) Sales Total sales for reportable segments $ 76,650 $ 90,750 Other — 29 Net sales $ 76,650 $ 90,779 Segment income from operations Total segment income from operations $ 11,038 $ 6,706 Other corporate expense (1) (3,122 ) (1,314 ) Restructuring and realignment charges (596 ) (2,573 ) Operating income 7,320 2,819 Interest expense, net (152 ) (803 ) Other income (expense), net (Including gain on sale of creosote distribution business) (17 ) (28 ) Income before income taxes $ 7,151 $ 1,988 (1) Other corporate expense primarily represents employee stock-based compensation expenses and those expenses associated with the Company’s operation as a public company, such as board compensation, audit expense, fees related to the listing of our stock, and expenses incurred to pursue acquisition opportunities. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | The Company’s debt as of October 31, 2015 and July 31, 2015 consisted of the following: October 31, July 31, 2015 2015 (Amounts in thousands) Senior secured debt: Revolving loan facility, maturing on October 9, 2019, variable interest rates based on LIBOR plus 1.0% at October 31, 2015 $ 51,500 $ 53,000 Total debt 51,500 53,000 Current maturities of long-term debt — — Long-term debt, net of current maturities $ 51,500 $ 53,000 |
Ratio of Funded Debt to EBITDA | The revolving loan bears interest at a varying rate of the 30-day LIBOR rate plus a margin based on our funded debt to EBITDA. Ratio of Funded Debt to EBITDA Margin Equal to or greater than 3.00 to 1.0 1.875 % Equal to or greater than 2.75 to 1.0, but less than 3.00 to 1.0 1.625 % Equal to or greater than 2.50 to 1.0, but less than 2.75 to 1.0 1.500 % Equal to or greater than 2.25 to 1.0, but less than 2.50 to 1.0 1.375 % Equal to or greater than 2.00 to 1.0, but less than 2.25 to 1.0 1.250 % Equal to or greater than 1.50 to 1.0, but less than 2.00 to 1.0 1.125 % Less than 1.50 to 1.0 1.000 % |
Restructuring and Realignment26
Restructuring and Realignment Events (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Accrued Liability Associated with Restructuring and Other Related Charges | At October 31, 2015, the accrued liability associated with restructuring and other related charges consisted of the following: Employee Decommissioning Costs and Other Total Accrued liability at August 1, 2015 $ 716 $ 169 $ 17 $ 902 Charges — — — — Payments — (51 ) — (51 ) Adjustment 3 1 — 4 Accrued liability at October 31, 2015 $ 719 $ 119 $ 17 $ 855 |
Schedule of Changes in Asset Retirement Obligation Associated with Realignment | The changes to the asset retirement obligation associated with realignment during the three months ended October 31, 2015 are as follows: Asset retirement obligation at August 1, 2015 $ 811 Charges 130 Payments (132 ) Asset retirement obligation at October 31, 2015 $ 809 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2015 | |
Valves Incorporated of Texas | |
Business Acquisition [Line Items] | |
Acquisition date | May 1, 2015 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Number of dilutive shares related to stock-based awards | 168,000 | 38,000 |
Number of shares potentially dilutive securities not included in the computation of diluted earnings per share | 14,783 | 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 7,646 | $ 8,723 |
Work in process | 1,053 | 780 |
Supplies | 1,016 | 525 |
Finished products | 30,395 | 32,535 |
Less: reserve for inventory obsolescence | (518) | (481) |
Inventories, net | $ 39,592 | $ 42,082 |
Property, Plant, and Equipment
Property, Plant, and Equipment and Related Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 135,789 | $ 135,759 |
Less: accumulated depreciation and amortization | (64,328) | (61,936) |
Property plant and equipment excluding construction in progress | 71,461 | 73,823 |
Construction-in-progress | 8,828 | 6,766 |
Property, plant and equipment, net | 80,289 | 80,589 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,306 | 13,257 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,903 | 38,036 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 84,387 | 84,273 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 193 | $ 193 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Oct. 01, 2015 | Mar. 26, 2015 | Dec. 25, 2014 | Dec. 09, 2014 | Feb. 25, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Aug. 01, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ 939,000 | $ 436,000 | |||||||||
Share based compensation, related tax benefits | 333,000 | $ 161,000 | |||||||||
Unrecognized compensation costs related to outstanding stock awards | $ 5,400,000 | ||||||||||
Weighted average period for recognition of compensation cost | 2 years 2 months 12 days | ||||||||||
Vesting percentage of awards | 134.00% | 100.00% | |||||||||
Christopher T. Fraser | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Vesting percentage of awards | 100.00% | ||||||||||
Series Award One | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Maximum award, as a percentage of target award. | 150.00% | ||||||||||
Scenario, Forecast | Series Award One | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Maximum award, as a percentage of target award. | 167.00% | ||||||||||
Performance Shares | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target number of shares outstanding, non vested | 244,790 | ||||||||||
Awards vested | 0 | ||||||||||
Target Award Shares | 123,548 | 119,943 | |||||||||
Vesting percentage of awards | [1] | 134.00% | 100.00% | ||||||||
Shares award vesting period | 1 year | ||||||||||
Weighted average per share grant date fair value | $ 17.51 | $ 17.36 | |||||||||
Grant Date Fair Value | 21.04 | $ 16.65 | |||||||||
Weighted average grant date fair value of performance share awards forfeited | $ 19.63 | $ 14.88 | |||||||||
Performance Shares | Christopher T. Fraser | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of fully vested shares issued | 14,000 | ||||||||||
Performance Shares | Christopher T. Fraser | Two Thousand Four Long Term Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target Award Shares | 10,000 | ||||||||||
Performance Shares | Christopher T. Fraser | Certain Organizational Objectives | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target Award Shares | 4,000 | ||||||||||
Performance Shares | Series Award One | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target Award Shares | 21,173 | 103,499 | 127,315 | ||||||||
Grant Date Fair Value | $ 25.85 | $ 14.88 | $ 17.81 | ||||||||
Time Based Shares | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target number of shares outstanding, non vested | 156,500 | 82,688 | |||||||||
Awards vested | [2] | 11,147 | |||||||||
Target Award Shares | [3] | 85,147 | |||||||||
Weighted average per share grant date fair value | $ 20.70 | $ 19.66 | |||||||||
Grant Date Fair Value | [3] | 21.83 | |||||||||
Weighted average grant date fair value of performance share awards forfeited | [4] | $ 25.85 | |||||||||
Total fair value of shares vested | $ 474,000 | $ 237,000 | |||||||||
Time Based Shares | Christopher T. Fraser | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Target Award Shares | 80,000 | ||||||||||
Shares award vesting period | 5 years | ||||||||||
[1] | The percentage vesting for performance share awards is currently estimated at 134% and 100% of the target award for the fiscal year 2015 and 2014 awards, respectively. | ||||||||||
[2] | Includes 5,147 shares granted to non-employee directors for service for the three months ended October 31, 2015. The shares vest on the date of grant, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The vested amount includes 6,000 shares granted to Mr. Fraser. | ||||||||||
[3] | Includes 5,147 shares granted to non-employee directors for service during the three month period ended October 31, 2015. Also includes 80,000 shares granted to Mr. Fraser which vest over a service period of five years beginning on August 1, 2015. The shares are to vest one third (1/3) at the end of years three, four and five of the service period. | ||||||||||
[4] | Forfeitures include Series 1 awards that were granted in fiscal year 2015 to certain employees that were forfeited at the termination of their employment. |
Summary of Performance Based St
Summary of Performance Based Stock Awards (Detail) - $ / shares | Mar. 26, 2015 | Dec. 25, 2014 | Dec. 09, 2014 | Feb. 25, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expected Percentage of Vesting | 134.00% | 100.00% | |||||||
Performance Shares | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Target Award Shares | 123,548 | 119,943 | |||||||
Target Award Shares, forfeited | [1] | (1,124) | (7,372) | ||||||
Grant Date Fair Value | $ 21.04 | $ 16.65 | |||||||
Expected Percentage of Vesting | [2] | 134.00% | 100.00% | ||||||
Shares Expected to Vest | 165,368 | 119,943 | |||||||
Performance Shares | Series Award One | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Grant Dates | Mar. 26, 2015 | Dec. 9, 2014 | Feb. 25, 2014 | ||||||
Target Award Shares | 21,173 | 103,499 | 127,315 | ||||||
Grant Date Fair Value | $ 25.85 | $ 14.88 | $ 17.81 | ||||||
Grant Date Fair Value | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | ||||||
[1] | Forfeitures include Series 1 awards that were granted in fiscal years 2015 and 2014 to certain employees that were forfeited at the termination of their employment. | ||||||||
[2] | The percentage vesting for performance share awards is currently estimated at 134% and 100% of the target award for the fiscal year 2015 and 2014 awards, respectively. |
Summary of Performance Based 33
Summary of Performance Based Stock Awards (Parenthetical) (Detail) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected Percentage of Vesting | 134.00% | 100.00% |
Summary of Activity for Time-Ba
Summary of Activity for Time-Based Stock Awards (Detail) - Time Based Shares | 3 Months Ended | |
Oct. 31, 2015$ / sharesshares | ||
Non-vested Shares | ||
Granted | shares | 85,147 | [1] |
Vested | shares | (11,147) | [2] |
Target Award Shares, forfeited | shares | (188) | [3] |
Non-vested on October 31, 2015 | shares | 156,500 | |
Weighted-Average Grant-Date Fair Value | ||
Granted | $ / shares | $ 21.83 | [1] |
Vested | $ / shares | 21.59 | [2] |
Weighted average grant date fair value of performance share awards forfeited | $ / shares | 25.85 | [3] |
Non-vested on October 31, 2015 | $ / shares | $ 20.70 | |
[1] | Includes 5,147 shares granted to non-employee directors for service during the three month period ended October 31, 2015. Also includes 80,000 shares granted to Mr. Fraser which vest over a service period of five years beginning on August 1, 2015. The shares are to vest one third (1/3) at the end of years three, four and five of the service period. | |
[2] | Includes 5,147 shares granted to non-employee directors for service for the three months ended October 31, 2015. The shares vest on the date of grant, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The vested amount includes 6,000 shares granted to Mr. Fraser. | |
[3] | Forfeitures include Series 1 awards that were granted in fiscal year 2015 to certain employees that were forfeited at the termination of their employment. |
Summary of Activity for Time-35
Summary of Activity for Time-Based Stock Awards (Parenthetical) (Detail) | 3 Months Ended | |
Oct. 31, 2015shares | ||
Christopher T. Fraser | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock awards granted, vesting period, description | The shares are to vest one third (1/3) at the end of years three, four and five of the service period. | |
Time Based Shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Time based stock awards granted | 85,147 | [1] |
Time based stock awards Vested | 11,147 | [2] |
Time Based Shares | Non-Employee Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Time based stock awards granted | 5,147 | |
Time Based Shares | Christopher T. Fraser | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Time based stock awards granted | 80,000 | |
Stock awards granted, vesting period | 5 years | |
Time Based Awards | Non-Employee Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Time based stock awards Vested | 5,147 | |
Time Based Awards | Christopher T. Fraser | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Time based stock awards Vested | 6,000 | |
[1] | Includes 5,147 shares granted to non-employee directors for service during the three month period ended October 31, 2015. Also includes 80,000 shares granted to Mr. Fraser which vest over a service period of five years beginning on August 1, 2015. The shares are to vest one third (1/3) at the end of years three, four and five of the service period. | |
[2] | Includes 5,147 shares granted to non-employee directors for service for the three months ended October 31, 2015. The shares vest on the date of grant, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The vested amount includes 6,000 shares granted to Mr. Fraser. |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Jul. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 13 years 9 months 18 days | 13 years 9 months 18 days |
Original Cost | $ 26,864 | $ 26,864 |
Accumulated Amortization | (5,244) | (4,745) |
Foreign Currency Translation Adjustment | (119) | (17) |
Carrying Amount | 21,501 | 22,102 |
Total intangible assets not subject to amortization | 14,458 | 14,458 |
Total intangible assets, net | 35,959 | 36,560 |
Other chemicals-penta product registrations | ||
Finite Lived Intangible Assets [Line Items] | ||
Total intangible assets not subject to amortization | 8,765 | 8,765 |
Other chemicals-related trade name and trademark | ||
Finite Lived Intangible Assets [Line Items] | ||
Total intangible assets not subject to amortization | 2,885 | 2,885 |
Other chemicals-proprietary manufacturing process | ||
Finite Lived Intangible Assets [Line Items] | ||
Total intangible assets not subject to amortization | $ 2,808 | $ 2,808 |
Electronic chemicals-related contracts | ||
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 6 years 2 months 12 days | 6 years 7 months 6 days |
Original Cost | $ 2,204 | $ 2,204 |
Accumulated Amortization | (905) | (839) |
Foreign Currency Translation Adjustment | (99) | (87) |
Carrying Amount | $ 1,200 | $ 1,278 |
Electronic chemicals-related trademarks and patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 12 years | 12 years |
Original Cost | $ 117 | $ 117 |
Accumulated Amortization | (81) | (77) |
Carrying Amount | $ 36 | $ 40 |
Electronic chemicals-value of product qualifications | ||
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 14 years 1 month 6 days | 14 years 1 month 6 days |
Original Cost | $ 14,100 | $ 14,100 |
Accumulated Amortization | (3,900) | (3,649) |
Foreign Currency Translation Adjustment | (20) | 70 |
Carrying Amount | $ 10,180 | $ 10,521 |
Other chemicals-customer relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 15 years | 15 years |
Original Cost | $ 10,291 | $ 10,291 |
Accumulated Amortization | (343) | (172) |
Carrying Amount | $ 9,948 | $ 10,119 |
Other chemicals-other related contracts | ||
Finite Lived Intangible Assets [Line Items] | ||
Number of Years Weighted Average Amortization Period | 5 years | 5 years |
Original Cost | $ 152 | $ 152 |
Accumulated Amortization | (15) | (8) |
Carrying Amount | $ 137 | $ 144 |
Intangible Assets (Parenthetica
Intangible Assets (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Jul. 31, 2015 | |
Electronic chemicals-related contracts | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 5 years | 5 years |
Electronic chemicals-related contracts | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 8 years | 8 years |
Electronic chemicals-related trademarks and patents | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 10 years | 10 years |
Electronic chemicals-related trademarks and patents | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 15 years | 15 years |
Electronic chemicals-value of product qualifications | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 5 years | 5 years |
Electronic chemicals-value of product qualifications | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 15 years | 15 years |
Other chemicals-customer relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 15 years | 15 years |
Other chemicals-other related contracts | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 5 years | 5 years |
Intangible Asset - Additional I
Intangible Asset - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 499 | $ 414 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Dividends [Abstract] | ||
Dividend paid | $ 351 | $ 349 |
Dividend per share | $ 0.03 | $ 0.03 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||
Total consolidated sales | $ 76,650 | $ 90,779 | |
Total consolidated depreciation and amortization | 3,545 | 3,430 | |
Total consolidated income from operations | 7,320 | 2,819 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total consolidated sales | 76,650 | 90,750 | |
Total consolidated depreciation and amortization | [1] | 3,545 | 3,430 |
Total consolidated income from operations | [2] | 11,038 | 6,706 |
Operating Segments | Electronic Chemicals | |||
Segment Reporting Information [Line Items] | |||
Total consolidated sales | 66,082 | 66,323 | |
Total consolidated depreciation and amortization | [1] | 2,915 | 3,202 |
Total consolidated income from operations | [2] | 7,274 | 4,121 |
Operating Segments | Other Chemicals | |||
Segment Reporting Information [Line Items] | |||
Total consolidated sales | 10,568 | 24,427 | |
Total consolidated depreciation and amortization | [1] | 297 | 96 |
Total consolidated income from operations | [2] | 3,764 | 2,585 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total consolidated sales | 29 | ||
Total consolidated depreciation and amortization | [1] | $ 333 | $ 132 |
[1] | Depreciation and amortization excludes restructuring related depreciation. | ||
[2] | Segment income from operations includes allocated corporate overhead expenses. |
Overhead Expenses Allocated to
Overhead Expenses Allocated to Segment Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Total corporate overhead expense allocation | $ 3,271 | $ 3,325 |
Operating Segments | Electronic Chemicals | ||
Segment Reporting Information [Line Items] | ||
Total corporate overhead expense allocation | 2,481 | 2,391 |
Operating Segments | Other Chemicals | ||
Segment Reporting Information [Line Items] | ||
Total corporate overhead expense allocation | $ 790 | $ 934 |
Reconciliation of Total Segment
Reconciliation of Total Segment to Consolidated Amounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 76,650 | $ 90,779 | |
Total segment income from operations | 7,320 | 2,819 | |
Other corporate expense | [1] | (3,122) | (1,314) |
Restructuring and realignment charges | (596) | (2,573) | |
Interest expense, net | (152) | (803) | |
Other income (expense), net (Including gain on sale of creosote distribution business) | (17) | (28) | |
Income before income taxes | 7,151 | 1,988 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 76,650 | 90,750 | |
Total segment income from operations | [2] | $ 11,038 | 6,706 |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 29 | ||
[1] | Other corporate expense primarily represents employee stock-based compensation expenses and those expenses associated with the Company’s operation as a public company, such as board compensation, audit expense, fees related to the listing of our stock, and expenses incurred to pursue acquisition opportunities. | ||
[2] | Segment income from operations includes allocated corporate overhead expenses. |
Debt (Detail)
Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 51,500 | $ 53,000 |
Long-term debt, net of current maturities | 51,500 | 53,000 |
Senior Secured Debt | Revolving Loan Facility | Debt instrument, maturing on October 9, 2019 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 51,500 | $ 53,000 |
Debt (Parenthetical) (Detail)
Debt (Parenthetical) (Detail) - Senior Secured Debt - Revolving Loan Facility - Debt instrument, maturing on October 9, 2019 | 3 Months Ended |
Oct. 31, 2015 | |
Debt Instrument [Line Items] | |
Loan maturity date | Oct. 9, 2019 |
London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.00% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Oct. 09, 2014 | Oct. 31, 2015 | Oct. 31, 2014 |
Debt Instrument [Line Items] | |||
Repayments of secured debt | $ 20,000,000 | ||
Line of credit facility, outstanding | $ 38,000,000 | ||
Fixed charge coverage ratio | 150.00% | ||
Ratio of funded debt to EBITDA maximum | 325.00% | ||
Current ratio | 150.00% | ||
Ratio of funded debt to EBITDA maximum, step-up during an acquisition period with lender's consent | 350.00% | ||
Revolving Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument variable rate | 1.188% | ||
Revolving Loan Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Percentage of unused commitment fee on unused amount of commitments under revolving loan facility | 0.30% | ||
Revolving Loan Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Percentage of unused commitment fee on unused amount of commitments under revolving loan facility | 0.15% | ||
Note Purchase Agreement | |||
Debt Instrument [Line Items] | |||
Repayments of secured debt | 20,000,000 | ||
Fees and expenses to the second restated credit facility | 666,000 | ||
Penalty for the early repayment of the note | 288,000 | ||
Second Restated Credit Facility | Revolving Loan Facility | Senior Secured Debt | |||
Debt Instrument [Line Items] | |||
Maximum amount of revolving facility | 150,000,000 | ||
Amount of cash available under contractual agreement with lender's approval | $ 100,000,000 | ||
Amount available under revolving facility before loan covenant restriction | $ 95,700,000 | ||
Line of credit facility, outstanding | 51,500,000 | ||
Letters of credit outstanding amount | $ 2,800,000 | ||
Loan facility maturity date | Oct. 9, 2019 | ||
Amount available under revolving facility | $ 84,900,000 |
Ratio of Funded Debt to Ebitda
Ratio of Funded Debt to Ebitda (Detail) | 3 Months Ended |
Oct. 31, 2015 | |
Range One | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.875% |
Range Two | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.625% |
Range Three | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.50% |
Range Four | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.375% |
Range Five | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.25% |
Range Six | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.125% |
Range Seven | |
Debt Instrument [Line Items] | |
Variable interest rate | 1.00% |
Ratio of Funded Debt to Ebitd48
Ratio of Funded Debt to Ebitda (Parenthetical) (Detail) | Oct. 09, 2014 |
Range One | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 3 |
Range Two | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.75 |
Range Two | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 3 |
Range Three | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.50 |
Range Three | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.75 |
Range Four | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.25 |
Range Four | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.50 |
Range Five | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2 |
Range Five | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2.25 |
Range Six | Minimum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 1.50 |
Range Six | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 2 |
Range Seven | Maximum | |
Debt Instrument [Line Items] | |
Ratio of Funded Debt to EBITDA | 1.50 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Contingency [Line Items] | ||
Effective income tax rate | 35.80% | 40.40% |
Effective Income Tax Rate Excluding Restructuring Charges And Operational Results In Italy | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate | 34.20% | 33.70% |
Litigation and Other Continge50
Litigation and Other Contingencies - Additional Information (Detail) | Jul. 31, 2012USD ($) | Oct. 31, 2015USD ($)Case$ / € | Oct. 31, 2015EUR (€)Case | Apr. 30, 2015USD ($) | Jul. 31, 2015USD ($) |
Commitments And Contingencies [Line Items] | |||||
EPA estimated remediation cost | $ 22,000,000 | ||||
Litigation Liability | $ 1,300,000 | ||||
Star Lake Canal Superfund Site | |||||
Commitments And Contingencies [Line Items] | |||||
Reimbursement costs incurred by EPA | $ 500,000 | ||||
Tax Assessment Pertaining to the 3 Year Period Ended July 31, 2011 | |||||
Commitments And Contingencies [Line Items] | |||||
Foreign currency exchange rate, translation | $ / € | 1.103 | ||||
Liability for uncertain tax positions in Italy | $ 99,000 | $ 57,000 | |||
Tax Assessment December Two Thousand And Seven | |||||
Commitments And Contingencies [Line Items] | |||||
Foreign currency exchange rate, translation | $ / € | 1.103 | ||||
Foreign | |||||
Commitments And Contingencies [Line Items] | |||||
Number of cases contested by subsidiary in the Provincial Tax Court in Milan, Italy | Case | 2 | 2 | |||
Proposed adjustment from taxing authorities resulting additional income tax, interest and penalties | $ 890,000 | € 805,000 | |||
Foreign | Tax Assessment Pertaining to the 3 Year Period Ended July 31, 2011 | |||||
Commitments And Contingencies [Line Items] | |||||
Proposed adjustment from taxing authorities resulting additional income tax, interest and penalties | $ 2,000,000 | € 1,800,000 |
Restructuring and Realignment51
Restructuring and Realignment Events - Accrued Liability Associated with Restructuring and Other Related Charges (Detail) $ in Thousands | 3 Months Ended |
Oct. 31, 2015USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability, Beginning balance | $ 902 |
Payments | (51) |
Adjustment | 4 |
Accrued liability, Ending balance | 855 |
Employee costs | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability, Beginning balance | 716 |
Adjustment | 3 |
Accrued liability, Ending balance | 719 |
Decommissioning and Environmental | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability, Beginning balance | 169 |
Payments | (51) |
Adjustment | 1 |
Accrued liability, Ending balance | 119 |
Other | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability, Beginning balance | 17 |
Accrued liability, Ending balance | $ 17 |
Restructuring and Realignment52
Restructuring and Realignment Events - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | |
Fremont And Milan Facilities | |||
Restructuring Cost And Reserve [Line Items] | |||
Accelerated depreciation | $ 105,000 | $ 631,000 | |
Bay Point Facility | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset retirement obligation | $ 3,700,000 | ||
Hydrofluoric Acid Business | |||
Restructuring Cost And Reserve [Line Items] | |||
Accelerated depreciation | 0 | 1,900,000 | |
Severance Costs | $ 130,000 | $ 38,000 |
Restructuring and Realignment53
Restructuring and Realignment Events - Schedule of Changes in Asset Retirement Obligation Associated with Realignment (Detail) $ in Thousands | 3 Months Ended |
Oct. 31, 2015USD ($) | |
Restructuring And Related Activities [Abstract] | |
Asset retirement obligation at August 1, 2015 | $ 811 |
Charges | 130 |
Payments | (132) |
Asset retirement obligation at October 31, 2015 | $ 809 |