KMG Chemicals 10-Q 9 Jun 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 30, 2017	Jun. 05, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		11,889,649

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Apr. 30, 2017	Jul. 31, 2016
Current assets
Cash and cash equivalents		$ 14,097	$ 12,428
Accounts receivable
Trade, net of allowances of $105 at April 30, 2017 and $210 at July 31, 2016		39,098	33,324
Other		3,230	5,572
Inventories, net		38,868	37,401
Prepaid expenses and other		7,105	6,623
Total current assets		102,398	95,348
Property, plant and equipment, net	[1]	81,725	79,739
Goodwill		24,648	22,228
Intangible assets, net		38,508	33,906
Restricted cash			1,000
Other assets, net		5,152	4,807
Total assets		252,431	237,028
Current liabilities
Accounts payable		25,867	26,418
Accrued liabilities		12,265	11,252
Employee incentive accrual		4,190	5,999
Total current liabilities		42,322	43,669
Long-term debt		34,000	35,800
Deferred tax liabilities		9,434	9,948
Other long-term liabilities		4,459	4,422
Total liabilities		90,215	93,839
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, 11,887,513 shares issued and outstanding at April 30, 2017 and 11,877,282 shares issued and outstanding at July 31, 2016		119	119
Additional paid-in capital		40,557	36,553
Accumulated other comprehensive loss		(14,251)	(12,047)
Retained earnings		135,791	118,564
Total stockholders’ equity		162,216	143,189
Total liabilities and stockholders’ equity		$ 252,431	$ 237,028
[1]	In fiscal year 2016, as part of the Company’s ongoing review of its Milan production facilities, the Company determined that certain other facilities had excess capacity sufficient to absorb the manufacturing operations of one of its Milan plants. As a result, the Company committed to sell properties with a total estimated fair value, less costs to sell, of approximately $4.3 million at July 31, 2016 and April 30, 2017. Assets held for sale are included in prepaid expenses and other in current assets. The fair value measurements were based on recent valuation appraisals.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016
Statement Of Financial Position [Abstract]
Allowances for accounts receivables	$ 105	$ 210
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	11,887,513	11,877,282
Common stock, shares outstanding	11,887,513	11,877,282

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Income Statement [Abstract]
Net sales	$ 81,616	$ 75,168	$ 237,182	$ 222,677
Cost of sales	49,106	46,010	143,787	136,026
Gross profit	32,510	29,158	93,395	86,651
Distribution expenses	9,457	9,177	28,329	28,125
Selling, general and administrative expenses	13,616	12,575	37,909	36,512
Restructuring charges	70	377	70	1,398
Realignment charges				130
Operating income	9,367	7,029	27,087	20,486
Other (expense) income
Interest expense, net	(301)	(201)	(650)	(605)
Gain on purchase of NFC		2,069		2,069
Other, net	144	(375)	88	(243)
Total other (expense) income, net	(157)	1,493	(562)	1,221
Income before income taxes	9,210	8,522	26,525	21,707
Provision for income taxes	(3,143)	(2,160)	(8,232)	(6,775)
Net income	$ 6,067	$ 6,362	$ 18,293	$ 14,932
Earnings per share
Net income per common share basic	$ 0.51	$ 0.54	$ 1.54	$ 1.27
Net income per common share diluted	$ 0.49	$ 0.53	$ 1.50	$ 1.25
Weighted average shares outstanding
Basic	11,888	11,729	11,884	11,714
Diluted	12,303	11,990	12,236	11,923

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 6,067	$ 6,362	$ 18,293	$ 14,932
Other comprehensive income
Foreign currency translation gain (loss)	467	2,569	(2,204)	170
Total comprehensive income	$ 6,534	$ 8,931	$ 16,089	$ 15,102

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Cash flows from operating activities
Net income	$ 18,293	$ 14,932
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	10,864	10,606
Non-cash restructuring and realignment charges		295
Amortization of loan costs	125	125
Stock-based compensation expense	4,280	3,659
Allowance for excess and obsolete inventory	(27)	173
Gain on disposition of equipment	(200)
Gain on purchase of NFC		(2,069)
Deferred income tax benefit	(1,189)	(219)
Excess tax benefit from stock-based awards	(694)
Other	(14)	28
Changes in operating assets and liabilities
Accounts receivable — trade	(3,172)	5,022
Accounts receivable — other	2,253	(2,515)
Inventories	606	2,798
Other current and noncurrent assets	(1,062)	541
Accounts payable	(1,282)	(7,257)
Accrued liabilities and other	(1,444)	3,234
Net cash provided by operating activities	27,337	29,353
Cash flows from investing activities
Additions to property, plant and equipment	(8,586)	(11,377)
Proceeds — insurance claim	1,247
Net cash used in investing activities	(23,923)	(13,949)
Cash flows from financing activities
Borrowings under credit facility	17,000	2,800
Payments under credit facility	(18,800)	(14,000)
Excess tax benefit from stock-based awards		38
Payment of dividends	(1,066)	(1,053)
Cash payments related to tax withholdings from stock-based awards	(277)
Net cash used in financing activities	(3,143)	(12,215)
Effect of exchange rate changes on cash	398	(160)
Net increase in cash, cash equivalents and restricted cash	669	3,029
Cash, cash equivalents and restricted cash at beginning of period	13,428	8,517
Cash, cash equivalents and restricted cash at end of period	14,097	11,546
Supplemental disclosures of cash flow information
Cash paid for interest	414	482
Cash paid for income taxes, net	7,421	8,162
Supplemental disclosure of non-cash investing activities
Purchase of property, plant and equipment through accounts payable	412	256
NFC
Adjustments to reconcile net income to net cash provided by operating activities
Gain on purchase of NFC		(2,069)
Cash flows from investing activities
Purchase, net of cash acquired		$ (2,572)
Sealweld
Cash flows from investing activities
Purchase, net of cash acquired	$ (16,584)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Apr. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The consolidated balance sheet as of July 31, 2016, 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, 2016. 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. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017‑01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 affects all companies and other reporting organizations that must determine whether they have acquired or sold a business. For public companies, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company will adopt the standard on August 1, 2018 and will apply the guidance to acquisitions occurring after the effective date to determine whether such acquisitions meet the definition of a business. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). To simplify the subsequent measurement of goodwill, ASU 2017-04 eliminates step two from the goodwill impairment test. A public business entity should adopt the amendments for its annual goodwill impairment tests or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The guidance could impact the Company if a goodwill impairment is identified after adoption. The Company plans to adopt the guidance effective August 1, 2017. In August 2016, the FASB issued ASU No. 2016‑18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016‑18”). ASU 2016-18 is intended to address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. In August 2016, the FASB issued ASU No. 2016‑15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2016-15 at the beginning of fiscal year 2017, but there was no impact on the condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company elected to early adopt this ASU beginning in the second quarter of fiscal year 2017, and has applied the effects of the adoption from the beginning of the annual period of adoption. Beginning in the three and six month periods ended January 31, 2017, stock-based compensation excess tax benefits or deficiencies are reflected in the condensed consolidated statements of income as a component of the provision for income taxes, whereas they previously were recognized in additional paid in capital on the condensed consolidated balance sheets. Additionally, the condensed consolidated statements of cash flows presents excess tax benefits as an operating activity for the nine months ended April 30, 2017, while the historical periods have not been adjusted, which is consistent with the adoption of this portion of the standard on a prospective basis. Further, tax cash payments made on an employee’s behalf for shares withheld upon vesting or settlement are required to be presented as a financing activity, and the condensed consolidated statement of cash flows for the nine months ended April 30, 2017 has been revised to reflect these amounts as payments related to stock-based awards. Tax cash payments made on an employee’s behalf for shares withheld upon vesting or settlement for the nine months ended April 30, 2016 were immaterial to the condensed consolidated financial statements. Additionally, the Company did not have any unrecognized tax benefits related to its share-based payment awards at the date of adoption. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Historically, estimated forfeitures were immaterial to the condensed consolidated financial statements. The amendments in the standard that required use of a modified retrospective transition method did not materially impact the Company. Therefore, the Company did not recognize a cumulative-effect adjustment to retained earnings upon adoption as of August 1, 2016. See note 12 for information regarding the additional impact on the condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which is intended to increase transparency and comparability of accounting for lease transactions. The ASU will require all leases with lease terms exceeding one year to be recognized on the balance sheet as lease assets and lease liabilities and will require both quantitative and qualitative disclosures regarding key information about leasing arrangements. Lessor accounting is largely unchanged. The guidance is effective beginning January 1, 2019 with an option to early adopt. The Company is currently reviewing its significant lease arrangements to assess the potential impact on its condensed consolidated financial statements. The Company plans to adopt the guidance effective August 1, 2019. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Adoption can occur using one of two prescribed transition methods. In March, April and December 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing,” and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” which provide supplemental adoption guidance and clarification to ASC 2014-09. ASU 2016-08, ASU 2016-10 and ASU 2016-20 must be adopted concurrently with the adoption of ASU 2014-09. The Company is currently reviewing its revenue contracts to assess the potential impact on its condensed consolidated financial statements. The Company plans to adopt the revenue guidance effective August 1, 2018, although it has not yet selected a transition method.

Acquisitions

Acquisitions	9 Months Ended
	Apr. 30, 2017
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On February 1, 2017, the Company completed the acquisition of the assets of Sealweld Corporation (“Sealweld”), a privately held corporation organized under the laws of the Province of Alberta, Canada, for CAD$22.3 million in cash (or approximately US$17.2 million, at an exchange rate of 0.77 CAD$ to US$ at February 1, 2017), which included CAD$5.5 million (or approximately US$4.2 million, at an exchange rate of 0.77 CAD$ to US$ at February 1, 2017) for estimated working capital. Sealweld is based in Calgary, Alberta, Canada, with additional facilities in the United States and the United Arab Emirates. Sealweld is a global supplier of high-performance products and services for industrial valve and actuator maintenance, including lubricants, sealants, cleaners, valve fittings, tools and equipment. Additionally, Sealweld provides routine and emergency valve maintenance services and technician training for many of the world’s largest pipeline operators. The Company completed the acquisition by borrowing $17.0 million on the revolving loan under its revolving credit facility. See Note 11 for further discussion of the Company’s revolving credit facility. Sealweld is included in the performance materials segment. The Company expensed transaction and acquisition-related costs of approximately $685,000 in the nine months ended April 30, 2017, which is included in selling, general and administrative expenses on the Company’s condensed consolidated statement of income. The following table summarizes the acquired assets and assumed liabilities and the preliminary acquisition accounting for the fair value of the assets and liabilities recognized in the condensed consolidated balance sheet at April 30, 2017 (in thousands): Cash $ 69 Accounts receivable 2,937 Inventory 2,350 Other assets 38 Property, plant and equipment, net 4,192 Intangible assets — Trade name/trademark 2,185 Non-compete agreements 2,254 Customer relationships 2,348 Total assets acquired $ 16,373 Current liabilities 1,172 Deferred taxes 645 Net identifiable assets acquired 14,556 Goodwill 2,620 Fair value of net assets acquired $ 17,176 This purchase price allocation is preliminary and is pending the finalization of the third-party valuation analysis. The fair value of the accounts receivable acquired was $2.9 million, equivalent to the contractual amount acquired. The Company expects all acquired accounts receivable to be collected. The $2.6 million of goodwill was assigned to the performance materials segment, and the Company expects $130,000 of goodwill to be tax deductible. The goodwill is primarily attributable to the assembled workforce of Sealweld. On April 4, 2016, the Company completed the acquisition of Nagase Finechem Singapore (Pte) Ltd. (“NFC”), a Singapore‑based manufacturer of electronic chemicals, for a cash purchase price of $2.9 million, which included $1.1 million for estimated net working capital. NFC’s five-acre Singapore site comprises a manufacturing and packaging facility, warehouse, laboratory and cleanroom. The acquired company manufactures wet process chemicals, including solvents, acids and custom blends for the liquid crystal display, electronics and semiconductor markets, and provides recycling and refining services for certain customers. The Company completed the acquisition by borrowing $2.8 million on the revolving loan under its revolving credit facility. See Note 11 for further discussion of the Company’s revolving credit facility. The Company expensed transaction and acquisition-related costs of approximately $233,000 in the fiscal quarter ended April 30, 2016, which is included in selling, general and administrative expenses on the Company’s condensed consolidated statement of income. The following table summarizes the acquired assets and assumed liabilities and the acquisition accounting for the fair value of the assets and liabilities recognized in the condensed consolidated balance sheet at July 31, 2016 (in thousands): Cash $ 228 Accounts receivable 1,862 Other assets 101 Property, plant and equipment, net 3,242 Intangible assets Licensing agreement 73 Toll manufacturing agreement 255 Total assets acquired $ 5,761 Total current liabilities assumed 1,028 Fair value of net assets acquired $ 4,733 The aggregate fair value of the working capital (assets and liabilities), property, plant and equipment and intangible assets acquired were determined by management to exceed the consideration paid for the acquisition, resulting in a bargain purchase gain under GAAP. In reaching that conclusion, management noted that there were no other liabilities being assumed in connection with the acquisition, including no environmental liabilities. Management believes the seller had determined to perform the transaction as part of an overall repositioning of its business. Based on these considerations, the Company recorded a gain of $1.8 million in connection with the bargain purchase during the year ended July 31, 2016. This reflects a measurement period adjustment of $243,000 to the preliminary acquisition accounting, reducing the gain recognized in the condensed consolidated statements of income for the three and nine months ended April 30, 2016.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Apr. 30, 2017
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	3. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows: April 30, April 30, Current Presentation 2017 2016 Cash and cash equivalents $ 14,097 $ 10,546 Restricted cash — 1,000 Total cash, cash equivalents and restricted cash $ 14,097 $ 11,546 The Company’s restricted cash includes cash balances which are legally or contractually restricted to use. The Company’s restricted cash is included in other long term assets as of July 31, 2016 and includes proceeds that were placed in escrow in connection with the sale of the animal health business in fiscal year 2013. These proceeds were released from escrow in February 2017.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Apr. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	4. 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 415,661 and 352,755 dilutive shares related to stock-based awards for the three and nine months ended April 30, 2017, respectively. There were approximately 261,000 and 209,000 dilutive shares related to stock-based awards for the three and nine months ended April 30, 2016, respectively. Outstanding stock-based awards are not included in the computation of diluted earnings per share under the treasury stock method if the effect of including them would be anti-dilutive. There were 415 and 3,858 potentially dilutive securities that were not included for the three and nine months ended April 30, 2017, respectively. There were 16,000 and 15,000 potentially dilutive securities that were not included for the three and nine months ended April 30, 2016, respectively.

Inventories, Net

Inventories, Net	9 Months Ended
	Apr. 30, 2017
Inventory Disclosure [Abstract]
Inventories, Net	5. Inventories, net Inventories, net are summarized in the following table (in thousands): April 30, July 31, 2017 2016 Raw materials $ 9,071 $ 7,429 Work in process 1,165 1,195 Supplies 963 968 Finished products 28,296 28,463 Less: reserve for inventory obsolescence (627 ) (654 ) Inventories, net $ 38,868 $ 37,401

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Apr. 30, 2017
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	6. Property, Plant and Equipment Property, plant and equipment and related accumulated depreciation and amortization are summarized as follows (in thousands): April 30, July 31, 2017 2016 Land $ 10,384 $ 9,765 Buildings and improvements 42,337 39,974 Equipment 91,726 88,470 Leasehold improvements 2,741 2,460 147,188 140,669 Less: accumulated depreciation and amortization (72,303 ) (65,958 ) 74,885 74,711 Construction-in-progress 6,840 5,028 Property, plant and equipment, net (1) $ 81,725 $ 79,739 (1) In fiscal year 2016, as part of the Company’s ongoing review of its Milan production facilities, the Company determined that certain other facilities had excess capacity sufficient to absorb the manufacturing operations of one of its Milan plants. As a result, the Company committed to sell properties with a total estimated fair value, less costs to sell, of approximately $4.3 million at July 31, 2016 and April 30, 2017. Assets held for sale are included in prepaid expenses and other in current assets. The fair value measurements were based on recent valuation appraisals.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Apr. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	7. 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 2016. The Company recognized stock-based compensation costs of approximately $1.2 million and $1.4 million for the three months ended April 30, 2017 and 2016, respectively, and $4.3 million and $3.7 million for the nine months ended April 30, 2017 and 2016, respectively. The Company also recognized the related tax benefits of $420,000 and $467,000 for the three months ended April 30, 2017 and 2016, respectively, and $1.5 million and $1.3 million for the nine months ended April 30, 2017 and 2016, respectively. Stock‑based compensation costs are recorded under selling, general and administrative expenses in the condensed consolidated statements of income. As of April 30, 2017, the unrecognized compensation costs related to stock-based awards was approximately $7.9 million, which is expected to be recognized over a weighted-average period of 1.9 years. Performance Shares There were 471,612 and 328,731 non-vested performance shares outstanding at April 30, 2017 and August 1, 2016, respectively, which reflected the number of shares under the awards expected to vest as of such dates. No performance share awards vested during the nine months ended April 30, 2017. As of April 30, 2017, the non-vested performance-based stock awards consisted of Series 1, Series 3 and Series 4 awards granted to certain executives and employees in fiscal years 2017, 2016 and 2015 as summarized below reflecting the target number of shares under the awards. Target Expected Shares Series Award Grant Date Measurement Percentage Expected Date of Grant Award Shares Fair Value Period Vesting (1) to Vest Fiscal Year 2017 Awards 12/8/2016 Series 1 10,531 Forfeitures (2) (187 ) Total Series 1 10,344 $ 34.95 7/31/2019 100 % 10,344 10/21/2016 Series 3 14,000 $ 29.11 7/31/2017 100 % 14,000 4/28/2017 Series 4 9,090 $ 52.55 7/31/2019 10/21/2016 Series 4 88,674 $ 29.11 7/31/2019 Forfeitures (2) (9,914 ) 87,850 100 % 87,850 Fiscal Year 2016 Awards 3/10/2016 Series 1 14,625 $ 21.89 10/31/2018 1/29/2016 Series 1 57,163 $ 21.80 10/31/2018 Forfeitures (2) (11,858 ) Total Series 1 59,930 187 % 111,895 1/19/2016 Series 3 82,938 $ 20.89 7/31/2020 100 % 82,938 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) (23,607 ) Total Series 1 101,065 164 % 164,585 (1) The percentage vesting for Series 1 performance share awards is currently estimated at 100%, 187% and 164% of the target award for the fiscal year 2017, 2016 and 2015 awards, respectively. The percentage vesting for Series 3 performance share awards is currently estimated at 100% of the target award for each of the fiscal year 2017 and 2016 awards. The percentage vesting for Series 4 performance share awards is currently estimated at 100% of the target award for the fiscal year 2017 awards. (2) Forfeitures include Series 1 and Series 4 awards that were granted to certain employees in fiscal years 2017, 2016 and 2015 but that were forfeited at the termination of their employment. Series 1: For the fiscal year 2017, 2016 and 2015 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 April 30, 2017, and reflects the percentage of shares projected to vest for the respective awards at the end of their measurement periods. For the fiscal year 2017, 2016 and 2015 awards, shares vested may increase to a maximum of 200%, 200% and 167%, respectively, of the target award on achievement of maximum performance objectives. Series 3: In fiscal year 2017, Mr. Fraser was awarded (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. These awards are expected to vest at 100% of the target award. In fiscal year 2016, Mr. Fraser was awarded (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. These awards fully vested as of July 31, 2016 and 14,000 shares were issued on August 5, 2016. 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. In fiscal year 2016 Mr. Fraser was also awarded a performance-based Series 3 award for 82,938 shares of common stock (at target) having performance requirements related to cumulative revenue and total stockholder return. The measurement period for the fiscal year 2016 award begins on November 1, 2015 and the award vests one-third (1/3) at July 31, 2018, 2019 and 2020. The shares vested may increase to a maximum of 200% of the target award on achievement of maximum performance objectives. These awards are expected to vest at 100% of the target award. Series 4: For the fiscal year 2017 awards, each award includes two tranches. For the first tranche, vesting is subject to the achievement of an adjusted earnings before interest, taxes and depreciation and amortization (“EBITDA”) metric. For the second tranche, vesting is subject to performance requirements for 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 4 awards, the expected percentage vesting is evaluated through April 30, 2017, and reflects the percentage of shares projected to vest at the end of the measurement period. For the fiscal year 2017 awards, the shares vested in the second tranche may increase to a maximum of 200% of the target award on achievement of maximum performance objectives. The weighted-average per share grant-date fair value of the target award shares for performance-based awards outstanding was $23.08 and $17.36 at April 30, 2017 and August 1, 2016, respectively. The weighted-average per share grant-date fair value of the target award shares for performance-based awards granted during the nine months ended April 30, 2017 and 2016 was $31.55 and $21.13, respectively. The weighted-average per share grant-date fair value of performance-based awards forfeited during the nine months ended April 30, 2017 and 2016 was $22.97 and $20.82, respectively. Time-Based Shares A summary of activity for time-based stock awards for the nine months ended April 30, 2017 is presented below: Shares Weighted-Average Grant-Date Fair Value Non-vested on August 1, 2016 211,368 $ 21.28 Granted (1) 32,281 40.58 Vested (2) (21,984 ) 28.27 Forfeited (7,481 ) 22.97 Non-vested on April 30, 2017 214,184 23.45 (1) Includes 10,360 shares granted to non-employee directors for service during the nine months ended April 30, 2017. (2) Includes 10,360 shares granted to non-employee directors for service for the nine months ended April 30, 2017. The shares vest on the date of grant, and the Company recognizes compensation expense on such date. Includes 11,624 shares granted to certain employees and executives, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP. The total fair value of time-based shares vested during the nine months ended April 30, 2017 and 2016 was approximately $621,000 and $646,000, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Apr. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible Assets Intangible assets are summarized as follows (in thousands): Number April 30, 2017 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 $ (1,297 ) $ (138 ) $ 769 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (95 ) — 22 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (5,264 ) (934 ) 7,902 Performance materials-customer relationships (15 years) 15.0 12,639 (1,411 ) (110 ) 11,118 Performance materials-Other related contracts (5 years) 5.0 2,406 (170 ) (104 ) 2,132 Electronic chemicals-Tolling/License Agreements (1-3 years) 1.4 328 (275 ) (28 ) 25 Total intangible assets subject to amortization 13.6 $ 31,794 $ (8,512 ) $ (1,314 ) $ 21,968 Intangible assets not subject to amortization: Performance materials-penta product registrations 8,765 Performance materials-related trade name and trademark 4,967 Performance materials-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 16,540 Total intangible assets, net $ 38,508 Number July 31, 2016 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 $ (1,104 ) $ (117 ) $ 983 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (87 ) — 30 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (4,616 ) (831 ) 8,653 Performance materials-customer relationships (15 years) 15.0 10,291 (858 ) — 9,433 Performance materials-other related contracts (5 years) 5.0 152 (38 ) — 114 Electronic chemicals- Tolling/License Agreements (1-3 years) 1.4 328 (93 ) — 235 Total intangible assets subject to amortization 13.6 $ 27,192 $ (6,796 ) $ (948 ) $ 19,448 Intangible assets not subject to amortization: Performance materials-penta product registrations 8,765 Performance materials-related trade name and trademark 2,885 Performance materials-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 33,906 Intangible assets subject to amortization are amortized over their estimated useful lives. Amortization expense was approximately $608,000 and $484,000 for the three months ended April 30, 2017 and 2016, respectively, and $1.7 million and $1.5 million for the nine month periods ended April 30, 2017 and 2016, respectively.

Dividends

Dividends	9 Months Ended
	Apr. 30, 2017
Dividends [Abstract]
Dividends	9. Dividends Dividends of approximately $357,000 ($0.03 per share) and $351,000 ($0.03 per share) were declared and paid in the third quarter of fiscal years 2017 and 2016, respectively. Dividends of approximately $1.1 million ($0.09 per share) were declared and paid in each of the first nine months of fiscal years 2017 and 2016. A dividend of $0.03 per share was approved by the Company’s board of directors on June 1, 2017 to be paid on June 23, 2017 to shareholders of record on June 13, 2017.

Segment Information

Segment Information	9 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Segment Information	10. Segment Information The Company has two reportable segments — electronic chemicals and performance materials. In the fiscal quarter ended April 30, 2017, the Company’s management, including the chief executive officer, who is the chief operating decision maker, determined that the Company’s operations should be reported as the electronic chemicals segment and the performance materials segment. Previously the Company had two reportable segments – electronic chemicals and other chemicals. As of April 30, 2017, the performance materials segment includes the Company’s industrial valve lubricants and sealants business and wood treating chemicals business that were previously referred to as the other chemicals segment. Three Months Ended Nine Months Ended April 30, April 30, 2017 2016 2017 2016 (Amounts in thousands) Net sales Electronic chemicals $ 68,141 $ 66,637 $ 204,829 $ 195,240 Performance materials 13,475 8,531 32,353 27,437 Other activities — — — — Total consolidated net sales $ 81,616 $ 75,168 $ 237,182 $ 222,677 Depreciation and amortization (1) Electronic chemicals $ 2,857 $ 2,896 $ 8,502 $ 8,660 Performance materials 549 285 1,121 868 Other activities 411 401 1,241 1,078 Total consolidated depreciation and amortization $ 3,817 $ 3,582 $ 10,864 $ 10,606 Operating income (2) Electronic chemicals $ 8,509 $ 8,183 $ 26,153 $ 23,927 Performance materials 4,224 2,853 10,927 9,421 Other activities (3,366 ) $ (4,007 ) (9,993 ) (12,862 ) Total consolidated operating income 9,367 7,029 27,087 20,486 Total other (expense) income, net (157 ) 1,493 (562 ) 1,221 Income before income taxes $ 9,210 $ 8,522 $ 26,525 $ 21,707 (1) Segment depreciation excludes depreciation for restructuring and realignment. (2) Segment income from operations includes allocated corporate overhead expenses, but excludes restructuring and realignment charges, which are included in other activities.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	11. Long-Term Debt The Company’s debt as of April 30, 2017 and July 31, 2016 consisted of the following: April 30, July 31, 2017 2016 (Amounts in thousands) Senior secured debt: Revolving loan facility, maturing on October 9, 2019 $ 34,000 $ 35,800 On October 9, 2014, the Company entered into a credit facility (the “Second Restated Credit Facility”) with Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, National Association and JPMorgan Chase Bank, N.A. 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. The maturity date for the Second Restated Credit Facility is October 9, 2019. At April 30, 2017, the Company had $34.0 million outstanding under the Second Restated Credit Facility. The maximum available borrowing capacity remaining under the Second Restated Credit Facility as of April 30, 2017 was $113.3 million, after a reduction of $2.7 million for unused letters of credit. The revolving loan bears interest at a varying rate of the 30-day LIBOR rate plus a margin based on 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 bore interest at 1.993% as of April 30, 2017. The Company also incurs 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 April 30, 2017, the Company was in compliance with all covenants of the Second Restated Credit Facility.

Income Taxes

Income Taxes	9 Months Ended
	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	12. 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, the Company analyzes 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 and nine month periods ended April 30, 2017 was 34.1% and 31.0%, respectively. For the three and nine month periods ended April 30, 2016, the overall effective income tax rate was 25.3% and 31.2%, respectively. Through the nine months ended April 30, 2017, stock-based compensation excess tax benefits of $694,000 were reflected in the condensed consolidated statements of income as a component of the provision for income taxes as a result of the early adoption of ASU 2016‑09. See note 1 for more details regarding the adoption of ASU 2016-09.

Litigation and Other Contingenc

Litigation and Other Contingencies	9 Months Ended
	Apr. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Litigation and Other Contingencies	13. 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 condensed consolidated financial statements. The ultimate outcome of these matters, however, cannot be determined at this time, nor can the amount of any potential loss or range of loss be reasonably estimated, and as a result except where indicated no amounts have been recorded in the Company’s condensed consolidated financial statements. The Company records legal costs associated with loss contingencies as expenses in the period in which they are incurred. The EPA has listed the Star Lake Canal Superfund Site near Beaumont, Texas on the National Priorities List. The Company’s subsidiary, KMG-Bernuth, was notified in October 2014 that the EPA considered it to have potential liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, also known as “CERCLA,” in connection with this site by virtue of its relationship with certain alleged successor companies, including Idacon, Inc. (f/k/a Sonford Chemical Company). The EPA has estimated that the remediation will cost approximately $22.0 million. The Company and approximately seven other parties entered into an interim agreement with the EPA in September 2016 to complete a remedial design phase of the remediation of the site. 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. As of April 30, 2017, the liability remaining was $1.1 million. 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	9 Months Ended
	Apr. 30, 2017
Restructuring And Related Activities [Abstract]
Restructuring and Realignment Events	14. Restructuring and Realignment Events In April, 2017, the Company implemented a plan of restructuring of its electronic chemicals segment in Asia. As a result, the Company incurred approximately $226,000 of employee related severance costs during the three and nine months ended April 30, 2017. As part of the Company’s global restructuring of its electronic chemicals operations, the Company closed one of its facilities in Milan, Italy in December 2015, and shifted some production to facilities in France and the United Kingdom. Accelerated depreciation with respect to the closed facilities has been completed. At April 30, 2017, the accrued liability associated with restructuring and other related charges consisted of the following (in thousands): Employee Decommissioning Costs and Other Total Accrued liability at August 1, 2016 $ 721 $ 36 $ — $ 757 Payments (300 ) (19 ) (6 ) (325 ) Adjustments (22 ) — 6 (16 ) Accrued liability at April 30, 2017 $ 399 $ 17 $ — $ 416 Total accelerated depreciation for the three months ended October 31, 2015 was $105,000. There was no additional accelerated depreciation recorded for the nine months ended April 30, 2016. There was no accelerated depreciation for the three and nine months ended April 30, 2017. 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. Operations ceased in the third quarter of fiscal year 2015. The Company incurred total charges of $4.8 million for accelerated deprecation during fiscal year 2015. Additionally, the Company incurred certain employee costs of $747,000. All assets have been fully depreciated as of July 31, 2015. The changes to the asset retirement obligation associated with this realignment during the nine months ended April 30, 2017 are as follows (in thousands): Asset retirement obligation at August 1, 2016 $ 168 Adjustments (165 ) Payments (3 ) Asset retirement obligation at April 30, 2017 $ — The Company incurred no charges for accelerated depreciation for the assets previously associated with the operations at Bay Point during the three and nine month periods ended April 30, 2017 and 2016. The Company incurred certain employee costs of $130,000 during the three and nine month periods ended April 30, 2016. There were no such employee costs during the three and nine month periods ended April 30, 2017. There were no remaining obligations related to the Bay Point asset retirement as of April 30, 2017. As a result, the remaining accrued liability was adjusted during the three months ended April 30, 2017.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Apr. 30, 2017
Sealweld Corporation
Summary of Acquired Assets and Assumed Liabilities and Preliminary Acquisition Accounting for Fair Value of Assets and Liabilities Recognized	The following table summarizes the acquired assets and assumed liabilities and the preliminary acquisition accounting for the fair value of the assets and liabilities recognized in the condensed consolidated balance sheet at April 30, 2017 (in thousands): Cash $ 69 Accounts receivable 2,937 Inventory 2,350 Other assets 38 Property, plant and equipment, net 4,192 Intangible assets — Trade name/trademark 2,185 Non-compete agreements 2,254 Customer relationships 2,348 Total assets acquired $ 16,373 Current liabilities 1,172 Deferred taxes 645 Net identifiable assets acquired 14,556 Goodwill 2,620 Fair value of net assets acquired $ 17,176
Nagase Finechem Singapore (Pte) Ltd ("NFC")
Summary of Acquired Assets and Assumed Liabilities and Preliminary Acquisition Accounting for Fair Value of Assets and Liabilities Recognized	The following table summarizes the acquired assets and assumed liabilities and the acquisition accounting for the fair value of the assets and liabilities recognized in the condensed consolidated balance sheet at July 31, 2016 (in thousands): Cash $ 228 Accounts receivable 1,862 Other assets 101 Property, plant and equipment, net 3,242 Intangible assets Licensing agreement 73 Toll manufacturing agreement 255 Total assets acquired $ 5,761 Total current liabilities assumed 1,028 Fair value of net assets acquired $ 4,733

Cash, Cash Equivalents and Re22

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Apr. 30, 2017
Cash And Cash Equivalents [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows: April 30, April 30, Current Presentation 2017 2016 Cash and cash equivalents $ 14,097 $ 10,546 Restricted cash — 1,000 Total cash, cash equivalents and restricted cash $ 14,097 $ 11,546

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Apr. 30, 2017
Inventory Disclosure [Abstract]
Summary of Inventories, Net	Inventories, net are summarized in the following table (in thousands): April 30, July 31, 2017 2016 Raw materials $ 9,071 $ 7,429 Work in process 1,165 1,195 Supplies 963 968 Finished products 28,296 28,463 Less: reserve for inventory obsolescence (627 ) (654 ) Inventories, net $ 38,868 $ 37,401

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Apr. 30, 2017
Property Plant And Equipment [Abstract]
Property, Plant, and Equipment and Related Accumulated Depreciation and Amortization	Property, plant and equipment and related accumulated depreciation and amortization are summarized as follows (in thousands): April 30, July 31, 2017 2016 Land $ 10,384 $ 9,765 Buildings and improvements 42,337 39,974 Equipment 91,726 88,470 Leasehold improvements 2,741 2,460 147,188 140,669 Less: accumulated depreciation and amortization (72,303 ) (65,958 ) 74,885 74,711 Construction-in-progress 6,840 5,028 Property, plant and equipment, net (1) $ 81,725 $ 79,739 (1) In fiscal year 2016, as part of the Company’s ongoing review of its Milan production facilities, the Company determined that certain other facilities had excess capacity sufficient to absorb the manufacturing operations of one of its Milan plants. As a result, the Company committed to sell properties with a total estimated fair value, less costs to sell, of approximately $4.3 million at July 31, 2016 and April 30, 2017. Assets held for sale are included in prepaid expenses and other in current assets. The fair value measurements were based on recent valuation appraisals.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Apr. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Performance Based Stock Awards Granted	Target Expected Shares Series Award Grant Date Measurement Percentage Expected Date of Grant Award Shares Fair Value Period Vesting (1) to Vest Fiscal Year 2017 Awards 12/8/2016 Series 1 10,531 Forfeitures (2) (187 ) Total Series 1 10,344 $ 34.95 7/31/2019 100 % 10,344 10/21/2016 Series 3 14,000 $ 29.11 7/31/2017 100 % 14,000 4/28/2017 Series 4 9,090 $ 52.55 7/31/2019 10/21/2016 Series 4 88,674 $ 29.11 7/31/2019 Forfeitures (2) (9,914 ) 87,850 100 % 87,850 Fiscal Year 2016 Awards 3/10/2016 Series 1 14,625 $ 21.89 10/31/2018 1/29/2016 Series 1 57,163 $ 21.80 10/31/2018 Forfeitures (2) (11,858 ) Total Series 1 59,930 187 % 111,895 1/19/2016 Series 3 82,938 $ 20.89 7/31/2020 100 % 82,938 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) (23,607 ) Total Series 1 101,065 164 % 164,585 (1) The percentage vesting for Series 1 performance share awards is currently estimated at 100%, 187% and 164% of the target award for the fiscal year 2017, 2016 and 2015 awards, respectively. The percentage vesting for Series 3 performance share awards is currently estimated at 100% of the target award for each of the fiscal year 2017 and 2016 awards. The percentage vesting for Series 4 performance share awards is currently estimated at 100% of the target award for the fiscal year 2017 awards. (2) Forfeitures include Series 1 and Series 4 awards that were granted to certain employees in fiscal years 2017, 2016 and 2015 but that were forfeited at the termination of their employment.
Time Based Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Activity for Time-Based Stock Awards	A summary of activity for time-based stock awards for the nine months ended April 30, 2017 is presented below: Shares Weighted-Average Grant-Date Fair Value Non-vested on August 1, 2016 211,368 $ 21.28 Granted (1) 32,281 40.58 Vested (2) (21,984 ) 28.27 Forfeited (7,481 ) 22.97 Non-vested on April 30, 2017 214,184 23.45 (1) Includes 10,360 shares granted to non-employee directors for service during the nine months ended April 30, 2017. (2) Includes 10,360 shares granted to non-employee directors for service for the nine months ended April 30, 2017. The shares vest on the date of grant, and the Company recognizes compensation expense on such date. Includes 11,624 shares granted to certain employees and executives, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Apr. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets are summarized as follows (in thousands): Number April 30, 2017 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 $ (1,297 ) $ (138 ) $ 769 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (95 ) — 22 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (5,264 ) (934 ) 7,902 Performance materials-customer relationships (15 years) 15.0 12,639 (1,411 ) (110 ) 11,118 Performance materials-Other related contracts (5 years) 5.0 2,406 (170 ) (104 ) 2,132 Electronic chemicals-Tolling/License Agreements (1-3 years) 1.4 328 (275 ) (28 ) 25 Total intangible assets subject to amortization 13.6 $ 31,794 $ (8,512 ) $ (1,314 ) $ 21,968 Intangible assets not subject to amortization: Performance materials-penta product registrations 8,765 Performance materials-related trade name and trademark 4,967 Performance materials-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 16,540 Total intangible assets, net $ 38,508 Number July 31, 2016 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 $ (1,104 ) $ (117 ) $ 983 Electronic chemicals-related trademarks and patents (10-15 years) 12.0 117 (87 ) — 30 Electronic chemicals-value of product qualifications (5-15 years) 14.1 14,100 (4,616 ) (831 ) 8,653 Performance materials-customer relationships (15 years) 15.0 10,291 (858 ) — 9,433 Performance materials-other related contracts (5 years) 5.0 152 (38 ) — 114 Electronic chemicals- Tolling/License Agreements (1-3 years) 1.4 328 (93 ) — 235 Total intangible assets subject to amortization 13.6 $ 27,192 $ (6,796 ) $ (948 ) $ 19,448 Intangible assets not subject to amortization: Performance materials-penta product registrations 8,765 Performance materials-related trade name and trademark 2,885 Performance materials-proprietary manufacturing process 2,808 Total intangible assets not subject to amortization 14,458 Total intangible assets, net $ 33,906

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Segment Information	The Company has two reportable segments — electronic chemicals and performance materials. In the fiscal quarter ended April 30, 2017, the Company’s management, including the chief executive officer, who is the chief operating decision maker, determined that the Company’s operations should be reported as the electronic chemicals segment and the performance materials segment. Previously the Company had two reportable segments – electronic chemicals and other chemicals. As of April 30, 2017, the performance materials segment includes the Company’s industrial valve lubricants and sealants business and wood treating chemicals business that were previously referred to as the other chemicals segment. Three Months Ended Nine Months Ended April 30, April 30, 2017 2016 2017 2016 (Amounts in thousands) Net sales Electronic chemicals $ 68,141 $ 66,637 $ 204,829 $ 195,240 Performance materials 13,475 8,531 32,353 27,437 Other activities — — — — Total consolidated net sales $ 81,616 $ 75,168 $ 237,182 $ 222,677 Depreciation and amortization (1) Electronic chemicals $ 2,857 $ 2,896 $ 8,502 $ 8,660 Performance materials 549 285 1,121 868 Other activities 411 401 1,241 1,078 Total consolidated depreciation and amortization $ 3,817 $ 3,582 $ 10,864 $ 10,606 Operating income (2) Electronic chemicals $ 8,509 $ 8,183 $ 26,153 $ 23,927 Performance materials 4,224 2,853 10,927 9,421 Other activities (3,366 ) $ (4,007 ) (9,993 ) (12,862 ) Total consolidated operating income 9,367 7,029 27,087 20,486 Total other (expense) income, net (157 ) 1,493 (562 ) 1,221 Income before income taxes $ 9,210 $ 8,522 $ 26,525 $ 21,707 (1) Segment depreciation excludes depreciation for restructuring and realignment. (2) Segment income from operations includes allocated corporate overhead expenses, but excludes restructuring and realignment charges, which are included in other activities.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt as of April 30, 2017 and July 31, 2016 consisted of the following: April 30, July 31, 2017 2016 (Amounts in thousands) Senior secured debt: Revolving loan facility, maturing on October 9, 2019 $ 34,000 $ 35,800
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 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 Realignment29

Restructuring and Realignment Events (Tables)	9 Months Ended
	Apr. 30, 2017
Restructuring And Related Activities [Abstract]
Accrued Liability Associated with Restructuring and Other Related Charges	At April 30, 2017, the accrued liability associated with restructuring and other related charges consisted of the following (in thousands): Employee Decommissioning Costs and Other Total Accrued liability at August 1, 2016 $ 721 $ 36 $ — $ 757 Payments (300 ) (19 ) (6 ) (325 ) Adjustments (22 ) — 6 (16 ) Accrued liability at April 30, 2017 $ 399 $ 17 $ — $ 416
Schedule of Changes in Asset Retirement Obligation Associated with Realignment	The changes to the asset retirement obligation associated with this realignment during the nine months ended April 30, 2017 are as follows (in thousands): Asset retirement obligation at August 1, 2016 $ 168 Adjustments (165 ) Payments (3 ) Asset retirement obligation at April 30, 2017 $ —

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) CAD in Millions	Feb. 01, 2017USD ($)CAD / $	Feb. 01, 2017CAD	Apr. 04, 2016USD ($)a	Apr. 30, 2016USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Jul. 31, 2016USD ($)	Feb. 01, 2017CADCAD / $
Business Acquisition [Line Items]
Goodwill					$ 24,648,000		$ 22,228,000
Gain on acquisition of assets and assumed liabilities under bargain purchase				$ 2,069,000		$ 2,069,000
Sealweld Corporation
Business Acquisition [Line Items]
Acquisition date					Feb. 1, 2017
Cash consideration	$ 17,200,000	CAD 22.3
Exchange rate | CAD / $	0.77							0.77
Estimated working capital	$ 4,200,000							CAD 5.5
Acquisition-related costs incurred					$ 685,000
Goodwill					2,620,000
Fair value of accounts receivable acquired					2,937,000
Sealweld Corporation | Performance Materials
Business Acquisition [Line Items]
Goodwill					2,600,000
Goodwill expected to be tax deductible					$ 130,000
Nagase Finechem Singapore (Pte) Ltd ("NFC")
Business Acquisition [Line Items]
Acquisition date					Apr. 4, 2016
Cash consideration			$ 2,900,000
Area of land | a			5
Acquisition-related costs incurred				233,000
Estimated net working capital			$ 1,100,000
Fair value of accounts receivable acquired							1,862,000
Gain on acquisition of assets and assumed liabilities under bargain purchase						2,069,000	$ 1,800,000
Amount of measurement period adjustment to preliminary acquisition accounting				$ 243,000		$ 243,000
Revolving Loan Facility
Business Acquisition [Line Items]
Line of credit facility, outstanding					$ 34,000,000
Revolving Loan Facility | Sealweld Corporation
Business Acquisition [Line Items]
Line of credit facility, outstanding	$ 17,000,000
Revolving Loan Facility | Nagase Finechem Singapore (Pte) Ltd ("NFC")
Business Acquisition [Line Items]
Line of credit facility, outstanding			$ 2,800,000

Summary of Acquired Assets and

Summary of Acquired Assets and Assumed Liabilities and Preliminary Acquisition Accounting for Fair Value of Assets and Liabilities Recognized (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016
Intangible assets
Goodwill	$ 24,648	$ 22,228
Sealweld Corporation
Business Acquisition [Line Items]
Cash	69
Accounts receivable	2,937
Inventory	2,350
Other assets	38
Property, plant and equipment, net	4,192
Intangible assets
Total assets acquired	16,373
Total current liabilities assumed	1,172
Deferred taxes	645
Fair value of net identifiable assets acquired	14,556
Goodwill	2,620
Fair value of net assets acquired	17,176
Nagase Finechem Singapore (Pte) Ltd ("NFC")
Business Acquisition [Line Items]
Cash		228
Accounts receivable		1,862
Other assets		101
Property, plant and equipment, net		3,242
Intangible assets
Total assets acquired		5,761
Total current liabilities assumed		1,028
Fair value of net identifiable assets acquired		4,733
Trade name/trademark | Sealweld Corporation
Intangible assets
Intangible assets	2,185
Non-compete agreements | Sealweld Corporation
Intangible assets
Intangible assets	2,254
Customer relationships | Sealweld Corporation
Intangible assets
Intangible assets	$ 2,348
Licensing agreement | Nagase Finechem Singapore (Pte) Ltd ("NFC")
Intangible assets
Intangible assets		73
Toll manufacturing agreement | Nagase Finechem Singapore (Pte) Ltd ("NFC")
Intangible assets
Intangible assets		$ 255

Cash, Cash Equivalents and Re32

Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016	Jul. 31, 2015
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 14,097	$ 12,428	$ 10,546
Restricted cash			1,000
Total cash, cash equivalents and restricted cash	$ 14,097	$ 13,428	$ 11,546	$ 8,517

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Number of dilutive shares related to stock-based awards	415,661	261,000	352,755	209,000
Number of shares potentially dilutive securities not included in the computation of diluted earnings per share	415	16,000	3,858	15,000

Summary of Inventories, Net (De

Summary of Inventories, Net (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 9,071	$ 7,429
Work in process	1,165	1,195
Supplies	963	968
Finished products	28,296	28,463
Less: reserve for inventory obsolescence	(627)	(654)
Inventories, net	$ 38,868	$ 37,401

Property, Plant, and Equipment

Property, Plant, and Equipment and Related Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands		Apr. 30, 2017	Jul. 31, 2016
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		$ 147,188	$ 140,669
Less: accumulated depreciation and amortization		(72,303)	(65,958)
Property plant and equipment excluding construction in progress		74,885	74,711
Construction-in-progress		6,840	5,028
Property, plant and equipment, net	[1]	81,725	79,739
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		10,384	9,765
Buildings and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		42,337	39,974
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		91,726	88,470
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		$ 2,741	$ 2,460
[1]	In fiscal year 2016, as part of the Company’s ongoing review of its Milan production facilities, the Company determined that certain other facilities had excess capacity sufficient to absorb the manufacturing operations of one of its Milan plants. As a result, the Company committed to sell properties with a total estimated fair value, less costs to sell, of approximately $4.3 million at July 31, 2016 and April 30, 2017. Assets held for sale are included in prepaid expenses and other in current assets. The fair value measurements were based on recent valuation appraisals.

Property, Plant, and Equipmen36

Property, Plant, and Equipment and Related Accumulated Depreciation and Amortization (Parenthetical) (Detail) $ in Millions	Apr. 30, 2017USD ($)	Jul. 31, 2016USD ($)Facility
Property Plant And Equipment [Abstract]
Estimated fair value of property, less cost to sell | $	$ 4.3	$ 4.3
Number of excess capacity manufacturing facilities | Facility		1

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)		Apr. 28, 2017$ / sharesshares	Dec. 08, 2016shares	Oct. 21, 2016$ / sharesshares	Aug. 05, 2016shares	Mar. 10, 2016$ / sharesshares	Jan. 29, 2016$ / sharesshares	Jan. 19, 2016$ / sharesshares	Oct. 01, 2015shares	Mar. 26, 2015$ / sharesshares	Dec. 09, 2014$ / sharesshares	Apr. 30, 2017USD ($)$ / sharesshares	Apr. 30, 2016USD ($)	Apr. 30, 2017USD ($)Tranche$ / sharesshares	Apr. 30, 2016USD ($)$ / shares	Jul. 31, 2016$ / sharesshares	Jul. 31, 2015shares	Aug. 01, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense | $												$ 1,200,000	$ 1,400,000	$ 4,280,000	$ 3,659,000
Share based compensation, related tax benefits | $												420,000	$ 467,000	1,500,000	$ 1,300,000
Unrecognized compensation costs related to outstanding stock awards | $												$ 7,900,000		$ 7,900,000
Weighted average period for recognition of compensation cost														1 year 10 months 24 days
Series Award One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum award, as a percentage of target award														200.00%		200.00%	167.00%
Expected percentage of vesting														100.00%		187.00%	164.00%
Series Award Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum award, as a percentage of target award								200.00%
Expected percentage of vesting														100.00%		100.00%
Series Award Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected percentage of vesting														100.00%
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares outstanding, non vested												471,612		471,612				328,731
Awards vested														0
Target Award Shares														10,344		59,930	101,065
Shares award vesting period														1 year		1 year	1 year
Expected percentage of vesting																100.00%
Weighted average per share grant date fair value | $ / shares												$ 23.08		$ 23.08				$ 17.36
Grant Date Fair Value | $ / shares														31.55	$ 21.13
Weighted average per share grant date fair value of performance share awards forfeited | $ / shares														$ 22.97	$ 20.82
Performance Shares | Christopher T. Fraser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of fully vested shares issued					14,000				14,000
Performance Shares | Christopher T. Fraser | Two Thousand Four Long Term Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares														10,000		10,000	10,000
Performance Shares | Christopher T. Fraser | Certain Organizational Objectives | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares														4,000		4,000	4,000
Performance Shares | Christopher T. Fraser | Cumulative Revenue and Stockholder Return
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares								82,938
Performance Shares | Series Award One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares			10,531			14,625	57,163			21,173	103,499
Expected percentage of vesting														100.00%		187.00%	164.00%
Grant Date Fair Value | $ / shares						$ 21.89	$ 21.80			$ 25.85	$ 17.81			$ 34.95
Performance Shares | Series Award Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares				14,000				82,938
Expected percentage of vesting				100.00%				100.00%						100.00%
Grant Date Fair Value | $ / shares				$ 29.11				$ 20.89
Performance Shares | Series Award Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target Award Shares		9,090		88,674										87,850
Expected percentage of vesting														100.00%
Number of tranches | Tranche														2
Grant Date Fair Value | $ / shares		$ 52.55		$ 29.11
Performance Shares | Series Award Four | Second Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum award, as a percentage of target award														200.00%
Time Based Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares outstanding, non vested												214,184		214,184		211,368
Awards vested	[1]													21,984
Target Award Shares	[2]													32,281
Weighted average per share grant date fair value | $ / shares												$ 23.45		$ 23.45		$ 21.28
Grant Date Fair Value | $ / shares	[2]													40.58
Weighted average per share grant date fair value of performance share awards forfeited | $ / shares														$ 22.97
Total fair value of shares vested | $														$ 621,000	$ 646,000
[1]	Includes 10,360 shares granted to non-employee directors for service for the nine months ended April 30, 2017. The shares vest on the date of grant, and the Company recognizes compensation expense on such date. Includes 11,624 shares granted to certain employees and executives, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP.
[2]	Includes 10,360 shares granted to non-employee directors for service during the nine months ended April 30, 2017.

Summary of Performance Based St

Summary of Performance Based Stock Awards (Detail) - $ / shares

Apr. 28, 2017

Dec. 08, 2016

Oct. 21, 2016

Mar. 10, 2016

Jan. 29, 2016

Jan. 19, 2016

Mar. 26, 2015

Dec. 09, 2014

Apr. 30, 2017

Apr. 30, 2016

Jul. 31, 2016

Jul. 31, 2015

Series Award One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected Percentage of Vesting

100.00%

187.00%

164.00%

Series Award Three

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected Percentage of Vesting

100.00%

100.00%

Series Award Four

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected Percentage of Vesting

100.00%

Performance Shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Target Award Shares

10,344

59,930

101,065

Target Award Shares, forfeited

[1]

(187)

(9,914)

(11,858)

(23,607)

Grant Date Fair Value

$ 31.55

$ 21.13

Expected Percentage of Vesting

100.00%

Shares Expected to Vest

[2]

10,344

111,895

164,585

Performance Shares | Series Award One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Target Award Shares

10,531

14,625

57,163

21,173

103,499

Grant Date Fair Value

$ 21.89

$ 21.80

$ 25.85

$ 17.81

$ 34.95

Measurement Period Ending

Oct. 31, 2018

Oct. 31, 2018

Jul. 31, 2017

Jul. 31, 2017

Jul. 31, 2019

Expected Percentage of Vesting

100.00%

187.00%

164.00%

Grant Dates

Dec. 8, 2016

Mar. 10, 2016

Jan. 29, 2016

Mar. 26, 2015

Dec. 9, 2014

Performance Shares | Series Award Three

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Target Award Shares

14,000

82,938

Grant Date Fair Value

$ 29.11

$ 20.89

Measurement Period Ending

Jul. 31, 2017

Jul. 31, 2020

Expected Percentage of Vesting

100.00%

100.00%

100.00%

Shares Expected to Vest

[2]

14,000

82,938

Grant Dates

Oct. 21, 2016

Jan. 19, 2016

Performance Shares | Series Award Four

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Target Award Shares

9,090

88,674

87,850

Grant Date Fair Value

$ 52.55

$ 29.11

Measurement Period Ending

Jul. 31, 2019

Jul. 31, 2019

Expected Percentage of Vesting

100.00%

Shares Expected to Vest

[2]

87,850

Grant Dates

Apr. 28, 2017

Oct. 21, 2016

[1]

Forfeitures include Series 1 and Series 4 awards that were granted to certain employees in fiscal years 2017, 2016 and 2015 but that were forfeited at the termination of their employment.

[2]

The percentage vesting for Series 1 performance share awards is currently estimated at 100%, 187% and 164% of the target award for the fiscal year 2017, 2016 and 2015 awards, respectively. The percentage vesting for Series 3 performance share awards is currently estimated at 100% of the target award for each of the fiscal year 2017 and 2016 awards. The percentage vesting for Series 4 performance share awards is currently estimated at 100% of the target award for the fiscal year 2017 awards.

Summary of Performance Based 39

Summary of Performance Based Stock Awards (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Apr. 30, 2017	Jul. 31, 2016	Jul. 31, 2015
Series Award One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected Percentage of Vesting	100.00%	187.00%	164.00%
Series Award Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected Percentage of Vesting	100.00%	100.00%
Series Award Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected Percentage of Vesting	100.00%

Summary of Activity for Time-Ba

Summary of Activity for Time-Based Stock Awards (Detail) - Time Based Shares	9 Months Ended
	Apr. 30, 2017$ / sharesshares
Non-vested Shares
Beginning balance, Non-vested | shares	211,368
Granted | shares	32,281	[1]
Vested | shares	(21,984)	[2]
Forfeited | shares	(7,481)
Ending balance, Non-vested | shares	214,184
Weighted-Average Grant-Date Fair Value
Beginning balance, Non-vested | $ / shares	$ 21.28
Granted | $ / shares	40.58	[1]
Vested | $ / shares	28.27	[2]
Forfeited | $ / shares	22.97
Ending balance, Non-vested | $ / shares	$ 23.45
[1]	Includes 10,360 shares granted to non-employee directors for service during the nine months ended April 30, 2017.
[2]	Includes 10,360 shares granted to non-employee directors for service for the nine months ended April 30, 2017. The shares vest on the date of grant, and the Company recognizes compensation expense on such date. Includes 11,624 shares granted to certain employees and executives, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP.

Summary of Activity for Time-41

Summary of Activity for Time-Based Stock Awards (Parenthetical) (Detail) - Time Based Shares	9 Months Ended
	Apr. 30, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Time based stock awards granted	32,281	[1]
Time based stock awards Vested	21,984	[2]
Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Time based stock awards granted	10,360
Time based stock awards Vested	10,360
Employees and Executives
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Time based stock awards Vested	11,624
[1]	Includes 10,360 shares granted to non-employee directors for service during the nine months ended April 30, 2017.
[2]	Includes 10,360 shares granted to non-employee directors for service for the nine months ended April 30, 2017. The shares vest on the date of grant, and the Company recognizes compensation expense on such date. Includes 11,624 shares granted to certain employees and executives, and the Company recognizes compensation expense related to the awards over the respective service periods in accordance with GAAP.

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 30, 2017	Jul. 31, 2016
Finite Lived Intangible Assets [Line Items]
Number of Years Weighted Average Amortization Period	13 years 7 months 6 days	13 years 7 months 6 days
Original Cost	$ 31,794	$ 27,192
Accumulated Amortization	(8,512)	(6,796)
Foreign Currency Translation Adjustment	(1,314)	(948)
Carrying Amount	21,968	19,448
Total intangible assets not subject to amortization	16,540	14,458
Total intangible assets, net	38,508	33,906
Performance materials-penta product registrations
Finite Lived Intangible Assets [Line Items]
Total intangible assets not subject to amortization	8,765	8,765
Performance materials-related trade name and trademark
Finite Lived Intangible Assets [Line Items]
Total intangible assets not subject to amortization	4,967	2,885
Performance materials-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 7 months 6 days	6 years 7 months 6 days
Original Cost	$ 2,204	$ 2,204
Accumulated Amortization	(1,297)	(1,104)
Foreign Currency Translation Adjustment	(138)	(117)
Carrying Amount	$ 769	$ 983
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	(95)	(87)
Carrying Amount	$ 22	$ 30
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	(5,264)	(4,616)
Foreign Currency Translation Adjustment	(934)	(831)
Carrying Amount	$ 7,902	$ 8,653
Performance materials-customer relationships
Finite Lived Intangible Assets [Line Items]
Number of Years Weighted Average Amortization Period	15 years	15 years
Original Cost	$ 12,639	$ 10,291
Accumulated Amortization	(1,411)	(858)
Foreign Currency Translation Adjustment	(110)
Carrying Amount	$ 11,118	$ 9,433
Performance materials-Other related contracts
Finite Lived Intangible Assets [Line Items]
Number of Years Weighted Average Amortization Period	5 years	5 years
Original Cost	$ 2,406	$ 152
Accumulated Amortization	(170)	(38)
Foreign Currency Translation Adjustment	(104)
Carrying Amount	$ 2,132	$ 114
Electronic chemicals - Tolling/License Agreements
Finite Lived Intangible Assets [Line Items]
Number of Years Weighted Average Amortization Period	1 year 4 months 24 days	1 year 4 months 24 days
Original Cost	$ 328	$ 328
Accumulated Amortization	(275)	(93)
Foreign Currency Translation Adjustment	(28)
Carrying Amount	$ 25	$ 235

Intangible Assets (Parenthetica

Intangible Assets (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Apr. 30, 2017	Jul. 31, 2016
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
Performance materials-customer relationships
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	15 years	15 years
Performance materials-Other related contracts
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	5 years	5 years
Electronic chemicals - Tolling/License Agreements | Minimum
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	1 year	1 year
Electronic chemicals - Tolling/License Agreements | Maximum
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years	3 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 608	$ 484	$ 1,700	$ 1,500

Dividends - Additional Informat

Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Jun. 01, 2017
Dividends Payable [Line Items]
Dividend paid	$ 357	$ 351	$ 1,066	$ 1,053
Dividend per share	$ 0.03	$ 0.03	$ 0.09	$ 0.09
Dividends payable declared date			Jun. 1, 2017
Dividends payable payment date			Jun. 23, 2017
Dividends payable record date			Jun. 13, 2017
Subsequent Event
Dividends Payable [Line Items]
Dividends payable amount per share					$ 0.03

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Apr. 30, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Segment Reporting Information [Line Items]
Total consolidated net sales		$ 81,616	$ 75,168	$ 237,182	$ 222,677
Total consolidated depreciation and amortization				10,864	10,606
Total consolidated operating income		9,367	7,029	27,087	20,486
Total other (expense) income, net		(157)	1,493	(562)	1,221
Income before income taxes		9,210	8,522	26,525	21,707
Operating Segments
Segment Reporting Information [Line Items]
Total consolidated net sales		81,616	75,168	237,182	222,677
Total consolidated depreciation and amortization	[1]	3,817	3,582	10,864	10,606
Total consolidated operating income	[2]	9,367	7,029	27,087	20,486
Total other (expense) income, net		(157)	1,493	(562)	1,221
Income before income taxes		9,210	8,522	26,525	21,707
Operating Segments | Electronic Chemicals
Segment Reporting Information [Line Items]
Total consolidated net sales		68,141	66,637	204,829	195,240
Total consolidated depreciation and amortization	[1]	2,857	2,896	8,502	8,660
Total consolidated operating income	[2]	8,509	8,183	26,153	23,927
Operating Segments | Performance Materials
Segment Reporting Information [Line Items]
Total consolidated net sales		13,475	8,531	32,353	27,437
Total consolidated depreciation and amortization	[1]	549	285	1,121	868
Total consolidated operating income	[2]	4,224	2,853	10,927	9,421
Other Activities
Segment Reporting Information [Line Items]
Total consolidated depreciation and amortization	[1]	411	401	1,241	1,078
Total consolidated operating income	[2]	$ (3,366)	$ (4,007)	$ (9,993)	$ (12,862)
[1]	Segment depreciation excludes depreciation for restructuring and realignment.
[2]	Segment income from operations includes allocated corporate overhead expenses, but excludes restructuring and realignment charges, which are included in other activities.

Schedule of Debt (Detail)

Schedule of Debt (Detail) - Revolving Loan Facility - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 34,000
Senior Secured Debt | Debt instrument, maturing on October 9, 2019
Debt Instrument [Line Items]
Total debt	$ 34,000	$ 35,800

Schedule of Debt (Parenthetical

Schedule of Debt (Parenthetical) (Detail)	9 Months Ended
	Apr. 30, 2017
Senior Secured Debt | Revolving Loan Facility | Debt instrument, maturing on October 9, 2019
Debt Instrument [Line Items]
Loan maturity date	Oct. 9, 2019

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	9 Months Ended
	Apr. 30, 2017	Oct. 09, 2014
Debt Instrument [Line Items]
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]
Line of credit facility, outstanding	$ 34,000,000
Maximum available amount of remaining revolving facility net of unused letter of credit	113,300,000
Reduction credit capacity due to unused letters of credit	$ 2,700,000
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%
Revolving Loan Facility | Senior Secured Debt
Debt Instrument [Line Items]
Line of credit facility, outstanding interest rate	1.993%
Revolving Loan Facility | Second Restated Credit 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
Loan facility maturity date	Oct. 9, 2019

Ratio of Funded Debt to EBITDA

Ratio of Funded Debt to EBITDA (Detail)	9 Months Ended
	Apr. 30, 2017
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 EBITD52

Ratio of Funded Debt to EBITDA (Parenthetical) (Detail)	Oct. 09, 2014
Range One | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	300.00%
Range Two | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	275.00%
Range Two | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	300.00%
Range Three | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	250.00%
Range Three | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	275.00%
Range Four | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	225.00%
Range Four | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	250.00%
Range Five | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	200.00%
Range Five | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	225.00%
Range Six | Minimum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	150.00%
Range Six | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	200.00%
Range Seven | Maximum
Debt Instrument [Line Items]
Ratio of Funded Debt to EBITDA	150.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Income Taxes [Line Items]
Effective income tax rate	34.10%	25.30%	31.00%	31.20%
Provision for Income Taxes
Income Taxes [Line Items]
Stock-based compensation excess tax benefits	$ 694,000		$ 694,000

Litigation and Other Continge54

Litigation and Other Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 30, 2015	Apr. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
EPA estimated remediation cost		$ 22
Litigation Liability	$ 1.3
Remaining litigation liability		$ 1.1

Restructuring and Realignment55

Restructuring and Realignment Events - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Oct. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Jul. 31, 2015	Jul. 31, 2016
Restructuring Cost And Reserve [Line Items]
Accelerated depreciation	$ 0		$ 105,000	$ 0	$ 0
Remaining obligations related to asset retirement							$ 168,000
Hydrofluoric Acid Business
Restructuring Cost And Reserve [Line Items]
Severance Costs						$ 747,000
Accelerated depreciation						$ 4,800,000
Bay Point Facility
Restructuring Cost And Reserve [Line Items]
Severance Costs	0	$ 130,000		0	130,000
Accelerated depreciation	0	$ 0		0	$ 0
Remaining obligations related to asset retirement	0			0
Electronic Chemicals | Asia
Restructuring Cost And Reserve [Line Items]
Severance Costs	$ 226,000			$ 226,000

Restructuring and Realignment56

Restructuring and Realignment Events - Accrued Liability Associated with Restructuring and Other Related Charges (Detail) $ in Thousands	9 Months Ended
	Apr. 30, 2017USD ($)
Restructuring Cost And Reserve [Line Items]
Accrued liability, Beginning balance	$ 757
Payments	(325)
Adjustments	(16)
Accrued liability, Ending balance	416
Employee costs
Restructuring Cost And Reserve [Line Items]
Accrued liability, Beginning balance	721
Payments	(300)
Adjustments	(22)
Accrued liability, Ending balance	399
Decommissioning and Environmental
Restructuring Cost And Reserve [Line Items]
Accrued liability, Beginning balance	36
Payments	(19)
Accrued liability, Ending balance	17
Other
Restructuring Cost And Reserve [Line Items]
Payments	(6)
Adjustments	$ 6

Restructuring and Realignment57

Restructuring and Realignment Events - Schedule of Changes in Asset Retirement Obligation Associated with Realignment (Detail) $ in Thousands	9 Months Ended
	Apr. 30, 2017USD ($)
Restructuring And Related Activities [Abstract]
Asset retirement obligation, Beginning balance	$ 168
Adjustments	(165)
Payments	$ (3)