Document And Entity Information
| Document And Entity Information - shares | 6 Months Ended | |
| Jan. 31, 2017 | Feb. 28, 2017 | |
| Document And Entity Information [Abstract] | ||
| Entity Registrant Name | DONALDSON CO INC | |
| Entity Central Index Key | 29,644 | |
| Current Fiscal Year End Date | --07-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Jan. 31, 2017 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 132,103,829 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Income Statement [Abstract] | ||||
| Net sales | $ 550.6 | $ 517.2 | $ 1,103.6 | $ 1,055.2 |
| Cost of sales | 362.7 | 346.4 | 721.5 | 706.3 |
| Gross profit | 187.9 | 170.8 | 382.1 | 348.9 |
| Operating expenses | 118.5 | 117.1 | 236.3 | 239.7 |
| Operating income | 69.4 | 53.7 | 145.8 | 109.2 |
| Other income, net | (1.7) | (1.2) | (9.8) | (4.1) |
| Interest expense | 4.8 | 5.5 | 9.6 | 10.5 |
| Earnings before income taxes | 66.3 | 49.4 | 146 | 102.8 |
| Income taxes | 19.8 | 11.4 | 41.5 | 26.3 |
| Net earnings | $ 46.5 | $ 38 | $ 104.5 | $ 76.5 |
| Weighted average share - basic (in shares) | 132.9 | 133.7 | 133.2 | 133.8 |
| Weighted average shares - diluted (in shares) | 134.4 | 134.4 | 134.5 | 134.7 |
| Net earnings per share - basic (in usd per share) | $ 0.35 | $ 0.28 | $ 0.78 | $ 0.57 |
| Net earnings per share - diluted (in usd per share) | 0.35 | 0.28 | 0.78 | 0.57 |
| Dividends paid per share (in usd per share) | $ 0.175 | $ 0.170 | $ 0.350 | $ 0.340 |
Condensed Consolidated Stateme3
| Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net earnings | $ 46.5 | $ 38 | $ 104.5 | $ 76.5 |
| Foreign currency translation loss | (8.4) | (18.8) | (20.8) | (29.4) |
| Net gain (loss) on hedging derivatives, net of deferred taxes of $0.1, $(0.1), $(0.4) and $0.2, respectively | (0.3) | (0.1) | 0.7 | (0.7) |
| Pension and postretirement liability adjustment, net of deferred taxes of $(0.8), $9.5, $(1.8) and $10.7, respectively | 1.3 | (16.3) | 3.7 | (17.3) |
| Total comprehensive income | $ 39.1 | $ 2.8 | $ 88.1 | $ 29.1 |
Condensed Consolidated Stateme4
| Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Gain (loss) on hedging derivatives, deferred taxes | $ 0.1 | $ (0.1) | $ (0.4) | $ 0.2 |
| Pension and postretirement liability adjustment, deferred taxes | $ (0.8) | $ 9.5 | $ (1.8) | $ 10.7 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 31, 2017 | Jul. 31, 2016 |
| Current assets | ||
| Cash and cash equivalents | $ 296.3 | $ 243.2 |
| Accounts receivable, less allowance of $9.3 and $8.6 | 408.4 | 452.4 |
| Inventories, net | 260.4 | 234.1 |
| Prepaids and other current assets | 60.1 | 80 |
| Total current assets | 1,025.2 | 1,009.7 |
| Property, plant, and equipment, at cost | 1,160.4 | 1,150.6 |
| Less accumulated depreciation | (700.7) | (680.8) |
| Property, plant, and equipment, net | 459.7 | 469.8 |
| Goodwill | 228.7 | 229.3 |
| Intangible assets, net | 40.1 | 38.5 |
| Deferred income taxes | 34.2 | 7.8 |
| Other long-term assets | 29.8 | 31.9 |
| Total assets | 1,817.7 | 1,787 |
| Current liabilities | ||
| Short-term borrowings | 176.4 | 165.5 |
| Current maturities of long-term debt | 100.7 | 51.2 |
| Trade accounts payable | 157.8 | 143.3 |
| Other current liabilities | 180.6 | 183.8 |
| Total current liabilities | 615.5 | 543.8 |
| Long-term debt | 297.8 | 350.2 |
| Deferred income taxes | 3.2 | 3.1 |
| Other long-term liabilities | 120.5 | 118.5 |
| Total liabilities | 1,037 | 1,015.6 |
| Commitments and contingencies (Note 14) | ||
| Shareholders' equity | ||
| Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued | 0 | 0 |
| Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued | 758.2 | 758.2 |
| Retained earnings | 961.8 | 905.1 |
| Non-controlling interest | 4.2 | 4 |
| Stock compensation plans | 15.5 | 16.7 |
| Accumulated other comprehensive loss | (222) | (205.6) |
| Treasury stock, 19,546,658 and 18,750,503 shares, at cost | (737) | (707) |
| Total shareholders' equity | 780.7 | 771.4 |
| Total liabilities and shareholders' equity | $ 1,817.7 | $ 1,787 |
Condensed Consolidated Balance6
| Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jan. 31, 2017 | Jul. 31, 2016 |
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowance | $ 9.3 | $ 8.6 |
| Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
| Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Common stock, par value (in usd per share) | $ 5 | $ 5 |
| Common stock, shares authorized | 240,000,000 | 240,000,000 |
| Common stock, shares issued | 151,643,194 | 151,643,194 |
| Treasury stock, shares | 19,546,658 | 18,750,503 |
Condensed Consolidated Stateme7
| Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Operating Activities | ||
| Net earnings | $ 104.5 | $ 76.5 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 37.3 | 36.6 |
| Changes in operating assets and liabilities, excluding effect of acquisition | 19.8 | (16.1) |
| Tax benefit of equity plans | (3) | (1.8) |
| Stock compensation plan expense | 5.8 | 5.3 |
| Deferred taxes | (0.8) | (1.3) |
| Other, net | 0.7 | 10.1 |
| Net cash provided by operating activities | 164.3 | 109.3 |
| Investing Activities | ||
| Net expenditures on property, plant, and equipment | (25) | (42.8) |
| Proceeds from sale of short-term investments | 0 | 18 |
| Acquisitions, net of cash acquired | (10.9) | (12.9) |
| Net cash used in investing activities | (35.9) | (37.7) |
| Financing Activities | ||
| Purchase of treasury stock | (51.8) | (68) |
| Repayments of long-term debt | (0.5) | (0.7) |
| Change in short-term borrowings | 12 | 73.1 |
| Dividends paid | (46.3) | (45.2) |
| Tax benefit of equity plans | 3 | 1.8 |
| Exercise of stock options | 12.1 | 5 |
| Net cash used in financing activities | (71.5) | (34) |
| Effect of exchange rate changes on cash | (3.8) | (5.4) |
| Increase in cash and cash equivalents | 53.1 | 32.2 |
| Cash and cash equivalents, beginning of year | 243.2 | 189.9 |
| Cash and cash equivalents, end of period | $ 296.3 | $ 222.1 |
Summary of Significant Accounti
| Summary of Significant Accounting Policies | 6 Months Ended |
| Jan. 31, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of earnings, comprehensive income, financial position and cash flows have been included and are of a normal recurring nature. Operating results for the three and six month periods ended January 31, 2017 , are not necessarily indicative of the results that may be expected for future periods. The year-end condensed balance sheet data was derived from the Company's audited financial statements but does not include all disclosures required by U.S. GAAP. For further information, refer to the Audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2016 . New Accounting Standards Recently Adopted In August 2014, the Financial Accounting Standards Board (FASB) issued ASU-2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This accounting guidance was effective for the Company beginning in the second quarter of fiscal 2017 and it did not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which amended guidance requiring the issuance of debt costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. The adoption of ASU 2015-03 was applied retrospectively and resulted in a reclassification of $1.6 million of debt issuance costs from other long term assets to long term debt on the July 31, 2016 balance sheet. The balance sheet as of January 31, 2017 is also presented in accordance with the guidance of this new standard. In May 2015, FASB issued ASU 2015-07, Fair Value Measurement (Topic 850): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (ASU 2015-07), which amended guidance requiring a company to categorize investments for which fair values are measured using the net asset value (NAV) per share practical expedient. ASU 2015-07 also limits the disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. ASU 2015-07 will only affect the Company's disclosures in the Annual Report on Form 10-K beginning with the fiscal year ended July 31, 2017. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which amends (Topic 805) Business Combinations (ASU 2015-16). This ASU requires that acquiring entities recognize measurement period adjustments in the reporting period the amounts are determined, including earnings adjustments that would have been recorded in previous periods if the adjustments were known at the acquisition date. Acquiring entities are no longer required to retrospectively adjust amounts in comparative periods. The adjustment amounts and reasons are still disclosed. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. The Company does not expect the application of ASU 2015-16 to have a significant impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which amended the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018. Early adoption is permitted. The Company adopted this accounting guidance prospectively beginning in the first quarter for fiscal 2017 which affected the Company's classification of deferred tax assets and liabilities as of January 31, 2017 . Consistent with the prospective method of adopting this new standard, the Company has not reclassified deferred tax assets and liabilities on its July 31, 2016 consolidated balance sheet. New Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09) , which amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill a contract. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, and accounting for licenses of intellectual property. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2019 . Early application is permitted. The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. The Company is evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which amended the guidance requiring companies not using the last-in, first-out (LIFO) method to measure inventory at the lower of cost and net realizable rather than the lower of cost or market. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018 . Early adoption is permitted. The Company does not expect the application of ASU 2015-11 will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which amends the guidance requiring companies to recognize assets and liabilities for leases with lease terms of more than twelve months. The new guidance will require companies to record both capital and operating leases on the balance sheet. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2020 on a modified retrospective basis and early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning in the first quarter of fiscal 2018 . Early application is permitted. If early adopted, an entity must adopt all of the amendments during the same period. The Company is evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (ASU 2016-15). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company does not expect the application of ASU 2016-15 will have a significant impact on its statement of cash flows. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Under the amendments in this update, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective for the Company beginning in the first quarter of fiscal 2021 . Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company will early adopt ASU 2017-04 in the third quarter of fiscal 2017 with the annual goodwill impairment tests. The Company does not expect the adoption of ASU 2017-04 will have a significant effect on its financial statements. |
Acquisitions
| Acquisitions | 6 Months Ended |
| Jan. 31, 2017 | |
| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions On August 31, 2016, the Company acquired the net assets of Industrias Partmo S.A. (Partmo) in Colombia. Partmo is a leading manufacturer of replacement air, lube and fuel filters in Colombia for medium and heavy duty engines. The acquisition of Partmo demonstrates the Company’s commitment to growth with a company that is an excellent strategic fit with its existing engine aftermarket business. The acquisition allows the Company to leverage Partmo’s well-recognized brand of replacement filters in South America.The total purchase price was approximately $12.1 million , of which $10.9 million was paid at closing and $1.2 million will be paid in equal installments over the next three years subject to the satisfaction of certain representations and warranties. The purchase price allocation is preliminary pending the outcome of the final valuation. Pro forma financial results are not presented as the results of the acquisition are not material to the Company’s financial results. During the first quarter of 2017, the Company reached a $6.8 million favorable settlement of claims associated with amounts held in an escrow account that had been established in connection with the Company’s acquisition of Northern Technical, L.L.C. during the first quarter of fiscal 2015. Because this settlement was related to claims associated with general representations and warranties and occurred subsequent to one year after the closing of the acquisition, the Company recorded the impact of the $6.8 million settlement as a component of “Other income, net” in its consolidated statements of operations. |
Inventories
| Inventories | 6 Months Ended |
| Jan. 31, 2017 | |
| Inventory, Net [Abstract] | |
| Inventories | Inventories The components of inventory as of January 31, 2017 and July 31, 2016 , are as follows (in millions): January 31, July 31, Raw materials $ 77.8 $ 92.5 Work in process 25.0 18.4 Finished products 157.6 123.2 Total inventories $ 260.4 $ 234.1 |
Net Earnings Per Share
| Net Earnings Per Share | 6 Months Ended |
| Jan. 31, 2017 | |
| Earnings Per Share [Abstract] | |
| Net Earnings Per Share | Net Earnings Per Share The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company’s common stock during those periods. For both the three and six months ended January 31, 2017 , there were 1.6 million options excluded from the diluted net earnings per share calculation. For the three and six months ended January 31, 2016 , there were 4.2 million and 3.4 million , respectively, options excluded from the diluted net earnings per share calculation. Basic and diluted net earnings per share were calculated using the following (in millions, except per share amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net earnings $ 46.5 $ 38.0 $ 104.5 $ 76.5 Weighted average common shares outstanding: Basic 132.9 133.7 133.2 133.8 Dilutive impact of share based awards 1.5 0.7 1.3 0.9 Diluted 134.4 134.4 134.5 134.7 Net earnings per share - basic $ 0.35 $ 0.28 $ 0.78 $ 0.57 Net earnings per share - diluted $ 0.35 $ 0.28 $ 0.78 $ 0.57 |
Goodwill and Other Intangible A
| Goodwill and Other Intangible Assets | 6 Months Ended |
| Jan. 31, 2017 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2016 . The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to exceed the corresponding carrying values of the respective reporting units resulting in no goodwill impairment. The following is a reconciliation of goodwill for the six months ended January 31, 2017 (in millions): Engine Products Industrial Products Total Goodwill Balance as of July 31, 2016 $ 77.3 $ 152.0 $ 229.3 Goodwill acquired 1.1 — 1.1 Foreign exchange translation (0.2 ) (1.5 ) (1.7 ) Balance as of January 31, 2017 $ 78.2 $ 150.5 $ 228.7 As of January 31, 2017 and July 31, 2016 , other intangible assets were $40.1 million and $38.5 million , respectively. Intangible assets increased during the year due to the acquisition of Partmo which generated intangibles of $4.7 million , partially offset by amortization of $2.9 million . The Partmo intangibles acquired consist of customer relationships with a 20 year useful life and trademarks and tradenames with a 10 year useful life. Refer to Note 2 for further discussion of the Partmo acquisition. |
Warranty
| Warranty | 6 Months Ended |
| Jan. 31, 2017 | |
| Standard Product Warranty Disclosure [Abstract] | |
| Warranty | Warranty The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues. Following is a reconciliation of warranty reserves for the six months ended January 31, 2017 and 2016 (in millions): Six Months Ended 2017 2016 Beginning balance $ 11.9 $ 8.6 Accruals for warranties issued during the reporting period 1.5 2.6 Accruals related to pre-existing warranties (including changes in estimates) 3.8 2.7 Less settlements made during the period (2.5 ) (1.7 ) Ending balance $ 14.7 $ 12.2 There were no individually material specific warranty matters accrued for in the six months ended January 31, 2017 or 2016 . The Company’s warranty matters are not expected to have a material impact on its results of operations, liquidity or financial position. |
Restructuring Charges
| Restructuring Charges | 6 Months Ended |
| Jan. 31, 2017 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring Charges | Restructuring Charges The Company did not incur any restructuring charges during the three and six months ended January 31, 2017 . The Company incurred $1.0 million and $8.5 million of restructuring charges during the three and six months ended January 31, 2016 , respectively. The Company recorded $0.9 million in Cost of sales and the remaining $0.1 million in Operating expenses for three months ended January 31, 2016 and $4.1 million in Cost of sales and the remaining $4.4 million in Operating expenses for the six months ended January 31, 2016 . The Engine Products segment incurred $1.0 million and $6.0 million of restructuring charges for the three and six months ended January 31, 2016 , respectively. The Industrial Products segment incurred $2.5 million of restructuring charges for the six months ended January 31, 2016 . These charges consisted of one-time termination benefits from restructuring salaried and production workforce in all geographic regions, closing a production facility in Grinnell, Iowa and the abandonment and write-off of a partially completed facility in Xuzhou, China. As the Company’s restructuring actions were mainly incurred and paid in the same period, there was no material liability balance as of either of the periods presented. |
Equity Based Compensation
| Equity Based Compensation | 6 Months Ended |
| Jan. 31, 2017 | |
| Share-based Compensation [Abstract] | |
| Equity Based Compensation | Equity Based Compensation Stock-based compensation expense is recognized using the fair-value method for all awards. The Company determines the fair value of its option awards using the Black-Scholes option pricing model. Options granted are priced at the fair market value of the Company's stock on the date of grant. There were 888,500 stock options awarded during the six months ended January 31, 2017 . The weighted average fair value for options granted during the six months ended January 31, 2017 and 2016 was $10.09 and $7.08 per share, respectively. For the three and six months ended January 31, 2017 , the Company recorded pre-tax stock-based compensation expense associated with stock options of $3.8 million and $4.9 million , respectively, and recorded $1.3 million and $1.6 million , respectively, of related tax benefits. For the three and six months ended January 31, 2016 , the Company recorded pre-tax stock-based compensation expense associated with stock options of $3.3 million and $4.4 million , respectively, and recorded $1.1 million and $1.4 million , respectively, of related tax benefits. The following table summarizes stock option activity during the six months ended January 31, 2017 : Options Outstanding Weighted Average Exercise Price Outstanding as of July 31, 2016 6,822,390 $ 30.09 Granted 888,500 $ 42.65 Exercised (531,438 ) $ 23.65 Canceled (34,447 ) $ 36.60 Outstanding as of January 31, 2017 7,145,005 $ 32.10 The total intrinsic value of options exercised during the six months ended January 31, 2017 and 2016 was $8.6 million and $4.5 million , respectively. The following table summarizes information concerning outstanding and exercisable options as of January 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price of Outstanding Options Number Exercisable Weighted Average Exercise Price of Exercisable Options $ 0.00 to $17.69 475,245 1.91 $ 17.05 475,245 $ 17.05 $17.70 to $23.69 1,173,588 2.17 $ 21.44 1,173,588 $ 21.44 $23.70 to $29.69 1,584,597 6.70 $ 28.54 985,194 $ 28.83 $29.70 to $35.69 1,432,395 5.35 $ 34.22 1,406,129 $ 34.27 $35.70 and above 2,479,180 8.27 $ 41.08 1,286,423 $ 40.59 7,145,005 5.91 $ 32.10 5,326,579 $ 30.43 As of January 31, 2017 , the aggregate intrinsic value of options outstanding and exercisable was $73.0 million and $63.1 million , respectively. As of January 31, 2017 , there was $10.0 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan. This unvested expense is expected to be recognized during fiscal years 2017 , 2018 , 2019 and 2020 . |
Employee Benefit Plans
| Employee Benefit Plans | 6 Months Ended |
| Jan. 31, 2017 | |
| General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
| Employee Benefit Plans | Employee Benefit Plans The Company and certain of its international subsidiaries have defined benefit pension plans for many of their hourly and salaried employees. There are two types of U.S. plans. The first type of U.S. plan (Hourly Pension Plan) is a traditional defined benefit pension plan primarily for production employees. The second plan (Salaried Pension Plan) is for salaried workers that provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit comprised of a percentage of current salary that varies with years of service, interest credits and transition credits. Effective August 1, 2013, the Company no longer allowed entrants into the U.S. Salaried Pension Plan and effective August 1, 2016, employees in this plan no longer continue to accrue Company contribution credits under the plan. Employees will instead be eligible for a 3.0% annual Company retirement contribution to their 401(k) in addition to the Company’s 401(k) match. The international plans generally provide pension benefits based on years of service and compensation level. Net periodic benefit costs for the Company’s pension plans include the following components (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net periodic benefit cost: Service cost $ 2.0 $ 4.5 $ 4.1 $ 9.1 Interest cost 3.4 4.8 6.7 9.5 Expected return on assets (6.6 ) (7.2 ) (13.2 ) (14.5 ) Prior service cost amortization 0.2 0.1 0.4 0.3 Actuarial loss amortization 1.8 2.1 3.6 4.3 Net periodic benefit cost $ 0.8 $ 4.3 $ 1.6 $ 8.7 The Company’s general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. Additionally, the Company may elect to make additional contributions up to the maximum tax deductible contribution. For the six months ended January 31, 2017 , the Company made contributions of $1.3 million to its U.S. pension plans and $0.9 million to its non-U.S. pension plans. The minimum funding requirement for the Company’s U.S. plans for fiscal 2017 is $9.7 million . Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years. The Company plans to utilize existing credit balances to meet the minimum obligation for fiscal 2017 . The Company currently estimates that it will contribute an additional $2.4 million to its non-U.S. pension plans during the remainder of fiscal 2017 . |
Income Taxes
| Income Taxes | 6 Months Ended |
| Jan. 31, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective tax rate for the three and six months ended January 31, 2017 was 29.8% and 28.4% , respectively, compared to 23.0% and 25.6% for the three and six months ended January 31, 2016 , respectively. The increase in the Company’s effective tax rate for the three and six months ended January 31, 2017 was primarily due to benefits recorded in the prior year from the retroactive aspects of the Protecting Americans from Tax Hikes Act of 2015, an unfavorable shift in mix of earnings between tax jurisdictions, and other discrete items. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2008. The United States Internal Revenue Service has completed examinations of the Company’s U.S. federal income tax returns through 2013. As of January 31, 2017 , the total unrecognized tax benefits were $17.8 million and accrued interest and penalties on these unrecognized tax benefits were $2.0 million . The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense. If the Company were to prevail on all unrecognized tax benefits, substantially all of the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of about five years, up to $1.3 million of the unrecognized tax benefits could potentially expire in the next 12 month period unless extended by an audit. It is possible that quicker than expected settlement of either current audits, future audits or disputes would cause additional reversals of previously recorded reserves in the next 12 month period. Quantification of an estimated range and timing of future audit settlements cannot be made at this time. |
Shareholders' Equity
| Shareholders' Equity | 6 Months Ended |
| Jan. 31, 2017 | |
| Stockholders' Equity Note [Abstract] | |
| Shareholders' Equity | Shareholders’ Equity The Company’s Board of Directors authorized the repurchase of up to 14.0 million shares of common stock on May 29, 2015. During the six months ended January 31, 2017 , the Company repurchased 1.4 million shares for $51.8 million at an average price of $37.56 per share. As of January 31, 2017 , the Company had remaining authorization to repurchase up to 9.1 million shares. On January 27, 2017, the Company's Board of Directors declared a cash dividend in the amount of 17.5 cents per common share, paid on March 3, 2017 to stockholders of record on February 14, 2017. |
Accumulated Other Comprehensive
| Accumulated Other Comprehensive Loss | 6 Months Ended |
| Jan. 31, 2017 | |
| Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
| Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component for the three months ended January 31, 2017 and 2016 are as follows (in millions): Foreign Pension Derivative Total Balance as of October 31, 2016, net of tax $ (101.7 ) $ (113.4 ) $ 0.5 $ (214.6 ) Other comprehensive (loss) income before reclassifications and tax (8.4 ) — 0.3 (8.1 ) Tax benefit (expense) — — (0.1 ) (0.1 ) Other comprehensive (loss) income before reclassifications, net of tax (8.4 ) — 0.2 (8.2 ) Reclassifications, before tax — 2.1 (0.7 ) 1.4 Tax benefit (expense) — (0.8 ) 0.2 (0.6 ) Reclassifications, net of tax — 1.3 (b) (0.5 ) (c) 0.8 Other comprehensive (loss) income, net of tax (8.4 ) 1.3 (0.3 ) (7.4 ) Balance as of January 31, 2017, net of tax $ (110.1 ) $ (112.1 ) $ 0.2 $ (222.0 ) Balance as of October 31, 2015, net of tax $ (81.4 ) $ (91.6 ) $ (1.2 ) $ (174.2 ) Other comprehensive (loss) income before reclassifications and tax (18.8 ) (29.7 ) 0.8 (47.7 ) Tax benefit (expense) — 10.7 (0.3 ) 10.4 Other comprehensive (loss) income before reclassifications, net of tax (18.8 ) (19.0 ) 0.5 (37.3 ) Reclassifications, before tax — 3.9 (0.8 ) 3.1 Tax benefit (expense) — (1.2 ) 0.2 (1.0 ) Reclassifications, net of tax — 2.7 (b) (0.6 ) (c) 2.1 Other comprehensive (loss) income, net of tax (18.8 ) (16.3 ) (0.1 ) (35.2 ) Balance as of January 31, 2016, net of tax $ (100.2 ) $ (107.9 ) $ (1.3 ) $ (209.4 ) (a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. (b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 9) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net. Changes in accumulated other comprehensive loss by component for the six months ended January 31, 2017 and 2016 are as follows (in millions): Foreign Pension Derivative Total Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) Other comprehensive (loss) income before reclassifications and tax (20.8 ) — 1.9 (18.9 ) Tax benefit (expense) — — (0.6 ) (0.6 ) Other comprehensive (loss) income before reclassifications, net of tax (20.8 ) — 1.3 (19.5 ) Reclassifications, before tax — 5.5 (0.8 ) 4.7 Tax benefit (expense) — (1.8 ) 0.2 (1.6 ) Reclassifications, net of tax — 3.7 (b) (0.6 ) (c) 3.1 Other comprehensive (loss) income, net of tax (20.8 ) 3.7 0.7 (16.4 ) Balance as of January 31, 2017, net of tax $ (110.1 ) $ (112.1 ) $ 0.2 $ (222.0 ) Balance as of July 31, 2015, net of tax $ (70.8 ) $ (90.6 ) $ (0.6 ) $ (162.0 ) Other comprehensive (loss) income before reclassifications and tax (29.4 ) (38.8 ) (0.4 ) (68.6 ) Tax benefit (expense) — 14.1 0.1 14.2 Other comprehensive (loss) income before reclassifications, net of tax (29.4 ) (24.7 ) (0.3 ) (54.4 ) Reclassifications, before tax — 10.8 (0.5 ) 10.3 Tax benefit (expense) — (3.4 ) 0.1 (3.3 ) Reclassifications, net of tax — 7.4 (b) (0.4 ) (c) 7.0 Other comprehensive (loss) income, net of tax (29.4 ) (17.3 ) (0.7 ) (47.4 ) Balance as of January 31, 2016, net of tax $ (100.2 ) $ (107.9 ) $ (1.3 ) $ (209.4 ) (a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. (b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 9) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net. |
Guarantees
| Guarantees | 6 Months Ended |
| Jan. 31, 2017 | |
| Guarantees [Abstract] | |
| Guarantees | Guarantees The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of January 31, 2017 , AFSI had $23.0 million of outstanding debt, of which the Company guarantees half. The Company recorded $0.3 million of earnings and a $0.1 million loss from this equity method investment during the three months ended January 31, 2017 and 2016 , respectively. The Company recorded $0.9 million of earnings and a $1.2 million loss from this equity method investment during the six months ended January 31, 2017 and 2016 , respectively. During the three months ended January 31, 2017 and 2016 , the Company recorded royalty income of $1.4 million and $0.8 million , respectively, related to AFSI. During the six months ended January 31, 2017 and 2016 , the Company recorded royalty income of $2.7 million and $2.6 million , respectively, related to AFSI. As of January 31, 2017 and July 31, 2016 , the Company had a contingent liability for standby letters of credit totaling $9.1 million and $7.3 million , respectively, that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. As of January 31, 2017 , there were no amounts drawn upon these letters of credit. |
Commitments and Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jan. 31, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations or liquidity. |
Segment Reporting
| Segment Reporting | 6 Months Ended |
| Jan. 31, 2017 | |
| Segment Reporting, Measurement Disclosures [Abstract] | |
| Segment Reporting | Segment Reporting The Company reports its business in two segments: Engine Products and Industrial Products. Segment determination is based on the internal organization structure, management of operations, and performance evaluation by management and the Company’s Board of Directors. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, such as interest income and interest expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. Segment detail is summarized as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net Sales Engine Products segment $ 361.9 $ 320.9 $ 715.7 $ 667.5 Industrial Products segment 188.7 196.3 387.9 387.7 Total $ 550.6 $ 517.2 $ 1,103.6 $ 1,055.2 Earnings Before Income Taxes Engine Products segment $ 48.7 $ 27.4 $ 94.1 $ 63.4 Industrial Products segment 24.3 27.7 62.6 51.7 Corporate and Unallocated (6.7 ) (5.7 ) (10.7 ) (12.3 ) Total $ 66.3 $ 49.4 $ 146.0 $ 102.8 There were no customers that accounted for over 10% of net sales for the three or six months ended January 31, 2017 or 2016 . There were no customers that accounted for over 10% of gross accounts receivable as of January 31, 2017 and July 31, 2016 . |
Fair Value Measurements
| Fair Value Measurements | 6 Months Ended |
| Jan. 31, 2017 | |
| Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
| Fair Value Measurements | Fair Value Measurements As of January 31, 2017 , the carrying values of cash and cash equivalents, short-term investments, accounts receivables, short-term borrowings and trade accounts payable approximate fair value because of the short-term nature of these instruments. These accounts are classified as Level 1 in the fair value hierarchy. As of January 31, 2017 , the estimated fair value of debt with fixed interest rates was $377.6 million compared to its carrying value of $375.0 million . The fair value is estimated by discounting the projected cash flows using the rate that similar amounts of debt could currently be borrowed. Debt is classified as Level 2 in the fair value hierarchy. |
Summary of Significant Accoun24
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Jan. 31, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of earnings, comprehensive income, financial position and cash flows have been included and are of a normal recurring nature. Operating results for the three and six month periods ended January 31, 2017 , are not necessarily indicative of the results that may be expected for future periods. The year-end condensed balance sheet data was derived from the Company's audited financial statements but does not include all disclosures required by U.S. GAAP. For further information, refer to the Audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2016 . |
| New Accounting Standards Recently Adopted and New Accounting Standards Not Yet Adopted | New Accounting Standards Recently Adopted In August 2014, the Financial Accounting Standards Board (FASB) issued ASU-2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This accounting guidance was effective for the Company beginning in the second quarter of fiscal 2017 and it did not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which amended guidance requiring the issuance of debt costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. The adoption of ASU 2015-03 was applied retrospectively and resulted in a reclassification of $1.6 million of debt issuance costs from other long term assets to long term debt on the July 31, 2016 balance sheet. The balance sheet as of January 31, 2017 is also presented in accordance with the guidance of this new standard. In May 2015, FASB issued ASU 2015-07, Fair Value Measurement (Topic 850): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (ASU 2015-07), which amended guidance requiring a company to categorize investments for which fair values are measured using the net asset value (NAV) per share practical expedient. ASU 2015-07 also limits the disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. ASU 2015-07 will only affect the Company's disclosures in the Annual Report on Form 10-K beginning with the fiscal year ended July 31, 2017. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which amends (Topic 805) Business Combinations (ASU 2015-16). This ASU requires that acquiring entities recognize measurement period adjustments in the reporting period the amounts are determined, including earnings adjustments that would have been recorded in previous periods if the adjustments were known at the acquisition date. Acquiring entities are no longer required to retrospectively adjust amounts in comparative periods. The adjustment amounts and reasons are still disclosed. This accounting guidance was effective for the Company beginning in the first quarter of fiscal 2017. The Company does not expect the application of ASU 2015-16 to have a significant impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which amended the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018. Early adoption is permitted. The Company adopted this accounting guidance prospectively beginning in the first quarter for fiscal 2017 which affected the Company's classification of deferred tax assets and liabilities as of January 31, 2017 . Consistent with the prospective method of adopting this new standard, the Company has not reclassified deferred tax assets and liabilities on its July 31, 2016 consolidated balance sheet. New Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09) , which amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill a contract. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, and accounting for licenses of intellectual property. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2019 . Early application is permitted. The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. The Company is evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which amended the guidance requiring companies not using the last-in, first-out (LIFO) method to measure inventory at the lower of cost and net realizable rather than the lower of cost or market. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018 . Early adoption is permitted. The Company does not expect the application of ASU 2015-11 will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which amends the guidance requiring companies to recognize assets and liabilities for leases with lease terms of more than twelve months. The new guidance will require companies to record both capital and operating leases on the balance sheet. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2020 on a modified retrospective basis and early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning in the first quarter of fiscal 2018 . Early application is permitted. If early adopted, an entity must adopt all of the amendments during the same period. The Company is evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (ASU 2016-15). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company does not expect the application of ASU 2016-15 will have a significant impact on its statement of cash flows. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Under the amendments in this update, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective for the Company beginning in the first quarter of fiscal 2021 . Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company will early adopt ASU 2017-04 in the third quarter of fiscal 2017 with the annual goodwill impairment tests. The Company does not expect the adoption of ASU 2017-04 will have a significant effect on its financial statements. |
Inventories (Tables)
| Inventories (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Inventory, Net [Abstract] | |
| Components Of Inventory | The components of inventory as of January 31, 2017 and July 31, 2016 , are as follows (in millions): January 31, July 31, Raw materials $ 77.8 $ 92.5 Work in process 25.0 18.4 Finished products 157.6 123.2 Total inventories $ 260.4 $ 234.1 |
Net Earnings Per Share (Tables)
| Net Earnings Per Share (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Earnings Per Share [Abstract] | |
| Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share | Basic and diluted net earnings per share were calculated using the following (in millions, except per share amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net earnings $ 46.5 $ 38.0 $ 104.5 $ 76.5 Weighted average common shares outstanding: Basic 132.9 133.7 133.2 133.8 Dilutive impact of share based awards 1.5 0.7 1.3 0.9 Diluted 134.4 134.4 134.5 134.7 Net earnings per share - basic $ 0.35 $ 0.28 $ 0.78 $ 0.57 Net earnings per share - diluted $ 0.35 $ 0.28 $ 0.78 $ 0.57 |
Goodwill and Other Intangible27
| Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Reconciliation Of Goodwill | The following is a reconciliation of goodwill for the six months ended January 31, 2017 (in millions): Engine Products Industrial Products Total Goodwill Balance as of July 31, 2016 $ 77.3 $ 152.0 $ 229.3 Goodwill acquired 1.1 — 1.1 Foreign exchange translation (0.2 ) (1.5 ) (1.7 ) Balance as of January 31, 2017 $ 78.2 $ 150.5 $ 228.7 |
Warranty (Tables)
| Warranty (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Standard Product Warranty Disclosure [Abstract] | |
| Reconciliation Of Warranty Reserves | Following is a reconciliation of warranty reserves for the six months ended January 31, 2017 and 2016 (in millions): Six Months Ended 2017 2016 Beginning balance $ 11.9 $ 8.6 Accruals for warranties issued during the reporting period 1.5 2.6 Accruals related to pre-existing warranties (including changes in estimates) 3.8 2.7 Less settlements made during the period (2.5 ) (1.7 ) Ending balance $ 14.7 $ 12.2 |
Equity Based Compensation (Tabl
| Equity Based Compensation (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Share-based Compensation [Abstract] | |
| Summary Of Stock Option Activity | The following table summarizes stock option activity during the six months ended January 31, 2017 : Options Outstanding Weighted Average Exercise Price Outstanding as of July 31, 2016 6,822,390 $ 30.09 Granted 888,500 $ 42.65 Exercised (531,438 ) $ 23.65 Canceled (34,447 ) $ 36.60 Outstanding as of January 31, 2017 7,145,005 $ 32.10 |
| Summary Of Information Concerning Outstanding And Exercisable Options | The following table summarizes information concerning outstanding and exercisable options as of January 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price of Outstanding Options Number Exercisable Weighted Average Exercise Price of Exercisable Options $ 0.00 to $17.69 475,245 1.91 $ 17.05 475,245 $ 17.05 $17.70 to $23.69 1,173,588 2.17 $ 21.44 1,173,588 $ 21.44 $23.70 to $29.69 1,584,597 6.70 $ 28.54 985,194 $ 28.83 $29.70 to $35.69 1,432,395 5.35 $ 34.22 1,406,129 $ 34.27 $35.70 and above 2,479,180 8.27 $ 41.08 1,286,423 $ 40.59 7,145,005 5.91 $ 32.10 5,326,579 $ 30.43 |
Employee Benefit Plans (Tables)
| Employee Benefit Plans (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
| Components Of Net Periodic Pension Costs | Net periodic benefit costs for the Company’s pension plans include the following components (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net periodic benefit cost: Service cost $ 2.0 $ 4.5 $ 4.1 $ 9.1 Interest cost 3.4 4.8 6.7 9.5 Expected return on assets (6.6 ) (7.2 ) (13.2 ) (14.5 ) Prior service cost amortization 0.2 0.1 0.4 0.3 Actuarial loss amortization 1.8 2.1 3.6 4.3 Net periodic benefit cost $ 0.8 $ 4.3 $ 1.6 $ 8.7 |
Accumulated Other Comprehensi31
| Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
| Schedule Of Changes In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the three months ended January 31, 2017 and 2016 are as follows (in millions): Foreign Pension Derivative Total Balance as of October 31, 2016, net of tax $ (101.7 ) $ (113.4 ) $ 0.5 $ (214.6 ) Other comprehensive (loss) income before reclassifications and tax (8.4 ) — 0.3 (8.1 ) Tax benefit (expense) — — (0.1 ) (0.1 ) Other comprehensive (loss) income before reclassifications, net of tax (8.4 ) — 0.2 (8.2 ) Reclassifications, before tax — 2.1 (0.7 ) 1.4 Tax benefit (expense) — (0.8 ) 0.2 (0.6 ) Reclassifications, net of tax — 1.3 (b) (0.5 ) (c) 0.8 Other comprehensive (loss) income, net of tax (8.4 ) 1.3 (0.3 ) (7.4 ) Balance as of January 31, 2017, net of tax $ (110.1 ) $ (112.1 ) $ 0.2 $ (222.0 ) Balance as of October 31, 2015, net of tax $ (81.4 ) $ (91.6 ) $ (1.2 ) $ (174.2 ) Other comprehensive (loss) income before reclassifications and tax (18.8 ) (29.7 ) 0.8 (47.7 ) Tax benefit (expense) — 10.7 (0.3 ) 10.4 Other comprehensive (loss) income before reclassifications, net of tax (18.8 ) (19.0 ) 0.5 (37.3 ) Reclassifications, before tax — 3.9 (0.8 ) 3.1 Tax benefit (expense) — (1.2 ) 0.2 (1.0 ) Reclassifications, net of tax — 2.7 (b) (0.6 ) (c) 2.1 Other comprehensive (loss) income, net of tax (18.8 ) (16.3 ) (0.1 ) (35.2 ) Balance as of January 31, 2016, net of tax $ (100.2 ) $ (107.9 ) $ (1.3 ) $ (209.4 ) (a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. (b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 9) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net. Changes in accumulated other comprehensive loss by component for the six months ended January 31, 2017 and 2016 are as follows (in millions): Foreign Pension Derivative Total Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) Other comprehensive (loss) income before reclassifications and tax (20.8 ) — 1.9 (18.9 ) Tax benefit (expense) — — (0.6 ) (0.6 ) Other comprehensive (loss) income before reclassifications, net of tax (20.8 ) — 1.3 (19.5 ) Reclassifications, before tax — 5.5 (0.8 ) 4.7 Tax benefit (expense) — (1.8 ) 0.2 (1.6 ) Reclassifications, net of tax — 3.7 (b) (0.6 ) (c) 3.1 Other comprehensive (loss) income, net of tax (20.8 ) 3.7 0.7 (16.4 ) Balance as of January 31, 2017, net of tax $ (110.1 ) $ (112.1 ) $ 0.2 $ (222.0 ) Balance as of July 31, 2015, net of tax $ (70.8 ) $ (90.6 ) $ (0.6 ) $ (162.0 ) Other comprehensive (loss) income before reclassifications and tax (29.4 ) (38.8 ) (0.4 ) (68.6 ) Tax benefit (expense) — 14.1 0.1 14.2 Other comprehensive (loss) income before reclassifications, net of tax (29.4 ) (24.7 ) (0.3 ) (54.4 ) Reclassifications, before tax — 10.8 (0.5 ) 10.3 Tax benefit (expense) — (3.4 ) 0.1 (3.3 ) Reclassifications, net of tax — 7.4 (b) (0.4 ) (c) 7.0 Other comprehensive (loss) income, net of tax (29.4 ) (17.3 ) (0.7 ) (47.4 ) Balance as of January 31, 2016, net of tax $ (100.2 ) $ (107.9 ) $ (1.3 ) $ (209.4 ) (a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. (b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 9) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net. |
Segment Reporting (Tables)
| Segment Reporting (Tables) | 6 Months Ended |
| Jan. 31, 2017 | |
| Segment Reporting, Measurement Disclosures [Abstract] | |
| Summary Of Segment Detail | Segment detail is summarized as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net Sales Engine Products segment $ 361.9 $ 320.9 $ 715.7 $ 667.5 Industrial Products segment 188.7 196.3 387.9 387.7 Total $ 550.6 $ 517.2 $ 1,103.6 $ 1,055.2 Earnings Before Income Taxes Engine Products segment $ 48.7 $ 27.4 $ 94.1 $ 63.4 Industrial Products segment 24.3 27.7 62.6 51.7 Corporate and Unallocated (6.7 ) (5.7 ) (10.7 ) (12.3 ) Total $ 66.3 $ 49.4 $ 146.0 $ 102.8 |
Summary of Significant Accoun33
| Summary of Significant Accounting Policies - Details (Details) - Accounting Standards Update 2015-03 $ in Millions | Jul. 31, 2016USD ($) |
| Other long-term assets | |
| Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
| Debt finance costs, net | $ (1.6) |
| Long-term debt | |
| Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
| Debt finance costs, net | $ 1.6 |
Acquisitions (Details)
| Acquisitions (Details) - USD ($) $ in Millions | Aug. 31, 2016 | Oct. 31, 2016 |
| Partmo | ||
| Business Acquisition [Line Items] | ||
| Business combination, consideration transferred | $ 12.1 | |
| Business combination, payments to acquire business | 10.9 | |
| Business combination, consideration transferred, payable | $ 1.2 | |
| Business combination, consideration transferred, payable term | 3 years | |
| Northern Technical, L.L.C. | ||
| Business Acquisition [Line Items] | ||
| Business combination, separately recognized transactions, net gains and losses | $ 6.8 |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Millions | Jan. 31, 2017 | Jul. 31, 2016 |
| Inventory, Net [Abstract] | ||
| Raw materials | $ 77.8 | $ 92.5 |
| Work in process | 25 | 18.4 |
| Finished products | 157.6 | 123.2 |
| Total inventories | $ 260.4 | $ 234.1 |
Net Earnings Per Share (Narrati
| Net Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Earnings Per Share [Abstract] | ||||
| Options excluded from the diluted net earnings per share calculation | 1.6 | 4.2 | 1.6 | 3.4 |
Net Earnings Per Share (Schedul
| Net Earnings Per Share (Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Earnings Per Share [Abstract] | ||||
| Net earnings | $ 46.5 | $ 38 | $ 104.5 | $ 76.5 |
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 132.9 | 133.7 | 133.2 | 133.8 |
| Dilutive impact of share based awards (in shares) | 1.5 | 0.7 | 1.3 | 0.9 |
| Diluted (in shares) | 134.4 | 134.4 | 134.5 | 134.7 |
| Basic earnings per share (in usd per share) | $ 0.35 | $ 0.28 | $ 0.78 | $ 0.57 |
| Diluted net earnings per share (in usd per share) | $ 0.35 | $ 0.28 | $ 0.78 | $ 0.57 |
Goodwill and Other Intangible38
| Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 6 Months Ended | |
| Jan. 31, 2017 | Jul. 31, 2016 | |
| Indefinite-lived Intangible Assets [Line Items] | ||
| Goodwill impairment | $ 0 | |
| Goodwill | 228,700,000 | $ 229,300,000 |
| Intangible assets, net | 40,100,000 | $ 38,500,000 |
| Amortization of existing intangible assets | 2,900,000 | |
| Partmo | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Amount of finite-lived intangibles acquired | $ 4,700,000 | |
| Customer Relationships | Partmo | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Acquired finite-lived intangible assets, weighted average useful life | 20 years | |
| Trade Names | Partmo | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Acquired finite-lived intangible assets, weighted average useful life | 10 years |
Goodwill and Other Intangible39
| Goodwill and Other Intangible Assets (Reconciliation Of Goodwill) (Details) $ in Millions | 6 Months Ended |
| Jan. 31, 2017USD ($) | |
| Goodwill [Roll Forward] | |
| Balance as of July 31, 2016 | $ 229.3 |
| Goodwill acquired | 1.1 |
| Foreign exchange translation | (1.7) |
| Balance as of January 31, 2017 | 228.7 |
| Operating Segments | Engine Products | |
| Goodwill [Roll Forward] | |
| Balance as of July 31, 2016 | 77.3 |
| Goodwill acquired | 1.1 |
| Foreign exchange translation | (0.2) |
| Balance as of January 31, 2017 | 78.2 |
| Operating Segments | Industrial Products segment | |
| Goodwill [Roll Forward] | |
| Balance as of July 31, 2016 | 152 |
| Goodwill acquired | 0 |
| Foreign exchange translation | (1.5) |
| Balance as of January 31, 2017 | $ 150.5 |
Warranty (Details)
| Warranty (Details) - USD ($) $ in Millions | 6 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
| Beginning balance | $ 11.9 | $ 8.6 |
| Accruals for warranties issued during the reporting period | 1.5 | 2.6 |
| Accruals related to pre-existing warranties (including changes in estimates) | 3.8 | 2.7 |
| Less settlements made during the period | (2.5) | (1.7) |
| Ending balance | $ 14.7 | $ 12.2 |
Restructuring Charges (Details)
| Restructuring Charges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Jul. 31, 2016 | |
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | $ 0 | $ 1,000,000 | $ 0 | $ 8,500,000 | |
| Restructuring reserve | 0 | $ 0 | $ 0 | ||
| Cost of Sales | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | 900,000 | 4,100,000 | |||
| Operating Expense | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | 100,000 | 4,400,000 | |||
| Engine Products | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | $ 1,000,000 | $ 6,000,000 | |||
| Industrial Filtration Solutions Products | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | $ 2,500,000 | ||||
Equity Based Compensation (Narr
| Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Options granted (in shares) | 888,500 | |||
| Options granted, grant date fair value (in usd per share) | $ 10.09 | $ 7.08 | ||
| Pre-tax stock-based compensation expense associated with stock options | $ 3.8 | $ 3.3 | $ 4.9 | $ 4.4 |
| Tax benefit associated with stock options | 1.3 | $ 1.1 | 1.6 | 1.4 |
| Total intrinsic value of options exercised | 8.6 | $ 4.5 | ||
| Aggregate intrinsic value of options outstanding | 73 | 73 | ||
| Aggregate intrinsic value of options exercisable | 63.1 | 63.1 | ||
| 2010 Master Stock Incentive Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Unrecognized compensation expense related to non-vested stock options granted | $ 10 | $ 10 | ||
Equity Based Compensation (Summ
| Equity Based Compensation (Summary Of Stock Option Activity) (Details) | 6 Months Ended |
| Jan. 31, 2017$ / sharesshares | |
| Options Outstanding | |
| Outstanding at July 31, 2016 | shares | 6,822,390 |
| Granted | shares | 888,500 |
| Exercised | shares | (531,438) |
| Canceled | shares | (34,447) |
| Outstanding at January 31, 2017 | shares | 7,145,005 |
| Weighted Average Exercise Price | |
| Weighted Average Exercise Price, Beginning Balance (in usd per share) | $ / shares | $ 30.09 |
| Weighted Average Exercise Price, Granted (in usd per share) | $ / shares | 42.65 |
| Weighted Average Exercise Price, Exercised (in usd per share) | $ / shares | 23.65 |
| Weighted Average Exercise Price, Canceled (in usd per share) | $ / shares | 36.60 |
| Weighted Average Exercise Price, Ending Balance (in usd per share) | $ / shares | $ 32.10 |
Equity Based Compensation (Su44
| Equity Based Compensation (Summary Of Information Concerning Outstanding And Exercisable Options) (Details) - $ / shares | 6 Months Ended | |
| Jan. 31, 2017 | Jul. 31, 2016 | |
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Number Outstanding (in shares) | 7,145,005 | 6,822,390 |
| Weighted Average Remaining Contractual Life (Years) | 5 years 10 months 28 days | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 32.10 | |
| Number Exercisable (in shares) | 5,326,579 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 30.43 | |
| $ 0.00 to $17.69 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Range of Exercise Prices, lower range (in usd per share) | 0 | |
| Range of Exercise Prices, upper range (in usd per share) | $ 17.69 | |
| Number Outstanding (in shares) | 475,245 | |
| Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 28 days | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 17.05 | |
| Number Exercisable (in shares) | 475,245 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 17.05 | |
| $17.70 to $23.69 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Range of Exercise Prices, lower range (in usd per share) | 17.70 | |
| Range of Exercise Prices, upper range (in usd per share) | $ 23.69 | |
| Number Outstanding (in shares) | 1,173,588 | |
| Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 1 day | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 21.44 | |
| Number Exercisable (in shares) | 1,173,588 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 21.44 | |
| $23.70 to $29.69 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Range of Exercise Prices, lower range (in usd per share) | 23.70 | |
| Range of Exercise Prices, upper range (in usd per share) | $ 29.69 | |
| Number Outstanding (in shares) | 1,584,597 | |
| Weighted Average Remaining Contractual Life (Years) | 6 years 8 months 12 days | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 28.54 | |
| Number Exercisable (in shares) | 985,194 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 28.83 | |
| $29.70 to $35.69 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Range of Exercise Prices, lower range (in usd per share) | 29.70 | |
| Range of Exercise Prices, upper range (in usd per share) | $ 35.69 | |
| Number Outstanding (in shares) | 1,432,395 | |
| Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 6 days | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 34.22 | |
| Number Exercisable (in shares) | 1,406,129 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 34.27 | |
| $35.70 and above | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Range of Exercise Prices, lower range (in usd per share) | $ 35.70 | |
| Number Outstanding (in shares) | 2,479,180 | |
| Weighted Average Remaining Contractual Life (Years) | 8 years 3 months 7 days | |
| Weighted Average Exercise Price of Outstanding Options (in usd per share) | $ 41.08 | |
| Number Exercisable (in shares) | 1,286,423 | |
| Weighted Average Exercise Price of Exercisable Options (in usd per share) | $ 40.59 |
Employee Benefit Plans (Narrati
| Employee Benefit Plans (Narrative) (Details) $ in Millions | Aug. 01, 2016 | Jan. 31, 2017USD ($)plan |
| Defined Benefit Plan Disclosure [Line Items] | ||
| Number of U.S. plans | plan | 2 | |
| Annual company retirement contribution in addition to 401 (k) match, percent | 3.00% | |
| Non-U.S. Pension Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Company contributions | $ 0.9 | |
| Additional future contribution towards pension plans for the remainder of Fiscal 2017 | 2.4 | |
| U.S. Pension Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Company contributions | 1.3 | |
| Estimated future contributions to pension plans | $ 9.7 |
Employee Benefit Plans (Compone
| Employee Benefit Plans (Components Of Net Periodic Pension Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Net periodic benefit cost: | ||||
| Service cost | $ 2 | $ 4.5 | $ 4.1 | $ 9.1 |
| Interest cost | 3.4 | 4.8 | 6.7 | 9.5 |
| Expected return on assets | (6.6) | (7.2) | (13.2) | (14.5) |
| Prior service cost amortization | 0.2 | 0.1 | 0.4 | 0.3 |
| Actuarial loss amortization | 1.8 | 2.1 | 3.6 | 4.3 |
| Net periodic benefit cost | $ 0.8 | $ 4.3 | $ 1.6 | $ 8.7 |
Income Taxes (Details)
| Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Income Tax Disclosure [Abstract] | ||||
| Effective tax rate | 29.80% | 23.00% | 28.40% | 25.60% |
| Unrecognized tax benefits | $ 17,800,000 | $ 17,800,000 | ||
| Accrued interest and penalties on unrecognized tax benefits | $ 2,000,000 | $ 2,000,000 | ||
| Statute of limitations period, average, years | 5 years | |||
| Maximum possible reduction in amount of unrecognized tax benefits | $ 1,300,000 | |||
| Unrecognized tax benefits potential expiration period | 12 months | |||
Shareholders' Equity (Narrative
| Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 03, 2017 | Jan. 27, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | May 29, 2015 |
| Dividends Payable [Line Items] | |||||||
| Cash dividend declared per common share (in usd per share) | $ 0.175 | ||||||
| Dividends paid per share (in usd per share) | $ 0.175 | $ 0.170 | $ 0.350 | $ 0.340 | |||
| Number of shares authorized to be repurchased | 14,000,000 | ||||||
| Stock repurchased during the period (in shares) | 1,400,000 | ||||||
| Stock repurchased during the period, value | $ 51.8 | ||||||
| Average price per share (in usd per share) | $ 37.56 | ||||||
| Shares with remaining authorization for repurchase under stock repurchase plan (in shares) | 9,100,000 | 9,100,000 | |||||
| Scenario, Forecast | |||||||
| Dividends Payable [Line Items] | |||||||
| Dividends paid per share (in usd per share) | $ 0.175 |
Accumulated Other Comprehensi49
| Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
| Beginning Balance | $ 771.4 | |||
| Ending Balance | $ 780.7 | 780.7 | ||
| Foreign Currency Translation Adjustment | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
| Beginning Balance | (101.7) | $ (81.4) | (89.3) | $ (70.8) |
| Other comprehensive (loss) income before reclassifications and tax | (8.4) | (18.8) | (20.8) | (29.4) |
| Tax benefit (expense) | 0 | 0 | 0 | 0 |
| Other comprehensive (loss) income before reclassifications, net of tax | (8.4) | (18.8) | (20.8) | (29.4) |
| Reclassifications, before tax | 0 | 0 | 0 | 0 |
| Tax benefit (expense) | 0 | 0 | 0 | 0 |
| Reclassifications, net of tax | 0 | 0 | 0 | 0 |
| Other comprehensive (loss) income, net of tax | (8.4) | (18.8) | (20.8) | (29.4) |
| Ending Balance | (110.1) | (100.2) | (110.1) | (100.2) |
| Pension Benefits | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
| Beginning Balance | (113.4) | (91.6) | (115.8) | (90.6) |
| Other comprehensive (loss) income before reclassifications and tax | 0 | (29.7) | 0 | (38.8) |
| Tax benefit (expense) | 0 | 10.7 | 0 | 14.1 |
| Other comprehensive (loss) income before reclassifications, net of tax | 0 | (19) | 0 | (24.7) |
| Reclassifications, before tax | 2.1 | 3.9 | 5.5 | 10.8 |
| Tax benefit (expense) | (0.8) | (1.2) | (1.8) | (3.4) |
| Reclassifications, net of tax | 1.3 | 2.7 | 3.7 | 7.4 |
| Other comprehensive (loss) income, net of tax | 1.3 | (16.3) | 3.7 | (17.3) |
| Ending Balance | (112.1) | (107.9) | (112.1) | (107.9) |
| Derivative Financial Instruments | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
| Beginning Balance | 0.5 | (1.2) | (0.5) | (0.6) |
| Other comprehensive (loss) income before reclassifications and tax | 0.3 | 0.8 | 1.9 | (0.4) |
| Tax benefit (expense) | (0.1) | (0.3) | (0.6) | 0.1 |
| Other comprehensive (loss) income before reclassifications, net of tax | 0.2 | 0.5 | 1.3 | (0.3) |
| Reclassifications, before tax | (0.7) | (0.8) | (0.8) | (0.5) |
| Tax benefit (expense) | 0.2 | 0.2 | 0.2 | 0.1 |
| Reclassifications, net of tax | (0.5) | (0.6) | (0.6) | (0.4) |
| Other comprehensive (loss) income, net of tax | (0.3) | (0.1) | 0.7 | (0.7) |
| Ending Balance | 0.2 | (1.3) | 0.2 | (1.3) |
| Total | ||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
| Beginning Balance | (214.6) | (174.2) | (205.6) | (162) |
| Other comprehensive (loss) income before reclassifications and tax | (8.1) | (47.7) | (18.9) | (68.6) |
| Tax benefit (expense) | (0.1) | 10.4 | (0.6) | 14.2 |
| Other comprehensive (loss) income before reclassifications, net of tax | (8.2) | (37.3) | (19.5) | (54.4) |
| Reclassifications, before tax | 1.4 | 3.1 | 4.7 | 10.3 |
| Tax benefit (expense) | (0.6) | (1) | (1.6) | (3.3) |
| Reclassifications, net of tax | 0.8 | 2.1 | 3.1 | 7 |
| Other comprehensive (loss) income, net of tax | (7.4) | (35.2) | (16.4) | (47.4) |
| Ending Balance | $ (222) | $ (209.4) | $ (222) | $ (209.4) |
Guarantees (Details)
| Guarantees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Jul. 31, 2016 | |
| Guarantor Obligations [Line Items] | |||||
| Contingent liability for standby letters of credit, issued and outstanding | $ 9,100,000 | $ 9,100,000 | $ 7,300,000 | ||
| Amount drawn upon letters of credit | 0 | 0 | |||
| Advanced Filtration Systems, Inc. | |||||
| Guarantor Obligations [Line Items] | |||||
| Outstanding debt of joint venture | 23,000,000 | 23,000,000 | |||
| Joint venture investment earnings (loss) | 300,000 | $ (100,000) | 900,000 | $ (1,200,000) | |
| Royalty income | $ 1,400,000 | $ 800,000 | $ 2,700,000 | $ 2,600,000 | |
Segment Reporting (Narrative) (
| Segment Reporting (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
| Jan. 31, 2017customer | Jan. 31, 2016customer | Jan. 31, 2017customersegment | Jan. 31, 2016customer | Jul. 31, 2016customer | |
| Segment Reporting, Measurement Disclosures [Abstract] | |||||
| Number of reportable segments | segment | 2 | ||||
| Number of customers accounting for over ten percent of net sales | 0 | 0 | 0 | 0 | |
| Number of customers accounting for over ten percent of gross accounts receivable | 0 | 0 | 0 | ||
Segment Reporting (Summary Of S
| Segment Reporting (Summary Of Segment Detail) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Segment Reporting Information [Line Items] | ||||
| Net sales | $ 550.6 | $ 517.2 | $ 1,103.6 | $ 1,055.2 |
| Earnings Before Income Taxes | 66.3 | 49.4 | 146 | 102.8 |
| Operating Segments | Engine Products segment | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 361.9 | 320.9 | 715.7 | 667.5 |
| Earnings Before Income Taxes | 48.7 | 27.4 | 94.1 | 63.4 |
| Operating Segments | Industrial Products segment | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 188.7 | 196.3 | 387.9 | 387.7 |
| Earnings Before Income Taxes | 24.3 | 27.7 | 62.6 | 51.7 |
| Corporate, Non-Segment | Corporate and Unallocated | ||||
| Segment Reporting Information [Line Items] | ||||
| Earnings Before Income Taxes | $ (6.7) | $ (5.7) | $ (10.7) | $ (12.3) |
Fair Value Measurements (Detail
| Fair Value Measurements (Details) - Long-term debt $ in Millions | Jan. 31, 2017USD ($) |
| Debt Instrument [Line Items] | |
| Debt instrument, fair value disclosure | $ 377.6 |
| Long-term debt, gross | $ 375 |