Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Sep. 20, 2017 | Jan. 31, 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-K | ||
Document Period End Date | Jul. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 129,904,887 | ||
Entity Public Float | $ 5,521,028,309 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 2,371.9 | $ 2,220.3 | $ 2,371.2 |
Cost of sales | 1,548.8 | 1,465.5 | 1,562.6 |
Gross profit | 823.1 | 754.8 | 808.6 |
Selling, general and administrative | 439.8 | 425.1 | 460.1 |
Research and development | 54.7 | 55.5 | 60.2 |
Operating income | 328.6 | 274.2 | 288.3 |
Other income, net | (12.9) | (3.9) | (15.5) |
Interest expense | 19.5 | 20.7 | 15.2 |
Earnings before income taxes | 322 | 257.4 | 288.6 |
Income taxes | 89.2 | 66.6 | 80.5 |
Net earnings | $ 232.8 | $ 190.8 | $ 208.1 |
Weighted average shares – basic (in shares) | 132.6 | 133.8 | 137.8 |
Weighted average shares – diluted (in shares) | 134.1 | 134.8 | 139.4 |
Net earnings per share – basic (in dollars per share) | $ 1.76 | $ 1.43 | $ 1.51 |
Net earnings per share – diluted (in dollars per share) | 1.74 | 1.42 | 1.49 |
Cash dividends paid per share (in dollars per share) | $ 0.700 | $ 0.685 | $ 0.665 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net earnings | $ 68.2 | $ 60.1 | $ 46.5 | $ 58 | $ 59.5 | $ 54.8 | $ 38 | $ 38.5 | $ 232.8 | $ 190.8 | $ 208.1 |
Other comprehensive income (loss) | |||||||||||
Foreign currency translation income (loss) | 30.5 | (18.5) | (119.1) | ||||||||
Pension liability adjustment, net of deferred taxes of $(11.2), $14.4 and $(0.2), respectively | 20.7 | (25.2) | 3.4 | ||||||||
(Loss) gain on hedging derivatives, net of deferred taxes of $1.2, $(0.1) and $0.4, respectively | (2.6) | 0.1 | (0.5) | ||||||||
Net other comprehensive income (loss) | 48.6 | (43.6) | (116.2) | ||||||||
Comprehensive income | $ 281.4 | $ 147.2 | $ 91.9 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Pension and postretirement liability adjustment, deferred taxes | $ (11.2) | $ 14.4 | $ (0.2) |
(Loss) gain on hedging derivatives, deferred taxes | $ 1.2 | $ (0.1) | $ 0.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 308.4 | $ 243.2 |
Accounts receivable, less allowance of $8.7 and $8.6, respectively | 497.7 | 452.4 |
Inventories, net | 293.5 | 234.1 |
Deferred income taxes | 29 | |
Prepaids and other current assets | 51.4 | 51 |
Total current assets | 1,151 | 1,009.7 |
Property, plant and equipment, net | 484.6 | 469.8 |
Goodwill | 238.1 | 229.3 |
Intangible assets, net | 40.6 | 38.5 |
Deferred income taxes | 30.3 | |
Deferred income taxes | 7.8 | |
Other long-term assets | 35.1 | 31.9 |
Total assets | 1,979.7 | 1,787 |
Current liabilities: | ||
Short-term borrowings | 23.3 | 165.5 |
Current maturities of long-term debt | 50.6 | 51.2 |
Trade accounts payable | 194 | 143.3 |
Accrued employee compensation and related taxes | 100 | 61 |
Accrued liabilities | 31.1 | 37.5 |
Other current liabilities | 85.1 | 85.3 |
Total current liabilities | 484.1 | 543.8 |
Long-term debt | 537.3 | 350.2 |
Deferred income taxes | 3.6 | |
Deferred income taxes | 3.1 | |
Other long-term liabilities | 100.2 | 118.5 |
Total liabilities | 1,125.2 | 1,015.6 |
Commitments and contingencies (Note 17) | ||
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 | 1,041.2 | 905.1 |
Non-controlling interest | 4.4 | 4 |
Stock compensation plans | 15.7 | 16.7 |
Accumulated other comprehensive loss | (157) | (205.6) |
Treasury stock, 21,037,353 and 18,750,503 shares, respectively, at cost | (808) | (707) |
Total shareholders’ equity | 854.5 | 771.4 |
Total liabilities and shareholders’ equity | $ 1,979.7 | $ 1,787 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 8.7 | $ 8.6 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, share authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, shares issued (in shares) | 151,643,194 | 151,643,194 |
Treasury stock, shares (in shares) | 21,037,353 | 18,750,503 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Operating Activities | |||
Net earnings | $ 232.8 | $ 190.8 | $ 208.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 75.2 | 74.9 | 74.3 |
Equity in earnings of affiliates, net of distributions | (0.5) | (0.3) | (1.1) |
Deferred income taxes | (10.6) | (3.3) | (5.6) |
Tax benefit of equity plans | (4.9) | (2.7) | (6.8) |
Stock compensation plan expense | 9.1 | 7.3 | 10.7 |
Other, net | 5.1 | 11.7 | 25.1 |
Changes in operating assets and liabilities, excluding effect of acquired businesses | |||
Accounts receivable | (31.8) | 8.5 | (20.7) |
Inventories | (42.4) | 29.1 | (26.2) |
Prepaids and other current assets | 12.8 | 0.8 | (27.8) |
Trade accounts payable and other accrued expenses | 65.5 | (30.7) | (17.2) |
Net cash provided by operating activities | 310.3 | 286.1 | 212.8 |
Investing Activities | |||
Purchases of property, plant and equipment | (65.9) | (72.9) | (93.8) |
Proceeds from sale of property, plant and equipment | 2.4 | 2.2 | 0.2 |
Purchases of short-term investments | 0 | 0 | (27) |
Proceeds from sale of short-term investments | 0 | 28 | 114.5 |
Acquisitions, net of cash acquired | (32.2) | (12.9) | (105.6) |
Net cash used in investing activities | (95.7) | (55.6) | (111.7) |
Financing Activities | |||
Proceeds from long-term debt | 0 | 9.6 | 150 |
Purchases of short-term investments | (81.7) | (1.4) | (4.2) |
Change in short-term borrowings | 129.2 | (23.6) | 2.8 |
Purchase of treasury stock | (140.4) | (84.3) | (256.3) |
Dividends paid | (92.4) | (91.2) | (91.2) |
Tax benefit of equity plans | 4.9 | 2.7 | 6.8 |
Exercise of stock options | 22.7 | 13.2 | 13.1 |
Net cash used in financing activities | (157.7) | (175) | (179) |
Effect of exchange rate changes on cash | 8.3 | (2.2) | (28.6) |
Increase (decrease) in cash and cash equivalents | 65.2 | 53.3 | (106.5) |
Cash and cash equivalents, beginning of year | 243.2 | 189.9 | 296.4 |
Cash and cash equivalents, end of year | 308.4 | 243.2 | 189.9 |
Supplemental Cash Flow Information | |||
Income taxes | 88 | 67.8 | 85.6 |
Interest | $ 19.9 | $ 19.7 | $ 14.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Non- Controlling Interest | Stock Compensation Plans | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Jul. 31, 2014 | $ 1,002.4 | $ 758.2 | $ 0 | $ 702.4 | $ 0 | $ 19.6 | $ (45.8) | $ (432) |
Comprehensive income | ||||||||
Net earnings | 208.1 | 208.1 | ||||||
Foreign currency translation | (119.1) | (119.1) | ||||||
Pension liability adjustment, net of deferred taxes | 3.4 | 3.4 | ||||||
Gain (loss) on hedging derivatives, net of deferred taxes | (0.5) | (0.5) | ||||||
Comprehensive income | 91.9 | |||||||
Purchase of IFIL | 3.9 | 3.9 | ||||||
Treasury stock acquired | (256.3) | (256.3) | ||||||
Stock options exercised | 11.4 | (5.7) | (13.1) | 30.2 | ||||
Deferred stock and other activity | (0.7) | (1.9) | (0.7) | (1.1) | 3 | |||
Performance awards | (0.2) | (0.1) | (0.1) | (0.6) | 0.6 | |||
Stock option expense | 9.5 | 9.5 | ||||||
Tax reduction - employee plans | 7.7 | 7.7 | ||||||
Dividends | (90.9) | (90.9) | ||||||
Ending Balance at Jul. 31, 2015 | 778.7 | 758.2 | 0 | 815.2 | 3.9 | 17.9 | (162) | (654.5) |
Comprehensive income | ||||||||
Net earnings | 190.8 | 190.8 | ||||||
Foreign currency translation | (18.5) | (18.5) | ||||||
Pension liability adjustment, net of deferred taxes | (25.2) | (25.2) | ||||||
Gain (loss) on hedging derivatives, net of deferred taxes | 0.1 | 0.1 | ||||||
Comprehensive income | 147.2 | |||||||
Treasury stock acquired | (84.3) | (84.3) | ||||||
Stock options exercised | 12.9 | (1.4) | (14.7) | 29 | ||||
Deferred stock and other activity | (0.8) | (1.3) | (1.4) | 0.1 | (0.7) | 2.5 | ||
Performance awards | (0.2) | (0.5) | 0.3 | |||||
Stock option expense | 6.7 | 6.7 | ||||||
Tax reduction - employee plans | 2.7 | 2.7 | ||||||
Dividends | (91.5) | (91.5) | ||||||
Ending Balance at Jul. 31, 2016 | 771.4 | 758.2 | 0 | 905.1 | 4 | 16.7 | (205.6) | (707) |
Comprehensive income | ||||||||
Net earnings | 232.8 | 232.8 | ||||||
Foreign currency translation | 30.5 | 30.5 | ||||||
Pension liability adjustment, net of deferred taxes | 20.7 | 20.7 | ||||||
Gain (loss) on hedging derivatives, net of deferred taxes | (2.6) | (2.6) | ||||||
Comprehensive income | 281.4 | |||||||
Treasury stock acquired | (140.4) | (140.4) | ||||||
Stock options exercised | 22.2 | (3.4) | (10.2) | 35.8 | ||||
Deferred stock and other activity | (0.2) | (1.9) | (1.4) | 0.4 | (0.8) | 3.5 | ||
Performance awards | (0.1) | (0.2) | 0.1 | |||||
Stock option expense | 7.5 | 7.5 | ||||||
Tax reduction - employee plans | 5.3 | 5.3 | ||||||
Dividends | (92.6) | (92.6) | ||||||
Ending Balance at Jul. 31, 2017 | $ 854.5 | $ 758.2 | $ 0 | $ 1,041.2 | $ 4.4 | $ 15.7 | $ (157) | $ (808) |
Consolidated Statements Of Cha9
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends, per share (in dollars per share) | $ 0.180 | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.69 | $ 0.67 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business Donaldson is a worldwide manufacturer of filtration systems and replacement parts. The Company’s core strengths are leading filtration technology, strong customer relationships and its global presence. Products are manufactured at 44 plants around the world and through three joint ventures. Products are sold to OEMs, distributors, dealers and directly to end users. Principles of Consolidation The Consolidated Financial Statements include the accounts of Donaldson Company, Inc. and all of its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s three joint ventures are not majority-owned and are accounted for under the equity method. Certain reclassifications to previously reported financial information have been made to conform to the current period presentation. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Foreign Currency Translation For most foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at year-end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss in the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the year. Foreign currency transaction gains (losses) are included in other income, net in the Consolidated Statements of Earnings and were $(4.0) million , $(4.7) million and $2.1 million in the years ended July 31, 2017, 2016 and 2015 , respectively. Cash Equivalents The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost that approximates market value. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience in the industry, regional economic data and evaluation of specific customer accounts for risk of loss. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by reporting unit and geographic region. Account balances are reserved when the Company determines it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. Inventories Inventories are stated at the lower of cost or market. U.S. inventories are valued using the last-in, first-out (LIFO) method while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO were approximately 27.2% and 29.0% of total inventories at July 31, 2017 and 2016 , respectively. For inventories valued under the LIFO method, the FIFO cost exceeded the LIFO carrying values by $37.1 million and $39.8 million at July 31, 2017 and 2016 , respectively. Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory. Property, Plant and Equipment Property, plant and equipment are stated at cost. Additions, improvements or major renewals are capitalized while expenditures that do not enhance or extend the asset’s useful life are charged to expense as incurred. Depreciation is computed using the straight-line method. Depreciation expense was $68.8 million , $68.8 million and $66.9 million in the years ended July 31, 2017, 2016 and 2015 , respectively. The estimated useful lives of property, plant and equipment are ten to forty years for buildings, including building improvements, and three to ten years for machinery and equipment. Internal-Use Software The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of machinery and equipment within property, plant and equipment. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Other intangible assets, comprised of customer relationships and lists, patents, trademarks and technology, are amortized on a straight-line basis over their estimated useful lives of three to twenty years. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The impairment assessment for goodwill is done at a reporting unit level. Reporting units are one level below the operating segment level but can be combined when reporting units within the same operating segment have similar economic characteristics. An impairment loss would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. Recoverability of Long-Lived Assets The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the fair market value. The Company recorded an impairment charge of $2.9 million in fiscal 2016 for a partially completed facility in Xuzhou, China. There were no impairment charges recorded in fiscal 2017 or fiscal 2015 . Income Taxes The provision for income taxes is computed based on the pretax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are anticipated to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. The Company maintains a reserve for uncertain tax benefits. Benefits of tax return positions are recognized in the financial statements when the position is “more-likely-than-not” to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that in the Company’s judgment is greater than 50% likely to be realized. Treasury Stock Repurchased common stock is stated at cost (determined on an average cost basis) and is presented as a reduction of shareholders’ equity. Research and Development Expense Research and development expenses include basic scientific research and the application of scientific advances to the development of new and improved products and their uses and are charged against earnings in the year incurred. Shipping and Handling Shipping and handling costs of $61.4 million , $56.3 million and $63.2 million are classified as a component of selling, general and administrative expenses for the years ended July 31, 2017, 2016 and 2015 , respectively. Equity Based Compensation The Company offers stock-based employee compensation plans, which are more fully described in Note 10. Stock-based employee compensation expense is recognized using the fair-value method for all awards. Revenue Recognition The Company sells a wide range of filtration solutions into many industries around the globe. Revenue is recognized when both product ownership and the risk of loss have transferred to the customer, the Company has no remaining obligations, the selling price is fixed and determinable and collectability is reasonably assured. The vast majority of the Company’s sales contracts are for standard products with product ownership and risk of loss transferring to the customer when the product has shipped, at which point revenue is recognized. Although less common, the Company does have sales contracts with customers requiring product ownership and risk of loss to transfer at the customer’s location. For these non-standard terms, the Company defers revenue on these product sales until the product has been delivered. For the Company’s Gas Turbine Systems sales, which typically consist of multiple shipments of components that will comprise the entire Gas Turbine Systems project, the Company must carefully monitor the transfer of title related to each portion of a system sale. The Company defers revenue recognition until product ownership and risk of loss has transferred to the customer for all components and when all terms specified in the contract are met, which may include requirements such as the Company delivering technical documentation to the customer or a quality inspection approved by the customer. In limited circumstances, the Company enters into sales contracts that involve multiple elements (such as equipment, replacement filter elements and installation services). In these instances, the Company determines if the multiple elements in the arrangement represent separate units of accounting. If separate units of accounting exist, the price of the entire arrangement is allocated to the separate units of account using the Company’s best estimate of relative selling price if the unit of account was sold separately. Revenue is then recognized separately for each unit of account when the criteria for revenue recognition have been met. Additionally, the Company records estimated discounts and rebates offered to customers as a reduction of sales in the same period revenue is recognized. Product Warranties The Company provides for estimated warranty expense at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues. For a reconciliation of warranty reserves, see Note 8. Derivative Instruments and Hedging Activities The Company recognizes all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges are adjusted to fair value through income. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive loss until the hedged item is recognized. Gains or losses related to the ineffective portion of any hedge are recognized through earnings in the current period. New Accounting Standards Recently Adopted In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 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 Consolidated Balance Sheet. The Consolidated Balance Sheet as of July 31, 2017 is also presented in accordance with the guidance of this new standard. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): 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 and did not have an impact on its Consolidated Financial Statements but did result in additional disclosures in Note 11. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends (Topic 805) Business Combinations . 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 and did not have an 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 , which amended the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified balance sheet. 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 balance sheet. 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 of fiscal 2017 , which affected the Company's classification of deferred tax assets and liabilities on the Consolidated Balance Sheets presented. Consistent with the prospective method of adopting this new standard, the Company did not reclassify deferred tax assets and liabilities on its July 31, 2016 Consolidated Balance Sheet. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (ASU 2017-04). 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 adopted ASU 2017-04 in the third quarter of fiscal 2017 with its annual goodwill impairment tests. The adoption of ASU 2017-04 did not have an impact on the Company's Consolidated Financial Statements. New Accounting Standards Not Yet Adopted In May 2014, the FASB issued 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 adoption 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 has begun an evaluation of the impact of the adoption of the standard on its Consolidated Financial Statements. A project team has been established and will be conducting surveys of the reporting units and performing revenue contract analyses to gather information and identify where potential differences could result in applying the requirements of the new standard. Based on the results of the surveys and contract analyses, the Company will assess the financial impact of the new standard on its Consolidated Financial Statements and determine the method of adoption. 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 value rather than the lower of cost or market. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018 . The Company does not expect the adoption of ASU 2015-11 will have a material 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 . 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 material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (ASU 2017-01). The new guidance provides a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application and make the definition of a business more operable. ASU 2017-01 is effective for the Company beginning in the first quarter of fiscal 2019 . The Company does not expect the application of ASU 2017-01 will have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715) (ASU 2017-07). The new guidance requires employers to disaggregate and present separately the current service cost component from the other components of net benefit cost within the consolidated statement of earnings. ASU 2017-07 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2017-07 on its Consolidated Statements of Earnings. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) (ASU 2017-09). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2017-09 on its Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On May 1, 2017, the Company acquired 100% of the shares of Hy-Pro Corporation (Hy-Pro). Hy-Pro designs and manufactures filtration systems and replacement filters for stationary hydraulic and industrial lubrication applications. Hy-Pro has manufacturing locations in Anderson, Indiana and Vancouver, Washington. Total consideration for the transaction was $22.7 million . The purchase price allocation is preliminary pending the outcome of the final valuation of the net assets acquired. 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 total consideration for the transaction was $12.1 million . For the two acquisitions that occurred in fiscal 2017, the Company acquired $19.5 million of net tangible assets, $8.6 million of intangible assets that had estimated useful lives ranging from seven to twenty years at the time of acquisition and $ 6.7 million of goodwill. On August 31, 2015 , the Company acquired 100% of the shares of Engineered Products Company (EPC), a leading designer and manufacturer of indicators, gauges, switches and sensors for engine air and liquid filtration systems. On June 30, 2015 , the Company acquired a majority stake in IFIL USA, a manufacturer of pleated bag filters for industrial dust collection. On September 30, 2014 , the Company acquired 100% of the voting interest of Northern Technical, L.L.C. (Northern Technical), a manufacturer of gas turbine inlet air filtration systems and replacement filters. During fiscal 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. 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. Pro forma financial information for these acquisitions have not been presented because they are not material to the Company's consolidated results of operations. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information The components of inventory are as follows (in millions): July 31, 2017 2016 Raw materials $ 96.3 $ 92.5 Work in process 19.7 18.4 Finished products 177.5 123.2 Net inventories $ 293.5 $ 234.1 The components of property, plant and equipment are as follows (in millions): July 31, 2017 2016 Land $ 20.6 $ 20.0 Buildings 292.5 280.4 Machinery and equipment 866.8 810.9 Construction in progress 48.9 39.3 Less: accumulated depreciation (744.2 ) (680.8 ) Net property, plant and equipment $ 484.6 $ 469.8 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 related to stock options and stock incentive plans. Certain outstanding options are excluded from the diluted net earnings per share calculations because their exercise prices are greater than the average market price of the Company’s common stock during those periods. Options excluded from the diluted net earnings per share calculation were 1,030,050 , 3,164,159 and 977,824 for the years ended July 31, 2017, 2016 and 2015 , respectively. The following table presents the information necessary to calculate basic and diluted earnings per share (in millions, except per share amounts): Year Ended July 31, 2017 2016 2015 Net earnings for basic and diluted earnings per share computation $ 232.8 $ 190.8 $ 208.1 Weighted average common shares – basic 132.6 133.8 137.8 Dilutive impact of stock-based awards 1.5 1.0 1.6 Weighted average common shares – diluted 134.1 134.8 139.4 Net earnings per share: Basic $ 1.76 $ 1.43 $ 1.51 Diluted $ 1.74 $ 1.42 $ 1.49 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company has allocated goodwill to reporting units within its Engine Products and Industrial Products segments. During the years ended July 31, 2017 and 2016 , the Company acquired Hy-Pro on May 1, 2017, Partmo on August 31, 2016 and EPC on August 31, 2015 and recorded goodwill for these transactions. See Note 2 for additional discussion of acquisitions. There was no disposition activity during the years ended July 31, 2017 and 2016 . The Company performed its annual impairment assessment during the third quarter of fiscal 2017. The results of this assessment were that the estimated fair values of the reporting units to which goodwill is assigned continued to exceed the corresponding carrying values of the reporting units, resulting in no goodwill impairment. Of the Company's five reporting units that contain goodwill, the estimated fair values exceeded the respective carrying values by at least 60% for all but the Gas Turbine Systems reporting unit, for which the estimated fair value exceeded the carrying amount by approximately 15% . Goodwill associated with the Gas Turbine Systems reporting unit was $60.4 million as of the annual impairment assessment and is included in the Industrial Products segment. The Company completed its Gas Turbine Systems goodwill impairment assessment using a weighting of the fair values as determined under a market approach and an income approach to determine the estimated fair value of the reporting unit. The public company method of the market approach estimated fair value based on prices investors paid for the stocks of comparable, publicly traded companies. The income approach estimated fair value based on discounted, projected cash flows from the reporting unit's financial forecast. A terminal growth rate of 3.0% was used, as well as a discount rate of 11.5% reflecting the relative risk of achieving cash flows and any other specific risks or factors related to the Gas Turbine Systems reporting unit. The Company believes the assumptions used in its discounted cash flow analysis are appropriate and result in a reasonable estimate of the reporting unit's fair value. The Company performed a sensitivity analysis to determine how the assumptions impact the results of the impairment assessment under this valuation approach. Holding all other assumptions constant, zero revenue growth or below for fiscal years 2019-2026 would result in impairment. Additionally, a decrease in the terminal growth rate of 3.0% to zero or below, or an increase in the discount rate by 1.5% or more, would result in impairment. While these projections supported no impairment of goodwill of this reporting unit, given the sensitivities to the assumptions used in the calculations of the projected cash flows, it is possible that impairment could be incurred in the future. The Company will continue to monitor results and projected cash flows to assess whether goodwill impairment in the Gas Turbine Systems reporting unit may be necessary. The following is a reconciliation of goodwill for the years ended July 31, 2017 and 2016 (in millions): Engine Products Industrial Products Total Goodwill Balance as of July 31, 2015 $ 71.0 $ 152.7 $ 223.7 Goodwill acquired 6.3 — 6.3 Foreign exchange translation — (0.7 ) (0.7 ) Balance as of July 31, 2016 77.3 152.0 229.3 Goodwill acquired 6.7 — 6.7 Foreign exchange translation 0.3 1.8 2.1 Balance as of July 31, 2017 $ 84.3 $ 153.8 $ 238.1 No goodwill impairment was recorded during the years ended July 31, 2017 and 2016. The following is a reconciliation of intangible assets for the years ended July 31, 2017 and 2016 (in millions): Gross Carrying Amount Accumulated Amortization Net Intangible Assets Balance as of July 31, 2015 $ 87.1 $ (49.2 ) $ 37.9 Intangibles acquired 6.6 — 6.6 Amortization expense — (6.1 ) (6.1 ) Foreign exchange translation 3.1 (3.0 ) 0.1 Balance as of July 31, 2016 96.8 (58.3 ) 38.5 Intangibles acquired 8.6 — 8.6 Amortization expense — (6.4 ) (6.4 ) Foreign exchange translation 1.2 (1.3 ) (0.1 ) Balance as of July 31, 2017 $ 106.6 $ (66.0 ) $ 40.6 Net intangible assets consist of customer relationships and lists of $30.8 million and $30.7 million and patents, trademarks and technology of $9.8 million and $7.8 million , as of July 31, 2017 and 2016 , respectively. As of July 31, 2017 , customer relationships and lists had a weighted average remaining life of 11.9 years , and patents, trademarks and technology had a weighted average remaining life of 8.1 years . Expected amortization expense relating to existing intangible assets is as follows (in millions): Year Ending July 31, Amount 2018 $ 5.4 2019 5.2 2020 4.9 2021 4.7 2022 3.6 Thereafter 16.8 Total expected amortization expense $ 40.6 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Jul. 31, 2017 | |
Line of Credit Facility [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings The Company has two uncommitted credit facilities in the U.S., which provide unsecured borrowings for general corporate purposes. There was $19.2 million outstanding at July 31, 2017 and $26.8 million outstanding at July 31, 2016 , and all borrowings that were outstanding on those dates had maturities that were less than twelve months. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2017 and 2016 was 2.00% and 1.25% , respectively. At July 31, 2017 and 2016 , there was $45.7 million and $38.2 million , respectively, available under these two credit facilities. The Company has a €100.0 million (approximately $117.3 million at July 31, 2017 ) program for issuing treasury notes for raising short-, medium- and long-term financing for its European operations. There were no amounts outstanding under this program at July 31, 2017 or 2016 . Additionally, the Company’s European operations have lines of credit with an available limit of €43.5 million (approximately $51.0 million at July 31, 2017 ). There were no amounts outstanding at July 31, 2017 or 2016 . Other international subsidiaries may borrow under various credit facilities. There was approximately $4.1 million outstanding under these credit facilities as of July 31, 2017 and $8.7 million as of July 31, 2016 . All borrowings that were outstanding on those dates had maturities that were less than twelve months. At July 31, 2017 and 2016 , there was approximately $39.8 million and $45.5 million available for use, respectively, under these facilities. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2017 and 2016 was 0.32% . As of July 31, 2016, the Company had $130.0 outstanding on a revolving credit facility, described further in Note 7, that was classified as short-term borrowings. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jul. 31, 2017 | |
Long-term Debt, Excluding Current Maturities [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in millions): July 31, 2017 2016 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017 $ — $ 50.0 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017 25.0 25.0 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017 25.0 25.0 3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024 125.0 125.0 2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025 25.0 25.0 3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030 125.0 125.0 Variable rate committed, unsecured $500.0 million revolving credit facility due July 21, 2022 and an interest rate of 2.24% as of July 31, 2017 190.0 — Variable rate committed, unsecured $50.0 million term loan due July 21, 2020 and an interest rate of 2.24% as of July 31, 2017 50.0 — Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 19, 2019 and an interest rate of 0.40% as of July 31, 2017 15.0 16.0 Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.00 billion due July 15, 2021 and an interest rate of 0.25% as of July 31, 2017 9.0 9.7 Capitalized lease obligations and other, with various maturity dates and interest rates 1.1 1.9 Terminated interest rate swap contracts — 0.4 Debt issuance costs (2.2 ) (1.6 ) Subtotal 587.9 401.4 Less: current maturities 50.6 51.2 Total long-term debt $ 537.3 $ 350.2 The estimated future maturities of the Company's long-term debt as of July 31, 2017 , are as follows (in millions): Year Ended July 31, Amount 2018 $ 50.6 2019 14.9 2020 49.7 2021 8.6 2022 189.5 Thereafter 274.6 Total estimated future maturities $ 587.9 The Company has a multi-currency revolving credit facility with a group of lenders. On July 21, 2017, the Company entered into an amended and restated credit agreement that increases the borrowing availability to $500.0 million and extends the maturity date of the credit facility to July 21, 2022. The credit facility also has an accordion feature that allows the Company to request an increase to the commitment under the facility by up to $250.0 million . At July 31, 2017 and 2016, $299.5 million and $262.7 million , respectively, was available for further borrowing under this facility. The amount available for further borrowing reflects the issued standby letters of credit, as discussed in Note 16, as issued standby letters of credit reduce the amounts available for borrowing under this facility. The credit facility also includes a $50.0 million term loan due July 21, 2020. Borrowings under the Company's amended revolving credit facility are automatically rolled over until the credit facility maturity date unless the agreement is terminated early or the Company is found to be in default. Therefore, beginning on July 21, 2017 (at which time $270.0 million was outstanding) and subsequent to that date, all borrowings under this credit facility are classified as long-term debt on the Company’s Consolidated Balance Sheets. On July 22, 2016 , a Japanese subsidiary of the Company issued a ¥1.0 billion note that was guaranteed by the Company. The debt was issued at face value of ¥1.0 billion (approximately $9.0 million at July 31, 2017 ), is due July 15, 2021 , and bears interest payable quarterly at a variable interest rate. The interest rate was 0.25% as of July 31, 2017 and 2016 . Certain debt agreements, including the $500.0 million revolving credit facility, contain financial covenants related to interest coverage and leverage ratios. As of July 31, 2017 , the Company was in compliance with all such covenants. |
Warranty
Warranty | 12 Months Ended |
Jul. 31, 2017 | |
Standard Product Warranty Disclosure [Abstract] | |
Warranty | Warranty The Company estimates warranty expense on certain products at the time of sale. The following is a reconciliation of warranty reserves for the years ended July 31, 2017 and 2016 (in millions): Year Ended July 31, 2017 2016 Balance at beginning of period $ 11.9 $ 8.6 Accruals for warranties issued during the reporting period 4.7 4.6 Accruals related to pre-existing warranties (including changes in estimates) 3.6 2.9 Less settlements made during the period (5.6 ) (4.2 ) Balance at end of period $ 14.6 $ 11.9 There were no material specific warranty matters accrued for or significant settlements made during the years ended July 31, 2017 and 2016 . The Company's warranty matters are not expected to have a material impact on the Company’s results of operations, liquidity or financial position. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jul. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges The Company did not incur any restructuring or impairment charges during fiscal 2017 . The Company incurred $16.1 million of restructuring changes in fiscal 2016 with $10.4 million recorded in operating expenses and the remaining $5.7 million recorded in cost of sales. The Engine Products segment incurred $8.8 million and the Industrial Products segment incurred $7.3 million of the restructuring charges for fiscal 2016 . The Company incurred $16.9 million of restructuring and impairment charges in fiscal 2015 with $8.5 million recorded in operating expenses and the remaining $8.4 million recorded in cost of sales. The Engine Products segment incurred $9.2 million and the Industrial Products segment incurred $3.8 million of the restructuring and impairment charges for fiscal 2015 . The charges for fiscal 2016 and fiscal 2015 consisted of one-time termination benefits from restructuring salaried and production workforce in all geographic regions and closing a production facility in Grinnell, Iowa. In addition, in fiscal 2015 the Company recorded the abandonment and write-off of a partially completed facility in Xuzhou, China and a $3.9 million charge related to a lump-sum settlement of its U.S. pension plan. 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 | 12 Months Ended |
Jul. 31, 2017 | |
Share-based Compensation [Abstract] | |
Equity Based Compensation | Equity Based Compensation In November 2010, the shareholders approved the 2010 Master Stock Incentive Plan (the Plan). The Plan extends through September 2020 and allows for the granting of nonqualified stock options, incentive stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards. Options under the Plan are granted to key employees whereby the option exercise price is equivalent to the market price of the Company's common stock at the date of grant. Options are generally exercisable for up to 10 years from the date of grant. The Plan also allows for the granting of performance awards to a limited number of key executives. As administered by the Human Resources Committee of the Company’s Board of Directors to date, these performance awards are payable in common stock and are based on a formula that measures performance of the Company over a three -year period. Performance award expense under these plans totaled $0.9 million , $0.3 million and $0.1 million in the years ended July 31, 2017, 2016 and 2015 , respectively. Stock options are exercisable in equal increments over three years. For the years ended July 31, 2017, 2016 and 2015 , the Company recorded pretax stock-based compensation expense associated with stock options of $7.5 million , $6.7 million and $9.5 million , respectively. The Company also recorded tax benefits associated with this compensation expense of $2.2 million , $2.1 million and $3.1 million for the years ended July 31, 2017, 2016 and 2015 , respectively. Stock-based employee compensation expense is recognized using the fair-value method for all awards. The Company determined the fair value of these awards using the Black-Scholes option pricing model with the following assumptions: Year Ended July 31, 2017 2016 2015 Risk-free interest rate 2.5 - 2.6% 1.6 - 2.3% 0.05 - 2.3% Expected volatility 20.8 - 24.1% 21.8 - 25.9% 18.6 - 26.7% Expected dividend yield 1.7 % 1.7 % 1.6 % Expected life: Director and officer grants 8 years 8 years 8 years Non-officer original grants 7 years 7 years 7 years Reload grants (1) N/A N/A ≤4 years (1) Grants made to officers or directors who exercised a reloadable option during the fiscal year and made payment of the purchase price using shares of previously owned Company stock. The reload grant is for the number of shares equal to the shares used in payment of the purchase price and/or withheld for minimum tax withholding. Options with a reload provision were no longer issued to officers with more than five years of service, and all directors beginning in fiscal 2006. The Company continued to issue options with a reload provision to officers with less than five years of service until fiscal 2011 when this provision was discontinued. The weighted average fair value for options granted during the years ended July 31, 2017, 2016 and 2015 was $10.09 , $7.10 and $9.94 per share, respectively, using the Black-Scholes pricing model. The following table summarizes stock option activity for the years ended July 31, 2017, 2016 and 2015 : Options Outstanding Weighted Average Exercise Price Outstanding at July 31, 2014 7,197,882 $ 26.84 Granted 1,023,836 38.58 Exercised (916,566 ) 18.54 Canceled (113,710 ) 38.67 Outstanding at July 31, 2015 7,191,442 29.38 Granted 969,450 28.19 Exercised (916,789 ) 19.39 Canceled (421,713 ) 36.95 Outstanding at July 31, 2016 6,822,390 30.09 Granted 888,500 42.65 Exercised (978,193 ) 24.04 Canceled (47,146 ) 36.51 Outstanding at July 31, 2017 6,685,551 32.60 The total intrinsic value of options exercised during the years ended July 31, 2017, 2016 and 2015 was $18.3 million , $11.6 million and $18.8 million , respectively. The number of shares reserved at July 31, 2017 for outstanding options and future grants was 9,683,708 . Shares reserved consist of shares available for grant plus all outstanding options. The following table summarizes information concerning outstanding and exercisable options as of July 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.00 to $22.69 1,209,231 1.92 $ 19.63 1,209,231 $ 19.63 $22.70 to $28.69 981,995 7.57 27.54 387,755 26.72 $28.70 to $34.69 1,457,982 4.40 31.61 1,440,251 31.61 $34.70 to $40.69 1,447,048 6.14 37.03 1,161,545 36.66 $40.70 and above 1,589,295 8.02 42.47 706,244 42.24 6,685,551 5.65 32.60 4,905,026 31.00 At July 31, 2017 , the aggregate intrinsic value of shares outstanding and exercisable was $99.6 million and $80.9 million , respectively. The following table summarizes the status of options that contain vesting provisions: Options Weighted Average Grant Date Fair Value Non-vested at July 31, 2016 1,762,856 $ 8.70 Granted 888,500 10.09 Vested (834,806 ) 9.41 Canceled (36,025 ) 8.61 Non-vested at July 31, 2017 1,780,525 9.06 The total fair value of options vested during years ended July 31, 2017, 2016 and 2015 , was $39.6 million , $30.0 million and $29.3 million , respectively. As of July 31, 2017 , there was $7.4 million of total unrecognized compensation expense related to non-vested stock options granted under the Plan. This unvested expense is expected to be recognized during fiscal years 2018, 2019 and 2020. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 31, 2017 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension 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 for union production employees. The second plan (Salaried Pension Plan) is for some salaried and non-union production employees 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. The Company no longer allows entrants into the U.S. Salaried Pension Plan. Effective August 1, 2016 , employees in this plan no longer continue to accrue Company contribution credits under the plan. The freeze of the plan resulted in the participants no longer being active. As a result, actuarial losses will be amortized over the estimated average remaining life expectancy of the inactive participants, rather than the estimated average remaining service period of the active participants. Employees are instead eligible for a 3.0% annual Company retirement contribution to their 401(k) in addition to the Company's normal 401(k) match. The non-U.S. plans generally provide pension benefits based on years of service and compensation level. Net periodic pension costs and amounts recognized in other comprehensive income for the Company’s pension plans include the following components (in millions): Year Ended July 31, 2017 2016 2015 Service cost $ 8.3 $ 18.4 $ 20.4 Interest cost 13.5 18.9 19.1 Expected return on assets (26.4 ) (28.8 ) (29.5 ) Prior service cost and transition amortization 0.6 0.8 0.6 Actuarial loss amortization 7.3 8.5 7.1 Settlement loss — — 3.9 Net periodic benefit costs 3.3 17.8 21.6 Other changes recognized in other comprehensive income: Net actuarial (gain) loss (21.7 ) 53.6 3.5 Amortization of asset obligations (0.2 ) (0.4 ) (0.2 ) Amortization of prior service cost (0.4 ) (0.4 ) (0.4 ) Amortization of net actuarial loss (7.3 ) (8.5 ) (11.0 ) Total recognized in other comprehensive income (29.6 ) 44.3 (8.1 ) Total recognized in net periodic benefit costs and other comprehensive income $ (26.3 ) $ 62.1 $ 13.5 The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2017 and 2016 are summarized as follows (in millions): Year Ended July 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 537.3 $ 498.7 Service cost 8.3 18.4 Interest cost 13.5 18.9 Participant contributions 0.8 1.0 Actuarial (gain) loss (22.3 ) 50.0 Currency exchange rates 2.7 (17.2 ) Benefits paid (25.2 ) (32.5 ) Projected benefit obligation, end of year $ 515.1 $ 537.3 Change in fair value of plan assets: Fair value of plan assets, beginning of year $ 455.5 $ 478.5 Actual return on plan assets 28.4 22.2 Company contributions 3.1 4.2 Participant contributions 0.8 1.0 Currency exchange rates 2.5 (17.9 ) Benefits paid (25.2 ) (32.5 ) Fair value of plan assets, end of year $ 465.1 $ 455.5 Funded status: Projected benefit obligation in excess of plan assets at end of fiscal year $ (50.0 ) $ (81.8 ) Amounts recognized on the Consolidated Balance Sheets consist of: Other long-term assets $ 5.7 $ 1.4 Other current liabilities (1.6 ) (1.5 ) Other long-term liabilities (54.1 ) (81.7 ) Net recognized liability $ (50.0 ) $ (81.8 ) The net underfunded status of $50.0 million and $81.8 million at July 31, 2017 and 2016 , respectively, is recognized in the accompanying Consolidated Balance Sheets. The pension-related accumulated other comprehensive loss at July 31, 2017 and 2016 (prior to the consideration of income taxes) was $147.7 million and $179.6 million , respectively, and consisted primarily of unrecognized actuarial losses. The loss expected to be recognized in net periodic pension expense during the year ending July 31, 2018 is $4.6 million . The accumulated benefit obligation for all defined benefit pension plans was $495.3 million and $519.0 million at July 31, 2017 and 2016 , respectively. The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $416.8 million and $361.1 million , respectively, as of July 31, 2017 , and $433.1 million and $350.0 million , respectively, as of July 31, 2016 . The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $360.4 million , $360.1 million and $311.0 million , respectively, as of July 31, 2017 and $375.5 million , $377.4 million and $304.4 million , respectively, as of July 31, 2016 . Assumptions The weighted-average discount rate and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation are as follows: Projected Benefit Obligation Year Ended July 31, Weighted average actuarial assumptions 2017 2016 All U.S. plans: Discount rate 3.94 % 3.65 % Rate of compensation increase (1) N/A 2.56 % Non-U.S. plans: Discount rate 2.40 % 2.08 % Rate of compensation increase 2.70 % 2.69 % (1) Compensation increase is no longer applicable due to the freeze of the Salaried Pension Plan effective August 1, 2016. The weighted-average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic benefit cost are as follows: Net Periodic Benefit Cost Year Ended July 31, Weighted average actuarial assumptions 2017 2016 2015 All U.S. plans: Discount rate 3.65 % 4.33 % 4.33 % Expected return on plan assets 6.90 % 6.99 % 7.14 % Rate of compensation increase 2.56 % 2.56 % 2.61 % Non-U.S. plans: Discount rate 2.08 % 3.14 % 3.64 % Expected return on plan assets 3.93 % 4.83 % 5.41 % Rate of compensation increase 2.69 % 2.68 % 2.79 % Discount Rates The Company’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled on the measurement date, taking into account the nature and duration of the benefit obligations of the plan. In making this best estimate, the Company looks at rates of return on high-quality, fixed-income investments currently available, and expected to be available, during the period to maturity of the benefits. This process includes looking at the universe of bonds available on the measurement date with a quality rating of Aa or better. Similar appropriate benchmarks are used to determine the discount rate for the non-U.S. plans. Beginning with its July 31, 2016 measurement date, the Company changed the method used to estimate the service and interest costs for pension and postretirement benefits. The new method utilizes a full yield curve approach to estimate service and interest costs by applying specific spot rates along the yield curve used to determine the benefit obligation of relevant projected cash outflows. Historically, the Company utilized a single weighted average discount rate applied to projected cash outflows. The Company made the change to provide a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rate on the yield curve. The change does not impact the measurement of the plans' obligations and did not have a material impact on the Company's pension expense beginning in fiscal 2017. The Company has accounted for this change as a change in accounting estimate. Expected Long-Term Rate of Return To develop the expected long-term rate of return on assets assumption, the Company considers the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation for each plan. Based on portfolio performance, as of the measurement date of July 31, 2017 , the Company's long-term rate of return for the U.S. and non-U.S. pension plans is an asset-based weighted average of 6.58% and 4.19% , respectively. The expected long-term rate of return on assets shown in the pension benefit disclosure for U.S. and non-U.S. plans is an asset-based weighted average of all plans for each category. Fair Value of Plan Assets The estimated fair value of U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2017 and 2016 by asset category are as follows (in millions): U.S Pension Plans Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured Using NAV Per Share as Practical Expedient Total July 31, 2017 Cash and Cash Equivalents $ 1.8 $ 3.7 $ — $ — $ 5.5 Global Equity Securities 60.9 — — 80.3 141.2 Fixed Income Securities 34.9 82.5 — 34.6 152.0 Real Assets — — — 5.3 5.3 Total U.S. Assets $ 97.6 $ 86.2 $ — $ 120.2 $ 304.0 July 31, 2016 Cash and Cash Equivalents $ 1.2 $ — $ — $ — $ 1.2 Global Equity Securities 62.2 — — 100.2 162.4 Fixed Income Securities 72.2 — — 47.3 119.5 Real Assets 5.9 — — 7.9 13.8 Total U.S. Assets $ 141.5 $ — $ — $ 155.4 $ 296.9 Global Equity Securities consists primarily of publicly traded U.S. and non-U.S. equities, Europe, Australasia, Far East (EAFE) index funds, equity private placement funds, private equity investments and some cash and cash equivalents. Publicly traded equities and index funds are valued at the closing price reported in the active market in which the individual securities are traded. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. equity and debt securities. This may include a diversified mix of partnership interests including buyouts, restructured/distressed debt, growth equity, mezzanine/subordinated debt, real estate, special situation partnerships and venture capital investments. Partnership interests are valued at the net asset value (NAV) per share, which is a practical expedient for measuring fair value and thus not classified in the fair value hierarchy. The NAV is determined by the custodian of the fund based on the fair value of the underlying assets owned by the fund less its liabilities then divided by the number of units outstanding. The target allocations for global equity securities investments were 45% and 40% in the Salaried and Hourly Pension Plans, respectively. The underlying global equity investment managers within the plan will invest primarily in equity securities spanning across market capitalization, geography, style (e.g. value, growth, etc.) and other diversifying characteristics. Managers may invest in common stocks or American Depository Receipts (ADRs), mutual funds, bank or trust company pooled funds, international stocks, stock options for hedging purposes, stock index futures, financial futures for purposes of replicating a major market index and private equity partnerships. The long/short equity managers within global equity may take long or short positions in equity securities and have the ability to shift exposure from net long to net short. Long/short equity managers made up about 5% of the global equity portfolio at year-end and are considered less liquid, as the funds can be partially liquidated on a quarterly basis. Long-only managers are considered liquid. The long-only investments are typically valued daily, while long/short equity is valued on a monthly basis. Private equity is considered illiquid and performance is typically valued on a quarterly basis. The underlying assets, however, may be valued less frequently, such as annually or if and when a potential buyer is identified and has submitted a bid to similar types of investments. Fixed Income Securities consists primarily of investment and non-investment grade debt securities, debt securities issued by the U.S. Treasury and alternative fixed income-like investments. Government, corporate and other bonds and notes are valued at the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings. Alternative fixed income-like investments consist primarily of private partnership interests in hedge funds of funds. Partnership interests are valued using the NAV as determined by the administrator or custodian of the fund. The target allocations for fixed income securities were 52% and 57% in the Salaried and Hourly Pension Plans, respectively. The Fixed Income class may invest in debt securities issued or guaranteed by the U.S., its agencies or instrumentalities (including U.S. Government Agency mortgage backed securities), or other investment grade rated debt issued by foreign governments; corporate bonds, debentures and other forms of corporate debt obligations, including equipment trust certificates; indexed notes, floaters and other variable rate obligations; bank collective funds; mutual funds; insurance company pooled funds and guaranteed investments; futures and options for the purpose of yield curve management; and private debt investments. Fixed income risk is driven by various factors including, but not limited to , interest rate levels and changes, credit risk and duration. Current fixed income securities are considered liquid, with daily pricing and liquidity. The fixed income class is also invested in a variety of alternative investments. Alternative investments cover a variety of traditional and non-traditional investments and investment strategies, spanning various levels of risk and return. These investments can be made in a broad array of non-traditional investment strategies (including, but not limited to, commodities and futures, distressed securities, short/long—or both—fixed income, international opportunities and relative value) with multiple hedge fund managers. Alternative investments are considered less liquid to illiquid. The liquidity ranges from quarterly to semi-annually and illiquid. Alternative investments are typically valued on a quarterly basis. Real Assets consists of funds and interests in partnerships that invest in private real estate, commodities and timber investments. Interests in partnerships are valued using the NAV from the most recent partnership statement, updated for any subsequent partnership interests’ cash flows. Funds are valued at the closing price reported in the active market in which it is traded . The target allocation for real assets was 2% for both the Salaried and Hourly Pension Plans. The fund invests in real assets to provide a hedge against unexpected inflation, to capture unique sources of returns and to provide diversification benefits. The fund pursues a real asset strategy through a fund of funds, private investments and/or a direct investment program that may invest long, short or both, in assets including, but not limited to, domestic and international properties, buildings and developments, timber and/or commodities. Real asset manager performance is typically reported quarterly, though underlying assets may be valued less frequently. The target allocation for cash and cash equivalents was 1% for both the Salaried and Hourly Pension Plans. Cash and cash equivalents consist of deposit accounts and highly liquid temporary investments with an original maturity of three months or less. The estimated fair values of non-U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2017 and 2016 by asset category are as follows (in millions): Non-U.S. Pension Plans Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total July 31, 2017 Cash and Cash Equivalents $ 0.9 $ — $ — $ 0.9 Global Equity Securities 79.7 — — 79.7 Fixed Income Securities 11.9 34.3 — 46.2 Insurance Contracts — — 34.3 34.3 Total Non-U.S. Assets $ 92.5 $ 34.3 $ 34.3 $ 161.1 July 31, 2016 Cash and Cash Equivalents $ 0.5 $ — $ — $ 0.5 Global Equity Securities 69.2 — — 69.2 Fixed Income Securities 4.6 35.8 — 40.4 Equity/Fixed Income 16.7 — 31.8 48.5 Total Non-U.S. Assets $ 91.0 $ 35.8 $ 31.8 $ 158.6 Global Equity Securities consists of publicly traded diversified growth funds invested across a broad range of traditional and alternative asset classes that may include, but are not limited to: equities, investment grade and high yield bonds, property, private equity, infrastructure, commodities and currencies. They may invest directly or hold up to 100% of the fund in other collective investment vehicles and may use exchange traded and over-the-counter financial derivatives, such as currency forwards or futures, for both investment as well as hedging purposes. Fixed Income Securities consists primarily of investment grade debt securities and bond funds. Corporate bonds and notes are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but can include adjustments for certain risks that may not be observable such as credit and liquidity risks. The bond funds are traded on an active market and are valued at the closing price reported. These holdings may also aim to provide liability hedging by offering interest rate and inflation protections that replicates the liability profile of a typical defined benefit pension scheme. Insurance Contracts are individual contracts that the Company does not have any influence on the investment decisions as made by the insurer due to the specific minimum guaranteed return characteristics of this type of contract. European insurers, in general, broadly have a strategic asset allocation with 80% to 90% fixed income products and 10% to 20% equity type products (including real estate). The following table summarizes the changes in the fair values of the non-U.S. pension plans’ Level 3 assets for the years ended July 31, 2017, 2016 and 2015 (in millions): Non-U.S. Pension Plans Ending balance at July 31, 2014 $ 30.5 Unrealized gains 1.3 Foreign currency exchange (5.5 ) Purchases 2.7 Sales (0.8 ) Ending balance at July 31, 2015 $ 28.2 Unrealized gains 2.7 Foreign currency exchange 0.3 Purchases 2.7 Sales (2.1 ) Ending balance at July 31, 2016 $ 31.8 Unrealized gains 1.2 Foreign currency exchange 1.7 Purchases 1.0 Sales (1.4 ) Ending balance at July 31, 2017 $ 34.3 Investment Policies and Strategies For the Company’s U.S. pension plans, the Company uses a total return investment approach to achieve a long-term return on plan assets, with what the Company believes to be a prudent level of risk for the purpose of meeting its retirement income commitments to employees. The plans’ investments are diversified to assist in managing risk. During the year ended July 31, 2017 , the Company’s asset allocation guidelines targeted an allocation of 45% global equity securities, 52% fixed income, 2% real assets (investments into funds containing commodities and real estate) and 1% cash and cash equivalents for the Salaried Pension Plan and 40% global equity securities, 57% fixed income, 2% real assets (investments in funds containing commodities and real estate) and 1% cash for the Hourly Pension Plan. These target allocation guidelines are determined in consultation with the Company’s investment consultant and through the use of modeling the risk/return trade-offs among asset classes utilizing assumptions about expected annual return, expected volatility/standard deviation of returns and expected correlations with other asset classes. For the Company’s non-U.S. plans, the general investment objectives are to maintain a suitably diversified portfolio of secure assets of appropriate liquidity that will generate income and capital growth to meet, together with any new contributions from members and the Company, the cost of current and future benefits. Investment policy and performance is measured and monitored on an ongoing basis by the Company’s Investment Committee through its use of an investment consultant and through quarterly investment portfolio reviews. Estimated Contributions and Future Payments 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. The Company made contributions of $1.6 million to its U.S. pension plans during the year ended July 31, 2017 . The estimated minimum funding requirement for the Company’s U.S. plans for the year ending July 31, 2018 is $3.7 million . In accordance with the Pension Protection Act of 2006, this contribution obligation may 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 2018 of its U.S. pension plans. The Company made contributions of $1.5 million to its non-U.S. pension plans during the year ended July 31, 2017 and estimates that it will contribute approximately $1.3 million in the year ended July 31, 2018 based upon the local government prescribed funding requirements. Future estimates of the Company’s pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates and regulatory requirements. The estimated future benefit payments for the Company’s U.S. and non-U.S. plans are as follows (in millions): Year Ending July 31, Estimated Future Benefit Payments 2018 $ 28.9 2019 26.8 2020 28.4 2021 28.6 2022 27.5 2022-2026 144.4 Retirement Savings and Employee Stock Ownership Plan The Company provides a contributory employee savings plan to U.S. employees that permits participants to make contributions by salary reduction pursuant to section 401(k) of the Internal Revenue Code. Employee contributions of up to 25% of compensation are matched at a rate equaling 100% of the first 3% contributed and 50% of the next 2% contributed. In addition, the Company contributes 3.0% of compensation annually. Total contribution expense for these plans was $20.1 million , $8.2 million and $8.6 million for the years ended July 31, 2017, 2016 and 2015 , respectively. This plan also includes shares from an Employee Stock Ownership Plan (ESOP). As of July 31, 2017 , all shares of the ESOP have been allocated to participants. Total ESOP shares are considered to be shares outstanding for diluted earnings per share calculations. Deferred Compensation and Other Benefit Plans The Company provides various deferred compensation and other benefit plans to certain executives. The deferred compensation plan allows these employees to defer the receipt of all of their bonus and other stock-related compensation and up to 75% of their salary to future periods. Other benefit plans are provided to supplement the benefits for a select group of highly compensated individuals that are reduced because of compensation limitations set by the Internal Revenue Code. The Company has recorded a liability of $6.5 million and $ 8.6 million as of July 31, 2017 and 2016 , respectively, related primarily to its deferred compensation plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings before income taxes are as follows (in millions): Year Ended July 31, 2017 2016 2015 Earnings before income taxes: United States $ 109.8 $ 90.7 $ 92.4 Foreign 212.2 166.7 196.2 Total $ 322.0 $ 257.4 $ 288.6 The components of the provision for income taxes are as follows (in millions): Year Ended July 31, 2017 2016 2015 Income tax provision (benefit): Current Federal $ 38.9 $ 19.9 $ 28.5 State 4.3 3.1 2.9 Foreign 56.6 46.9 54.7 99.8 69.9 86.1 Deferred Federal (7.7 ) (0.3 ) (4.2 ) State (0.4 ) (0.2 ) 0.1 Foreign (2.5 ) (2.8 ) (1.5 ) (10.6 ) (3.3 ) (5.6 ) Total $ 89.2 $ 66.6 $ 80.5 The following table reconciles the U.S. statutory income tax rate with the effective income tax rate: Year Ended July 31, 2017 2016 2015 Statutory U.S. federal rate 35.0 % 35.0 % 35.0 % State income taxes 0.9 % 0.8 % 0.9 % Foreign operations (8.3 )% (8.1 )% (7.9 )% Export, manufacturing and research credits (1.1 )% (1.6 )% (1.1 )% Change in unrecognized tax benefits 1.0 % (1.0 )% 1.3 % Other 0.2 % 0.8 % (0.3 )% Effective income tax rate 27.7 % 25.9 % 27.9 % The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows (in millions): July 31, 2017 2016 Deferred tax assets: Accrued expenses $ 16.5 $ 12.1 Compensation and retirement plans 56.2 59.5 NOL and tax credit carryforwards 8.5 6.5 LIFO and inventory reserves 3.0 5.4 Other 6.9 4.0 Gross deferred tax assets 91.1 87.5 Valuation allowance (5.2 ) (3.3 ) Net deferred tax assets 85.9 84.2 Deferred tax liabilities: Depreciation and amortization (58.8 ) (57.5 ) Other (0.4 ) (1.2 ) Deferred tax liabilities (59.2 ) (58.7 ) Net tax asset $ 26.7 $ 25.5 The Company has not provided for U.S. income taxes on undistributed earnings of its non-U.S. subsidiaries of approximately $1.1 billion . The Company currently intends to indefinitely reinvest these undistributed earnings as there are significant investment opportunities outside the U.S. If any portion were to be distributed, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings plus any available foreign tax credit carryovers. Determination of the unrecognized deferred tax liability related to these undistributed earnings is not practicable. In fiscal 2017 , the Company repatriated $67.1 million of cash held by its foreign subsidiaries in the form of a cash dividend, which represented total planned dividends for the current year and which consisted entirely of current year earnings. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): Year Ended July 31, 2017 2016 2015 Gross unrecognized tax benefits at beginning of fiscal year $ 15.7 $ 18.2 $ 15.0 Additions for tax positions of the current year 3.9 3.4 4.7 Additions for tax positions of prior years 0.1 0.1 0.1 Reductions for tax positions of prior years (0.1 ) (4.9 ) (0.6 ) Settlements 0.3 (0.1 ) — Reductions due to lapse of applicable statute of limitations (1.1 ) (1.0 ) (1.0 ) Gross unrecognized tax benefits at end of fiscal year $ 18.8 $ 15.7 $ 18.2 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the year ended July 31, 2017 , the Company recognized interest expense, net of tax benefit, of approximately $0.4 million . At July 31, 2017 and 2016 , accrued interest and penalties on a gross basis were $2.3 million and $1.8 million , respectively. 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 IRS has completed examinations of the Company’s U.S. federal income tax returns through 2013 . Currently, the Company is under examination by the IRS for fiscal years 2015 and 2016, and while there are not any significant adjustments proposed, the overall examination is still ongoing. At this time, the Company has not received direct information on any matters for which the Company does not believe it is already adequately reserved or for which it believes its tax positions are not supportable. If the Company were to prevail on all unrecognized tax benefits recorded, substantially all of the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of approximately 5 years , up to $2.6 million of the unrecognized tax benefits could potentially expire in the next 12-month period, unless extended by audit. It is possible that quicker-than-expected settlement of either current or future audits and 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements of financial instruments are reported in one of three levels based on the lowest level of significant input used as follows: Level 1 Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. Level 2 Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 Inputs to the fair value measurement are unobservable inputs or valuation techniques. At July 31, 2017 and 2016 , the carrying values of cash and cash equivalents, accounts receivables, short-term borrowings and trade accounts payable approximate fair value because of the short-term nature of these instruments. As of July 31, 2017 , the estimated fair value of long-term debt with fixed interest rates was $330.6 million compared to its carrying value of $325.0 million . As of July 31, 2016, the estimated fair value of long-term debt with fixed interest rates was $394.4 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. Long-term debt would be classified as Level 2 in the fair value hierarchy. The carrying values of long-term debt with variable interest rates approximate fair value. Derivative contracts are reported at their fair values based on third-party quotes. The fair values of the Company’s financial assets and liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include foreign currency exchange rates and interest rates. The financial assets and liabilities are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates. The following summarizes the Company’s fair value of outstanding derivative contracts at July 31, 2017 and 2016 , included in the accompanying Consolidated Balance Sheets (in millions): Significant Other Observable Inputs (Level 2) July 31, 2017 2016 Assets Prepaids and other current assets Foreign exchange contracts $ 2.1 $ 1.1 Liabilities Other current liabilities Foreign exchange contracts (5.5 ) (2.4 ) Forward exchange contracts - net liability position $ (3.4 ) $ (1.3 ) The Company holds equity method investments, which are classified in other long-term assets in the accompanying Consolidated Balance Sheets. The aggregate carrying amount of these investments was $19.0 million and $18.7 million as of July 31, 2017 and 2016 , respectively. These equity method investments are measured at fair value on a nonrecurring basis. The fair value of the Company’s equity method investments has not been estimated as there have been no identified events or changes in circumstance that would have had an adverse impact on the value of these investments. In the event that these investments were required to be measured, these investments would fall within Level 3 of the fair value hierarchy, due to the use of significant unobservable inputs to determine fair value, as the investments are in privately-held entities or divisions of public companies without quoted market prices. Goodwill is assessed for impairment annually or more frequently if an event occurs or circumstances change that would indicate the asset may be impaired. Definite-lived intangible assets are subject to impairment assessments as triggering events occur that could indicate that the asset may be impaired. The Company’s goodwill and intangible assets are not recorded at fair value as there have been no events or circumstances that would have an adverse impact on the value of these assets. In the event that an impairment was recognized, the fair value would be classified within Level 3 of the fair value hierarchy. Refer to Note 5 for further discussion of the annual goodwill impairment analysis and carrying values of goodwill and other intangible assets. The Company assesses the impairment of property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of property, plant and equipment assets may not be recoverable. There were no material impairment charges recorded during the years ended July 31, 2017, 2016 and 2015 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jul. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Stock Compensation Plans The Stock Compensation Plans in the Consolidated Statements of Changes in Shareholders’ Equity consist of amounts payable to eligible participants for stock compensation that was deferred to a Rabbi Trust pursuant to the provisions of the 2010 Master Stock Incentive Plan, as well as performance awards payable in common stock discussed further in Note 10. Treasury Stock The Company's Board of Directors authorized the repurchase of up to 14.0 million shares of common stock under the Company’s stock repurchase plan dated May 29, 2015 . This repurchase authorization is effective until terminated by the Board of Directors . As of July 31, 2017 , the Company had remaining authorization to repurchase 7.2 million shares under this plan. Treasury stock share activity for the years ended July 31, 2017 and 2016 is summarized as follows: Year Ended July 31, 2017 2016 Beginning balance 18,750,503 17,044,950 Stock repurchases 3,330,357 2,540,000 Net issuance upon exercise of stock options (944,556 ) (764,756 ) Issuance under compensation plans (91,817 ) (59,787 ) Other activity (7,134 ) (9,904 ) Ending balance 21,037,353 18,750,503 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jul. 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 years ended July 31, 2017 and 2016 are as follows (in millions): Foreign currency translation adjustment (1) Pension benefits Derivative financial instruments Total Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) Other comprehensive income (loss) before reclassifications and tax 30.5 24.8 (2.4 ) 52.9 Tax (expense) benefit — (8.7 ) 0.8 (7.9 ) Other comprehensive income (loss) before reclassifications, net of tax 30.5 16.1 (1.6 ) 45.0 Reclassifications, before tax — 7.1 (1.4 ) 5.7 Tax (expense) benefit — (2.5 ) 0.4 (2.1 ) Reclassifications, net of tax — 4.6 (3) (1.0 ) (2) 3.6 Other comprehensive income (loss), net of tax 30.5 20.7 (2.6 ) 48.6 Balance as of July 31, 2017, net of tax $ (58.8 ) $ (95.1 ) $ (3.1 ) $ (157.0 ) Balance as of July 31, 2015, net of tax $ (70.8 ) $ (90.6 ) $ (0.6 ) $ (162.0 ) Other comprehensive loss before reclassifications and tax (18.5 ) (55.4 ) (0.4 ) (74.3 ) Tax benefit — 19.4 0.1 19.5 Other comprehensive loss before reclassifications, net of tax (18.5 ) (36.0 ) (0.3 ) (54.8 ) Reclassifications, before tax — 15.8 0.6 16.4 Tax expense — (5.0 ) (0.2 ) (5.2 ) Reclassifications, net of tax — 10.8 (3) 0.4 (2) 11.2 Other comprehensive (loss) income, net of tax (18.5 ) (25.2 ) 0.1 (43.6 ) Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) (1) 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. (2) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note 1). (3) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 11) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. |
Guarantees
Guarantees | 12 Months Ended |
Jul. 31, 2017 | |
Product Warranties Disclosures [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 July 31, 2017 and 2016, AFSI had $27.8 million and $24.8 million , respectively, of outstanding debt, of which the Company guarantees half. In addition, during the years ended July 31, 2017, 2016 and 2015 , the Company recorded earnings (losses) from this equity method investment of $2.1 million , $(0.7) million and $2.3 million and royalty income of $5.9 million , $5.1 million and $5.8 million , respectively. At July 31, 2017 and 2016 , the Company had a contingent liability for standby letters of credit totaling $10.5 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 contract terms as detailed in each letter of credit. At July 31, 2017 and 2016 , there were no amounts drawn upon these letters of credit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company enters into operating leases primarily for office and warehouse facilities, production and non-production equipment, automobiles and computer equipment. Total expense recorded under operating leases for years ended July 31, 2017, 2016 and 2015 , was $28.7 million , $25.4 million and $28.1 million , respectively. As of July 31, 2017 , the estimated future minimum lease payments under operating leases are as follows (in millions): Year Ending July 31, Operating Leases 2018 $ 9.7 2019 6.2 2020 3.1 2021 1.4 2022 0.7 Thereafter 1.7 Total future minimum lease payments $ 22.8 Litigation 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 estimated liability in its Consolidated Financial Statements is adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company’s results of operations, liquidity or financial position and the Company believes it is remote that the settlement of any of the currently identified claims or litigation will be materially in excess of what is accrued. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jul. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting The Company has identified two reportable 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. The Engine Products segment sells to OEMs in the construction, mining, agriculture, aerospace, defense and truck end markets and to independent distributors, OEM dealer networks, private label accounts and large equipment fleets. Products include replacement filters for both air and liquid filtration applications, air filtration systems, liquid filtration systems for fuel, lube and hydraulic applications, and exhaust and emissions systems. The Industrial Products segment sells to various dealers, distributors, OEMs of gas-fired turbines and OEMs and end users requiring clean air filtration solutions and replacement filters. Products include dust, fume and mist collectors, compressed air purification systems, air filtration systems for gas turbines, PTFE membrane-based products and specialized air and gas filtration systems for applications including hard disk drives and semi-conductor manufacturing. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, such as interest income and interest expense. Assets included in Corporate and Unallocated are principally cash and cash equivalents, inventory reserves, certain prepaids, certain investments, other assets and assets allocated to general corporate purposes. The Company has an internal measurement system to evaluate performance and allocate resources based on earnings before income taxes. The Company’s manufacturing facilities serve both reporting segments. Therefore, the Company uses an allocation methodology to assign costs and assets to the segments. A certain amount of costs and assets relate to general corporate purposes and are not assigned to either segment. The accounting policy applied to inventory for the reportable segments differs from that described in the summary of significant accounting policies. The reportable segments account for inventory on a standard cost basis, which is consistent with the Company's internal reporting. Segment allocated assets are primarily accounts receivable, inventories, property, plant and equipment and goodwill. Reconciling items included in Corporate and Unallocated are created based on accounting differences between segment reporting and the consolidated external reporting as well as internal allocation methodologies. 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 earnings before income taxes and other financial information shown below. Segment detail is summarized as follows (in millions): Engine Products Industrial Products Corporate and Unallocated Total Company Fiscal 2017 Net sales $ 1,553.3 $ 818.6 $ — $ 2,371.9 Depreciation and amortization 33.9 26.7 14.6 75.2 Equity earnings in unconsolidated affiliates 4.4 0.6 — 5.0 Earnings (loss) before income taxes 219.7 129.1 (26.8 ) 322.0 Assets 849.6 638.3 491.8 1,979.7 Equity investments in unconsolidated affiliates 14.8 4.2 — 19.0 Capital expenditures 29.7 23.4 12.8 65.9 Fiscal 2016 Net sales $ 1,391.3 $ 829.0 $ — $ 2,220.3 Depreciation and amortization 38.5 28.1 8.3 74.9 Equity earnings in unconsolidated affiliates 1.0 1.2 — 2.2 Earnings (loss) before income taxes 163.5 119.0 (25.1 ) 257.4 Assets 841.4 646.9 298.7 1,787.0 Equity investments in unconsolidated affiliates 14.3 4.4 — 18.7 Capital expenditures 37.5 27.3 8.1 72.9 Fiscal 2015 Net sales $ 1,484.1 $ 887.1 $ — $ 2,371.2 Depreciation and amortization 43.3 26.4 4.6 74.3 Equity earnings in unconsolidated affiliates 4.1 1.0 — 5.1 Earnings (loss) before income taxes 186.3 123.3 (21.0 ) 288.6 Assets 887.7 634.0 285.8 1,807.5 Equity investments in unconsolidated affiliates 15.1 3.2 — 18.3 Capital expenditures 54.6 33.4 5.8 93.8 Net sales by product group within the Engine Products segment and Industrial Products segment is summarized as follows (in millions): Year Ended July 31, 2017 2016 2015 Engine Products segment: Off-Road $ 252.1 $ 216.6 $ 261.1 On-Road 110.7 127.2 138.4 Aftermarket 1,086.2 951.5 980.7 Aerospace and Defense 104.3 96.0 103.9 Total Engine Products segment 1,553.3 1,391.3 1,484.1 Industrial Products segment: Industrial Filtration Solutions 533.2 517.9 529.0 Gas Turbine Systems 122.9 149.6 186.9 Special Applications 162.5 161.5 171.2 Total Industrial Products segment 818.6 829.0 887.1 Total Company $ 2,371.9 $ 2,220.3 $ 2,371.2 Net sales by origination and property, plant and equipment by geographic region are summarized as follows (in millions): Net Sales (1) Property, Plant and Equipment, Net Fiscal 2017 United States $ 990.1 $ 192.7 Europe 638.1 163.3 Asia Pacific 500.5 55.3 Other 243.2 73.3 Total $ 2,371.9 $ 484.6 Fiscal 2016 United States $ 937.3 $ 192.9 Europe 632.7 148.1 Asia Pacific 449.9 60.1 Other 200.4 68.7 Total $ 2,220.3 $ 469.8 Fiscal 2015 United States $ 1,007.3 $ 209.0 Europe 671.3 141.7 Asia Pacific 470.7 63.8 Other 221.9 56.1 Total $ 2,371.2 $ 470.6 (1) Net sales by origination is based on the country of the Company's legal entity where the customer's order was placed. Concentrations There were no customers that accounted for over 10% of net sales during the years ended July 31, 2017, 2016 or 2015 . There were no customers that accounted for over 10% of gross accounts receivable at July 31, 2017 or July 31, 2016 . |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jul. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Unaudited consolidated quarterly financial information for the years ended July 31, 2017 and 2016 is as follows (in millions, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2017 Net sales $ 553.0 $ 550.6 $ 608.2 $ 660.1 Gross profit 194.2 187.9 211.5 229.5 Net earnings 58.0 46.5 60.1 68.2 Net earnings per share – basic 0.43 0.35 0.45 0.52 Net earnings per share – diluted 0.43 0.35 0.45 0.51 Dividends declared per share 0.175 0.175 0.175 0.180 Dividends paid per share 0.175 0.175 0.175 0.175 Fiscal 2016 Net sales $ 538.0 $ 517.2 $ 571.3 $ 593.8 Gross profit 178.1 170.8 196.6 209.3 Net earnings 38.5 38.0 54.8 59.5 Net earnings per share – basic 0.29 0.28 0.41 0.44 Net earnings per share – diluted 0.29 0.28 0.41 0.44 Dividends declared per share 0.170 0.170 0.175 0.175 Dividends paid per share 0.170 0.170 0.170 0.175 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Donaldson Company, Inc. and all of its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s three joint ventures are not majority-owned and are accounted for under the equity method. Certain reclassifications to previously reported financial information have been made to conform to the current period presentation. |
Use of Estimates | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation For most foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at year-end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss in the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the year. Foreign currency transaction gains (losses) are included in other income, net in the Consolidated Statements of Earnings and were $(4.0) million , $(4.7) million and $2.1 million in the years ended July 31, 2017, 2016 and 2015 , respectively. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost that approximates market value. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience in the industry, regional economic data and evaluation of specific customer accounts for risk of loss. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by reporting unit and geographic region. Account balances are reserved when the Company determines it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. |
Inventories | Inventories Inventories are stated at the lower of cost or market. U.S. inventories are valued using the last-in, first-out (LIFO) method while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO were approximately 27.2% and 29.0% of total inventories at July 31, 2017 and 2016 , respectively. For inventories valued under the LIFO method, the FIFO cost exceeded the LIFO carrying values by $37.1 million and $39.8 million at July 31, 2017 and 2016 , respectively. Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Additions, improvements or major renewals are capitalized while expenditures that do not enhance or extend the asset’s useful life are charged to expense as incurred. Depreciation is computed using the straight-line method. Depreciation expense was $68.8 million , $68.8 million and $66.9 million in the years ended July 31, 2017, 2016 and 2015 , respectively. The estimated useful lives of property, plant and equipment are ten to forty years for buildings, including building improvements, and three to ten years for machinery and equipment. |
Internal-Use Software | Internal-Use Software The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of machinery and equipment within property, plant and equipment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Other intangible assets, comprised of customer relationships and lists, patents, trademarks and technology, are amortized on a straight-line basis over their estimated useful lives of three to twenty years. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The impairment assessment for goodwill is done at a reporting unit level. Reporting units are one level below the operating segment level but can be combined when reporting units within the same operating segment have similar economic characteristics. An impairment loss would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. |
Recoverability of Long-Lived Assets | Recoverability of Long-Lived Assets The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the fair market value. The Company recorded an impairment charge of $2.9 million in fiscal 2016 for a partially completed facility in Xuzhou, China. There were no impairment charges recorded in fiscal 2017 or fiscal 2015 . |
Income Taxes | Income Taxes The provision for income taxes is computed based on the pretax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are anticipated to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. The Company maintains a reserve for uncertain tax benefits. Benefits of tax return positions are recognized in the financial statements when the position is “more-likely-than-not” to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that in the Company’s judgment is greater than 50% likely to be realized. |
Treasury Stock | Treasury Stock Repurchased common stock is stated at cost (determined on an average cost basis) and is presented as a reduction of shareholders’ equity. |
Research and Development Expense | Research and Development Expense Research and development expenses include basic scientific research and the application of scientific advances to the development of new and improved products and their uses and are charged against earnings in the year incurred. |
Equity Based Compensation | Equity Based Compensation The Company offers stock-based employee compensation plans, which are more fully described in Note 10. Stock-based employee compensation expense is recognized using the fair-value method for all awards. |
Revenue Recognition | Revenue Recognition The Company sells a wide range of filtration solutions into many industries around the globe. Revenue is recognized when both product ownership and the risk of loss have transferred to the customer, the Company has no remaining obligations, the selling price is fixed and determinable and collectability is reasonably assured. The vast majority of the Company’s sales contracts are for standard products with product ownership and risk of loss transferring to the customer when the product has shipped, at which point revenue is recognized. Although less common, the Company does have sales contracts with customers requiring product ownership and risk of loss to transfer at the customer’s location. For these non-standard terms, the Company defers revenue on these product sales until the product has been delivered. For the Company’s Gas Turbine Systems sales, which typically consist of multiple shipments of components that will comprise the entire Gas Turbine Systems project, the Company must carefully monitor the transfer of title related to each portion of a system sale. The Company defers revenue recognition until product ownership and risk of loss has transferred to the customer for all components and when all terms specified in the contract are met, which may include requirements such as the Company delivering technical documentation to the customer or a quality inspection approved by the customer. In limited circumstances, the Company enters into sales contracts that involve multiple elements (such as equipment, replacement filter elements and installation services). In these instances, the Company determines if the multiple elements in the arrangement represent separate units of accounting. If separate units of accounting exist, the price of the entire arrangement is allocated to the separate units of account using the Company’s best estimate of relative selling price if the unit of account was sold separately. Revenue is then recognized separately for each unit of account when the criteria for revenue recognition have been met. Additionally, the Company records estimated discounts and rebates offered to customers as a reduction of sales in the same period revenue is recognized. |
Product Warranties | Product Warranties The Company provides for estimated warranty expense at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues. For a reconciliation of warranty reserves, see Note 8. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company recognizes all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges are adjusted to fair value through income. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive loss until the hedged item is recognized. Gains or losses related to the ineffective portion of any hedge are recognized through earnings in the current period. |
New Accounting Standards Recently Adopted | New Accounting Standards Recently Adopted In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 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 Consolidated Balance Sheet. The Consolidated Balance Sheet as of July 31, 2017 is also presented in accordance with the guidance of this new standard. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): 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 and did not have an impact on its Consolidated Financial Statements but did result in additional disclosures in Note 11. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends (Topic 805) Business Combinations . 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 and did not have an 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 , which amended the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified balance sheet. 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 balance sheet. 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 of fiscal 2017 , which affected the Company's classification of deferred tax assets and liabilities on the Consolidated Balance Sheets presented. Consistent with the prospective method of adopting this new standard, the Company did not reclassify deferred tax assets and liabilities on its July 31, 2016 Consolidated Balance Sheet. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (ASU 2017-04). 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 adopted ASU 2017-04 in the third quarter of fiscal 2017 with its annual goodwill impairment tests. The adoption of ASU 2017-04 did not have an impact on the Company's Consolidated Financial Statements. New Accounting Standards Not Yet Adopted In May 2014, the FASB issued 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 adoption 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 has begun an evaluation of the impact of the adoption of the standard on its Consolidated Financial Statements. A project team has been established and will be conducting surveys of the reporting units and performing revenue contract analyses to gather information and identify where potential differences could result in applying the requirements of the new standard. Based on the results of the surveys and contract analyses, the Company will assess the financial impact of the new standard on its Consolidated Financial Statements and determine the method of adoption. 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 value rather than the lower of cost or market. This accounting guidance is effective for the Company beginning in the first quarter of fiscal 2018 . The Company does not expect the adoption of ASU 2015-11 will have a material 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 . 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 material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (ASU 2017-01). The new guidance provides a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application and make the definition of a business more operable. ASU 2017-01 is effective for the Company beginning in the first quarter of fiscal 2019 . The Company does not expect the application of ASU 2017-01 will have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715) (ASU 2017-07). The new guidance requires employers to disaggregate and present separately the current service cost component from the other components of net benefit cost within the consolidated statement of earnings. ASU 2017-07 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2017-07 on its Consolidated Statements of Earnings. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) (ASU 2017-09). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company beginning in the first quarter of fiscal 2019 . Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2017-09 on its Consolidated Financial Statements. |
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 related to stock options and stock incentive plans. Certain outstanding options are excluded from the diluted net earnings per share calculations because their exercise prices are greater than the average market price of the Company’s common stock during those periods. |
Supplemental Balance Sheet In30
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of inventory | The components of inventory are as follows (in millions): July 31, 2017 2016 Raw materials $ 96.3 $ 92.5 Work in process 19.7 18.4 Finished products 177.5 123.2 Net inventories $ 293.5 $ 234.1 |
Components of property, plant and equipment | The components of property, plant and equipment are as follows (in millions): July 31, 2017 2016 Land $ 20.6 $ 20.0 Buildings 292.5 280.4 Machinery and equipment 866.8 810.9 Construction in progress 48.9 39.3 Less: accumulated depreciation (744.2 ) (680.8 ) Net property, plant and equipment $ 484.6 $ 469.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of information necessary to calculate basic and diluted earnings per share | The following table presents the information necessary to calculate basic and diluted earnings per share (in millions, except per share amounts): Year Ended July 31, 2017 2016 2015 Net earnings for basic and diluted earnings per share computation $ 232.8 $ 190.8 $ 208.1 Weighted average common shares – basic 132.6 133.8 137.8 Dilutive impact of stock-based awards 1.5 1.0 1.6 Weighted average common shares – diluted 134.1 134.8 139.4 Net earnings per share: Basic $ 1.76 $ 1.43 $ 1.51 Diluted $ 1.74 $ 1.42 $ 1.49 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of reconciliation of goodwill | The following is a reconciliation of goodwill for the years ended July 31, 2017 and 2016 (in millions): Engine Products Industrial Products Total Goodwill Balance as of July 31, 2015 $ 71.0 $ 152.7 $ 223.7 Goodwill acquired 6.3 — 6.3 Foreign exchange translation — (0.7 ) (0.7 ) Balance as of July 31, 2016 77.3 152.0 229.3 Goodwill acquired 6.7 — 6.7 Foreign exchange translation 0.3 1.8 2.1 Balance as of July 31, 2017 $ 84.3 $ 153.8 $ 238.1 |
Schedule of reconciliation of intangibles | The following is a reconciliation of intangible assets for the years ended July 31, 2017 and 2016 (in millions): Gross Carrying Amount Accumulated Amortization Net Intangible Assets Balance as of July 31, 2015 $ 87.1 $ (49.2 ) $ 37.9 Intangibles acquired 6.6 — 6.6 Amortization expense — (6.1 ) (6.1 ) Foreign exchange translation 3.1 (3.0 ) 0.1 Balance as of July 31, 2016 96.8 (58.3 ) 38.5 Intangibles acquired 8.6 — 8.6 Amortization expense — (6.4 ) (6.4 ) Foreign exchange translation 1.2 (1.3 ) (0.1 ) Balance as of July 31, 2017 $ 106.6 $ (66.0 ) $ 40.6 |
Schedule of expected amortization expense | Expected amortization expense relating to existing intangible assets is as follows (in millions): Year Ending July 31, Amount 2018 $ 5.4 2019 5.2 2020 4.9 2021 4.7 2022 3.6 Thereafter 16.8 Total expected amortization expense $ 40.6 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Long-term Debt, Excluding Current Maturities [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following (in millions): July 31, 2017 2016 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017 $ — $ 50.0 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017 25.0 25.0 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017 25.0 25.0 3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024 125.0 125.0 2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025 25.0 25.0 3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030 125.0 125.0 Variable rate committed, unsecured $500.0 million revolving credit facility due July 21, 2022 and an interest rate of 2.24% as of July 31, 2017 190.0 — Variable rate committed, unsecured $50.0 million term loan due July 21, 2020 and an interest rate of 2.24% as of July 31, 2017 50.0 — Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 19, 2019 and an interest rate of 0.40% as of July 31, 2017 15.0 16.0 Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.00 billion due July 15, 2021 and an interest rate of 0.25% as of July 31, 2017 9.0 9.7 Capitalized lease obligations and other, with various maturity dates and interest rates 1.1 1.9 Terminated interest rate swap contracts — 0.4 Debt issuance costs (2.2 ) (1.6 ) Subtotal 587.9 401.4 Less: current maturities 50.6 51.2 Total long-term debt $ 537.3 $ 350.2 |
Schedule of maturities of long-term debt | The estimated future maturities of the Company's long-term debt as of July 31, 2017 , are as follows (in millions): Year Ended July 31, Amount 2018 $ 50.6 2019 14.9 2020 49.7 2021 8.6 2022 189.5 Thereafter 274.6 Total estimated future maturities $ 587.9 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Standard Product Warranty Disclosure [Abstract] | |
Schedule of product warranty liability | The following is a reconciliation of warranty reserves for the years ended July 31, 2017 and 2016 (in millions): Year Ended July 31, 2017 2016 Balance at beginning of period $ 11.9 $ 8.6 Accruals for warranties issued during the reporting period 4.7 4.6 Accruals related to pre-existing warranties (including changes in estimates) 3.6 2.9 Less settlements made during the period (5.6 ) (4.2 ) Balance at end of period $ 14.6 $ 11.9 |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of valuation assumption used to determine fair value of stock-based compensation awards | The Company determined the fair value of these awards using the Black-Scholes option pricing model with the following assumptions: Year Ended July 31, 2017 2016 2015 Risk-free interest rate 2.5 - 2.6% 1.6 - 2.3% 0.05 - 2.3% Expected volatility 20.8 - 24.1% 21.8 - 25.9% 18.6 - 26.7% Expected dividend yield 1.7 % 1.7 % 1.6 % Expected life: Director and officer grants 8 years 8 years 8 years Non-officer original grants 7 years 7 years 7 years Reload grants (1) N/A N/A ≤4 years (1) Grants made to officers or directors who exercised a reloadable option during the fiscal year and made payment of the purchase price using shares of previously owned Company stock. The reload grant is for the number of shares equal to the shares used in payment of the purchase price and/or withheld for minimum tax withholding. Options with a reload provision were no longer issued to officers with more than five years of service, and all directors beginning in fiscal 2006. The Company continued to issue options with a reload provision to officers with less than five years of service until fiscal 2011 when this provision was discontinued. |
Schedule of stock option activity | The following table summarizes stock option activity for the years ended July 31, 2017, 2016 and 2015 : Options Outstanding Weighted Average Exercise Price Outstanding at July 31, 2014 7,197,882 $ 26.84 Granted 1,023,836 38.58 Exercised (916,566 ) 18.54 Canceled (113,710 ) 38.67 Outstanding at July 31, 2015 7,191,442 29.38 Granted 969,450 28.19 Exercised (916,789 ) 19.39 Canceled (421,713 ) 36.95 Outstanding at July 31, 2016 6,822,390 30.09 Granted 888,500 42.65 Exercised (978,193 ) 24.04 Canceled (47,146 ) 36.51 Outstanding at July 31, 2017 6,685,551 32.60 |
Schedule of outstanding and exercisable options | The following table summarizes information concerning outstanding and exercisable options as of July 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.00 to $22.69 1,209,231 1.92 $ 19.63 1,209,231 $ 19.63 $22.70 to $28.69 981,995 7.57 27.54 387,755 26.72 $28.70 to $34.69 1,457,982 4.40 31.61 1,440,251 31.61 $34.70 to $40.69 1,447,048 6.14 37.03 1,161,545 36.66 $40.70 and above 1,589,295 8.02 42.47 706,244 42.24 6,685,551 5.65 32.60 4,905,026 31.00 |
Schedule of status of options that contain vesting provisions | The following table summarizes the status of options that contain vesting provisions: Options Weighted Average Grant Date Fair Value Non-vested at July 31, 2016 1,762,856 $ 8.70 Granted 888,500 10.09 Vested (834,806 ) 9.41 Canceled (36,025 ) 8.61 Non-vested at July 31, 2017 1,780,525 9.06 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of net periodic pension costs and amounts recognized in other comprehensive income | Net periodic pension costs and amounts recognized in other comprehensive income for the Company’s pension plans include the following components (in millions): Year Ended July 31, 2017 2016 2015 Service cost $ 8.3 $ 18.4 $ 20.4 Interest cost 13.5 18.9 19.1 Expected return on assets (26.4 ) (28.8 ) (29.5 ) Prior service cost and transition amortization 0.6 0.8 0.6 Actuarial loss amortization 7.3 8.5 7.1 Settlement loss — — 3.9 Net periodic benefit costs 3.3 17.8 21.6 Other changes recognized in other comprehensive income: Net actuarial (gain) loss (21.7 ) 53.6 3.5 Amortization of asset obligations (0.2 ) (0.4 ) (0.2 ) Amortization of prior service cost (0.4 ) (0.4 ) (0.4 ) Amortization of net actuarial loss (7.3 ) (8.5 ) (11.0 ) Total recognized in other comprehensive income (29.6 ) 44.3 (8.1 ) Total recognized in net periodic benefit costs and other comprehensive income $ (26.3 ) $ 62.1 $ 13.5 |
Schedule of changes in projected benefit obligations, fair value of plan assets and funded status | The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2017 and 2016 are summarized as follows (in millions): Year Ended July 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 537.3 $ 498.7 Service cost 8.3 18.4 Interest cost 13.5 18.9 Participant contributions 0.8 1.0 Actuarial (gain) loss (22.3 ) 50.0 Currency exchange rates 2.7 (17.2 ) Benefits paid (25.2 ) (32.5 ) Projected benefit obligation, end of year $ 515.1 $ 537.3 Change in fair value of plan assets: Fair value of plan assets, beginning of year $ 455.5 $ 478.5 Actual return on plan assets 28.4 22.2 Company contributions 3.1 4.2 Participant contributions 0.8 1.0 Currency exchange rates 2.5 (17.9 ) Benefits paid (25.2 ) (32.5 ) Fair value of plan assets, end of year $ 465.1 $ 455.5 Funded status: Projected benefit obligation in excess of plan assets at end of fiscal year $ (50.0 ) $ (81.8 ) Amounts recognized on the Consolidated Balance Sheets consist of: Other long-term assets $ 5.7 $ 1.4 Other current liabilities (1.6 ) (1.5 ) Other long-term liabilities (54.1 ) (81.7 ) Net recognized liability $ (50.0 ) $ (81.8 ) |
Schedule of weighted-average discount rates in determining actuarial present value of projected benefit obligation | The weighted-average discount rate and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation are as follows: Projected Benefit Obligation Year Ended July 31, Weighted average actuarial assumptions 2017 2016 All U.S. plans: Discount rate 3.94 % 3.65 % Rate of compensation increase (1) N/A 2.56 % Non-U.S. plans: Discount rate 2.40 % 2.08 % Rate of compensation increase 2.70 % 2.69 % (1) Compensation increase is no longer applicable due to the freeze of the Salaried Pension Plan effective August 1, 2016. |
Schedule of assumptions used to determine net periodic benefit cost | The weighted-average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic benefit cost are as follows: Net Periodic Benefit Cost Year Ended July 31, Weighted average actuarial assumptions 2017 2016 2015 All U.S. plans: Discount rate 3.65 % 4.33 % 4.33 % Expected return on plan assets 6.90 % 6.99 % 7.14 % Rate of compensation increase 2.56 % 2.56 % 2.61 % Non-U.S. plans: Discount rate 2.08 % 3.14 % 3.64 % Expected return on plan assets 3.93 % 4.83 % 5.41 % Rate of compensation increase 2.69 % 2.68 % 2.79 % |
Schedule of estimated future benefit payments | The estimated future benefit payments for the Company’s U.S. and non-U.S. plans are as follows (in millions): Year Ending July 31, Estimated Future Benefit Payments 2018 $ 28.9 2019 26.8 2020 28.4 2021 28.6 2022 27.5 2022-2026 144.4 |
U.S. Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of estimated fair value of pension plan assets and their respective levels in the fair value hierarchy | The estimated fair value of U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2017 and 2016 by asset category are as follows (in millions): U.S Pension Plans Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured Using NAV Per Share as Practical Expedient Total July 31, 2017 Cash and Cash Equivalents $ 1.8 $ 3.7 $ — $ — $ 5.5 Global Equity Securities 60.9 — — 80.3 141.2 Fixed Income Securities 34.9 82.5 — 34.6 152.0 Real Assets — — — 5.3 5.3 Total U.S. Assets $ 97.6 $ 86.2 $ — $ 120.2 $ 304.0 July 31, 2016 Cash and Cash Equivalents $ 1.2 $ — $ — $ — $ 1.2 Global Equity Securities 62.2 — — 100.2 162.4 Fixed Income Securities 72.2 — — 47.3 119.5 Real Assets 5.9 — — 7.9 13.8 Total U.S. Assets $ 141.5 $ — $ — $ 155.4 $ 296.9 |
Non - U.S. Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of estimated fair value of pension plan assets and their respective levels in the fair value hierarchy | The estimated fair values of non-U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2017 and 2016 by asset category are as follows (in millions): Non-U.S. Pension Plans Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total July 31, 2017 Cash and Cash Equivalents $ 0.9 $ — $ — $ 0.9 Global Equity Securities 79.7 — — 79.7 Fixed Income Securities 11.9 34.3 — 46.2 Insurance Contracts — — 34.3 34.3 Total Non-U.S. Assets $ 92.5 $ 34.3 $ 34.3 $ 161.1 July 31, 2016 Cash and Cash Equivalents $ 0.5 $ — $ — $ 0.5 Global Equity Securities 69.2 — — 69.2 Fixed Income Securities 4.6 35.8 — 40.4 Equity/Fixed Income 16.7 — 31.8 48.5 Total Non-U.S. Assets $ 91.0 $ 35.8 $ 31.8 $ 158.6 |
Summary of the changes in the fair value of non-U.S. pension plans' assets with unobservable inputs | The following table summarizes the changes in the fair values of the non-U.S. pension plans’ Level 3 assets for the years ended July 31, 2017, 2016 and 2015 (in millions): Non-U.S. Pension Plans Ending balance at July 31, 2014 $ 30.5 Unrealized gains 1.3 Foreign currency exchange (5.5 ) Purchases 2.7 Sales (0.8 ) Ending balance at July 31, 2015 $ 28.2 Unrealized gains 2.7 Foreign currency exchange 0.3 Purchases 2.7 Sales (2.1 ) Ending balance at July 31, 2016 $ 31.8 Unrealized gains 1.2 Foreign currency exchange 1.7 Purchases 1.0 Sales (1.4 ) Ending balance at July 31, 2017 $ 34.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of earnings before income taxes | The components of earnings before income taxes are as follows (in millions): Year Ended July 31, 2017 2016 2015 Earnings before income taxes: United States $ 109.8 $ 90.7 $ 92.4 Foreign 212.2 166.7 196.2 Total $ 322.0 $ 257.4 $ 288.6 |
Schedule of components of the provision for income taxes | The components of the provision for income taxes are as follows (in millions): Year Ended July 31, 2017 2016 2015 Income tax provision (benefit): Current Federal $ 38.9 $ 19.9 $ 28.5 State 4.3 3.1 2.9 Foreign 56.6 46.9 54.7 99.8 69.9 86.1 Deferred Federal (7.7 ) (0.3 ) (4.2 ) State (0.4 ) (0.2 ) 0.1 Foreign (2.5 ) (2.8 ) (1.5 ) (10.6 ) (3.3 ) (5.6 ) Total $ 89.2 $ 66.6 $ 80.5 |
Schedule of reconciliation of the U.S. statutory income tax rate with the effective income tax rate | The following table reconciles the U.S. statutory income tax rate with the effective income tax rate: Year Ended July 31, 2017 2016 2015 Statutory U.S. federal rate 35.0 % 35.0 % 35.0 % State income taxes 0.9 % 0.8 % 0.9 % Foreign operations (8.3 )% (8.1 )% (7.9 )% Export, manufacturing and research credits (1.1 )% (1.6 )% (1.1 )% Change in unrecognized tax benefits 1.0 % (1.0 )% 1.3 % Other 0.2 % 0.8 % (0.3 )% Effective income tax rate 27.7 % 25.9 % 27.9 % |
Schedule of the tax effects of temporary differences that give rise to deferred tax assets and liabilities | The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows (in millions): July 31, 2017 2016 Deferred tax assets: Accrued expenses $ 16.5 $ 12.1 Compensation and retirement plans 56.2 59.5 NOL and tax credit carryforwards 8.5 6.5 LIFO and inventory reserves 3.0 5.4 Other 6.9 4.0 Gross deferred tax assets 91.1 87.5 Valuation allowance (5.2 ) (3.3 ) Net deferred tax assets 85.9 84.2 Deferred tax liabilities: Depreciation and amortization (58.8 ) (57.5 ) Other (0.4 ) (1.2 ) Deferred tax liabilities (59.2 ) (58.7 ) Net tax asset $ 26.7 $ 25.5 |
Summary of reconciliation of the beginning and ending amount of gross unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): Year Ended July 31, 2017 2016 2015 Gross unrecognized tax benefits at beginning of fiscal year $ 15.7 $ 18.2 $ 15.0 Additions for tax positions of the current year 3.9 3.4 4.7 Additions for tax positions of prior years 0.1 0.1 0.1 Reductions for tax positions of prior years (0.1 ) (4.9 ) (0.6 ) Settlements 0.3 (0.1 ) — Reductions due to lapse of applicable statute of limitations (1.1 ) (1.0 ) (1.0 ) Gross unrecognized tax benefits at end of fiscal year $ 18.8 $ 15.7 $ 18.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Schedule of fair value of outstanding derivatives | The following summarizes the Company’s fair value of outstanding derivative contracts at July 31, 2017 and 2016 , included in the accompanying Consolidated Balance Sheets (in millions): Significant Other Observable Inputs (Level 2) July 31, 2017 2016 Assets Prepaids and other current assets Foreign exchange contracts $ 2.1 $ 1.1 Liabilities Other current liabilities Foreign exchange contracts (5.5 ) (2.4 ) Forward exchange contracts - net liability position $ (3.4 ) $ (1.3 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of treasury stock activity | Treasury stock share activity for the years ended July 31, 2017 and 2016 is summarized as follows: Year Ended July 31, 2017 2016 Beginning balance 18,750,503 17,044,950 Stock repurchases 3,330,357 2,540,000 Net issuance upon exercise of stock options (944,556 ) (764,756 ) Issuance under compensation plans (91,817 ) (59,787 ) Other activity (7,134 ) (9,904 ) Ending balance 21,037,353 18,750,503 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive loss by component | Changes in accumulated other comprehensive loss by component for the years ended July 31, 2017 and 2016 are as follows (in millions): Foreign currency translation adjustment (1) Pension benefits Derivative financial instruments Total Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) Other comprehensive income (loss) before reclassifications and tax 30.5 24.8 (2.4 ) 52.9 Tax (expense) benefit — (8.7 ) 0.8 (7.9 ) Other comprehensive income (loss) before reclassifications, net of tax 30.5 16.1 (1.6 ) 45.0 Reclassifications, before tax — 7.1 (1.4 ) 5.7 Tax (expense) benefit — (2.5 ) 0.4 (2.1 ) Reclassifications, net of tax — 4.6 (3) (1.0 ) (2) 3.6 Other comprehensive income (loss), net of tax 30.5 20.7 (2.6 ) 48.6 Balance as of July 31, 2017, net of tax $ (58.8 ) $ (95.1 ) $ (3.1 ) $ (157.0 ) Balance as of July 31, 2015, net of tax $ (70.8 ) $ (90.6 ) $ (0.6 ) $ (162.0 ) Other comprehensive loss before reclassifications and tax (18.5 ) (55.4 ) (0.4 ) (74.3 ) Tax benefit — 19.4 0.1 19.5 Other comprehensive loss before reclassifications, net of tax (18.5 ) (36.0 ) (0.3 ) (54.8 ) Reclassifications, before tax — 15.8 0.6 16.4 Tax expense — (5.0 ) (0.2 ) (5.2 ) Reclassifications, net of tax — 10.8 (3) 0.4 (2) 11.2 Other comprehensive (loss) income, net of tax (18.5 ) (25.2 ) 0.1 (43.6 ) Balance as of July 31, 2016, net of tax $ (89.3 ) $ (115.8 ) $ (0.5 ) $ (205.6 ) (1) 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. (2) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note 1). (3) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 11) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule of segment detail | Segment detail is summarized as follows (in millions): Engine Products Industrial Products Corporate and Unallocated Total Company Fiscal 2017 Net sales $ 1,553.3 $ 818.6 $ — $ 2,371.9 Depreciation and amortization 33.9 26.7 14.6 75.2 Equity earnings in unconsolidated affiliates 4.4 0.6 — 5.0 Earnings (loss) before income taxes 219.7 129.1 (26.8 ) 322.0 Assets 849.6 638.3 491.8 1,979.7 Equity investments in unconsolidated affiliates 14.8 4.2 — 19.0 Capital expenditures 29.7 23.4 12.8 65.9 Fiscal 2016 Net sales $ 1,391.3 $ 829.0 $ — $ 2,220.3 Depreciation and amortization 38.5 28.1 8.3 74.9 Equity earnings in unconsolidated affiliates 1.0 1.2 — 2.2 Earnings (loss) before income taxes 163.5 119.0 (25.1 ) 257.4 Assets 841.4 646.9 298.7 1,787.0 Equity investments in unconsolidated affiliates 14.3 4.4 — 18.7 Capital expenditures 37.5 27.3 8.1 72.9 Fiscal 2015 Net sales $ 1,484.1 $ 887.1 $ — $ 2,371.2 Depreciation and amortization 43.3 26.4 4.6 74.3 Equity earnings in unconsolidated affiliates 4.1 1.0 — 5.1 Earnings (loss) before income taxes 186.3 123.3 (21.0 ) 288.6 Assets 887.7 634.0 285.8 1,807.5 Equity investments in unconsolidated affiliates 15.1 3.2 — 18.3 Capital expenditures 54.6 33.4 5.8 93.8 |
Reconciliation of net sales by product group per segment | Net sales by product group within the Engine Products segment and Industrial Products segment is summarized as follows (in millions): Year Ended July 31, 2017 2016 2015 Engine Products segment: Off-Road $ 252.1 $ 216.6 $ 261.1 On-Road 110.7 127.2 138.4 Aftermarket 1,086.2 951.5 980.7 Aerospace and Defense 104.3 96.0 103.9 Total Engine Products segment 1,553.3 1,391.3 1,484.1 Industrial Products segment: Industrial Filtration Solutions 533.2 517.9 529.0 Gas Turbine Systems 122.9 149.6 186.9 Special Applications 162.5 161.5 171.2 Total Industrial Products segment 818.6 829.0 887.1 Total Company $ 2,371.9 $ 2,220.3 $ 2,371.2 |
Schedule of net sales by origination and property, plant and equipment by geographic region | Net sales by origination and property, plant and equipment by geographic region are summarized as follows (in millions): Net Sales (1) Property, Plant and Equipment, Net Fiscal 2017 United States $ 990.1 $ 192.7 Europe 638.1 163.3 Asia Pacific 500.5 55.3 Other 243.2 73.3 Total $ 2,371.9 $ 484.6 Fiscal 2016 United States $ 937.3 $ 192.9 Europe 632.7 148.1 Asia Pacific 449.9 60.1 Other 200.4 68.7 Total $ 2,220.3 $ 469.8 Fiscal 2015 United States $ 1,007.3 $ 209.0 Europe 671.3 141.7 Asia Pacific 470.7 63.8 Other 221.9 56.1 Total $ 2,371.2 $ 470.6 (1) Net sales by origination is based on the country of the Company's legal entity where the customer's order was placed. |
Quarterly Financial Informati42
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of unaudited consolidated quarterly financial information | Unaudited consolidated quarterly financial information for the years ended July 31, 2017 and 2016 is as follows (in millions, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2017 Net sales $ 553.0 $ 550.6 $ 608.2 $ 660.1 Gross profit 194.2 187.9 211.5 229.5 Net earnings 58.0 46.5 60.1 68.2 Net earnings per share – basic 0.43 0.35 0.45 0.52 Net earnings per share – diluted 0.43 0.35 0.45 0.51 Dividends declared per share 0.175 0.175 0.175 0.180 Dividends paid per share 0.175 0.175 0.175 0.175 Fiscal 2016 Net sales $ 538.0 $ 517.2 $ 571.3 $ 593.8 Gross profit 178.1 170.8 196.6 209.3 Net earnings 38.5 38.0 54.8 59.5 Net earnings per share – basic 0.29 0.28 0.41 0.44 Net earnings per share – diluted 0.29 0.28 0.41 0.44 Dividends declared per share 0.170 0.170 0.175 0.175 Dividends paid per share 0.170 0.170 0.170 0.175 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2017USD ($)joint_ventureplant | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Number of manufacturing plants around world | plant | 44 | ||
Number of joint ventures | joint_venture | 3 | ||
Foreign currency transaction gains (losses) | $ (4,000,000) | $ (4,700,000) | $ 2,100,000 |
Number of days considered to review for collectability | 90 days | ||
Percentage of LIFO inventory | 27.20% | 29.00% | |
Excess of FIFO over LIFO inventory | $ 37,100,000 | $ 39,800,000 | |
Depreciation | 68,800,000 | 68,800,000 | 66,900,000 |
Asset impairment charges | 0 | 0 | 0 |
Shipping and handling costs | 61,400,000 | 56,300,000 | 63,200,000 |
Debt issuance costs, net | $ 2,200,000 | 1,600,000 | |
Minimum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Capitalization of direct cost, amortization period in years | 5 years | ||
Maximum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Capitalization of direct cost, amortization period in years | 7 years | ||
Machinery and equipment | Minimum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 3 years | ||
Machinery and equipment | Maximum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years | ||
Building and Building Improvements | Minimum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years | ||
Building and Building Improvements | Maximum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 40 years | ||
Other Intangible Assets | Minimum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 3 years | ||
Other Intangible Assets | Maximum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Finite-lived intangible assets, useful life | 20 years | ||
Partially Completed Facility In Xuzhou China | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Asset impairment charges | $ 0 | 2,900,000 | $ 0 |
Other Noncurrent Assets | Accounting Standards Update 2015-03 | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Debt issuance costs, net | (1,600,000) | ||
Long-term Debt | Accounting Standards Update 2015-03 | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Debt issuance costs, net | $ 1,600,000 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | May 01, 2017USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2017USD ($)acquisition | Jul. 31, 2016USD ($) | Aug. 31, 2015 | Jul. 31, 2015USD ($) | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||||||
Acquired finite-lived intangibles | $ 8.6 | $ 6.6 | |||||
Goodwill | $ 238.1 | $ 229.3 | $ 223.7 | ||||
Hy-Pro Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, percentage of voting interests acquired | 100.00% | ||||||
Business combination, consideration transferred | $ 22.7 | ||||||
Industrias Partmo S.A. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, consideration transferred | $ 12.1 | ||||||
Business combination, consideration transferred, payments to acquire business | 10.9 | ||||||
Business combination, consideration transferred, payable | $ 1.2 | ||||||
Business combination, consideration transferred, payable term | 3 years | ||||||
2017 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, number of business acquisitions | acquisition | 2 | ||||||
Business combination, net tangible assets acquired | $ 19.5 | ||||||
Acquired finite-lived intangibles | 8.6 | ||||||
Goodwill | 6.7 | ||||||
Engineered Products Company | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, percentage of voting interests acquired | 100.00% | ||||||
Northern Technical, L.L.C. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, percentage of voting interests acquired | 100.00% | ||||||
Business combination, favorable settlement claim | $ 6.8 | ||||||
Minimum | 2017 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | ||||||
Maximum | 2017 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Acquired finite-lived intangible assets, weighted average useful life | 20 years |
Supplemental Balance Sheet In45
Supplemental Balance Sheet Information (Inventory) (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 96.3 | $ 92.5 |
Work in process | 19.7 | 18.4 |
Finished products | 177.5 | 123.2 |
Net inventories | $ 293.5 | $ 234.1 |
Supplemental Balance Sheet In46
Supplemental Balance Sheet Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | $ (744.2) | $ (680.8) | |
Net property, plant and equipment | 484.6 | 469.8 | $ 470.6 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 20.6 | 20 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 292.5 | 280.4 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 866.8 | 810.9 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 48.9 | $ 39.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Options excluded from the diluted net earnings per share calculation (in shares) | 1,030,050 | 3,164,159 | 977,824 | ||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Net earnings for basic and diluted earnings per share computation | $ 68.2 | $ 60.1 | $ 46.5 | $ 58 | $ 59.5 | $ 54.8 | $ 38 | $ 38.5 | $ 232.8 | $ 190.8 | $ 208.1 |
Weighted average common shares – basic (in shares) | 132,600,000 | 133,800,000 | 137,800,000 | ||||||||
Dilutive impact of stock-based awards (in shares) | 1,500,000 | 1,000,000 | 1,600,000 | ||||||||
Weighted average common shares – diluted (in shares) | 134,100,000 | 134,800,000 | 139,400,000 | ||||||||
Net earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.52 | $ 0.45 | $ 0.35 | $ 0.43 | $ 0.44 | $ 0.41 | $ 0.28 | $ 0.29 | $ 1.76 | $ 1.43 | $ 1.51 |
Diluted (in dollars per share) | $ 0.51 | $ 0.45 | $ 0.35 | $ 0.43 | $ 0.44 | $ 0.41 | $ 0.28 | $ 0.29 | $ 1.74 | $ 1.42 | $ 1.49 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2017USD ($)reporting_unit | Apr. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of reporting units | reporting_unit | 5 | ||||
Percentage of a reporting units fair value in excess of carrying amount | 60.00% | 60.00% | |||
Goodwill | 238,100,000 | 229,300,000 | $ 223,700,000 | ||
Fair value inputs, long-term revenue growth rate | 3.00% | ||||
Fair value inputs, discount rate | 11.50% | ||||
Goodwill, impairment test, benchmark residual growth rate decrease that would result in potential impairment, percent | 3.00% | 3.00% | |||
Goodwill, impairment test, benchmark discount rate increase that would result in potential impairment, percent | 0.00% | 0.00% | |||
Goodwill, impairment test, benchmark projected cash flow decrease that would result in potential impairment, percent | 1.50% | 1.50% | |||
Intangible assets, net | 40,600,000 | 38,500,000 | |||
Gas Turbine Systems | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Percentage of a reporting units fair value in excess of carrying amount | 15.00% | 15.00% | |||
Goodwill | $ 60,400,000 | $ 60,400,000 | |||
Customer Relationships | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 30,800,000 | 30,700,000 | |||
Acquired finite-lived intangible assets, weighted average useful life | 11 years 10 months 24 days | ||||
Patents, Trademarks and Technology | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 9,800,000 | $ 7,800,000 | |||
Acquired finite-lived intangible assets, weighted average useful life | 8 years 1 month 6 days |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets (Reconciliation of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 229.3 | $ 223.7 |
Goodwill acquired | 6.7 | 6.3 |
Foreign exchange translation | 2.1 | (0.7) |
Ending Balance | 238.1 | 229.3 |
Operating Segments | Engineered Products | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 77.3 | 71 |
Goodwill acquired | 6.7 | 6.3 |
Foreign exchange translation | 0.3 | 0 |
Ending Balance | 84.3 | 77.3 |
Operating Segments | Industrial Products | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 152 | 152.7 |
Goodwill acquired | 0 | 0 |
Foreign exchange translation | 1.8 | (0.7) |
Ending Balance | $ 153.8 | $ 152 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets (Reconciliation of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance, Gross Carrying Amount | $ 96.8 | $ 87.1 |
Beginning balance, Accumulated Amortization | (58.3) | (49.2) |
Beginning Balance, Net Intangible Assets | 38.5 | 37.9 |
Intangibles acquired | 8.6 | 6.6 |
Amortization expense | (6.4) | (6.1) |
Foreign exchange translation, Gross Carrying Amount | 1.2 | 3.1 |
Foreign exchange translation, Accumulated Amortization | (1.3) | (3) |
Foreign exchange translation, Net Intangible Assets | (0.1) | 0.1 |
Ending balance, Gross Carrying Amount | 106.6 | 96.8 |
Ending balance, Accumulated Amortization | (66) | (58.3) |
Ending balance, Net Intangible Assets | $ 40.6 | $ 38.5 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets (Expected Amortization Expense Relating To Existing Intangible Assets) (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | $ 5.4 | ||
2,019 | 5.2 | ||
2,020 | 4.9 | ||
2,021 | 4.7 | ||
2,022 | 3.6 | ||
Thereafter | 16.8 | ||
Total expected amortization expense | $ 40.6 | $ 38.5 | $ 37.9 |
Credit Facilities (Details)
Credit Facilities (Details) | 12 Months Ended | ||
Jul. 31, 2017USD ($)credit_facility | Jul. 31, 2017EUR (€) | Jul. 31, 2016USD ($) | |
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings on line of credit | $ 130,000,000 | ||
Uncommitted credit facilities | |||
Line of Credit Facility [Line Items] | |||
Number of uncommitted credit facilities | credit_facility | 2 | ||
Outstanding borrowings on line of credit | $ 19,200,000 | $ 26,800,000 | |
Weighted average interest rate | 2.00% | 2.00% | 1.25% |
Remaining borrowing capacity available on credit facilities | $ 45,700,000 | $ 38,200,000 | |
Treasury notes | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings on line of credit | 0 | 0 | |
Maximum borrowing capacity available on line of credit | 117,300,000 | € 100,000,000 | |
Foreign line of credit | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings on line of credit | 0 | 0 | |
Maximum borrowing capacity available on line of credit | 51,000,000 | € 43,500,000 | |
Other credit facilities | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings on line of credit | $ 4,100,000 | $ 8,700,000 | |
Weighted average interest rate | 0.32% | 0.32% | 0.32% |
Remaining borrowing capacity available on credit facilities | $ 39,800,000 | $ 45,500,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 31, 2017JPY (¥) | Jul. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016JPY (¥) | Jul. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ (2.2) | $ (1.6) | |||
Subtotal | 587.9 | 401.4 | |||
Less: current maturities | 50.6 | 51.2 | |||
Long-term debt | $ 537.3 | 350.2 | |||
Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.00 billion due July 15, 2021 and an interest rate of 0.25% as of July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 0.25% | 0.25% | |||
Senior Notes | 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | 50 | |||
Debt instrument interest rate | 5.48% | 5.48% | |||
Debt instrument, maturity date | Jun. 1, 2017 | Jun. 1, 2017 | |||
Debt instrument periodic principal payment | $ 50 | ||||
Senior Notes | 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 25 | 25 | |||
Debt instrument interest rate | 5.48% | 5.48% | |||
Debt instrument, maturity date | Sep. 28, 2017 | Sep. 28, 2017 | |||
Debt instrument periodic principal payment | $ 25 | ||||
Senior Notes | 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 25 | 25 | |||
Debt instrument interest rate | 5.48% | 5.48% | |||
Debt instrument, maturity date | Nov. 30, 2017 | Nov. 30, 2017 | |||
Debt instrument periodic principal payment | $ 25 | ||||
Senior Notes | 3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 125 | 125 | |||
Debt instrument interest rate | 3.72% | 3.72% | |||
Debt instrument, maturity date | Mar. 27, 2024 | Mar. 27, 2024 | |||
Debt instrument periodic principal payment | $ 125 | ||||
Senior Notes | 2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 25 | 25 | |||
Debt instrument interest rate | 2.93% | 2.93% | |||
Debt instrument, maturity date | Apr. 16, 2025 | Apr. 16, 2025 | |||
Debt instrument periodic principal payment | $ 25 | ||||
Senior Notes | 3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 125 | 125 | |||
Debt instrument interest rate | 3.18% | 3.18% | |||
Debt instrument, maturity date | Jun. 17, 2030 | Jun. 17, 2030 | |||
Debt instrument periodic principal payment | $ 125 | ||||
Senior Notes | Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 19, 2019 and an interest rate of 0.40% as of July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 15 | 16 | |||
Debt instrument interest rate | 0.40% | 0.40% | |||
Debt instrument, maturity date | May 19, 2019 | May 19, 2019 | |||
Debt instrument periodic principal payment | ¥ | ¥ 1,650 | ||||
Senior Notes | Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.00 billion due July 15, 2021 and an interest rate of 0.25% as of July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | ¥ | ¥ 9 | ¥ 9.7 | |||
Debt instrument interest rate | 0.25% | 0.25% | |||
Debt instrument, maturity date | Jul. 15, 2021 | Jul. 15, 2021 | |||
Debt instrument periodic principal payment | ¥ | ¥ 1,000 | ||||
Line of credit | Variable rate committed, unsecured $500.0 million revolving credit facility due July 21, 2022 and an interest rate of 2.24% as of July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 190 | 0 | |||
Debt instrument interest rate | 2.24% | 2.24% | |||
Debt instrument, maturity date | Jul. 21, 2022 | Jul. 21, 2022 | |||
Debt instrument periodic principal payment | $ 500 | ||||
Term loan | Variable rate committed, unsecured $50.0 million term loan due July 21, 2020 and an interest rate of 2.24% as of July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 50 | 0 | |||
Debt instrument interest rate | 2.24% | 2.24% | |||
Debt instrument, maturity date | Jul. 21, 2020 | Jul. 21, 2020 | |||
Debt instrument periodic principal payment | $ 50 | ||||
Capital lease obligations | Capitalized lease obligations and other, with various maturity dates and interest rates | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1.1 | 1.9 | |||
Terminated interest rate swap contracts | Terminated interest rate swap contracts | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 0.4 |
Long-Term Debt (Future Maturiti
Long-Term Debt (Future Maturities of Long Term Debt) (Details) $ in Millions | Jul. 31, 2017USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,018 | $ 50.6 |
2,019 | 14.9 |
2,020 | 49.7 |
2,021 | 8.6 |
2,022 | 189.5 |
Thereafter | 274.6 |
Total estimated future maturities | $ 587.9 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Jul. 31, 2017USD ($) | Jul. 21, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 22, 2016JPY (¥) | Jul. 22, 2016USD ($) |
Variable rate guaranteed senior note | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | ¥ 1,000,000,000 | $ 9,000,000 | |||
Debt instrument interest rate | 0.25% | ||||
Term loan | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 50,000,000 | ||||
Multi-currency revolving credit facility | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity available on line of credit | $ 500,000,000 | ||||
Additional borrowing capacity on line of credit under certain conditions | 250,000,000 | ||||
Remaining borrowing capacity available on credit facilities | $ 299,500,000 | $ 262,700,000 | |||
Long-term line of credit | $ 270,000,000 |
Warranty (Details)
Warranty (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 11.9 | $ 8.6 |
Accruals for warranties issued during the reporting period | 4.7 | 4.6 |
Accruals related to pre-existing warranties (including changes in estimates) | 3.6 | 2.9 |
Less settlements made during the period | (5.6) | (4.2) |
Ending balance | $ 14.6 | $ 11.9 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 16,100,000 | $ 16,900,000 |
Expense related to lump sum settlement | 3,900,000 | ||
Restructuring liability | 0 | ||
Operating expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 10,400,000 | 8,500,000 | |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,700,000 | 8,400,000 | |
Engine Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 8,800,000 | 9,200,000 | |
Industrial Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 7,300,000 | $ 3,800,000 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2010 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, weighted average grant date fair value (in dollars per share) | $ 10.09 | $ 7.10 | $ 9.94 | |
Intrinsic value of stock options exercised | $ 18.3 | $ 11.6 | $ 18.8 | |
Shares reserved for outstanding options and future grants (in shares) | 9,683,708 | |||
Intrinsic value of shares outstanding | $ 99.6 | |||
Intrinsic value of shares exercisable | 80.9 | |||
Equity instruments other than options vested in period | $ 39.6 | 30 | $ 29.3 | |
Reload grants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercisable term | 4 years | |||
Number of years of service when options with a reload provision were no longer issued to officers beginning in Fiscal 2006 | 5 years | |||
Number of years of service that options were still issued with a reload provision to officers until Fiscal 2011 | 5 years | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense associated with stock options | $ 7.5 | 6.7 | $ 9.5 | |
Tax benefit recorded resulting from stock option compensation expense recognized | 2.2 | 2.1 | 3.1 | |
Total unrecognized compensation expense related to non-vested stock options | 7.4 | |||
Stock options | 2010 Master Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercisable term | 10 years | |||
Stock option, award vesting period | 3 years | |||
Performance shares | 2010 Master Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance awards measurement period | 3 years | |||
Performance award expense | $ 0.9 | $ 0.3 | $ 0.1 |
Equity Based Compensation (Weig
Equity Based Compensation (Weighted Average Assumptions For Recognized Fair Value Of Stock-Based Employee Compensation Cost) (Details) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 2.50% | 1.60% | 0.05% |
Risk-free interest rate, maximum | 2.60% | 2.30% | 2.30% |
Expected volatility, minimum | 20.80% | 21.80% | 18.60% |
Expected volatility, maximum | 24.10% | 25.90% | 26.70% |
Expected dividend yield | 1.70% | 1.70% | 1.60% |
Director and officer grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 8 years | 8 years | 8 years |
Non - officer original grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 7 years | 7 years | 7 years |
Reload grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 4 years |
Equity Based Compensation (Summ
Equity Based Compensation (Summary Of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Outstanding, Beginning Balance (in shares) | 6,822,390 | 7,191,442 | 7,197,882 |
Granted (in shares) | 888,500 | 969,450 | 1,023,836 |
Exercised (in shares) | (978,193) | (916,789) | (916,566) |
Canceled (in shares) | (47,146) | (421,713) | (113,710) |
Options Outstanding, Ending Balance (in shares) | 6,685,551 | 6,822,390 | 7,191,442 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ 30.09 | $ 29.38 | $ 26.84 |
Granted (in dollars per share) | 42.65 | 28.19 | 38.58 |
Exercised (in dollars per share) | 24.04 | 19.39 | 18.54 |
Canceled (in dollars per share) | 36.51 | 36.95 | 38.67 |
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 32.60 | $ 30.09 | $ 29.38 |
Equity Based Compensation (Su61
Equity Based Compensation (Summary Of Information Concerning Outstanding And Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding (in shares) | 6,685,551 | 6,822,390 | 7,191,442 | 7,197,882 |
Weighted Average Remaining Contractual Life (Years) | 5 years 7 months 24 days | |||
Weighted Average Exercise Price (in dollars per share) | $ 32.60 | |||
Number Exercisable (in shares) | 4,905,026 | |||
Weighted Average Exercise Price (in dollars per share) | $ 31 | |||
$0.00 to $22.69 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options, exercise price range, lower range limit (in dollars per share) | 0 | |||
Share options, exercise price range, upper range limit (in dollars per share) | $ 22.69 | |||
Number Outstanding (in shares) | 1,209,231 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 11 months 1 day | |||
Weighted Average Exercise Price (in dollars per share) | $ 19.63 | |||
Number Exercisable (in shares) | 1,209,231 | |||
Weighted Average Exercise Price (in dollars per share) | $ 19.63 | |||
$22.70 to $28.69 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options, exercise price range, lower range limit (in dollars per share) | 22.70 | |||
Share options, exercise price range, upper range limit (in dollars per share) | $ 28.69 | |||
Number Outstanding (in shares) | 981,995 | |||
Weighted Average Remaining Contractual Life (Years) | 7 years 6 months 26 days | |||
Weighted Average Exercise Price (in dollars per share) | $ 27.54 | |||
Number Exercisable (in shares) | 387,755 | |||
Weighted Average Exercise Price (in dollars per share) | $ 26.72 | |||
$28.70 to $34.69 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options, exercise price range, lower range limit (in dollars per share) | 28.70 | |||
Share options, exercise price range, upper range limit (in dollars per share) | $ 34.69 | |||
Number Outstanding (in shares) | 1,457,982 | |||
Weighted Average Remaining Contractual Life (Years) | 4 years 4 months 24 days | |||
Weighted Average Exercise Price (in dollars per share) | $ 31.61 | |||
Number Exercisable (in shares) | 1,440,251 | |||
Weighted Average Exercise Price (in dollars per share) | $ 31.61 | |||
$34.70 to $40.69 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options, exercise price range, lower range limit (in dollars per share) | 34.70 | |||
Share options, exercise price range, upper range limit (in dollars per share) | $ 40.69 | |||
Number Outstanding (in shares) | 1,447,048 | |||
Weighted Average Remaining Contractual Life (Years) | 6 years 1 month 21 days | |||
Weighted Average Exercise Price (in dollars per share) | $ 37.03 | |||
Number Exercisable (in shares) | 1,161,545 | |||
Weighted Average Exercise Price (in dollars per share) | $ 36.66 | |||
$40.70 and above | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options, exercise price range, lower range limit (in dollars per share) | $ 40.70 | |||
Number Outstanding (in shares) | 1,589,295 | |||
Weighted Average Remaining Contractual Life (Years) | 8 years 7 days | |||
Weighted Average Exercise Price (in dollars per share) | $ 42.47 | |||
Number Exercisable (in shares) | 706,244 | |||
Weighted Average Exercise Price (in dollars per share) | $ 42.24 |
Equity Based Compensation (Stat
Equity Based Compensation (Status For Options Which Contain Vesting Provisions) (Details) | 12 Months Ended |
Jul. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance, Options, Non-vested (in shares) | shares | 1,762,856 |
Granted (in shares) | shares | 888,500 |
Vested (in shares) | shares | (834,806) |
Canceled (in shares) | shares | (36,025) |
Ending Balance, Options, Non-vested (in shares) | shares | 1,780,525 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Beginning Balance, Weighted Average Grant Date Fair Value, Outstanding (in dollars per share) | $ / shares | $ 8.70 |
Granted (in dollars per share) | $ / shares | 10.09 |
Vested (in dollars per share) | $ / shares | 9.41 |
Canceled (in dollars per share) | $ / shares | 8.61 |
Ending Balance, Weighted Average Grant Date Fair Value, Outstanding (in dollars per share) | $ / shares | $ 9.06 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | Aug. 01, 2016 | Jul. 31, 2017USD ($)pension_plan | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of U.S. pension plan types | pension_plan | 2 | |||
Defined contribution plan, annual retirement contributions, percent | 3.00% | |||
Deferred compensation arrangement with individual, maximum future deferred receipts allowed | 75.00% | |||
Deferred compensation arrangement with individual, recorded liability | $ 6.5 | $ 8.6 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net underfunded status | 50 | 81.8 | ||
Unrealized losses recognized | 147.7 | 179.6 | ||
Loss anticipated to be recognized in net periodic pension expense | 4.6 | |||
Accumulated benefit obligation | 495.3 | 519 | ||
Projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets | 416.8 | 433.1 | ||
Fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets | 361.1 | 350 | ||
Projected benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 360.4 | 375.5 | ||
Accumulated benefit obligation for plans with projected benefit obligations in excess of plan assets | 360.1 | 377.4 | ||
Fair value of plan assets for plans with projected benefit obligations in excess of plan assets | 311 | 304.4 | ||
Company contributions | $ 3.1 | 4.2 | ||
Pension Plan | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of fund held in other collective investment vehicles | 100.00% | |||
Pension Plan | Fixed Income Securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Strategic asset allocation, fixed income securities, minimum | 80.00% | |||
Strategic asset allocation, fixed income securities, maximum | 90.00% | |||
Pension Plan | Equity Securities | Level 3 | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 20.00% | |||
Pension Plan | Equity Securities | Level 3 | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 10.00% | |||
Pension Plan | Long Short Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 5.00% | |||
Pension Plan | Salaried Pension Plan | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 2.00% | |||
Pension Plan | Salaried Pension Plan | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 1.00% | |||
Pension Plan | Salaried Pension Plan | Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 52.00% | |||
Pension Plan | Salaried Pension Plan | Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 45.00% | |||
Pension Plan | Hourly Pension Plan | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 2.00% | |||
Pension Plan | Hourly Pension Plan | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 1.00% | |||
Pension Plan | Hourly Pension Plan | Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 57.00% | |||
Pension Plan | Hourly Pension Plan | Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan target allocation percentage | 40.00% | |||
Pension Plan | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term rate of return on plan assets | 4.19% | |||
Company contributions | $ 1.5 | |||
Expected future employer contributions | 1.3 | |||
Pension Plan | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrealized losses recognized | $ (1.2) | (2.7) | $ (1.3) | |
Pension Plan | U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term rate of return on plan assets | 6.58% | |||
Company contributions | $ 1.6 | |||
Expected future employer contributions | $ 3.7 | |||
Retirement Savings and Employee Stock Ownership Plan | U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, annual retirement contributions, percent | 3.00% | |||
Company contributions | $ 20.1 | $ 8.2 | $ 8.6 | |
Contributory employee saving plan, employee contribution threshold limit from compensation, maximum | 25.00% | |||
Contributory employee saving plan, percentage match of participants, first contributions | 100.00% | |||
Contributory employee saving plan, percentage of participants, first eligible compensation | 3.00% | |||
Contributory employee saving plan, percentage match of participants, second contributions | 50.00% | |||
Contributory employee saving plan, percentage of participants, second eligible compensation | 2.00% |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Pension Costs) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8.3 | $ 18.4 | $ 20.4 |
Interest cost | 13.5 | 18.9 | 19.1 |
Expected return on assets | (26.4) | (28.8) | (29.5) |
Prior service cost and transition amortization | 0.6 | 0.8 | 0.6 |
Actuarial loss amortization | 7.3 | 8.5 | 7.1 |
Settlement loss | 0 | 0 | 3.9 |
Net periodic benefit costs | 3.3 | 17.8 | 21.6 |
Other changes recognized in other comprehensive income: | |||
Net actuarial (gain) loss | (21.7) | 53.6 | 3.5 |
Amortization of asset obligations | (0.2) | (0.4) | (0.2) |
Amortization of prior service cost | (0.4) | (0.4) | (0.4) |
Amortization of net actuarial loss | (7.3) | (8.5) | (11) |
Total recognized in other comprehensive income | (29.6) | 44.3 | (8.1) |
Total recognized in net periodic benefit costs and other comprehensive income | $ (26.3) | $ 62.1 | $ 13.5 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations And Funded Status Of Company's Pension Plans) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Change in projected benefit obligation: | |||
Projected benefit obligation, beginning of year | $ 537.3 | $ 498.7 | |
Service cost | 8.3 | 18.4 | $ 20.4 |
Interest cost | 13.5 | 18.9 | 19.1 |
Participant contributions | 0.8 | 1 | |
Actuarial (gain) loss | (22.3) | 50 | |
Currency exchange rates | 2.7 | (17.2) | |
Benefits paid | (25.2) | (32.5) | |
Projected benefit obligation, end of year | 515.1 | 537.3 | 498.7 |
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | 455.5 | 478.5 | |
Actual return on plan assets | 28.4 | 22.2 | |
Company contributions | 3.1 | 4.2 | |
Participant contributions | 0.8 | 1 | |
Currency exchange rates | 2.5 | (17.9) | |
Benefits paid | (25.2) | (32.5) | |
Fair value of plan assets, end of year | 465.1 | 455.5 | $ 478.5 |
Funded status: | |||
Projected benefit obligation in excess of plan assets at end of fiscal year | (50) | (81.8) | |
Amounts recognized on the Consolidated Balance Sheets consist of: | |||
Other long-term assets | 5.7 | 1.4 | |
Other current liabilities | (1.6) | (1.5) | |
Other long-term liabilities | (54.1) | (81.7) | |
Net recognized liability | $ (50) | $ (81.8) |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Discount Rates In Determining Actuarial Present Value Of Projected Benefit Obligation) (Details) - Pension Plan | Jul. 31, 2017 | Jul. 31, 2016 |
U.S. Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.94% | 3.65% |
Rate of compensation increase | 2.56% | |
Non - U.S. Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.40% | 2.08% |
Rate of compensation increase | 2.70% | 2.69% |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used To Determine Net Periodic Benefit Cost) (Details) - Pension Plan | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.65% | 4.33% | 4.33% |
Expected return on plan assets | 6.90% | 6.99% | 7.14% |
Rate of compensation increase | 2.56% | 2.56% | 2.61% |
Non - U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.08% | 3.14% | 3.64% |
Expected return on plan assets | 3.93% | 4.83% | 5.41% |
Rate of compensation increase | 2.69% | 2.68% | 2.79% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Assets Held By U.S. Pension Plans) (Details) - Pension Plan - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 465.1 | $ 455.5 | $ 478.5 |
U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 304 | 296.9 | |
Defined benefit plan, alternative investments, fair value of plan assets | 120.2 | 155.4 | |
U.S. Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 97.6 | 141.5 | |
U.S. Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 86.2 | 0 | |
U.S. Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 5.5 | 1.2 | |
Defined benefit plan, alternative investments, fair value of plan assets | 0 | 0 | |
U.S. Plan | Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 1.8 | 1.2 | |
U.S. Plan | Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3.7 | 0 | |
U.S. Plan | Cash and Cash Equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Global Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 141.2 | 162.4 | |
Defined benefit plan, alternative investments, fair value of plan assets | 80.3 | 100.2 | |
U.S. Plan | Global Equity Securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 60.9 | 62.2 | |
U.S. Plan | Global Equity Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Global Equity Securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 152 | 119.5 | |
Defined benefit plan, alternative investments, fair value of plan assets | 34.6 | 47.3 | |
U.S. Plan | Fixed Income Securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 34.9 | 72.2 | |
U.S. Plan | Fixed Income Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 82.5 | 0 | |
U.S. Plan | Fixed Income Securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 5.3 | 13.8 | |
Defined benefit plan, alternative investments, fair value of plan assets | 5.3 | 7.9 | |
U.S. Plan | Real Estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 5.9 | |
U.S. Plan | Real Estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
U.S. Plan | Real Estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Fair 69
Employee Benefit Plans (Fair Value Of Assets Held By Non-U.S. Pension Plans) (Details) - Pension Plan - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 465.1 | $ 455.5 | $ 478.5 | |
Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 161.1 | 158.6 | ||
Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 92.5 | 91 | ||
Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 34.3 | 35.8 | ||
Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 34.3 | 31.8 | $ 28.2 | $ 30.5 |
Cash and Cash Equivalents | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0.9 | 0.5 | ||
Cash and Cash Equivalents | Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0.9 | 0.5 | ||
Cash and Cash Equivalents | Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Cash and Cash Equivalents | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Global Equity Securities | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 79.7 | 69.2 | ||
Global Equity Securities | Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 79.7 | 69.2 | ||
Global Equity Securities | Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Global Equity Securities | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Fixed Income Securities | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 46.2 | 40.4 | ||
Fixed Income Securities | Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 11.9 | 4.6 | ||
Fixed Income Securities | Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 34.3 | 35.8 | ||
Fixed Income Securities | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Insurance Contracts | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 34.3 | |||
Insurance Contracts | Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | |||
Insurance Contracts | Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | |||
Insurance Contracts | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 34.3 | |||
Equity/Fixed Income | Non - U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 48.5 | |||
Equity/Fixed Income | Non - U.S. Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 16.7 | |||
Equity/Fixed Income | Non - U.S. Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | |||
Equity/Fixed Income | Non - U.S. Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 31.8 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In Fair Value Of U.S. Pension Plans' Level 3 Assets) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | $ 455.5 | $ 478.5 | |
Unrealized gains | (147.7) | (179.6) | |
Foreign currency exchange | (2.5) | 17.9 | |
Fair value of plan assets, end of year | 465.1 | 455.5 | $ 478.5 |
Non - U.S. Plan | |||
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | 158.6 | ||
Fair value of plan assets, end of year | 161.1 | 158.6 | |
Non - U.S. Plan | Level 3 | |||
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | 31.8 | 28.2 | 30.5 |
Unrealized gains | 1.2 | 2.7 | 1.3 |
Foreign currency exchange | 1.7 | 0.3 | (5.5) |
Purchases | 1 | 2.7 | 2.7 |
Sales | (1.4) | (2.1) | (0.8) |
Fair value of plan assets, end of year | 34.3 | 31.8 | $ 28.2 |
Non - U.S. Plan | Equity/Fixed Income | |||
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | 48.5 | ||
Fair value of plan assets, end of year | 48.5 | ||
Non - U.S. Plan | Equity/Fixed Income | Level 3 | |||
Change in fair value of plan assets: | |||
Fair value of plan assets, beginning of year | $ 31.8 | ||
Fair value of plan assets, end of year | $ 31.8 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments For U.S. And Non U.S. Plans) (Details) $ in Millions | Jul. 31, 2017USD ($) |
Retirement Benefits, Description [Abstract] | |
2,018 | $ 28.9 |
2,019 | 26.8 |
2,020 | 28.4 |
2,021 | 28.6 |
2,022 | 27.5 |
2022-2026 | $ 144.4 |
Income Taxes (Components Of Ear
Income Taxes (Components Of Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Earnings before income taxes: | |||
United States | $ 109.8 | $ 90.7 | $ 92.4 |
Foreign | 212.2 | 166.7 | 196.2 |
Earnings before income taxes | $ 322 | $ 257.4 | $ 288.6 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Current | |||
Federal | $ 38.9 | $ 19.9 | $ 28.5 |
State | 4.3 | 3.1 | 2.9 |
Foreign | 56.6 | 46.9 | 54.7 |
Income tax provision (benefit), current | 99.8 | 69.9 | 86.1 |
Deferred | |||
Federal | (7.7) | (0.3) | (4.2) |
State | (0.4) | (0.2) | 0.1 |
Foreign | (2.5) | (2.8) | (1.5) |
Income tax provision (benefit), deferred | (10.6) | (3.3) | (5.6) |
Total | $ 89.2 | $ 66.6 | $ 80.5 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate With Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal rate | 35.00% | 35.00% | 35.00% |
State income taxes | 0.90% | 0.80% | 0.90% |
Foreign operations | (8.30%) | (8.10%) | (7.90%) |
Export, manufacturing and research credits | (1.10%) | (1.60%) | (1.10%) |
Change in unrecognized tax benefits | 1.00% | (1.00%) | 1.30% |
Other | 0.20% | 0.80% | (0.30%) |
Effective income tax rate | 27.70% | 25.90% | 27.90% |
Income Taxes (Schedule Of Tempo
Income Taxes (Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 |
Deferred tax assets: | ||
Accrued expenses | $ 16.5 | $ 12.1 |
Compensation and retirement plans | 56.2 | 59.5 |
NOL and tax credit carryforwards | 8.5 | 6.5 |
LIFO and inventory reserves | 3 | 5.4 |
Other | 6.9 | 4 |
Gross deferred tax assets | 91.1 | 87.5 |
Valuation allowance | (5.2) | (3.3) |
Net deferred tax assets | 85.9 | 84.2 |
Deferred tax liabilities: | ||
Depreciation and amortization | (58.8) | (57.5) |
Other | (0.4) | (1.2) |
Deferred tax liabilities | (59.2) | (58.7) |
Net tax asset | $ 26.7 | $ 25.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Undistributed earnings of non-U.S. subsidiaries | $ 1,100 | |
Foreign earnings repatriated | 67.1 | |
Unrecognized tax benefits, interest expense recognized | 0.4 | |
Unrecognized tax benefits, accrued interest and penalties on a gross basis | $ 2.3 | $ 1.8 |
Unrecognized tax benefits, period for unrecognized tax benefits | 5 years | |
Maximum reduction in amount of unrecognized tax benefits resulting from lapse of statute of limitations | $ 2.6 |
Income Taxes (Schedule Of Rec77
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of fiscal year | $ 15.7 | $ 18.2 | $ 15 |
Additions for tax positions of the current year | 3.9 | 3.4 | 4.7 |
Additions for tax positions of prior years | 0.1 | 0.1 | 0.1 |
Reductions for tax positions of prior years | (0.1) | (4.9) | (0.6) |
Settlements | 0.3 | ||
Settlements | (0.1) | 0 | |
Reductions due to lapse of applicable statute of limitations | (1.1) | (1) | (1) |
Gross unrecognized tax benefits at end of fiscal year | $ 18.8 | $ 15.7 | $ 18.2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Debt Instrument [Line Items] | |||
Asset impairment charges | $ 0 | $ 0 | $ 0 |
Level 2 | Long-term Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | 330.6 | 394.4 | |
Long-term debt, carrying value | 325 | 375 | |
Level 3 | |||
Debt Instrument [Line Items] | |||
Carrying value of equity method investments | $ 19 | $ 18.7 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets) (Details) - Level 2 - USD ($) $ in Millions | Jul. 31, 2017 | Jul. 31, 2016 |
Assets, Prepaids and other current assets | ||
Foreign exchange contracts | $ 2.1 | $ 1.1 |
Liabilities, Other current liabilities | ||
Foreign exchange contracts | (5.5) | (2.4) |
Forward exchange contracts - net liability position | $ (3.4) | $ (1.3) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - shares | Jul. 31, 2017 | May 29, 2015 |
Stockholders' Equity Note [Abstract] | ||
Number of shares authorized to be repurchased (in shares) | 14,000,000 | |
Remaining number of shares authorized to be repurchased (in shares) | 7,173,842 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Treasury Stock) (Details) - shares | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule of Treasury Shares Activity [Roll Forward] | |||
Beginning balance (in shares) | 18,750,503 | ||
Net issuance upon exercise of stock options (in shares) | (978,193) | (916,789) | (916,566) |
Ending balance (in shares) | 21,037,353 | 18,750,503 | |
Treasury Stock | |||
Schedule of Treasury Shares Activity [Roll Forward] | |||
Beginning balance (in shares) | 18,750,503 | 17,044,950 | |
Stock repurchases (in shares) | 3,330,357 | 2,540,000 | |
Net issuance upon exercise of stock options (in shares) | (944,556) | (764,756) | |
Issuance under compensation plans (in shares) | (91,817) | (59,787) | |
Other activity (in shares) | (7,134) | (9,904) | |
Ending balance (in shares) | 21,037,353 | 18,750,503 | 17,044,950 |
Accumulated Other Comprehensi82
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 771.4 | $ 778.7 | $ 1,002.4 |
Net other comprehensive income (loss) | 48.6 | (43.6) | (116.2) |
Ending Balance | 854.5 | 771.4 | 778.7 |
Foreign currency translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (89.3) | (70.8) | |
Other comprehensive income (loss) before reclassifications and tax | 30.5 | (18.5) | |
Tax (expense) benefit | 0 | 0 | |
Other comprehensive income (loss) before reclassifications, net of tax | 30.5 | (18.5) | |
Reclassifications, before tax | 0 | 0 | |
Tax (expense) benefit | 0 | 0 | |
Reclassifications, net of tax | 0 | 0 | |
Net other comprehensive income (loss) | 30.5 | (18.5) | |
Ending Balance | (58.8) | (89.3) | (70.8) |
Pension benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (115.8) | (90.6) | |
Other comprehensive income (loss) before reclassifications and tax | 24.8 | (55.4) | |
Tax (expense) benefit | (8.7) | 19.4 | |
Other comprehensive income (loss) before reclassifications, net of tax | 16.1 | (36) | |
Reclassifications, before tax | 7.1 | 15.8 | |
Tax (expense) benefit | (2.5) | (5) | |
Reclassifications, net of tax | 4.6 | 10.8 | |
Net other comprehensive income (loss) | 20.7 | (25.2) | |
Ending Balance | (95.1) | (115.8) | (90.6) |
Derivative financial instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (0.5) | (0.6) | |
Other comprehensive income (loss) before reclassifications and tax | (2.4) | (0.4) | |
Tax (expense) benefit | 0.8 | 0.1 | |
Other comprehensive income (loss) before reclassifications, net of tax | (1.6) | (0.3) | |
Reclassifications, before tax | (1.4) | 0.6 | |
Tax (expense) benefit | 0.4 | (0.2) | |
Reclassifications, net of tax | (1) | 0.4 | |
Net other comprehensive income (loss) | (2.6) | 0.1 | |
Ending Balance | (3.1) | (0.5) | (0.6) |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (205.6) | (162) | (45.8) |
Other comprehensive income (loss) before reclassifications and tax | 52.9 | (74.3) | |
Tax (expense) benefit | (7.9) | 19.5 | |
Other comprehensive income (loss) before reclassifications, net of tax | 45 | (54.8) | |
Reclassifications, before tax | 5.7 | 16.4 | |
Tax (expense) benefit | (2.1) | (5.2) | |
Reclassifications, net of tax | 3.6 | 11.2 | |
Net other comprehensive income (loss) | 48.6 | (43.6) | |
Ending Balance | $ (157) | $ (205.6) | $ (162) |
Guarantees (Details)
Guarantees (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Guarantor Obligations [Line Items] | |||
Letters of credit contingent liability | $ 10,500,000 | $ 7,300,000 | |
Amount drawn on letters of credit | 0 | 0 | |
Advanced Filtration Systems Inc. | |||
Guarantor Obligations [Line Items] | |||
Long-term debt, carrying value | 27,800,000 | 24,800,000 | |
Equity method investment, equity in earnings | 2,100,000 | (700,000) | $ 2,300,000 |
Royalty revenue | $ 5,900,000 | $ 5,100,000 | $ 5,800,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease, rent expense | $ 28.7 | $ 25.4 | $ 28.1 |
Future Minimum Lease Payments Under Operating Leases | |||
2,018 | 9.7 | ||
2,019 | 6.2 | ||
2,020 | 3.1 | ||
2,021 | 1.4 | ||
2,022 | 0.7 | ||
Thereafter | 1.7 | ||
Total future minimum lease payments | $ 22.8 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Jul. 31, 2017segment | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Summary Of S
Segment Reporting (Summary Of Segment Detail) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 660.1 | $ 608.2 | $ 550.6 | $ 553 | $ 593.8 | $ 571.3 | $ 517.2 | $ 538 | $ 2,371.9 | $ 2,220.3 | $ 2,371.2 |
Depreciation and amortization | 75.2 | 74.9 | 74.3 | ||||||||
Equity earnings in unconsolidated affiliates | 5 | 2.2 | 5.1 | ||||||||
Earnings (loss) before income taxes | 322 | 257.4 | 288.6 | ||||||||
Assets | 1,787 | 1,807.5 | 1,979.7 | 1,787 | 1,807.5 | ||||||
Equity investments in unconsolidated affiliates | 18.7 | 18.3 | 19 | 18.7 | 18.3 | ||||||
Capital expenditures | 65.9 | 72.9 | 93.8 | ||||||||
Engine Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,553.3 | 1,391.3 | 1,484.1 | ||||||||
Industrial Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 818.6 | 829 | 887.1 | ||||||||
Operating Segments | Engine Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,553.3 | 1,391.3 | 1,484.1 | ||||||||
Depreciation and amortization | 33.9 | 38.5 | 43.3 | ||||||||
Equity earnings in unconsolidated affiliates | 4.4 | 1 | 4.1 | ||||||||
Earnings (loss) before income taxes | 219.7 | 163.5 | 186.3 | ||||||||
Assets | 841.4 | 887.7 | 849.6 | 841.4 | 887.7 | ||||||
Equity investments in unconsolidated affiliates | 14.3 | 15.1 | 14.8 | 14.3 | 15.1 | ||||||
Capital expenditures | 29.7 | 37.5 | 54.6 | ||||||||
Operating Segments | Industrial Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 818.6 | 829 | 887.1 | ||||||||
Depreciation and amortization | 26.7 | 28.1 | 26.4 | ||||||||
Equity earnings in unconsolidated affiliates | 0.6 | 1.2 | 1 | ||||||||
Earnings (loss) before income taxes | 129.1 | 119 | 123.3 | ||||||||
Assets | 646.9 | 634 | 638.3 | 646.9 | 634 | ||||||
Equity investments in unconsolidated affiliates | 4.4 | 3.2 | 4.2 | 4.4 | 3.2 | ||||||
Capital expenditures | 23.4 | 27.3 | 33.4 | ||||||||
Corporate and Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 14.6 | 8.3 | 4.6 | ||||||||
Earnings (loss) before income taxes | (26.8) | (25.1) | (21) | ||||||||
Assets | $ 298.7 | $ 285.8 | 491.8 | 298.7 | 285.8 | ||||||
Capital expenditures | $ 12.8 | $ 8.1 | $ 5.8 |
Segment Reporting (Net Sales By
Segment Reporting (Net Sales By Product Within Engine Products Segment And Industrial Products Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 660.1 | $ 608.2 | $ 550.6 | $ 553 | $ 593.8 | $ 571.3 | $ 517.2 | $ 538 | $ 2,371.9 | $ 2,220.3 | $ 2,371.2 |
Engine Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,553.3 | 1,391.3 | 1,484.1 | ||||||||
Engine Products | Off-Road | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 252.1 | 216.6 | 261.1 | ||||||||
Engine Products | On-Road | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 110.7 | 127.2 | 138.4 | ||||||||
Engine Products | Aftermarket | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,086.2 | 951.5 | 980.7 | ||||||||
Engine Products | Aerospace and Defense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 104.3 | 96 | 103.9 | ||||||||
Industrial Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 818.6 | 829 | 887.1 | ||||||||
Industrial Products | Industrial Filtration Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 533.2 | 517.9 | 529 | ||||||||
Industrial Products | Gas Turbine Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 122.9 | 149.6 | 186.9 | ||||||||
Industrial Products | Special Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 162.5 | $ 161.5 | $ 171.2 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Sales By Origination And Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 660.1 | $ 608.2 | $ 550.6 | $ 553 | $ 593.8 | $ 571.3 | $ 517.2 | $ 538 | $ 2,371.9 | $ 2,220.3 | $ 2,371.2 |
Property, Plant & Equipment, Net | 469.8 | 470.6 | 484.6 | 469.8 | 470.6 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 990.1 | 937.3 | 1,007.3 | ||||||||
Property, Plant & Equipment, Net | 192.9 | 209 | 192.7 | 192.9 | 209 | ||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 638.1 | 632.7 | 671.3 | ||||||||
Property, Plant & Equipment, Net | 148.1 | 141.7 | 163.3 | 148.1 | 141.7 | ||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 500.5 | 449.9 | 470.7 | ||||||||
Property, Plant & Equipment, Net | 60.1 | 63.8 | 55.3 | 60.1 | 63.8 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 243.2 | 200.4 | 221.9 | ||||||||
Property, Plant & Equipment, Net | $ 68.7 | $ 56.1 | $ 73.3 | $ 68.7 | $ 56.1 |
Quarterly Financial Informati89
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 660.1 | $ 608.2 | $ 550.6 | $ 553 | $ 593.8 | $ 571.3 | $ 517.2 | $ 538 | $ 2,371.9 | $ 2,220.3 | $ 2,371.2 |
Gross profit | 229.5 | 211.5 | 187.9 | 194.2 | 209.3 | 196.6 | 170.8 | 178.1 | 823.1 | 754.8 | 808.6 |
Net earnings | $ 68.2 | $ 60.1 | $ 46.5 | $ 58 | $ 59.5 | $ 54.8 | $ 38 | $ 38.5 | $ 232.8 | $ 190.8 | $ 208.1 |
Net earnings per share – basic (in dollars per share) | $ 0.52 | $ 0.45 | $ 0.35 | $ 0.43 | $ 0.44 | $ 0.41 | $ 0.28 | $ 0.29 | $ 1.76 | $ 1.43 | $ 1.51 |
Net earnings per share – diluted (in dollars per share) | 0.51 | 0.45 | 0.35 | 0.43 | 0.44 | 0.41 | 0.28 | 0.29 | 1.74 | 1.42 | 1.49 |
Dividends declared per share (in dollars per share) | 0.180 | 0.175 | 0.175 | 0.175 | 0.175 | 0.175 | 0.17 | 0.17 | 0.71 | 0.69 | 0.67 |
Dividends paid per share (in dollars per share) | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.170 | $ 0.17 | $ 0.170 | $ 0.700 | $ 0.685 | $ 0.665 |