Donaldson (DCI) 10-Q 10 Mar 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jan. 31, 2015	Feb. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Jan-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	DONALDSON CO INC
Entity Central Index Key	29644
Current Fiscal Year End Date	-24
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		136,545,705

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Earnings (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Condensed Consolidated Statements Of Earnings [Abstract]
Net sales	$596,944	$581,622	$1,193,454	$1,181,006
Cost of sales	391,469	379,974	778,927	764,964
Gross profit	205,475	201,648	414,527	416,042
Operating expenses	137,249	129,540	269,329	252,187
Operating income	68,226	72,108	145,198	163,855
Other income, net	-3,313	-4,773	-7,138	-6,427
Interest expense	3,728	1,999	7,242	4,613
Earnings before income taxes	67,811	74,882	145,094	165,669
Income taxes	18,281	16,542	39,617	45,737
Net earnings	$49,530	$58,340	$105,477	$119,932
Weighted average shares - basic	137,954,594	146,957,131	138,768,007	147,140,135
Weighted average shares - diluted	139,661,287	149,021,755	140,587,668	149,204,090
Net earnings per share - basic	$0.36	$0.40	$0.76	$0.82
Net earnings per share - diluted	$0.35	$0.39	$0.75	$0.80
Dividends paid per share	$0.17	$0.14	$0.33	$0.27

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net earnings	$49,530	$58,340	$105,477	$119,932
Foreign currency translation loss	-53,714	-18,302	-96,539	-5,108
Net gain (loss) on hedging derivatives, net of deferred taxes of $(102), ($61), ($665) and $39, respectively	159	108	1,195	-64
Pension and postretirement liability adjustment, net of deferred taxes of $2,550, $2,585, $3,896, and $4,372, respectively	7,386	4,044	12,276	7,270
Total comprehensive income	$3,361	$44,190	$22,409	$122,030

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Gain (loss) on hedging derivatives, deferred taxes	($102)	($61)	($665)	$39
Pension and postretirement liability adjustment, deferred taxes	$2,550	$2,585	$3,896	$4,372

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jan. 31, 2015	Jul. 31, 2014
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$228,998	$296,418
Short-term investments	28,220	127,201
Accounts receivable, less allowance of $6,878 and $6,763	431,498	474,157
Inventories	272,007	253,351
Prepaids and other current assets	100,966	74,150
Total current assets	1,061,689	1,225,277
Property, plant, and equipment, at cost	1,109,747	1,099,188
Less accumulated depreciation	-644,242	-647,523
Property, plant, and equipment, net	465,505	451,665
Goodwill	218,319	166,406
Intangible assets, net	37,886	36,045
Other assets	66,851	63,018
Total assets	1,850,250	1,942,411
Current liabilities
Short-term borrowings	322,160	185,303
Current maturities of long-term debt	1,830	1,738
Trade accounts payable	188,061	216,603
Other current liabilities	185,002	205,936
Total current liabilities	697,053	609,580
Long-term debt	240,896	243,726
Deferred income taxes	20,915	22,386
Other long-term liabilities	66,596	64,236
Total liabilities	1,025,460	939,928
Shareholders' equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued
Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued	758,216	758,216
Retained earnings	760,019	702,435
Stock compensation plans	17,736	19,601
Accumulated other comprehensive loss	-128,878	-45,810
Treasury stock at cost, 15,007,173 and 11,237,522 shares at January 31, 2015 and July 31, 2014, respectively	-582,303	-431,959
Total shareholders' equity	824,790	1,002,483
Total liabilities and shareholders' equity	$1,850,250	$1,942,411

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jan. 31, 2015	Jul. 31, 2014
In Thousands, except Share data, unless otherwise specified
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$6,878	$6,763
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$5	$5
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	151,643,194	151,643,194
Treasury stock, shares	15,007,173	11,237,522

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Operating Activities
Net earnings	$105,477	$119,932
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	37,399	33,167
Changes in operating assets and liabilities	-70,956	94
Tax benefit of equity plans	-5,383	-6,864
Stock compensation plan expense	7,677	7,137
Deferred taxes	-2,294	-6,143
Loss on sale of business		905
Other, net	13,489	3,377
Net cash provided by operating activities	85,409	151,605
Investing Activities
Net expenditures on property, plant, and equipment	-50,969	-42,848
Purchases of short-term investments		-46,719
Proceeds from sale of short-term investments	87,474	47,369
Acquisitions, net of cash acquired	-96,651
Net cash used in investing activities	-60,146	-42,198
Financing Activities
Purchase of treasury stock	-174,213	-66,331
Repayments of long-term debt	-1,304	-80,665
Change in short-term borrowings	137,184	96,901
Dividends paid	-45,695	-39,414
Tax benefit of equity plans	5,383	6,864
Exercise of stock options	8,147	10,331
Net cash used in financing activities	-70,498	-72,314
Effect of exchange rate changes on cash	-22,185	-2,112
Increase (decrease) in cash and cash equivalents	-67,420	34,981
Cash and cash equivalents, beginning of year	296,418	224,138
Cash and cash equivalents, end of period	$228,998	$259,119

Basis_Of_Presentation

Basis Of Presentation	6 Months Ended
	Jan. 31, 2015
Basis Of Presentation [Abstract]
Basis Of Presentation	Note A – Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S) (U.S. GAAP) and the instructions to Form 10‑Q and Rule 10‑01 of Regulation S‑X.  Accordingly, they do not include all of the information and notes required for complete financial statements.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.  Operating results for the three and six month periods ended January 31, 2015 are not necessarily indicative of the results that may be expected for future periods.  The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.  For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2014.

Inventories

Inventories	6 Months Ended
	Jan. 31, 2015
Inventories [Abstract]
Inventories	Note B – Inventories
	The components of inventory as of January 31, 2015 and July 31, 2014 are as follows (thousands of dollars):
		January 31,	July 31,
		2015	2014
	Raw materials	$          110,783	$          112,522
	Work in process	28,836	17,256
	Finished products	132,388	123,573
	Total inventories	$          272,007	$          253,351

Accounting_For_StockBased_Comp

Accounting For Stock-Based Compensation	6 Months Ended
	Jan. 31, 2015
Accounting For Stock-Based Compensation [Abstract]
Accounting For Stock-Based Compensation	Note C – Accounting for Stock-Based Compensation
	Stock-based compensation expense is recognized using the fair-value method for all awards.  In addition to granting stock options, the Company also granted reload options during the six months ended January 31, 2015.  A reload stock option is granted for the number of shares tendered as payment for the exercise price and minimum tax withholding obligation upon the exercise of a stock option with a reload provision.  The option price of the reload option is equal to the market price of the stock on the date of exercise of the original option and will expire on the same date as the original option which was exercised.  The Company determined the fair value of its option awards using the Black-Scholes option pricing model.  The following assumptions were used to value the options, including reload options, which generally have a shorter contractual life, granted during the six months ended January 31, 2015: range of less than one year to 8 years expected life; expected volatility range of 18.6 percent to 26.7 percent; risk-free interest rate range of 0.05 percent to 2.27 percent; and annual dividend yield of 1.6 percent.  The expected life for options granted during the period represents the period of time that the options are expected to be outstanding based on the contractual life and historical data of option holder exercise and termination behavior.  Expected volatilities are based upon historical volatility of the Company’s stock over a period at least equal to the expected life of each option grant.  Option grants have exercise prices equal to the fair market value of the Company’s stock on the date of grant.  The weighted average fair value for options granted during the six months ended January 31, 2015 and 2014 was $9.95 per share and $11.60 per share, respectively.  For the three and six months ended January 31, 2015, the Company recorded pre-tax stock-based compensation expense associated with stock options of $5.6 million and $6.9 million, respectively, and recorded $1.9 million and $2.3 million, respectively, of related tax benefit.  For the three and six months ended January 31, 2014, the Company recorded pre-tax stock-based compensation expense associated with stock options of $4.7 million and $6.1 million, respectively, and recorded $1.6 million and $2.0 million, respectively, of related tax benefit.
	The following table summarizes stock option activity during the six months ended January 31, 2015:
		Options Outstanding		Weighted Average Exercise Price
	Outstanding at July 31, 2014	7,197,882		$                        26.84
	Granted	998,336		38.63
	Exercised	-591,394		17.45
	Canceled	-31,509		38.95
	Outstanding at January 31, 2015	7,573,315		29.08
	The total intrinsic value of options exercised during the six months ended January 31, 2015 and 2014 was $13.4 million and $15.9 million, respectively.
	The following table summarizes information concerning outstanding and exercisable options as of January 31, 2015:
	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 $17.69		1,571,174		2.29	$         17.01	1,571,174	$          17.01
	$17.70 to $23.69		1,488,345		4.02	21.44	1,488,345	21.44
	$23.70 to $29.69		844,768		5.84	29.12	844,768	29.12
	$29.70 to $35.69		1,778,353		7.20	34.23	1,506,618	34.32
	$35.70 and above		1,890,675		9.18	40.26	345,423	41.78
			7,573,315		5.90	29.08	5,756,328	25.95
	At January 31, 2015, the aggregate intrinsic value of options outstanding and exercisable was $63.7 million and $62.9 million, respectively.
	As of January 31, 2015, there was $10.5 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan.  This unvested expense is expected to be recognized during the remainder of Fiscal Years 2015, 2016, 2017, and 2018.

Net_Earnings_Per_Share

Net Earnings Per Share	6 Months Ended
	Jan. 31, 2015
Net Earnings Per Share [Abstract]
Net Earnings Per Share	Note D – Net Earnings Per Share
	The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares.  The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans.  Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company’s common stock during those periods.  For the three and six months ended January 31, 2015, there were 874,222 options excluded from the diluted net earnings per share calculation.  For the three and six months ended January 31, 2014, there were 822,500 and 835,328 options excluded from the diluted net earnings per share calculation.
	The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts):
		Three Months Ended		Six Months Ended
		January 31,		January 31,
		2015	2014	2015	2014
	Weighted average shares - basic	137,955	146,957	138,768	147,140
	Common share equivalents	1,706	2,065	1,820	2,064
	Weighted average shares - diluted	139,661	149,022	140,588	149,204
	Net earnings for basic and diluted earnings
	per share computation	$             49,530	$             58,340	$           105,477	$           119,932
	Net earnings per share - basic	$                 0.36	$                 0.40	$                 0.76	$                 0.82
	Net earnings per share - diluted	$                 0.35	$                 0.39	$                 0.75	$                 0.80

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Jan. 31, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	Note E – Shareholders’ Equity
	The Company’s Board of Directors authorized the repurchase of up to 15.0 million shares of common stock on September 27, 2013.  During the three months ended January 31, 2015, the Company repurchased 1,045,000 shares for $39.9 million at an average price of $38.18 per share.  During the six months ended January 31, 2015, the Company repurchased 4,387,000 shares for $174.2 million at an average price of $39.72 per share.  As of January 31, 2015, the Company had remaining authorization to repurchase up to 4.2 million shares.
	On January 31, 2015, the Company’s Board of Directors declared a cash dividend in the amount of 16.5 cents per common share, payable to stockholders of record on February 17, 2015. The dividend was paid on March 5, 2015.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	6 Months Ended
	Jan. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note F – Accumulated Other Comprehensive Loss
	Changes in accumulated other comprehensive loss by component are as follows:
	(Thousands of dollars)	Foreign currency translation adjustment (a)	Pension benefits		Derivative financial instruments		Total
	Balance as of July 31, 2014, net of tax	$           48,289	$       (93,998)		$             (101)		$       (45,810)
	Other comprehensive (loss) income before reclassifications and tax	-96,539	11,795		2,040		$       (82,704)
	Tax benefit (expense)	-	-2,457		-714		$         (3,171)
	Other comprehensive (loss) income before reclassifications, net of tax	$          (96,539)	$          9,338		$           1,326		$       (85,875)
	Reclassifications, before tax	-	4,843		-180		$          4,663	(d)
	Tax benefit (expense)	-	-1,905		49		$         (1,856)
	Reclassifications, net of tax	-	2,938	(b)	-131		2,807
	Other comprehensive (loss) income, net of tax	-96,539	12,276		1,195	(c)	$       (83,068)
	Balance at January 31, 2015, net of tax	$          (48,250)	$       (81,722)		$           1,094		$     (128,878)
	Balance as of July 31, 2013, net of tax	$           50,411	$       (87,712)		$             (172)		$       (37,473)
	Other comprehensive (loss) income before reclassifications and tax	-5,935	7,122		61		$          1,248
	Tax benefit (expense)	-	-2,758		-21		$         (2,779)
	Other comprehensive (loss) income before reclassifications, net of tax	$            (5,935)	$          4,364		$                40		$         (1,531)
	Reclassifications, before tax	827	4,520		-164		$          5,183
	Tax benefit (expense)	-	-1,614		60		$         (1,554)
	Reclassifications, net of tax	827	2,906	(b)	-104		3,629
	Other comprehensive (loss) income, net of tax	-5,108	7,270		-64	(c)	$          2,098
	Balance at January 31, 2014, net of tax	$           45,303	$       (80,442)		$             (236)		$       (35,375)
	(a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S.  Amounts were reclassified from accumulated other comprehensive loss to other income, net.
	(b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note K) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales.
	(c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note M).
	(d)  Reclassification adjustments out of accumulated other comprehensive income for the three months ended January 31, 2015 and 2014 were not material.

Segment_Reporting

Segment Reporting	6 Months Ended
	Jan. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Note G – Segment Reporting
	The Company has identified two reportable segments: Engine Products and Industrial Products.  Segment selection was based on the internal organization structure, management of operations, and performance evaluation by management and the Company’s Board of Directors.  Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, such as interest income and interest expense.  The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets.  Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below.  Segment detail is summarized as follows (thousands of dollars):
		Engine Products	Industrial Products	Corporate & Unallocated	Total Company
	Three Months Ended January 31, 2015:
	Net sales	$           357,109	$            239,835	$                        -	$        596,944
	Earnings before income taxes	41,436	37,446	-11,071	67,811
	Three Months Ended January 31, 2014:
	Net sales	$           369,675	$            211,947	$                        -	$        581,622
	Earnings before income taxes	47,294	28,032	-444	74,882
	Six Months Ended January 31, 2015:
	Net sales	$           747,829	$            445,625	$                        -	$     1,193,454
	Earnings before income taxes	94,596	65,089	-14,591	145,094
	Assets	873,310	639,890	337,050	1,850,250
	Six Months Ended January 31, 2014:
	Net sales	$           758,791	$            422,215	$                        -	$     1,181,006
	Earnings before income taxes	109,367	59,175	-2,873	165,669
	Assets	836,585	522,062	414,896	1,773,543
	There were no Customers that accounted for over 10 percent of net sales for the three or six months ended January 31, 2015 or 2014.  There were no Customers that accounted for over 10 percent of gross accounts receivable as of January 31, 2015 or 2014.

Goodwill_And_Other_Intangible_

Goodwill And Other Intangible Assets	6 Months Ended
	Jan. 31, 2015
Goodwill And Other Intangible Assets [Abstract]
Goodwill And Other Intangible Assets	Note H – Goodwill and Other Intangible Assets
	Goodwill is assessed for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired.  The Company performed an impairment assessment during the third quarter of Fiscal 2014.  The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to significantly exceed the corresponding carrying values of the respective reporting units resulting in no goodwill impairment.  Following is a reconciliation of goodwill for the six months ended January 31, 2015 (thousands of dollars):
		Engine Products	Industrial Products	Total Goodwill
	Balance as of July 31, 2014	$           72,373	$           94,033	$            166,406
	Goodwill acquired	-	60,266	60,266
	Foreign exchange translation	-1,226	-7,127	-8,353
	Balance as of January 31, 2015	$           71,147	$         147,172	$            218,319
	As of January 31, 2015, other intangible assets were $38.0 million, a $2.0 million increase from $36.0 million at July 31, 2014.  The increase in other intangible assets is primarily due to the acquisition of Northern Technical L.L.C. (Northern Technical) intangibles of $6.2 million, amortization of existing assets of $3.6 million, and a $0.8 million foreign exchange translation decrease.  Refer to Note Q for further discussion of the Northern Technical acquisition.
	Expected amortization expense relating to existing intangible assets is as follows (in thousands):
	Fiscal Year
	Remaining 2015	$          3,962
	2016	$          5,383
	2017	$          5,242
	2018	$          4,001
	2019	$          3,449
	2020	$          3,364
	Thereafter	$        12,481

Guarantees

Guarantees	6 Months Ended
	Jan. 31, 2015
Guarantees [Abstract]
Guarantees	Note I – Guarantees
	The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture.  As of January 31, 2015, AFSI had $23.1 million of outstanding debt, of which the Company guarantees half.  The Company recorded $0.6 million and $0.7 million of earnings from this equity method investment during the three months ended January 31, 2015 and 2014, respectively.  The Company recorded $1.5 million and $1.3 million of earnings from this equity method investment for the six months ended January 31, 2015 and 2014, respectively.  During the three and six months ended January 31, 2015 and 2014, the Company also recorded royalty income of $1.5 million and $3.1 million, respectively, and $1.8 million and $3.3 million, respectively, related to AFSI.
	As of January 31, 2015, the Company had a contingent liability for standby letters of credit totaling $7.9 million that have been issued and are outstanding.  The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit.  At January 31, 2015, there were no amounts drawn upon these letters of credit.

Warranty

Warranty	6 Months Ended
	Jan. 31, 2015
Warranty [Abstract]
Warranty	Note J – Warranty
	The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues.  Following is a reconciliation of warranty reserves for the six months ended January 31, 2015 and 2014 (thousands of dollars):
		January 31,
		2015	2014
	Beginning balance	$          9,029	$        10,526
	Accruals for warranties issued during the reporting period	1,617	1,710
	Accruals related to pre-existing warranties (including changes in estimates)	-204	-342
	Less settlements made during the period	-2,020	-2,404
	Ending balance	$          8,422	$          9,490
	There were no significant specific warranty matters accrued for in the periods ended January 31, 2015 or 2014.  The Company’s warranty matters are not expected to have a material impact on our results of operations, liquidity, or financial position.

Employee_Benefit_Plans

Employee Benefit Plans	6 Months Ended
	Jan. 31, 2015
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note K – Employee Benefit Plans
	The Company and certain of its international subsidiaries have defined benefit pension plans for many of their hourly and salaried Employees.  There are two types of U.S. plans.  The first type of U.S. plan is a traditional defined benefit pension plan primarily for production Employees.  The second is a plan for salaried workers that provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit comprised of a percentage of current salary that varies with years of service, interest credits, and transition credits.  The international plans generally provide pension benefits based on years of service and compensation level.
	Net periodic pension costs for the Company’s pension plans include the following components:
		Three Months Ended		Six Months Ended
		January 31,		January 31,
		2015	2014	2015	2014
		(thousands of dollars)
	Net periodic cost:
	Service cost	$           5,134	$           4,702	$         10,278	$           9,385
	Interest cost	4,905	4,863	9,684	9,717
	Expected return on assets	-7,541	-7,656	-14,884	-15,279
	Prior service cost and transition amortization	142	148	291	296
	Settlement cost	3,906	-	3,906	-
	Actuarial loss amortization	1,854	1,850	3,686	3,698
	Net periodic benefit cost	$           8,400	$           3,907	$         12,961	$           7,817
	The Company’s general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations.  Additionally, the Company may elect to make additional contributions up to the maximum tax deductible contribution.  For the six months ended January 31, 2015, the Company made contributions of $1.9 million to its non-U.S. pension plans and $0.9 million to its U.S. pension plans.  The minimum funding requirement for the Company’s U.S. plans for Fiscal 2015 is $12.1 million.  Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years.  The Company plans to utilize existing credit balances to meet the minimum obligation.  The Company currently estimates that it will contribute an additional $1.7 million to its non-U.S. pension plans during the remainder of Fiscal 2015.
	In July 2013, the Company adopted a sunset freeze on its U.S. salaried pension plan.  Effective August 1, 2013, the plan was frozen to any Employees hired on or after August 1, 2013.  Effective August 1, 2016, Employees hired prior to August 1, 2013 will no longer continue to accrue Company contribution credits under the plan.  Additionally, in July 2013, the Company announced that Employees hired on or after August 1, 2013 are eligible for a 3.0 percent annual Company retirement contribution in addition to the Company’s 401(k) match.  Effective August 1, 2016, Employees hired prior to August 1, 2013 will be eligible for the 3.0 percent annual Company retirement contribution.
	In the first quarter of Fiscal 2015, the Company offered lump sum payments to certain participants of its U.S. pension plans.  During the second quarter, the Company made cash distributions to all participants that accepted these settlement offers, which qualified as a partial settlement of these plans.  The Company recorded $3.9 million of expense in the quarter associated with the partial settlement.

Credit_Facilities

Credit Facilities	6 Months Ended
	Jan. 31, 2015
Credit Facilities [Abstract]
Credit Facilities	Note L – Credit Facilities
	On October 28, 2014, the Company entered into a First Amendment (Amendment) to its five-year, multi-currency revolving credit facility with a group of banks under which the Company was able to borrow up to $250.0 million.  The Amendment increased the borrowing availability up to $400.0 million.  The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans.  The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility.  As of January, 2015, there was $295.0 million borrowed under this facility.  The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets.  As of January 31, 2015, the Company was in compliance with all such covenants.  The Company expects to remain in compliance with these covenants.

Fair_Values

Fair Values	6 Months Ended
	Jan. 31, 2015
Fair Values [Abstract]
Fair Values	Note M – Fair Values
	At January 31, 2015 and July 31, 2014, the Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, and derivative contracts.  The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximated carrying values because of the short-term nature of these instruments.  As of January 31, 2015, the estimated fair value of long-term debt with fixed interest rates was $245.2 million compared to the carrying value of $225.0 million.   The fair value is estimated by discounting projected cash flows using the rate that similar amounts of debt could currently be borrowed, which is classified as Level 2 in the fair value hierarchy.
	Derivative contracts are reported at their fair values based on third-party quotes.  The fair values of the Company’s financial assets and financial 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 financial 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 derivatives at January 31, 2015 and July 31, 2014 on the balance sheets (thousands of dollars):
		Significant Other Observable Inputs
		(Level 2)*
		January 31,	July 31,
		2015	2014
	Asset derivatives recorded under the caption Prepaids and other current assets
	Foreign exchange contracts	$            5,573	$              931
	Liability derivatives recorded under the caption Other current liabilities
	Foreign exchange contracts	$           (6,979)	$           (1,242)
	Forward exchange contracts - net liability position	$           (1,406)	$              (311)
	*Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	The Company holds equity method investments which are classified in other long-term assets in the condensed consolidated balance sheets.  The aggregate carrying amount of these investments was $20.1 million as of January 31, 2015, and $21.4 million as of July 31, 2014.  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 privately-held entities without quoted market prices.
	Goodwill and intangible assets are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might 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 H 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 significant impairment charges recorded during the three or six months ended January 31, 2015 or 2014.

Commitments_And_Contingencies

Commitments And Contingencies	6 Months Ended
	Jan. 31, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note N – Commitments and Contingencies
	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 reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes.  The recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity.

Income_Taxes

Income Taxes	6 Months Ended
	Jan. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note O – Income Taxes
	The effective tax rate for the three and six months ended January 31, 2015 was 27.0 percent and 27.3 percent, respectively.  The effective tax rate for the three and six months ended January 31, 2014 was 22.1 percent and 27.6 percent, respectively.  The increase in the Company’s effective tax rate for the three months ended January 31, 2015, was primarily due to a $6.4 million tax benefit recorded in the prior year quarter associated with the favorable settlement of a tax audit.  This increase was partially offset by the retroactive reinstatement of the Research and Experimentation Credit in the United States in the current year quarter.  The decrease in the Company’s effective tax rate for the six months ended January 31, 2015 was primarily due to a favorable shift in the mix of earnings between tax jurisdictions and the retroactive reinstatement of the Research and Experimentation Credit in the United States, which was recognized during the current year six-month period, and non-recurring tax costs associated with foreign dividend distributions recorded during the prior year six-month period.  This decrease was partially offset by the tax benefit associated with the favorable settlement of a tax audit recorded in the prior year six-month period.
	The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.  With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2008.  The United States Internal Revenue Service has completed examinations of the Company’s U.S. federal income tax returns through 2012.
	At January 31, 2015, the total unrecognized tax benefits were $16.3 million and accrued interest and penalties on these unrecognized tax benefits were $1.7 million.  The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense.  If the Company were to prevail on all unrecognized tax benefits recorded, substantially all of the unrecognized tax benefits would benefit the effective tax rate.  With an average statute of limitations of about 5 years, up to $1.0 million of the unrecognized tax benefits could potentially expire in the next 12 month period.  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.

New_Accounting_Standards_Recen

New Accounting Standards Recently Adopted	6 Months Ended
	Jan. 31, 2015
New Accounting Standards Recently Adopted [Abstract]
New Accounting Standards Recently Adopted	Note P – New Accounting Standards Recently Adopted
	In February 2013, the Financial Accounting Standards Board issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date.  The guidance was effective for the Company beginning the first quarter of Fiscal 2015.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.  For additional information, refer to Note I.

Acquisitions

Acquisitions	6 Months Ended
	Jan. 31, 2015
Acquisitions [Abstract]
Acquisitions	Note Q – Acquisitions
	On September 30, 2014, the Company acquired 100 percent of the voting interest of Northern Technical, a Limited Liability Corporation that manufactures gas turbine inlet air filtration systems and replacement filters.  Total consideration for the transaction was approximately $97.1 million after recording a working capital adjustment in accordance with the share purchase agreement during the second quarter.  The Company received cash for this adjustment, which reduced the purchase price and goodwill.    Based upon a preliminary acquisition valuation, including the impact of the working capital adjustment noted above, the Company acquired $6.2 million of intangible assets that had estimated useful lives ranging from six months to 7 years at the time of acquisition, $32.2 million of net tangible assets, and $60.3 million of goodwill.  Acquired goodwill is not deductible for tax purposes.  The Company is currently in the process of finalizing the valuation of the assets acquired and liabilities assumed.  The actual allocation of the final purchase price and the resulting effect on income from operations may differ from the unaudited amounts included herein.  The Company expects to finalize the purchase price allocation within one year of the purchase date.  Northern Technical’s results of operations are reported as part of the Gas Turbine Products operating segment in the Industrial Products reporting segment.
	The Company anticipates potential additional adjustments pending finalization of the acquisition accounting.  These adjustments are not expected to have a material impact on the Company’s consolidated financial statements.
	The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed at the date of acquisition of Northern Technical:
	(Thousands of dollars)
	Cash and cash equivalents	$          431
	Accounts receivable	1,083
	Inventories	7,775
	Other current assets	934
	Property, plant, and equipment, net	21,829
	Goodwill	60,266
	Intangible assets, net	6,200
	Other assets and deferred taxes	221
	Total assets acquired	98,739
	Trade accounts payable	149
	Other current liabilities	1,508
	Total liabilities assumed	1,657
	Net assets acquired	$     97,082
	Pro forma results associated with the acquisition of Northern Technical are not provided as the Company has concluded this acquisition is not material.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Jan. 31, 2015
Inventories [Abstract]
Components Of Inventory
		January 31,	July 31,
		2015	2014
	Raw materials	$          110,783	$          112,522
	Work in process	28,836	17,256
	Finished products	132,388	123,573
	Total inventories	$          272,007	$          253,351

Accounting_For_StockBased_Comp1

Accounting For Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2015
Accounting For Stock-Based Compensation [Abstract]
Summary Of Stock Option Activity
		Options Outstanding		Weighted Average Exercise Price
	Outstanding at July 31, 2014	7,197,882		$                        26.84
	Granted	998,336		38.63
	Exercised	-591,394		17.45
	Canceled	-31,509		38.95
	Outstanding at January 31, 2015	7,573,315		29.08
Summary Of Information Concerning Outstanding And Exercisable Options
	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 $17.69		1,571,174		2.29	$         17.01	1,571,174	$          17.01
	$17.70 to $23.69		1,488,345		4.02	21.44	1,488,345	21.44
	$23.70 to $29.69		844,768		5.84	29.12	844,768	29.12
	$29.70 to $35.69		1,778,353		7.20	34.23	1,506,618	34.32
	$35.70 and above		1,890,675		9.18	40.26	345,423	41.78
			7,573,315		5.90	29.08	5,756,328	25.95

Net_Earnings_Per_Share_Tables

Net Earnings Per Share (Tables)	6 Months Ended
	Jan. 31, 2015
Net Earnings Per Share [Abstract]
Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share
		Three Months Ended		Six Months Ended
		January 31,		January 31,
		2015	2014	2015	2014
	Weighted average shares - basic	137,955	146,957	138,768	147,140
	Common share equivalents	1,706	2,065	1,820	2,064
	Weighted average shares - diluted	139,661	149,022	140,588	149,204
	Net earnings for basic and diluted earnings
	per share computation	$             49,530	$             58,340	$           105,477	$           119,932
	Net earnings per share - basic	$                 0.36	$                 0.40	$                 0.76	$                 0.82
	Net earnings per share - diluted	$                 0.35	$                 0.39	$                 0.75	$                 0.80

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jan. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Schedule Of Changes In Accumulated Other Comprehensive Loss	(Thousands of dollars)	Foreign currency translation adjustment (a)	Pension benefits		Derivative financial instruments		Total
	Balance as of July 31, 2014, net of tax	$           48,289	$       (93,998)		$             (101)		$       (45,810)
	Other comprehensive (loss) income before reclassifications and tax	-96,539	11,795		2,040		$       (82,704)
	Tax benefit (expense)	-	-2,457		-714		$         (3,171)
	Other comprehensive (loss) income before reclassifications, net of tax	$          (96,539)	$          9,338		$           1,326		$       (85,875)
	Reclassifications, before tax	-	4,843		-180		$          4,663	(d)
	Tax benefit (expense)	-	-1,905		49		$         (1,856)
	Reclassifications, net of tax	-	2,938	(b)	-131		2,807
	Other comprehensive (loss) income, net of tax	-96,539	12,276		1,195	(c)	$       (83,068)
	Balance at January 31, 2015, net of tax	$          (48,250)	$       (81,722)		$           1,094		$     (128,878)
	Balance as of July 31, 2013, net of tax	$           50,411	$       (87,712)		$             (172)		$       (37,473)
	Other comprehensive (loss) income before reclassifications and tax	-5,935	7,122		61		$          1,248
	Tax benefit (expense)	-	-2,758		-21		$         (2,779)
	Other comprehensive (loss) income before reclassifications, net of tax	$            (5,935)	$          4,364		$                40		$         (1,531)
	Reclassifications, before tax	827	4,520		-164		$          5,183
	Tax benefit (expense)	-	-1,614		60		$         (1,554)
	Reclassifications, net of tax	827	2,906	(b)	-104		3,629
	Other comprehensive (loss) income, net of tax	-5,108	7,270		-64	(c)	$          2,098
	Balance at January 31, 2014, net of tax	$           45,303	$       (80,442)		$             (236)		$       (35,375)
	(a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S.  Amounts were reclassified from accumulated other comprehensive loss to other income, net.
	(b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note K) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales.
	(c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note M).
	(d)  Reclassification adjustments out of accumulated other comprehensive income for the three months ended January 31, 2015 and 2014 were not material.

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
	Jan. 31, 2015
Segment Reporting [Abstract]
Summary Of Segment Detail
		Engine Products	Industrial Products	Corporate & Unallocated	Total Company
	Three Months Ended January 31, 2015:
	Net sales	$           357,109	$            239,835	$                        -	$        596,944
	Earnings before income taxes	41,436	37,446	-11,071	67,811
	Three Months Ended January 31, 2014:
	Net sales	$           369,675	$            211,947	$                        -	$        581,622
	Earnings before income taxes	47,294	28,032	-444	74,882
	Six Months Ended January 31, 2015:
	Net sales	$           747,829	$            445,625	$                        -	$     1,193,454
	Earnings before income taxes	94,596	65,089	-14,591	145,094
	Assets	873,310	639,890	337,050	1,850,250
	Six Months Ended January 31, 2014:
	Net sales	$           758,791	$            422,215	$                        -	$     1,181,006
	Earnings before income taxes	109,367	59,175	-2,873	165,669
	Assets	836,585	522,062	414,896	1,773,543

Goodwill_And_Other_Intangible_1

Goodwill And Other Intangible Assets (Tables)	6 Months Ended
	Jan. 31, 2015
Goodwill And Other Intangible Assets [Abstract]
Reconciliation Of Goodwill
		Engine Products	Industrial Products	Total Goodwill
	Balance as of July 31, 2014	$           72,373	$           94,033	$            166,406
	Goodwill acquired	-	60,266	60,266
	Foreign exchange translation	-1,226	-7,127	-8,353
	Balance as of January 31, 2015	$           71,147	$         147,172	$            218,319
Expected Amortization Expense Relating To Existing Intangible Assets
	Fiscal Year
	Remaining 2015	$          3,962
	2016	$          5,383
	2017	$          5,242
	2018	$          4,001
	2019	$          3,449
	2020	$          3,364
	Thereafter	$        12,481

Warranty_Tables

Warranty (Tables)	6 Months Ended
	Jan. 31, 2015
Warranty [Abstract]
Reconciliation Of Warranty Reserves
		January 31,
		2015	2014
	Beginning balance	$          9,029	$        10,526
	Accruals for warranties issued during the reporting period	1,617	1,710
	Accruals related to pre-existing warranties (including changes in estimates)	-204	-342
	Less settlements made during the period	-2,020	-2,404
	Ending balance	$          8,422	$          9,490

Employee_Benefit_Plans_Tables

Employee Benefit Plans (Tables)	6 Months Ended
	Jan. 31, 2015
Employee Benefit Plans [Abstract]
Components Of Net Periodic Pension Costs
		Three Months Ended		Six Months Ended
		January 31,		January 31,
		2015	2014	2015	2014
		(thousands of dollars)
	Net periodic cost:
	Service cost	$           5,134	$           4,702	$         10,278	$           9,385
	Interest cost	4,905	4,863	9,684	9,717
	Expected return on assets	-7,541	-7,656	-14,884	-15,279
	Prior service cost and transition amortization	142	148	291	296
	Settlement cost	3,906	-	3,906	-
	Actuarial loss amortization	1,854	1,850	3,686	3,698
	Net periodic benefit cost	$           8,400	$           3,907	$         12,961	$           7,817

Fair_Values_Tables

Fair Values (Tables)	6 Months Ended
	Jan. 31, 2015
Fair Values [Abstract]
Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets
		Significant Other Observable Inputs
		(Level 2)*
		January 31,	July 31,
		2015	2014
	Asset derivatives recorded under the caption Prepaids and other current assets
	Foreign exchange contracts	$            5,573	$              931
	Liability derivatives recorded under the caption Other current liabilities
	Foreign exchange contracts	$           (6,979)	$           (1,242)
	Forward exchange contracts - net liability position	$           (1,406)	$              (311)
	*Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Acquisitions_Tables

Acquisitions (Tables)	6 Months Ended
	Jan. 31, 2015
Acquisitions [Abstract]
Schedule Of Identifiable Assets Acquired And Liabilities Assumed At Fair Value
	(Thousands of dollars)
	Cash and cash equivalents	$          431
	Accounts receivable	1,083
	Inventories	7,775
	Other current assets	934
	Property, plant, and equipment, net	21,829
	Goodwill	60,266
	Intangible assets, net	6,200
	Other assets and deferred taxes	221
	Total assets acquired	98,739
	Trade accounts payable	149
	Other current liabilities	1,508
	Total liabilities assumed	1,657
	Net assets acquired	$     97,082

Inventories_Details

Inventories (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014
In Thousands, unless otherwise specified
Inventories [Abstract]
Raw materials	$110,783	$112,522
Work in process	28,836	17,256
Finished products	132,388	123,573
Total inventories	$272,007	$253,351

Accounting_For_StockBased_Comp2

Accounting For Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation expense associated with stock options	$5.60	$4.70	$6.90	$6.10
Tax benefit associated with stock options	1.9	1.6	2.3	2
Weighted average fair value for options granted, per share			$9.95	$11.60
Total intrinsic value of options exercised			13.4	15.9
Aggregate intrinsic value of options outstanding	63.7		63.7
Aggregate intrinsic value of options exercisable	62.9		62.9
Annual dividend yield			1.60%
2010 Master Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock options granted	$10.50		$10.50
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable from date of the grant, in years			1 year
Expected volatility			18.60%
Risk-free interest rate			0.05%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable from date of the grant, in years			8 years
Expected volatility			26.70%
Risk-free interest rate			2.27%

Accounting_For_StockBased_Comp3

Accounting For Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $)	6 Months Ended
	Jan. 31, 2015
Accounting For Stock-Based Compensation [Abstract]
Options Outstanding, Beginning Balance	7,197,882
Options Outstanding, Granted	998,336
Options Outstanding, Exercised	-591,394
Options Outstanding, Canceled	-31,509
Options Outstanding, Ending Balance	7,573,315
Weighted Average Exercise Price, Beginning Balance	$26.84
Weighted Average Exercise Price, Granted	$38.63
Weighted Average Exercise Price, Exercised	$17.45
Weighted Average Exercise Price, Canceled	$38.95
Weighted Average Exercise Price, Ending Balance	$29.08

Accounting_For_StockBased_Comp4

Accounting For Stock-Based Compensation (Summary Of Information Concerning Outstanding And Exercisable Options) (Details) (USD $)	6 Months Ended
	Jan. 31, 2015	Jul. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding	7,573,315	7,197,882
Weighted Average Remaining Contractual Life (Years)	5 years 10 months 24 days
Weighted Average Exercise Price	$29.08
Number Exercisable	5,756,328
Weighted Average Exercise Price	$25.95
Range Of Exercise Prices $0.00 To $17.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$0
Range of Exercise Prices, upper range	$17.69
Number Outstanding	1,571,174
Weighted Average Remaining Contractual Life (Years)	2 years 3 months 15 days
Weighted Average Exercise Price	$17.01
Number Exercisable	1,571,174
Weighted Average Exercise Price	$17.01
Range Of Exercise Prices $17.70 To $23.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$17.70
Range of Exercise Prices, upper range	$23.69
Number Outstanding	1,488,345
Weighted Average Remaining Contractual Life (Years)	4 years 7 days
Weighted Average Exercise Price	$21.44
Number Exercisable	1,488,345
Weighted Average Exercise Price	$21.44
Range Of Exercise Prices $23.70 To $29.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$23.70
Range of Exercise Prices, upper range	$29.69
Number Outstanding	844,768
Weighted Average Remaining Contractual Life (Years)	5 years 10 months 2 days
Weighted Average Exercise Price	$29.12
Number Exercisable	844,768
Weighted Average Exercise Price	$29.12
Range Of Exercise Prices $29.70 To $35.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$29.70
Range of Exercise Prices, upper range	$35.69
Number Outstanding	1,778,353
Weighted Average Remaining Contractual Life (Years)	7 years 2 months 12 days
Weighted Average Exercise Price	$34.23
Number Exercisable	1,506,618
Weighted Average Exercise Price	$34.32
Range Of Exercise Prices $35.70 And Above [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$35.70
Number Outstanding	1,890,675
Weighted Average Remaining Contractual Life (Years)	9 years 2 months 5 days
Weighted Average Exercise Price	$40.26
Number Exercisable	345,423
Weighted Average Exercise Price	$41.78

Net_Earnings_Per_Share_Narrati

Net Earnings Per Share (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Net Earnings Per Share [Abstract]
Options excluded from the diluted net earnings per share calculation	874,222	822,500	874,222	835,328

Net_Earnings_Per_Share_Schedul

Net Earnings Per Share (Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Net Earnings Per Share [Abstract]
Weighted average shares - basic	137,954,594	146,957,131	138,768,007	147,140,135
Common share equivalents	1,706,000	2,065,000	1,820,000	2,064,000
Weighted average shares - diluted	139,661,287	149,021,755	140,587,668	149,204,090
Net earnings for basic and diluted earnings per share computation	$49,530	$58,340	$105,477	$119,932
Net earnings per share - basic	$0.36	$0.40	$0.76	$0.82
Net earnings per share - diluted	$0.35	$0.39	$0.75	$0.80

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended	6 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2015	Sep. 27, 2013
Shareholders' Equity [Abstract]
Common stock authorized for repurchase			15,000,000
Stock repurchased during the period, shares	1,045,000	4,387,000
Stock repurchased during the period, value	$39.90	$174.20
Average price per share	$38.18	$39.72
Shares with remaining authorization for repurchase under stock repurchase plan	4,200,000	4,200,000
Cash dividend declared per common share		$0.17

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015		Jan. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance, net of tax	($45,810)		($37,473)
Other comprehensive (loss) income before reclassifications and tax	-82,704		1,248
Tax benefit (expense)	-3,171		-2,779
Other comprehensive (loss) income before reclassifications, net of tax	-85,875		-1,531
Ending Balance, net of tax	-128,878
Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	4,663	[1]	5,183
Tax benefit (expense)	-1,856		-1,554
Reclassifications, net of tax	2,807		3,629
Other comprehensive (loss) income, net of tax	-83,068		2,098
Ending Balance, net of tax	-128,878		-35,375
Foreign Currency Translation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance, net of tax	48,289	[2]	50,411	[2]
Other comprehensive (loss) income before reclassifications and tax	-96,539	[2]	-5,935	[2]
Other comprehensive (loss) income before reclassifications, net of tax	-96,539	[2]	-5,935	[2]
Foreign Currency Translation Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax			827	[2]
Reclassifications, net of tax			827	[2]
Other comprehensive (loss) income, net of tax	-96,539	[2]	-5,108	[2]
Ending Balance, net of tax	-48,250	[2]	45,303	[2]
Pension Benefits [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance, net of tax	-93,998		-87,712
Other comprehensive (loss) income before reclassifications and tax	11,795		7,122
Tax benefit (expense)	-2,457		-2,758
Other comprehensive (loss) income before reclassifications, net of tax	9,338		4,364
Pension Benefits [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	4,843		4,520
Tax benefit (expense)	-1,905		-1,614
Reclassifications, net of tax	2,938	[3]	2,906	[3]
Other comprehensive (loss) income, net of tax	12,276		7,270
Ending Balance, net of tax	-81,722	[3]	-80,442
Derivative Financial Instruments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance, net of tax	-101		-172
Other comprehensive (loss) income before reclassifications and tax	2,040		61
Tax benefit (expense)	-714		-21
Other comprehensive (loss) income before reclassifications, net of tax	1,326		40
Derivative Financial Instruments [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	-180		-164
Tax benefit (expense)	49		60
Reclassifications, net of tax	-131		-104
Other comprehensive (loss) income, net of tax	1,195	[4]	-64	[4]
Ending Balance, net of tax	$1,094		($236)
[1]	Reclassification adjustments out of accumulated other comprehensive income for the three months ended January 31, 2015 and 2014 were not material.
[2]	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. Amounts were reclassified from accumulated other comprehensive loss to other income, net.
[3]	Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note K) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales.
[4]	Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note M).

Segment_Reporting_Narrative_De

Segment Reporting (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
	customer	customer	customer	customer
			segment
Segment Reporting [Abstract]
Number of reportable segments			2
Number of customers accounting for over 10% of net sales	0	0	0	0
Number of customers accounting for over 10% of gross accounts receivable	0	0	0	0

Segment_Reporting_Summary_Of_S

Segment Reporting (Summary Of Segment Detail) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	Jul. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$596,944	$581,622	$1,193,454	$1,181,006
Earnings before income taxes	67,811	74,882	145,094	165,669
Assets	1,850,250	1,773,543	1,850,250	1,773,543	1,942,411
Engine Products [Member]
Segment Reporting Information [Line Items]
Net sales	357,109	369,675	747,829	758,791
Earnings before income taxes	41,436	47,294	94,596	109,367
Assets	873,310	836,585	873,310	836,585
Industrial Products [Member]
Segment Reporting Information [Line Items]
Net sales	239,835	211,947	445,625	422,215
Earnings before income taxes	37,446	28,032	65,089	59,175
Assets	639,890	522,062	639,890	522,062
Corporate & Unallocated [Member]
Segment Reporting Information [Line Items]
Earnings before income taxes	-11,071	-444	-14,591	-2,873
Assets	$337,050	$414,896	$337,050	$414,896

Goodwill_And_Other_Intangible_2

Goodwill And Other Intangible Assets (Narrative) (Details) (USD $)	6 Months Ended
	Jan. 31, 2015	Jul. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Goodwill impairment	$0
Intangible assets, net	37,886,000	36,045,000
Increase of balance from intangible assets	2,000,000
Amortization of existing intangible assets	3,600,000
Foreign exchange translation decrease of intangible assets	800,000
Northern Technical [Member]
Indefinite-lived Intangible Assets [Line Items]
Amount of intangibles acquired	$6,200,000

Goodwill_And_Other_Intangible_3

Goodwill And Other Intangible Assets (Reconciliation Of Goodwill) (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015
Goodwill [Line Items]
Beginning Balance	$166,406
Goodwill acquired	60,266
Foreign exchange translation	-8,353
Ending Balance	218,319
Engine Products [Member]
Goodwill [Line Items]
Beginning Balance	72,373
Foreign exchange translation	-1,226
Ending Balance	71,147
Industrial Products [Member]
Goodwill [Line Items]
Beginning Balance	94,033
Goodwill acquired	60,266
Foreign exchange translation	-7,127
Ending Balance	$147,172

Goodwill_And_Other_Intangible_4

Goodwill And Other Intangible Assets (Expected Amortization Expense Relating To Existing Intangible Assets) (Details) (USD $)	Jan. 31, 2015
In Thousands, unless otherwise specified
Goodwill And Other Intangible Assets [Abstract]
Remaining 2015	$3,962
2016	5,383
2017	5,242
2018	4,001
2019	3,449
2020	3,364
Thereafter	$12,481

Guarantees_Details

Guarantees (Details) (USD $)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Guarantor Obligations [Line Items]
Contingent liability for standby letters of credit, issued and outstanding	$7,900,000		$7,900,000
Amount drawn upon letters of credit	0		0
Advanced Filtration Systems, Inc. [Member]
Guarantor Obligations [Line Items]
Outstanding debt of joint venture	23,100,000		23,100,000
Joint venture investment earnings	600,000	700,000	1,500,000	1,300,000
Royalty income	$1,500,000	$1,800,000	$3,100,000	$3,300,000

Warranty_Details

Warranty (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Warranty [Abstract]
Beginning balance	$9,029	$10,526
Accruals for warranties issued during the reporting period	1,617	1,710
Accruals related to pre-existing warranties (including changes in estimates)	-204	-342
Less settlements made during the period	-2,020	-2,404
Ending balance	$8,422	$9,490

Employee_Benefit_Plans_Narrati

Employee Benefit Plans (Narrative) (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015
	agreement
Defined Benefit Plan Disclosure [Line Items]
Number of U.S. plans	2
Employees Hired On Or After August 1, 2013 Will Be Eligible For Retirement Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Annual Company retirement contribution in addition to 401 (k) match, percent	3.00%
Employees Hired Prior To August 1, 2013 Will Be Eligible For Retirement Contribution, Effective August 1, 2016 [Member]
Defined Benefit Plan Disclosure [Line Items]
Annual Company retirement contribution in addition to 401 (k) match, percent	3.00%
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	0.9
Estimated future contributions to pension plans	12.1
U.S. Pension Plans [Member] | Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Approximate expense related to lump sum settlements anticipated	3.9
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	1.9
Additional future contribution towards pension plans for the remainder of Fiscal 2015	1.7

Employee_Benefit_Plans_Compone

Employee Benefit Plans (Components Of Net Periodic Pension Costs) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Employee Benefit Plans [Abstract]
Service cost	$5,134	$4,702	$10,278	$9,385
Interest cost	4,905	4,863	9,684	9,717
Expected return on assets	-7,541	-7,656	-14,884	-15,279
Prior service cost and transition amortization	142	148	291	296
Settlement Cost	3,906		3,906
Actuarial loss amortization	1,854	1,850	3,686	3,698
Net periodic benefit cost	$8,400	$3,907	$12,961	$7,817

Credit_Facilities_Details

Credit Facilities (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Oct. 28, 2014	Oct. 27, 2014
Line of Credit Facility [Line Items]
Credit facilities, amount borrowed	295
Multi-Currency Revolving Facility [Member]
Line of Credit Facility [Line Items]
Credit facility expiration period	5 years
Credit facilities, maximum borrowing capacity		$400	$250

Fair_Values_Narrative_Details

Fair Values (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	Jul. 31, 2014
Debt Instrument [Line Items]
Aggregate carrying amount of equity method investments	$20,100,000		$20,100,000		$21,400,000
Impairment charges	0	0	0	0
Long-Term Debt [Member]
Debt Instrument [Line Items]
Fair value of debt	245,200,000		245,200,000
Debt carrying amount	$225,000,000		$225,000,000

Fair_Values_Fair_Value_Of_Outs

Fair Values (Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets) (Details) (USD $)	Jan. 31, 2015		Jul. 31, 2014
In Thousands, unless otherwise specified
Fair Values [Abstract]
Asset derivatives recorded under the caption Prepaids and other current assets, Foreign exchange contracts	$5,573	[1]	$931	[1]
Liability derivatives recorded under the caption Other current liabilities, Foreign exchange contracts	-6,979	[1]	-1,242	[1]
Forward exchange contracts - net asset (liability) position	($1,406)	[1]	($311)	[1]
[1]	Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Income Taxes [Abstract]
Effective tax rate	27.00%	22.10%	27.30%	27.60%
Tax benefit associated with the favorable settlement of a tax audit		$6.40
Unrecognized tax benefits	16.3		16.3
Accrued interest and penalties on unrecognized tax benefits	1.7		1.7
Statute of limitations period, average, years			5 years
Maximum possible reduction in amount of unrecognized tax benefits			$1
Unrecognized tax benefits potential expiration period			12 months

Acquisitions_Narrative_Details

Acquisitions (Narrative) (Details) (USD $)	0 Months Ended	6 Months Ended
	Sep. 30, 2014	Jan. 31, 2015	Jul. 31, 2014
Business Acquisition [Line Items]
Goodwill acquired		218,319,000	$166,406,000
Northern Technical [Member]
Business Acquisition [Line Items]
Percentage of voting interest acquired	100.00%
Total consideration of transaction	97,100,000
Amount of intangible assets acquired	6,200,000
Net tangible assets	32,200,000
Goodwill acquired	$60,266,000
Period from purchase date the purchase price allocation is expected to be finalized		1 year
Northern Technical [Member] | Minimum [Member]
Business Acquisition [Line Items]
Estimated useful life, years		6 months
Northern Technical [Member] | Maximum [Member]
Business Acquisition [Line Items]
Estimated useful life, years		7 years

Acquisitions_Schedule_Of_Ident

Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed At Fair Value) (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified
Business Acquisition [Line Items]
Goodwill	$218,319	$166,406
Northern Technical [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			431
Accounts receivable			1,083
Inventories			7,775
Other current assets			934
Property, plant, and equipment, net			21,829
Goodwill			60,266
Intangible assets, net			6,200
Other assets and deferred taxes			221
Total assets acquired			98,739
Trade accounts payable			149
Other current liabilities			1,508
Total liabilities assumed			1,657
Net assets acquired			$97,082