Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Oct. 30, 2015 | Jan. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Entity Common Stock, Shares Outstanding | 132,636,175 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 4,956,390,941 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 |
Cost of sales | 1,562,629 | 1,595,640 | 1,589,821 |
Gross profit | 808,584 | 877,826 | 847,127 |
Selling, general, and administrative | 460,045 | 460,250 | 441,168 |
Research and development | 60,229 | 61,837 | 62,630 |
Operating income | 288,310 | 355,739 | 343,329 |
Other income, net | (15,450) | (15,164) | (15,762) |
Interest expense | 15,157 | 10,200 | 10,910 |
Earnings before income taxes | 288,603 | 360,703 | 348,181 |
Income taxes | 80,492 | 100,479 | 100,804 |
Net earnings | $ 208,111 | $ 260,224 | $ 247,377 |
Weighted average shares - basic | 137,750,158 | 145,594,300 | 148,273,904 |
Weighted average shares - diluted | 139,381,940 | 147,641,113 | 150,455,193 |
Net earnings per share - basic | $ 1.51 | $ 1.79 | $ 1.67 |
Net earnings per share - diluted | $ 1.49 | $ 1.76 | $ 1.64 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net earnings | $ 56,433 | $ 47,776 | $ 47,955 | $ 55,947 | $ 72,956 | $ 67,336 | $ 58,340 | $ 61,592 | $ 208,111 | $ 260,224 | $ 247,377 |
Foreign currency translation gain (loss) | (119,094) | (2,122) | 17,435 | ||||||||
Gain (loss) on hedging derivatives, net of deferred taxes of $378, ($69), and ($196), respectively | (491) | 71 | 120 | ||||||||
Pension and postretirement liability adjustment, net of deferred taxes of ($154), $1,320, and $(25,656), respectively | 3,405 | (6,286) | 46,860 | ||||||||
Total comprehensive income | $ 46,989 | $ 1,786 | $ 91,931 | $ 251,887 | $ 311,792 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Gain (loss) on hedging derivatives, deferred taxes | $ 378 | $ (69) | $ (196) |
Pension and postretirement liability adjustment, deferred taxes | $ (154) | $ 1,320 | $ (25,656) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 189,898 | $ 296,418 |
Short-term investments | 27,470 | 127,201 |
Accounts receivable, less allowance of $6,747 and $6,763 | 460,027 | 474,157 |
Inventories, net | 264,955 | 253,351 |
Deferred income taxes | 28,177 | 27,886 |
Prepaids and other current assets | 60,189 | 46,264 |
Total current assets | 1,030,716 | 1,225,277 |
Property, plant, and equipment, net | 470,611 | 451,665 |
Goodwill | 223,732 | 166,406 |
Intangible assets, net | 37,870 | 36,045 |
Other long-term assets | 46,605 | 63,018 |
Total assets | 1,809,534 | 1,942,411 |
Current liabilities | ||
Short-term borrowings | 187,320 | 185,303 |
Current maturities of long-term debt | 1,849 | 1,738 |
Trade accounts payable | 179,174 | 216,603 |
Accrued employee compensation and related taxes | 66,536 | 84,944 |
Accrued liabilities | 42,853 | 40,845 |
Other current liabilities | 82,915 | 80,147 |
Total current liabilities | 560,647 | 609,580 |
Long-term debt | 389,218 | 243,726 |
Deferred income taxes | 12,493 | 22,386 |
Other long-term liabilities | 68,525 | 64,236 |
Total liabilities | $ 1,030,883 | $ 939,928 |
Commitments and contingencies (Note L and Note N) | ||
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 in both 2015 and 2014 | $ 758,216 | $ 758,216 |
Retained earnings | 815,166 | 702,435 |
Non-controlling interest | 3,882 | |
Stock compensation plans | 17,852 | 19,601 |
Accumulated other comprehensive income (loss) | (161,990) | (45,810) |
Treasury stock at cost, 17,044,950 and 11,237,522 shares in 2015 and 2014, at cost | (654,475) | (431,959) |
Total shareholders' equity | 778,651 | 1,002,483 |
Total liabilities and shareholders' equity | $ 1,809,534 | $ 1,942,411 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 6,747 | $ 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 | 17,044,950 | 11,237,522 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Operating Activities | |||
Net earnings | $ 208,111 | $ 260,224 | $ 247,377 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 74,298 | 67,163 | 64,290 |
Equity in losses (earnings) of affiliates, net of distributions | (1,109) | (3,384) | 1,637 |
Deferred income taxes | (5,611) | (7,762) | 8,347 |
Tax benefit of equity plans | (6,780) | (8,781) | (11,191) |
Stock compensation plan expense | 10,694 | 11,640 | 9,148 |
Loss on sale of business | 905 | ||
Other, net | 25,083 | 10,041 | (6,175) |
Changes in operating assets and liabilities, net of acquired businesses | |||
Accounts receivable | (20,641) | (44,851) | 3,705 |
Inventories | (26,232) | (19,273) | 20,142 |
Prepaids and other current assets | (27,795) | (7,769) | 13,495 |
Trade accounts payable and other accrued expenses | (17,175) | 59,686 | (34,852) |
Net cash provided by operating activities | 212,843 | 317,839 | 315,923 |
Investing Activities | |||
Purchases of property, plant, and equipment | (93,739) | (97,210) | (94,895) |
Proceeds from sale of property, plant, and equipment | 172 | 395 | 558 |
Purchases of short-term investments | (27,039) | (108,793) | (99,339) |
Proceeds from sale of short-term investments | 114,514 | 81,486 | 97,365 |
Acquisitions, net of cash acquired | (105,636) | ||
Net cash used in investing activities | (111,728) | (124,122) | (96,311) |
Financing Activities | |||
Proceeds from long-term debt | 150,000 | 125,000 | |
Repayments of long-term debt | (4,161) | (81,898) | (1,353) |
Change in short-term borrowings | 2,751 | 175,344 | (86,957) |
Purchase of treasury stock | (256,267) | (279,395) | (102,572) |
Dividends paid | (91,220) | (83,070) | (60,320) |
Tax benefit of equity plans | 6,780 | 8,781 | 11,191 |
Exercise of stock options | 13,083 | 14,437 | 16,043 |
Net cash used in financing activities | (179,034) | (120,801) | (223,968) |
Effect of exchange rate changes on cash | (28,601) | (636) | 2,705 |
Increase (decrease) in cash and cash equivalents | (106,520) | 72,280 | (1,651) |
Cash and cash equivalents, beginning of year | 296,418 | 224,138 | 225,789 |
Cash and cash equivalents, end of period | 189,898 | 296,418 | 224,138 |
Supplemental Cash Flow Information | |||
Income taxes | 85,568 | 93,086 | 84,898 |
Interest | $ 14,735 | $ 11,050 | $ 13,531 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Stock Compensation Plan [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Total |
Balance at Jul. 31, 2012 | $ 758,216 | $ 366,788 | $ 24,948 | $ (101,888) | $ (138,050) | $ 910,014 | |
Comprehensive income | |||||||
Net earnings | 247,377 | 247,377 | |||||
Foreign currency translation | 17,435 | 17,435 | |||||
Pension liability adjustment, net of deferred taxes | 46,860 | 46,860 | |||||
Net gain on cash flow hedging derivatives | 120 | 120 | |||||
Total comprehensive income | 311,792 | ||||||
Treasury stock acquired | (102,572) | (102,572) | |||||
Stock options exercised | $ (10,836) | (21,256) | 44,463 | 12,371 | |||
Deferred stock and other activity | (2,125) | (1,677) | (1,586) | 4,496 | (892) | ||
Performance awards | (573) | (1,161) | (1,617) | 2,055 | (1,296) | ||
Stock option expense | 8,300 | 8,300 | |||||
Tax reduction - employee plans | 13,534 | 13,534 | |||||
Dividends (per share) | (66,064) | (66,064) | |||||
Balance at Jul. 31, 2013 | 758,216 | 532,307 | 21,745 | (37,473) | (189,608) | 1,085,187 | |
Comprehensive income | |||||||
Net earnings | 260,224 | 260,224 | |||||
Foreign currency translation | (2,122) | (2,122) | |||||
Pension liability adjustment, net of deferred taxes | (6,286) | (6,286) | |||||
Net gain on cash flow hedging derivatives | 71 | 71 | |||||
Total comprehensive income | 251,887 | ||||||
Treasury stock acquired | (279,395) | (279,395) | |||||
Stock options exercised | (7,000) | (10,493) | 30,538 | 13,045 | |||
Deferred stock and other activity | (3,144) | (1,772) | (431) | 4,855 | (492) | ||
Performance awards | (409) | (505) | (1,713) | 1,651 | (976) | ||
Stock option expense | 9,933 | 9,933 | |||||
Tax reduction - employee plans | 10,553 | 10,553 | |||||
Dividends (per share) | (87,259) | (87,259) | |||||
Balance at Jul. 31, 2014 | 758,216 | 702,435 | 19,601 | (45,810) | (431,959) | 1,002,483 | |
Comprehensive income | |||||||
Net earnings | 208,111 | 208,111 | |||||
Foreign currency translation | (119,130) | (119,094) | |||||
Pension liability adjustment, net of deferred taxes | 3,405 | 3,405 | |||||
Net gain on cash flow hedging derivatives | (455) | (491) | |||||
Total comprehensive income | 91,931 | ||||||
Treasury stock acquired | (256,267) | (256,267) | |||||
Stock options exercised | (5,685) | (13,155) | 30,210 | 11,370 | |||
Deferred stock and other activity | (1,917) | (678) | (1,077) | 2,943 | (729) | ||
Performance awards | (121) | (159) | (672) | 598 | (354) | ||
Stock option expense | 9,534 | 9,534 | |||||
Tax reduction - employee plans | $ 7,723 | 7,723 | |||||
Dividends (per share) | (90,922) | (90,922) | |||||
Balance at Jul. 31, 2015 | $ 758,216 | $ 815,166 | $ 17,852 | $ (161,990) | $ (654,475) | $ 778,651 |
Consolidated Statements Of Cha9
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Jul. 31, 2015 | Jan. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends, per share | $ .34 | $ .33 | $ 0.165 | $ 0.165 | $ 0.140 | $ 0.140 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE A Summary of Significant Accounting Policies Description of Business Principles of Consolidation Use of Estimates Foreign Currency Translation Cash Equivalents Short-Term Investments Accounts Receivable and Allowance for Doubtful Accounts Inventories At July 31, 2015 2014 Raw materials $ 113,335 $ 112,522 Work in process 22,602 17,256 Finished products 129,018 123,573 Total inventories $ 264,955 $ 253,351 Property, Plant, and Equipment At July 31, 2015 2014 Land $ 20,029 $ 20,558 Buildings 272,616 273,599 Machinery and equipment 783,136 753,637 Construction in progress 52,350 51,394 Less accumulated depreciation (657,520 ) (647,523 ) Total property, plant, and equipment, net $ 470,611 $ 451,665 Internal-Use Software Goodwill and Other Intangible Assets Recoverability of Long-Lived Assets Income Taxes Earnings Per Share The following table presents information necessary to calculate basic and diluted earnings per share: 2015 2014 2013 (thousands, except per share amounts) Weighted average shares basic 137,750 145,594 148,274 Diluted share equivalents 1,632 2,047 2,181 Weighted average shares diluted 139,382 147,641 150,455 Net earnings for basic and diluted earnings $ 208,111 $ 260,224 $ 247,377 Net earnings per share basic $ 1.51 $ 1.79 $ 1.67 Net earnings per share diluted $ 1.49 $ 1.76 $ 1.64 Treasury Stock Research and Development Stock-Based Compensation Revenue Recognition the selling price is fixed and determinable, and collectability is reasonably assured Although the majority of the Companys sales agreements contain standard terms and conditions, there are also agreements that contain multiple elements or non-standard terms and conditions. Product Warranties Derivative Instruments and Hedging Activities New Accounting Standards Recently Adopted Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date New Accounting Standards Not Yet Adopted Revenue from Contracts with Customers (Topic 606) , In June 2014, the FASB issued ASU 2014-12, Compensation Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In April 2015, the FASB issued ASU 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In May 2015, FASB issued ASU 2015-07, Fair Value Measurement (Topic 850): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | NOTE B Goodwill and Other Intangible Assets The Company has allocated goodwill to its Engine Products and Industrial Products segments. During Fiscal 2015 the Company acquired Northern Technical L.L.C. (Northern Technical) as of September 30, 2014, and IFIL USA L.L.C. (IFIL), as of June 30, 2015. There were no acquisitions during Fiscal 2014. There was no disposition activity during Fiscal 2015 or 2014. The Company completed its annual impairment assessments in the third quarters of Fiscal 2015 and 2014. The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to exceed the corresponding carrying values of the respective reporting units, resulting in no goodwill impairment. Following is a reconciliation of goodwill for the years ended July 31, 2015 and 2014: Engine Products Industrial Products Total Goodwill (thousands of dollars) Balance as of July 31, 2013 $ 72,321 $ 93,247 $ 165,568 Foreign exchange translation 52 786 838 Balance as of July 31, 2014 $ 72,373 $ 94,033 $ 166,406 Goodwill acquired 66,814 66,814 Foreign exchange translation (1,401 ) (8,087 ) (9,488 ) Balance as of July 31, 2015 $ 70,972 $ 152,760 $ 223,732 Intangible assets are comprised of patents, trademarks, and Customer relationships and lists. Following is a reconciliation of intangible assets for the years ended July 31, 2015 and 2014: Gross Carrying Amount Accumulated Amortization Net Intangible Assets (thousands of dollars) Balance as of July 31, 2013 $ 81,882 $ (40,575 ) $ 41,307 Amortization expense (5,154 ) (5,154 ) Retirements (775 ) 600 (175 ) Foreign exchange translation 176 (109 ) 67 Balance as of July 31, 2014 $ 81,283 $ (45,238 ) $ 36,045 Intangible acquired - Northern Technical 6,200 6,200 Intangible acquired IFIL 3,800 3,800 Amortization expense (6,778 ) (6,778 ) Foreign exchange translation (4,193 ) 2,796 (1,397 ) Balance as of July 31, 2015 $ 87,090 $ (49,220 ) $ 37,870 Net intangible assets consist of patents, trademarks, and trade names of $8.8 million and $11.5 million as of July 31, 2015 and 2014, respectively, and Customer related intangibles of $29.1 million and $24.5 million as of July 31, 2015 and 2014, respectively. As of July 31, 2015, patents, trademarks, and trade names had a weighted average remaining life of 7.0 years and Customer related intangibles had a weighted average remaining life of 9.9 years. Expected amortization expense relating to existing intangible assets is as follows (in thousands): Fiscal Year 2016 $ 5,711 2017 $ 5,573 2018 $ 4,360 2019 $ 3,809 2020 $ 3,721 Thereafter $ 12,813 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jul. 31, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Facilities | NOTE C 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 may borrow up to $250.0 million. The Amendment increased the borrowings 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. There was $160.00 million outstanding at July 31, 2015, and $180.0 million outstanding at July 31, 2014. At July 31, 2015 and 2014, $232.2 million and $62.2 million, respectively, were available for further borrowing under such facilities. The amount available for further borrowing reflects a reduction for issued standby letters of credit, as discussed in Note L. The Companys multi-currency revolving facility contains financial 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 Companys ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2015, the Company was in compliance with all such covenants. Due to an investigation into revenue recognition in the Companys Gas Turbine Systems business, the Company was unable to provide audited financial statements to the group of banks who are lenders in the credit facility in the 90 day time period required. On October 28, 2015, the Company obtained waivers for the covenant to provide audited statements within 90 days of year-end so long as they are provided by December 28, 2015. Upon providing the audited financial statements to the group of banks prior to December 28, 2015, the Company expects to remain in compliance with the above mentioned covenants. The Company has two uncommitted credit facilities in the U.S., which provide unsecured borrowings for general corporate purposes. At July 31, 2015 and 2014, there was $49.7 million and $45.7 million available for use, respectively, under these two facilities. There was $15.3 million outstanding at July 31, 2015, and $4.3 million outstanding at July 31, 2014. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2015, was 1.00 percent. The Company has a 100.0 million, or $109.9 million, program for issuing treasury notes for raising short-, medium-, and long-term financing for its European operations. There were no amounts outstanding on this program at July 31, 2015 or 2014. Additionally, the Companys European operations have lines of credit with an available limit of 34.0 million or $37.4 million. There was 9.5 million or $10.4 million outstanding at July 31, 2015, and there was no amount outstanding on these lines of July 31, 2014. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2015, was 0.83 percent. Other international subsidiaries may borrow under various credit facilities. There was $1.6 million outstanding under these credit facilities as of July 31, 2015, and $1.0 million as of July 31, 2014. At July 31, 2015 and 2014, there was $47.2 million and $57.5 million available for use, respectively, under these facilities. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2015 and July 31, 2014, was 0.41 percent and 0.75 percent, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jul. 31, 2015 | |
Long-term Debt, Excluding Current Maturities [Abstract] | |
Long-Term Debt | NOTE D Long-Term Debt Long-term debt consists of the following: 2015 2014 (thousands of dollars) 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017 50,000 50,000 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017 25,000 25,000 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017 25,000 25,000 3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024 125,000 125,000 2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025 25,000 - 3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030 125,000 - Variable Rate Guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 19, 2019 and an interest rate of 0.52% as of July 31, 2015 13,313 16,051 Capitalized lease obligations and other, with various maturity dates and interest rates 1,928 3,177 Terminated interest rate swap contracts 826 1,236 Total 391,067 245,464 Less current maturities 1,849 1,738 Total long-term debt $ 389,218 $ 243,726 Annual maturities of long-term debt are $1.8 million in Fiscal 2016, $50.8 million in Fiscal 2017, $50.1 million in Fiscal 2018, $13.3 million in Fiscal 2019, no maturities in Fiscal 2020, and $275.0 million thereafter. Certain note agreements contain debt covenants related to working capital levels and limitations on indebtedness. As of July 31, 2015, the Company was in compliance with all such covenants. On April 16, 2015, the Company entered into a First Supplement to Note Purchase Agreement (First Supplement), dated April 16, 2015, with a group of institutional investors, which supplements a Note Purchase Agreement, dated March 27, 2014. Pursuant to the First Supplement, the Company issued $25.0 million of senior unsecured notes due April 16, 2025, and $125.0 million of senior unsecured notes due June 17, 2030. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 2.93 percent and 3.18 percent respectively. The proceeds from the notes primarily were used to refinance existing debt, and were also used for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Companys ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2015, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants. On March 27, 2014, the Company issued $125.0 million of senior unsecured notes due March 27, 2024. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 3.72 percent. The proceeds from the notes were used to refinance existing debt and for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Companys ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2015, the Company was in compliance with all such covenants. On May 19, 2014, the Company refinanced its 1.65 billion yen guaranteed note that matured on May 18, 2014. The debt that was issued at face value, or approximately $13.3 million as of July 31, 2015, is due May 19, 2019, and bears interest payable quarterly at a variable interest rate. The interest rate was 0.52 percent as of July 31, 2015. |
Fair Value
Fair Value | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value | NOTE E Fair Value Fair Value of Financial Instruments Level 1 Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs other than quoted prices available in Level 1 that are observable either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. At July 31, 2015 and 2014, the Companys 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 and are classified as Level 1 in the fair value hierarchy. As of July 31, 2015, the estimated fair value of long-term debt with fixed interest rates was $383.3 million compared to its carrying value of $375 million. The fair value is estimated by discounting the 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 Companys 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 Companys fair value of outstanding derivatives at July 31, 2015 and 2014, on the Consolidated Balance Sheets: Significant Other Observable Inputs (Level 2)* At July 31, 2015 2014 (thousands of dollars) Asset derivatives recorded under the caption Prepaids and other current assets Foreign exchange contracts $ 3,608 $ 931 Liability derivatives recorded under the caption Other current liabilities Foreign exchange contracts (2,247 ) (1,242 ) Forward exchange contracts - net liability position $ 1,361 $ (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 consolidated balance sheets. The aggregate carrying amount of these investments was $18.3 million and $21.4 million as of July 31, 2015 and 2014, respectively. These equity method investments are measured at fair value on a nonrecurring basis. The fair value of the Companys 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 events or changes in circumstances indicate that the asset might be impaired. The Companys 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. Definite lived intangible assets are subject to impairment assessments as triggering events occur which could indicate that the asset might be impaired. Refer to Note B 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 in Fiscal 2015, Fiscal 2014, or Fiscal 2013. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE F Employee Benefit Plans Plans On July 31, 2013, the Company adopted a sunset freeze on its U.S. Salaried Pension Plan. Effective August 1, 2013, there are no longer any new entrants into the plan. Then effective, August 1, 2016, Employees hired prior to August 1, 2013, will no longer continue to accrue Company contribution credits under the plan. Net periodic pension costs for the Companys pension plans include the following components: 2015 2014 2013 (thousands of dollars) Service cost $ 20,412 $ 18,821 $ 19,439 Interest cost 19,108 19,499 16,953 Expected return on assets (29,529 ) (30,794 ) (28,111 ) Prior service cost and transition amortization 570 590 591 Actuarial loss amortization 7,086 7,403 10,362 Settlement loss 3,906 Net periodic benefit cost $ 21,553 $ 15,519 $ 19,234 The obligations and funded status of the Companys pension plans as of 2015 and 2014, is as follows: 2015 2014 (thousands of dollars) Change in benefit obligation: Benefit obligation, beginning of year $ 498,653 $ 444,943 Service cost 20,412 18,821 Interest cost 19,108 19,499 Plan amendments (26 ) Participant contributions 1,156 1,308 Actuarial loss/(gain) 13,148 29,638 Currency exchange rates (18,215 ) 8,873 Divestiture (3,200 ) Settlement (9,185 ) Benefits paid (26,378 ) (21,229 ) Benefit obligation, end of year $ 498,673 $ 498,653 Change in plan assets: Fair value of plan assets, beginning of year $ 489,870 $ 452,724 Actual return on plan assets 34,959 45,978 Company contributions 5,511 4,263 Participant contributions 1,156 1,308 Currency exchange rates (17,454 ) 9,912 Divestiture (3,086 ) Settlement (9,185 ) Benefits paid (26,378 ) (21,229 ) Fair value of plan assets, end of year $ 478,479 $ 489,870 Funded status: Underfunded status at July 31, 2015 and 2014 $ (20,194 ) $ (8,783 ) Amounts recognized on the consolidated balance sheets consist of: Other long-term assets 10,317 17,800 Other current liabilities (2,901 ) (832 ) Other long-term liabilities (27,610 ) (25,751 ) Recognized asset / (liability) $ (20,194 ) $ (8,783 ) The net underfunded status of $20.2 million at July 31, 2015, is recognized in the accompanying Consolidated Balance Sheet. AOCI at July 31, 2015, and 2014 was $135.4 million and $143.4 million, respectively, and consisted primarily of unrecognized actuarial losses. The loss expected to be recognized in net periodic pension expense during Fiscal 2016 is $8.6 million. The accumulated benefit obligation for all defined benefit pension plans was $484.2 million and $476.1 million at July 31, 2015 and 2014, respectively. The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $290.0 million and $259.5 million, respectively, as of July 31, 2015, and $289.3 million and $262.7 million, respectively, as of July 31, 2014. 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 $242.3 million, $241.9 million, and $216.0 million, respectively, as of July 31, 2015, and $234.8 million, $233.8 million, and $215.9 million, respectively, as of July 31, 2014. For the fiscal years ended July 31, 2015 and 2014, the two U.S. pension plans represented approximately 67 percent and 69 percent, respectively, of the Companys total plan assets, approximately 69 percent, for both fiscal years, of the Companys total projected benefit obligation, and approximately 81 percent and 80 percent, respectively, of the Companys total pension expense. 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: Weighted average actuarial assumptions 2015 2014 All U.S. plans: Discount rate 4.33% 4.33% Rate of compensation increase 2.56% 2.61% Non - U.S. plans: Discount rate 3.14% 3.64% Rate of compensation increase 2.68% 2.79% 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: Weighted average actuarial assumptions 2015 2014 2013 All U.S. plans: Discount rate 4.33% 4.58% 3.59% Expected return on plan assets 7.14% 7.50% 7.50% Rate of compensation increase 2.61% 2.61% 2.61% Non - U.S. plans: Discount rate 3.64% 4.04% 4.13% Expected return on plan assets 5.41% 5.48% 5.20% Rate of compensation increase 2.79% 2.92% 2.86% Expected Long-Term Rate of Return Discount Rate Plan Assets Level 1 Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs other than quoted prices available in Level 1 that are observable either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. The fair values of the assets held by the U.S. pension plans by asset category are as follows (in millions): Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total 2015 Cash $ 1.9 $ $ $ 1.9 Global Equity Securities 76.6 84.6 19.5 180.7 Fixed Income Securities 0.9 64.1 54.7 119.7 Real Assets 6.0 13.0 19.0 Total U.S. Assets at July 31, 2015 $ 85.4 $ 148.7 $ 87.2 $ 321.3 2014 Cash $ 14.2 $ $ $ 14.2 Global Equity Securities 107.3 87.3 21.1 215.7 Fixed Income Securities 27.0 58.7 85.7 Real Assets 7.1 13.5 20.6 Total U.S. Assets at July 31, 2014 $ 155.6 $ 87.3 $ 93.3 $ 336.2 2013 Cash $ 18.5 $ $ $ 18.5 Global Equity Securities 82.5 50.2 19.4 152.1 Fixed Income Securities 42.9 20.8 60.8 124.5 Real Assets 22.1 22.1 Total U.S. Assets at July 31, 2013 $ 143.9 $ 71.0 $ 102.3 $ 317.2 Global Equity 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 are valued at the closing price reported in the active market in which the individual securities are traded. Index funds are valued at the net asset value (NAV) as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding. 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 interest is valued using the most recent general partner statement of fair value, updated for any subsequent partnership interests cash flow. The target allocation for Global Equity investments was 65 percent and 35 percent 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 15 percent 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 investment managers 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 consists primarily of investment and non-investment grade debt securities and alternative fixed income-like investments. Corporate and other 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 includes adjustments for certain risks that may not be observable such as credit and liquidity risks. 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 allocation for Fixed Income was 30 percent and 60 percent 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 , Real assets consist of commodity funds, Real Estate Investment Trusts (REITS), and interests in partnerships that invest in private real estate, commodities, and timber investments. Private investments are valued using the most recent partnership statement of fair value, updated for any subsequent partnership interests cash flows. Commodity funds and REITS are valued at the closing price reported in the active market in which it is traded . The target allocation for Real Assets was 5 percent in 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 assets range from less liquid to illiquid, with about two-thirds of the real asset allocation having monthly liquidity and one-third illiquid. Real asset manager performance is typically reported quarterly, though underlying assets may be valued less frequently. The following table sets forth a summary of changes in the fair values of the U.S. pension plans Level 3 assets for the years ended July 31, 2015, 2014, and 2013 (in millions): Global Equity Fixed Income Real Assets Total Beginning balance at August 1, 2012 $ 19.4 $ 55.0 $ 31.4 $ 105.8 Unrealized gains (0.8 ) 6.4 1.1 6.7 Realized gains 1.7 0.7 2.4 Purchases 2.1 1.0 3.1 Sales (3.0 ) (1.3 ) (11.4 ) (15.7 ) Ending balance at July 31, 2013 $ 19.4 $ 60.8 $ 22.1 $ 102.3 Unrealized gains 1.7 (2.0 ) (0.3 ) Realized gains 2.4 8.9 0.8 12.1 Purchases 2.0 20.0 2.7 24.7 Sales (4.4 ) (29.0 ) (12.1 ) (45.5 ) Ending balance at July 31, 2014 $ 21.1 $ 58.7 $ 13.5 $ 93.3 Unrealized gains (0.3 ) (3.7 ) 0.7 (3.3 ) Realized gains 2.8 5.1 0.6 8.5 Purchases 1.8 0.8 2.6 Sales (5.9 ) (5.4 ) (2.6 ) (13.9 ) Ending balance at July 31, 2015 $ 19.5 $ 54.7 $ 13.0 $ 87.2 The following table sets forth a summary of the U.S. pension plans assets valued at NAV for the year ended July 31, 2015 (in millions): Fair Value Unfunded Commitments Redemption Frequency (If Currently Eligible) Redemption Notice Period Global Equity $ 181.3 $ 3.4 Daily, Monthly, Quarterly, Annually 10 - 100 days Fixed Income 55.6 Daily, Quarterly, Semi-Annually 60 - 120 days Real Assets 19.0 2.3 Daily, Quarterly 95 days Total $ 255.9 $ 5.7 Fair values of the assets held by the non-U.S. pension plans by asset category are as follows (in millions): Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total 2015 Cash $ $ $ $ Global Equity Securities 71.7 71.7 Fixed Income Securities 4.2 35.9 40.1 Equity/Fixed Income 17.2 28.2 45.4 Total Non-U.S. Assets at July 31, 2015 $ 93.1 $ 35.9 $ 28.2 $ 157.2 2014 Cash $ 5.7 $ $ $ 5.7 Global Equity Securities 71.3 71.3 Fixed Income Securities 4.8 23.3 28.1 Equity/Fixed Income 18.0 30.5 48.5 Total Non-U.S. Assets at July 31, 2014 $ 99.8 $ 23.3 $ 30.5 $ 153.6 2013 Global Equity Securities $ 0.6 $ $ $ 0.6 Fixed Income Securities 63.8 63.8 Equity/Fixed Income 6.9 21.0 27.9 Real Assets 16.9 26.3 43.2 Total Non-U.S. Assets at July 31, 2013 $ 88.2 $ 21.0 $ 26.3 $ 135.5 Global equity consists of publicly traded diversified growth funds invested across a broad range of traditional and alternative asset classes which 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 percent 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 consists primarily of investment grade debt securities. 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 includes adjustments for certain risks that may not be observable such as credit and liquidity risks. These funds may also aim to provide liability hedging by offering interest rate and inflation protections which replicates the liability profile of a typical defined benefit pension scheme. Equity/Fixed Income consists of Level 1 assets that are part of a unit linked fund with a strategic asset allocation of 40 percent fixed income products and 60 percent equity type products. Assets are valued at either the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings. Index funds are valued at the net asset value as determined by the custodian of the fund. The Level 3 assets are composed of mathematical reserves on individual contracts and 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 percent to 90 percent fixed income products and 20 percent to 10 percent equity type products (including real estate). Real Assets consists of property funds. Property funds are valued using the most recent partnership statement of fair value, updated for any subsequent partnership interests cash flows. The following table sets forth a summary of changes in the fair values of the non-U.S. pension plans Level 3 assets for the years ended July 31, 2015, 2014, and 2013 (in millions): Equity/Fixed Income Beginning balance at August 1, 2012 $ 21.8 Unrealized gains 1.1 Foreign currency exchange 1.7 Purchases 2.6 Sales (0.9 ) Ending balance at July 31, 2013 $ 26.3 Unrealized gains 4.3 Realized gains 0.1 Foreign currency exchange 0.1 Purchases 3.1 Sales (3.4 ) Ending balance at July 31, 2014 $ 30.5 Unrealized gains 1.3 Realized gains Foreign currency exchange (5.5 ) Purchases 2.7 Sales (0.8 ) Ending balance at July 31, 2015 $ 28.2 The following table sets forth a summary of the non-U.S. pension plans assets valued at NAV for the year ended July 31, 2015 (in millions): Fair Value Unfunded Commitments Redemption Frequency (If Currently Eligible) Redemption Notice Period Fixed Income $ 35.9 $ Weekly 7 days Equity/Fixed Income 28.2 Yearly 90 days Total $ 64.1 $ Investment Policies and Strategies. For the Companys non-U.S. plans, the general investment objectives are to maintain a suitably diversified portfolio of secure assets of appropriate liquidity which 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 Companys Investment Committee through its use of an investment consultant and through quarterly investment portfolio reviews. Estimated Contributions and Future Payments Estimated future benefit payments for the Companys U.S. and non-U.S. plans are as follows (thousands of dollars): Fiscal Year 2016 $ 25,445 2017 $ 25,721 2018 $ 25,203 2019 $ 26,540 2020 $ 27,332 2021-2025 $ 142,263 Postemployment and Postretirement Benefit Plans Retirement Savings and Employee Stock Ownership Plan Deferred Compensation and Other Benefit Plans |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jul. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE G Shareholders Equity Stock Rights Stock Compensation Plans Treasury Stock 2015 2014 Beginning balance 11,237,522 5,490,725 Stock repurchases 6,675,147 6,795,545 Net issuance upon exercise of stock options (773,385 ) (863,249 ) Issuance under compensation plans (85,611 ) (175,160 ) Other activity (8,723 ) (10,339 ) Ending balance 17,044,950 11,237,522 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jul. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE H Accumulated Other Comprehensive Loss In the first quarter of Fiscal 2014, the Company prospectively adopted guidance issued by the FASB that requires additional disclosure related to the impact of reclassification adjustments out of accumulated other comprehensive income or loss on net income. 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 (119,094 ) (5,188 ) (1,906 ) (126,188 ) Tax benefit (expense) 1,979 667 2,646 Other comprehensive (loss) income before reclassifications, net of tax $ (119,094 ) $ (3,209 ) $ (1,239 ) $ (123,542 ) Reclassifications, before tax 8,747 1,037 9,784 (d) Tax benefit (expense) (2,133 ) (289 ) (2,422 ) Reclassifications, net of tax 6,614 (b) 748 (c) 7,362 Other comprehensive (loss) income, net of tax (119,094 ) 3,405 (491 ) (116,180 ) Balance as of July 31, 2015, net of tax $ (70,805 ) $ (90,593 ) $ (592 ) $ (161,990 ) Balance as of July 31, 2013, net of tax 50,411 (87,712 ) (172 ) (37,473 ) Other comprehensive (loss) income before reclassifications and tax (2,949 ) (16,120 ) 413 (18,656 ) Tax benefit (expense) 4,391 (145 ) 4,246 Other comprehensive (loss) income before reclassifications, net of tax $ (2,949 ) $ (11,729 ) $ 268 $ (14,410 ) Reclassifications, before tax 827 8,514 (273 ) 9,068 (d) Tax benefit (expense) (3,071 ) 76 (2,995 ) Reclassifications, net of tax 827 5,443 (b) (197 ) (c) 6,073 Other comprehensive (loss) income, net of tax (2,122 ) (6,286 ) 71 (8,337 ) Balance as of July 31, 2014, net of tax $ 48,289 $ (93,998 ) $ (101 ) $ (45,810 ) __________________ (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 of $0.4 million as of July 31, 2015 and July 31, 2014 and actuarial losses of $11.0 million and $7.4 million as of July 31, 2015 and July 31, 2014 included in net periodic benefit cost that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. Refer to Note F for additional information and balances of accumulated other comprehensive income before tax. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). (d) Reclassification adjustments out of accumulated other comprehensive income for the twelve months ended July 31, 2015, and 2014 were not material. |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Jul. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Option Plans | NOTE I Stock Option Plans Employee Incentive Plans Board of Directors to date, these performance awards are payable in common stock and are based on a formula which measures performance of the Company over a three-year period. Performance award expense under these plans totaled $0.1 million in Fiscal 2015, $0.7 million in Fiscal 2014, and $0.1 million in Fiscal 2013. Stock options for non-executives are exercisable in equal increments over three years. Stock options issued after Fiscal 2010 become exercisable for executives in equal increments over three years. Stock options issued from Fiscal 2005 to Fiscal 2010 became exercisable for most executives immediately upon the date of grant. For Fiscal 2015, the Company recorded pre-tax compensation expense associated with stock options of $9.5 million and recorded $3.1 million of related tax benefit. For Fiscal 2014 and 2013, the Company recorded pre-tax compensation expense associated with stock options of $9.9 million and $8.3 million, respectively, and $3.2 million and $2.7 million, respectively, of related tax benefit. Stock-based employee compensation cost is recognized using the fair-value based method. The Company determined the fair value of these awards using the Black-Scholes option pricing model, with the following assumptions: 2015 2014 2013 Risk - free interest rate 0.05 - 2.3% 0.31 - 2.8% 0.02 - 1.7% Expected volatility 18.6 - 26.7% 18.2 - 28.0% 22.5 - 29.7% Expected dividend yield 1.6% 1.4 - 1.6% 1.0 - 1.4% Expected life Director and officer grants 8 years 8 years 8 years Non - officer original grants 7 years 7 years 7 years Reload grants ≤4 years ≤6 years ≤5 years Black-Scholes is a widely accepted stock option pricing model. The weighted average fair value for options granted during Fiscal 2015, 2014, and 2013, was $9.94, $11.44, and $8.18 per share, respectively, using the Black-Scholes pricing model. Reload grants are 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 was discontinued. The following table summarizes stock option activity: Options Outstanding Weighted Average Exercise Price Outstanding at July 31, 2012 8,056,327 $ 20.97 Granted 965,050 33.91 Exercised (1,607,081 ) 14.79 Canceled (84,476 ) 33.94 Outstanding at July 31, 2013 7,329,820 23.88 Granted 900,073 42.17 Exercised (1,008,848 ) 18.80 Canceled (23,163 ) 34.02 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 The total intrinsic value of options exercised during Fiscal 2015, 2014, and 2013, was $18.8 million, $21.5 million, and $33.7 million, respectively. Shares reserved at July 31, 2015, for outstanding options and future grants were 11,693,263. 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, 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 1,366,763 1.95 $ 17.08 1,366,763 $ 17.08 $17.70 to $23.69 1,432,795 3.52 21.47 1,432,795 21.47 $23.70 to $29.69 821,268 5.34 29.12 821,268 29.12 $29.70 to $35.69 1,719,689 6.65 34.23 1,463,974 34.32 $35.70 and above 1,850,927 8.67 40.22 349,502 41.76 7,191,442 5.50 29.38 5,434,302 26.29 At July 31, 2015, the aggregate intrinsic value of shares outstanding and exercisable was $43.7 million and $43.7 million, respectively. The following table summarizes the status of options which contain vesting provisions: Options Weighted Average Grant Date Fair Value Non - vested at July 31, 2014 1,720,063 $ 10.35 Granted 1,003,750 10.06 Vested (870,930 ) 10.02 Canceled (95,743 ) 10.21 Non - vested at July 31, 2015 1,757,140 10.36 The total fair value of shares vested during Fiscal 2015, 2014, and 2013, was $29.3 million, $35.5 million, and $29.8 million, respectively. As of July 31, 2015, there was $7.5 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. This unvested cost is expected to be recognized during Fiscal 2016, Fiscal 2017, and Fiscal 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE J Income Taxes The components of earnings before income taxes are as follows: 2015 2014 2013 (thousands of dollars) Earnings before income taxes: United States $ 92,362 $ 131,396 $ 147,317 Foreign 196,241 229,307 200,864 Total $ 288,603 $ 360,703 $ 348,181 The components of the provision for income taxes are as follows: 2015 2014 2013 (thousands of dollars) Income taxes: Current Federal $ 28,482 $ 48,981 $ 35,820 State 2,956 4,724 4,337 Foreign 54,665 54,536 52,300 86,103 108,241 92,457 Deferred Federal (4,232 ) (9,465 ) 7,071 State 94 365 312 Foreign (1,473 ) 1,338 964 (5,611 ) (7,762 ) 8,347 Total $ 80,492 $ 100,479 $ 100,804 The following table reconciles the U.S. statutory income tax rate with the effective income tax rate: 2015 2014 2013 Statutory U.S. federal rate 35.0 % 35.0 % 35.0 % State income taxes 0.9 % 1.1 % 1.2 % Foreign operations (7.9 )% (6.1 )% (6.3 )% Export, manufacturing, and research credits (1.1 )% (0.8 )% (1.5 )% Change in unrecognized tax benefits 1.3 (1.1 )% 0.5 % Other (0.3 )% (0.2 )% 0.1 % 27.9 % 27.9 % 29.0 % The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows: 2015 2014 (thousands of dollars) Deferred tax assets: Accrued expenses $ 10,566 $ 11,118 Compensation and retirement plans 39,090 32,317 NOL and tax credit carryforwards 4,353 3,471 LIFO and inventory reserves 6,891 5,482 Other 4,993 4,470 Deferred tax assets, gross 65,893 56,858 Valuation allowance (2,737 ) (3,471 ) Net deferred tax assets 63,156 53,387 Deferred tax liabilities: Depreciation and amortization (50,628 ) (49,901 ) Other (2,359 ) (1,025 ) Deferred tax liabilities (52,987 ) (50,926 ) Prepaid tax assets 4,421 4,392 Net tax asset $ 14,590 $ 6,853 Deferred income tax assets on the face of the balance sheet include $4.4 million and $4.4 million of prepaid tax assets related to intercompany transfers of inventory as of July 31, 2015 and 2014, respectively. The effective tax rate for Fiscal 2015 was 27.9 percent compared to 27.9 percent in Fiscal 2014. The effective tax rate in the current year was favorably impacted by the reinstatement of the Research and Experimentation Credit in the U.S., non-recurring tax costs associated with foreign dividend distributions recorded during the prior year, and an increase in tax benefits from international operations. The effective tax rate in the prior year was favorably impacted by the settlement of a tax audit and the remeasurement of certain deferred tax assets due to a change in tax rates in certain foreign jurisdictions. The Company has not provided for U.S. income taxes on additional undistributed earnings of non-U.S. subsidiaries of approximately $938.0 million. The Company currently intends to indefinitely reinvest these undistributed earnings as there are significant investment opportunities outside the U.S. or to repatriate the earnings only when it is tax effective to do so. 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 2015, the Company repatriated $125.0 million of cash held by its foreign subsidiaries in the form of a cash dividend, which represented total planned dividends for the current year. The Company maintains a reserve for uncertain tax benefits. The accounting standard defines the threshold for recognizing the benefits of tax return positions in the financial statements as 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 Companys judgment is greater than 50 percent likely to be realized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2015 2014 2013 (thousands of dollars) Gross unrecognized tax benefits at beginning of fiscal year $ 15,005 $ 18,419 $ 16,514 Additions for tax positions of the current year 4,660 2,959 5,453 Additions for tax positions of prior years 100 1,706 407 Reductions for tax positions of prior years (608 ) (7,113 ) (1,640 ) Settlements (240 ) (277 ) Reductions due to lapse of applicable statute of limitations (970 ) (726 ) (2,038 ) Gross unrecognized tax benefits at end of fiscal year $ 18,187 $ 15,005 $ 18,419 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal year ended July 31, 2015, the Company recognized interest expense, net of tax benefit, of approximately $0.4 million. At July 31, 2015, and July 31, 2014, accrued interest and penalties on a gross basis were $1.8 million and $1.7 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 Companys U.S. federal income tax returns through 2012. 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 $1.1 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. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jul. 31, 2015 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | NOTE K Segment Reporting Consistent with FASB guidance related to segment reporting, the Company identified two reportable segments: Engine Products and Industrial Products. Segment selection was based on the internal organizational structure, management of operations, and performance evaluation by management and the Companys Board of Directors. The Engine Products segment sells to original equipment manufacturers (OEM) 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 air filtration systems, exhaust and emissions systems, liquid filtration systems including hydraulics, fuel, lube, and replacement filters. The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines, and OEMs and end-users requiring clean air. 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 computer 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 principally are 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 profit or loss from operations before income taxes. The Companys 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 our 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 operating profit and other financial information shown below. Segment detail is summarized as follows: Engine Products Industrial Products Corporate & Unallocated Total Company (thousands of dollars) 2015 Net sales $ 1,484,132 $ 887,081 $ $ 2,371,213 Depreciation and amortization 43,279 26,408 4,611 74,298 Equity earnings in unconsolidated affiliates 4,134 976 5,110 Earnings before income taxes 186,274 123,362 (21,033 ) 288,603 Assets 887,698 633,977 287,859 1,809,534 Equity investments in unconsolidated 15,120 3,224 18,344 Capital expenditures 54,604 33,318 5,817 93,739 2014 Net sales $ 1,584,027 $ 889,439 $ $ 2,473,466 Depreciation and amortization 38,925 23,942 4,296 67,163 Equity earnings in unconsolidated affiliates 5,596 940 6,536 Earnings before income taxes 233,920 133,978 (7,195 ) 360,703 Assets 900,083 572,000 470,328 1,942,411 Equity investments in unconsolidated 17,439 3,959 21,398 Capital expenditures 56,340 34,652 6,218 97,210 2013 Net sales $ 1,504,188 $ 932,760 $ $ 2,436,948 Depreciation and amortization 35,815 22,447 6,028 64,290 Equity earnings in unconsolidated affiliates 4,000 693 4,693 Earnings before income taxes 220,892 139,108 (11,819 ) 348,181 Assets 826,151 527,416 389,989 1,743,556 Equity investments in unconsolidated 15,563 3,277 18,840 Capital expenditures 52,864 33,134 8,897 94,895 Following are net sales by product within the Engine Products segment and Industrial Products segment: 2015 2014 2013 (thousands of dollars) Engine Products segment: Off-Road Products $ 261,120 $ 342,205 $ 358,834 On-Road Products 138,405 130,029 128,446 Aftermarket Products* 980,756 1,012,165 912,717 Aerospace and Defense Products 103,851 99,628 104,191 Total Engine Products segment 1,484,132 1,584,027 1,504,188 Industrial Products segment: Industrial Filtration Solutions Products 528,917 553,356 529,751 Gas Turbine Products 186,919 156,860 232,922 Special Applications Products 171,245 179,223 170,087 Total Industrial Products segment 887,081 889,439 932,760 Total Company $ 2,371,213 $ 2,473,466 $ 2,436,948 __________________ * Includes replacement part sales to the Companys OEM Customers. Geographic sales by origination and property, plant, and equipment: Net Sales Property, Plant, & Equipment - Net (thousands of dollars) 2015 United States $ 1,007,253 $ 208,996 Europe 671,296 141,738 Asia Pacific 470,661 63,775 Other 222,003 56,102 Total $ 2,371,213 $ 470,611 2014 United States $ 1,019,926 $ 196,712 Europe 728,554 128,904 Asia Pacific 517,305 72,089 Other 207,681 53,960 Total $ 2,473,466 $ 451,665 2013 United States $ 1,010,934 $ 166,614 Europe 678,996 123,710 Asia Pacific 546,406 75,206 Other 200,612 53,750 Total $ 2,436,948 $ 419,280 Concentrations |
Guarantees
Guarantees | 12 Months Ended |
Jul. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees | NOTE L 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, 2015, the joint venture had $26.1 million of outstanding debt, of which the Company guarantees half. In addition, during Fiscal 2015, 2014, and 2013, the Company recorded its equity in earnings of this equity method investment of $2.3 million, $3.7 million, and $2.3 million and royalty income of $5.8 million, $6.8 million, and $6.0 million, respectively, related to AFSI. At July 31, 2015 and 2014, the Company had a contingent liability for standby letters of credit totaling $7.8 million, which have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of a specified bond financing agreement and insurance contract terms as detailed in each letter of credit. At July 31, 2015 and 2014, there were no amounts drawn upon these letters of credit. |
Warranty
Warranty | 12 Months Ended |
Jul. 31, 2015 | |
Standard Product Warranty Disclosure [Abstract] | |
Warranty | NOTE M Warranty The Company provides for warranties on certain products. In addition, the Company may incur specific Customer warranty issues. Following is a reconciliation of warranty reserves (in thousands of dollars): Balance at July 31, 2013 $ 10,526 Accruals for warranties issued during the reporting period 4,339 Accruals related to pre-existing warranties (including changes in estimates) (1,185 ) Less settlements made during the period (4,651 ) Balance at July 31, 2014 $ 9,029 Accruals for warranties issued during the reporting period 3,706 Accruals related to pre-existing warranties (including changes in estimates) 376 Less settlements made during the period (4,548 ) Balance at July 31, 2015 $ 8,563 There were no significant specific warranty matters accrued for in Fiscal 2015 or Fiscal 2014. These warranty matters are not expected to have a material impact on the Companys results of operations, liquidity, or financial position. There were no significant settlements made in Fiscal 2015 or Fiscal 2014. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE N Commitments and Contingencies Operating Leases Litigation Pending Acquisition |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | NOTE O Quarterly Financial Information (Unaudited) Consolidated unaudited quarterly financial information for 2015 and 2014 is as follows: First Second Third Fourth (thousands of dollars) 2015 Net sales $ 596,510 $ 588,537 $ 575,588 $ 610,578 Gross profit 209,052 203,088 194,100 202,344 Net earnings 55,947 47,955 47,776 56,433 Basic earnings per share 0.40 0.35 0.35 0.41 Diluted earnings per share 0.40 0.34 0.34 0.41 Dividends declared per share 0.330 0.340 Dividends paid per share 0.165 0.165 0.165 0.170 2014 Net sales $ 599,384 $ 581,622 $ 624,234 $ 668,226 Gross profit 214,394 201,648 223,461 238,323 Net earnings 61,592 58,340 67,336 72,956 Basic earnings per share 0.42 0.40 0.46 0.51 Diluted earnings per share 0.41 0.39 0.46 0.50 Dividends declared per share 0.140 0.140 0.165 0.165 Dividends paid per share 0.130 0.140 0.140 0.165 Revision to previously issued unaudited quarterly financial information During the fourth quarter of fiscal 2014 and the second and third quarters of fiscal 2015 revenue for certain transactions was accelerated and therefore inappropriately recognized in our European Gas Turbine Systems business through the alteration of documents by certain individuals with the intention to recognize revenue in periods earlier than would be allowable under generally accepted accounting principles. The Company assessed the impact of this inappropriately accelerated recognition and concluded that it was not material to any of its previously issued financial statements; however the Company has chosen to correct these misstatements by revising previously issued 2015 second and third quarter financial statements. The revision had no impact to total cash flows from operating, investing or financing activities. The impact of these misstatements on previously reported Accounts receivable (less allowance) was $8.4 million and $0.8 million, on Inventories was $6.0 million and $0.6 million, and on Retained earnings was $1.6 million and $0.2 million as of January 31, 2015 and April 30, 2015, respectively (the balance sheet dates of the Companys second and third quarter of fiscal 2015). The following tables present the effects of the revisions on each of the affected Statement of Earnings and Statements of Comprehensive Income line items for the second and third quarter of fiscal 2015 reflecting the impact of correcting the transactions inappropriately recognized in those periods. The impact of the transaction inappropriately accelerated into the fourth quarter of fiscal 2014 was inconsequential and therefore, the revisions do not include the impact of correcting this transaction. The Companys future filings of Form 10-Q associated with the second and third quarters of fiscal 2016 will reflect the revisions noted below. As Previously Effect of As For the quarter ended January 31, 2015 Net sales $ 596,944 $ (8,407 ) $ 588,537 Cost of sales 391,469 (6,020 ) 385,449 Gross profit 205,475 (2,387 ) 203,088 Operating income 68,226 (2,387 ) 65,839 Earnings before income taxes 67,811 (2,387 ) 65,424 Income taxes 18,281 (812 ) 17,469 Net earnings 49,530 (1,575 ) 47,955 Basic earnings per share 0.36 (0.01 ) 0.35 Diluted earnings per share 0.35 (0.01 ) 0.34 Comprehensive income 3,361 (1,575 ) 1,786 As Previously Effect of As For the quarter ended April 30, 2015 Net sales $ 568,013 $ 7,575 $ 575,588 Cost of sales 376,040 5,448 381,488 Gross profit 191,973 2,127 194,100 Operating income 64,989 2,127 67,116 Earnings before income taxes 65,722 2,127 67,849 Income taxes 19,350 723 20,073 Net earnings 46,372 1,404 47,776 Basic earnings per share 0.34 0.01 0.35 Diluted earnings per share 0.33 0.01 0.34 Comprehensive income 45,585 1,404 46,989 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE P Subsequent Events On August 31, 2015, the Company announced that it had acquired 100 percent of the shares of Engineered Products Company, a leading designer and manufacturer of indicators, gauges, switches and sensors for engine air and liquid filtration systems. Founded in 1977, Engineered Products generates annual sales of approximately $9 million through its well-known Filter Minder® brand. The acquisition of Engineered Products supports the Companys strategy of maintaining its technical leadership in filtration products for both OEM Customers and end users. On September 24, 2015, the Company repatriated $20.3 million, or 18.0 million, of cash held by its foreign subsidiaries in the form of a cash dividend. Additionally, on September 30, 2015, the Company repatriated $5.2 million of cash held by its foreign subsidiaries in the form of a cash dividend. These dividends represented a portion of the total planned dividends for Fiscal 2016. |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE Q Acquisitions On June 30, 2015, the Company acquired a majority stake in IFIL.USA, LLC, a manufacturer of pleated bag filters for industrial dust collection. The agreement with IFIL USA is expected to contribute approximately $6 million to $8 million of revenue to the Companys Fiscal 2016 results. 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 $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. 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. Northern Technicals results of operations are reported as part of the Gas Turbine Products operating segment in the Industrial Products reporting segment. |
Restructuring Charges And Other
Restructuring Charges And Other Adjusting Items | 12 Months Ended |
Jul. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges And Other Adjusting Items | NOTE R Restructuring Charges and Other Adjusting Items Donaldson has taken numerous actions to align its operating and manufacturing cost structure with current and projected Customer and end-market demand. In Fiscal 2015, these actions included: rebalancing and reducing the current salaried and production workforce globally, closing a production facility in Grinnell, Iowa, and the write-off of a partially completed facility in Xuzhou, China. For the above actions, the Company recorded pre-tax restructuring and impairment charges of $13.0 million for Fiscal 2015 compared with employee severance costs of $3.0 million in Fiscal 2014. In addition, the second quarter of Fiscal 2015, the Company recorded a $3.9 million charge related to a lump-sum settlement of its U.S. Pension Plan. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Jul. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | DONALDSON COMPANY, INC. AND SUBSIDIARIES (thousands of dollars) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts (A) Deductions (B) Balance at End of Period Year ended July 31, 2015: Allowance for doubtful accounts deducted $ 6,763 $ 1,760 $ (789 ) $ (987 ) $ 6,747 Year ended July 31, 2014: Allowance for doubtful accounts deducted $ 7,040 $ 393 $ (1 ) $ (669 ) $ 6,763 Year ended July 31, 2013: Allowance for doubtful accounts deducted $ 6,418 $ 1,241 $ 230 $ (849 ) $ 7,040 __________________ Note A - Allowance for doubtful accounts foreign currency translation losses (gains) recorded directly to equity. Note B - Bad debts charged to allowance, net of reserves and changes in estimates. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Donaldson Company, Inc., all majority-owned subsidiaries, along with the majority stake in IFIL USA. All intercompany accounts and transactions have been eliminated. The Company’s three joint ventures that are not majority-owned are accounted for under the equity method. |
Use Of Estimates | Use of Estimates The preparation of Financial Statements in conformity with generally accepted accounting principles in the United States of America (U.S.) (U.S. 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 substantially all 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 income (loss) (AOCI) in the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the year. Realized and unrealized foreign currency transaction gains and losses are included in Other income, net in the Consolidated Statements of Earnings. Foreign currency transaction gains of $2.1 million, $1.7 million, and $0.2 million a re included in Other income, net in the Consolidated Statements of Earnings in Fiscal 2015, 2014, and 2013, 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. |
Short-Term Investments | Short-Term Investments As of July 31, 2015 and 2014, the Company’s short-term investments consisted exclusively of time deposits with durations longer than 3 months, but less than 1 year. These investments are carried at cost, which approximates their estimated fair value. Classification of the Company’s investments as current or non-current is dependent upon management’s intended holding period, the investment’s maturity date, and liquidity considerations based on market conditions. If management intends to hold the investments for longer than one year as of the balance sheet date, they are classified as non-current. |
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 type of receivable. Account balances are charged off against the allowance when the Company feels 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 At July 31, 2015 2014 Raw materials $ 113,335 $ 112,522 Work in process 22,602 17,256 Finished products 129,018 123,573 Total inventories $ 264,955 $ 253,351 |
Property, Plant And Equipment | Property, Plant, and Equipment At July 31, 2015 2014 Land $ 20,029 $ 20,558 Buildings 272,616 273,599 Machinery and equipment 783,136 753,637 Construction in progress 52,350 51,394 Less accumulated depreciation (657,520 ) (647,523 ) Total property, plant, and equipment, net $ 470,611 $ 451,665 |
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, consisting primarily of patents, trademarks, and Customer relationships and lists, are recorded at cost and are amortized on a straight-line basis over their estimated useful lives of 3 to 20 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 generally 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. The Company recorded an impairment charge of $2.9 million in Fiscal 2015 for a partially completed facility in Xuzhou, China and there were no significant impairment charges recorded in Fiscal 2014, or Fiscal 2013. |
Income Taxes | Income Taxes The provision for income taxes is computed based on the pre-tax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to 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 expected 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. |
Earnings Per Share | The following table presents information necessary to calculate basic and diluted earnings per share: 2015 2014 2013 (thousands, except per share amounts) Weighted average shares basic 137,750 145,594 148,274 Diluted share equivalents 1,632 2,047 2,181 Weighted average shares diluted 139,382 147,641 150,455 Net earnings for basic and diluted earnings $ 208,111 $ 260,224 $ 247,377 Net earnings per share basic $ 1.51 $ 1.79 $ 1.67 Net earnings per share diluted $ 1.49 $ 1.76 $ 1.64 |
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 | Research and Development Research and development costs are charged against earnings in the year incurred. 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. |
Stock-Based Compensation | Stock-Based Compensation The Company offers stock-based employee compensation plans, which are more fully described in Note I. Stock-based employee compensation cost is recognized using the fair-value based method. |
Revenue Recognition | Revenue Recognition 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 . Although the majority of the Company’s sales agreements contain standard terms and conditions, there are also agreements that contain multiple elements or non-standard terms and conditions. For the Company's Gas Turbine Systems (GTS) sales, which typically consists of multiple shipments of components that will comprise the entire GTS project, it must carefully monitor the transfer of title related to each portion of a system sale and may defer recognition of revenue until all terms specified in the contract are met. The Company records estimated discounts and rebates as a reduction of sales in the same period revenue is recognized. Shipping and handling costs for Fiscal 2015, 2014, and 2013 totaled $63.2 million, $64.2 million, and $66.2 million, respectively, and are classified as a component of selling, general, and administrative expenses. |
Product Warranties | Product Warranties The Company provides for estimated warranty costs 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 costs using standard quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues. For a warranty reserve reconciliation see Note M. |
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 income 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 February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (“ASU 2013-04”), which amended guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligations is fixed at the reporting date. The guidance was effective for the Company beginning the first quarter of Fiscal 2015. The adoption of ASU 2013-04 did not have a material impact on the Company’s consolidated financial statements. For additional information, refer to Note L. |
New Accounting Standards Not Yet Adopted | New Accounting Standard s Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 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. This accounting guidance is effective for the Company beginning in the first quarter of Fiscal 2019 using one of two prescribed retrospective methods. Early adoption is permitted. The Company is evaluating the impact that ASU 2014-09 will have on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period (ASU 2014-12), which amended guidance related to share-based payments where terms of the award provide that a performance target could be achieved after the requisite service period. This guidance is effective for the Company beginning the first quarter of Fiscal 2018. The Company is evaluating the impact that ASU 2014-12 will have on the Company’s 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 is effective for the Company beginning in the first quarter of Fiscal 2017, with early adoption permitted. The Company is evaluating the impact that ASU 2015-03 will have on the Company’s consolidated financial statements. In May 2015, FASB issued ASU 2015-07, Fair Value Measurement (Topic 850): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (ASU 2015-07), which amended guidance requiring a Company to categorize investments for which fair values are measured using the net asset value (NAV) per share practical expedient. ASU 2015-07 also limits the disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. This accounting guidance is effective for the Company beginning in the first quarter of Fiscal 2017, with early adoption permitted. The Company is evaluating the impact that ASU 2015-07 will have on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which amended the guidance requiring Company’s not using the last-in, first-out (LIFO) method to measure inventory at the lower of cost and net realizable rather than the lower of cost or market. This accounting guidance is effective for the Company beginning in the first quarter of Fiscal 2017, with early adoption permitted. The Company is evaluating the impact that ASU 2015-11 will have on the Company’s consolidated financial statements. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Components Of Inventory | Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory. The components of inventory are as follows (thousands of dollars): At July 31, 2015 2014 Raw materials $ 113,335 $ 112,522 Work in process 22,602 17,256 Finished products 129,018 123,573 Total inventories $ 264,955 $ 253,351 |
Components Of Property, Plant And Equipment | The components of property, plant, and equipment are as follows (thousands of dollars): At July 31, 2015 2014 Land $ 20,029 $ 20,558 Buildings 272,616 273,599 Machinery and equipment 783,136 753,637 Construction in progress 52,350 51,394 Less accumulated depreciation (657,520 ) (647,523 ) Total property, plant, and equipment, net $ 470,611 $ 451,665 |
Calculation Of Basic And Diluted Earnings Per Share | The following table presents information necessary to calculate basic and diluted earnings per share: 2015 2014 2013 (thousands, except per share amounts) Weighted average shares basic 137,750 145,594 148,274 Diluted share equivalents 1,632 2,047 2,181 Weighted average shares diluted 139,382 147,641 150,455 Net earnings for basic and diluted earnings $ 208,111 $ 260,224 $ 247,377 Net earnings per share basic $ 1.51 $ 1.79 $ 1.67 Net earnings per share diluted $ 1.49 $ 1.76 $ 1.64 |
Goodwill And Other Intangible31
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation Of Goodwill | Following is a reconciliation of goodwill for the years ended July 31, 2015 and 2014: Engine Products Industrial Products Total Goodwill (thousands of dollars) Balance as of July 31, 2013 $ 72,321 $ 93,247 $ 165,568 Foreign exchange translation 52 786 838 Balance as of July 31, 2014 $ 72,373 $ 94,033 $ 166,406 Goodwill acquired 66,814 66,814 Foreign exchange translation (1,401 ) (8,087 ) (9,488 ) Balance as of July 31, 2015 $ 70,972 $ 152,760 $ 223,732 |
Reconciliation Of Intangible Assets | Following is a reconciliation of intangible assets for the years ended July 31, 2015 and 2014: Gross Carrying Amount Accumulated Amortization Net Intangible Assets (thousands of dollars) Balance as of July 31, 2013 $ 81,882 $ (40,575 ) $ 41,307 Amortization expense (5,154 ) (5,154 ) Retirements (775 ) 600 (175 ) Foreign exchange translation 176 (109 ) 67 Balance as of July 31, 2014 $ 81,283 $ (45,238 ) $ 36,045 Intangible acquired - Northern Technical 6,200 6,200 Intangible acquired IFIL 3,800 3,800 Amortization expense (6,778 ) (6,778 ) Foreign exchange translation (4,193 ) 2,796 (1,397 ) Balance as of July 31, 2015 $ 87,090 $ (49,220 ) $ 37,870 |
Expected Amortization Expense Relating To Existing Intangible Assets | Expected amortization expense relating to existing intangible assets is as follows (in thousands): Fiscal Year 2016 $ 5,711 2017 $ 5,573 2018 $ 4,360 2019 $ 3,809 2020 $ 3,721 Thereafter $ 12,813 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Long-term Debt, Excluding Current Maturities [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consists of the following: 2015 2014 (thousands of dollars) 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017 50,000 50,000 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017 25,000 25,000 5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017 25,000 25,000 3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024 125,000 125,000 2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025 25,000 - 3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030 125,000 - Variable Rate Guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 19, 2019 and an interest rate of 0.52% as of July 31, 2015 13,313 16,051 Capitalized lease obligations and other, with various maturity dates and interest rates 1,928 3,177 Terminated interest rate swap contracts 826 1,236 Total 391,067 245,464 Less current maturities 1,849 1,738 Total long-term debt $ 389,218 $ 243,726 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets | The following summarizes the Companys fair value of outstanding derivatives at July 31, 2015 and 2014, on the Consolidated Balance Sheets: Significant Other Observable Inputs (Level 2)* At July 31, 2015 2014 (thousands of dollars) Asset derivatives recorded under the caption Prepaids and other current assets Foreign exchange contracts $ 3,608 $ 931 Liability derivatives recorded under the caption Other current liabilities Foreign exchange contracts (2,247 ) (1,242 ) Forward exchange contracts - net liability position $ 1,361 $ (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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Periodic Pension Costs | Net periodic pension costs for the Companys pension plans include the following components: 2015 2014 2013 (thousands of dollars) Service cost $ 20,412 $ 18,821 $ 19,439 Interest cost 19,108 19,499 16,953 Expected return on assets (29,529 ) (30,794 ) (28,111 ) Prior service cost and transition amortization 570 590 591 Actuarial loss amortization 7,086 7,403 10,362 Settlement loss 3,906 Net periodic benefit cost $ 21,553 $ 15,519 $ 19,234 |
Obligations And Funded Status Of Company's Pension Plans | The obligations and funded status of the Companys pension plans as of 2015 and 2014, is as follows: 2015 2014 (thousands of dollars) Change in benefit obligation: Benefit obligation, beginning of year $ 498,653 $ 444,943 Service cost 20,412 18,821 Interest cost 19,108 19,499 Plan amendments (26 ) Participant contributions 1,156 1,308 Actuarial loss/(gain) 13,148 29,638 Currency exchange rates (18,215 ) 8,873 Divestiture (3,200 ) Settlement (9,185 ) Benefits paid (26,378 ) (21,229 ) Benefit obligation, end of year $ 498,673 $ 498,653 Change in plan assets: Fair value of plan assets, beginning of year $ 489,870 $ 452,724 Actual return on plan assets 34,959 45,978 Company contributions 5,511 4,263 Participant contributions 1,156 1,308 Currency exchange rates (17,454 ) 9,912 Divestiture (3,086 ) Settlement (9,185 ) Benefits paid (26,378 ) (21,229 ) Fair value of plan assets, end of year $ 478,479 $ 489,870 Funded status: Underfunded status at July 31, 2015 and 2014 $ (20,194 ) $ (8,783 ) Amounts recognized on the consolidated balance sheets consist of: Other long-term assets 10,317 17,800 Other current liabilities (2,901 ) (832 ) Other long-term liabilities (27,610 ) (25,751 ) Recognized asset / (liability) $ (20,194 ) $ (8,783 ) |
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: Weighted average actuarial assumptions 2015 2014 All U.S. plans: Discount rate 4.33% 4.33% Rate of compensation increase 2.56% 2.61% Non - U.S. plans: Discount rate 3.14% 3.64% Rate of compensation increase 2.68% 2.79% |
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: Weighted average actuarial assumptions 2015 2014 2013 All U.S. plans: Discount rate 4.33% 4.58% 3.59% Expected return on plan assets 7.14% 7.50% 7.50% Rate of compensation increase 2.61% 2.61% 2.61% Non - U.S. plans: Discount rate 3.64% 4.04% 4.13% Expected return on plan assets 5.41% 5.48% 5.20% Rate of compensation increase 2.79% 2.92% 2.86% |
Fair Value Of Assets Held By U.S. Pension Plans By Asset Category | The fair values of the assets held by the U.S. pension plans by asset category are as follows (in millions): Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total 2015 Cash $ 1.9 $ $ $ 1.9 Global Equity Securities 76.6 84.6 19.5 180.7 Fixed Income Securities 0.9 64.1 54.7 119.7 Real Assets 6.0 13.0 19.0 Total U.S. Assets at July 31, 2015 $ 85.4 $ 148.7 $ 87.2 $ 321.3 2014 Cash $ 14.2 $ $ $ 14.2 Global Equity Securities 107.3 87.3 21.1 215.7 Fixed Income Securities 27.0 58.7 85.7 Real Assets 7.1 13.5 20.6 Total U.S. Assets at July 31, 2014 $ 155.6 $ 87.3 $ 93.3 $ 336.2 2013 Cash $ 18.5 $ $ $ 18.5 Global Equity Securities 82.5 50.2 19.4 152.1 Fixed Income Securities 42.9 20.8 60.8 124.5 Real Assets 22.1 22.1 Total U.S. Assets at July 31, 2013 $ 143.9 $ 71.0 $ 102.3 $ 317.2 |
Changes In Fair Values Of Pension Plans' Level 3 Assets | The following table sets forth a summary of changes in the fair values of the U.S. pension plans Level 3 assets for the years ended July 31, 2015, 2014, and 2013 (in millions): Global Equity Fixed Income Real Assets Total Beginning balance at August 1, 2012 $ 19.4 $ 55.0 $ 31.4 $ 105.8 Unrealized gains (0.8 ) 6.4 1.1 6.7 Realized gains 1.7 0.7 2.4 Purchases 2.1 1.0 3.1 Sales (3.0 ) (1.3 ) (11.4 ) (15.7 ) Ending balance at July 31, 2013 $ 19.4 $ 60.8 $ 22.1 $ 102.3 Unrealized gains 1.7 (2.0 ) (0.3 ) Realized gains 2.4 8.9 0.8 12.1 Purchases 2.0 20.0 2.7 24.7 Sales (4.4 ) (29.0 ) (12.1 ) (45.5 ) Ending balance at July 31, 2014 $ 21.1 $ 58.7 $ 13.5 $ 93.3 Unrealized gains (0.3 ) (3.7 ) 0.7 (3.3 ) Realized gains 2.8 5.1 0.6 8.5 Purchases 1.8 0.8 2.6 Sales (5.9 ) (5.4 ) (2.6 ) (13.9 ) Ending balance at July 31, 2015 $ 19.5 $ 54.7 $ 13.0 $ 87.2 |
Summary Of Pension Plans' Assets Valued At NAV | The following table sets forth a summary of the U.S. pension plans assets valued at NAV for the year ended July 31, 2015 (in millions): Fair Value Unfunded Commitments Redemption Frequency (If Currently Eligible) Redemption Notice Period Global Equity $ 181.3 $ 3.4 Daily, Monthly, Quarterly, Annually 10 - 100 days Fixed Income 55.6 Daily, Quarterly, Semi-Annually 60 - 120 days Real Assets 19.0 2.3 Daily, Quarterly 95 days Total $ 255.9 $ 5.7 |
Estimated Future Benefit Payments For U.S. And Non U.S. Plans | Estimated future benefit payments for the Companys U.S. and non-U.S. plans are as follows (thousands of dollars): Fiscal Year 2016 $ 25,445 2017 $ 25,721 2018 $ 25,203 2019 $ 26,540 2020 $ 27,332 2021-2025 $ 142,263 |
International Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes In Fair Values Of Pension Plans' Level 3 Assets | The following table sets forth a summary of changes in the fair values of the non-U.S. pension plans Level 3 assets for the years ended July 31, 2015, 2014, and 2013 (in millions): Equity/Fixed Income Beginning balance at August 1, 2012 $ 21.8 Unrealized gains 1.1 Foreign currency exchange 1.7 Purchases 2.6 Sales (0.9 ) Ending balance at July 31, 2013 $ 26.3 Unrealized gains 4.3 Realized gains 0.1 Foreign currency exchange 0.1 Purchases 3.1 Sales (3.4 ) Ending balance at July 31, 2014 $ 30.5 Unrealized gains 1.3 Realized gains Foreign currency exchange (5.5 ) Purchases 2.7 Sales (0.8 ) Ending balance at July 31, 2015 $ 28.2 |
Fair Value Of Assets Held By Non-U.S. Pension Plans | Fair values of the assets held by the non-U.S. pension plans by asset category are as follows (in millions): Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total 2015 Cash $ $ $ $ Global Equity Securities 71.7 71.7 Fixed Income Securities 4.2 35.9 40.1 Equity/Fixed Income 17.2 28.2 45.4 Total Non-U.S. Assets at July 31, 2015 $ 93.1 $ 35.9 $ 28.2 $ 157.2 2014 Cash $ 5.7 $ $ $ 5.7 Global Equity Securities 71.3 71.3 Fixed Income Securities 4.8 23.3 28.1 Equity/Fixed Income 18.0 30.5 48.5 Total Non-U.S. Assets at July 31, 2014 $ 99.8 $ 23.3 $ 30.5 $ 153.6 2013 Global Equity Securities $ 0.6 $ $ $ 0.6 Fixed Income Securities 63.8 63.8 Equity/Fixed Income 6.9 21.0 27.9 Real Assets 16.9 26.3 43.2 Total Non-U.S. Assets at July 31, 2013 $ 88.2 $ 21.0 $ 26.3 $ 135.5 |
Summary Of Pension Plans' Assets Valued At NAV | The following table sets forth a summary of the non-U.S. pension plans assets valued at NAV for the year ended July 31, 2015 (in millions): Fair Value Unfunded Commitments Redemption Frequency (If Currently Eligible) Redemption Notice Period Fixed Income $ 35.9 $ Weekly 7 days Equity/Fixed Income 28.2 Yearly 90 days Total $ 64.1 $ |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Treasury Stock | 2015 2014 Beginning balance Stock repurchases Net issuance upon exercise of stock options Issuance under compensation plans Other activity Ending balance |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Changes In 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 (119,094 ) (5,188 ) (1,906 ) (126,188 ) Tax benefit (expense) 1,979 667 2,646 Other comprehensive (loss) income before reclassifications, net of tax $ (119,094 ) $ (3,209 ) $ (1,239 ) $ (123,542 ) Reclassifications, before tax 8,747 1,037 9,784 (d) Tax benefit (expense) (2,133 ) (289 ) (2,422 ) Reclassifications, net of tax 6,614 (b) 748 (c) 7,362 Other comprehensive (loss) income, net of tax (119,094 ) 3,405 (491 ) (116,180 ) Balance as of July 31, 2015, net of tax $ (70,805 ) $ (90,593 ) $ (592 ) $ (161,990 ) Balance as of July 31, 2013, net of tax 50,411 (87,712 ) (172 ) (37,473 ) Other comprehensive (loss) income before reclassifications and tax (2,949 ) (16,120 ) 413 (18,656 ) Tax benefit (expense) 4,391 (145 ) 4,246 Other comprehensive (loss) income before reclassifications, net of tax $ (2,949 ) $ (11,729 ) $ 268 $ (14,410 ) Reclassifications, before tax 827 8,514 (273 ) 9,068 (d) Tax benefit (expense) (3,071 ) 76 (2,995 ) Reclassifications, net of tax 827 5,443 (b) (197 ) (c) 6,073 Other comprehensive (loss) income, net of tax (2,122 ) (6,286 ) 71 (8,337 ) Balance as of July 31, 2014, net of tax $ 48,289 $ (93,998 ) $ (101 ) $ (45,810 ) __________________ (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 of $0.4 million as of July 31, 2015 and July 31, 2014 and actuarial losses of $11.0 million and $7.4 million as of July 31, 2015 and July 31, 2014 included in net periodic benefit cost that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. Refer to Note F for additional information and balances of accumulated other comprehensive income before tax. (c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). (d) Reclassification adjustments out of accumulated other comprehensive income for the twelve months ended July 31, 2015, and 2014 were not material. |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Share-based Compensation [Abstract] | |
Weighted Average Assumptions For Recognized Fair Value Of Stock-Based Employee Compensation Cost | 2015 2014 2013 Risk - free interest rate 0.05 - 2.3% 0.31 - 2.8% 0.02 - 1.7% Expected volatility 18.6 - 26.7% 18.2 - 28.0% 22.5 - 29.7% Expected dividend yield 1.4 - 1.6% 1.0 - 1.4% Expected life Director and officer grants 8 years 8 years 8 years Non - officer original grants 7 years 7 years 7 years Reload grants < 4 years < 6 years < 5 years |
Stock Option Activity | Weighted Options Average Exercise Outstanding Price Outstanding at July 31, 2012 $ Granted Exercised Canceled Outstanding at July 31, 2013 Granted Exercised Canceled Outstanding at July 31, 2014 Granted Exercised Canceled Outstanding at July 31, 2015 |
Outstanding And Exercisable Options | Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Life (Years) Price Exercisable Price $0.00 to $17.69 $ $ $17.70 to $23.69 $23.70 to $29.69 $29.70 to $35.69 $35.70 and above |
Status For Options Which Contain Vesting Provisions | Weighted Average Grant Date Fair Options Value Non - vested at July 31, 2014 $ Granted Vested Canceled Non - vested at July 31, 2015 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Earnings Before Income Taxes | The components of earnings before income taxes are as follows: 2015 2014 2013 (thousands of dollars) Earnings before income taxes: United States $ 92,362 $ 131,396 $ 147,317 Foreign 196,241 229,307 200,864 Total $ 288,603 $ 360,703 $ 348,181 |
Components Of The Provision For Income Taxes | The components of the provision for income taxes are as follows: 2015 2014 2013 (thousands of dollars) Income taxes: Current Federal $ 28,482 $ 48,981 $ 35,820 State 2,956 4,724 4,337 Foreign 54,665 54,536 52,300 86,103 108,241 92,457 Deferred Federal (4,232 ) (9,465 ) 7,071 State 94 365 312 Foreign (1,473 ) 1,338 964 (5,611 ) (7,762 ) 8,347 Total $ 80,492 $ 100,479 $ 100,804 |
Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate With Effective Income Tax Rate | The following table reconciles the U.S. statutory income tax rate with the effective income tax rate: 2015 2014 2013 Statutory U.S. federal rate 35.0 % 35.0 % 35.0 % State income taxes 0.9 % 1.1 % 1.2 % Foreign operations (7.9 )% (6.1 )% (6.3 )% Export, manufacturing, and research credits (1.1 )% (0.8 )% (1.5 )% Change in unrecognized tax benefits 1.3 (1.1 )% 0.5 % Other (0.3 )% (0.2 )% 0.1 % 27.9 % 27.9 % 29.0 % |
Schedule 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: 2015 2014 (thousands of dollars) Deferred tax assets: Accrued expenses $ 10,566 $ 11,118 Compensation and retirement plans 39,090 32,317 NOL and tax credit carryforwards 4,353 3,471 LIFO and inventory reserves 6,891 5,482 Other 4,993 4,470 Deferred tax assets, gross 65,893 56,858 Valuation allowance (2,737 ) (3,471 ) Net deferred tax assets 63,156 53,387 Deferred tax liabilities: Depreciation and amortization (50,628 ) (49,901 ) Other (2,359 ) (1,025 ) Deferred tax liabilities (52,987 ) (50,926 ) Prepaid tax assets 4,421 4,392 Net tax asset $ 14,590 $ 6,853 |
Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits | If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that in the Companys judgment is greater than 50 percent likely to be realized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2015 2014 2013 (thousands of dollars) Gross unrecognized tax benefits at beginning of fiscal year $ 15,005 $ 18,419 $ 16,514 Additions for tax positions of the current year 4,660 2,959 5,453 Additions for tax positions of prior years 100 1,706 407 Reductions for tax positions of prior years (608 ) (7,113 ) (1,640 ) Settlements (240 ) (277 ) Reductions due to lapse of applicable statute of limitations (970 ) (726 ) (2,038 ) Gross unrecognized tax benefits at end of fiscal year $ 18,187 $ 15,005 $ 18,419 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Summary Of Segment Detail | Segment detail is summarized as follows: Engine Products Industrial Products Corporate & Unallocated Total Company (thousands of dollars) 2015 Net sales $ 1,484,132 $ 887,081 $ $ 2,371,213 Depreciation and amortization 43,279 26,408 4,611 74,298 Equity earnings in unconsolidated affiliates 4,134 976 5,110 Earnings before income taxes 186,274 123,362 (21,033 ) 288,603 Assets 887,698 633,977 287,859 1,809,534 Equity investments in unconsolidated 15,120 3,224 18,344 Capital expenditures 54,604 33,318 5,817 93,739 2014 Net sales $ 1,584,027 $ 889,439 $ $ 2,473,466 Depreciation and amortization 38,925 23,942 4,296 67,163 Equity earnings in unconsolidated affiliates 5,596 940 6,536 Earnings before income taxes 233,920 133,978 (7,195 ) 360,703 Assets 900,083 572,000 470,328 1,942,411 Equity investments in unconsolidated 17,439 3,959 21,398 Capital expenditures 56,340 34,652 6,218 97,210 2013 Net sales $ 1,504,188 $ 932,760 $ $ 2,436,948 Depreciation and amortization 35,815 22,447 6,028 64,290 Equity earnings in unconsolidated affiliates 4,000 693 4,693 Earnings before income taxes 220,892 139,108 (11,819 ) 348,181 Assets 826,151 527,416 389,989 1,743,556 Equity investments in unconsolidated 15,563 3,277 18,840 Capital expenditures 52,864 33,134 8,897 94,895 |
Net Sales By Product Within The Engine Products Segment And Industrial Products Segment | Following are net sales by product within the Engine Products segment and Industrial Products segment: 2015 2014 2013 (thousands of dollars) Engine Products segment: Off-Road Products $ 261,120 $ 342,205 $ 358,834 On-Road Products 138,405 130,029 128,446 Aftermarket Products* 980,756 1,012,165 912,717 Aerospace and Defense Products 103,851 99,628 104,191 Total Engine Products segment 1,484,132 1,584,027 1,504,188 Industrial Products segment: Industrial Filtration Solutions Products 528,917 553,356 529,751 Gas Turbine Products 186,919 156,860 232,922 Special Applications Products 171,245 179,223 170,087 Total Industrial Products segment 887,081 889,439 932,760 Total Company $ 2,371,213 $ 2,473,466 $ 2,436,948 __________________ * Includes replacement part sales to the Companys OEM Customers. |
Geographic Sales By Origination And Property, Plant And Equipment | Geographic sales by origination and property, plant, and equipment: Net Sales Property, Plant, & Equipment - Net (thousands of dollars) 2015 United States $ 1,007,253 $ 208,996 Europe 671,296 141,738 Asia Pacific 470,661 63,775 Other 222,003 56,102 Total $ 2,371,213 $ 470,611 2014 United States $ 1,019,926 $ 196,712 Europe 728,554 128,904 Asia Pacific 517,305 72,089 Other 207,681 53,960 Total $ 2,473,466 $ 451,665 2013 United States $ 1,010,934 $ 166,614 Europe 678,996 123,710 Asia Pacific 546,406 75,206 Other 200,612 53,750 Total $ 2,436,948 $ 419,280 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Standard Product Warranty Disclosure [Abstract] | |
Reconciliation Of Warranty Reserves | Following is a reconciliation of warranty reserves (in thousands of dollars): Balance at July 31, 2013 $ 10,526 Accruals for warranties issued during the reporting period 4,339 Accruals related to pre-existing warranties (including changes in estimates) (1,185 ) Less settlements made during the period (4,651 ) Balance at July 31, 2014 $ 9,029 Accruals for warranties issued during the reporting period 3,706 Accruals related to pre-existing warranties (including changes in estimates) 376 Less settlements made during the period (4,548 ) Balance at July 31, 2015 $ 8,563 |
Quarterly Financial Informati41
Quarterly Financial Information (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Consolidated unaudited quarterly financial information for 2015 and 2014 is as follows: First Second Third Fourth (thousands of dollars) 2015 Net sales $ 596,510 $ 588,537 $ 575,588 $ 610,578 Gross profit 209,052 203,088 194,100 202,344 Net earnings 55,947 47,955 47,776 56,433 Basic earnings per share 0.40 0.35 0.35 0.41 Diluted earnings per share 0.40 0.34 0.34 0.41 Dividends declared per share 0.330 0.340 Dividends paid per share 0.165 0.165 0.165 0.170 2014 Net sales $ 599,384 $ 581,622 $ 624,234 $ 668,226 Gross profit 214,394 201,648 223,461 238,323 Net earnings 61,592 58,340 67,336 72,956 Basic earnings per share 0.42 0.40 0.46 0.51 Diluted earnings per share 0.41 0.39 0.46 0.50 Dividends declared per share 0.140 0.140 0.165 0.165 Dividends paid per share 0.130 0.140 0.140 0.165 |
Revisions to previously issued unaudited quarterly financial information | During the fourth quarter of fiscal 2014 and the second and third quarters of fiscal 2015 revenue for certain transactions was accelerated and therefore inappropriately recognized in our European Gas Turbine Systems business through the alteration of documents by certain individuals with the intention to recognize revenue in periods earlier than would be allowable under generally accepted accounting principles. The Company assessed the impact of this inappropriately accelerated recognition and concluded that it was not material to any of its previously issued financial statements; however the Company has chosen to correct these misstatements by revising previously issued 2015 second and third quarter financial statements. The revision had no impact to total cash flows from operating, investing or financing activities. The impact of these misstatements on previously reported Accounts receivable (less allowance) was $8.4 million and $0.8 million, on Inventories was $6.0 million and $0.6 million, and on Retained earnings was $1.6 million and $0.2 million as of January 31, 2015 and April 30, 2015, respectively (the balance sheet dates of the Companys second and third quarter of fiscal 2015). The following tables present the effects of the revisions on each of the affected Statement of Earnings and Statements of Comprehensive Income line items for the second and third quarter of fiscal 2015 reflecting the impact of correcting the transactions inappropriately recognized in those periods. The impact of the transaction inappropriately accelerated into the fourth quarter of fiscal 2014 was inconsequential and therefore, the revisions do not include the impact of correcting this transaction. The Companys future filings of Form 10-Q associated with the second and third quarters of fiscal 2016 will reflect the revisions noted below. As Previously Effect of As For the quarter ended January 31, 2015 Net sales $ 596,944 $ (8,407 ) $ 588,537 Cost of sales 391,469 (6,020 ) 385,449 Gross profit 205,475 (2,387 ) 203,088 Operating income 68,226 (2,387 ) 65,839 Earnings before income taxes 67,811 (2,387 ) 65,424 Income taxes 18,281 (812 ) 17,469 Net earnings 49,530 (1,575 ) 47,955 Basic earnings per share 0.36 (0.01 ) 0.35 Diluted earnings per share 0.35 (0.01 ) 0.34 Comprehensive income 3,361 (1,575 ) 1,786 As Previously Effect of As For the quarter ended April 30, 2015 Net sales $ 568,013 $ 7,575 $ 575,588 Cost of sales 376,040 5,448 381,488 Gross profit 191,973 2,127 194,100 Operating income 64,989 2,127 67,116 Earnings before income taxes 65,722 2,127 67,849 Income taxes 19,350 723 20,073 Net earnings 46,372 1,404 47,776 Basic earnings per share 0.34 0.01 0.35 Diluted earnings per share 0.33 0.01 0.34 Comprehensive income 45,585 1,404 46,989 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2015USD ($)itemshares | Jul. 31, 2014USD ($)shares | Jul. 31, 2013USD ($)shares | |
Significant Accounting Policies [Line Items] | |||
Number of manufacturing plants around world | item | 41 | ||
Number of joint ventures | item | 3 | ||
Foreign currency translation gains | $ 2,100,000 | $ 1,700,000 | $ 200,000 |
Number of days considered to review for collectability | 90 days | ||
Inventories valuation, LIFO method to total inventory, in percentage | 34.20% | 34.20% | |
Excess of FIFO inventory cost over LIFO inventory carrying values | $ 41,600,000 | $ 37,900,000 | |
Depreciation expense | 66,900,000 | 62,000,000 | 58,800,000 |
Impairment charges | $ 0 | $ 0 | $ 0 |
Options excluded from the diluted net earnings per share calculation | shares | 977,824 | 884,138 | 22,619 |
Shipping and handling costs | $ 63,200,000 | $ 64,200,000 | $ 66,200,000 |
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Capitalization of direct cost, amortization period in years | 7 years | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Capitalization of direct cost, amortization period in years | 5 years | ||
Machinery And Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 10 years | ||
Machinery And Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 3 years | ||
Building And Building Improvements [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 40 years | ||
Building And Building Improvements [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 10 years | ||
Other Intangible Assets [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 20 years | ||
Other Intangible Assets [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life, years | 3 years | ||
Partially Completed Facility In Xuzhou China [Member] | |||
Significant Accounting Policies [Line Items] | |||
Impairment charges | $ 2,900,000 | $ 0 | $ 0 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Components Of Inventory) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Accounting Policies [Abstract] | ||
Raw materials | $ 113,335 | $ 112,522 |
Work in process | 22,602 | 17,256 |
Finished products | 129,018 | 123,573 |
Total inventories | $ 264,955 | $ 253,351 |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 |
Accounting Policies [Abstract] | |||
Land | $ 20,029 | $ 20,558 | |
Buildings | 272,616 | 273,599 | |
Machinery and equipment | 783,136 | 753,637 | |
Construction in progress | 52,350 | 51,394 | |
Less accumulated depreciation | (657,520) | (647,523) | |
Property, plant, and equipment, net | $ 470,611 | $ 451,665 | $ 419,280 |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||
Weighted average shares - basic | 137,750,158 | 145,594,300 | 148,273,904 | ||||||||
Diluted share equivalents | 1,632,000 | 2,047,000 | 2,181,000 | ||||||||
Weighted average shares - diluted | 139,381,940 | 147,641,113 | 150,455,193 | ||||||||
Net earnings for basic and diluted earnings per share computation | $ 56,433 | $ 47,776 | $ 47,955 | $ 55,947 | $ 72,956 | $ 67,336 | $ 58,340 | $ 61,592 | $ 208,111 | $ 260,224 | $ 247,377 |
Net earnings per share - basic | $ 0.41 | $ 0.35 | $ 0.35 | $ 0.40 | $ 0.51 | $ 0.46 | $ 0.40 | $ 0.42 | $ 1.51 | $ 1.79 | $ 1.67 |
Net earnings per share - diluted | $ 0.41 | $ .34 | $ 0.34 | $ 0.40 | $ 0.50 | $ 0.46 | $ 0.39 | $ 0.41 | $ 1.49 | $ 1.76 | $ 1.64 |
Goodwill And Other Intangible46
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 37,870 | $ 36,045 |
Patents Trademarks And Tradenames [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 8,800 | 11,500 |
Weighted average life | 7 years | |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 29,100 | $ 24,500 |
Weighted average life | 9 years 10 months 24 days |
Goodwill And Other Intangible47
Goodwill And Other Intangible Assets (Reconciliation Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 166,406 | $ 165,568 |
Goodwill acquired | 66,814 | |
Foreign exchange translation | (9,488) | 838 |
Ending Balance | 223,732 | 166,406 |
Engine Products [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 72,373 | 72,321 |
Foreign exchange translation | (1,401) | 52 |
Ending Balance | 70,972 | 72,373 |
Industrial Products [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 94,033 | 93,247 |
Goodwill acquired | 66,814 | |
Foreign exchange translation | (8,087) | 786 |
Ending Balance | $ 152,760 | $ 94,033 |
Goodwill And Other Intangible48
Goodwill And Other Intangible Assets (Reconciliation Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Beginning balance, Gross Carrying Amount | $ 81,283 | $ 81,882 |
Beginning balance, Accumulated Amortization | (45,238) | (40,575) |
Beginning balance, Net Intangible Assets | 36,045 | 41,307 |
Amortization expense, Accumulated Amortization | (6,778) | (5,154) |
Amortization expense, Net Intangible Assets | (6,778) | (5,154) |
Retirements, Gross Carrying Amount | (775) | |
Retirements, Accumulated Amortization | 600 | |
Retirements, Net Intangible Assets | (175) | |
Foreign exchange translation, Gross Carrying Value | (4,193) | 176 |
Foreign exchange translation, Accumulated Amortization | 2,796 | (109) |
Foreign exchange translation, Net Intangible Assets | (1,397) | 67 |
Ending balance, Gross Carrying Amount | 87,090 | 81,283 |
Ending balance, Accumulated Amortization | (49,220) | (45,238) |
Ending balance, Net Intangible Assets | 37,870 | $ 36,045 |
Ifil [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Acquired, Gross Carrying Amount | 3,800 | |
Intangible acquired, Net Intangible Assets | 3,800 | |
Northern Technical [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Acquired, Gross Carrying Amount | 6,200 | |
Intangible acquired, Net Intangible Assets | $ 6,200 |
Goodwill And Other Intangible49
Goodwill And Other Intangible Assets (Expected Amortization Expense Relating To Existing Intangible Assets) (Details) $ in Thousands | Jul. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 5,711 |
2,017 | 5,573 |
2,018 | 4,360 |
2,019 | 3,809 |
2,020 | 3,721 |
Thereafter | $ 12,813 |
Credit Facilities (Details)
Credit Facilities (Details) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015USD ($) | Oct. 28, 2014USD ($) | Oct. 27, 2014USD ($) | Jul. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||
Number of uncommitted credit facilities | 2 | |||
European Operations [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facilities, maximum borrowing capacity | $ 37,400 | $ 37,400 | ||
Credit facilities, amount outstanding | $ 10,400 | 0 | ||
Short-term borrowings, weighted average interest rate | 0.83% | |||
Uncommitted Credit Facilities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facilities, amount outstanding | $ 15,300 | 4,300 | ||
Credit facility, remaining borrowing capacity | $ 49,700 | 45,700 | ||
Short-term borrowings, weighted average interest rate | 1.00% | |||
Treasury Notes [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facilities, maximum borrowing capacity | $ 109,900 | 109,900 | ||
Credit facilities, amount outstanding | 0 | 0 | ||
Subsidiaries [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facilities, amount outstanding | 1,600 | 1,000 | ||
Credit facility, remaining borrowing capacity | $ 47,200 | $ 57,500 | ||
Short-term borrowings, weighted average interest rate | 0.41% | 0.75% | ||
Multi Currency Revolving Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility expiration period | 5 years | |||
Credit facilities, maximum borrowing capacity | $ 400,000 | $ 250,000 | ||
Credit facilities, amount outstanding | $ 160,000 | $ 180,000 | ||
Credit facility, remaining borrowing capacity | $ 232,200 | $ 62,200 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) ¥ in Millions | 12 Months Ended | |||
Jul. 31, 2015JPY (¥) | Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Mar. 27, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Annual maturities of long-term debt in 2016 | $ 1,800,000 | |||
Annual maturities of long-term debt in 2017 | 50,800,000 | |||
Annual maturities of long-term debt in 2018 | 50,100,000 | |||
Annual maturities of long-term debt in 2019 | 13,300,000 | |||
Annual maturities of long-term debt in 2020 | 0 | |||
Annual maturities of long-term debt thereafter | 275,000,000 | |||
Face value of debt issued | 391,067,000 | $ 245,464,000 | ||
Unsecured Senior Notes Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, issued | $ 125 | |||
Senior unsecured notes, due date | Jun. 17, 2030 | Jun. 17, 2030 | ||
Senior unsecured notes, interest rate | 3.18% | |||
Long-term debt, principal payment | $ 125,000,000 | |||
Face value of debt issued | 125,000,000 | |||
Unsecured Senior Notes Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, issued | $ 25 | |||
Senior unsecured notes, due date | Apr. 16, 2025 | Apr. 16, 2025 | ||
Senior unsecured notes, interest rate | 2.93% | |||
Long-term debt, principal payment | $ 25,000,000 | |||
Face value of debt issued | $ 25,000,000 | |||
Two Point Zero One Nine Percent Guaranteed Senior Note Due May Eighteen Two Thousand Fourteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | May 18, 2014 | May 18, 2014 | ||
Long-term debt, principal payment | ¥ | ¥ 1,650 | |||
Three Point Seven Two Percent Unsecured Senior Notes Due March Twenty Seven Two Thousand Twenty Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, issued | $ 125 | |||
Senior unsecured notes, due date | Mar. 27, 2024 | Mar. 27, 2024 | ||
Senior unsecured notes, interest rate | 3.72% | 3.72% | ||
Long-term debt, principal payment | $ 125,000,000 | |||
Face value of debt issued | $ 125,000,000 | 125,000,000 | ||
Five Point Four Eight Percent Unsecured Senior Notes Due September Twenty Eight Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | Sep. 28, 2017 | Sep. 28, 2017 | ||
Senior unsecured notes, interest rate | 5.48% | |||
Long-term debt, principal payment | $ 25,000,000 | |||
Face value of debt issued | $ 25,000,000 | 25,000,000 | ||
Five Point Four Eight Percent Unsecured Senior Notes Due November Thirty Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | Nov. 30, 2017 | Nov. 30, 2017 | ||
Senior unsecured notes, interest rate | 5.48% | |||
Long-term debt, principal payment | $ 25,000,000 | |||
Face value of debt issued | $ 25,000,000 | 25,000,000 | ||
Five Point Four Eight Percent Unsecured Senior Notes Due June One Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | Jun. 1, 2017 | Jun. 1, 2017 | ||
Senior unsecured notes, interest rate | 5.48% | |||
Long-term debt, principal payment | $ 50,000,000 | |||
Face value of debt issued | $ 50,000,000 | 50,000,000 | ||
Variable Rate Guaranteed Senior Note Due May Nineteen Two Thousand Nineteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | May 19, 2019 | May 19, 2019 | ||
Senior unsecured notes, interest rate | 0.52% | |||
Long-term debt, principal payment | ¥ | ¥ 1,650 | |||
Face value of debt issued | $ 13,300,000 | 16,051,000 | ||
Capitalized Lease Obligations And Other With Various Maturity Dates And Interest Rates [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt issued | 1,928,000 | 3,177,000 | ||
Terminated Interest Rate Swap Contract [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt issued | $ 826,000 | $ 1,236,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||
Jul. 31, 2015JPY (¥) | Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Mar. 27, 2014 | |
Debt Instrument [Line Items] | ||||
Total | $ 391,067 | $ 245,464 | ||
Less current maturities | 1,849 | 1,738 | ||
Total long-term debt | 389,218 | 243,726 | ||
Unsecured Senior Notes Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 125,000 | |||
Interest rate percentage | 3.18% | |||
Senior unsecured notes, due date | Jun. 17, 2030 | Jun. 17, 2030 | ||
Long-term debt, principal payment | $ 125,000 | |||
Unsecured Senior Notes Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 25,000 | |||
Interest rate percentage | 2.93% | |||
Senior unsecured notes, due date | Apr. 16, 2025 | Apr. 16, 2025 | ||
Long-term debt, principal payment | $ 25,000 | |||
Two Point Zero One Nine Percent Guaranteed Senior Note Due May Eighteen Two Thousand Fourteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, due date | May 18, 2014 | May 18, 2014 | ||
Long-term debt, principal payment | ¥ | ¥ 1,650 | |||
Three Point Seven Two Percent Unsecured Senior Notes Due March Twenty Seven Two Thousand Twenty Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 125,000 | 125,000 | ||
Interest rate percentage | 3.72% | 3.72% | ||
Senior unsecured notes, due date | Mar. 27, 2024 | Mar. 27, 2024 | ||
Long-term debt, principal payment | $ 125,000 | |||
Five Point Four Eight Percent Unsecured Senior Notes Due September Twenty Eight Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 25,000 | 25,000 | ||
Interest rate percentage | 5.48% | |||
Senior unsecured notes, due date | Sep. 28, 2017 | Sep. 28, 2017 | ||
Long-term debt, principal payment | $ 25,000 | |||
Five Point Four Eight Percent Unsecured Senior Notes Due November Thirty Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 25,000 | 25,000 | ||
Interest rate percentage | 5.48% | |||
Senior unsecured notes, due date | Nov. 30, 2017 | Nov. 30, 2017 | ||
Long-term debt, principal payment | $ 25,000 | |||
Five Point Four Eight Percent Unsecured Senior Notes Due June One Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 50,000 | 50,000 | ||
Interest rate percentage | 5.48% | |||
Senior unsecured notes, due date | Jun. 1, 2017 | Jun. 1, 2017 | ||
Long-term debt, principal payment | $ 50,000 | |||
Variable Rate Guaranteed Senior Note Due May Nineteen Two Thousand Nineteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 13,300 | 16,051 | ||
Interest rate percentage | 0.52% | |||
Senior unsecured notes, due date | May 19, 2019 | May 19, 2019 | ||
Long-term debt, principal payment | ¥ | ¥ 1,650 | |||
Terminated Interest Rate Swap Contract [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 826 | 1,236 | ||
Capitalized Lease Obligations And Other With Various Maturity Dates And Interest Rates [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 1,928 | $ 3,177 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Debt Instrument [Line Items] | |||
Aggregate carrying amount of equity method investments | $ 18,300,000 | $ 21,400,000 | |
Impairment charges | 0 | $ 0 | $ 0 |
Long Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of debt | 383,300,000 | ||
Debt carrying amount | $ 375,000,000 |
Fair Value (Fair Value Of Outst
Fair Value (Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets) (Details) - Fair Value Inputs Level2 [Member] - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset derivatives recorded under the caption Prepaids and other current assets, Foreign exchange contracts | [1] | $ 3,608 | $ 931 |
Liability derivatives recorded under the caption Other current liabilities, Foreign exchange contracts | [1] | (2,247) | (1,242) |
Forward exchange contracts - net liability position | [1] | $ 1,361 | $ (311) |
[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. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015USD ($)item | Jul. 31, 2014USD ($) | Jul. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of U.S. plans | item | 2 | ||
Net underfunded status | $ 20,194 | $ 8,783 | |
AOCI consisting primarily of unrecognized actuarial losses | 135,400 | 143,400 | |
Accumulated benefit obligation for all defined benefit pension plans | 484,200 | 476,100 | |
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | 242,300 | 234,800 | |
Accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 241,900 | 233,800 | |
Accumulated benefit obligations in excess of plan assets, fair value of plan assets | $ 216,000 | $ 215,900 | |
Percentage of U.S. pension plan to entity's total plan assets | 67.00% | 69.00% | |
Percentage of U.S. pension plan to entity's total projected benefit obligation | 69.00% | ||
Percentage of U.S. pension plan to entity's total pension expense | 81.00% | 80.00% | |
Effect of one-percentage point increase in health care cost trend rate impact on increase liability | $ 100 | $ 100 | |
Deferred compensation arrangement with individual, maximum future deferred receipts allowed | 75.00% | ||
Deferred compensation arrangement with individual, recorded liability | $ 9,100 | 9,100 | |
Projected benefit obligation | 290,000 | 289,300 | |
Fair value of plan assets for plans with projected benefit obligations | $ 259,500 | 262,700 | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of fund held in other collective investment vehicles | 100.00% | ||
International Equity [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation, fixed income securities, minimum | 80.00% | ||
Strategic asset allocation, fixed income securities, maximum | 90.00% | ||
Strategic asset allocation, equity securities, minimum | 20.00% | ||
Strategic asset allocation, equity securities, maximum | 10.00% | ||
United States Pension Plans Of U S Entity Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term rate of return on plan assets | 6.99% | ||
Company contributions | $ 1,600 | ||
Estimated future contributions to pension plans | 10,800 | ||
Change In Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 5,511 | 4,263 | |
U S Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | 2,900 | 2,893 | |
Accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 2,595 | 2,627 | |
Liability recorded for postretirement benefit plan | $ 1,000 | 1,300 | |
Health care cost rate assumed for Fiscal 2015 | 7.80% | ||
Ultimate annual rate | 4.50% | ||
Foreign Pension Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 3,900 | ||
Estimated future contributions to pension plans | 4,000 | ||
Fiscal Two Thousand Sixteen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount not yet recognized and expected to be recognized in net periodic pension expense, actuarial loss | $ 8,600 | ||
Employees Hired On Or After August First Two Thousand Thirteen 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% | ||
Real Estate [Member] | Salaried Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 5.00% | ||
Real Estate [Member] | Hourly Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 5.00% | ||
Fixed Income Securities [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Component of equity/fixed income securities in international pension plan, in percentage | 40.00% | ||
Fixed Income Securities [Member] | International Equity [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Component of equity/fixed income securities in international pension plan, in percentage | 60.00% | ||
Fixed Income Securities [Member] | Salaried Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 30.00% | ||
Fixed Income Securities [Member] | Hourly Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 60.00% | ||
Equity Securities [Member] | Salaried Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 65.00% | ||
Equity Securities [Member] | Hourly Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 35.00% | ||
Equity Securities [Member] | Long Short Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Strategic asset allocation | 15.00% | ||
Employees Hired Prior To August First Two Thousand Thirteen Will Be Eligible For Retirement Contribution Effective August First Two Thousand Sixteen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual Company retirement contribution in addition to 401 (k) match, percent | 3.00% | ||
Contributory Employee Saving Plan [Member] | U S Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 8,600 | $ 8,100 | $ 7,300 |
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 match of participants, second contributions | 50.00% | ||
Contributory employee saving plan, percentage of participants, first eligible compensation | 3.00% | ||
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||
Service cost | $ 20,412 | $ 18,821 | $ 19,439 |
Interest cost | 19,108 | 19,499 | 16,953 |
Expected return on assets | (29,529) | (30,794) | (28,111) |
Prior service cost and transition amortization | 570 | 590 | 591 |
Actuarial loss amortization | 7,086 | 7,403 | 10,362 |
Settlement loss | 3,906 | ||
Net periodic benefit cost | $ 21,553 | $ 15,519 | $ 19,234 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations And Funded Status Of Company's Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 20,412 | $ 18,821 | $ 19,439 |
Interest cost | 19,108 | 19,499 | 16,953 |
Actuarial loss/(gain) | (7,086) | (7,403) | (10,362) |
Settlement | 3,906 | ||
Underfunded status at July 31, 2015 and 2014 | (20,194) | (8,783) | |
Amounts recognized on the consolidated balance sheets consist of: | |||
Other long-term assets | 10,317 | 17,800 | |
Other current liabilities | (2,901) | (832) | |
Other long-term liabilities | (27,610) | (25,751) | |
Recognized asset/(liability) | (20,194) | (8,783) | |
Change In Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 489,870 | 452,724 | |
Actual return on plan assets | 34,959 | 45,978 | |
Company contributions | 5,511 | 4,263 | |
Participant contributions | 1,156 | 1,308 | |
Currency exchange rates | (17,454) | 9,912 | |
Divestiture | (3,086) | ||
Settlement | (9,185) | ||
Benefits paid | (26,378) | (21,229) | |
Ending balance | 478,479 | 489,870 | 452,724 |
Pension Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation, beginning of year | 498,653 | 444,943 | |
Service cost | 20,412 | 18,821 | |
Interest cost | 19,108 | 19,499 | |
Plan amendments | (26) | ||
Participant contributions | 1,156 | 1,308 | |
Actuarial loss/(gain) | 13,148 | 29,638 | |
Currency exchange rates | (18,215) | 8,873 | |
Divestiture | (3,200) | ||
Settlement | (9,185) | ||
Benefits paid | (26,378) | (21,229) | |
Benefit obligation, end of year | 498,673 | 498,653 | 444,943 |
Foreign Pension Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 3,900 | ||
United States Pension Plans Of U S Entity Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 1,600 | ||
International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 153,600 | 135,500 | |
Ending balance | 157,200 | 153,600 | 135,500 |
U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 336,200 | 317,200 | |
Ending balance | $ 321,300 | $ 336,200 | $ 317,200 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Discount Rates In Determining Actuarial Present Value Of Projected Benefit Obligation) (Details) | Jul. 31, 2015 | Jul. 31, 2014 |
Foreign Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.14% | 3.64% |
Rate of compensation increase | 2.68% | 2.79% |
United States Pension Plans Of U S Entity Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.33% | 4.33% |
Rate of compensation increase | 2.56% | 2.61% |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
United States Pension Plans Of U S Entity Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.33% | 4.58% | 3.59% |
Expected return on plan assets | 7.14% | 7.50% | 7.50% |
Rate of compensation increase | 2.61% | 2.61% | 2.61% |
Foreign Pension Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.64% | 4.04% | 4.13% |
Expected return on plan assets | 5.41% | 5.48% | 5.20% |
Rate of compensation increase | 2.79% | 2.92% | 2.86% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Assets Held By U.S. Pension Plans By Asset Category) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 87,200 | $ 93,300 | $ 102,300 | $ 105,800 |
U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 321,300 | 336,200 | 317,200 | |
U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 87,200 | 93,300 | 102,300 | |
U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 85,400 | 155,600 | 143,900 | |
U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 148,700 | 87,300 | 71,000 | |
International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 157,200 | 153,600 | 135,500 | |
International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 28,200 | 30,500 | 26,300 | |
International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 93,100 | 99,800 | 88,200 | |
International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 35,900 | 23,300 | 21,000 | |
Change In Plan Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 478,479 | 489,870 | 452,724 | |
Real Estate [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 13,000 | 13,500 | 22,100 | 31,400 |
Real Estate [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,000 | 20,600 | 22,100 | |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 13,000 | 13,500 | 22,100 | |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 6,000 | 7,100 | ||
Real Estate [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 43,200 | |||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 26,300 | |||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 16,900 | |||
Fixed Income Securities [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 54,700 | 58,700 | 60,800 | 55,000 |
Fixed Income Securities [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 119,700 | 85,700 | 124,500 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 54,700 | 58,700 | 60,800 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 900 | 27,000 | 42,900 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 64,100 | 20,800 | ||
Fixed Income Securities [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 40,100 | 28,100 | 63,800 | |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 4,200 | 4,800 | 63,800 | |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 35,900 | 23,300 | ||
Equity Securities [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,500 | 21,100 | 19,400 | 19,400 |
Equity Securities [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 180,700 | 215,700 | 152,100 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,500 | 21,100 | 19,400 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 76,600 | 107,300 | 82,500 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 84,600 | 87,300 | 50,200 | |
Equity Securities [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 71,700 | 71,300 | 600 | |
Equity Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 71,700 | 71,300 | 600 | |
Cash And Cash Equivalents [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,900 | 14,200 | 18,500 | |
Cash And Cash Equivalents [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,900 | 14,200 | 18,500 | |
Cash And Cash Equivalents [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,700 | |||
Cash And Cash Equivalents [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,700 | |||
Equity Fixed Income [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 45,400 | 48,500 | 27,900 | |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 28,200 | 30,500 | 26,300 | $ 21,800 |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 17,200 | $ 18,000 | 6,900 | |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 21,000 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In Fair Value Of U.S. Pension Plans' Level 3 Assets) (Details) - Fair Value Inputs Level3 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | $ 93.3 | $ 102.3 | $ 105.8 |
Unrealized gains | (3.3) | (0.3) | 6.7 |
Realized gains | 8.5 | 12.1 | 2.4 |
Purchases | 2.6 | 24.7 | 3.1 |
Sales | (13.9) | (45.5) | (15.7) |
Ending balance | 87.2 | 93.3 | 102.3 |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 58.7 | 60.8 | 55 |
Unrealized gains | (3.7) | (2) | 6.4 |
Realized gains | 5.1 | 8.9 | 0.7 |
Purchases | 20 | ||
Sales | (5.4) | (29) | (1.3) |
Ending balance | 54.7 | 58.7 | 60.8 |
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 13.5 | 22.1 | 31.4 |
Unrealized gains | 0.7 | 1.1 | |
Realized gains | 0.6 | 0.8 | |
Purchases | 0.8 | 2.7 | 1 |
Sales | (2.6) | (12.1) | (11.4) |
Ending balance | 13 | 13.5 | 22.1 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 21.1 | 19.4 | 19.4 |
Unrealized gains | (0.3) | 1.7 | (0.8) |
Realized gains | 2.8 | 2.4 | 1.7 |
Purchases | 1.8 | 2 | 2.1 |
Sales | (5.9) | (4.4) | (3) |
Ending balance | $ 19.5 | $ 21.1 | $ 19.4 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Pension Plans' Assets Valued At NAV) (Details) $ in Millions | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 255.9 |
Unfunded Commitments | 5.7 |
International Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | 64.1 |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 55.6 |
Fixed Income Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 60 days |
Fixed Income Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 120 days |
Fixed Income Securities [Member] | International Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 35.9 |
Redemption Notice Period | 7 days |
Equity Fixed Income [Member] | International Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 28.2 |
Redemption Notice Period | 90 days |
Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 19 |
Unfunded Commitments | $ 2.3 |
Redemption Notice Period | 95 days |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value | $ 181.3 |
Unfunded Commitments | $ 3.4 |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 10 days |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 100 days |
Employee Benefit Plans (Fair 63
Employee Benefit Plans (Fair Value Of Assets Held By Non-U.S. Pension Plans) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 87,200 | $ 93,300 | $ 102,300 | $ 105,800 |
U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 321,300 | 336,200 | 317,200 | |
U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 87,200 | 93,300 | 102,300 | |
U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 85,400 | 155,600 | 143,900 | |
U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 148,700 | 87,300 | 71,000 | |
International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 157,200 | 153,600 | 135,500 | |
International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 28,200 | 30,500 | 26,300 | |
International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 93,100 | 99,800 | 88,200 | |
International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 35,900 | 23,300 | 21,000 | |
Change In Plan Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 478,479 | 489,870 | 452,724 | |
Real Estate [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 13,000 | 13,500 | 22,100 | 31,400 |
Real Estate [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,000 | 20,600 | 22,100 | |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 13,000 | 13,500 | 22,100 | |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 6,000 | 7,100 | ||
Real Estate [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 43,200 | |||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 26,300 | |||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 16,900 | |||
Fixed Income Securities [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 54,700 | 58,700 | 60,800 | 55,000 |
Fixed Income Securities [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 119,700 | 85,700 | 124,500 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 54,700 | 58,700 | 60,800 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 900 | 27,000 | 42,900 | |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 64,100 | 20,800 | ||
Fixed Income Securities [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 40,100 | 28,100 | 63,800 | |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 4,200 | 4,800 | 63,800 | |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 35,900 | 23,300 | ||
Equity Securities [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,500 | 21,100 | 19,400 | 19,400 |
Equity Securities [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 180,700 | 215,700 | 152,100 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 19,500 | 21,100 | 19,400 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 76,600 | 107,300 | 82,500 | |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 84,600 | 87,300 | 50,200 | |
Equity Securities [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 71,700 | 71,300 | 600 | |
Equity Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 71,700 | 71,300 | 600 | |
Cash And Cash Equivalents [Member] | U S Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,900 | 14,200 | 18,500 | |
Cash And Cash Equivalents [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,900 | 14,200 | 18,500 | |
Cash And Cash Equivalents [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,700 | |||
Cash And Cash Equivalents [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,700 | |||
Equity Fixed Income [Member] | International Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 45,400 | 48,500 | 27,900 | |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 28,200 | 30,500 | 26,300 | $ 21,800 |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 17,200 | $ 18,000 | 6,900 | |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 21,000 |
Employee Benefit Plans (Chang64
Employee Benefit Plans (Changes In Fair Value Of Assets Held By Non-U.S. Pension Plans' Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | $ 93,300 | $ 102,300 | $ 105,800 |
Unrealized gains | (3,300) | (300) | 6,700 |
Realized gains | 8,500 | 12,100 | 2,400 |
Purchases | 2,600 | 24,700 | 3,100 |
Sales | (13,900) | (45,500) | (15,700) |
Ending balance | 87,200 | 93,300 | 102,300 |
International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 153,600 | 135,500 | |
Ending balance | 157,200 | 153,600 | 135,500 |
International Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 30,500 | 26,300 | |
Ending balance | 28,200 | 30,500 | 26,300 |
International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 99,800 | 88,200 | |
Ending balance | 93,100 | 99,800 | 88,200 |
International Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 23,300 | 21,000 | |
Ending balance | 35,900 | 23,300 | 21,000 |
Change In Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 489,870 | 452,724 | |
Foreign currency exchange | (17,454) | 9,912 | |
Ending balance | 478,479 | 489,870 | 452,724 |
U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 336,200 | 317,200 | |
Ending balance | 321,300 | 336,200 | 317,200 |
U S Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 93,300 | 102,300 | |
Ending balance | 87,200 | 93,300 | 102,300 |
U S Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 155,600 | 143,900 | |
Ending balance | 85,400 | 155,600 | 143,900 |
U S Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 87,300 | 71,000 | |
Ending balance | 148,700 | 87,300 | 71,000 |
Fixed Income Securities [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 58,700 | 60,800 | 55,000 |
Unrealized gains | (3,700) | (2,000) | 6,400 |
Realized gains | 5,100 | 8,900 | 700 |
Purchases | 20,000 | ||
Sales | (5,400) | (29,000) | (1,300) |
Ending balance | 54,700 | 58,700 | 60,800 |
Fixed Income Securities [Member] | International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 28,100 | 63,800 | |
Ending balance | 40,100 | 28,100 | 63,800 |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 4,800 | 63,800 | |
Ending balance | 4,200 | 4,800 | 63,800 |
Fixed Income Securities [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 23,300 | ||
Ending balance | 35,900 | 23,300 | |
Fixed Income Securities [Member] | U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 85,700 | 124,500 | |
Ending balance | 119,700 | 85,700 | 124,500 |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 58,700 | 60,800 | |
Ending balance | 54,700 | 58,700 | 60,800 |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 27,000 | 42,900 | |
Ending balance | 900 | 27,000 | 42,900 |
Fixed Income Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 20,800 | ||
Ending balance | 64,100 | 20,800 | |
Equity Fixed Income [Member] | International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 48,500 | 27,900 | |
Ending balance | 45,400 | 48,500 | 27,900 |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 30,500 | 26,300 | 21,800 |
Unrealized gains | 1,300 | 4,300 | 1,100 |
Realized gains | 100 | ||
Foreign currency exchange | (5,500) | 100 | 1,700 |
Purchases | 2,700 | 3,100 | 2,600 |
Sales | (800) | (3,400) | (900) |
Ending balance | 28,200 | 30,500 | 26,300 |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 18,000 | 6,900 | |
Ending balance | 17,200 | 18,000 | 6,900 |
Equity Fixed Income [Member] | International Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 21,000 | ||
Ending balance | 21,000 | ||
Real Estate [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 13,500 | 22,100 | 31,400 |
Unrealized gains | 700 | 1,100 | |
Realized gains | 600 | 800 | |
Purchases | 800 | 2,700 | 1,000 |
Sales | (2,600) | (12,100) | (11,400) |
Ending balance | 13,000 | 13,500 | 22,100 |
Real Estate [Member] | International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 43,200 | ||
Ending balance | 43,200 | ||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 26,300 | ||
Ending balance | 26,300 | ||
Real Estate [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 16,900 | ||
Ending balance | 16,900 | ||
Real Estate [Member] | U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 20,600 | 22,100 | |
Ending balance | 19,000 | 20,600 | 22,100 |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 13,500 | 22,100 | |
Ending balance | 13,000 | 13,500 | 22,100 |
Real Estate [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 7,100 | ||
Ending balance | 6,000 | 7,100 | |
Equity Securities [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 21,100 | 19,400 | 19,400 |
Unrealized gains | (300) | 1,700 | (800) |
Realized gains | 2,800 | 2,400 | 1,700 |
Purchases | 1,800 | 2,000 | 2,100 |
Sales | (5,900) | (4,400) | (3,000) |
Ending balance | 19,500 | 21,100 | 19,400 |
Equity Securities [Member] | International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 71,300 | 600 | |
Ending balance | 71,700 | 71,300 | 600 |
Equity Securities [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 71,300 | 600 | |
Ending balance | 71,700 | 71,300 | 600 |
Equity Securities [Member] | U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 215,700 | 152,100 | |
Ending balance | 180,700 | 215,700 | 152,100 |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 21,100 | 19,400 | |
Ending balance | 19,500 | 21,100 | 19,400 |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 107,300 | 82,500 | |
Ending balance | 76,600 | 107,300 | 82,500 |
Equity Securities [Member] | U S Assets [Member] | Fair Value Inputs Level2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 87,300 | 50,200 | |
Ending balance | 84,600 | 87,300 | 50,200 |
Cash And Cash Equivalents [Member] | International Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 5,700 | ||
Ending balance | 5,700 | ||
Cash And Cash Equivalents [Member] | International Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 5,700 | ||
Ending balance | 5,700 | ||
Cash And Cash Equivalents [Member] | U S Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 14,200 | 18,500 | |
Ending balance | 1,900 | 14,200 | 18,500 |
Cash And Cash Equivalents [Member] | U S Assets [Member] | Fair Value Inputs Level1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 14,200 | 18,500 | |
Ending balance | $ 1,900 | $ 14,200 | $ 18,500 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments For U.S. And Non U.S. Plans) (Details) $ in Thousands | Jul. 31, 2015USD ($) |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
2,016 | $ 25,445 |
2,017 | 25,721 |
2,018 | 25,203 |
2,019 | 26,540 |
2,020 | 27,332 |
2021-2025 | $ 142,263 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares shares in Millions | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2015 | Jan. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | |
Class of Stock [Line Items] | |||||||
Acquirement minimum of outstanding common stock | 15.00% | ||||||
Redeemable value per each right | $ 0.001 | ||||||
Common stock authorized for repurchase | 14 | 14 | |||||
Shares with remaining authorization for repurchase under stock repurchase plan | 13 | 13 | |||||
Cash dividend declared per common share | $ .34 | $ .33 | $ 0.165 | $ 0.165 | $ 0.140 | $ 0.140 | |
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, price per one one-thousandth preferred share | $ 143 | $ 143 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Treasury Stock) (Details) - shares | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Beginning balance | 11,237,522 | ||
Net issuance upon exercise of stock options | (916,566) | (1,008,848) | (1,607,081) |
Ending balance | 17,044,950 | 11,237,522 | |
Treasury Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Beginning balance | 11,237,522 | 5,490,725 | |
Stock repurchases | 6,675,147 | 6,795,545 | |
Net issuance upon exercise of stock options | (773,385) | (863,249) | |
Issuance under compensation plans | (85,611) | (175,160) | |
Other activity | (8,723) | (10,339) | |
Ending balance | 17,044,950 | 11,237,522 | 5,490,725 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Amortization of prior service costs | $ 400 | $ 400 |
Actuarial losses | $ 11,000 | $ 7,400 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 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 | (126,188) | (18,656) | ||
Tax benefit (expense) | 2,646 | 4,246 | ||
Other comprehensive (loss) income before reclassifications, net of tax | (123,542) | (14,410) | ||
Ending Balance, net of tax | (161,990) | (45,810) | ||
Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance, net of tax | [1] | 48,289 | 50,411 | |
Other comprehensive (loss) income before reclassifications and tax | [1] | (119,094) | (2,949) | |
Other comprehensive (loss) income before reclassifications, net of tax | [1] | (119,094) | (2,949) | |
Ending Balance, net of tax | [1] | 48,289 | ||
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [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 | (1,906) | 413 | ||
Tax benefit (expense) | 667 | (145) | ||
Other comprehensive (loss) income before reclassifications, net of tax | (1,239) | 268 | ||
Ending Balance, net of tax | (101) | |||
Accumulated Defined Benefit Plans Adjustment [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 | (5,188) | (16,120) | ||
Tax benefit (expense) | 1,979 | 4,391 | ||
Other comprehensive (loss) income before reclassifications, net of tax | (3,209) | (11,729) | ||
Ending Balance, net of tax | (93,998) | |||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance, net of tax | (45,810) | |||
Reclassifications, before tax | [2] | 9,784 | 9,068 | |
Tax benefit (expense) | (2,422) | (2,995) | ||
Reclassifications, net of tax | 7,362 | 6,073 | ||
Other comprehensive (loss) income, net of tax | (116,180) | (8,337) | ||
Ending Balance, net of tax | (161,990) | (45,810) | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance, net of tax | [1] | 48,289 | ||
Reclassifications, before tax | [1] | 827 | ||
Reclassifications, net of tax | [1] | 827 | ||
Other comprehensive (loss) income, net of tax | [1] | (119,094) | (2,122) | |
Ending Balance, net of tax | [1] | (70,805) | 48,289 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance, net of tax | (101) | |||
Reclassifications, before tax | 1,037 | (273) | ||
Tax benefit (expense) | (289) | 76 | ||
Reclassifications, net of tax | [3] | 748 | (197) | |
Other comprehensive (loss) income, net of tax | (491) | [3] | 71 | |
Ending Balance, net of tax | (592) | (101) | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance, net of tax | (93,998) | |||
Reclassifications, before tax | 8,747 | 8,514 | ||
Tax benefit (expense) | (2,133) | (3,071) | ||
Reclassifications, net of tax | [4] | 6,614 | 5,443 | |
Other comprehensive (loss) income, net of tax | 3,405 | (6,286) | ||
Ending Balance, net of tax | $ (90,593) | $ (93,998) | ||
[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. Amounts were reclassified from accumulated other comprehensive loss to other income, net. | |||
[2] | Reclassification adjustments out of accumulated other comprehensive income for the twelve months ended July 31, 2015, and 2014 were not material. | |||
[3] | Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). | |||
[4] | Primarily includes net amortization of prior service costs of $0.4 million as of July 31, 2015 and July 31, 2014 and actuarial losses of $11.0 million and $7.4 million as of July 31, 2015 and July 31, 2014 included in net periodic benefit cost that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. Refer to Note F for additional information and balances of accumulated other comprehensive income before tax. |
Stock Option Plans (Narrative)
Stock Option Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance | 3 years | ||
Performance award expense | $ (354) | $ (976) | $ (1,296) |
Pre-tax stock-based compensation expense associated with stock options | 9,500 | 9,900 | 8,300 |
Tax benefit associated with stock options | $ 3,100 | $ 3,200 | $ 2,700 |
Weighted average fair value for options granted, per share | $ 9.94 | $ 11.44 | $ 8.18 |
Total intrinsic value of options exercised | $ 18,800 | $ 21,500 | $ 33,700 |
Shares reserved | 11,693,263 | ||
Aggregate intrinsic value of options outstanding | $ 43,700 | ||
Aggregate intrinsic value of options exercisable | 43,700 | ||
Total fair value of shares vested | 29,300 | $ 35,500 | 29,800 |
Unrecognized compensation expense related to non-vested stock options granted | $ 7,500 | ||
Annual dividend yield | 1.60% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years of service that options were still issued with a reload provision to officers until Fiscal 2011 | 5 years | ||
Annual dividend yield | 1.60% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years of service when options with a reload provision were no longer issued to officers beginning in Fiscal 2006 | 5 years | ||
Annual dividend yield | 1.40% | ||
Two Thousand Ten Master Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance award expense | $ 100 | $ 700 | $ 100 |
Two Thousand Ten Master Stock Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable from date of the grant, in years | 10 years | ||
Reload Grants [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable from date of the grant, in years | 4 years | 6 years | 5 years |
Non Officer Original Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable from date of the grant, in years | 7 years | 7 years | 7 years |
Director Original Grants Without Reloads [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable from date of the grant, in years | 8 years | 8 years | 8 years |
After Fiscal Two Thousand Ten [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
After Fiscal Two Thousand Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years |
Stock Option Plans (Weighted Av
Stock Option Plans (Weighted Average Assumptions For Recognized Fair Value Of Stock-Based Employee Compensation Cost) (Details) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 0.05% | 0.31% | 0.02% |
Risk-free interest rate, maximum | 2.30% | 2.80% | 1.70% |
Expected volatility, minimum | 18.60% | 18.20% | 22.50% |
Expected volatility, maximum | 26.70% | 28.00% | 29.70% |
Expected dividend yield | 1.60% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1.60% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1.40% | ||
Director Original Grants Without Reloads [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 8 years | 8 years | 8 years |
Two Thousand Ten Master Stock Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 10 years | ||
Reload Grants [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 4 years | 6 years | 5 years |
Non Officer Original Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 7 years | 7 years | 7 years |
Stock Option Plans (Summary Of
Stock Option Plans (Summary Of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Options Outstanding, Beginning Balance | 7,197,882 | 7,329,820 | 8,056,327 |
Options Outstanding, Granted | 1,023,836 | 900,073 | 965,050 |
Options Outstanding, Exercised | (916,566) | (1,008,848) | (1,607,081) |
Options Outstanding, Canceled | (113,710) | (23,163) | (84,476) |
Options Outstanding, Ending Balance | 7,191,442 | 7,197,882 | 7,329,820 |
Weighted Average Exercise Price, Beginning Balance | $ 26.84 | $ 23.88 | $ 20.97 |
Weighted Average Exercise Price, Granted | 38.58 | 42.17 | 33.91 |
Weighted Average Exercise Price, Exercised | 18.54 | 18.80 | 14.79 |
Weighted Average Exercise Price, Canceled | 38.67 | 34.02 | 33.94 |
Weighted Average Exercise Price, Ending Balance | $ 29.38 | $ 26.84 | $ 23.88 |
Stock Option Plans (Summary O73
Stock Option Plans (Summary Of Information Concerning Outstanding And Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number Outstanding | 7,191,442 | 7,197,882 | 7,329,820 | 8,056,327 |
Weighted Average Remaining Contractual Life (Years) | 5 years 6 months | |||
Weighted Average Exercise Price | $ 29.38 | |||
Number Exercisable | 5,434,302 | |||
Weighted Average Exercise Price | $ 26.29 | |||
Range Three [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 | 821,268 | |||
Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 2 days | |||
Weighted Average Exercise Price | $ 29.12 | |||
Number Exercisable | 821,268 | |||
Weighted Average Exercise Price | $ 29.12 | |||
Range One [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 | 1,366,763 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 11 months 12 days | |||
Weighted Average Exercise Price | $ 17.08 | |||
Number Exercisable | 1,366,763 | |||
Weighted Average Exercise Price | $ 17.08 | |||
Range Four [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 | 1,719,689 | |||
Weighted Average Remaining Contractual Life (Years) | 6 years 7 months 24 days | |||
Weighted Average Exercise Price | $ 34.23 | |||
Number Exercisable | 1,463,974 | |||
Weighted Average Exercise Price | $ 34.32 | |||
Range Five [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 | 1,850,927 | |||
Weighted Average Remaining Contractual Life (Years) | 8 years 8 months 1 day | |||
Weighted Average Exercise Price | $ 40.22 | |||
Number Exercisable | 349,502 | |||
Weighted Average Exercise Price | $ 41.76 | |||
Range Two [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 | 1,432,795 | |||
Weighted Average Remaining Contractual Life (Years) | 3 years 6 months 7 days | |||
Weighted Average Exercise Price | $ 21.47 | |||
Number Exercisable | 1,432,795 | |||
Weighted Average Exercise Price | $ 21.47 |
Stock Option Plans (Status For
Stock Option Plans (Status For Options Which Contain Vesting Provisions) (Details) | 12 Months Ended |
Jul. 31, 2015$ / sharesshares | |
Share-based Compensation [Abstract] | |
Options Non- vested at July 31, 2013 | 1,720,063 |
Options, Granted | 1,003,750 |
Options, Vested | (870,930) |
Options, Canceled | (95,743) |
Options Non-vested at July 31, 2014 | 1,757,140 |
Weighted Average Grant Date Fair Value, Outstanding at July 31, 2013 | $ / shares | $ 10.35 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 10.06 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 10.02 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 10.21 |
Weighted Average Grant Date Fair Value, Outstanding at July 31, 2014 | $ / shares | $ 10.36 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Prepaid tax assets | $ 4,421 | $ 4,392 | ||
Effective tax rate | 27.90% | 27.90% | 29.00% | |
Additional undistributed earnings of non-U.S. subsidiaries | $ 938,000 | |||
Existing valuation allowance | 2,737 | $ 3,471 | ||
Recognized interest expense, net of tax benefit | 400 | |||
Unrecognized tax benefits | $ 18,187 | $ 15,005 | $ 18,419 | $ 16,514 |
Statute of limitations period, average, years | 5 years | |||
Maximum possible reduction in amount of unrecognized tax benefits | $ 1,100 | |||
Cash held by foreign subsidiaries that was repatriated | $ 125,000 |
Income Taxes (Components Of Ear
Income Taxes (Components Of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Jan. 31, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||
United States | $ 92,362 | $ 131,396 | $ 147,317 | ||
Foreign | 196,241 | 229,307 | 200,864 | ||
Earnings before income taxes | $ 67,849 | $ 65,424 | $ 288,603 | $ 360,703 | $ 348,181 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Jan. 31, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||
Federal, Current | $ 28,482 | $ 48,981 | $ 35,820 | ||
State, Current | 2,956 | 4,724 | 4,337 | ||
Foreign, Current | 54,665 | 54,536 | 52,300 | ||
Income taxes, Current | 86,103 | 108,241 | 92,457 | ||
Federal, Deferred | (4,232) | (9,465) | 7,071 | ||
State, Deferred | 94 | 365 | 312 | ||
Foreign, Deferred | (1,473) | 1,338 | 964 | ||
Income taxes, Deferred | (5,611) | (7,762) | 8,347 | ||
Total | $ 20,073 | $ 17,469 | $ 80,492 | $ 100,479 | $ 100,804 |
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, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal rate | 35.00% | 35.00% | 35.00% |
State income taxes | 1.00% | 1.10% | 1.20% |
Foreign operations | (7.60%) | (6.10%) | (6.30%) |
Export, manufacturing and research credits | (1.20%) | (0.80%) | (1.50%) |
Change in unrecognized tax benefits | 1.30% | (1.10%) | 0.50% |
Other | (0.60%) | (0.20%) | 0.10% |
Reconciliation of U.S. statutory income tax rate, total | 27.90% | 27.90% | 29.00% |
Income Taxes (Schedule Of Tempo
Income Taxes (Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Accrued expenses | $ 10,566 | $ 11,118 |
Compensation and retirement plans | 39,090 | 32,317 |
NOL and tax credit carryforwards | 4,353 | 3,471 |
LIFO and inventory reserves | 6,891 | 5,482 |
Other | 4,993 | 4,470 |
Deferred tax assets, gross | 65,893 | 56,858 |
Valuation allowance | (2,737) | (3,471) |
Net deferred tax assets | 63,156 | 53,387 |
Depreciation and amortization | (50,628) | (49,901) |
Other | (2,359) | (1,025) |
Deferred tax liabilities | (52,987) | (50,926) |
Prepaid tax assets | 4,421 | 4,392 |
Net tax asset | $ 14,590 | $ 6,853 |
Income Taxes (Schedule Of Rec80
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at beginning of fiscal year | $ 15,005 | $ 18,419 | $ 16,514 |
Additions for tax positions of the current year | 4,660 | 2,959 | 5,453 |
Additions for tax positions of prior years | 100 | 1,706 | 407 |
Reductions for tax positions of prior years | (608) | (7,113) | (1,640) |
Settlements | (240) | (277) | |
Reductions due to a lapse of applicable statute of limitations | (970) | (726) | (2,038) |
Gross unrecognized tax benefits at end of fiscal year | $ 18,187 | $ 15,005 | $ 18,419 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2015segmentcustomer | Jul. 31, 2014customer | Jul. 31, 2013customer | |
Segment Reporting, Measurement Disclosures [Abstract] | |||
Number of reportable segments | segment | 2 | ||
Number of customers accounting for over 10% of net sales | 0 | 0 | 0 |
Number of customers accounting for over 10% of gross accounts receivable | 0 | 0 |
Segment Reporting (Summary Of S
Segment Reporting (Summary Of Segment Detail) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 |
Depreciation and amortization | 74,298 | 67,163 | 64,290 | ||||||||
Equity earnings in unconsolidated affiliates | 5,110 | 6,536 | 4,693 | ||||||||
Earnings before income taxes | $ 67,849 | $ 65,424 | 288,603 | 360,703 | 348,181 | ||||||
Assets | 1,809,534 | 1,942,411 | 1,809,534 | 1,942,411 | 1,743,556 | ||||||
Equity investments in unconsolidated affiliates | 18,344 | 21,398 | 18,344 | 21,398 | 18,840 | ||||||
Capital expenditures | 93,739 | 97,210 | 94,895 | ||||||||
Engine Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,484,132 | 1,584,027 | 1,504,188 | ||||||||
Depreciation and amortization | 43,279 | 38,925 | 35,815 | ||||||||
Equity earnings in unconsolidated affiliates | 4,134 | 5,596 | 4,000 | ||||||||
Earnings before income taxes | 186,274 | 233,920 | 220,892 | ||||||||
Assets | 887,698 | 900,083 | 887,698 | 900,083 | 826,151 | ||||||
Equity investments in unconsolidated affiliates | 15,120 | 17,439 | 15,120 | 17,439 | 15,563 | ||||||
Capital expenditures | 54,604 | 56,340 | 52,864 | ||||||||
Corporate And Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 4,611 | 4,296 | 6,028 | ||||||||
Earnings before income taxes | (21,033) | (7,195) | (11,819) | ||||||||
Assets | 287,859 | 470,328 | 287,859 | 470,328 | 389,989 | ||||||
Capital expenditures | 5,817 | 6,218 | 8,897 | ||||||||
Industrial Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 887,081 | 889,439 | 932,760 | ||||||||
Depreciation and amortization | 26,408 | 23,942 | 22,447 | ||||||||
Equity earnings in unconsolidated affiliates | 976 | 940 | 693 | ||||||||
Earnings before income taxes | 123,362 | 133,978 | 139,108 | ||||||||
Assets | 633,977 | 572,000 | 633,977 | 572,000 | 527,416 | ||||||
Equity investments in unconsolidated affiliates | $ 3,224 | $ 3,959 | 3,224 | 3,959 | 3,277 | ||||||
Capital expenditures | $ 33,318 | $ 34,652 | $ 33,134 |
Segment Reporting (Net Sales By
Segment Reporting (Net Sales By Product Within Engine Products Segment And Industrial Products Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 | |
Engine Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,484,132 | 1,584,027 | 1,504,188 | |||||||||
Industrial Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 887,081 | 889,439 | 932,760 | |||||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 671,296 | 728,554 | 678,996 | |||||||||
Other Credit Derivatives [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 222,003 | 207,681 | 200,612 | |||||||||
Asia Pacific [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 470,661 | 517,305 | 546,406 | |||||||||
Aerospace And Defense Products [Member] | Engine Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 103,851 | 99,628 | 104,191 | |||||||||
Aftermarket Products [Member] | Engine Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [1] | 980,756 | 1,012,165 | 912,717 | ||||||||
Off Road Products [Member] | Engine Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 261,120 | 342,205 | 358,834 | |||||||||
On Road Products [Member] | Engine Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 138,405 | 130,029 | 128,446 | |||||||||
Gas Turbine Products [Member] | Industrial Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 186,919 | 156,860 | 232,922 | |||||||||
Industrial Filtration Solutions Products [Member] | Industrial Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 528,917 | 553,356 | 529,751 | |||||||||
Domestic Country [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,007,253 | 1,019,926 | 1,010,934 | |||||||||
Special Applications Products [Member] | Industrial Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 171,245 | $ 179,223 | $ 170,087 | |||||||||
[1] | Includes replacement part sales to the Company's OEM Customers. |
Segment Reporting (Geographic S
Segment Reporting (Geographic Sales By Origination And Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 |
Property, Plant & Equipment - Net | 470,611 | 451,665 | 470,611 | 451,665 | 419,280 | ||||||
Domestic Country [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,007,253 | 1,019,926 | 1,010,934 | ||||||||
Property, Plant & Equipment - Net | 208,996 | 196,712 | 208,996 | 196,712 | 166,614 | ||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 671,296 | 728,554 | 678,996 | ||||||||
Property, Plant & Equipment - Net | 141,738 | 128,904 | 141,738 | 128,904 | 123,710 | ||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 470,661 | 517,305 | 546,406 | ||||||||
Property, Plant & Equipment - Net | 63,775 | 72,089 | 63,775 | 72,089 | 75,206 | ||||||
Other Credit Derivatives [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 222,003 | 207,681 | 200,612 | ||||||||
Property, Plant & Equipment - Net | $ 56,102 | $ 53,960 | $ 56,102 | $ 53,960 | $ 53,750 |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Guarantor Obligations [Line Items] | |||
Contingent liability for standby letters of credit, issued and outstanding | $ 7.8 | $ 7.8 | |
Advanced Filtration Systems Inc [Member] | |||
Guarantor Obligations [Line Items] | |||
Outstanding debt of joint venture | 26.1 | ||
Joint venture investment earnings | 2.3 | 3.7 | $ 2.3 |
Royalty income | $ 5.8 | $ 6.8 | $ 6 |
Warranty (Details)
Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Standard Product Warranty Disclosure [Abstract] | ||
Beginning balance | $ 9,029 | $ 10,526 |
Accruals for warranties issued during the reporting period | 3,706 | 4,339 |
Accruals related to pre-existing warranties (including changes in estimates) | 376 | (1,185) |
Less settlements made during the period | (4,548) | (4,651) |
Ending balance | $ 8,563 | $ 9,029 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 14, 2015 | |
Commitments And Contingencies [Line Items] | ||||||||||||
Total expense | $ 28,100 | $ 28,000 | $ 28,100 | $ 28,000 | $ 27,500 | |||||||
2,016 | 11,400 | 11,400 | ||||||||||
2,017 | 7,400 | 7,400 | ||||||||||
2,018 | 5,100 | 5,100 | ||||||||||
2,019 | 2,800 | 2,800 | ||||||||||
2,020 | 1,000 | 1,000 | ||||||||||
Thereafter | 200 | 200 | ||||||||||
Annual sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | 2,371,213 | $ 2,473,466 | $ 2,436,948 | |
Industrias Partmo S.a. [Member] | ||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||
Percentage of shares to be acquired | 100.00% | |||||||||||
Annual sales | $ 15,000 |
Quarterly Financial Informati88
Quarterly Financial Information (Narrative) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Jul. 31, 2014 |
Accounts receivable, less allowance | $ 460,027 | $ 474,157 | ||
Inventories, net | 264,955 | 253,351 | ||
Retained earnings | $ 815,166 | $ 702,435 | ||
Effect of Revision [Member] | ||||
Accounts receivable, less allowance | $ 800 | $ 8,400 | ||
Inventories, net | 600 | 6,000 | ||
Retained earnings | $ 200 | $ 1,600 |
Quarterly Financial Informati89
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net Sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 |
Gross margin | 202,344 | 194,100 | 203,088 | 209,052 | 238,323 | 223,461 | 201,648 | 214,394 | 808,584 | 877,826 | 847,127 |
Net earnings | $ 56,433 | $ 47,776 | $ 47,955 | $ 55,947 | $ 72,956 | $ 67,336 | $ 58,340 | $ 61,592 | $ 208,111 | $ 260,224 | $ 247,377 |
Basic earnings per share | $ 0.41 | $ 0.35 | $ 0.35 | $ 0.40 | $ 0.51 | $ 0.46 | $ 0.40 | $ 0.42 | $ 1.51 | $ 1.79 | $ 1.67 |
Diluted earnings per share | 0.41 | .34 | 0.34 | 0.40 | 0.50 | 0.46 | 0.39 | 0.41 | $ 1.49 | $ 1.76 | $ 1.64 |
Dividends declared per share | .34 | .33 | 0.165 | 0.165 | 0.140 | 0.140 | |||||
Dividends paid per share | $ 0.170 | $ 0.165 | $ 0.165 | $ 0.165 | $ 0.165 | $ 0.140 | $ 0.140 | $ 0.130 |
Quarterly Financial Informati90
Quarterly Financial Information (Revisons to Previously Issued Unaudited Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Net Sales | $ 610,578 | $ 575,588 | $ 588,537 | $ 596,510 | $ 668,226 | $ 624,234 | $ 581,622 | $ 599,384 | $ 2,371,213 | $ 2,473,466 | $ 2,436,948 |
Cost of sales | 381,488 | 385,449 | 1,562,629 | 1,595,640 | 1,589,821 | ||||||
Gross margin | 202,344 | 194,100 | 203,088 | 209,052 | 238,323 | 223,461 | 201,648 | 214,394 | 808,584 | 877,826 | 847,127 |
Operating income | 67,116 | 65,839 | 288,310 | 355,739 | 343,329 | ||||||
Earnings before income taxes | 67,849 | 65,424 | 288,603 | 360,703 | 348,181 | ||||||
Income taxes | 20,073 | 17,469 | 80,492 | 100,479 | 100,804 | ||||||
Net earnings | $ 56,433 | $ 47,776 | $ 47,955 | $ 55,947 | $ 72,956 | $ 67,336 | $ 58,340 | $ 61,592 | $ 208,111 | $ 260,224 | $ 247,377 |
Basic earnings per share | $ 0.41 | $ 0.35 | $ 0.35 | $ 0.40 | $ 0.51 | $ 0.46 | $ 0.40 | $ 0.42 | $ 1.51 | $ 1.79 | $ 1.67 |
Diluted earnings per share | $ 0.41 | $ .34 | $ 0.34 | $ 0.40 | $ 0.50 | $ 0.46 | $ 0.39 | $ 0.41 | $ 1.49 | $ 1.76 | $ 1.64 |
Comprehensive income | $ 46,989 | $ 1,786 | $ 91,931 | $ 251,887 | $ 311,792 | ||||||
As Previously Reported [Member] | |||||||||||
Net Sales | 568,013 | 596,944 | |||||||||
Cost of sales | 376,040 | 391,469 | |||||||||
Gross margin | 191,973 | 205,475 | |||||||||
Operating income | 64,989 | 68,226 | |||||||||
Earnings before income taxes | 65,722 | 67,811 | |||||||||
Income taxes | 19,350 | 18,281 | |||||||||
Net earnings | $ 46,372 | $ 49,530 | |||||||||
Basic earnings per share | $ 0.34 | $ 0.36 | |||||||||
Diluted earnings per share | $ 0.33 | $ 0.35 | |||||||||
Comprehensive income | $ 45,585 | $ 3,361 | |||||||||
Effect of Revision [Member] | |||||||||||
Net Sales | 7,575 | (8,407) | |||||||||
Cost of sales | 5,448 | (6,020) | |||||||||
Gross margin | 2,127 | (2,387) | |||||||||
Operating income | 2,127 | (2,387) | |||||||||
Earnings before income taxes | 2,127 | (2,387) | |||||||||
Income taxes | 723 | (812) | |||||||||
Net earnings | $ 1,404 | $ (1,575) | |||||||||
Basic earnings per share | $ 0.01 | $ (0.01) | |||||||||
Diluted earnings per share | $ 0.01 | $ (0.01) | |||||||||
Comprehensive income | $ 1,404 | $ (1,575) |
Subsequent Events (Details)
Subsequent Events (Details) € in Thousands, $ in Thousands | Sep. 30, 2015USD ($) | Sep. 24, 2015EUR (€) | Sep. 24, 2015USD ($) | Jul. 31, 2015USD ($) | Aug. 31, 2015 | Sep. 30, 2014 |
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend | $ 5,200 | $ 20,300 | ||||
Subsequent Event [Member] | Euro Member Countries, Euro | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend | € | € 18,000 | |||||
Engineered Products Company [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Sales | $ 9,000 | |||||
Engineered Products Company [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of stock acquired in business acquisition | 100.00% | |||||
Northern Technical [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of stock acquired in business acquisition | 100.00% |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 30, 2014 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill acquired | $ 223,732 | $ 166,406 | $ 165,568 | ||
Northern Technical [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interest acquired | 100.00% | ||||
Total consideration of transaction | $ 97,100 | ||||
Amount of intangible assets acquired | 6,200 | ||||
Net tangible assets | 32,200 | ||||
Goodwill acquired | $ 60,300 | ||||
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 | ||||
Engineered Products Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 9,000 | ||||
Ifil [Member] | Minimum [Member] | Scenario Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 6,000 | ||||
Ifil [Member] | Maximum [Member] | Scenario Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 8,000 |
Restructuring Charges And Oth93
Restructuring Charges And Other Adjusting Items (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2015 | Jul. 31, 2015 | |
Restructuring Charges [Abstract] | ||
Restructuring and related costs in closing/write-off of facilities | $ 13 | |
Employee severance costs | $ 3 | |
Expense related to lump sum settlement | $ 3.9 |
Valuation And Qualifying Acco94
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at Beginning of Period | $ 6,763 | $ 7,040 | $ 6,418 |
Charged to Costs and Expenses | 1,760 | 393 | 1,241 |
Charged to Other Accounts | (789) | (1) | 230 |
Deductions | (987) | (669) | (849) |
Balance at End of Period | $ 6,747 | $ 6,763 | $ 7,040 |