Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Oct. 31, 2013 | Dec. 05, 2013 | Dec. 05, 2013 | |
Class A nonvoting common stock [Member] | Class B voting common stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'BRC | ' | ' |
Entity Registrant Name | 'BRADY CORP | ' | ' |
Entity Central Index Key | '0000746598 | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 48,610,291 | 3,538,628 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $81,869 | $91,058 |
Accounts receivablebnet | 184,099 | 169,261 |
Inventories: | ' | ' |
Finished products | 69,085 | 64,544 |
Work-in-process | 17,757 | 14,776 |
Raw materials and supplies | 18,102 | 15,387 |
Total inventories | 104,944 | 94,707 |
Assets Held-for-sale, Current | 132,616 | 119,864 |
Prepaid expenses and other current assets | 46,671 | 37,600 |
Total current assets | 550,199 | 512,490 |
Other assets: | ' | ' |
Goodwill | 624,165 | 617,236 |
Other intangible assets | 152,812 | 156,851 |
Deferred income taxes | 10,469 | 8,623 |
Other | 21,821 | 21,325 |
Cost: | ' | ' |
Land | 7,978 | 7,861 |
Buildings and improvements | 94,545 | 91,471 |
Machinery and equipment | 270,371 | 266,787 |
Construction in progress | 15,112 | 11,842 |
Property, plant and equipment, gross | 388,006 | 377,961 |
Less accumulated depreciation | 263,112 | 255,803 |
Property, plant and equipmentbnet | 124,894 | 122,158 |
Total | 1,484,360 | 1,438,683 |
Current liabilities: | ' | ' |
Notes payable | 26,442 | 50,613 |
Accounts payable | 92,044 | 82,519 |
Wages and amounts withheld from employees | 47,968 | 42,413 |
Liabilities held for sale | 43,976 | 34,583 |
Taxes, other than income taxes | 8,968 | 8,243 |
Accrued income taxes | 8,996 | 7,056 |
Other current liabilities | 39,531 | 36,806 |
Current maturities on long-term debt | 61,264 | 61,264 |
Total current liabilities | 329,189 | 323,497 |
Long-term obligations, less current maturities | 204,413 | 201,150 |
Other liabilities | 84,784 | 83,239 |
Total liabilities | 618,386 | 607,886 |
Stockholders' investment: | ' | ' |
Additional paid-in capital | 308,835 | 306,191 |
Earnings retained in the business | 552,291 | 538,512 |
Treasury stockb2,435,203 and 2,626,276 shares, respectively of Class A nonvoting common stock, at cost | -65,255 | -69,797 |
Accumulated other comprehensive income | 70,132 | 56,063 |
Other | -577 | -720 |
Total stockholdersb investment | 865,974 | 830,797 |
Total | 1,484,360 | 1,438,683 |
Class A nonvoting common stock [Member] | ' | ' |
Stockholders' investment: | ' | ' |
Common Stock, Value: Class A nonvoting common stock b Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 48,594,617 and 48,408,544 shares, respectively and Class B voting common stock b Issued and outstanding, 3,538,628 shares | 513 | 513 |
Class B voting common stock [Member] | ' | ' |
Stockholders' investment: | ' | ' |
Common Stock, Value: Class A nonvoting common stock b Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 48,594,617 and 48,408,544 shares, respectively and Class B voting common stock b Issued and outstanding, 3,538,628 shares | $35 | $35 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Oct. 31, 2013 | Jul. 31, 2013 |
Class A nonvoting common stock [Member] | ' | ' |
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 48,594,617 | 48,408,544 |
Treasury stock, shares | 2,435,203 | 2,626,276 |
Class B voting common stock [Member] | ' | ' |
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Net sales | $305,974 | $270,866 |
Cost of products sold | 149,029 | 121,342 |
Gross margin | 156,945 | 149,524 |
Operating expenses: | ' | ' |
Research and development | 8,587 | 7,887 |
Selling, general and administrative | 112,687 | 99,009 |
Restructuring charges | 6,840 | 0 |
Total operating expenses | 128,114 | 106,896 |
Operating income | 28,831 | 42,628 |
Other income and (expense): | ' | ' |
Investment and other income | 762 | 397 |
Interest expense | -3,721 | -4,163 |
Earnings from continuing operations before income taxes | 25,872 | 38,862 |
Income tax expense | 8,449 | 13,077 |
Earnings from continuing operations | 17,423 | 25,785 |
Earnings from discontinued operations, net of income taxes | 6,505 | 1,403 |
Net earnings | 23,928 | 27,188 |
Weighted average common shares outstanding (in thousands): | ' | ' |
Basic | 52,071 | 51,039 |
Diluted | 52,419 | 51,312 |
Class A nonvoting common stock [Member] | ' | ' |
Other income and (expense): | ' | ' |
Earnings from continuing operations | 17,378 | 25,726 |
Earnings per share: | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $0.33 | $0.50 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.33 | $0.50 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.13 | $0.03 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.13 | $0.03 |
Earnings Per Share, Basic | $0.46 | $0.53 |
Earnings Per Share, Diluted | $0.46 | $0.53 |
Dividends | $0.20 | $0.19 |
Class B voting common stock [Member] | ' | ' |
Other income and (expense): | ' | ' |
Earnings from continuing operations | $16,559 | $24,925 |
Earnings per share: | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $0.32 | $0.49 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.32 | $0.49 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.12 | $0.03 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.12 | $0.02 |
Earnings Per Share, Basic | $0.44 | $0.52 |
Earnings Per Share, Diluted | $0.44 | $0.51 |
Dividends | $0.18 | $0.17 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net (loss) income | $23,928 | $27,188 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustments | 16,535 | 18,493 |
Net investment hedge translation adjustments | -4,713 | -5,301 |
Long-term intercompany loan translation adjustments | -173 | -1,594 |
Cash flow hedges: | ' | ' |
Net (loss) gain recognized in other comprehensive income | -15 | -557 |
Reclassification adjustment for (gains) losses included in net income | -90 | -467 |
Total cash flow hedges | -105 | -1,024 |
Pension and other post-retirement benefits: | ' | ' |
Actuarial gain amortization | -66 | -11 |
Prior service credit amortization | -51 | -51 |
Total pension and other post-retirement benefits | -117 | -62 |
Other comprehensive income (loss), before tax | 11,427 | 10,512 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 2,642 | 2,255 |
Other comprehensive income (loss), net of tax | 14,069 | 12,767 |
Comprehensive income (loss) | $37,997 | $39,955 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Operating activities: | ' | ' |
Net (loss) income | $23,928 | $27,188 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,878 | 10,675 |
Non-cash portion of stock-based compensation expense | 2,600 | 4,399 |
Loss on sales of businesses | 0 | 3,138 |
Deferred income taxes | -2,421 | -109 |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ' | ' |
Accounts receivable | -18,551 | -18,426 |
Inventories | -12,461 | -8,141 |
Prepaid expenses and other assets | -5,372 | -2,710 |
Accounts payable and accrued liabilities | 25,903 | 6,752 |
Income taxes | 1,089 | -2,548 |
Net cash provided by operating activities | 25,593 | 20,218 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment | -9,086 | -6,177 |
Sales of businesses, net of cash retained | 0 | 10,178 |
Other | -70 | -70 |
Net cash (used in) provided by investing activities | -9,156 | 3,931 |
Financing activities: | ' | ' |
Payment of dividends | -10,149 | -9,705 |
Proceeds from issuance of common stock | 5,209 | 1,684 |
Purchase of treasury stock | 0 | -5,121 |
Repayment of borrowing on notes payable | -24,000 | 0 |
Income tax on the exercise of stock options and deferred compensation distributions, and other | -719 | 401 |
Net cash (used in) financing activities | -29,659 | -12,741 |
Effect of exchange rate changes on cash | 4,033 | 4,001 |
Net (decrease) increase in cash and cash equivalents | -9,189 | 15,409 |
Cash and cash equivalents, beginning of period | 91,058 | 305,900 |
Cash and cash equivalents, end of period | 81,869 | 321,309 |
Cash paid during the period for: | ' | ' |
Interest, net of capitalized interest | 4,151 | 4,953 |
Income taxes, net of refunds | $10,006 | $12,199 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Oct. 31, 2013 | |
Text Block [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements included herein have been prepared by Brady Corporation and subsidiaries (the "Company," "Brady," "we," or "our") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of October 31, 2013 and July 31, 2013, and its results of operations, comprehensive income, and cash flows for the three months ended October 31, 2013 and 2012. The condensed consolidated balance sheet as of July 31, 2013 has been derived from the audited consolidated financial statements of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentation. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K for the year ended July 31, 2013. | |
The Company announced its plan to divest its Asia Die-Cut business in the third quarter of fiscal 2013, and incorporated its Balkhausen business into that plan during the fourth quarter of fiscal 2013. As a result, the assets and liabilities have been reclassified in accordance with the authoritative literature on assets held for sale in the condensed consolidated balance sheets as of October 31, 2013 and July 31, 2013. The results of operations of the Company's Asia Die-Cut and Balkhausen businesses have been reported as discontinued operations within the condensed consolidated statements of earnings for all periods presented. In addition, the Brady Medical and Varitronics businesses that were divested in fiscal 2013 are included within discontinued operations. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows or other comprehensive income related to the Asia Die-Cut and Balkhausen discontinued operations. Refer to Note K, "Discontinued Operations" for further discussion regarding the businesses. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the three months ended October 31, 2013, were as follows: | ||||||||||||||||||||||||||||
IDS | WPS | Total | ||||||||||||||||||||||||||
Balance as of July 31, 2013 | $ | 517,030 | $ | 100,206 | $ | 617,236 | ||||||||||||||||||||||
Purchase accounting adjustments | (755 | ) | — | $ | (755 | ) | ||||||||||||||||||||||
Translation adjustments | 3,956 | 3,728 | $ | 7,684 | ||||||||||||||||||||||||
Balance as of October 31, 2013 | $ | 520,231 | $ | 103,934 | $ | 624,165 | ||||||||||||||||||||||
Goodwill increased $6,929 during the three months ended October 31, 2013. The increase was due to the positive effects of foreign translation of $7,684, partially offset by purchase accounting adjustments of $755 related to the filing of the final tax return and other deferred tax adjustments for the fiscal 2013 acquisition of Precision Dynamics Corporation ("PDC"). | ||||||||||||||||||||||||||||
Goodwill at October 31, 2013 included $18,225 and $172,280 of accumulated impairment losses within the IDS and WPS segments, respectively, for a total of $190,505. | ||||||||||||||||||||||||||||
Other intangible assets include patents, trademarks, customer relationships, non-compete agreements and other intangible assets with finite lives being amortized in accordance with the accounting guidance for other intangible assets. The Company also has unamortized indefinite-lived trademarks that are classified as other intangible assets. The net book value of these assets was as follows: | ||||||||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | |||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net Book | Weighted | Gross | Accumulated | Net Book | |||||||||||||||||||||
Average | Carrying | Amortization | Value | Average | Carrying | Amortization | Value | |||||||||||||||||||||
Amortization | Amount | Amortization | Amount | |||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(Years) | (Years) | |||||||||||||||||||||||||||
Amortized other intangible assets: | ||||||||||||||||||||||||||||
Patents | 5 | $ | 11,125 | $ | (9,737 | ) | $ | 1,388 | 5 | $ | 11,053 | $ | (9,597 | ) | $ | 1,456 | ||||||||||||
Trademarks and other | 5 | 15,809 | (9,207 | ) | 6,602 | 5 | 15,289 | (8,398 | ) | 6,891 | ||||||||||||||||||
Customer relationships | 8 | 264,430 | (151,475 | ) | 112,955 | 8 | 261,076 | (144,620 | ) | 116,456 | ||||||||||||||||||
Non-compete agreements and other | 4 | 15,263 | (14,634 | ) | 629 | 4 | 14,942 | (14,215 | ) | 727 | ||||||||||||||||||
Unamortized other intangible assets: | ||||||||||||||||||||||||||||
Trademarks | N/A | 31,238 | — | 31,238 | N/A | 31,321 | — | 31,321 | ||||||||||||||||||||
Total | $ | 337,865 | $ | (185,053 | ) | $ | 152,812 | $ | 333,681 | $ | (176,830 | ) | $ | 156,851 | ||||||||||||||
The gross carrying amount of goodwill and other intangible assets in the condensed consolidated balance sheets at October 31, 2013, differs from the value assigned to them in the original allocation of purchase price due to the effect of currency fluctuations between the date of acquisition and October 31, 2013. | ||||||||||||||||||||||||||||
Amortization expense on intangible assets was $5,077 and $4,147 for the three months ended October 31, 2013 and 2012, respectively. The amortization over each of the next five fiscal years is projected to be $19,629, $18,800, $16,598, $13,357 and $12,007 for the fiscal years ending July 31, 2014, 2015, 2016, 2017 and 2018, respectively. |
Other_Comprehensive_Income_Oth
Other Comprehensive Income Other Comprehensive Income, Tax (Notes) | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Other Comprehensive Income, Tax [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
Comprehensive Income | ||||||||||||
Comprehensive income consists of foreign currency translation adjustments, unrealized gains and losses from cash flow hedges and net investment hedges, and the unamortized gain on post-retirement plans net of their related tax effects. | ||||||||||||
The following table illustrates the changes in the balances of each component of accumulated other comprehensive income for the periods presented. The unrealized gain (loss) on cash flow hedges and the unamortized gain on postretirement plans are presented net of tax: | ||||||||||||
Unrealized gain (loss) on cash flow hedges | Unamortized gain on postretirement plans | Foreign currency translation adjustments | Accumulated other comprehensive income | |||||||||
Beginning balance, July 31, 2013 | 99 | 1,853 | 54,111 | 56,063 | ||||||||
Other comprehensive (loss) income before reclassification | (32 | ) | — | 14,273 | 14,241 | |||||||
Amounts reclassified from accumulated other comprehensive income | (55 | ) | (117 | ) | — | (172 | ) | |||||
Ending balance, October 31, 2013 | 12 | 1,736 | 68,384 | 70,132 | ||||||||
The increase in accumulated other comprehensive income for the three months ended October 31, 2013 compared to July 31, 2013 was primarily due to the appreciation of the U.S. dollar against other currencies. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation on intercompany notes and net investment hedges, net of tax. Of the total $172 in amounts reclassified from accumulated other comprehensive income, the $55 gain on cash flow hedges was reclassified into cost of products sold and the $117 gain on postretirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the three months ended October 31, 2013. | ||||||||||||
The following table illustrates the income tax benefit (expense) on the components of other comprehensive income for the three months ended October 31, 2013 and 2012: | ||||||||||||
Three months ended October 31, | ||||||||||||
2013 | 2012 | |||||||||||
Income tax benefit (expense) related to items of other comprehensive income: | ||||||||||||
Net investment hedge translation adjustments | $ | 1,314 | $ | 1,953 | ||||||||
Long-term intercompany loan settlements | 1,403 | 55 | ||||||||||
Cash flow hedges | 18 | 434 | ||||||||||
Other income tax adjustments | (93 | ) | (187 | ) | ||||||||
Income tax benefit related to items of other comprehensive income | $ | 2,642 | $ | 2,255 | ||||||||
Net_Income_per_Common_Share
Net Income per Common Share | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Net Income per Common Share | ' | |||||||
Net Earnings per Common Share | ||||||||
Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: | ||||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Numerator: (in thousands) | ||||||||
Earnings from continuing operations | $ | 17,423 | $ | 25,785 | ||||
Less: | ||||||||
Restricted stock dividends | (45 | ) | (59 | ) | ||||
Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share | $ | 17,378 | $ | 25,726 | ||||
Less: | ||||||||
Preferential dividends | (813 | ) | (797 | ) | ||||
Preferential dividends on dilutive stock options | (6 | ) | (4 | ) | ||||
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share | $ | 16,559 | $ | 24,925 | ||||
Denominator: (in thousands) | ||||||||
Denominator for basic earnings from continuing operations per share for both Class A and Class B | 52,071 | 51,039 | ||||||
Plus: Effect of dilutive stock options | 348 | 273 | ||||||
Denominator for diluted earnings from continuing operations per share for both Class A and Class B | 52,419 | 51,312 | ||||||
Earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.33 | $ | 0.5 | ||||
Diluted | $ | 0.33 | $ | 0.5 | ||||
Earnings from continuing operations per Class B Voting Common Share: | ||||||||
Basic | $ | 0.32 | $ | 0.49 | ||||
Diluted | $ | 0.32 | $ | 0.49 | ||||
Earnings from discontinued operations per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.13 | $ | 0.03 | ||||
Diluted | $ | 0.13 | $ | 0.03 | ||||
Earnings from discontinued operations per Class B Voting Common Share: | ||||||||
Basic | $ | 0.12 | $ | 0.03 | ||||
Diluted | $ | 0.12 | $ | 0.02 | ||||
Net Earnings per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.46 | $ | 0.53 | ||||
Diluted | $ | 0.46 | $ | 0.53 | ||||
Net earnings per Class B Voting Common Share: | ||||||||
Basic | $ | 0.44 | $ | 0.52 | ||||
Diluted | $ | 0.44 | $ | 0.51 | ||||
Options to purchase approximately 2,505,000 and 5,072,000 shares of Class A Nonvoting Common Stock for the three months ended October 31, 2013 and 2012, respectively, were not included in the computation of diluted net earnings per share because the option exercise price was greater than the average market price of the common shares and, therefore, the effect would have been anti-dilutive. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
Effective May 1, 2013, the Company is organized and managed on a global basis within two business platforms: Identification Solutions and Workplace Safety, which are the reportable segments. | ||||||||
The Company evaluates short-term segment performance based on segment profit or loss and customer sales. Segment profit or loss does not include certain administrative costs, such as the cost of finance, information technology, human resources, legal, and executive leadership, which are managed as global functions. Restructuring charges, impairment charges, equity compensation costs, interest expense, investment and other income (expense) and income taxes are also excluded when evaluating segment performance. Intersegment sales and transfers are recorded at cost plus a markup that reasonably approximates fair value. | ||||||||
Each business platform has a President that reports directly to the Company's chief operating decision maker, its Interim Chief Executive Officer and Chief Financial Officer. Each platform has its own distinct operations, maintains its own financial reports and is evaluated based on global segment profit. The Company has determined that these business platforms comprise its operating and reportable segments based on the information used by the Interim Chief Executive Officer and Chief Financial Officer to allocate resources and assess performance. | ||||||||
The segment results have been adjusted to reflect continuing operations in all periods presented. The following is a summary of segment information for the three months ended October 31, 2013 and 2012: | ||||||||
Three months ended October 31, | ||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||
Sales to External Customers | ||||||||
ID Solutions | $ | 207,990 | $ | 161,244 | ||||
Workplace Safety | 97,984 | 109,622 | ||||||
Total Company | $ | 305,974 | $ | 270,866 | ||||
Segment Profit | ||||||||
ID Solutions | $ | 50,110 | $ | 43,973 | ||||
Workplace Safety | 18,374 | 27,829 | ||||||
Total Company | $ | 68,484 | $ | 71,802 | ||||
The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three months ended October 31, 2013 and 2012: | ||||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Total profit from reportable segments | $ | 68,484 | $ | 71,802 | ||||
Unallocated amounts: | ||||||||
Administrative costs | (32,813 | ) | (29,174 | ) | ||||
Restructuring charges | (6,840 | ) | — | |||||
Investment and other income | 762 | 397 | ||||||
Interest expense | (3,721 | ) | (4,163 | ) | ||||
Earnings from continuing operations before income taxes | $ | 25,872 | $ | 38,862 | ||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock unit awards ("RSUs"), or restricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. | |||||||||||||
The stock options have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Stock options issued under the plan, referred to herein as “service-based” stock options, generally expire 10 years from the date of grant. The Company has also granted stock options to certain executives and key management employees that vest upon meeting certain financial performance conditions over the vesting schedule described above. These options are referred to herein as “performance-based” stock options. Performance-based stock options expire 10 years from the date of grant. | |||||||||||||
Restricted stock units issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. The RSUs granted in fiscal 2014, referred to herein as "service-based restricted stock units," vest ratably over a three-year period, with one-third becoming deliverable one year after the grant date and one-third additional in each of the succeeding two years. The RSUs granted in fiscal 2013 vest upon meeting certain financial performance conditions over a specified vesting period, referred to herein as “performance-based restricted stock units.” The performance-based RSUs vest over a two-year period upon meeting both performance and service conditions. A restricted stock unit is equivalent to one share of Class A Nonvoting Common Stock upon vesting. | |||||||||||||
Restricted shares issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. The restricted shares granted in fiscal 2008 were amended in fiscal 2011 to allow for vesting after either a five-year period or a seven-year period based upon both performance and service conditions. The restricted shares granted in fiscal 2011 vest ratably at the end of years 3, 4 and 5 upon meeting certain performance and service conditions. These shares are referred to herein as “performance-based restricted shares.” Restricted shares granted in fiscal 2013 vest at the end of a three-year period based upon service conditions. These shares are referred to herein as “cliff-vested restricted shares.” | |||||||||||||
As of October 31, 2013, the Company has reserved 5,042,860 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares. A total of 3,921,653 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs, and restricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans. | |||||||||||||
The Company recognizes the compensation cost of all share-based awards on a straight-line basis over the vesting period of the award. Total stock-based compensation expense recognized by the Company during the three months ended October 31, 2013 and 2012, was $2,600 ($1,586 net of taxes) and $4,399 ($2,683 net of taxes), respectively. | |||||||||||||
As of October 31, 2013, total unrecognized compensation cost related to stock-based compensation awards was $10,753 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.1 years. | |||||||||||||
The Company has estimated the fair value of its service-based option awards granted during the three months ended October 31, 2013 and 2012, using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: | |||||||||||||
Three months ended October 31, | |||||||||||||
Black-Scholes Option Valuation Assumptions | 2013 | 2012 | |||||||||||
Expected term (in years) | 5.92 | 5.94 | |||||||||||
Expected volatility | 37.41 | % | 38.73 | % | |||||||||
Expected dividend yield | 2.36 | % | 2.2 | % | |||||||||
Risk-free interest rate | 1.78 | % | 0.89 | % | |||||||||
Weighted-average market value of underlying stock at grant date | $ | 31.07 | $ | 30.21 | |||||||||
Weighted-average exercise price | $ | 31.07 | $ | 30.21 | |||||||||
Weighted-average fair value of options granted during the period | $ | 9.18 | $ | 8.96 | |||||||||
The Company uses historical data regarding stock option exercise behaviors to estimate the expected term of options granted based on the period of time that options granted are expected to be outstanding. Expected volatilities are based on the historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s historical dividend payments and historical yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for the length of time corresponding to the expected term of the option. The market value is calculated as the average of the high and the low stock price on the date of the grant. | |||||||||||||
The Company granted 347,145 service-based stock options during the three months ended October 31, 2013, with a weighted average exercise price of $31.07 and a weighted average fair value of $9.18. | |||||||||||||
A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2013 is presented below: | |||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at July 31, 2013 | 5,106,585 | $ | 30.68 | ||||||||||
New grants | 347,145 | 31.07 | |||||||||||
Exercised | -213,548 | 27.06 | |||||||||||
Forfeited or expired | -434,848 | 32.79 | |||||||||||
Outstanding at October 31, 2013 | 4,805,334 | $ | 30.68 | 6.1 | $ | 4,518 | |||||||
Exercisable at October 31, 2013 | 3,466,777 | $ | 30.93 | 5.1 | $ | 4,079 | |||||||
There were 3,466,777 and 4,231,429 options exercisable with a weighted average exercise price of $30.93 and $29.78 at October 31, 2013 and 2012, respectively. The cash received from the exercise of options during the three months ended October 31, 2013 and 2012, was $5,209 and $1,684, respectively. The tax benefit on options exercised during the three months ended October 31, 2013 and 2012 was $472 and $635, respectively. | |||||||||||||
The total intrinsic value of options exercised during the three months ended October 31, 2013 and 2012, based upon the average market price at the time of exercise during the period, was $1,211 and $2,033, respectively. The total fair value of stock options vested during the three months ended October 31, 2013 and 2012, was $8,383 and $6,330, respectively. | |||||||||||||
The Company granted 95,765 service-based RSUs in September 2013, with a grant price and fair value of $31.07. The Company granted 5,000 shares of service-based restricted stock in October 2013, with a grant price and fair value of $29.70. | |||||||||||||
The following table summarizes RSUs and restricted stock activity under the Company's share-based compensation plans for the three months ended October 31, 2013: | |||||||||||||
RSUs | Units | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2013 | 10,000 | $ | 30.21 | ||||||||||
New grants | 95,765 | 31.07 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | -407 | 31.07 | |||||||||||
Outstanding at October 31, 2013 | 105,358 | $ | 30.99 | ||||||||||
Restricted Stock | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2013 | 226,667 | $ | 31.52 | ||||||||||
New grants | 5,000 | 29.7 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding at October 31, 2013 | 231,667 | $ | 31.48 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ||||||||||||||
In accordance with fair value accounting guidance, the Company’s assets and liabilities measured at fair market value are classified in one of the following categories: | ||||||||||||||
Level 1 — Assets or liabilities for which fair value is based on quoted market prices in active markets for identical instruments as of the reporting date. | ||||||||||||||
Level 2 — Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable. | ||||||||||||||
Level 3 — Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. | ||||||||||||||
The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at October 31, 2013, and July 31, 2013, according to the valuation techniques the Company used to determine their fair values. | ||||||||||||||
Inputs | ||||||||||||||
Considered As | ||||||||||||||
Quoted Prices in Active Markets for Identical | Significant Other Observable Inputs (Level 2) | Fair Values | Balance Sheet Classifications | |||||||||||
Assets (Level 1) | ||||||||||||||
31-Oct-13 | ||||||||||||||
Trading securities | $ | 15,133 | $ | — | $ | 15,133 | Other assets | |||||||
Foreign exchange contracts | — | 438 | 438 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,133 | $ | 438 | $ | 15,571 | ||||||||
Foreign exchange contracts | $ | — | $ | 408 | $ | 408 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 408 | $ | 408 | ||||||||
31-Jul-13 | ||||||||||||||
Trading securities | $ | 14,975 | $ | — | $ | 14,975 | Other assets | |||||||
Foreign exchange contracts | — | 294 | 294 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 14,975 | $ | 294 | $ | 15,269 | ||||||||
Foreign exchange contracts | $ | — | $ | 890 | $ | 890 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 890 | $ | 890 | ||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||
Trading securities: The Company’s deferred compensation investments consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these investments trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. | ||||||||||||||
Foreign exchange contracts: The Company’s foreign exchange contracts were classified as Level 2, as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign exchange rates. See Note I, “Derivatives and Hedging Activities,” for additional information. | ||||||||||||||
There have been no transfers of assets or liabilities between the fair value hierarchy levels outlined above during the three months ended October 31, 2013 and 2012. In addition, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the three months ended October 31, 2013, except for the fair value measurement performed on the Asia Die-Cut and Balkhausen disposal groups. The assets and liabilities of these disposal groups were recorded at approximate fair value less costs to sell and classified as "Assets held for sale" and "Liabilities held for sale" on the condensed consolidated balance sheets as of October 31, 2013, and July 31, 2013. Fair value was determined utilizing a combination of external market factors and internal projections. A loss on the write-down of the disposal group of $15,658 was recorded within discontinued operations in the third quarter of fiscal 2013. There were no additional fair value adjustments recorded during the three months ended October 31, 2013. | ||||||||||||||
During fiscal 2013, goodwill with a carrying amount of $183,146 in the WPS Americas reporting unit was written down to its estimated implied fair value of $10,866 and represented a Level 3 asset measured at fair value on a nonrecurring basis at July 31, 2013, which was subsequent to its original recognition. In order to arrive at the implied fair value of goodwill, the Company calculated the fair value of all of the assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Intangible assets consisted of customer relationships and tradenames, which were valued using the income approach. As a result of the analysis, indefinite-lived tradenames with a carrying amount of $25,449 were written down to the estimated fair value of $14,881 and represented a Level 3 asset measured at fair value on a nonrecurring basis at July 31, 2013, which was subsequent to its original recognition. | ||||||||||||||
During fiscal 2013, goodwill with a carrying amount of $18,225 in the IDS APAC reporting unit was written off in its entirety and represented a Level 3 asset measured at fair value on a nonrecurring basis at July 31, 2013, which was subsequent to its original recognition. In order to arrive at the implied fair value of goodwill, the Company completed a qualitative assessment because the amount by which the carrying value exceeded fair value was more than the balance of goodwill remaining. | ||||||||||||||
The Company’s financial instruments, other than those presented in the disclosures above, include cash and cash equivalents, accounts receivable, notes payable, accounts payable, accrued liabilities and short-term and long-term debt. The fair values of cash and cash equivalents, accounts receivable, notes payable, accounts payable, and accrued liabilities approximated carrying values because of the short-term nature of these instruments. | ||||||||||||||
The estimated fair value of the Company’s short-term and long-term debt obligations, excluding notes payable, based on the quoted market prices for similar issues and on the current rates offered for debt of similar maturities was $279,117 and $288,055 at October 31, 2013 and July 31, 2013, respectively, as compared to the carrying value of $265,677 and $265,595 at October 31, 2013 and July 31, 2013, respectively. | ||||||||||||||
There was $15,000 outstanding on the Company's revolving loan agreement and $11,442 outstanding on the Company's USD-denominated line of credit facility with Bank of America in China at October 31, 2013. These outstanding balances are classified as "Notes Payable" in the amount of $26,442 on the condensed consolidated balance sheets, and the fair value approximates carrying value due to the short-term nature of the instruments. See Note L, "Notes Payable," for additional information. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Text Block [Abstract] | ' | |||||||||||
Restructuring | ' | |||||||||||
Restructuring | ||||||||||||
During the quarter ended October 31, 2013, the Company’s Board of Directors approved a restructuring plan to consolidate facilities in North America, Europe and Asia. The Company is implementing the restructuring plan to enhance customer service, improve efficiency of operations and reduce operating expenses. The Company expects to incur pre-tax charges of approximately $30 million in fiscal 2014 due primarily to facility consolidation activities. While it is expected the majority of this restructuring will be complete by the end of fiscal 2014, the timing of facility consolidations could change, which could impact the amount of restructuring charges recorded in fiscal 2014. The Company expects approximately $10 million in annualized, pre-tax operational savings from these restructuring activities. | ||||||||||||
In fiscal 2013, the Company implemented a restructuring plan to reduce its global workforce to address its cost structure, with annual savings of approximately $25 million exclusive of reinvestments into ongoing business initiatives. | ||||||||||||
As a result of these restructuring plans, the Company incurred restructuring charges during the three months ended October 31, 2013 of $6,840 in continuing operations. These restructuring charges consisted of $6,492 of employee separation costs, which included $883 of separation costs related to the former CEO, and $348 of other facility closure related costs. Of the $6,840 of restructuring charges recorded during the quarter, $3,977 was incurred within IDS and $2,863 within WPS. | ||||||||||||
The charges for employee separation costs consisted of severance pay, outplacement services, medical and other benefits. The costs related to these restructuring activities were recorded on the condensed consolidated statements of earnings as restructuring charges. The Company expects the majority of the remaining cash payments to be made during the next twelve months. | ||||||||||||
A reconciliation of the Company’s restructuring liability is as follows: | ||||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Beginning balance, July 31, 2013 | $ | 11,475 | $ | 2,731 | $ | 14,206 | ||||||
Restructuring charges in continuing operations | 6,492 | 348 | 6,840 | |||||||||
Restructuring charges in discontinued operations | 93 | — | 93 | |||||||||
Cash payments | (6,911 | ) | (1,765 | ) | (8,676 | ) | ||||||
Ending balance, October 31, 2013 | $ | 11,149 | $ | 1,314 | $ | 12,463 | ||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||
Derivatives and Hedging Activities | ' | |||||||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||||||
The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months, which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. Dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange currency contracts. As of October 31, 2013 and July 31, 2013, the notional amount of outstanding forward exchange contracts was $106,972 and $157,500, respectively. | ||||||||||||||||||||||||
The Company hedges a portion of known exposure using forward exchange contracts. Main exposures are related to transactions denominated in the British Pound, the Euro, Canadian Dollar, Australian Dollar, Malaysian Ringgit and Singapore Dollar. Generally, these risk management transactions will involve the use of foreign currency derivatives to minimize the impact of currency movements on non-functional currency transactions. | ||||||||||||||||||||||||
Hedge effectiveness is determined by how closely the changes in fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged item. Hedge accounting is permitted only if the hedging relationship is expected to be highly effective at the inception of the hedge and on an on-going basis. Gains or losses on the derivative related to hedge ineffectiveness are recognized in current earnings. | ||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
The Company has designated a portion of its foreign exchange contracts as cash flow hedges and recorded these contracts at fair value on the condensed consolidated balance sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. At October 31, 2013, unrealized gains of $15 have been included in OCI. As of October 31, 2012, unrealized losses of $557 were included in OCI. Balances are reclassified from OCI to earnings during the next twelve months when the hedged transactions impact earnings. For the three months ended October 31, 2013 and 2012, the Company reclassified gains of $90 and $467 from OCI into earnings, respectively. At October 31, 2013, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $13,601, including contracts to sell Euros, Canadian Dollars, Australian Dollars, British Pounds and U.S. Dollars. There were no outstanding forward foreign exchange contracts designated as cash flow hedges as of July 31, 2013. | ||||||||||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||||||
The Company has also designated intercompany and third party foreign currency denominated debt instruments as net investment hedges. At October 31, 2013, the Company designated £25,036 of intercompany loans as net investment hedges to hedge portions of its net investment in British foreign operations. On May 13, 2010, the Company completed the private placement of €75.0 million aggregate principal amount of senior unsecured notes to accredited institutional investors. This Euro-denominated debt obligation was designated as a net investment hedge to selectively hedge portions of its net investment in European foreign operations. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices. | ||||||||||||||||||||||||
Additionally, the Company utilizes forward foreign exchange currency contracts designated as hedge instruments to hedge portions of the Company’s net investments in foreign operations. The net gains or losses attributable to changes in spot exchange rates are recorded in other comprehensive income. Recognition in earnings of amounts previously recorded in cumulative translation is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. At October 31, 2013 and July 31, 2013, the U.S dollar equivalent of these outstanding forward foreign exchange contracts totaled $4,500. As of October 31, 2013 and 2012, the Company recognized OCI losses of $244 and $5,301, respectively, on its net investment hedges. | ||||||||||||||||||||||||
Non-Designated Hedges | ||||||||||||||||||||||||
For the three months ended October 31, 2013 and 2012, the Company recognized gains of $1,447 and $186, respectively, in “Investment and other income” on the condensed consolidated statements of earnings related to non-designated hedges. | ||||||||||||||||||||||||
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | 31-Oct-13 | 31-Jul-13 | |||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | |||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 13 | Prepaid expenses and other current assets | $ | — | Other current liabilities | $ | — | Other current liabilities | $ | — | ||||||||||||
Net investment hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | 18 | Prepaid expenses and other current assets | 7 | Other current liabilities | — | Other current liabilities | — | ||||||||||||||||
Foreign currency denominated debt | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Long term obligations, less current maturities | 103,013 | Long term obligations, less current maturities | 99,750 | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 31 | $ | 7 | $ | 103,013 | $ | 99,750 | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 407 | Prepaid expenses and other current assets | $ | 287 | Other current liabilities | $ | 408 | Other current liabilities | $ | 890 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 407 | $ | 287 | $ | 408 | $ | 890 | ||||||||||||||||
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Acquisitions and Divestitures | ' | |||||||
Acquisitions | ||||||||
On December 28, 2012, the Company acquired all of the outstanding shares of Precision Dynamics Corporation ("PDC"), a manufacturer of identification products primarily for the healthcare sector headquartered in Valencia, California. PDC is reported within the Company's ID Solutions segment. Financing for this acquisition consisted of $220,000 from the Company's revolving loan agreement with a group of six banks and the balance from cash on hand. The Company has repaid a total of $205,000 of the borrowing, of which $24,000 was repaid during the three months ended October 31, 2013. The outstanding balance under the revolving loan agreement was $15,000 as of October 31, 2013. | ||||||||
The Company acquired PDC to create an anchor position in the healthcare sector, consistent with the Company's mission to identify and protect premises, products and people. PDC's large customer base, strong channels to market, and broad product offering provide a strong foundation to build upon PDC's market position. | ||||||||
The table below details a preliminary allocation of the PDC purchase price: | ||||||||
Fair values: | October 31, 2013 | |||||||
Cash and cash equivalents | $ | 12,904 | ||||||
Accounts receivable — net | 21,178 | |||||||
Total inventories | 16,788 | |||||||
Prepaid expenses and other current assets | 4,232 | |||||||
Goodwill | 169,425 | |||||||
Other intangible assets | 109,300 | |||||||
Other assets | 483 | |||||||
Property, plant and equipment | 18,015 | |||||||
Accounts payable | (9,921 | ) | ||||||
Wages and amounts withheld from employees | (4,234 | ) | ||||||
Taxes, other than income taxes | (600 | ) | ||||||
Accrued income taxes | (57 | ) | ||||||
Other current liabilities | (5,245 | ) | ||||||
Other long-term liabilities | (18,207 | ) | ||||||
314,061 | ||||||||
Less: cash acquired | (12,904 | ) | ||||||
Fair value of total consideration | $ | 301,157 | ||||||
The final purchase price allocation is subject to the conclusion of various state and local tax filing determinations and other contingencies. The final valuation is expected to be completed as soon as is practicable but no later than 12 months after the closing date of the acquisition. The intangible assets consist of a customer relationship of $102,500, which is being amortized over a life of 10 years, and a definite-lived trademark of $6,800, which is being amortized over a life of 3 years. Of the total $169,425 in acquired goodwill, $57,374 is tax deductible, and $51,672of the total $109,300 in intangible assets is tax deductible. | ||||||||
The following table reflects the unaudited pro forma operating results of the Company for the three months ended October 31, 2013 and 2012, which give effect to the acquisition of PDC as if it had occurred at the beginning of fiscal 2012, after adjusting for the amortization of intangible assets, interest expense on acquisition debt, and income tax effects. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisitions been effected on the date indicated, nor are they necessarily indicative of the Company's future results of operations. | ||||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Net sales, as reported | $ | 305,974 | $ | 270,866 | ||||
Net sales, pro forma | 305,974 | 312,916 | ||||||
Earnings from continuing operations, as reported | 17,423 | 25,785 | ||||||
Earnings from continuing operations, pro forma | 17,423 | 26,689 | ||||||
Basic earnings from continuing operations per Class A Common Share, as reported | 0.33 | 0.5 | ||||||
Basic earnings from continuing operations per Class A Common Share, pro forma | 0.33 | 0.52 | ||||||
Diluted earnings from continuing operations per Class A Common Share, as reported | 0.33 | 0.5 | ||||||
Diluted earnings from continuing operations per Class A Common Share, pro forma | 0.33 | 0.52 | ||||||
Pro forma results for the three months ended October 31, 2012 were adjusted to include $323 in interest expense on acquisition debt and $554 in income tax benefit, and also includes $3,130 of pretax amortization expense related to intangible assets. |
Notes_Payable
Notes Payable | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Notes Payable | ' | |||||||
Notes Payable | ||||||||
In December 2012, the Company drew down $220,000 from its revolving loan agreement with a group of six banks to fund a portion of the purchase price of the acquisition of PDC. As of July 31, 2013, there was $39,000 outstanding on this revolving loan agreement. During the three months ended October 31, 2013, the Company repaid $24,000 of the borrowing and the Company intends to repay the remainder of the borrowing within 12 months of the current period end. As such, the borrowing is classified as "Notes payable" within current liabilities on the condensed consolidated balance sheets. During the three months ended October 31, 2013, the maximum amount outstanding on the revolving loan agreement was $39,000. As of October 31, 2013, the outstanding balance on the credit facility was $15,000 and there was $285,000 available for future borrowing under the credit facility, which can be increased to $435,000 at the Company's option, subject to certain conditions. | ||||||||
In February 2013, the Company entered into a USD-denominated line of credit facility in China. The facility supports USD-denominated borrowing to fund working capital and operations for the Company's Chinese entities. During the three months ended October 31, 2013, the maximum amount outstanding was $11,442 which was the balance outstanding at October 31, 2013. As of October 31, 2013, there was $14,758 available for future borrowing under this credit facility. | ||||||||
As of October 31, 2013, borrowings on the revolving loan agreement and China line of credit were as follows: | ||||||||
Interest Rate | 31-Oct-13 | |||||||
USD-denominated borrowing on revolving loan agreement | 1.2598 | % | $ | 15,000 | ||||
USD-denominated borrowing on China line of credit | 1.5298 | % | 11,442 | |||||
Notes payable | 1.3766 | % | $ | 26,442 | ||||
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||
Discontinued Operations | ||||||||
The Company announced its plan to divest its Asia Die-Cut business in the third quarter of fiscal 2013, and incorporated its Balkhausen business into that plan during the fourth quarter of fiscal 2013. As a result, the businesses have been classified as assets and liabilities held for sale in accordance with the authoritative literature as of October 31, 2013. The disposal groups have been recorded based on the estimated fair value less costs to sell, which resulted in a write down of $15,658, recorded in the third quarter of fiscal 2013. The operating results have been reported as discontinued operations for the comparative periods ended October 31, 2013 and 2012, including the operating results of the following two previously divested businesses: | ||||||||
Divestitures | Segment | Date Completed | ||||||
Precision Converting, LLC (“Brady Medical”) | ID Solutions | August 2012 | ||||||
Varitronics | ID Solutions | October 2012 | ||||||
The following table summarizes the operating results of discontinued operations for the three months ended October 31, 2013 and 2012: | ||||||||
Three Months Ended October 31, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 67,413 | $ | 68,141 | ||||
Earnings from operations of discontinued businesses | 9,185 | 1,807 | ||||||
Income tax expense | (2,680 | ) | (404 | ) | ||||
Earnings from discontinued operations, net of income tax | $ | 6,505 | $ | 1,403 | ||||
The following table details assets and liabilities of the Asia Die-Cut & Balkhausen disposal groups classified as held for sale as of October 31, 2013: | ||||||||
31-Oct-13 | ||||||||
Accounts receivable—net | $ | 55,677 | ||||||
Total inventories | 24,459 | |||||||
Prepaid expenses and other current assets | 459 | |||||||
Total current assets | 80,595 | |||||||
Other assets: | ||||||||
Goodwill | 37,772 | |||||||
Other intangible assets | 914 | |||||||
Other | 556 | |||||||
Property, plant and equipment—net | 28,437 | |||||||
Total assets | $ | 148,274 | ||||||
Current liabilities: | ||||||||
Accounts payable | $ | 38,523 | ||||||
Wages and amounts withheld from employees | 3,669 | |||||||
Other current liabilities | 1,784 | |||||||
Total current liabilities | 43,976 | |||||||
Net assets of disposal group | 104,298 | |||||||
Less: write-down on disposal group | (15,658 | ) | ||||||
Net assets of disposal group at fair value | $ | 88,640 | ||||||
In accordance with authoritative literature, accumulated other comprehensive income will be reclassified to the statement of earnings upon liquidation or substantial liquidation of the disposal group. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2013 | |
Text Block [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On November 20, 2013, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.195 per share payable on January 31, 2014 to shareholders of record at the close of business on January 10, 2014. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Notes) | 3 Months Ended |
Oct. 31, 2013 | |
Entity Information [Line Items] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which clarified that the scope of the disclosures under U.S. GAAP is limited to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with ASC 210 or ASC 815. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement are no longer subject to the disclosure requirements in ASU 2011-11. The guidance is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. Disclosures are to be provided retrospectively for all periods presented. The adoption of this update did not have an impact on the Company's condensed consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires entities to disclose additional information for items reclassified out of accumulated other comprehensive income ("AOCI"). For items reclassified out of AOCI and into net earnings in their entirety, entities are required to disclose the effect of the reclassification in each affected line in the statement of earnings. For AOCI reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required U.S. GAAP disclosures is required. This information may be provided either in the notes or parenthetically on the face of the statement that reports net earnings as long as all the information is disclosed in a single location. However, an entity is prohibited from providing this information parenthetically on the face of the statement that reports net earnings if it has items that are not reclassified in their entirety into net earnings. The adoption of this update did not have a material impact on the Company's condensed consolidated financial statements; however, the Company provided additional disclosures as required by ASU 2013-02 in Note C, "Comprehensive Income," in the notes to the condensed consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity," which applies to the release of the cumulative translation adjustment into net earnings when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The guidance requires that a parent deconsolidate a subsidiary or derecognize a group of assets that is a business if the parent ceases to have a controlling financial interest in that group of assets, and resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The guidance is effective for annual and interim reporting periods beginning after December 15, 2013. The adoption of this update will not have a material impact on the consolidated financial statements of the Company. | |
In July 2013, the FASB issued 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), which requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This accounting standard update requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. This guidance is effective for fiscal years beginning after December 15, 2013. The Company is not anticipating adoption of this update to have a material impact on the Company's consolidated financial statements. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the three months ended October 31, 2013, were as follows: | ||||||||||||||||||||||||||||
IDS | WPS | Total | ||||||||||||||||||||||||||
Balance as of July 31, 2013 | $ | 517,030 | $ | 100,206 | $ | 617,236 | ||||||||||||||||||||||
Purchase accounting adjustments | (755 | ) | — | $ | (755 | ) | ||||||||||||||||||||||
Translation adjustments | 3,956 | 3,728 | $ | 7,684 | ||||||||||||||||||||||||
Balance as of October 31, 2013 | $ | 520,231 | $ | 103,934 | $ | 624,165 | ||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||||
The net book value of these assets was as follows: | ||||||||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | |||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net Book | Weighted | Gross | Accumulated | Net Book | |||||||||||||||||||||
Average | Carrying | Amortization | Value | Average | Carrying | Amortization | Value | |||||||||||||||||||||
Amortization | Amount | Amortization | Amount | |||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(Years) | (Years) | |||||||||||||||||||||||||||
Amortized other intangible assets: | ||||||||||||||||||||||||||||
Patents | 5 | $ | 11,125 | $ | (9,737 | ) | $ | 1,388 | 5 | $ | 11,053 | $ | (9,597 | ) | $ | 1,456 | ||||||||||||
Trademarks and other | 5 | 15,809 | (9,207 | ) | 6,602 | 5 | 15,289 | (8,398 | ) | 6,891 | ||||||||||||||||||
Customer relationships | 8 | 264,430 | (151,475 | ) | 112,955 | 8 | 261,076 | (144,620 | ) | 116,456 | ||||||||||||||||||
Non-compete agreements and other | 4 | 15,263 | (14,634 | ) | 629 | 4 | 14,942 | (14,215 | ) | 727 | ||||||||||||||||||
Unamortized other intangible assets: | ||||||||||||||||||||||||||||
Trademarks | N/A | 31,238 | — | 31,238 | N/A | 31,321 | — | 31,321 | ||||||||||||||||||||
Total | $ | 337,865 | $ | (185,053 | ) | $ | 152,812 | $ | 333,681 | $ | (176,830 | ) | $ | 156,851 | ||||||||||||||
Other_Comprehensive_Income_Oth1
Other Comprehensive Income Other Comprehensive Income, Tax (Tables) | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Text Block [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
The following table illustrates the changes in the balances of each component of accumulated other comprehensive income for the periods presented. The unrealized gain (loss) on cash flow hedges and the unamortized gain on postretirement plans are presented net of tax: | ||||||||||||
Unrealized gain (loss) on cash flow hedges | Unamortized gain on postretirement plans | Foreign currency translation adjustments | Accumulated other comprehensive income | |||||||||
Beginning balance, July 31, 2013 | 99 | 1,853 | 54,111 | 56,063 | ||||||||
Other comprehensive (loss) income before reclassification | (32 | ) | — | 14,273 | 14,241 | |||||||
Amounts reclassified from accumulated other comprehensive income | (55 | ) | (117 | ) | — | (172 | ) | |||||
Ending balance, October 31, 2013 | 12 | 1,736 | 68,384 | 70,132 | ||||||||
other comprehensive income , tax [Table Text Block] | ' | |||||||||||
The following table illustrates the income tax benefit (expense) on the components of other comprehensive income for the three months ended October 31, 2013 and 2012: | ||||||||||||
Three months ended October 31, | ||||||||||||
2013 | 2012 | |||||||||||
Income tax benefit (expense) related to items of other comprehensive income: | ||||||||||||
Net investment hedge translation adjustments | $ | 1,314 | $ | 1,953 | ||||||||
Long-term intercompany loan settlements | 1,403 | 55 | ||||||||||
Cash flow hedges | 18 | 434 | ||||||||||
Other income tax adjustments | (93 | ) | (187 | ) | ||||||||
Income tax benefit related to items of other comprehensive income | $ | 2,642 | $ | 2,255 | ||||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Reconciliations of Numerator and Denominator of Basic and Diluted Per Share | ' | |||||||
Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: | ||||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Numerator: (in thousands) | ||||||||
Earnings from continuing operations | $ | 17,423 | $ | 25,785 | ||||
Less: | ||||||||
Restricted stock dividends | (45 | ) | (59 | ) | ||||
Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share | $ | 17,378 | $ | 25,726 | ||||
Less: | ||||||||
Preferential dividends | (813 | ) | (797 | ) | ||||
Preferential dividends on dilutive stock options | (6 | ) | (4 | ) | ||||
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share | $ | 16,559 | $ | 24,925 | ||||
Denominator: (in thousands) | ||||||||
Denominator for basic earnings from continuing operations per share for both Class A and Class B | 52,071 | 51,039 | ||||||
Plus: Effect of dilutive stock options | 348 | 273 | ||||||
Denominator for diluted earnings from continuing operations per share for both Class A and Class B | 52,419 | 51,312 | ||||||
Earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.33 | $ | 0.5 | ||||
Diluted | $ | 0.33 | $ | 0.5 | ||||
Earnings from continuing operations per Class B Voting Common Share: | ||||||||
Basic | $ | 0.32 | $ | 0.49 | ||||
Diluted | $ | 0.32 | $ | 0.49 | ||||
Earnings from discontinued operations per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.13 | $ | 0.03 | ||||
Diluted | $ | 0.13 | $ | 0.03 | ||||
Earnings from discontinued operations per Class B Voting Common Share: | ||||||||
Basic | $ | 0.12 | $ | 0.03 | ||||
Diluted | $ | 0.12 | $ | 0.02 | ||||
Net Earnings per Class A Nonvoting Common Share: | ||||||||
Basic | $ | 0.46 | $ | 0.53 | ||||
Diluted | $ | 0.46 | $ | 0.53 | ||||
Net earnings per Class B Voting Common Share: | ||||||||
Basic | $ | 0.44 | $ | 0.52 | ||||
Diluted | $ | 0.44 | $ | 0.51 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Schedule of Segment Reporting Information by Segment | ' | |||||||
Three months ended October 31, | ||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||
Sales to External Customers | ||||||||
ID Solutions | $ | 207,990 | $ | 161,244 | ||||
Workplace Safety | 97,984 | 109,622 | ||||||
Total Company | $ | 305,974 | $ | 270,866 | ||||
Segment Profit | ||||||||
ID Solutions | $ | 50,110 | $ | 43,973 | ||||
Workplace Safety | 18,374 | 27,829 | ||||||
Total Company | $ | 68,484 | $ | 71,802 | ||||
Net Income Reconciliation | ' | |||||||
The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three months ended October 31, 2013 and 2012: | ||||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Total profit from reportable segments | $ | 68,484 | $ | 71,802 | ||||
Unallocated amounts: | ||||||||
Administrative costs | (32,813 | ) | (29,174 | ) | ||||
Restructuring charges | (6,840 | ) | — | |||||
Investment and other income | 762 | 397 | ||||||
Interest expense | (3,721 | ) | (4,163 | ) | ||||
Earnings from continuing operations before income taxes | $ | 25,872 | $ | 38,862 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes RSUs and restricted stock activity under the Company's share-based compensation plans for the three months ended October 31, 2013: | |||||||||||||
RSUs | Units | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2013 | 10,000 | $ | 30.21 | ||||||||||
New grants | 95,765 | 31.07 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | -407 | 31.07 | |||||||||||
Outstanding at October 31, 2013 | 105,358 | $ | 30.99 | ||||||||||
Restricted Stock | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2013 | 226,667 | $ | 31.52 | ||||||||||
New grants | 5,000 | 29.7 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding at October 31, 2013 | 231,667 | $ | 31.48 | ||||||||||
Stock Option Assumptions | ' | ||||||||||||
The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: | |||||||||||||
Three months ended October 31, | |||||||||||||
Black-Scholes Option Valuation Assumptions | 2013 | 2012 | |||||||||||
Expected term (in years) | 5.92 | 5.94 | |||||||||||
Expected volatility | 37.41 | % | 38.73 | % | |||||||||
Expected dividend yield | 2.36 | % | 2.2 | % | |||||||||
Risk-free interest rate | 1.78 | % | 0.89 | % | |||||||||
Weighted-average market value of underlying stock at grant date | $ | 31.07 | $ | 30.21 | |||||||||
Weighted-average exercise price | $ | 31.07 | $ | 30.21 | |||||||||
Weighted-average fair value of options granted during the period | $ | 9.18 | $ | 8.96 | |||||||||
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | ' | ||||||||||||
A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2013 is presented below: | |||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at July 31, 2013 | 5,106,585 | $ | 30.68 | ||||||||||
New grants | 347,145 | 31.07 | |||||||||||
Exercised | -213,548 | 27.06 | |||||||||||
Forfeited or expired | -434,848 | 32.79 | |||||||||||
Outstanding at October 31, 2013 | 4,805,334 | $ | 30.68 | 6.1 | $ | 4,518 | |||||||
Exercisable at October 31, 2013 | 3,466,777 | $ | 30.93 | 5.1 | $ | 4,079 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | ' | |||||||||||||
Inputs | ||||||||||||||
Considered As | ||||||||||||||
Quoted Prices in Active Markets for Identical | Significant Other Observable Inputs (Level 2) | Fair Values | Balance Sheet Classifications | |||||||||||
Assets (Level 1) | ||||||||||||||
31-Oct-13 | ||||||||||||||
Trading securities | $ | 15,133 | $ | — | $ | 15,133 | Other assets | |||||||
Foreign exchange contracts | — | 438 | 438 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,133 | $ | 438 | $ | 15,571 | ||||||||
Foreign exchange contracts | $ | — | $ | 408 | $ | 408 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 408 | $ | 408 | ||||||||
31-Jul-13 | ||||||||||||||
Trading securities | $ | 14,975 | $ | — | $ | 14,975 | Other assets | |||||||
Foreign exchange contracts | — | 294 | 294 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 14,975 | $ | 294 | $ | 15,269 | ||||||||
Foreign exchange contracts | $ | — | $ | 890 | $ | 890 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 890 | $ | 890 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Text Block [Abstract] | ' | |||||||||||
Restructuring Reserve Roll Forward | ' | |||||||||||
A reconciliation of the Company’s restructuring liability is as follows: | ||||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Beginning balance, July 31, 2013 | $ | 11,475 | $ | 2,731 | $ | 14,206 | ||||||
Restructuring charges in continuing operations | 6,492 | 348 | 6,840 | |||||||||
Restructuring charges in discontinued operations | 93 | — | 93 | |||||||||
Cash payments | (6,911 | ) | (1,765 | ) | (8,676 | ) | ||||||
Ending balance, October 31, 2013 | $ | 11,149 | $ | 1,314 | $ | 12,463 | ||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||
Fair Values of Derivative Instruments in Consolidated Balance Sheets | ' | |||||||||||||||||||||||
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | 31-Oct-13 | 31-Jul-13 | |||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | |||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 13 | Prepaid expenses and other current assets | $ | — | Other current liabilities | $ | — | Other current liabilities | $ | — | ||||||||||||
Net investment hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | 18 | Prepaid expenses and other current assets | 7 | Other current liabilities | — | Other current liabilities | — | ||||||||||||||||
Foreign currency denominated debt | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Long term obligations, less current maturities | 103,013 | Long term obligations, less current maturities | 99,750 | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 31 | $ | 7 | $ | 103,013 | $ | 99,750 | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 407 | Prepaid expenses and other current assets | $ | 287 | Other current liabilities | $ | 408 | Other current liabilities | $ | 890 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 407 | $ | 287 | $ | 408 | $ | 890 | ||||||||||||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures Purchase price allocation (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Statement of Financial Position [Abstract] | ' | |||||||
Schedule of Purchase Price Allocation | ' | |||||||
The table below details a preliminary allocation of the PDC purchase price: | ||||||||
Fair values: | October 31, 2013 | |||||||
Cash and cash equivalents | $ | 12,904 | ||||||
Accounts receivable — net | 21,178 | |||||||
Total inventories | 16,788 | |||||||
Prepaid expenses and other current assets | 4,232 | |||||||
Goodwill | 169,425 | |||||||
Other intangible assets | 109,300 | |||||||
Other assets | 483 | |||||||
Property, plant and equipment | 18,015 | |||||||
Accounts payable | (9,921 | ) | ||||||
Wages and amounts withheld from employees | (4,234 | ) | ||||||
Taxes, other than income taxes | (600 | ) | ||||||
Accrued income taxes | (57 | ) | ||||||
Other current liabilities | (5,245 | ) | ||||||
Other long-term liabilities | (18,207 | ) | ||||||
314,061 | ||||||||
Less: cash acquired | (12,904 | ) | ||||||
Fair value of total consideration | $ | 301,157 | ||||||
Pro Forma Information | ' | |||||||
Three months ended October 31, | ||||||||
2013 | 2012 | |||||||
Net sales, as reported | $ | 305,974 | $ | 270,866 | ||||
Net sales, pro forma | 305,974 | 312,916 | ||||||
Earnings from continuing operations, as reported | 17,423 | 25,785 | ||||||
Earnings from continuing operations, pro forma | 17,423 | 26,689 | ||||||
Basic earnings from continuing operations per Class A Common Share, as reported | 0.33 | 0.5 | ||||||
Basic earnings from continuing operations per Class A Common Share, pro forma | 0.33 | 0.52 | ||||||
Diluted earnings from continuing operations per Class A Common Share, as reported | 0.33 | 0.5 | ||||||
Diluted earnings from continuing operations per Class A Common Share, pro forma | 0.33 | 0.52 | ||||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Schedule of borrowings on revolving loan agreement | ' | |||||||
As of October 31, 2013, borrowings on the revolving loan agreement and China line of credit were as follows: | ||||||||
Interest Rate | 31-Oct-13 | |||||||
USD-denominated borrowing on revolving loan agreement | 1.2598 | % | $ | 15,000 | ||||
USD-denominated borrowing on China line of credit | 1.5298 | % | 11,442 | |||||
Notes payable | 1.3766 | % | $ | 26,442 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The following table details assets and liabilities of the Asia Die-Cut & Balkhausen disposal groups classified as held for sale as of October 31, 2013: | ||||||||
31-Oct-13 | ||||||||
Accounts receivable—net | $ | 55,677 | ||||||
Total inventories | 24,459 | |||||||
Prepaid expenses and other current assets | 459 | |||||||
Total current assets | 80,595 | |||||||
Other assets: | ||||||||
Goodwill | 37,772 | |||||||
Other intangible assets | 914 | |||||||
Other | 556 | |||||||
Property, plant and equipment—net | 28,437 | |||||||
Total assets | $ | 148,274 | ||||||
Current liabilities: | ||||||||
Accounts payable | $ | 38,523 | ||||||
Wages and amounts withheld from employees | 3,669 | |||||||
Other current liabilities | 1,784 | |||||||
Total current liabilities | 43,976 | |||||||
Net assets of disposal group | 104,298 | |||||||
Less: write-down on disposal group | (15,658 | ) | ||||||
Net assets of disposal group at fair value | $ | 88,640 | ||||||
Die-Cut Asia [Member] | ' | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The following table summarizes the operating results of discontinued operations for the three months ended October 31, 2013 and 2012: | ||||||||
Three Months Ended October 31, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 67,413 | $ | 68,141 | ||||
Earnings from operations of discontinued businesses | 9,185 | 1,807 | ||||||
Income tax expense | (2,680 | ) | (404 | ) | ||||
Earnings from discontinued operations, net of income tax | $ | 6,505 | $ | 1,403 | ||||
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Goodwill [Line Items] | ' |
Balance as of July 31, 2013 | $617,236 |
Translation adjustments | 7,684 |
Goodwill, Purchase Accounting Adjustments | -755 |
Balance as of October 31, 2013 | 624,165 |
Goodwill, Period Increase (Decrease) | 6,929 |
Id Solutions [Member] | ' |
Goodwill [Line Items] | ' |
Balance as of July 31, 2013 | 517,030 |
Translation adjustments | 3,956 |
Goodwill, Purchase Accounting Adjustments | -755 |
Balance as of October 31, 2013 | 520,231 |
Workplace Safety [Member] | ' |
Goodwill [Line Items] | ' |
Balance as of July 31, 2013 | 100,206 |
Translation adjustments | 3,728 |
Balance as of October 31, 2013 | $103,934 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill [Line Items] | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $190,505 |
Customer relationships | 102,500 |
Amortized trademarks | 6,800 |
Id Solutions [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 18,225 |
Workplace Safety [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $172,280 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Other Intangible Asset (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 |
Patents [Member] | Patents [Member] | Trademarks and other [Member] | Trademarks and other [Member] | Customer relationships [Member] | Customer relationships [Member] | Non-compete agreements and other [Member] | Non-compete agreements and other [Member] | Trademarks [Member] | Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $5,077 | $4,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Amortization Period | ' | ' | ' | '5 years | '5 years | '5 years | '5 years | '8 years | '8 years | '4 years | '4 years | ' | ' |
Gross Carrying Amount | 337,865 | ' | 333,681 | 11,125 | 11,053 | 15,809 | 15,289 | 264,430 | 261,076 | 15,263 | 14,942 | 31,238 | 31,321 |
Accumulated Amortization | -185,053 | ' | -176,830 | -9,737 | -9,597 | -9,207 | -8,398 | -151,475 | -144,620 | -14,634 | -14,215 | 0 | 0 |
Net Book Value | 152,812 | ' | 156,851 | 1,388 | 1,456 | 6,602 | 6,891 | 112,955 | 116,456 | 629 | 727 | 31,238 | 31,321 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 19,629 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 18,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 16,598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $12,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Comprehensive_Income_Oth2
Other Comprehensive Income Other Comprehensive Income, Text (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Derivatives used in Net Investment Hedge, Tax Benefit (Expense) | $1,314 | $1,953 | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 12 | ' | 99 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 1,736 | ' | 1,853 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 68,384 | ' | 54,111 |
Accumulated other comprehensive income | 70,132 | ' | 56,063 |
Other Comprehensive Income Before Tax and Reclassification Adjustments | 14,241 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -32 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 14,273 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -172 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 2,642 | 2,255 | ' |
Adjustment for Long-term Intercompany Transactions, Tax Benefit (Expense) | 1,403 | 55 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 18 | 434 | ' |
Other Comprehensive Income Tax Other Adjustments | -93 | -187 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -55 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ($117) | ' | ' |
Net_Income_per_Common_Share_Re
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Earnings Per Share [Line Items] | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | $17,423 | $26,689 |
Income (Loss) from Continuing Operations Attributable to Parent | 17,423 | 25,785 |
Denominator for basic net income per share for both Class A and Class B | 52,071 | 51,039 |
Plus: Effect of dilutive stock options | 348 | 273 |
Denominator for diluted net income per share for both Class A and Class B | 52,419 | 51,312 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.33 | $0.52 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.33 | $0.52 |
Payments of Ordinary Dividends, Common Stock | 10,149 | 9,705 |
Class A nonvoting common stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 17,378 | 25,726 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.33 | $0.50 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.33 | $0.50 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.13 | $0.03 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.13 | $0.03 |
Earnings Per Share, Basic | $0.46 | $0.53 |
Earnings Per Share, Diluted | $0.46 | $0.53 |
Class B voting common stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 16,559 | 24,925 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.32 | $0.49 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.32 | $0.49 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.12 | $0.03 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.12 | $0.02 |
Earnings Per Share, Basic | $0.44 | $0.52 |
Earnings Per Share, Diluted | $0.44 | $0.51 |
Restricted Stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Payments of Ordinary Dividends, Common Stock | 45 | 59 |
Preferential Dividends on Class A Nonvoting Common Stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Payments of Ordinary Dividends, Common Stock | 813 | 797 |
Preferential Dividends on Dilutive Shares [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Payments of Ordinary Dividends, Common Stock | $6 | $4 |
Net_Income_per_Common_Share_Ad
Net Income per Common Share - Additional Informations (Detail) (Class A nonvoting common stock [Member]) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Class A nonvoting common stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Common stock of Class A shares excluded from computations of diluted net income per share | 2,505,000 | 5,072,000 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | $305,974 | $270,866 |
Operating Income (Loss) | 28,831 | 42,628 |
Total profit from reportable segments | 68,484 | 71,802 |
Id Solutions [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | 207,990 | 161,244 |
Total profit from reportable segments | 50,110 | 43,973 |
Workplace Safety [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | 97,984 | 109,622 |
Total profit from reportable segments | $18,374 | $27,829 |
Segment_Information_Net_Income
Segment Information - Net Income Reconciliation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Disclosure Segment Information Net Income Reconciliation [Abstract] | ' | ' |
Total profit from reportable segments | $68,484 | $71,802 |
Unallocated amounts: | ' | ' |
Administrative costs | -32,813 | -29,174 |
Restructuring charges | -6,840 | 0 |
Investment and other income | 762 | 397 |
Interest Expense | -3,721 | -4,163 |
Earnings from continuing operations before income taxes | 25,872 | 38,862 |
Income Tax Expense (Benefit), Continuing Operations | -8,449 | -13,077 |
Income (Loss) from Continuing Operations Attributable to Parent | 17,423 | 25,785 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 6,505 | 1,403 |
Net (loss) income | $23,928 | $27,188 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Assumptions (Detail) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Service Based Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term | '5 years 11 months 1 day | '5 years 11 months 9 days |
Expected volatility | 37.41% | 38.73% |
Expected dividend yield | 2.36% | 2.20% |
Risk-free interest rate | 1.78% | 0.89% |
Weighted-average market value of underlying stock at grant date (USD per share) | $31.07 | $30.21 |
Weighted average exercise price (USD per share) | $31.07 | $30.21 |
Weighted-average fair value of options granted during the period (USD per share) | $9.18 | $8.96 |
Vesting period of service based stock options | 33.33% | ' |
Performance Based Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expiration period of options | '10 years | ' |
Service Based Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expiration period of options | '10 years | ' |
Service Based Option [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '7 years | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Cliff-Vested Restricted Shares [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity under Company's Share-Based Compensation Plans (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 |
Service Based Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | $31.48 | $31.52 | $30.99 | $30.21 |
Share-based Compensation | $2,600 | $4,399 | ' | ' | ' | ' | ' |
Total stock compensation expense, net of tax | 1,586 | 2,683 | ' | ' | ' | ' | ' |
Shares outstanding, beginning balance | 5,106,585 | ' | ' | 226,667 | ' | 10,000 | ' |
Shares outstanding, new grants | ' | ' | 347,145 | 5,000 | ' | 95,765 | ' |
Shares outstanding, exercised | -213,548 | ' | ' | ' | ' | ' | ' |
Shares outstanding, forfeited or expired | -434,848 | ' | ' | ' | ' | ' | ' |
Shares outstanding, ending balance | 4,805,334 | ' | ' | 231,667 | ' | 105,358 | ' |
Options outstanding, exercisable | 3,466,777 | 4,231,429 | ' | ' | ' | ' | ' |
Options outstanding, beginning balance, weighted average exercise price (USD per share) | $30.68 | ' | ' | ' | ' | ' | ' |
Options outstanding, new grants, weighted average exercise price (USD per share) | ' | ' | $31.07 | ' | ' | ' | ' |
Options outstanding, exercised, weighted average exercise price (USD per share) | $27.06 | ' | ' | ' | ' | ' | ' |
Options outstanding, forfeited or expired, weighted average exercise price (USD per share) | ' | ' | ' | $0 | ' | $31.07 | ' |
Options outstanding, ending balance, weighted average exercise price (USD per share) | $30.68 | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of options exercisable | $30.93 | $29.78 | ' | ' | ' | ' | ' |
Options outstanding, ending balance, weighted average remaining contractual term | '6 years 1 month 6 days | ' | ' | ' | ' | ' | ' |
Options outstanding, exercisable, weighted average remaining contractual term | '5 years 1 month 6 days | ' | ' | ' | ' | ' | ' |
Options outstanding, ending balance, aggregate intrinsic value | 4,518 | ' | ' | ' | ' | ' | ' |
Options outstanding, exercisable, aggregate intrinsic value | 4,079 | ' | ' | ' | ' | ' | ' |
Fair Value Options Vested During Period | 8,383 | 6,330 | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | $5,209 | $1,684 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | $29.70 | ' | $31.07 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | 0 | ' | -407 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $32.79 | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation | $2,600,000 | $4,399,000 |
Total stock compensation expense, net of tax | 1,586,000 | 2,683,000 |
Unrealized compensation cost related to share-based compensation, pre tax | 10,753,000 | ' |
Weighted average period remaining | '2 years 1 month 6 days | ' |
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. | 3,466,777 | 4,231,429 |
Weighted average exercise price of options exercisable | $30.93 | $29.78 |
Proceeds from Stock Options Exercised | 5,209,000 | 1,684,000 |
Tax benefit on options exercised | 472,000 | 635,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $1,211 | $2,033 |
Service Based Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expiration period of options | '10 years | ' |
Shares outstanding, new grants | 347,145 | ' |
Weighted average exercise price (USD per share) | $31.07 | ' |
Service Based Option [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Performance Based Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expiration period of options | '10 years | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '7 years | ' |
Class A nonvoting common stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding stock options and restricted shares of Class A Nonvoting Common Stock | 5,042,860 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized For Future Issuance | 3,921,653 | ' |
Cliff-Vested Restricted Shares [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Service Based Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period of service based stock options | 33.33% | ' |
Weighted-average fair value of options granted during the period (USD per share) | $9.18 | $8.96 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares outstanding, new grants | 5,000 | ' |
Weighted-average fair value of options granted during the period (USD per share) | $29.70 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule Of Stockholders Equity [Line Items] | ' | ' |
Value of reacquired shares in connection with its repurchase plan | $0 | $5,121 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 |
Other Assets [Member] | Other Assets [Member] | Prepaid expenses and other current assets [Member] | Prepaid expenses and other current assets [Member] | Other current liabilities [Member] | Other current liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Other Assets [Member] | Other Assets [Member] | Prepaid expenses and other current assets [Member] | Prepaid expenses and other current assets [Member] | Other current liabilities [Member] | Other current liabilities [Member] | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading securities | ' | ' | ' | $15,133 | $14,975 | ' | ' | ' | ' | ' | ' | $15,133 | $14,975 | ' | ' | ' | ' | ' | ' |
Foreign exchange contracts | 244 | 5,301 | ' | ' | ' | 438 | 294 | 408 | 890 | ' | ' | ' | ' | ' | ' | 438 | 294 | 408 | 890 |
Total Assets | 15,571 | ' | 15,269 | ' | ' | ' | ' | ' | ' | 15,133 | 14,975 | ' | ' | 438 | 294 | ' | ' | ' | ' |
Total Liabilities | $408 | ' | $890 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $408 | $890 | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2013 | Oct. 31, 2013 | Jul. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Disposal Group, Including Discontinued Operations, Loss (Gain) on Write-down | $15,658 | ' | ' |
Goodwill | ' | 624,165 | 617,236 |
Foreign currency denominated debt | ' | 279,117 | 288,055 |
Long Term and Short Term Debt, Carrying Value | ' | 265,677 | 265,595 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 435,000 | ' |
Notes payable | ' | 26,442 | 50,613 |
Workplace Safety Americas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill | ' | ' | 183,146 |
Estimated implied fair value | ' | ' | 10,866 |
Indefinite-Lived Trade Names | ' | ' | 25,449 |
Estimated Fair Value Indefinite Lived Tradenames | ' | ' | 14,881 |
Id Solutions [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill | ' | ' | 18,225 |
USD-Denominated Borrowing Credit Revolver [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Notes Payable | ' | 15,000 | ' |
Notes Payable | ' | 39,000 | ' |
USD-denominated credit facility China [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Notes payable | ' | $11,442 | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | $6,840 | $0 |
Other Restructuring [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | 883 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | 6,492 | ' |
Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | 348 | ' |
Id Solutions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | 3,977 | ' |
Workplace Safety [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | $2,863 | ' |
Restructuring_Restructuring_Re
Restructuring - Restructuring Reserve Roll Forward (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance, July 31, 2013 | $14,206 | ' |
Restructuring charges | 6,840 | 0 |
Cash payments | -8,676 | ' |
Ending balance, October 31, 2013 | 12,463 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance, July 31, 2013 | 11,475 | ' |
Restructuring charges | 6,492 | ' |
Cash payments | -6,911 | ' |
Ending balance, October 31, 2013 | 11,149 | ' |
Other Restructuring Cost [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance, July 31, 2013 | 2,731 | ' |
Restructuring charges | 348 | ' |
Cash payments | -1,765 | ' |
Ending balance, October 31, 2013 | 1,314 | ' |
Die-Cut Asia [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | 93 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | $93 | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2013 | Oct. 31, 2013 | 13-May-10 |
USD ($) | USD ($) | USD ($) | GBP-denominated interco debt [Member] | Senior Unsecured Notes [Member] | |
GBP (£) | EUR (€) | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative maturity | '18 months | ' | ' | ' | ' |
Derivative, Notional Amount | $106,972 | ' | $157,500 | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | 557 | ' | ' | ' |
Reclassification adjustment for (gains) losses included in net income | 90 | 467 | ' | ' | ' |
Total outstanding forward foreign exchange contracts | 13,601 | ' | ' | ' | ' |
Net investment hedges to hedge portions of net investment | ' | ' | ' | 25,036 | 75,000 |
Amount Outstanding Forward Foreign Exchange Contracts Net Investment Hedge | 4,500 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 244 | 5,301 | ' | ' | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $1,447 | $186 | ' | ' | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as hedging instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | $31 | $7 |
Liability Derivatives | 103,013 | 99,750 |
Not designated as hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 407 | 287 |
Liability Derivatives | 408 | 890 |
Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 407 | 287 |
Other current liabilities [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Liability Derivatives | 408 | 890 |
Cash flow hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 13 | ' |
Net investment hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 18 | 7 |
Net investment hedging [Member] | Long term obligations less current maturities [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Liability Derivatives | $103,013 | $99,750 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Jul. 31, 2013 |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from sale of operations | ' | $0 | ' | $10,178 | ' | ' |
Loss (gain) on sales of businesses | ' | 0 | ' | -3,138 | ' | ' |
Net sales | ' | 305,974 | ' | 270,866 | ' | ' |
Net (loss) income, as reported | ' | 23,928 | ' | 27,188 | ' | ' |
Proceeds from borrowing on notes payable | ' | ' | 220,000 | ' | ' | ' |
Repayment of borrowing on notes payable | ' | 24,000 | ' | 0 | 205,000 | ' |
Expected completion of valuation | '12 | ' | ' | ' | ' | ' |
Customer relationships | ' | 102,500 | ' | ' | 102,500 | ' |
Goodwill, Fair Value Disclosure | ' | 169,425 | ' | ' | 169,425 | ' |
Finite-Lived Trade Names, Gross | ' | 6,800 | ' | ' | 6,800 | ' |
Interest Expense | ' | 3,721 | ' | 4,163 | ' | ' |
Income tax expense (benefit) | ' | 8,449 | ' | 13,077 | ' | ' |
Amortization of Intangible Assets | ' | 5,077 | ' | 4,147 | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | 57,374 | ' | ' | 57,374 | ' |
Business Acquistition Purchase Price Allocation Intangibles Exepcted Tax Deductible | ' | 51,672 | ' | ' | 51,672 | ' |
Depreciation and amortization | ' | 10,878 | ' | 10,675 | ' | ' |
Notes payable | ' | 26,442 | ' | ' | 26,442 | 50,613 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | 109,300 | ' | ' | 109,300 | ' |
Finite-lived customer relationships [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '10 years | ' | ' | ' | ' |
Trademarks [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '3 years | ' | ' | ' | ' |
Precision Dynamics Corporation [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | 323 | ' | ' |
Income tax expense (benefit) | ' | ' | ' | 554 | ' | ' |
Depreciation and amortization | ' | ' | ' | 3,130 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Notes payable | ' | 15,000 | ' | ' | 15,000 | 39,000 |
USD-denominated credit facility China [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Notes payable | ' | $11,442 | ' | ' | $11,442 | ' |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures - Schedule of Purchase Price Allocation (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ($12,904) |
Accounts receivable b net | 21,178 |
Total inventories | 16,788 |
Prepaid expenses and other current assets | 4,232 |
Goodwill | 169,425 |
Other intangible assets | 109,300 |
Other assets | 483 |
Property, plant and equipment | 18,015 |
Accounts payable | -9,921 |
Wages and amounts withheld from employees | -4,234 |
Business Combination, Taxes other than income tax | 600 |
Liabilities assumed | -57 |
Other current liabilities | -5,245 |
Other long-term liabilities | -18,207 |
Cost of acquired entity | 314,061 |
Fair value of total consideration transferred | $301,157 |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures - Pro Forma (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
Interest Expense | $3,721 | $4,163 |
Income tax expense | 8,449 | 13,077 |
Net sales | 305,974 | 270,866 |
Net sales, pro forma | 305,974 | 312,916 |
Income (Loss) from Continuing Operations Attributable to Parent | 17,423 | 25,785 |
Earnings from continuing operations, pro forma | 17,423 | 26,689 |
Basic net (loss) income per Class A Common Share, pro forma (USD per share) | $0.33 | $0.52 |
Diluted net (loss) income per Class A Common Share, pro forma (USD per share) | $0.33 | $0.52 |
Amortization of Intangible Assets | 5,077 | 4,147 |
Nonvoting Common Stock [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | $17,378 | $25,726 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.33 | $0.50 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.33 | $0.50 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Jul. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Repayment of borrowing on notes payable | $24,000 | ' | $0 | $205,000 | ' |
Weighted average borrowing rate | 1.38% | ' | ' | 1.38% | ' |
Remaining borrowing capacity | 285,000 | ' | ' | 285,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 435,000 | ' | ' | 435,000 | ' |
Outstanding balance on credit facility | 26,442 | ' | ' | 26,442 | 50,613 |
Proceeds from borrowing on notes payable | ' | 220,000 | ' | ' | ' |
USD-denominated credit facility China [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Remaining borrowing capacity | 14,758 | ' | ' | 14,758 | ' |
USD-Denominated Borrowing Credit Revolver [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Notes Payable | 39,000 | ' | ' | 39,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Outstanding balance on credit facility | $15,000 | ' | ' | $15,000 | $39,000 |
Notes_Payable_Notes_Payable_Sc
Notes Payable Notes Payable - Schedule of Borrowings (Details) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Weighted average borrowing rate | 1.38% | ' |
Outstanding balance on credit facility | $26,442 | $50,613 |
USD-Denominated Borrowing Credit Revolver [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Interest rate | 1.26% | ' |
USD-denominated credit facility China [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Interest rate | 1.53% | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' |
Income tax expense (benefit) | $8,449 | $13,077 |
Discontinued_Operations_Balanc
Discontinued Operations Balance Sheet, Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2013 | Oct. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | ' | $55,677 |
Disposal Group, Including Discontinued Operation, Inventory | ' | 24,459 |
Disposal Group, Including Discontinued Operation, Other Current Assets | ' | 459 |
Assets of Disposal Group, Including Discontinued Operation, Current | ' | 80,595 |
Disposal Group, Including Discontinued Operation, Goodwill | ' | 37,772 |
Disposal Group, Including Discontinued Operation, Intangible Assets, Net | ' | 914 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Assets | ' | 556 |
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net | ' | 28,437 |
Assets of Disposal Group, Including Discontinued Operation | ' | 148,274 |
Disposal Group, Including Discontinued Operation, Accounts Payable | ' | 38,523 |
Disposal Group, Including Discontinued Operation, Other Current Liabilities | ' | 3,669 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | ' | 1,784 |
Liabilities of Disposal Group, Including Discontinued Operation | ' | 43,976 |
Disposal Group, Net Assets | ' | 104,298 |
Disposal Group, Including Discontinued Operations, Loss (Gain) on Write-down | -15,658 | ' |
Disposal Group, Net Assets, Fair Value | ' | $88,640 |
Discontinued_Operations_Operat
Discontinued Operations Operating Results, Details (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Disposal Group, Including Discontinued Operations, Loss (Gain) on Write-down | $15,658 |
Discontinued_Operations_Operat1
Discontinued Operations Operating Results, Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $6,505 | ' | $1,403 |
Discontinued Operation, Tax Effect of Discontinued Operation | -2,680 | ' | -404 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 9,185 | ' | 1,807 |
Disposal Group, Including Discontinued Operations, Loss (Gain) on Write-down | ' | -15,658 | ' |
Disposal Group, Including Discontinued Operation, Revenue | $67,413 | ' | $68,141 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | Nov. 20, 2013 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividend declared (USD per share) | $0.20 |