Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Apr. 30, 2015 | 26-May-15 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BRC | |
Entity Registrant Name | BRADY CORP | |
Entity Central Index Key | 746598 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Class A nonvoting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 47,778,684 | |
Class B voting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $100,468 | $81,834 |
Accounts receivable—net | 162,180 | 177,648 |
Inventories: | ||
Finished products | 69,504 | 73,096 |
Work-in-process | 18,600 | 17,689 |
Raw materials and supplies | 25,797 | 22,490 |
Total inventories | 113,901 | 113,275 |
Assets held for sale | 0 | 49,542 |
Prepaid expenses and other current assets | 39,786 | 41,543 |
Total current assets | 416,335 | 463,842 |
Other assets: | ||
Goodwill | 478,035 | 515,004 |
Other intangible assets | 78,764 | 91,014 |
Deferred income taxes | 24,026 | 27,320 |
Other | 21,047 | 22,314 |
Property, plant and equipment, cost: | ||
Land | 5,659 | 7,875 |
Buildings and improvements | 98,156 | 101,866 |
Machinery and equipment | 280,718 | 288,409 |
Construction in progress | 7,151 | 12,500 |
Property, plant and equipment, gross | 391,684 | 410,650 |
Less accumulated depreciation | 267,906 | 276,479 |
Property, plant and equipment—net | 123,778 | 134,171 |
Total | 1,141,985 | 1,253,665 |
Current liabilities: | ||
Notes payable | 12,001 | 61,422 |
Accounts payable | 72,792 | 88,099 |
Wages and amounts withheld from employees | 36,164 | 38,064 |
Liabilities held for sale | 0 | 10,640 |
Taxes, other than income taxes | 6,578 | 7,994 |
Accrued income taxes | 3,444 | 7,893 |
Other current liabilities | 33,783 | 35,319 |
Current maturities on long-term debt | 42,514 | 42,514 |
Total current liabilities | 207,276 | 291,945 |
Long-term obligations, less current maturities | 213,839 | 159,296 |
Other liabilities | 66,903 | 69,348 |
Total liabilities | 488,018 | 520,589 |
Stockholders’ investment: | ||
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 47,778,684 and 47,704,196 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 313,917 | 311,811 |
Earnings retained in the business | 463,726 | 452,057 |
Treasury stock—3,482,803 and 3,477,291 shares, respectively of Class A nonvoting common stock, at cost | -93,300 | -93,337 |
Accumulated other comprehensive (loss) income | -27,939 | 64,156 |
Other | -2,985 | -2,159 |
Total stockholders’ investment | 653,967 | 733,076 |
Total | $1,141,985 | $1,253,665 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Apr. 30, 2015 | Jul. 31, 2014 |
Class A nonvoting common stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 47,778,684 | 47,704,196 |
Treasury stock, shares | 3,482,803 | 3,477,291 |
Class B voting common stock | ||
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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Net sales | $290,227 | $309,577 | $883,095 | $908,301 |
Cost of products sold | 149,228 | 154,457 | 453,732 | 452,797 |
Gross margin | 140,999 | 155,120 | 429,363 | 455,504 |
Operating expenses: | ||||
Research and development | 8,928 | 8,648 | 27,507 | 25,675 |
Selling, general and administrative | 102,952 | 116,666 | 319,796 | 340,825 |
Restructuring charges | 4,834 | 3,039 | 13,991 | 14,202 |
Total operating expenses | 116,714 | 128,353 | 361,294 | 380,702 |
Operating income | 24,285 | 26,767 | 68,069 | 74,802 |
Other income and (expense): | ||||
Investment and other income | 434 | 872 | 968 | 1,887 |
Interest expense | -2,503 | -3,381 | -8,394 | -10,777 |
Earnings from continuing operations before income taxes | 22,216 | 24,258 | 60,643 | 65,912 |
Income tax expense | 5,003 | 4,074 | 16,347 | 17,077 |
Earnings from continuing operations | 17,213 | 20,184 | 44,296 | 48,835 |
Earnings (loss) from discontinued operations, net of income taxes | 0 | 3,904 | -1,915 | 15,606 |
Net earnings | 17,213 | 24,088 | 42,381 | 64,441 |
Weighted average common shares outstanding (in thousands): | ||||
Weighted average common shares outstanding, basic (in thousands): | 51,301 | 51,933 | 51,275 | 52,071 |
Weighted average common shares outstanding, diluted (in thousands): | 51,450 | 52,000 | 51,370 | 52,304 |
Class A nonvoting common stock | ||||
Other income and (expense): | ||||
Earnings from continuing operations | 17,213 | 20,168 | 44,296 | 48,759 |
Earnings Per Share | ||||
Earnings from continuing operations per basic share | $0.34 | $0.39 | $0.86 | $0.94 |
Earnings from continuing operations per diluted share | $0.33 | $0.39 | $0.86 | $0.93 |
Earnings (loss) from discontinued operations per basic share | $0 | $0.07 | ($0.03) | $0.30 |
Earnings (loss) from discontinued operations per diluted share | $0 | $0.07 | ($0.03) | $0.30 |
Net earnings per share, basic | $0.34 | $0.46 | $0.83 | $1.24 |
Net earnings per share, diluted | $0.33 | $0.46 | $0.83 | $1.23 |
Dividends | $0.20 | $0.20 | $0.60 | $0.59 |
Class B voting common stock | ||||
Other income and (expense): | ||||
Earnings from continuing operations | $17,213 | $20,168 | $43,501 | $47,940 |
Earnings Per Share | ||||
Earnings from continuing operations per basic share | $0.34 | $0.39 | $0.85 | $0.92 |
Earnings from continuing operations per diluted share | $0.33 | $0.39 | $0.85 | $0.92 |
Earnings (loss) from discontinued operations per basic share | $0 | $0.07 | ($0.04) | $0.30 |
Earnings (loss) from discontinued operations per diluted share | $0 | $0.07 | ($0.04) | $0.29 |
Net earnings per share, basic | $0.34 | $0.46 | $0.81 | $1.22 |
Net earnings per share, diluted | $0.33 | $0.46 | $0.81 | $1.21 |
Dividends | $0.20 | $0.20 | $0.58 | $0.57 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $17,213 | $24,088 | $42,381 | $64,441 |
Foreign currency translation adjustments: | ||||
Net gain (loss) recognized in other comprehensive income | 930 | 12,872 | -70,191 | 12,602 |
Reclassification adjustment for gains included in net earnings | 0 | 0 | -34,697 | 0 |
Total foreign currency translation adjustments | 930 | 12,872 | -104,888 | 12,602 |
Net investment hedge translation adjustments | 406 | -2,864 | 20,833 | -7,229 |
Long-term intercompany loan translation adjustments: | ||||
Net (loss) gain recognized in other comprehensive income | -801 | -78 | 82 | 545 |
Reclassification adjustment for gains included in net earnings | 0 | 0 | -393 | 0 |
Total intercompany loan translation adjustments | -801 | -78 | -311 | 545 |
Cash flow hedges: | ||||
Net (loss) gain recognized in other comprehensive income | -455 | -220 | 1,386 | 11 |
Reclassification adjustment for gains included in net earnings | -457 | -43 | -552 | -135 |
Total cash flow hedges | -912 | -263 | 834 | -124 |
Pension and other post-retirement benefits: | ||||
Net gain (loss) recognized in other comprehensive income | 1,644 | -41 | 1,498 | -41 |
Reclassification adjustment for plan curtailment gain included in net earnings | -1,741 | 0 | -1,741 | 0 |
Actuarial gain amortization | -106 | -66 | -428 | -199 |
Prior service credit amortization | -40 | -51 | -162 | -152 |
Total pension and other post-retirement benefits | -243 | -158 | -833 | -392 |
Other comprehensive (loss) income, before tax | -620 | 9,509 | -84,365 | 5,402 |
Income tax benefit (expense) related to items of other comprehensive income | 250 | -249 | -7,730 | 2,222 |
Other comprehensive (loss) income, net of tax | -370 | 9,260 | -92,095 | 7,624 |
Comprehensive income (loss) | $16,843 | $33,348 | ($49,714) | $72,065 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Operating activities: | ||
Net earnings | $42,381 | $64,441 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,511 | 33,782 |
Non-cash portion of stock-based compensation expense | 3,556 | 5,033 |
Non-cash portion of restructuring charges | 3,545 | 267 |
Loss on sale of business, net | 426 | 0 |
Deferred income taxes | -4,533 | -8,310 |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||
Accounts receivable | -797 | 2,949 |
Inventories | -8,385 | -9,435 |
Prepaid expenses and other assets | 201 | -2,772 |
Accounts payable and accrued liabilities | -8,399 | -13,027 |
Income taxes | -3,766 | 2,912 |
Net cash provided by operating activities | 52,740 | 75,840 |
Investing activities: | ||
Purchases of property, plant and equipment | -23,545 | -29,808 |
Sale of business, net of cash retained | 6,111 | 0 |
Other | 3,927 | -647 |
Net cash used in investing activities | -13,507 | -30,455 |
Financing activities: | ||
Payments of dividends | -30,712 | -30,479 |
Proceeds from issuance of common stock | 1,591 | 10,894 |
Purchase of treasury stock | 0 | -23,335 |
Proceeds from borrowing on credit facilities | 82,439 | 66,187 |
Repayment of borrowing on credit facilities | -17,801 | -41,401 |
Principal payments on debt | -42,514 | -42,514 |
Income tax on the exercise of stock options and deferred compensation distributions, and other | -3,832 | -978 |
Net cash used in financing activities | -10,829 | -61,626 |
Effect of exchange rate changes on cash | -9,770 | 3,898 |
Net increase (decrease) in cash and cash equivalents | 18,634 | -12,343 |
Cash and cash equivalents, beginning of period | 81,834 | 91,058 |
Cash and cash equivalents, end of period | 100,468 | 78,715 |
Cash paid during the period for: | ||
Interest | 9,451 | 11,417 |
Income taxes, net of refunds | $21,692 | $18,842 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2015 | |
Text Block [Abstract] | |
Basis of Presentation | NOTE A — 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 April 30, 2015 and July 31, 2014, its results of operations and comprehensive (loss) income for the three and nine months ended April 30, 2015 and 2014, and cash flows for the nine months ended April 30, 2015 and 2014. The consolidated balance sheet as of July 31, 2014 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 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, 2014. | |
The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014, and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and was divested on August 1, 2014. The assets and liabilities were reclassified in accordance with the authoritative literature on assets held for sale in the consolidated balance sheet as of July 31, 2014. The results of operations of the Company's Die-Cut business have been reported as discontinued operations within the condensed consolidated statements of earnings for the nine months ended April 30, 2015 and for the three and nine months ended April 30, 2014. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows or other comprehensive income related to discontinued operations. Refer to Note K, "Discontinued Operations" for further discussion regarding the business. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended April 30, 2015, were as follows: | ||||||||||||||||||||||||||||
IDS | WPS | Total | ||||||||||||||||||||||||||
Balance as of July 31, 2014 | $ | 412,289 | $ | 102,715 | $ | 515,004 | ||||||||||||||||||||||
Translation adjustments | (24,627 | ) | (12,342 | ) | $ | (36,969 | ) | |||||||||||||||||||||
Balance as of April 30, 2015 | $ | 387,662 | $ | 90,373 | $ | 478,035 | ||||||||||||||||||||||
Goodwill at April 30, 2015 included $118,637 and $172,280 of accumulated impairment losses within the IDS and WPS segments, respectively, for a total of $290,917. There were no impairment charges recorded during the nine months ended April 30, 2015. | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
30-Apr-15 | 31-Jul-14 | |||||||||||||||||||||||||||
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 | $ | 11,889 | $ | (10,503 | ) | $ | 1,386 | 5 | $ | 11,656 | $ | (10,160 | ) | $ | 1,496 | ||||||||||||
Trademarks and other | 5 | 14,492 | (11,938 | ) | 2,554 | 5 | 15,366 | (10,706 | ) | 4,660 | ||||||||||||||||||
Customer relationships | 7 | 138,486 | (92,575 | ) | 45,911 | 7 | 168,525 | (114,363 | ) | 54,162 | ||||||||||||||||||
Non-compete agreements and other | 4 | 9,383 | (9,313 | ) | 70 | 4 | 10,089 | (9,622 | ) | 467 | ||||||||||||||||||
Unamortized other intangible assets: | ||||||||||||||||||||||||||||
Trademarks | N/A | 28,843 | — | 28,843 | N/A | 30,229 | — | 30,229 | ||||||||||||||||||||
Total | $ | 203,093 | $ | (124,329 | ) | $ | 78,764 | $ | 235,865 | $ | (144,851 | ) | $ | 91,014 | ||||||||||||||
There were no impairment charges recorded during the nine months ended April 30, 2015. The decrease in the gross carrying amount of other intangible assets as of April 30, 2015 compared to July 31, 2014 was due the effect of currency fluctuations during the nine month period. | ||||||||||||||||||||||||||||
The gross carrying amount of goodwill and other intangible assets in the condensed consolidated balance sheet at April 30, 2015 differs from the value assigned to them in the original allocation of purchase price due to impairments and the effect of currency fluctuations between the date of acquisition and April 30, 2015. | ||||||||||||||||||||||||||||
Amortization expense on intangible assets was $2,900 and $4,713 for the three months ended April 30, 2015 and 2014, respectively, and $9,251 and $14,837 for the nine months ended April 30, 2015 and 2014, respectively. The amortization over each of the next five fiscal years is projected to be $11,768, $9,670, $7,388, $6,634 and $6,352 for the fiscal years ending July 31, 2015, 2016, 2017, 2018 and 2019, respectively. |
Other_Comprehensive_Loss_Incom
Other Comprehensive (Loss) Income | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | NOTE C — Other Comprehensive (Loss) Income | |||||||||||||||
Other comprehensive (loss) 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 (loss) income, net of tax, for the nine months ended April 30, 2015: | ||||||||||||||||
Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive (loss) income | |||||||||||||
Beginning balance, July 31, 2014 | $ | (12 | ) | $ | 4,854 | $ | 59,314 | $ | 64,156 | |||||||
Other comprehensive (loss) income before reclassification | 927 | 1,639 | (57,296 | ) | (54,730 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (337 | ) | (2,331 | ) | (34,697 | ) | (37,365 | ) | ||||||||
Ending balance, April 30, 2015 | $ | 578 | $ | 4,162 | $ | (32,679 | ) | $ | (27,939 | ) | ||||||
The decrease in accumulated other comprehensive (loss) income ("AOCI") as of April 30, 2015 compared to July 31, 2014 was primarily due to the appreciation of the U.S. dollar against other currencies, most of which was realized during the six-month period ended January 31, 2015. The decrease was also a result of the accumulated foreign currency translation gains in the China Die-Cut businesses, which were reclassified into net earnings upon the completion of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014. The foreign currency translation adjustments column in the table above includes foreign currency translation, foreign currency translation on intercompany notes and the impact of settlements of net investment hedges, net of tax. Of the total $37,365 in amounts reclassified from accumulated other comprehensive income, the $34,697 gain was reclassified to the net loss on the sale of the Die-Cut business, the $337 gain on cash flow hedges was reclassified into cost of products sold, and the $2,331 gain due to the curtailment of the postretirement medical benefit plan was reclassified into selling, general and administrative expenses ("SG&A") on the Condensed Consolidated Statement of Earnings for the nine months ended April 30, 2015. | ||||||||||||||||
The changes in accumulated other comprehensive income by component, net of tax, for the nine months ended April 30, 2014 were as follows: | ||||||||||||||||
Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive income (loss) | |||||||||||||
Beginning balance, July 31, 2013 | $ | 99 | $ | 1,853 | $ | 54,111 | $ | 56,063 | ||||||||
Other comprehensive (loss) income before reclassification | (18 | ) | (41 | ) | 8,116 | 8,057 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (82 | ) | (351 | ) | — | (433 | ) | |||||||||
Ending balance, April 30, 2014 | $ | (1 | ) | $ | 1,461 | $ | 62,227 | $ | 63,687 | |||||||
The increase in accumulated other comprehensive income for the nine months ended April 30, 2014 compared to July 31, 2013 was primarily due to the depreciation of the U.S. dollar against other currencies. Of the total $433 in amounts reclassified from accumulated other comprehensive income, the $82 gain on cash flow hedges was reclassified into cost of products sold and the $351 gain on post-retirement plans was reclassified into SG&A on the Condensed Consolidated Statement of Earnings for the nine months ended April 30, 2014. | ||||||||||||||||
The following table illustrates the income tax (expense) benefit on the components of other comprehensive income for the three and nine months ended April 30, 2015 and 2014: | ||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income tax (expense) benefit related to items of other comprehensive income: | ||||||||||||||||
Net investment hedge translation adjustments | $ | (158 | ) | $ | 787 | $ | (8,125 | ) | $ | 1,525 | ||||||
Long-term intercompany loan settlements | (61 | ) | (1,176 | ) | 489 | 667 | ||||||||||
Cash flow hedges | 352 | 84 | (245 | ) | 24 | |||||||||||
Other income tax adjustments and currency translation | 117 | 56 | 151 | 6 | ||||||||||||
Income tax benefit (expense) related to items of other comprehensive income | $ | 250 | $ | (249 | ) | $ | (7,730 | ) | $ | 2,222 | ||||||
Net_Earnings_per_Common_Share
Net Earnings per Common Share | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Earnings Per Share [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 April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: (in thousands) | ||||||||||||||||
Earnings from continuing operations | $ | 17,213 | $ | 20,184 | $ | 44,296 | $ | 48,835 | ||||||||
Less: | ||||||||||||||||
Restricted stock dividends | — | (16 | ) | — | (76 | ) | ||||||||||
Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share | $ | 17,213 | $ | 20,168 | $ | 44,296 | $ | 48,759 | ||||||||
Less: | ||||||||||||||||
Preferential dividends | — | — | (794 | ) | (813 | ) | ||||||||||
Preferential dividends on dilutive stock options | — | — | (1 | ) | (6 | ) | ||||||||||
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share | $ | 17,213 | $ | 20,168 | $ | 43,501 | $ | 47,940 | ||||||||
Denominator: (in thousands) | ||||||||||||||||
Denominator for basic earnings from continuing operations per share for both Class A and Class B | 51,301 | 51,933 | 51,275 | 52,071 | ||||||||||||
Plus: Effect of dilutive stock options | 149 | 67 | 95 | 233 | ||||||||||||
Denominator for diluted earnings from continuing operations per share for both Class A and Class B | 51,450 | 52,000 | 51,370 | 52,304 | ||||||||||||
Earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.39 | $ | 0.86 | $ | 0.94 | ||||||||
Diluted | $ | 0.33 | $ | 0.39 | $ | 0.86 | $ | 0.93 | ||||||||
Earnings from continuing operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.39 | $ | 0.85 | $ | 0.92 | ||||||||
Diluted | $ | 0.33 | $ | 0.39 | $ | 0.85 | $ | 0.92 | ||||||||
(Loss) earnings from discontinued operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | — | $ | 0.07 | $ | (0.03 | ) | $ | 0.3 | |||||||
Diluted | $ | — | $ | 0.07 | $ | (0.03 | ) | $ | 0.3 | |||||||
(Loss) earnings from discontinued operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | — | $ | 0.07 | $ | (0.04 | ) | $ | 0.3 | |||||||
Diluted | $ | — | $ | 0.07 | $ | (0.04 | ) | $ | 0.29 | |||||||
Net earnings per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.46 | $ | 0.83 | $ | 1.24 | ||||||||
Diluted | $ | 0.33 | $ | 0.46 | $ | 0.83 | $ | 1.23 | ||||||||
Net earnings per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.46 | $ | 0.81 | $ | 1.22 | ||||||||
Diluted | $ | 0.33 | $ | 0.46 | $ | 0.81 | $ | 1.21 | ||||||||
Options to purchase approximately 2,836,000 and 4,213,000 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2015 and 2014, respectively, and 3,531,000 and 3,085,000 shares for the nine months ended April 30, 2015 and 2014, respectively, were not included in the computation of diluted net earnings or loss 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 | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
The Company is organized and managed on a global basis within two business platforms: Identification Solutions ("IDS") and Workplace Safety ("WPS"), 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. | ||||||||||||||||
Each business platform has a President that reports directly to the Company's chief operating decision maker, its Chief Executive Officer. Each platform has its own distinct operations, is managed locally by its own management team, 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 Chief Executive 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 and nine months ended April 30, 2015 and 2014: | ||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sales to External Customers | ||||||||||||||||
ID Solutions | $ | 200,786 | $ | 206,448 | $ | 604,948 | $ | 610,726 | ||||||||
Workplace Safety | 89,441 | 103,129 | 278,147 | 297,575 | ||||||||||||
Total Company | $ | 290,227 | $ | 309,577 | $ | 883,095 | $ | 908,301 | ||||||||
Segment Profit | ||||||||||||||||
ID Solutions | $ | 41,614 | $ | 44,302 | $ | 120,800 | $ | 132,795 | ||||||||
Workplace Safety | 12,292 | 14,771 | 40,607 | 47,813 | ||||||||||||
Total Company | $ | 53,906 | $ | 59,073 | $ | 161,407 | $ | 180,608 | ||||||||
The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three and nine months ended April 30, 2015 and 2014: | ||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total profit from reportable segments | $ | 53,906 | $ | 59,073 | $ | 161,407 | $ | 180,608 | ||||||||
Unallocated amounts: | ||||||||||||||||
Administrative costs | (24,787 | ) | (29,267 | ) | (79,347 | ) | (91,604 | ) | ||||||||
Restructuring charges | (4,834 | ) | (3,039 | ) | (13,991 | ) | (14,202 | ) | ||||||||
Investment and other income | 434 | 872 | 968 | 1,887 | ||||||||||||
Interest expense | (2,503 | ) | (3,381 | ) | (8,394 | ) | (10,777 | ) | ||||||||
Earnings from continuing operations before income taxes | $ | 22,216 | $ | 24,258 | $ | 60,643 | $ | 65,912 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
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 and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. | |||||||||||||
The options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest over a three-year service period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “service-based” stock options, generally expire 10 years from the date of grant. | |||||||||||||
Restricted shares and RSUs 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 under the plan generally vest over a three-year service period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. The Company also grants restricted shares and RSUs to certain executives and key management employees that vest upon meeting certain financial performance conditions. | |||||||||||||
As of April 30, 2015, the Company has reserved 3,925,176 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares and 3,440,742 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs, and restricted and unrestricted shares under the active plan. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under the plan. | |||||||||||||
The Company recognizes the compensation cost of all share-based awards at the time it is deemed probable the award will vest. This cost is recognized on a straight-line basis over the vesting period of the award. If it is determined that it is unlikely the award will vest, the expense recognized to date for the award is reversed in the period in which this is evident and the remaining expense is not recorded. Total stock-based compensation expense recognized by the Company during the three months ended April 30, 2015 and 2014, was $1,085 ($673 net of taxes) and $656 ($407 net of taxes), respectively. Expense recognized during the nine months ended April 30, 2015 and 2014, was $3,556 ($2,205 net of taxes) and $5,033 ($3,121 net of taxes), respectively. | |||||||||||||
As of April 30, 2015, total unrecognized compensation cost related to stock-based compensation awards was $9,332 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.4 years. | |||||||||||||
The Company has estimated the fair value of its service-based option awards granted during the nine months ended April 30, 2015 and 2014, using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: | |||||||||||||
Nine months ended April 30, | |||||||||||||
Black-Scholes Option Valuation Assumptions | 2015 | 2014 | |||||||||||
Expected term (in years) | 6.06 | 5.97 | |||||||||||
Expected volatility | 34.05 | % | 37.32 | % | |||||||||
Expected dividend yield | 2.48 | % | 2.35 | % | |||||||||
Risk-free interest rate | 1.91 | % | 1.8 | % | |||||||||
Weighted-average market value of underlying stock at grant date | $ | 22.73 | $ | 30.98 | |||||||||
Weighted-average exercise price | $ | 22.73 | $ | 30.98 | |||||||||
Weighted-average fair value of options granted during the period | $ | 6.12 | $ | 9.17 | |||||||||
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. | |||||||||||||
A summary of stock option activity under the Company’s share-based compensation plans for the nine months ended April 30, 2015 is presented below: | |||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at July 31, 2014 | 4,204,260 | $ | 30.82 | ||||||||||
New grants | 622,983 | 22.73 | |||||||||||
Exercised | -66,033 | 23.83 | |||||||||||
Forfeited or expired | -1,118,335 | 30.97 | |||||||||||
Outstanding at April 30, 2015 | 3,642,875 | $ | 29.52 | 5.6 | $ | 3,420,880 | |||||||
Exercisable at April 30, 2015 | 2,706,566 | $ | 30.84 | 4.4 | $ | 1,054,126 | |||||||
There were 2,706,566 and 3,131,418 options exercisable with a weighted average exercise price of $30.84 and $30.97 at April 30, 2015 and 2014, respectively. The cash received from the exercise of options during the three months ended April 30, 2015 was $744. No options were exercised during the three months ended April 30, 2014. The cash received from the exercise of options during the nine months ended April 30, 2015 and 2014 was $1,591 and $10,894, respectively. The tax benefit on options exercised during the three months ended April 30, 2015 was $35. The tax benefit on options exercised during the nine months ended April 30, 2015 and 2014 was $79 and $788, respectively. | |||||||||||||
The total intrinsic value of options exercised during the nine months ended April 30, 2015 and 2014, based upon the average market price at the time of exercise during the period, was $202 and $2,020, respectively. The total fair value of stock options vested during the nine months ended April 30, 2015 and 2014, was $3,909 and $6,565, respectively. | |||||||||||||
The following table summarizes the RSU and restricted share activity under the Company's share-based compensation plans for the nine months ended April 30, 2015: | |||||||||||||
Service-Based RSUs and Restricted Shares | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2014 | 104,857 | $ | 31.02 | ||||||||||
New grants | 241,447 | 23.59 | |||||||||||
Vested | (34,247 | ) | 30.79 | ||||||||||
Forfeited | (29,756 | ) | 29.53 | ||||||||||
Outstanding at April 30, 2015 | 282,301 | $ | 24.85 | ||||||||||
Performance-Based RSUs and Restricted Shares | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2014 | 80,000 | $ | 32.5 | ||||||||||
New grants | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (80,000 | ) | 32.5 | ||||||||||
Outstanding at April 30, 2015 | — | $ | — | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||||||||||||
Postemployment Benefits Disclosure [Text Block] | Employee Benefit Plans | |||||||||||||||
The components of net periodic postretirement benefit cost for the three and nine months ended April 30, 2015 and 2014 were as follows: | ||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic postretirement benefit cost: | ||||||||||||||||
Service cost | $ | 40 | $ | 168 | $ | 203 | $ | 505 | ||||||||
Interest cost | 35 | 134 | 177 | 401 | ||||||||||||
Amortization of prior service credit | (40 | ) | (51 | ) | (202 | ) | (152 | ) | ||||||||
Amortization of net actuarial gain | (106 | ) | (66 | ) | (540 | ) | (199 | ) | ||||||||
Curtailment gain | (4,296 | ) | — | (4,296 | ) | — | ||||||||||
Net periodic postretirement benefit cost | $ | (4,367 | ) | $ | 185 | $ | (4,658 | ) | $ | 555 | ||||||
In March 2015, the Company announced the elimination of postretirement medical benefits for eligible domestic employees retiring on or after January 1, 2016. This amendment resulted in a decrease in the accumulated postretirement benefit obligation liability of $4,490 and a curtailment gain of $4,296. The curtailment gain was recognized in SG&A on the Condensed Consolidated Statements of Earnings, during the three months ended April 30, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Apr. 30, 2015 | ||||||||||||||
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 unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. | ||||||||||||||
Level 2 — Assets or liabilities for which fair value is based on other significant pricing inputs that are either directly or indirectly observable. | ||||||||||||||
Level 3 — Assets or liabilities for which fair value is based on significant unobservable pricing inputs to the extent little or no market data is available, which result in the use of management's own assumptions. | ||||||||||||||
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 April 30, 2015 and July 31, 2014, 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) | ||||||||||||||
30-Apr-15 | ||||||||||||||
Trading securities | $ | 15,468 | $ | — | $ | 15,468 | Other assets | |||||||
Foreign exchange contracts | — | 975 | 975 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,468 | $ | 975 | $ | 16,443 | ||||||||
Foreign exchange contracts | $ | — | $ | 741 | $ | 741 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 741 | $ | 741 | ||||||||
31-Jul-14 | ||||||||||||||
Trading securities | $ | 15,962 | $ | — | $ | 15,962 | Other assets | |||||||
Foreign exchange contracts | — | 166 | 166 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,962 | $ | 166 | $ | 16,128 | ||||||||
Foreign exchange contracts | $ | — | $ | 389 | $ | 389 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 389 | $ | 389 | ||||||||
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 J, “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 or nine months ended April 30, 2015 and 2014. 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 and nine months ended April 30, 2015. | ||||||||||||||
During fiscal 2014, goodwill with a carrying amount of $193,689 in the PeopleID reporting unit was written down to its estimated implied fair value of $93,277, resulting in a non-cash impairment charge of $100,412. 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 it had been acquired in a business combination. After assigning fair value to the assets and liabilities of the reporting unit, the result was the implied fair value of goodwill of $93,277, which represented a Level 3 asset measured at fair value on a nonrecurring basis subsequent to its original recognition. | ||||||||||||||
The Company evaluates whether events and circumstances have occurred that indicate that the remaining estimated useful life of long-lived and other finite-lived intangible assets may warrant revision or that the remaining balance of an asset may not be recoverable. Management completed an assessment of the customer relationship assets of the PeopleID reporting unit in accordance with ASC 350 - Intangibles - Goodwill and Other, and ASC 360 - Property, Plant, and Equipment, and concluded that the assets were impaired. These assets were primarily associated with the acquisition of Precision Dynamics Corporation ("PDC"). Organic sales in the PDC business declined in the low single-digit percentages from fiscal 2013 to fiscal 2014. U.S. hospital admission rates are a primary driver of PDC's sales under its existing strategy, and there was a decline of approximately 2% in these rates during fiscal 2014. Therefore, management revisited its planned growth and profit for the PDC business and concluded that the growth may not materialize as expected given slower than anticipated industry growth and fewer sales synergies than originally planned. | ||||||||||||||
As a result, the customer relationship assets were evaluated for recoverability in accordance with ASC 360 - Property, Plant, and Equipment. Management completed an undiscounted cash flow analysis for the customer relationship assets, which was less than the carrying value of the customer relationship assets and indicated that the assets were impaired. Therefore, management measured the impairment loss as the amount by which the carrying amount of the customer relationships exceeded their fair value, which represented Level 3 assets measured at fair value on a nonrecurring basis subsequent to their original recognition. This resulted in an impairment charge of $48,139 recognized in fiscal 2014, which was classified within the "Impairment charges" line item on the Condensed Consolidated Statements of Earnings and was part of the IDS reportable segment. | ||||||||||||||
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 $267,043 and $216,280 at April 30, 2015 and July 31, 2014, respectively, as compared to the carrying value of $256,353 and $201,810 at April 30, 2015 and July 31, 2014, respectively. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring | Restructuring | |||||||||||||||
In fiscal 2014, the Company announced a restructuring plan to consolidate facilities in the Americas, Europe and Asia to enhance customer service, improve efficiency of operations and reduce operating expenses. Facility consolidation activities extended into fiscal 2015. | ||||||||||||||||
In connection with this plan, the Company incurred restructuring charges of $4,834 and $13,991 during the three and nine months ended April 30, 2015, respectively. The three month restructuring charges of $4,834 consisted of $446 of employee separation costs, $2,645 of fixed asset write-offs, $818 of facility closure related costs, and $925 of contract termination costs. Of the $4,834 of restructuring charges, $3,536 was incurred within IDS and $1,298 within WPS. | ||||||||||||||||
The restructuring charges of $13,991 for the nine months ended April 30, 2015 consisted of $4,939 of employee separation costs, $3,545 of fixed asset write-offs, $3,844 of facility closure related costs, and $1,663 of contract termination costs. Of the $13,991 of restructuring charges, $9,845 was incurred within IDS and $4,146 within WPS. | ||||||||||||||||
In fiscal 2013, the Company implemented a restructuring plan to reduce its global workforce to address its cost structure. The Company incurred restructuring charges of $3,039 and $14,202 during the three and nine months ended April 30, 2014. The three month restructuring charges related to the fiscal 2014 facility consolidation plan and consisted of $1,782 of employee separation costs, $170 of fixed asset write-offs, $771 of facility closure related costs, and $316 of contract termination costs. Of the $3,039 of restructuring charges, $1,161 was incurred within IDS and $1,878 within WPS. | ||||||||||||||||
The restructuring charges of $14,202 for the nine months ended April 30, 2014 related to the fiscal 2013 and fiscal 2014 restructuring plans and consisted of $9,547 of employee separation costs, $267 of fixed asset write-offs, $3,454 of facility closure related costs, and $934 of contract termination costs. Of the $14,202 of restructuring charges, $7,595 was incurred within IDS and $6,607 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 for the nine months ended April 30, 2015 is as follows: | ||||||||||||||||
Employee | Asset Write-offs | Other | Total | |||||||||||||
Related | ||||||||||||||||
Beginning balance, July 31, 2014 | $ | 3,389 | $ | — | $ | 1,606 | $ | 4,995 | ||||||||
Restructuring charges in continuing operations | 4,939 | 3,545 | 5,507 | 13,991 | ||||||||||||
Restructuring charges in discontinued operations | — | (4 | ) | 245 | 241 | |||||||||||
Non-cash write-offs | — | (3,541 | ) | — | (3,541 | ) | ||||||||||
Cash payments | (6,244 | ) | — | (5,274 | ) | (11,518 | ) | |||||||||
Ending balance, April 30, 2015 | $ | 2,084 | $ | — | $ | 2,084 | $ | 4,168 | ||||||||
A reconciliation of the Company’s restructuring liability for the nine months ended April 30, 2014 is as follows: | ||||||||||||||||
Employee | Asset Write-offs | Other | Total | |||||||||||||
Related | ||||||||||||||||
Beginning balance, July 31, 2013 | $ | 11,475 | $ | — | $ | 2,731 | $ | 14,206 | ||||||||
Restructuring charges in continuing operations | 9,547 | 267 | 4,388 | 14,202 | ||||||||||||
Restructuring charges in discontinued operations | 250 | — | — | 250 | ||||||||||||
Non-cash write-offs | — | (267 | ) | — | (267 | ) | ||||||||||
Cash payments | (16,178 | ) | — | (5,136 | ) | (21,314 | ) | |||||||||
Ending balance, April 30, 2014 | $ | 5,094 | $ | — | $ | 1,983 | $ | 7,077 | ||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [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 April 30, 2015 and July 31, 2014, the notional amount of outstanding forward exchange contracts was $76,083 and $104,000, 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 OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 30, 2015 and 2014, unrealized gains of $813 and unrealized losses of $5 have been included in OCI, respectively. Balances are reclassified from OCI to earnings during the next twelve months when the hedged transactions impact earnings. For the three months ended April 30, 2015 and 2014, the Company reclassified gains of $457 and $43 from OCI into earnings, respectively. For the nine months ended April 30, 2015 and 2014, the Company reclassified gains of $552 and $135 from OCI into earnings. At April 30, 2015, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $21,943, including contracts to sell Euros, Canadian Dollars, Australian Dollars, Mexican Pesos, and U.S. Dollars. | ||||||||||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||||||
The Company has also designated intercompany and third party foreign currency denominated debt instruments as net investment hedges. At April 30, 2015, 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 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 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 OCI. 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 April 30, 2015 and July 31, 2014, the U.S dollar equivalent of these outstanding forward foreign exchange contracts totaled $2,600 and $5,300, respectively. As of April 30, 2015 and 2014, the Company recognized OCI losses of $143 and $370, respectively, on its outstanding net investment hedges. | ||||||||||||||||||||||||
Non-Designated Hedges | ||||||||||||||||||||||||
For the three and nine months ended April 30, 2015, the Company recognized losses of $667 and $1,287 respectively, in “Investment and other income” on the Condensed Consolidated Statements of Earnings related to non-designated hedges. For the three and nine months ended April 30, 2014, the Company recognized gains of $403 and gains of $2,268, respectively. | ||||||||||||||||||||||||
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-15 | 31-Jul-14 | |||||||||||||||||||||
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 | $ | 679 | Prepaid expenses and other current assets | $ | — | Other current liabilities | $ | 518 | Other current liabilities | $ | — | ||||||||||||
Net investment hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Other current liabilities | 15 | Other current liabilities | 14 | ||||||||||||||||
Foreign currency denominated debt | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Long term obligations, less current maturities | 122,113 | Long term obligations, less current maturities | 100,410 | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 679 | $ | — | $ | 122,646 | $ | 100,424 | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 296 | Prepaid expenses and other current assets | $ | 166 | Other current liabilities | $ | 209 | Other current liabilities | $ | 375 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 296 | $ | 166 | $ | 209 | $ | 375 | ||||||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | |||||||||||||||
The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014 and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and it was divested on August 1, 2014. The operating results have been reported as discontinued operations for the three and nine month comparative periods ended April 30, 2015 and 2014. | ||||||||||||||||
The following table summarizes the operating results of discontinued operations for the three and nine months ended April 30, 2015 and 2014: | ||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | — | $ | 46,246 | $ | — | $ | 161,862 | ||||||||
Earnings (loss) from operations of discontinued businesses | — | 3,629 | (1,201 | ) | 16,390 | |||||||||||
Income tax benefit (expense) | — | 275 | (288 | ) | (784 | ) | ||||||||||
Loss on sale of discontinued operations | — | — | (487 | ) | — | |||||||||||
Income tax benefit on sale of discontinued operations | — | — | 61 | — | ||||||||||||
Earnings (loss) from discontinued operations, net of income tax | $ | — | $ | 3,904 | $ | (1,915 | ) | $ | 15,606 | |||||||
There were no assets or liabilities held for sale as of April 30, 2015. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the statement of earnings upon the closing of the second phase of the Die-Cut divestiture during the nine months ended April 30, 2015. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Apr. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements |
In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period". The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance also clarifies that the performance target should not be reflected in estimating the grant-date fair value of the award. This guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of this update did not have a material impact on the financial statements of the Company. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. The new guidance requires revenue recognition when control of the goods or services transfers to the customer, replacing the existing guidance which requires revenue recognition when the risks and rewards transfer to the customer. Under the new guidance, companies should recognize revenues in amounts that reflect the payment to which a company expects to be entitled in exchange for those goods or services. The guidance is effective for fiscal and interim periods beginning after December 15, 2016. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard. Under the proposal, the standard would be effective for fiscal and interim periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity", which includes amendments that change the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, expenses and cash flows of discontinued operations. The guidance is effective for fiscal and interim periods beginning after December 15, 2014. The adoption of this update did not have a material impact on the financial statements of the Company. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On May 20, 2015, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.20 per share payable on July 31, 2015, to shareholders of record at the close of business on July 10, 2015. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the nine months ended April 30, 2015, were as follows: | |||||||||||||||||||||||||||
IDS | WPS | Total | ||||||||||||||||||||||||||
Balance as of July 31, 2014 | $ | 412,289 | $ | 102,715 | $ | 515,004 | ||||||||||||||||||||||
Translation adjustments | (24,627 | ) | (12,342 | ) | $ | (36,969 | ) | |||||||||||||||||||||
Balance as of April 30, 2015 | $ | 387,662 | $ | 90,373 | $ | 478,035 | ||||||||||||||||||||||
Other Intangible Assets | The net book value of these assets was as follows: | |||||||||||||||||||||||||||
30-Apr-15 | 31-Jul-14 | |||||||||||||||||||||||||||
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 | $ | 11,889 | $ | (10,503 | ) | $ | 1,386 | 5 | $ | 11,656 | $ | (10,160 | ) | $ | 1,496 | ||||||||||||
Trademarks and other | 5 | 14,492 | (11,938 | ) | 2,554 | 5 | 15,366 | (10,706 | ) | 4,660 | ||||||||||||||||||
Customer relationships | 7 | 138,486 | (92,575 | ) | 45,911 | 7 | 168,525 | (114,363 | ) | 54,162 | ||||||||||||||||||
Non-compete agreements and other | 4 | 9,383 | (9,313 | ) | 70 | 4 | 10,089 | (9,622 | ) | 467 | ||||||||||||||||||
Unamortized other intangible assets: | ||||||||||||||||||||||||||||
Trademarks | N/A | 28,843 | — | 28,843 | N/A | 30,229 | — | 30,229 | ||||||||||||||||||||
Total | $ | 203,093 | $ | (124,329 | ) | $ | 78,764 | $ | 235,865 | $ | (144,851 | ) | $ | 91,014 | ||||||||||||||
Other_Comprehensive_Income_Tax
Other Comprehensive Income, Tax (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 30, 2015 | Apr. 30, 2014 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 (loss) income, net of tax, for the nine months ended April 30, 2015: | The changes in accumulated other comprehensive income by component, net of tax, for the nine months ended April 30, 2014 were as follows: | ||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive (loss) income | Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||
Beginning balance, July 31, 2014 | $ | (12 | ) | $ | 4,854 | $ | 59,314 | $ | 64,156 | Beginning balance, July 31, 2013 | $ | 99 | $ | 1,853 | $ | 54,111 | $ | 56,063 | ||||||||||||||
Other comprehensive (loss) income before reclassification | 927 | 1,639 | (57,296 | ) | (54,730 | ) | Other comprehensive (loss) income before reclassification | (18 | ) | (41 | ) | 8,116 | 8,057 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (337 | ) | (2,331 | ) | (34,697 | ) | (37,365 | ) | Amounts reclassified from accumulated other comprehensive income | (82 | ) | (351 | ) | — | (433 | ) | ||||||||||||||||
Ending balance, April 30, 2015 | $ | 578 | $ | 4,162 | $ | (32,679 | ) | $ | (27,939 | ) | ||||||||||||||||||||||
Ending balance, April 30, 2014 | $ | (1 | ) | $ | 1,461 | $ | 62,227 | $ | 63,687 | |||||||||||||||||||||||
Other Comprehensive Income , Tax [Table Text Block] | The following table illustrates the income tax (expense) benefit on the components of other comprehensive income for the three and nine months ended April 30, 2015 and 2014: | |||||||||||||||||||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income: | ||||||||||||||||||||||||||||||||
Net investment hedge translation adjustments | $ | (158 | ) | $ | 787 | $ | (8,125 | ) | $ | 1,525 | ||||||||||||||||||||||
Long-term intercompany loan settlements | (61 | ) | (1,176 | ) | 489 | 667 | ||||||||||||||||||||||||||
Cash flow hedges | 352 | 84 | (245 | ) | 24 | |||||||||||||||||||||||||||
Other income tax adjustments and currency translation | 117 | 56 | 151 | 6 | ||||||||||||||||||||||||||||
Income tax benefit (expense) related to items of other comprehensive income | $ | 250 | $ | (249 | ) | $ | (7,730 | ) | $ | 2,222 | ||||||||||||||||||||||
Net_Earnings_per_Common_Share_
Net Earnings per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Earnings Per Share [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 April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: (in thousands) | ||||||||||||||||
Earnings from continuing operations | $ | 17,213 | $ | 20,184 | $ | 44,296 | $ | 48,835 | ||||||||
Less: | ||||||||||||||||
Restricted stock dividends | — | (16 | ) | — | (76 | ) | ||||||||||
Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share | $ | 17,213 | $ | 20,168 | $ | 44,296 | $ | 48,759 | ||||||||
Less: | ||||||||||||||||
Preferential dividends | — | — | (794 | ) | (813 | ) | ||||||||||
Preferential dividends on dilutive stock options | — | — | (1 | ) | (6 | ) | ||||||||||
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share | $ | 17,213 | $ | 20,168 | $ | 43,501 | $ | 47,940 | ||||||||
Denominator: (in thousands) | ||||||||||||||||
Denominator for basic earnings from continuing operations per share for both Class A and Class B | 51,301 | 51,933 | 51,275 | 52,071 | ||||||||||||
Plus: Effect of dilutive stock options | 149 | 67 | 95 | 233 | ||||||||||||
Denominator for diluted earnings from continuing operations per share for both Class A and Class B | 51,450 | 52,000 | 51,370 | 52,304 | ||||||||||||
Earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.39 | $ | 0.86 | $ | 0.94 | ||||||||
Diluted | $ | 0.33 | $ | 0.39 | $ | 0.86 | $ | 0.93 | ||||||||
Earnings from continuing operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.39 | $ | 0.85 | $ | 0.92 | ||||||||
Diluted | $ | 0.33 | $ | 0.39 | $ | 0.85 | $ | 0.92 | ||||||||
(Loss) earnings from discontinued operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | — | $ | 0.07 | $ | (0.03 | ) | $ | 0.3 | |||||||
Diluted | $ | — | $ | 0.07 | $ | (0.03 | ) | $ | 0.3 | |||||||
(Loss) earnings from discontinued operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | — | $ | 0.07 | $ | (0.04 | ) | $ | 0.3 | |||||||
Diluted | $ | — | $ | 0.07 | $ | (0.04 | ) | $ | 0.29 | |||||||
Net earnings per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.46 | $ | 0.83 | $ | 1.24 | ||||||||
Diluted | $ | 0.33 | $ | 0.46 | $ | 0.83 | $ | 1.23 | ||||||||
Net earnings per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.46 | $ | 0.81 | $ | 1.22 | ||||||||
Diluted | $ | 0.33 | $ | 0.46 | $ | 0.81 | $ | 1.21 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information by Segment | 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 and nine months ended April 30, 2015 and 2014: | |||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sales to External Customers | ||||||||||||||||
ID Solutions | $ | 200,786 | $ | 206,448 | $ | 604,948 | $ | 610,726 | ||||||||
Workplace Safety | 89,441 | 103,129 | 278,147 | 297,575 | ||||||||||||
Total Company | $ | 290,227 | $ | 309,577 | $ | 883,095 | $ | 908,301 | ||||||||
Segment Profit | ||||||||||||||||
ID Solutions | $ | 41,614 | $ | 44,302 | $ | 120,800 | $ | 132,795 | ||||||||
Workplace Safety | 12,292 | 14,771 | 40,607 | 47,813 | ||||||||||||
Total Company | $ | 53,906 | $ | 59,073 | $ | 161,407 | $ | 180,608 | ||||||||
Net Income Reconciliation | The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three and nine months ended April 30, 2015 and 2014: | |||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total profit from reportable segments | $ | 53,906 | $ | 59,073 | $ | 161,407 | $ | 180,608 | ||||||||
Unallocated amounts: | ||||||||||||||||
Administrative costs | (24,787 | ) | (29,267 | ) | (79,347 | ) | (91,604 | ) | ||||||||
Restructuring charges | (4,834 | ) | (3,039 | ) | (13,991 | ) | (14,202 | ) | ||||||||
Investment and other income | 434 | 872 | 968 | 1,887 | ||||||||||||
Interest expense | (2,503 | ) | (3,381 | ) | (8,394 | ) | (10,777 | ) | ||||||||
Earnings from continuing operations before income taxes | $ | 22,216 | $ | 24,258 | $ | 60,643 | $ | 65,912 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Stock Option Assumptions | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: | ||||||||||||
Nine months ended April 30, | |||||||||||||
Black-Scholes Option Valuation Assumptions | 2015 | 2014 | |||||||||||
Expected term (in years) | 6.06 | 5.97 | |||||||||||
Expected volatility | 34.05 | % | 37.32 | % | |||||||||
Expected dividend yield | 2.48 | % | 2.35 | % | |||||||||
Risk-free interest rate | 1.91 | % | 1.8 | % | |||||||||
Weighted-average market value of underlying stock at grant date | $ | 22.73 | $ | 30.98 | |||||||||
Weighted-average exercise price | $ | 22.73 | $ | 30.98 | |||||||||
Weighted-average fair value of options granted during the period | $ | 6.12 | $ | 9.17 | |||||||||
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 nine months ended April 30, 2015 is presented below: | ||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at July 31, 2014 | 4,204,260 | $ | 30.82 | ||||||||||
New grants | 622,983 | 22.73 | |||||||||||
Exercised | -66,033 | 23.83 | |||||||||||
Forfeited or expired | -1,118,335 | 30.97 | |||||||||||
Outstanding at April 30, 2015 | 3,642,875 | $ | 29.52 | 5.6 | $ | 3,420,880 | |||||||
Exercisable at April 30, 2015 | 2,706,566 | $ | 30.84 | 4.4 | $ | 1,054,126 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the RSU and restricted share activity under the Company's share-based compensation plans for the nine months ended April 30, 2015: | ||||||||||||
Service-Based RSUs and Restricted Shares | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2014 | 104,857 | $ | 31.02 | ||||||||||
New grants | 241,447 | 23.59 | |||||||||||
Vested | (34,247 | ) | 30.79 | ||||||||||
Forfeited | (29,756 | ) | 29.53 | ||||||||||
Outstanding at April 30, 2015 | 282,301 | $ | 24.85 | ||||||||||
Performance-Based RSUs and Restricted Shares | Shares | Weighted | |||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at July 31, 2014 | 80,000 | $ | 32.5 | ||||||||||
New grants | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (80,000 | ) | 32.5 | ||||||||||
Outstanding at April 30, 2015 | — | $ | — | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic postretirement benefit cost for the three and nine months ended April 30, 2015 and 2014 were as follows: | |||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic postretirement benefit cost: | ||||||||||||||||
Service cost | $ | 40 | $ | 168 | $ | 203 | $ | 505 | ||||||||
Interest cost | 35 | 134 | 177 | 401 | ||||||||||||
Amortization of prior service credit | (40 | ) | (51 | ) | (202 | ) | (152 | ) | ||||||||
Amortization of net actuarial gain | (106 | ) | (66 | ) | (540 | ) | (199 | ) | ||||||||
Curtailment gain | (4,296 | ) | — | (4,296 | ) | — | ||||||||||
Net periodic postretirement benefit cost | $ | (4,367 | ) | $ | 185 | $ | (4,658 | ) | $ | 555 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Apr. 30, 2015 | ||||||||||||||
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) | ||||||||||||||
30-Apr-15 | ||||||||||||||
Trading securities | $ | 15,468 | $ | — | $ | 15,468 | Other assets | |||||||
Foreign exchange contracts | — | 975 | 975 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,468 | $ | 975 | $ | 16,443 | ||||||||
Foreign exchange contracts | $ | — | $ | 741 | $ | 741 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 741 | $ | 741 | ||||||||
31-Jul-14 | ||||||||||||||
Trading securities | $ | 15,962 | $ | — | $ | 15,962 | Other assets | |||||||
Foreign exchange contracts | — | 166 | 166 | Prepaid expenses and other current assets | ||||||||||
Total Assets | $ | 15,962 | $ | 166 | $ | 16,128 | ||||||||
Foreign exchange contracts | $ | — | $ | 389 | $ | 389 | Other current liabilities | |||||||
Total Liabilities | $ | — | $ | 389 | $ | 389 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 30, 2015 | Apr. 30, 2014 | |||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||
Restructuring Reserve Roll Forward | A reconciliation of the Company’s restructuring liability for the nine months ended April 30, 2015 is as follows: | A reconciliation of the Company’s restructuring liability for the nine months ended April 30, 2014 is as follows: | ||||||||||||||||||||||||||||||
Employee | Asset Write-offs | Other | Total | Employee | Asset Write-offs | Other | Total | |||||||||||||||||||||||||
Related | Related | |||||||||||||||||||||||||||||||
Beginning balance, July 31, 2014 | $ | 3,389 | $ | — | $ | 1,606 | $ | 4,995 | Beginning balance, July 31, 2013 | $ | 11,475 | $ | — | $ | 2,731 | $ | 14,206 | |||||||||||||||
Restructuring charges in continuing operations | 4,939 | 3,545 | 5,507 | 13,991 | Restructuring charges in continuing operations | 9,547 | 267 | 4,388 | 14,202 | |||||||||||||||||||||||
Restructuring charges in discontinued operations | — | (4 | ) | 245 | 241 | Restructuring charges in discontinued operations | 250 | — | — | 250 | ||||||||||||||||||||||
Non-cash write-offs | — | (3,541 | ) | — | (3,541 | ) | Non-cash write-offs | — | (267 | ) | — | (267 | ) | |||||||||||||||||||
Cash payments | (6,244 | ) | — | (5,274 | ) | (11,518 | ) | Cash payments | (16,178 | ) | — | (5,136 | ) | (21,314 | ) | |||||||||||||||||
Ending balance, April 30, 2015 | $ | 2,084 | $ | — | $ | 2,084 | $ | 4,168 | Ending balance, April 30, 2014 | $ | 5,094 | $ | — | $ | 1,983 | $ | 7,077 | |||||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Fair Values of Derivative Instruments in Consolidated Balance Sheets | For the three and nine months ended April 30, 2015, the Company recognized losses of $667 and $1,287 respectively, in “Investment and other income” on the Condensed Consolidated Statements of Earnings related to non-designated hedges. For the three and nine months ended April 30, 2014, the Company recognized gains of $403 and gains of $2,268, respectively. | |||||||||||||||||||||||
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-15 | 31-Jul-14 | |||||||||||||||||||||
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 | $ | 679 | Prepaid expenses and other current assets | $ | — | Other current liabilities | $ | 518 | Other current liabilities | $ | — | ||||||||||||
Net investment hedges | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Other current liabilities | 15 | Other current liabilities | 14 | ||||||||||||||||
Foreign currency denominated debt | Prepaid expenses and other current assets | — | Prepaid expenses and other current assets | — | Long term obligations, less current maturities | 122,113 | Long term obligations, less current maturities | 100,410 | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 679 | $ | — | $ | 122,646 | $ | 100,424 | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 296 | Prepaid expenses and other current assets | $ | 166 | Other current liabilities | $ | 209 | Other current liabilities | $ | 375 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 296 | $ | 166 | $ | 209 | $ | 375 | ||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
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 and nine months ended April 30, 2015 and 2014: | |||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | — | $ | 46,246 | $ | — | $ | 161,862 | ||||||||
Earnings (loss) from operations of discontinued businesses | — | 3,629 | (1,201 | ) | 16,390 | |||||||||||
Income tax benefit (expense) | — | 275 | (288 | ) | (784 | ) | ||||||||||
Loss on sale of discontinued operations | — | — | (487 | ) | — | |||||||||||
Income tax benefit on sale of discontinued operations | — | — | 61 | — | ||||||||||||
Earnings (loss) from discontinued operations, net of income tax | $ | — | $ | 3,904 | $ | (1,915 | ) | $ | 15,606 | |||||||
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Goodwill [Roll Forward] | |
Balance as of July 31, 2014 | $515,004 |
Goodwill, Translation Adjustments | -36,969 |
Balance as of April 30, 2015 | 478,035 |
Id Solutions [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2014 | 412,289 |
Goodwill, Translation Adjustments | -24,627 |
Balance as of April 30, 2015 | 387,662 |
Workplace Safety [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2014 | 102,715 |
Goodwill, Translation Adjustments | -12,342 |
Balance as of April 30, 2015 | $90,373 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Goodwill Impairment (Detail) (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | $290,917 |
Id Solutions [Member] | |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | 118,637 |
Workplace Safety [Member] | |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | $172,280 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Other Intangibles Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||
Amortization of Intangible Assets | $2,900 | $4,713 | $9,251 | $14,837 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 11,768 | 11,768 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,670 | 9,670 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,388 | 7,388 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,634 | 6,634 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,352 | 6,352 | |||
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 203,093 | 203,093 | 235,865 | ||
Accumulated Amortization | -124,329 | -124,329 | -144,851 | ||
Net Book Value | 78,764 | 78,764 | 91,014 | ||
Patents [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 5 years | 5 years | |||
Gross Carrying Amount | 11,889 | 11,889 | 11,656 | ||
Accumulated Amortization | -10,503 | -10,503 | -10,160 | ||
Net Book Value | 1,386 | 1,386 | 1,496 | ||
Trademarks And Other [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 5 years | 5 years | |||
Gross Carrying Amount | 14,492 | 14,492 | 15,366 | ||
Accumulated Amortization | -11,938 | -11,938 | -10,706 | ||
Net Book Value | 2,554 | 2,554 | 4,660 | ||
Customer relationships [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 7 years | 7 years | |||
Gross Carrying Amount | 138,486 | 138,486 | 168,525 | ||
Accumulated Amortization | -92,575 | -92,575 | -114,363 | ||
Net Book Value | 45,911 | 45,911 | 54,162 | ||
Non-compete agreements and other [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 4 years | 4 years | |||
Gross Carrying Amount | 9,383 | 9,383 | 10,089 | ||
Accumulated Amortization | -9,313 | -9,313 | -9,622 | ||
Net Book Value | 70 | 70 | 467 | ||
Trademarks [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 28,843 | 28,843 | 30,229 | ||
Accumulated Amortization | 0 | 0 | 0 | ||
Net Book Value | $28,843 | $28,843 | $30,229 |
Other_Comprehensive_Income_Tex
Other Comprehensive Income, Text (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | $64,156 | $56,063 | ||
Other comprehensive income (loss), before reclassification | -54,730 | 8,057 | ||
Amounts reclassified from accumulated other comprehensive income | -37,365 | -433 | ||
Ending balance | -27,939 | 63,687 | -27,939 | 63,687 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Net investment hedge translation adjustments | -158 | 787 | -8,125 | 1,525 |
Long-term intercompany loan settlements | -61 | -1,176 | 489 | 667 |
Cash flow hedges | 352 | 84 | -245 | 24 |
Other income tax adjustments and currency translation | 117 | 56 | 151 | 6 |
Income tax benefit (expense) related to items of other comprehensive income | -250 | 249 | 7,730 | -2,222 |
Cash flow hedges | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | -12 | 99 | ||
Other comprehensive income (loss), before reclassification | 927 | -18 | ||
Amounts reclassified from accumulated other comprehensive income | -337 | -82 | ||
Ending balance | 578 | -1 | 578 | -1 |
Unamortized gain on post-retirement plans | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 4,854 | 1,853 | ||
Other comprehensive income (loss), before reclassification | 1,639 | -41 | ||
Amounts reclassified from accumulated other comprehensive income | -2,331 | -351 | ||
Ending balance | 4,162 | 1,461 | 4,162 | 1,461 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 59,314 | 54,111 | ||
Other comprehensive income (loss), before reclassification | -57,296 | 8,116 | ||
Amounts reclassified from accumulated other comprehensive income | -34,697 | 0 | ||
Ending balance | ($32,679) | $62,227 | ($32,679) | $62,227 |
Net_Earnings_per_Common_Share_1
Net Earnings per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | $17,213 | $20,184 | $44,296 | $48,835 |
Denominator for basic earnings (loss) from continuing operations per share for both Class A and Class B | 51,301 | 51,933 | 51,275 | 52,071 |
Plus: Effect of dilutive stock options | 149 | 67 | 95 | 233 |
Denominator for diluted net income per share for both Class A and Class B | 51,450 | 52,000 | 51,370 | 52,304 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | 17,213 | 20,168 | 44,296 | 48,759 |
Earnings from continuing operations per basic share | $0.34 | $0.39 | $0.86 | $0.94 |
Earnings from continuing operations per diluted share | $0.33 | $0.39 | $0.86 | $0.93 |
Earnings (loss) from discontinued operations per basic share | $0 | $0.07 | ($0.03) | $0.30 |
Earnings (loss) from discontinued operations per diluted share | $0 | $0.07 | ($0.03) | $0.30 |
Net earnings per share, basic | $0.34 | $0.46 | $0.83 | $1.24 |
Net earnings per share, diluted | $0.33 | $0.46 | $0.83 | $1.23 |
Class B voting common stock | ||||
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | 17,213 | 20,168 | 43,501 | 47,940 |
Earnings from continuing operations per basic share | $0.34 | $0.39 | $0.85 | $0.92 |
Earnings from continuing operations per diluted share | $0.33 | $0.39 | $0.85 | $0.92 |
Earnings (loss) from discontinued operations per basic share | $0 | $0.07 | ($0.04) | $0.30 |
Earnings (loss) from discontinued operations per diluted share | $0 | $0.07 | ($0.04) | $0.29 |
Net earnings per share, basic | $0.34 | $0.46 | $0.81 | $1.22 |
Net earnings per share, diluted | $0.33 | $0.46 | $0.81 | $1.21 |
Restricted Stock Dividends [Member] | ||||
Earnings Per Share [Line Items] | ||||
Less: Dividends | 0 | 16 | 0 | 76 |
Preferential Dividends on Class A Nonvoting Common Stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Less: Dividends | 0 | 0 | 794 | 813 |
Preferential Dividends on Dilutive Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Less: Dividends | $0 | $0 | $1 | $6 |
Net_Earnings_per_Common_Share_2
Net Earnings per Common Share - Additional Informations (Detail) (Class A nonvoting common stock) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Common stock of Class A shares excluded from computations of diluted net income per share | 2,836 | 4,213 | 3,531 | 3,085 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | $290,227 | $309,577 | $883,095 | $908,301 |
Segment Profit | 53,906 | 59,073 | 161,407 | 180,608 |
Id Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 200,786 | 206,448 | 604,948 | 610,726 |
Segment Profit | 41,614 | 44,302 | 120,800 | 132,795 |
Workplace Safety [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 89,441 | 103,129 | 278,147 | 297,575 |
Segment Profit | $12,292 | $14,771 | $40,607 | $47,813 |
Segment_Information_Net_Income
Segment Information - Net Income Reconciliation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Total profit from reportable segments | $53,906 | $59,073 | $161,407 | $180,608 |
Unallocated amounts: | ||||
Administrative costs | -24,787 | -29,267 | -79,347 | -91,604 |
Restructuring charges | -4,834 | -3,039 | -13,991 | -14,202 |
Investment and other income | 434 | 872 | 968 | 1,887 |
Interest expense | -2,503 | -3,381 | -8,394 | -10,777 |
Earnings from continuing operations before income taxes | $22,216 | $24,258 | $60,643 | $65,912 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Assumptions (Detail) (USD $) | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 0 months 22 days | 5 years 11 months 18 days |
Expected volatility | 34.05% | 37.32% |
Expected dividend yield | 2.48% | 2.35% |
Risk-free interest rate | 1.91% | 1.80% |
Weighted-average market value of underlying stock at grant date | $22.73 | $30.98 |
Weighted average exercise price | $22.73 | $30.98 |
Weighted-average fair value of options granted during the period | $6.12 | $9.17 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity under Company's Share-Based Compensation Plans (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Summary of Stock Option Activity [Abstract] | ||
Options Outstanding at July 31, 2014 | 4,204,260 | |
Options Outstanding at July 31, 2014, Weighted Average Exercise Price | $30.82 | |
Options, Grants in Period | 622,983 | |
Options, Grants in Period, Weighted Average Exercise Price | $22.73 | $30.98 |
Options, Exercised in Period | -66,033 | |
Options, Exercised in Period, Weighted Average Exercise Price | $23.83 | |
Options, Forfeitures and Expirations in Period | -1,118,335 | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $30.97 | |
Options Outstanding at April 30, 2015 | 3,642,875 | |
Options Outstanding at April 30, 2015, Weighted Average Exercise Price | $29.52 | |
Options Outstanding, Exercisable | 2,706,566 | 3,131,418 |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $30.84 | $30.97 |
Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | |
Options Outstanding, Aggregate Intrinsic Value | $3,420,880 | |
Options Outstanding, Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |
Options Outstanding, Exercisable, Aggregate Intrinsic Value | $1,054,126 | |
Service Based Restricted Shares and Restricted Stock Units [Member] | ||
Summary of Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
RSUs and Restricted Shares Outstanding at July 31, 2014 | 104,857 | |
RSUs and Restricted Shares Outstanding at July 31, 2014, Weighted Average Grant Date Fair Value | $31.02 | |
RSUs and Restricted Shares, Grants in Period | 241,447 | |
RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $23.59 | |
RSUs and Restricted Shares, Vested in Period | -34,247 | |
RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value | $30.79 | |
RSUs and Restricted Shares, Forfeited in Period | -29,756 | |
RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value | $29.53 | |
RSUs and Restricted Shares Outstanding at April 30, 2015 | 282,301 | |
RSUs and Restricted Shares Outstanding at April 30, 2015, Weighted Average Grant Date Fair Value | $24.85 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] | ||
Summary of Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
RSUs and Restricted Shares Outstanding at July 31, 2014 | 80,000 | |
RSUs and Restricted Shares Outstanding at July 31, 2014, Weighted Average Grant Date Fair Value | $32.50 | |
RSUs and Restricted Shares, Grants in Period | 0 | |
RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $0 | |
RSUs and Restricted Shares, Vested in Period | 0 | |
RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value | $0 | |
RSUs and Restricted Shares, Forfeited in Period | -80,000 | |
RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value | $32.50 | |
RSUs and Restricted Shares Outstanding at April 30, 2015 | 0 | |
RSUs and Restricted Shares Outstanding at April 30, 2015, Weighted Average Grant Date Fair Value | $0 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 3,925,176 | 3,925,176 | ||
Shares reserved for future issuance | 3,440,742 | 3,440,742 | ||
Share-based compensation expense | $1,085 | $656 | $3,556 | $5,033 |
Share-based compensation expense (net of tax) | 673 | 407 | 2,205 | 3,121 |
Unrecognized compensation cost related to share-based compensation, pre tax | 9,332 | 9,332 | ||
Weighted average period remaining | 2 years 4 months 24 days | |||
Options Outstanding, Exercisable | 2,706,566 | 3,131,418 | 2,706,566 | 3,131,418 |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $30.84 | $30.97 | $30.84 | $30.97 |
Proceeds from stock options exercised | 744 | 1,591 | 10,894 | |
Tax benefit on stock options exercised | 35 | 79 | 788 | |
Intrinsic value of stock options exercised | 202 | 2,020 | ||
Fair value of stock options vested | $3,909 | $6,565 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $40 | $168 | $203 | $505 |
Interest cost | 35 | 134 | 177 | 401 |
Amortization of prior service credit | -40 | -51 | -202 | -152 |
Amortization of net actuarial gain | -106 | -66 | -540 | -199 |
Curtailment gain | 4,296 | 0 | 4,296 | 0 |
Decrease in accumulated postretirement benefit obligation due to curtailment | 4,490 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ($4,367) | $185 | ($4,658) | $555 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $16,443 | $16,128 |
Total Liabilities | 741 | 389 |
Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 15,468 | 15,962 |
Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 975 | 166 |
Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 741 | 389 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 15,468 | 15,962 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 15,468 | 15,962 |
Fair Value, Inputs, Level 1 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 975 | 166 |
Total Liabilities | 741 | 389 |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 975 | 166 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | $741 | $389 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | $515,004 | $478,035 |
Debt, Fair Value | 216,280 | 267,043 |
Debt, Carrying Value | 201,810 | 256,353 |
People ID [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | 193,689 | |
Goodwill, Fair Value | 93,277 | |
Goodwill, Impairment Loss | 100,412 | |
Intangible Assets, Impairment Loss | $48,139 |
Restructuring_Restructuring_Re
Restructuring - Restructuring Reserve Roll Forward (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance, July 31, 2014 | $4,995 | $14,206 | ||
Restructuring charges | 4,834 | 3,039 | 13,991 | 14,202 |
Restructuring charges in discontinued operations | 241 | 250 | ||
Non-cash write-offs | -3,541 | -267 | ||
Cash payments | -11,518 | -21,314 | ||
Ending balance, April 30, 2015 | 4,168 | 7,077 | 4,168 | 7,077 |
Asset Write Offs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance, July 31, 2014 | 0 | 0 | ||
Restructuring charges | 2,645 | 170 | 3,545 | 267 |
Restructuring charges in discontinued operations | -4 | 0 | ||
Non-cash write-offs | -3,541 | -267 | ||
Cash payments | 0 | 0 | ||
Ending balance, April 30, 2015 | 0 | 0 | 0 | 0 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance, July 31, 2014 | 3,389 | 11,475 | ||
Restructuring charges | 446 | 1,782 | 4,939 | 9,547 |
Restructuring charges in discontinued operations | 0 | 250 | ||
Non-cash write-offs | 0 | 0 | ||
Cash payments | -6,244 | -16,178 | ||
Ending balance, April 30, 2015 | 2,084 | 5,094 | 2,084 | 5,094 |
Other Restructuring Cost [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance, July 31, 2014 | 1,606 | 2,731 | ||
Restructuring charges | 5,507 | 4,388 | ||
Restructuring charges in discontinued operations | 245 | 0 | ||
Non-cash write-offs | 0 | 0 | ||
Cash payments | -5,274 | -5,136 | ||
Ending balance, April 30, 2015 | $2,084 | $1,983 | $2,084 | $1,983 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $4,834 | $3,039 | $13,991 | $14,202 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 446 | 1,782 | 4,939 | 9,547 |
Asset Write Offs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,645 | 170 | 3,545 | 267 |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 818 | 771 | 3,844 | 3,454 |
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 925 | 316 | 1,663 | 934 |
Id Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,536 | 1,161 | 9,845 | 7,595 |
Workplace Safety [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $1,298 | $1,878 | $4,146 | $6,607 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $679 | $0 |
Liability Derivatives | 122,646 | 100,424 |
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 679 | 0 |
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 518 | 0 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 15 | 14 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign currency denominated debt [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign currency denominated debt [Member] | Long term obligations less current maturities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 122,113 | 100,410 |
Not designated as hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 296 | 166 |
Liability Derivatives | 209 | 375 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 296 | 166 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $209 | $375 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | Apr. 30, 2015 | 13-May-10 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP-denominated interco debt [Member] | Senior Unsecured Notes [Member] | |
GBP (£) | GBP (£) | ||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Maturities | 18 months | ||||||
Derivative, Notional Amount | $76,083 | $76,083 | $104,000 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | -813 | -5 | -813 | -5 | |||
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | 457 | 43 | 552 | 135 | |||
Total Outstanding Forward Foreign Exchange Contracts | 21,943 | 21,943 | |||||
Derivative, Amount of Hedged Item | 25,036 | 75,000 | |||||
Amount Outstanding Forward Foreign Exchange Contracts Net Investment Hedge | 2,600 | 2,600 | 5,300 | ||||
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | 143 | 370 | |||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($667) | ($403) | ($1,287) | ($2,268) |
Discontinued_Operations_Operat
Discontinued Operations - Operating Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $37,365 | $433 | ||
Net sales | 0 | 46,246 | 0 | 161,862 |
Earnings (loss) from operations of discontinued businesses | 0 | 3,629 | -1,201 | 16,390 |
Income tax benefit (expense) | 0 | 275 | -288 | -784 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | -487 | 0 |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 0 | 0 | 61 | 0 |
Earnings (loss) from discontinued operations, net of income tax | 0 | 3,904 | -1,915 | 15,606 |
Accumulated Translation Adjustment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $34,697 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Income Tax Contingency [Line Items] | ||||
Income tax expense (benefit) | $5,003 | $4,074 | $16,347 | $17,077 |
Subsequent_Events_Detail
Subsequent Events (Detail) (Subsequent Event [Member], USD $) | 20-May-15 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared (USD per share) | $0.20 |