Brady (BRC) 10-Q 23 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 31, 2017	Feb. 21, 2017
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	BRC
Entity Registrant Name	BRADY CORP
Entity Central Index Key	746,598
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Class A nonvoting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		47,615,579
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 ($) $ in Thousands	Jan. 31, 2017	Jul. 31, 2016
Current assets:
Cash and cash equivalents	$ 125,208	$ 141,228
Accounts receivable—net	140,018	147,333
Inventories:
Finished products	60,642	64,313
Work-in-process	17,029	16,678
Raw materials and supplies	19,737	18,436
Total inventories	97,408	99,427
Prepaid expenses and other current assets	19,051	19,436
Total current assets	381,685	407,424
Other assets:
Goodwill	424,857	429,871
Other intangible assets	55,980	59,806
Deferred income taxes	27,403	27,238
Other	16,327	17,181
Property, plant and equipment, cost:
Land	7,272	5,809
Buildings and improvements	94,542	95,355
Machinery and equipment	254,688	256,549
Construction in progress	3,168	2,842
Property, plant and equipment, gross	359,670	360,555
Less accumulated depreciation	262,786	258,111
Property, plant and equipment—net	96,884	102,444
Total	1,003,136	1,043,964
Current liabilities:
Notes payable	5,691	4,928
Accounts payable	58,515	62,245
Wages and amounts withheld from employees	39,157	45,998
Taxes, other than income taxes	6,617	7,403
Accrued income taxes	2,011	6,136
Other current liabilities	38,210	40,017
Total current liabilities	150,201	166,727
Long-term obligations, less current maturities	157,223	211,982
Other liabilities	60,820	61,657
Total liabilities	368,244	440,366
Stockholders’ investment:
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 47,594,684 and 46,920,974 shares, respectively	513	513
Class B voting common stock—Issued and outstanding, 3,538,628 shares	35	35
Additional paid-in capital	317,587	317,001
Earnings retained in the business	480,368	453,371
Treasury stock—3,666,803 and 4,340,513 shares, respectively of Class A nonvoting common stock, at cost	(90,998)	(108,714)
Accumulated other comprehensive loss	(68,214)	(54,745)
Other	(4,399)	(3,863)
Total stockholders’ investment	634,892	603,598
Total	$ 1,003,136	$ 1,043,964

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jan. 31, 2017	Jul. 31, 2016
Class A nonvoting common stock
Common stock, shares issued	51,261,487	51,261,487
Common stock, shares outstanding	47,594,684	46,920,974
Treasury stock, shares	3,666,803	4,340,513
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 STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Net sales	$ 268,001	$ 268,630	$ 548,177	$ 551,703
Cost of products sold	133,843	135,738	273,661	279,462
Gross margin	134,158	132,892	274,516	272,241
Operating expenses:
Research and development	9,481	9,097	18,627	17,666
Selling, general and administrative	94,715	100,206	192,719	200,884
Total operating expenses	104,196	109,303	211,346	218,550
Operating income	29,962	23,589	63,170	53,691
Other income (expense):
Investment and other income (expense)	596	(992)	107	(1,751)
Interest expense	(1,458)	(2,130)	(3,190)	(4,281)
Earnings before income taxes	29,100	20,467	60,087	47,659
Income tax expense	3,803	5,177	12,237	13,666
Net earnings	$ 25,297	$ 15,290	$ 47,850	$ 33,993
Weighted average common shares outstanding (in thousands):
Weighted average common shares outstanding, basic (in thousands):	51,054	50,527	50,844	50,778
Weighted average common shares outstanding, diluted (in thousands):	51,954	50,647	51,721	50,868
Class A nonvoting common stock
Earnings Per Share
Net earnings per share, basic	$ 0.50	$ 0.30	$ 0.94	$ 0.67
Net earnings per share, diluted	0.49	0.30	0.93	0.67
Dividends	$ 0.21	$ 0.20	$ 0.41	$ 0.41
Class B voting common stock
Other income (expense):
Earnings from continuing operations	$ (25,297)	$ 15,290	$ 47,048	$ 33,209
Earnings Per Share
Net earnings per share, basic	$ 0.50	$ 0.30	$ 0.93	$ 0.65
Net earnings per share, diluted	0.49	0.30	0.91	0.65
Dividends	$ 0.21	$ 0.20	$ 0.39	$ 0.39

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 25,297	$ 15,290	$ 47,850	$ 33,993
Document Fiscal Year Focus			2,017
Foreign currency translation adjustments:
Foreign currency translation adjustments	(2,292)	(7,463)	$ (16,546)	(13,946)
Net investment hedge translation adjustments	1,426	2,671	5,448	3,542
Long-term intercompany loan translation adjustments:
Long-term intercompany loan translation adjustments	558	(2,396)	(279)	(3,820)
Cash flow hedges:
Net loss recognized in other comprehensive loss	(403)	(302)	(106)	(562)
Reclassification adjustment for gains included in net earnings	10	115	415	(342)
Total cash flow hedges	(393)	(187)	309	(904)
Pension and other post-retirement benefits:
Actuarial gain amortization	72	0	72	0
Other Comprehensive Income Amortization Of Defined Benefit Plan Actuarial Loss (Gain) Recognized In Net Periodic Benefit Cost Before Tax	(136)	(161)	(272)	(323)
Prior service credit amortization	0	(414)	0	(1,035)
Total pension and other post-retirement benefits	(64)	(575)	(200)	(1,358)
Other comprehensive loss, before tax	(765)	(7,950)	(11,268)	(16,486)
Income tax (expense) benefit related to items of other comprehensive income	(535)	(979)	(2,201)	(835)
Other comprehensive loss, net of tax	(1,300)	(8,929)	(13,469)	(17,321)
Comprehensive income	$ 23,997	$ 6,361	$ 34,381	$ 16,672

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Operating activities:
Net earnings	$ 47,850	$ 33,993
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,102	17,502
Non-cash portion of stock-based compensation expense	5,394	4,569
Deferred income taxes	(4,547)	3,338
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures):
Accounts receivable	3,407	3,204
Inventories	224	3,403
Prepaid expenses and other assets	220	(3,811)
Accounts payable and other liabilities	(9,384)	(1,618)
Income taxes	(3,932)	(2,326)
Net cash provided by operating activities	53,334	58,254
Investing activities:
Purchases of property, plant and equipment	(7,235)	(3,928)
Other	593	2,521
Net cash used in investing activities	(6,642)	(1,407)
Financing activities:
Payments of Dividends	(20,852)	(20,425)
Proceeds from exercise of stock options	14,659	53
Payments for Repurchase of Common Stock	0	(23,397)
Proceeds from (Repayments of) Lines of Credit	(50,469)	(437)
Payments of Financing Costs	0	(803)
Income tax on equity-based compensation, and other	(640)	(1,299)
Net cash used in financing activities	(57,302)	(46,308)
Effect of exchange rate changes on cash	(5,410)	(4,833)
Net (decrease) increase in cash and cash equivalents	(16,020)	5,706
Cash and cash equivalents, beginning of period	141,228	114,492
Cash and cash equivalents, end of period	$ 125,208	$ 120,198

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jan. 31, 2017
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 January 31, 2017 and July 31, 2016 , its results of operations and comprehensive income for the three and six months ended January 31, 2017 and 2016 , and cash flows for the six months ended January 31, 2017 and 2016 . The consolidated balance sheet as of July 31, 2016 has been derived from the audited consolidated financial statements as 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 annual report on Form 10-K for the year ended July 31, 2016 .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jan. 31, 2017
Text Block [Abstract]
Goodwill and Intangible Assets	Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended January 31, 2017 , were as follows: IDS WPS Total Balance as of July 31, 2016 $ 384,529 $ 45,342 $ 429,871 Translation adjustments (4,751 ) (263 ) (5,014 ) Realignment of businesses between segments 2,490 (2,490 ) — Balance as of January 31, 2017 $ 382,268 $ 42,589 $ 424,857 Goodwill at January 31, 2017 and July 31, 2016 , included $118,637 and $209,392 of accumulated impairment losses within the Identification Solutions ("IDS") and Workplace Safety ("WPS") segments, respectively, for a total of $328,029 . There were no impairment charges recorded during the six months ended January 31, 2017 . As further discussed in Note E - Segment Information, the Company realigned certain businesses between the WPS and IDS reportable segments effective August 1, 2016. In accordance with ASC 350, "Intangibles - Goodwill and Other," the Company completed a relative fair value calculation of the businesses that were realigned and moved the corresponding goodwill balance of $2,490 between the two reportable segments. 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: January 31, 2017 July 31, 2016 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Patents 5 $ 12,283 $ (11,278 ) $ 1,005 5 $ 12,252 $ (11,063 ) $ 1,189 Trademarks and other 5 14,252 (13,720 ) 532 5 14,359 (13,709 ) 650 Customer relationships 7 134,209 (102,539 ) 31,670 7 135,795 (100,830 ) 34,965 Non-compete agreements and other 4 9,118 (9,118 ) — 4 9,153 (9,142 ) 11 Unamortized other intangible assets: Trademarks N/A 22,773 — 22,773 N/A 22,991 — 22,991 Total $ 192,635 $ (136,655 ) $ 55,980 $ 194,550 $ (134,744 ) $ 59,806 The decrease in the gross carrying amount of other intangible assets as of January 31, 2017 , compared to July 31, 2016 , was due to the effect of currency fluctuations during the six-month period. The gross carrying amount of goodwill and other intangible assets in the condensed consolidated balance sheet at January 31, 2017 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 January 31, 2017 . Amortization expense on intangible assets was $1,688 and $ 2,595 for the three months ended January 31, 2017 and 2016 , respectively, and $3,583 and $5,228 for the six months ended January 31, 2017 and 2016 , respectively. The amortization over each of the next five fiscal years is projected to be $ 7,356 , $ 6,680 , $ 6,412 , $ 5,909 and $ 5,864 for the fiscal years ending July 31, 2017 , 2018 , 2019 , 2020 and 2021 , respectively.

Other Comprehensive Income Othe

Other Comprehensive Income Other Comprehensive Income, Tax (Notes)	6 Months Ended
	Jan. 31, 2017
Other Comprehensive Income (Loss), Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE C — Other Comprehensive Loss Other comprehensive loss 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, net of tax, for the six months ended January 31, 2017 : Unrealized loss on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive loss before reclassification (80 ) 72 (13,442 ) (13,450 ) Amounts reclassified from accumulated other comprehensive loss 253 (272 ) — (19 ) Ending balance, January 31, 2017 $ (684 ) $ 2,036 $ (69,566 ) $ (68,214 ) The increase in accumulated other comprehensive loss as of January 31, 2017 , compared to July 31, 2016 , was primarily due to the appreciation of the U.S. dollar against certain other currencies during the six month period. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, foreign currency translation on intercompany notes, and the settlements of net investment hedges, net of tax. Of the total $19 in amounts reclassified from accumulated other comprehensive loss, the $253 loss on cash flow hedges was reclassified into cost of products sold, and the $272 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the condensed consolidated statement of earnings for the six months ended January 31, 2017 . The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended January 31, 2016 , were as follows: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive loss before reclassification (141 ) — (15,613 ) (15,754 ) Amounts reclassified from accumulated other comprehensive loss (209 ) (1,358 ) — (1,567 ) Ending balance, January 31, 2016 $ (341 ) $ 2,080 $ (64,094 ) $ (62,355 ) The increase in accumulated other comprehensive loss as of January 31, 2016 , compared to July 31, 2015 , was primarily due the appreciation of the U.S. dollar against certain other currencies during the six-month period. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, foreign currency translation on intercompany notes, and the settlements of net investment hedges, net of tax. Of the total $1,567 in amounts reclassified from accumulated other comprehensive loss, the $209 gain on cash flow hedges was reclassified into cost of products sold, and the $1,358 gain on post-retirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the six months ended January 31, 2016 . The following table illustrates the income tax expense on the components of other comprehensive loss for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (556 ) $ (1,042 ) $ (2,125 ) $ (1,381 ) Cash flow hedges (8 ) 56 (137 ) 554 Other income tax adjustments and currency translation 29 7 61 (8 ) Income tax expense related to items of other comprehensive loss $ (535 ) $ (979 ) $ (2,201 ) $ (835 )

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jan. 31, 2017
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 January 31, Six months ended January 31, 2017 2016 2017 2016 Numerator: (in thousands) Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 25,297 $ 15,290 $ 47,850 $ 33,993 Less: Preferential dividends — — (788 ) (783 ) Preferential dividends on dilutive stock options — — (14 ) (1 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 25,297 $ 15,290 $ 47,048 $ 33,209 Denominator: (in thousands) Denominator for basic earnings per share for both Class A and Class B $ 51,054 $ 50,527 $ 50,844 $ 50,778 Plus: Effect of dilutive stock options and restricted stock units 900 120 877 90 Denominator for diluted earnings per share for both Class A and Class B $ 51,954 $ 50,647 $ 51,721 $ 50,868 Net earnings per Class A Nonvoting Common Share: Basic $ 0.50 $ 0.30 $ 0.94 $ 0.67 Diluted $ 0.49 $ 0.30 $ 0.93 $ 0.67 Net earnings per Class B Voting Common Share: Basic $ 0.50 $ 0.30 $ 0.93 $ 0.65 Diluted $ 0.49 $ 0.30 $ 0.91 $ 0.65 Options to purchase 768,617 and 3,923,000 shares of Class A Nonvoting Common Stock for the three months ended January 31, 2017 and 2016 , respectively, and 770,010 and 4,048,000 shares for the six months ended January 31, 2017 and 2016 , 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	6 Months Ended
	Jan. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is organized and managed on a global basis within three operating segments, Identification Solutions ("IDS"), Workplace Safety ("WPS"), and People Identification ("People ID"), which aggregate into two reportable segments that are organized around businesses with consistent products and services: IDS and WPS. The Identification Solutions and People ID operating segments aggregate into the IDS reporting segment, while the WPS reporting segment is comprised solely of the Workplace Safety operating segment. Effective August 1, 2016, the Company changed its internal measure of segment profit and loss that is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segment and assessing its performance. Prior to August 1, 2016, certain administrative costs were excluded from the measure of segment profit and loss. Effective August 1, 2016, a portion of these administrative costs have been included within the IDS and WPS segments, which includes the cost of finance, information technology, human resources, and certain other administrative costs. Interest expense, investment and other income (expense), income taxes, and certain corporate administrative expenses continue to be excluded when evaluating segment performance. Also effective August 1, 2016, the Company realigned certain businesses between the WPS and IDS reportable segments, resulting in increased revenues and segment profit in the IDS segment and equal and offsetting declines in revenues and segment profit in the WPS segment. The Company's accompanying segment information has been restated to reflect the change in measurement of segment profit and loss and the realignment of businesses. The following is a summary of segment information for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Sales to External Customers ID Solutions $ 190,962 $ 189,780 $ 392,226 $ 390,800 Workplace Safety 77,039 78,850 155,951 160,903 Total Company $ 268,001 $ 268,630 $ 548,177 $ 551,703 Segment Profit ID Solutions $ 28,961 $ 23,056 $ 62,035 $ 48,487 Workplace Safety 6,059 6,296 12,504 15,678 Total Company $ 35,020 $ 29,352 $ 74,539 $ 64,165 The following is a reconciliation of segment profit to earnings before income taxes for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Total profit from reportable segments $ 35,020 $ 29,352 $ 74,539 $ 64,165 Unallocated amounts: Administrative costs (5,058 ) (5,763 ) (11,369 ) (10,474 ) Investment and other income (expense) 596 (992 ) 107 (1,751 ) Interest expense (1,458 ) (2,130 ) (3,190 ) (4,281 ) Earnings before income taxes $ 29,100 $ 20,467 $ 60,087 $ 47,659

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2017
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 units ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. 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 and unrestricted shares and RSUs issued under the plan have a grant date fair value equal to the fair market value of the underlying stock at the date of grant. Shares issued under the plan are referred to herein as either "service-based" or "performance-based" restricted shares and RSUs. The service-based 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 performance-based RSUs granted under the plan generally vest at the end of a three-year service period provided specified company financial performance metrics are met. As of January 31, 2017 , the Company has reserved 3,784,771 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares and 4,477,197 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs, and restricted and unrestricted shares under the 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 January 31, 2017 and 2016 , was $2,238 ( $1,387 net of taxes) and $1,973 ( $1,223 net of taxes), respectively. Expense recognized during the six months ended January 31, 2017 and 2016 , was $5,394 ( $3,344 net of taxes) and $4,569 ( $2,833 net of taxes), respectively. As of January 31, 2017 , total unrecognized compensation cost related to stock-based compensation awards was $17,455 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.3 years. The Company has estimated the grant date fair value of its service-based stock option awards granted during the six months ended January 31, 2017 and 2016 , using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Six months ended January 31, Black-Scholes Option Valuation Assumptions 2017 2016 Expected term (in years) 6.11 6.11 Expected volatility 29.43 % 29.95 % Expected dividend yield 2.70 % 2.59 % Risk-free interest rate 1.26 % 1.64 % Weighted-average market value of underlying stock at grant date $ 35.13 $ 20.02 Weighted-average exercise price $ 35.13 $ 20.02 Weighted-average fair value of options granted during the period $ 7.56 $ 4.58 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 six months ended January 31, 2017 , is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2016 3,714,039 $ 27.34 New grants 378,015 35.13 Exercised (699,866) 26.65 Forfeited or expired (292,529) 35.55 Outstanding at January 31, 2017 3,099,659 $ 27.67 6.2 $ 26,084,674 Exercisable at January 31, 2017 2,037,018 $ 28.67 4.7 $ 15,296,818 There were 2,037,018 and 2,723,184 options exercisable with a weighted average exercise price of $28.67 and $30.00 at January 31, 2017 and 2016 , respectively. The total intrinsic value of options exercised during the six months ended January 31, 2017 and 2016 , based upon the average market price at the time of exercise during the period, was $6,719 and $7 , respectively. The total fair value of stock options vested during the six months ended January 31, 2017 and 2016 , was $2,890 and $3,131 , respectively. The cash received from the exercise of options during the three months ended January 31, 2017 and 2016 , was $5,846 and $53 , respectively. The cash received from the exercise of options during the six months ended January 31, 2017 , and 2016 was $14,659 and $53 , respectively. The tax benefit on options exercised during the three months ended January 31, 2017 and 2016 , was $353 and $3 , respectively. The tax benefit on options exercised during the six months ended January 31, 2017 and 2016 , was $1,453 and $3 , respectively. The following table summarizes the RSU activity under the Company's share-based compensation plans for the six months ended January 31, 2017 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2016 678,381 $ 23.57 New grants 93,161 35.12 Vested (109,687 ) 22.60 Forfeited (34,949 ) 24.33 Outstanding at January 31, 2017 626,906 $ 25.41 The service-based RSUs granted during the six months ended January 31, 2016 , had a weighted-average grant date fair value of $ 20.07 . The total fair value of service-based RSUs vested during the six months ended January 31, 2017 and 2016 , was $ 3,853 and $ 1,471 , respectively. Performance-Based RSUs Shares Weighted Outstanding at July 31, 2016 — $ — New grants 58,206 32.03 Vested — — Forfeited — — Outstanding at January 31, 2017 58,206 $ 32.03 No performance-based RSUs were granted during the six months ended January 31, 2016 . The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at January 31, 2017 , and expected to vest, was $24,904 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2017
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 January 31, 2017 and July 31, 2016 , according to the valuation techniques the Company used to determine their fair values. Inputs Considered As Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Fair Values Balance Sheet Classifications January 31, 2017 Trading securities $ 13,254 $ — $ 13,254 Other assets Foreign exchange contracts — 427 427 Prepaid expenses and other current assets Total Assets $ 13,254 $ 427 $ 13,681 Foreign exchange contracts $ — $ 941 $ 941 Other current liabilities Total Liabilities $ — $ 941 $ 941 July 31, 2016 Trading securities $ 13,834 $ — $ 13,834 Other assets Foreign exchange contracts — 2,138 2,138 Prepaid expenses and other current assets Total Assets $ 13,834 $ 2,138 $ 15,972 Foreign exchange contracts $ — $ 738 $ 738 Other current liabilities Total Liabilities $ — $ 738 $ 738 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 H, “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 six months ended January 31, 2017 . 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 six months ended January 31, 2017 . The Company’s financial instruments, other than those presented in the disclosures above, include cash and cash equivalents, accounts receivable, notes payable, accounts payable, and other liabilities. The fair values of these financial instruments approximated carrying values because of their short-term nature. 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 $162,711 and $218,977 at January 31, 2017 and July 31, 2016 , respectively, as compared to the carrying value of $157,223 and $211,982 at January 31, 2017 and July 31, 2016 , respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jan. 31, 2017
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 January 31, 2017 and July 31, 2016 , the notional amount of outstanding forward exchange contracts was $ 104,540 and $186,093 , respectively. The Company hedges a portion of known exposures using forward exchange contracts. Main exposures are related to transactions denominated in the British Pound, the Euro, Canadian Dollar, Australian Dollar, Mexican Peso, 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 January 31, 2017 and 2016 , unrealized losses of $451 and $608 have been included in OCI, respectively. Balances are reclassified from OCI to earnings when the hedged transactions impact earnings. For the three months ended January 31, 2017 and 2016 , the Company reclassified losses of $10 and $115 from OCI into earnings, respectively. For the six months ended January 31, 2017 and 2016 , the Company reclassified losses of $415 and gains of $342 from OCI into earnings, respectively. At January 31, 2017 , the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 17,284 , including contracts to sell Euros, Canadian Dollars, Australian Dollars, 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 January 31, 2017 , 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. Non-Designated Hedges For the three and six months ended January 31, 2017 , the Company recognized losses of $ 3,313 and $5,046 respectively, in “Investment and other income” on the condensed consolidated statements of earnings related to non-designated hedges. For the three and six months ended January 31, 2016 , the Company recognized losses of $100 and gains of $513 , respectively. Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives January 31, 2017 July 31, 2016 January 31, 2017 July 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Cash flow hedges Foreign exchange contracts Prepaid expenses and other current assets $ 425 Prepaid expenses and other current assets $ 265 Other current liabilities $ 803 Other current liabilities $ 670 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations, less current maturities 111,440 Long term obligations, less current maturities 116,888 Total derivatives designated as hedging instruments $ 425 $ 265 $ 112,243 $ 117,558 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 2 Prepaid expenses and other current assets $ 1,873 Other current liabilities $ 138 Other current liabilities $ 68 Total derivatives not designated as hedging instruments $ 2 $ 1,873 $ 138 $ 68

Income Taxes

Income Taxes	6 Months Ended
	Jan. 31, 2017
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	During the three months ended January 31, 2017, the Company recorded a $5,908 tax benefit for the repatriation of $126,948 of cash. This non-cash tax benefit was primarily due to foreign tax credits generated as a result of the cash repatriation that occurred during the three months ended January 31, 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Jan. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE K — Subsequent Events On February 22, 2017, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.2050 per share payable on April 28, 2017, to shareholders of record at the close of business on April 7, 2017.

New Accounting Pronouncements (

New Accounting Pronouncements (Notes)	6 Months Ended
	Jan. 31, 2017
Entity Information [Line Items]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases," which replaces the current lease accounting standard. The update will require, among other items, lessees to recognize the assets and liabilities that arise from most leases on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The ASU must be adopted using a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. 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 principles-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. ASU 2014-09 (and related updates) is effective for interim and annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption permitted for annual periods beginning after December 15, 2016. The Company intends to adopt this standard beginning August 1, 2018. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the standard. The Company is currently assessing the new guidance and whether to adopt using a full retrospective or a modified retrospective approach. Management will conduct surveys of its various business units and analyze contracts and agreements during fiscal 2017 to ensure that all components of the new guidance are appropriately considered for the impact on its consolidated financial statements and disclosures upon adoption.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jan. 31, 2017
Text Block [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill for the six months ended January 31, 2017 , were as follows: IDS WPS Total Balance as of July 31, 2016 $ 384,529 $ 45,342 $ 429,871 Translation adjustments (4,751 ) (263 ) (5,014 ) Realignment of businesses between segments 2,490 (2,490 ) — Balance as of January 31, 2017 $ 382,268 $ 42,589 $ 424,857
Other Intangible Assets	The net book value of these assets was as follows: January 31, 2017 July 31, 2016 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Patents 5 $ 12,283 $ (11,278 ) $ 1,005 5 $ 12,252 $ (11,063 ) $ 1,189 Trademarks and other 5 14,252 (13,720 ) 532 5 14,359 (13,709 ) 650 Customer relationships 7 134,209 (102,539 ) 31,670 7 135,795 (100,830 ) 34,965 Non-compete agreements and other 4 9,118 (9,118 ) — 4 9,153 (9,142 ) 11 Unamortized other intangible assets: Trademarks N/A 22,773 — 22,773 N/A 22,991 — 22,991 Total $ 192,635 $ (136,655 ) $ 55,980 $ 194,550 $ (134,744 ) $ 59,806

Other Comprehensive Income Ot19

Other Comprehensive Income Other Comprehensive Income, Tax (Tables)	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Other Comprehensive Income (Loss), 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, net of tax, for the six months ended January 31, 2017 : Unrealized loss on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive loss before reclassification (80 ) 72 (13,442 ) (13,450 ) Amounts reclassified from accumulated other comprehensive loss 253 (272 ) — (19 ) Ending balance, January 31, 2017 $ (684 ) $ 2,036 $ (69,566 ) $ (68,214 )	The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended January 31, 2016 , were as follows: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive loss before reclassification (141 ) — (15,613 ) (15,754 ) Amounts reclassified from accumulated other comprehensive loss (209 ) (1,358 ) — (1,567 ) Ending balance, January 31, 2016 $ (341 ) $ 2,080 $ (64,094 ) $ (62,355 )
Other Comprehensive Income , Tax [Table Text Block]	The following table illustrates the income tax expense on the components of other comprehensive loss for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (556 ) $ (1,042 ) $ (2,125 ) $ (1,381 ) Cash flow hedges (8 ) 56 (137 ) 554 Other income tax adjustments and currency translation 29 7 61 (8 ) Income tax expense related to items of other comprehensive loss $ (535 ) $ (979 ) $ (2,201 ) $ (835 )

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jan. 31, 2017
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 January 31, Six months ended January 31, 2017 2016 2017 2016 Numerator: (in thousands) Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 25,297 $ 15,290 $ 47,850 $ 33,993 Less: Preferential dividends — — (788 ) (783 ) Preferential dividends on dilutive stock options — — (14 ) (1 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 25,297 $ 15,290 $ 47,048 $ 33,209 Denominator: (in thousands) Denominator for basic earnings per share for both Class A and Class B $ 51,054 $ 50,527 $ 50,844 $ 50,778 Plus: Effect of dilutive stock options and restricted stock units 900 120 877 90 Denominator for diluted earnings per share for both Class A and Class B $ 51,954 $ 50,647 $ 51,721 $ 50,868 Net earnings per Class A Nonvoting Common Share: Basic $ 0.50 $ 0.30 $ 0.94 $ 0.67 Diluted $ 0.49 $ 0.30 $ 0.93 $ 0.67 Net earnings per Class B Voting Common Share: Basic $ 0.50 $ 0.30 $ 0.93 $ 0.65 Diluted $ 0.49 $ 0.30 $ 0.91 $ 0.65

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	The following is a summary of segment information for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Sales to External Customers ID Solutions $ 190,962 $ 189,780 $ 392,226 $ 390,800 Workplace Safety 77,039 78,850 155,951 160,903 Total Company $ 268,001 $ 268,630 $ 548,177 $ 551,703 Segment Profit ID Solutions $ 28,961 $ 23,056 $ 62,035 $ 48,487 Workplace Safety 6,059 6,296 12,504 15,678 Total Company $ 35,020 $ 29,352 $ 74,539 $ 64,165
Net Income Reconciliation	The following is a reconciliation of segment profit to earnings before income taxes for the three and six months ended January 31, 2017 and 2016 : Three months ended January 31, Six months ended January 31, 2017 2016 2017 2016 Total profit from reportable segments $ 35,020 $ 29,352 $ 74,539 $ 64,165 Unallocated amounts: Administrative costs (5,058 ) (5,763 ) (11,369 ) (10,474 ) Investment and other income (expense) 596 (992 ) 107 (1,751 ) Interest expense (1,458 ) (2,130 ) (3,190 ) (4,281 ) Earnings before income taxes $ 29,100 $ 20,467 $ 60,087 $ 47,659

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2017
Text Block [Abstract]
Stock Option Assumptions	The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Six months ended January 31, Black-Scholes Option Valuation Assumptions 2017 2016 Expected term (in years) 6.11 6.11 Expected volatility 29.43 % 29.95 % Expected dividend yield 2.70 % 2.59 % Risk-free interest rate 1.26 % 1.64 % Weighted-average market value of underlying stock at grant date $ 35.13 $ 20.02 Weighted-average exercise price $ 35.13 $ 20.02 Weighted-average fair value of options granted during the period $ 7.56 $ 4.58
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 six months ended January 31, 2017 , is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2016 3,714,039 $ 27.34 New grants 378,015 35.13 Exercised (699,866) 26.65 Forfeited or expired (292,529) 35.55 Outstanding at January 31, 2017 3,099,659 $ 27.67 6.2 $ 26,084,674 Exercisable at January 31, 2017 2,037,018 $ 28.67 4.7 $ 15,296,818
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	The following table summarizes the RSU activity under the Company's share-based compensation plans for the six months ended January 31, 2017 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2016 678,381 $ 23.57 New grants 93,161 35.12 Vested (109,687 ) 22.60 Forfeited (34,949 ) 24.33 Outstanding at January 31, 2017 626,906 $ 25.41 The service-based RSUs granted during the six months ended January 31, 2016 , had a weighted-average grant date fair value of $ 20.07 . The total fair value of service-based RSUs vested during the six months ended January 31, 2017 and 2016 , was $ 3,853 and $ 1,471 , respectively. Performance-Based RSUs Shares Weighted Outstanding at July 31, 2016 — $ — New grants 58,206 32.03 Vested — — Forfeited — — Outstanding at January 31, 2017 58,206 $ 32.03 No performance-based RSUs were granted during the six months ended January 31, 2016 . The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at January 31, 2017 , and expected to vest, was $24,904 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2017
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 Assets (Level 1) Significant Other Observable Inputs (Level 2) Fair Values Balance Sheet Classifications January 31, 2017 Trading securities $ 13,254 $ — $ 13,254 Other assets Foreign exchange contracts — 427 427 Prepaid expenses and other current assets Total Assets $ 13,254 $ 427 $ 13,681 Foreign exchange contracts $ — $ 941 $ 941 Other current liabilities Total Liabilities $ — $ 941 $ 941 July 31, 2016 Trading securities $ 13,834 $ — $ 13,834 Other assets Foreign exchange contracts — 2,138 2,138 Prepaid expenses and other current assets Total Assets $ 13,834 $ 2,138 $ 15,972 Foreign exchange contracts $ — $ 738 $ 738 Other current liabilities Total Liabilities $ — $ 738 $ 738

Derivatives and Hedging Activ24

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jan. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments in Consolidated Balance Sheets	Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives January 31, 2017 July 31, 2016 January 31, 2017 July 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Cash flow hedges Foreign exchange contracts Prepaid expenses and other current assets $ 425 Prepaid expenses and other current assets $ 265 Other current liabilities $ 803 Other current liabilities $ 670 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations, less current maturities 111,440 Long term obligations, less current maturities 116,888 Total derivatives designated as hedging instruments $ 425 $ 265 $ 112,243 $ 117,558 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 2 Prepaid expenses and other current assets $ 1,873 Other current liabilities $ 138 Other current liabilities $ 68 Total derivatives not designated as hedging instruments $ 2 $ 1,873 $ 138 $ 68

Goodwill and Intangible Asset25

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Jan. 31, 2017USD ($)
Goodwill [Roll Forward]
Balance as of July 31, 2016	$ 429,871
Goodwill, Translation Adjustments	(5,014)
Balance as of January 31, 2017	424,857
Goodwill, Transfers	0
Id Solutions [Member]
Goodwill [Roll Forward]
Balance as of July 31, 2016	384,529
Goodwill, Translation Adjustments	(4,751)
Balance as of January 31, 2017	382,268
Goodwill, Transfers	2,490
Workplace Safety [Member]
Goodwill [Roll Forward]
Balance as of July 31, 2016	45,342
Goodwill, Translation Adjustments	(263)
Balance as of January 31, 2017	42,589
Goodwill, Transfers	$ (2,490)

Goodwill and Intangible Asset26

Goodwill and Intangible Assets - Goodwill Impairment (Detail) $ in Thousands	Jan. 31, 2017USD ($)
Goodwill Impairment
Goodwill, Impaired, Accumulated Impairment Loss	$ 328,029
Id Solutions [Member]
Goodwill Impairment
Goodwill, Impaired, Accumulated Impairment Loss	118,637
Workplace Safety [Member]
Goodwill Impairment
Goodwill, Impaired, Accumulated Impairment Loss	$ 209,392

Goodwill and Intangible Asset27

Goodwill and Intangible Assets - Other Intangibles Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Jul. 31, 2016
Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 192,635		$ 192,635		$ 194,550
Accumulated Amortization	(136,655)		(136,655)		(134,744)
Net Book Value	55,980		55,980		$ 59,806
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Intangible Assets	1,688	$ 2,595	3,583	$ 5,228
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	7,356		7,356
Finite-Lived Intangible Assets, Amortization Expense, Year Two	6,680		6,680
Finite-Lived Intangible Assets, Amortization Expense, Year Three	6,412		6,412
Finite-Lived Intangible Assets, Amortization Expense, Year Four	5,909		5,909
Finite-Lived Intangible Assets, Amortization Expense, Year Five	5,864		$ 5,864
Patents [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period			5 years		5 years
Gross Carrying Amount	12,283		$ 12,283		$ 12,252
Accumulated Amortization	(11,278)		(11,278)		(11,063)
Net Book Value	1,005		$ 1,005		$ 1,189
Trademarks And Other [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period			5 years		5 years
Gross Carrying Amount	14,252		$ 14,252		$ 14,359
Accumulated Amortization	(13,720)		(13,720)		(13,709)
Net Book Value	532		$ 532		$ 650
Customer relationships [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period			7 years		7 years
Gross Carrying Amount	134,209		$ 134,209		$ 135,795
Accumulated Amortization	(102,539)		(102,539)		(100,830)
Net Book Value	31,670		$ 31,670		$ 34,965
Non-compete agreements and other [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period			4 years		4 years
Gross Carrying Amount	9,118		$ 9,118		$ 9,153
Accumulated Amortization	(9,118)		(9,118)		(9,142)
Net Book Value	0		0		11
Trademarks [Member]
Other Intangible Assets [Line Items]
Gross Carrying Amount	22,773		22,773		22,991
Accumulated Amortization	0		0		0
Net Book Value	$ 22,773		$ 22,773		$ 22,991

Other Comprehensive Income Ot28

Other Comprehensive Income Other Comprehensive Income, Text (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Other Comprehensive Income (Loss), Tax [Abstract]
Net investment hedge translation adjustments	$ (556)	$ (1,042)	$ (2,125)	$ (1,381)
Cash flow hedges	(8)	56	(137)	554
Other income tax adjustments and currency translation	29	7	61	(8)
Income tax expense related to items of other comprehensive loss	(535)	(979)	(2,201)	(835)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance			(54,745)	(45,034)
Other Comprehensive Income (Loss), before Reclassification			(13,450)	(15,754)
Amounts reclassified from accumulated other comprehensive income			(19)	(1,567)
Ending balance	(68,214)	(62,355)	(68,214)	(62,355)
Cash flow hedges
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance			(857)	9
Other Comprehensive Income (Loss), before Reclassification			(80)	(141)
Amounts reclassified from accumulated other comprehensive income			253	209
Ending balance	(684)	(341)	(684)	(341)
Unamortized gain on post-retirement plans
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance			2,236	3,438
Other Comprehensive Income (Loss), before Reclassification			72	0
Amounts reclassified from accumulated other comprehensive income			(272)	1,358
Ending balance	2,036	2,080	2,036	2,080
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance			(56,124)	(48,481)
Other Comprehensive Income (Loss), before Reclassification			(13,442)	(15,613)
Amounts reclassified from accumulated other comprehensive income			0	0
Ending balance	$ (69,566)	$ (64,094)	$ (69,566)	$ (64,094)

Net Income per Common Share - R

Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Earnings Per Share [Line Items]
Net Income (Loss) Attributable to Parent	$ 25,297	$ 15,290	$ 47,850	$ 33,993
Denominator for basic earnings (loss) from continuing operations per share for both Class A and Class B	51,054	50,527	50,844	50,778
Plus: Effect of dilutive stock options	900	120	877	90
Denominator for diluted net income per share for both Class A and Class B	51,954	50,647	51,721	50,868
Class A nonvoting common stock
Earnings Per Share [Line Items]
Net earnings per share, basic	$ 0.50	$ 0.30	$ 0.94	$ 0.67
Net earnings per share, diluted	$ 0.49	$ 0.30	$ 0.93	$ 0.67
Class B voting common stock
Earnings Per Share [Line Items]
Earnings from continuing operations	$ 25,297	$ (15,290)	$ (47,048)	$ (33,209)
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	0	0	14	1
Payments of Ordinary Dividends	$ 0	$ 0	$ 788	$ 783
Net earnings per share, basic	$ 0.50	$ 0.30	$ 0.93	$ 0.65
Net earnings per share, diluted	$ 0.49	$ 0.30	$ 0.91	$ 0.65

Net Income per Common Share - A

Net Income per Common Share - Additional Informations (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
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	769	3,923	770	4,048

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Segment Reporting Information [Line Items]
Sales to External Customers	$ 268,001	$ 268,630	$ 548,177	$ 551,703
Segment Profit	35,020	29,352	74,539	64,165
Id Solutions [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	190,962	189,780	392,226	390,800
Segment Profit	28,961	23,056	62,035	48,487
Workplace Safety [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	77,039	78,850	155,951	160,903
Segment Profit	$ 6,059	$ 6,296	$ 12,504	$ 15,678

Segment Information - Net Incom

Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total profit from reportable segments	$ 35,020	$ 29,352	$ 74,539	$ 64,165
Unallocated amounts:
Administrative costs	(5,058)	(5,763)	(11,369)	(10,474)
Investment and other income	596	(992)	107	(1,751)
Interest expense	(1,458)	(2,130)	(3,190)	(4,281)
Earnings before income taxes	$ 29,100	$ 20,467	$ 60,087	$ 47,659

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Assumptions (Detail) - $ / shares	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 1 month 10 days	6 years 1 month 10 days
Expected volatility	29.43%	29.95%
Expected dividend yield	2.70%	2.59%
Risk-free interest rate	1.26%	1.64%
Weighted-average market value of underlying stock at grant date	$ 35.13	$ 20.02
Options, Grants in Period, Weighted Average Exercise Price	35.13	20.02
Weighted-average fair value of options granted during the period	$ 7.56	$ 4.58

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Summary of Stock Option Activity [Abstract]
Options Outstanding at July 31, 2014	3,714,039
Options Outstanding at July 31, 2014, Weighted Average Exercise Price	$ 27.34
Options, Grants in Period	378,015
Options, Grants in Period, Weighted Average Exercise Price	$ 35.13	$ 20.02
Options, Exercised in Period	(699,866)
Options, Exercised in Period, Weighted Average Exercise Price	$ 26.65
Options, Forfeitures and Expirations in Period	(292,529)
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 35.55
Options Outstanding at January 31, 2015	3,099,659
Options Outstanding at January 31, 2015, Weighted Average Exercise Price	$ 27.67
Options Outstanding, Exercisable, Weighted Average Exercise Price	$ 28.67	$ 30
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 2 months 12 days
Options Outstanding, Aggregate Intrinsic Value	$ 26,084,674
Options Outstanding, Exercisable, Weighted Average Remaining Contractual Term	4 years 8 months 12 days
Options Outstanding, Exercisable, Aggregate Intrinsic Value	$ 15,296,818
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract]
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value	$ 20.07
Performance Based Restricted Shares and Restricted Stock Units [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	58,206
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract]
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value	$ 0
Service-Based RSUs and Restricted Shares Outstanding	0
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value	$ 32.03
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Service-Based RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Service-Based RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value	$ 0
Service-Based RSUs and Restricted Shares Outstanding	58,206
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value	$ 32.03
Service Based Restricted Shares and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	93,161
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract]
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value	$ 23.57
Service-Based RSUs and Restricted Shares Outstanding	678,381
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value	$ 35.12
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(109,687)
Service-Based RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value	$ 22.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(34,949)
Service-Based RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value	$ 24.33
Service-Based RSUs and Restricted Shares Outstanding	626,906
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value	$ 25.41

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 20.07
Shares authorized	3,784,771		3,784,771
Shares reserved for future issuance	4,477,197		4,477,197
Share-based compensation expense	$ 2,238	$ 1,973	$ 5,394	$ 4,569
Share-based compensation expense (net of tax)	1,387	$ 1,223	3,344	$ 2,833
Unrecognized compensation cost related to share-based compensation, pre tax	$ 17,455		$ 17,455
Weighted average period remaining			2 years 3 months 18 days
Options Outstanding, Exercisable	2,037,018	2,723,184	2,037,018	2,723,184
Options Outstanding, Exercisable, Weighted Average Exercise Price	$ 28.67	$ 30	$ 28.67	$ 30
Proceeds from stock options exercised	$ 5,846	$ 53	$ 14,659	$ 53
Tax benefit on stock options exercised	353	3	1,453	3
Intrinsic value of stock options exercised	6,719	7
Fair value of stock options vested	2,890	$ 3,131
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			4	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	$ 25		$ 25
Service Based Restricted Shares and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 35.12

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jan. 31, 2017	Jul. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	$ 13,681	$ 15,972
Total Liabilities	941	738
Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	13,254	13,834
Prepaid expenses and other current assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Exchange Contracts	427	2,138
Other current liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Exchange Contracts	941	738
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	13,254	13,834
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	13,254	13,834
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	427	2,138
Total Liabilities	941	738
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	427	2,138
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	$ 941	$ 738

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2017	Jul. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Carrying Value	$ 424,857	$ 429,871
Debt, Fair Value	162,711	218,977
Debt, Carrying Value	157,223	211,982
Workplace Safety [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Carrying Value	$ 42,589	$ 45,342

Derivatives and Hedging Activ38

Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jan. 31, 2017	Jul. 31, 2016
Designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 425	$ 265
Liability Derivatives	112,243	117,558
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	425	265
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	803	670
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	111,440	116,888
Not designated as hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	1,873
Liability Derivatives	138	68
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	1,873
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 138	$ 68

Derivatives and Hedging Activ39

Derivatives and Hedging Activities - Additional Information (Detail) £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2017USD ($)	Jan. 31, 2016USD ($)	Jan. 31, 2017USD ($)	Jan. 31, 2016USD ($)	Jan. 31, 2017GBP (£)	Jul. 31, 2016USD ($)	May 13, 2010GBP (£)
Derivatives, Fair Value [Line Items]
Derivative Maturities			18 months
Derivative, Notional Amount	$ 104,540		$ 104,540			$ 186,093
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	(451)	$ (608)	(451)	$ (608)
Cash Flow Hedge Gain (Loss) Reclassified to Earnings	(10)	(115)	(415)	342
Total Outstanding Forward Foreign Exchange Contracts	17,284		17,284
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (3,313)	$ (100)	$ (5,046)	$ (513)
GBP-denominated interco debt [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item | £					£ 25,036
Senior Unsecured Notes [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item | £							£ 75,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Jan. 31, 2017USD ($)
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 5,908
Repatriation	$ 126,948

Subsequent Events (Detail)

Subsequent Events (Detail)	Feb. 22, 2017$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared (USD per share)	$ 0.2050