Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Sep. 11, 2017 | Jan. 31, 2017 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,632,463,306 | ||
Class A Nonvoting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 47,844,015 | ||
Class B Voting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 133,944 | $ 141,228 |
Accounts receivable — net | 149,638 | 147,333 |
Inventories: | ||
Finished products | 69,760 | 64,313 |
Work-in-process | 18,117 | 16,678 |
Raw materials and supplies | 19,147 | 18,436 |
Total inventories | 107,024 | 99,427 |
Prepaid expenses and other current assets | 17,208 | 19,436 |
Total current assets | 407,814 | 407,424 |
Other assets: | ||
Goodwill | 437,697 | 429,871 |
Other intangible assets | 53,076 | 59,806 |
Deferred income taxes | 35,456 | 27,238 |
Other | 18,077 | 17,181 |
Property, plant and equipment: | ||
Land | 7,470 | 5,809 |
Buildings and improvements | 98,228 | 95,355 |
Machinery and equipment | 261,192 | 256,549 |
Construction in progress | 4,109 | 2,842 |
Property, plant and equipment, gross | 370,999 | 360,555 |
Less accumulated depreciation | 272,896 | 258,111 |
Property, plant and equipment — net | 98,103 | 102,444 |
Total | 1,050,223 | 1,043,964 |
Current liabilities: | ||
Notes payable | 3,228 | 4,928 |
Accounts payable | 66,817 | 62,245 |
Wages and amounts withheld from employees | 58,192 | 45,998 |
Taxes, other than income taxes | 7,970 | 7,403 |
Accrued income taxes | 7,373 | 6,136 |
Other current liabilities | 43,618 | 40,017 |
Total current liabilities | 187,198 | 166,727 |
Long-term obligations | 104,536 | 211,982 |
Other liabilities | 58,349 | 61,657 |
Total liabilities | 350,083 | 440,366 |
Stockholders’ investment: | ||
Class A nonvoting common stock — Issued 51,261,487 shares at July 31, 2017 and 2016, respectively, (aggregate liquidation preference of $42,803 at July 31, 2017 and 2016, respectively) | 513 | 513 |
Class B voting common stock — Issued and outstanding 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 322,608 | 317,001 |
Earnings retained in the business | 507,136 | 453,371 |
Treasury stock — 3,446,669 and 4,340,513 shares at July 31, 2017 and 2016, respectively of Class A nonvoting common stock, at cost | (85,470) | (108,714) |
Accumulated other comprehensive loss | (44,682) | (54,745) |
Other | 0 | (3,863) |
Total stockholders’ investment | 700,140 | 603,598 |
Total | $ 1,050,223 | $ 1,043,964 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Class A Nonvoting Common Stock [Member] | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common Stock Aggregate Liquidation Preference | $ 42,803 | $ 42,803 |
Treasury stock, shares | 3,446,669 | 4,340,513 |
Class B Voting Common Stock [Member] | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Net sales | $ 1,113,316 | $ 1,120,625 | $ 1,171,731 |
Cost of products sold | 555,024 | 561,852 | 613,299 |
Gross margin | 558,292 | 558,773 | 558,432 |
Operating expenses: | |||
Research and development | 39,624 | 35,799 | 36,734 |
Selling, general and administrative | 387,653 | 405,096 | 422,704 |
Restructuring charges | 0 | 0 | 16,821 |
Impairment charges | 0 | 0 | 46,867 |
Total operating expenses | 427,277 | 440,895 | 523,126 |
Operating income | 131,015 | 117,878 | 35,306 |
Other income (expense): | |||
Investment and other income (expense) | 1,121 | (709) | 845 |
Interest expense | (5,504) | (7,824) | (11,156) |
Earnings from continuing operations before income taxes | 126,632 | 109,345 | 24,995 |
Income tax expense | 30,987 | 29,235 | 20,093 |
Earnings from continuing operations | 95,645 | 80,110 | 4,902 |
Loss from discontinued operations, net of income taxes | 0 | 0 | (1,915) |
Net earnings | $ 95,645 | $ 80,110 | $ 2,987 |
Weighted average common shares outstanding (in thousands): | |||
Basic (in shares) | 51,056 | 50,541 | 51,285 |
Diluted (in shares) | 51,956 | 50,769 | 51,383 |
Class A Nonvoting Common Stock [Member] | |||
Earnings per share: | |||
Earnings (loss) from continuing operations, per basic share | $ 1.87 | $ 1.59 | $ 0.10 |
Earnings (loss) from continuing operations, per diluted share | 1.84 | 1.58 | 0.10 |
(Loss) earnings from discontinued operations, per basic share | 0 | 0 | (0.04) |
(Loss) earnings from discontinued operations, per diluted share | 0 | 0 | (0.04) |
Net earnings (loss) per share, basic | 1.87 | 1.59 | 0.06 |
Net earnings (loss) per share, diluted | 1.84 | 1.58 | 0.06 |
Dividends | $ 0.82 | $ 0.81 | $ 0.80 |
Class B Voting Common Stock [Member] | |||
Other income (expense): | |||
Earnings from continuing operations | $ 94,843 | $ 79,326 | $ 4,107 |
Earnings per share: | |||
Earnings (loss) from continuing operations, per basic share | $ 1.86 | $ 1.57 | $ 0.08 |
Earnings (loss) from continuing operations, per diluted share | 1.83 | 1.56 | 0.08 |
(Loss) earnings from discontinued operations, per basic share | 0 | 0 | (0.04) |
(Loss) earnings from discontinued operations, per diluted share | 0 | 0 | (0.04) |
Net earnings (loss) per share, basic | 1.86 | 1.57 | 0.04 |
Net earnings (loss) per share, diluted | 1.83 | 1.56 | 0.04 |
Dividends | $ 0.80 | $ 0.79 | $ 0.78 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 95,645 | $ 80,110 | $ 2,987 |
Foreign currency translation adjustments: | |||
Net gain (loss) recognized in other comprehensive income (loss) | 8,621 | (1,405) | (85,622) |
Reclassification adjustment for gains included in net earnings | 0 | 0 | (34,697) |
Total foreign currency translation adjustments | 8,621 | (1,405) | (120,319) |
Net investment hedge and long-term intercompany loan translation adjustments: | |||
Net (loss) gain recognized in other comprehensive income (loss) | (1,404) | (2,280) | 22,023 |
Reclassification adjustment for gains included in net earnings | 0 | 0 | (393) |
Total long-term intercompany loan translation adjustments | (1,404) | (2,280) | 21,630 |
Cash flow hedges: | |||
Net (loss) gain recognized in other comprehensive income (loss) | (225) | (1,254) | 1,643 |
Reclassification adjustment for losses (gains) included in net earnings | 486 | 196 | (1,325) |
Total cash flow hedges | 261 | (1,058) | 318 |
Pension and other post-retirement benefits: | |||
Net gain (loss) recognized in other comprehensive income (loss) | 647 | (293) | 1,057 |
Actuarial gain amortization | (483) | (612) | (741) |
Prior service credit amortization | 0 | (1,035) | (1,170) |
Reclassification adjustment for gains included in net earnings | 0 | 0 | (1,741) |
Total pension and other post-retirement benefits | 164 | (1,940) | (2,595) |
Other comprehensive income (loss), before tax | 7,642 | (6,683) | (100,966) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 2,421 | (3,028) | (8,224) |
Other comprehensive income (loss), net of tax | 10,063 | (9,711) | (109,190) |
Comprehensive income (loss) | $ 105,708 | $ 70,399 | $ (106,203) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, Value, Issued | $ 548 | $ 548 | $ 548 |
Beginning Balances | 603,598 | ||
Net earnings | 95,645 | 80,110 | 2,987 |
Other comprehensive loss, net of tax | 10,063 | (9,711) | (109,190) |
Stock-based compensation expense | 9,495 | 8,154 | 4,471 |
Stock Repurchased During Period, Value | (23,552) | ||
Purchase of shares of Class A Common Stock | 0 | (23,552) | 0 |
Ending Balances | 700,140 | 603,598 | |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances | 317,001 | 314,403 | 311,811 |
Issuance of shares of Class A Common Stock under stock plan | (5,868) | (3,830) | (1,315) |
Stockholder's equity, other | 1,943 | (10) | 2,312 |
Tax benefit from exercise of stock options, vesting of RSUs, and deferred compensation distributions | 37 | (1,716) | (2,876) |
Stock-based compensation expense | 9,495 | 8,154 | 4,471 |
Ending Balances | 322,608 | 317,001 | 314,403 |
Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances | 453,371 | 414,069 | 452,057 |
Net earnings | 95,645 | 80,110 | 2,987 |
Payment of Ordinary Dividends, Common Stock Class A | (39,037) | (38,001) | (38,204) |
Payment of Ordinary Dividends, Common Stock Class B | (2,843) | (2,807) | (2,771) |
Ending Balances | 507,136 | 453,371 | 414,069 |
Treasury Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances | (108,714) | (93,234) | (93,337) |
Issuance of shares of Class A Common Stock under stock plan | 23,591 | 8,300 | 2,735 |
Stockholder's equity, other | (347) | (228) | (2,632) |
Ending Balances | (85,470) | (108,714) | (93,234) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances | (54,745) | (45,034) | 64,156 |
Other comprehensive loss, net of tax | 10,063 | (9,711) | (109,190) |
Ending Balances | (44,682) | (54,745) | (45,034) |
Other equity component [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances | (3,863) | (3,064) | (2,159) |
Stockholder's equity, other | 3,863 | (799) | (905) |
Ending Balances | $ 0 | $ (3,863) | $ (3,064) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Operating activities: | |||
Net earnings | $ 95,645 | $ 80,110 | $ 2,987 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 27,303 | 32,432 | 39,458 |
Non-cash portion of restructuring charges | 0 | 0 | 4,164 |
Non-cash portion of stock-based compensation expense | 9,495 | 8,154 | 4,471 |
Goodwill and Intangible Asset Impairment, Including Discontinued Operations | 0 | 0 | 46,867 |
Loss on sales of businesses, net | 0 | 0 | 426 |
Deferred income taxes | (8,618) | 2,085 | (7,233) |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | |||
Accounts receivable | 766 | 8,159 | 1,317 |
Inventories | (5,687) | 4,833 | (763) |
Prepaid expenses and other assets | 1,812 | 475 | 9,188 |
Accounts payable and accrued liabilities | 22,255 | 3,928 | (8,516) |
Income taxes | 1,061 | (1,200) | 982 |
Net cash provided by operating activities | 144,032 | 138,976 | 93,348 |
Investing activities: | |||
Purchases of property, plant and equipment | (15,167) | (17,140) | (26,673) |
Sales of businesses, net of cash retained | 0 | 0 | 6,111 |
Other | (86) | 1,724 | 6,197 |
Net cash used in investing activities | (15,253) | (15,416) | (14,365) |
Financing activities: | |||
Payment of dividends | (41,880) | (40,808) | (40,976) |
Proceeds from exercise of stock options | 19,728 | 5,246 | 1,644 |
Purchase of treasury stock | 0 | (23,552) | 0 |
Proceeds from borrowings on line of credit | 180,320 | 96,276 | 83,382 |
Repayment of borrowing on line of credit | (244,268) | (91,759) | (32,314) |
Principal payments on debt | (49,302) | (42,514) | (42,514) |
Payments of Debt Issuance Costs | 0 | (803) | 0 |
Income tax on equity-based compensation, and other | (839) | (1,662) | (1,374) |
Net cash used in financing activities | (136,241) | (99,576) | (32,152) |
Effect of exchange rate changes on cash and cash equivalents | 178 | 2,752 | (14,173) |
Net (decrease) increase in cash and cash equivalents | (7,284) | 26,736 | 32,658 |
Cash and cash equivalents, beginning of period | 141,228 | 114,492 | 81,834 |
Cash and cash equivalents, end of period | 133,944 | 141,228 | 114,492 |
Cash paid during the period for: | |||
Interest | 5,766 | 8,528 | 11,164 |
Income taxes | $ 31,885 | $ 28,497 | $ 25,024 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations — Brady Corporation is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized, and diverse products for use in various applications, along with a commitment to quality and service, a global footprint, and multiple sales channels, have made Brady a world leader in many of its markets. Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Brady Corporation and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations — The results of operations of the Die-Cut businesses have been reported as discontinued operations for the year ended July 31, 2015. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows related to discontinued operations. See Note 13 for additional information about the Company's discontinued operations. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments — The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable and accounts payable) is a reasonable estimate of the fair value of these instruments due to their short-term nature. See Note 6 for more information regarding the fair value of long-term debt and Note 11 for fair value measurements. Cash Equivalents — The Company considers all highly-liquid investments with original maturities of three months or less when acquired to be cash equivalents, which are recorded at cost. Accounts Receivables — Accounts receivables are stated net of allowances for doubtful accounts of $4,629 and $5,144 as of July 31, 2017 and 2016 , respectively. No single customer comprised more than 10% of the Company’s consolidated net sales in fiscal 2017 or 2016 , or 10% of the Company’s consolidated accounts receivable as of July 31, 2017 or 2016 . Specific customer provisions are made during review of significant outstanding amounts, in which customer creditworthiness and current economic trends may indicate that collection is doubtful. In addition, provisions are made for the remainder of accounts receivable based upon the age of the accounts receivable and the Company’s historical collection experience. Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for certain inventories in the U.S. ( 13.5% of total inventories at July 31, 2017 , and 14.0% of total inventories at July 31, 2016 ) and the first-in, first-out (“FIFO”) or average cost methods for other inventories. Had all inventories been accounted for on a FIFO basis instead of on a LIFO basis, the carrying value of inventories would have increased by $6,807 and $6,929 as of July 31, 2017 and 2016 , respectively. Goodwill — Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. The fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between market participants on an arms-length basis. In estimating the fair value, the Company utilizes a discounted cash flow model and market multiples approach. The estimated fair value is compared with the carrying amount of the reporting unit, including goodwill. The annual impairment testing performed on May 1, 2017 , in accordance with ASC 350, "Intangibles - Goodwill and Other" ("Step One") indicated that all reporting units with remaining goodwill had a fair value substantially in excess of its carrying value. No goodwill impairment charges were recorded during the year ended July 31, 2017 . Long-Lived and Other Intangible Assets — The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis, over the estimated periods benefited. Intangible assets with indefinite useful lives as well as goodwill are not subject to amortization. These assets are assessed for impairment annually or more frequently as deemed necessary. The Company evaluates whether events and circumstances have occurred that indicate 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. If impairment is determined to exist, any related impairment loss is calculated by comparing the fair value of the asset to its carrying value. In fiscal 2017 , long-lived and other intangible assets were analyzed for potential impairment. As a result of the analysis, no material impairment charges were recorded. Refer to Note 2, "Goodwill and Other Intangible Assets" for further information. Property, Plant, and Equipment — Property, plant, and equipment are recorded at cost. The cost of buildings and improvements, computer systems, and machinery and equipment are depreciated over their estimated useful lives using primarily the straight-line method for financial reporting purposes. The estimated useful lives range from 3 to 33 years as shown below. Asset Category Range of Useful Lives Buildings & Improvements 10 to 33 Years Computer Systems 5 Years Machinery & Equipment 3 to 10 Years Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Upon disposal, assets and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds from disposal, is charged or credited to operations. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. Depreciation expense was $20,190 , $23,375 , and $27,355 for the years ended July 31, 2017 , 2016 and 2015 , respectively. Catalog Costs and Related Amortization — The Company accumulates all direct costs incurred, net of vendor cooperative advertising payments, in the development, production, and circulation of its catalogs on its balance sheet until such time as the related catalog is mailed. The catalog costs are subsequently amortized into selling, general, and administrative expense over the expected sales realization cycle, which is one year or less. Consequently, any difference between the estimated and actual revenue stream for a particular catalog and the related impact on amortization expense is realized within a period of one year or less. The estimate of the expected sales realization cycle for a particular catalog is based on the Company’s historical sales experience with similar catalogs, and an assessment of prevailing economic conditions and various competitive factors. The Company tracks subsequent sales realization, reassesses the marketplace, and compares its findings to the previous estimate, and adjusts the amortization of future catalogs, if necessary. At July 31, 2017 and 2016 , $7,299 and $8,290 , respectively, of prepaid catalog costs were included in prepaid expenses and other current assets. Revenue Recognition — Revenue is recognized when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product and risk of loss have transferred to the customer, persuasive evidence of an arrangement exists, and collection of the sales proceeds is reasonably assured, most of which occur upon shipment of goods to customers. The majority of the Company’s revenue relates to the sale of inventory to customers, and revenue is recognized when title and the risks and rewards of ownership pass to the customer. Given the nature of the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated returns and credit memos. The Company provides for an allowance for estimated product returns and credit memos which is recognized as a deduction from net sales at the time of the sale. As of July 31, 2017 and 2016 , the Company had a reserve for estimated product returns and credit memos of $3,873 and $3,713 , respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives and cash discounts) given to its customers or resellers as a reduction of revenue rather than an operating expense. Sales incentives for the years ended July 31, 2017 , 2016 , and 2015 were $37,134 , $36,084 , and $36,591 , respectively. Shipping and Handling Fees and Costs — Amounts billed to a customer in a sale transaction related to shipping and handling fees are reported as net sales and the related costs incurred for shipping and handling are reported as cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred, except catalog and mailing costs as outlined previously. Advertising expense for the years ended July 31, 2017 , 2016 , and 2015 was $68,268 , $74,204 , and $86,090 , respectively. 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 vest at the end of a three-year service period provided specified company financial performance metrics are met. In accordance with ASC 718 "Compensation - Stock Compensation," the Company measures and recognizes the compensation expense for all share-based awards made to employees and directors based on estimated grant-date fair values. The Black-Scholes option valuation model is used to determine the fair value of stock option awards on the date of grant. 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. The Black-Scholes model requires the use of assumptions which determine the fair value of stock-based awards. The Company uses historical data regarding stock option exercise behaviors to estimate the expected term of options granted based on the period of time that options granted are expected to be outstanding. Expected volatilities are based on the historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s historical dividend payments and historical yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for the length of time corresponding to the expected term of the option. The market value is calculated as the average of the high and the low stock price on the date of the grant. The Company includes as part of cash flows from financing activities the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for options exercised and restricted shares and RSUs vested during the period. See Note 7 “Stockholders' Investment” for more information regarding the Company’s incentive stock plans. Research and Development — Amounts expended for research and development are expensed as incurred. Other Comprehensive Income — Other comprehensive income consists of foreign currency translation adjustments, net investment hedge and long-term intercompany loan translation adjustments, net unrealized gains and losses from cash flow hedges, and the unamortized gain on defined-benefit pension plans net of their related tax effects. Foreign Currency Translation — Foreign currency assets and liabilities are translated into United States dollars at end of period rates of exchange, and income and expense accounts are translated at the average rates of exchange for the period. Resulting translation adjustments are included in other comprehensive income. Risk Management Activities — The Company does not hold or issue derivative financial instruments for trading purposes. Income Taxes — The Company accounts for income taxes in accordance with ASC 740 "Income Taxes", which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Foreign Currency Hedging — The objective of the Company’s foreign currency exchange risk management is to minimize the impact of currency movements on non-functional currency transactions and minimize the foreign currency translation impact on the Company’s foreign operations. While the Company’s risk management objectives and strategies are driven from an economic perspective, the Company attempts, where possible and practical, to ensure that the hedging strategies it engages in qualify for hedge accounting and result in accounting treatment where the earnings effect of the hedging instrument provides substantial offset (in the same period) to the earnings effect of the hedged item. Generally, these risk management transactions will involve the use of foreign currency derivatives to protect against exposure resulting from transactions in a currency differing from the respective functional currency. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) of the derivatives are recorded in the accompanying Consolidated Statements of Earnings as "Investment and other income (expense) - net" or as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income (Loss), as discussed below. 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 . These instruments may or may not qualify as hedges under the accounting guidance for derivative instruments and hedging activities based upon the intended objective of the contract. Hedge effectiveness is determined by how closely the changes in the 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. The amount of hedge ineffectiveness was not material for the fiscal years ended July 31, 2017 , 2016 , and 2015 . The Company has designated a portion of its foreign exchange contracts as cash flow hedges. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and in the cash flow hedge section of the Consolidated Statements of Comprehensive Loss, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company also utilizes Euro-denominated debt designated as a hedge instrument to hedge portions of the Company’s net investments in Euro-denominated foreign operations. For net investment hedges that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded as cumulative translation within AOCI and are included in the net investment hedge section of the Consolidated Statements of Comprehensive Income (Loss). Any ineffective portions are to be recognized in earnings. 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. The Company also enters into foreign exchange contracts to create economic hedges to manage foreign exchange risk exposure. The Company has not designated these derivative contracts as hedge transactions, and accordingly, the mark-to-market impact of these derivative contracts is recorded each period in current earnings. See Note 12 "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards — In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, "Goodwill and Other, Simplifying the Test for Goodwill Impairment" which simplifies the accounting for goodwill impairment. The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods thereafter; however early adoption is permitted for any impairment tests performed after January 1, 2017. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In March 2016, the FASB issued ASU 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting," which will simplify several aspects of accounting for share-based payment transactions. The update will require, among other items, that all excess tax deficiencies or benefits be recorded as income tax expense or benefit in the statement of earnings, and not in additional paid-in capital. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of the ASU is permitted and the prospective transition method should be applied. The Company does not expect the adoption of this update to have a material impact on the financial statements of the Company. 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 and disclosures. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory," which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (“LIFO”) is not impacted by the new standard. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted and the prospective transition method should be applied. The Company does not expect the adoption of this update to have a material impact 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. ASU 2014-09 (and related updates) is effective for 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. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the standard. The Company's efforts to evaluate the impact and to prepare for its adoption on August 1, 2018 are underway as the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and is in the process of evaluating the impact of the new standard on its consolidated financial statements. The Company currently anticipates applying the modified retrospective approach when adopting this guidance. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill by reportable segment for the years ended July 31, 2017 and 2016 , were as follows: IDS WPS Total Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 Translation adjustments 1,743 (5,071 ) (3,328 ) Balance as of July 31, 2016 $ 384,529 $ 45,342 $ 429,871 Translation adjustments 4,845 2,981 7,826 Realignment of businesses between segments $ 2,490 $ (2,490 ) $ — Balance as of July 31, 2017 $ 391,864 $ 45,833 $ 437,697 Goodwill at July 31, 2017 and 2016 , is net of $118,637 and $209,392 of accumulated impairment losses within the IDS and WPS segments, respectively, for a total of $328,029 . There were no impairment charges recorded during fiscal 2017. The increase of $7,826 in the carrying amount of goodwill as of July 31, 2017 , compared to July 31, 2016 , was due to the effect of currency fluctuations during the fiscal year. As further discussed in Note 8 - 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. The annual impairment testing performed on May 1, 2017 , in accordance with ASC 350, “Intangibles - Goodwill and Other” (“Step One”) indicated that all of the reporting units with remaining goodwill (IDS Americas & Europe, People ID, and WPS Europe) passed Step One of the goodwill impairment test as each had a fair value substantially in excess of its carrying value. Other Intangible Assets Other intangible assets include patents, tradenames, 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 net book value of these assets was as follows: July 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 $ 1,358 $ (471 ) $ 887 5 $ 12,252 $ (11,063 ) $ 1,189 Tradenames and other 9 4,528 (4,229 ) 299 5 14,359 (13,709 ) 650 Customer relationships 8 60,759 (31,909 ) 28,850 7 135,795 (100,830 ) 34,965 Non-compete agreements and other N/A — — — 4 9,153 (9,142 ) 11 Unamortized other intangible assets: Tradenames N/A 23,040 — 23,040 N/A 22,991 — 22,991 Total $ 89,685 $ (36,609 ) $ 53,076 $ 194,550 $ (134,744 ) $ 59,806 Fully amortized definite-lived intangible assets have historically been retained in gross asset and accumulated amortization accounts. In the fourth quarter of fiscal 2017, the Company made an accounting policy election to remove the gross carrying amount and accumulated amortization of the fully amortized intangible assets from these accounts as the period of economic benefit related to these assets has lapsed and the assets have either been abandoned, have expired, or have lost their value over time. The gross carrying amount and accumulated amortization of the fully amortized intangibles that were removed was $107,741 . The decrease in the gross carrying amount as of July 31, 2017 , compared to July 31, 2016 , was partially offset by the positive effect of currency fluctuations during the year. Amortization expense on intangible assets during the fiscal years ended July 31, 2017 , 2016 , and 2015 was $ 7,113 , $ 9,056 and $ 12,103 , respectively. Amortization expense over each of the next five fiscal years is projected to be $ 6,456 , $ 6,199 , $ 5,201 , $ 5,160 and $ 5,010 for the fiscal years ending July 31, 2018 , 2019 , 2020 , 2021 and 2022 , respectively. |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income (Notes) | 12 Months Ended |
Jul. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Other comprehensive income (loss) consists of foreign currency translation adjustments, net investment hedge and long-term intercompany loan translation adjustments, net unrealized gains and losses from cash flow hedges, and the unamortized gain on defined-benefit pension plans net of their related tax effects. The following table illustrates the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the periods presented: Unrealized gain (loss) on cash flow hedges Gain on postretirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Ending balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive (loss) income before reclassification (986 ) 445 (7,643 ) (8,184 ) Amounts reclassified from accumulated other comprehensive loss 120 (1,647 ) — (1,527 ) Ending balance, July 31, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive income before reclassification 670 867 8,713 10,250 Amounts reclassified from accumulated other comprehensive loss 296 (483 ) — (187 ) Ending balance, July 31, 2017 $ 109 $ 2,620 $ (47,411 ) $ (44,682 ) The decrease in accumulated other comprehensive loss as of July 31, 2017 , compared to July 31, 2016 , was primarily due to the depreciation of the U.S. dollar against certain other currencies during the fiscal year. 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 $187 reclassified from AOCI, $296 loss on cash flow hedges was reclassified into cost of products sold, and the $483 net gain on post-retirement plans was reclassified into SG&A on the Consolidated Statement of Earnings in fiscal 2017 . The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss): 2017 2016 2015 Income tax benefit (expense) related to items of other comprehensive income (loss): Net investment hedge translation adjustments $ 1,170 $ (1,804 ) $ (8,450 ) Cash flow hedges 705 192 (308 ) Pension and other post-retirement benefits (4 ) 738 949 Other income tax adjustments 550 (2,154 ) (415 ) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 2,421 $ (3,028 ) $ (8,224 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company provides postretirement medical benefits (the “Plan”) for eligible regular full and part-time domestic employees (including spouses) who retired prior to January 1, 2016, as outlined by the Plan. The Plan was amended effective March 16, 2015, to eliminate 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 of $4,490 and recognition of a curtailment gain of $4,296 during the fiscal year ended July 31, 2015. The curtailment gain was recorded in SG&A on the Consolidated Statements of Earnings. The accounting guidance on defined benefit pension and other postretirement plans requires full recognition of the funded status of defined benefit and other postretirement plans on the balance sheet as an asset or a liability. The guidance also requires that unrecognized prior service costs/credits, gains/losses, and transition obligations/assets be recorded in AOCI, thus not changing the income statement recognition rules for such plans. The Plan is unfunded and recorded as a liability in the accompanying Consolidated Balance Sheets as of July 31, 2017 and 2016 . The following table provides a reconciliation of the changes in the Plan’s accumulated benefit obligation during the years ended July 31: 2017 2016 Obligation at beginning of year $ 3,800 $ 4,135 Service cost — 9 Interest cost 89 114 Actuarial gain — (38 ) Benefit payments (499 ) (420 ) Obligation at end of fiscal year $ 3,390 $ 3,800 As of July 31, 2017 and 2016 , amounts recognized as liabilities in the accompanying Consolidated Balance Sheets consist of: 2017 2016 Current liability $ 449 $ 499 Non-current liability 2,941 3,301 $ 3,390 $ 3,800 As of July 31, 2017 and 2016 , pre-tax amounts recognized in accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets consist of net actuarial gains of $5,504 and $6,048 , respectively. Net periodic benefit gain for the Plan for fiscal years ended July 31, 2017 , 2016 , and 2015 includes the following components: Years Ended July 31, 2017 2016 2015 Net periodic postretirement benefit gain included the following components: Service cost $ — $ 9 $ 210 Interest cost 89 114 222 Amortization of prior service credit — (1,035 ) (1,169 ) Amortization of net actuarial gain (544 ) (646 ) (804 ) Curtailment gain — — (4,296 ) Periodic postretirement benefit gain $ (455 ) $ (1,558 ) $ (5,837 ) The estimated net actuarial gain that will be amortized from accumulated other comprehensive income into net periodic postretirement benefit cost over the next fiscal year is $520 . No prior service credit remains due to the plan amendment to eliminate post-retirement benefits for employees retiring after January 1, 2016. The following assumptions were used in accounting for the Plan: 2017 2016 2015 Weighted average discount rate used in determining accumulated postretirement benefit obligation 2.50 % 2.50 % 3.00 % Weighted average discount rate used in determining net periodic benefit cost 2.50 % 3.00 % 3.41 % Assumed health care trend rate used to measure accumulated postretirement benefit obligation at July 31 7.25 % 7.50 % 7.00 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.50 % Fiscal year the ultimate trend rate is reached 2024 2018 2018 A one-percentage point change in assumed health care cost trend rates would have the following effects on the Plan: One-Percentage Point Increase One-Percentage Point Decrease Effect on future service and interest cost $ 4 $ (5 ) Effect on accumulated postretirement benefit obligation at July 31, 2017 18 (19 ) The following benefit payments are expected to be paid during the years ending July 31: 2018 $ 449 2019 377 2020 359 2021 339 2022 309 2023 through 2027 1,241 The Company sponsors defined benefit pension plans that are primarily unfunded and provide an income benefit upon termination or retirement for certain of its international employees. As of July 31, 2017 and 2016 , the accumulated pension obligation related to these plans was $6,075 and $7,120 , respectively. As of July 31, 2017 and 2016 , pre-tax amounts recognized in accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets were losses of $641 and $1,161 , respectively. The net periodic benefit cost for these plans was $665 , $795 , and $724 during the years ended July 31, 2017 , 2016 and 2015 , respectively. The Company has retirement and profit-sharing plans covering substantially all full-time domestic employees and certain employees of its foreign subsidiaries. Contributions to the plans are determined annually or quarterly, according to the respective plans, based on earnings of the respective companies and employee contributions. Accrued retirement and profit-sharing contributions of $3,327 and $3,380 were included in other current liabilities on the accompanying Consolidated Balance Sheets as of July 31, 2017 and 2016 , respectively. The amounts charged to expense for these retirement and profit sharing plans were $13,750 , $10,407 , and $9,912 during the years ended July 31, 2017 , 2016 and 2015 , respectively. The Company also has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan. Both plans allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or in other investment funds. Neither plan allows funds to be transferred between the Company's Class A Nonvoting Common Stock and the other investment funds. At July 31, 2017 and 2016 , $14,121 and $18,758 , respectively, of deferred compensation was included in other long-term liabilities in the accompanying Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings from continuing operations before income taxes consists of the following: Years Ended July 31, 2017 2016 2015 United States $ 43,561 $ 61,349 $ (582 ) Other Nations 83,071 47,996 25,577 Total $ 126,632 $ 109,345 $ 24,995 The decrease in earnings from continuing operations before income taxes in the United States to $43,561 in fiscal 2017 from $61,349 in fiscal 2016 was primarily due to intercompany royalty transactions that occurred in fiscal 2016 which increased U.S. earnings before income taxes by $21,003 . The increase in earnings from continuing operations before income taxes in Other Nations to $83,071 in fiscal 2017 from $47,996 in fiscal 2016 was primarily due to intercompany royalty transactions that occurred in fiscal 2016 which decreased earnings in other nations before income taxes by $21,003 , as well as improved profitability in fiscal 2017 in both our European and Asian-based businesses. The increase in earnings from continuing operations before income taxes in the United States to $61,349 in fiscal 2016 from a loss of $582 in fiscal 2015 was primarily due to impairment and restructuring charges of $24,574 recognized in fiscal 2015 , as well as intercompany royalty transactions that occurred in fiscal 2016 which increased U.S. earnings before income taxes by $21,003 . The increase in earnings from continuing operations before income taxes in Other Nations to $47,996 in fiscal 2016 from $25,577 in fiscal 2015 was primarily due to impairment and restructuring charges of $39,114 recognized in fiscal 2015 , as well as intercompany royalty transactions that occurred in fiscal 2016 which decreased earnings before income taxes by $21,003 . Income tax expense from continuing operations consists of the following: Years Ended July 31, 2017 2016 2015 Current income tax expense (benefit): United States $ 15,279 $ 5,048 $ 9,075 Other Nations 23,826 19,929 18,806 States (U.S.) 1,163 1,348 (352 ) $ 40,268 $ 26,325 $ 27,529 Deferred income tax (benefit) expense: United States $ (8,173 ) $ 3,946 $ (5,906 ) Other Nations (1,329 ) (1,387 ) (1,868 ) States (U.S.) 221 351 338 $ (9,281 ) $ 2,910 $ (7,436 ) Total income tax expense $ 30,987 $ 29,235 $ 20,093 Deferred income taxes result from temporary differences in the recognition of revenues and expenses for financial statement and income tax purposes. The tax effects of temporary differences are as follows: July 31, 2017 Assets Liabilities Total Inventories $ 4,516 $ (1 ) $ 4,515 Prepaid catalog costs — (1,107 ) (1,107 ) Employee benefits 8,932 — 8,932 Accounts receivable 1,141 (11 ) 1,130 Fixed assets 2,819 (3,884 ) (1,065 ) Intangible assets 1,187 (37,681 ) (36,494 ) Capitalized R&D expenditures 570 — 570 Deferred compensation 16,743 — 16,743 Postretirement benefits 4,144 — 4,144 Tax credit and net operating loss carry-forwards 70,128 — 70,128 Less valuation allowance (38,563 ) — (38,563 ) Other, net 12,060 (10,798 ) 1,262 Total $ 83,677 $ (53,482 ) $ 30,195 July 31, 2016 Assets Liabilities Total Inventories $ 5,142 $ (153 ) $ 4,989 Prepaid catalog costs — (1,577 ) (1,577 ) Employee benefits 6,347 — 6,347 Accounts receivable 1,619 (15 ) 1,604 Fixed assets 2,847 (2,695 ) 152 Intangible assets 1,144 (31,777 ) (30,633 ) Capitalized R&D expenditures 855 — 855 Deferred compensation 20,549 — 20,549 Postretirement benefits 4,152 — 4,152 Tax credit and net operating loss carry-forwards 56,790 — 56,790 Less valuation allowance (37,992 ) — (37,992 ) Other, net 10,918 (15,173 ) (4,255 ) Total $ 72,371 $ (51,390 ) $ 20,981 Tax loss carry-forwards at July 31, 2017 are comprised of: • Foreign net operating loss carry-forwards of $126,423 , of which $99,077 have no expiration date and the remainder of which expire within the next five years . • State net operating loss carry-forwards of $35,875 , which expire from 2022 to 2034 . • Foreign tax credit carry-forwards of $27,022 , which expire from 2021 to 2027 . • State research and development credit carry-forwards of $11,028 , which expire from 2018 to 2033 . The valuation allowance increased by $571 during the fiscal year ended July 31, 2017 , primarily due to the application of valuation allowances to the generation of current year net operating losses in Brazil, United Kingdom and Sweden. These increases were partially offset by decreases in the valuation allowance in China, India, and Wisconsin due to the utilization of net operating loss carry-forwards that had valuation allowances applied to them. If reversed in future periods, substantially all of the valuation allowance would impact the income tax rate. The valuation allowance decreased by $1,930 during the fiscal year ended July 31, 2016 , primarily due to the appreciation of the U.S. Dollar against the Swedish Krona and the utilization of net operating loss carry-forwards that had valuation allowances applied to them in China and India. These decreases were partially offset by the increase in valuation allowances in Brazil due to the application of valuation allowances to the generation of net operating losses during fiscal 2016. If reversed in future periods, substantially all of the valuation allowance would impact the income tax rate. Rate Reconciliation A reconciliation of the tax computed by applying the statutory U.S. federal income tax rate to earnings from continuing operations before income taxes to the total income tax expense is as follows: Years Ended July 31, 2017 2016 2015 Tax at statutory rate 35.0 % 35.0 % 35.0 % Impairment charges (1) — % — % 55.8 % State income taxes, net of federal tax benefit 1.0 % 0.8 % 1.6 % International rate differential (6.3 )% 0.4 % (2.2 )% Rate variances arising from foreign subsidiary distributions (2) (5.9 )% 0.5 % (0.3 )% Adjustments to tax accruals and reserves (3) 3.6 % (3.7 )% 17.8 % Research and development tax credits and section 199 manufacturer’s deduction (1.8 )% (3.6 )% (3.9 )% Non-deductible divestiture fees and account write-offs (0.6 )% (0.4 )% (4.8 )% Deferred tax and other adjustments (4) (0.6 )% (1.4 )% (21.1 )% Other, net 0.1 % (0.9 )% 2.5 % Effective tax rate 24.5 % 26.7 % 80.4 % (1) For the year ended July 31, 2015, $39.8 million of the total impairment charge of $ 46.9 million recorded was nondeductible for income tax purposes. (2) The year ended July 31, 2017, includes the generation of foreign tax credit carry-forwards from cash repatriations that occurred during the fiscal year. (3) The years ended July 31, 2017 and 2015, include increases in current year uncertain tax positions, while the year ended July 31, 2016, includes reductions of uncertain tax positions resulting from the closure of audits and lapses in statutes of limitations. (4) The year ended July 31, 2015, includes the generation $5.0 million of foreign tax credit carry-forwards from the fiscal 2014 U.S. tax return. Uncertain Tax Positions The Company follows the guidance in ASC 740, "Income Taxes" regarding uncertain tax positions. The guidance requires application of a more likely than not threshold to the recognition and de-recognition of income tax positions. A reconciliation of unrecognized tax benefits (excluding interest and penalties) is as follows: Balance at July 31, 2014 $ 17,849 Additions based on tax positions related to the current year 5,862 Additions for tax positions of prior years — Reductions for tax positions of prior years (280 ) Lapse of statute of limitations (805 ) Settlements with tax authorities (221 ) Cumulative Translation Adjustments and other (1,272 ) Balance as of July 31, 2015 $ 21,133 Additions based on tax positions related to the current year 3,093 Additions for tax positions of prior years 1,290 Reductions for tax positions of prior years (9,369 ) Lapse of statute of limitations (344 ) Settlements with tax authorities (456 ) Cumulative Translation Adjustments and other (53 ) Balance as of July 31, 2016 $ 15,294 Additions based on tax positions related to the current year 2,500 Additions for tax positions of prior years 1,124 Reductions for tax positions of prior years (62 ) Lapse of statute of limitations (663 ) Settlements with tax authorities (118 ) Cumulative Translation Adjustments and other 287 Balance as of July 31, 2017 $ 18,362 The $18,362 of unrecognized tax benefits, if recognized, would affect the Company's effective income tax rate. The Company has classified $11,725 and $9,304 , excluding interest and penalties, of the reserve for uncertain tax positions in Other Liabilities on the Consolidated Balance Sheets as of July 31, 2017 and 2016 , respectively. The Company has classified $6,637 and $5,990 , excluding interest and penalties, as a reduction of long-term deferred income tax assets on the Consolidated Balance Sheets as of July 31, 2017 and 2016 , respectively. Interest expense is recognized on the amount of potentially underpaid taxes associated with the Company's tax positions, beginning in the first period in which interest starts accruing under the respective tax law and continuing until the tax positions are settled. The Company recognized an increase of $674 , an increase of $3 and a decrease of $157 in interest expense during the years ended July 31, 2017 , 2016 , and 2015 , respectively. There was a $218 increase to the reserve for uncertain tax positions for penalties during the year ended July 31, 2017 , an increase of $66 during the year ended July 31, 2016 , and no changes during the year end July 31, 2015 . These amounts are net of reversals due to reductions for tax positions of prior years, statute of limitations, and settlements. At July 31, 2017 and 2016 , the Company had $2,239 and $1,530 , respectively, accrued for interest on unrecognized tax benefits. Penalties are accrued if the tax position does not meet the minimum statutory threshold to avoid the payment of a penalty. Interest expense and penalties are recorded as a component of income tax expense in the Consolidated Statements of Earnings. At July 31, 2017 and 2016 , the Company had $2,948 and $2,730 , respectively, accrued for penalties on unrecognized tax benefits. The Company estimates that it is reasonably possible that the unrecognized tax benefits may be reduced by $1,748 within twelve months as a result of the resolution of worldwide tax matters, tax audit settlements, amended tax filings, and/or statute expirations. The maximum amount that would be recognized in the Consolidated Statements of Earnings as an income tax benefit is $1,748 during the next twelve months. During the year ended July 31, 2017 , the Company recognized $726 of tax benefits (including interest and penalties) associated with the lapse of statutes of limitations. The Company also recognized $320 of tax benefits (including interest and penalties) associated with the reduction of tax positions for prior years due to the closure of tax audits. The Company and its subsidiaries file income tax returns in the U.S., various state, and foreign jurisdictions. The following table summarizes the open tax years for the Company's major jurisdictions: Jurisdiction Open Tax Years United States — Federal F’15 — F’17 France F’14 — F’17 Germany F’09 — F’17 United Kingdom F’16 — F’17 Unremitted Earnings The Company does not provide for U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that have been reinvested indefinitely. These earnings relate to ongoing operations and at July 31, 2017 , were approximately $244,123 . These earnings have been reinvested in non-U.S. business operations, and the Company does not intend to repatriate these earnings to fund U.S. operations if doing so would result in incremental tax expense. It is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. At July 31, 2017 , $94,861 of the total $133,944 in cash and cash equivalents was held outside of the U.S. |
Long-Term Obligations
Long-Term Obligations | 12 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | Debt On September 25, 2015, the Company and certain of its subsidiaries entered into an unsecured $300,000 multi-currency revolving loan agreement with a group of six banks. Under this revolving loan agreement, which has a final maturity date of September 25, 2020, the Company has the option to select either a base interest rate (based upon the higher of the federal funds rate plus one-half of 1%, the prime rate of Bank of America plus a margin based on the Company’s consolidated leverage ratio, or the one-month LIBOR rate plus 1%) or a Eurocurrency interest rate (at the LIBOR rate plus a margin based on the Company’s consolidated leverage ratio). At the Company’s option, and subject to certain conditions, the available amount under the revolving loan agreement may be increased from $300,000 up to $450,000 . During fiscal 2017 , the Company repaid $60,666 of its revolving loan agreement and the maximum amount outstanding throughout the year was $112,000 . As of July 31, 2017 , the outstanding balance on the credit facility was $51,334 and the Company had outstanding letters of credit under the revolving loan agreement of $4,067 . There was $244,599 available for future borrowing under the credit facility, which can be increased to $394,599 at the Company's option, subject to certain conditions. The revolving loan agreement has a final maturity date of September 25, 2020. As such, the borrowing is included in "Long-term obligations" on the Consolidated Balance Sheets. The Company has a multi-currency line of credit in China with capacity of $10,000 . This line of credit supports USD-denominated or CNY-denominated borrowing to fund working capital and operations for the Company's Chinese entities and is due on demand. The borrowings under this facility may be made for a period up to one year from the date of borrowing with interest on the USD-denominated borrowings incurred equal to U.S. dollar LIBOR on the date of borrowing plus a margin based upon duration and on the CNY-denominated borrowings incurred equal to the local China rate based upon duration. There is no ultimate maturity on the facility and it is subject to periodic review and repricing. The Company is not required to comply with any financial covenants as part of this agreement. The maximum amount outstanding on this facility was $5,691 and the Company repaid $1,700 during fiscal 2017 . As of July 31, 2017 , the aggregate outstanding balance on this line of credit in China was $3,228 and there was $6,772 available for future borrowings. Due to the short-term nature of this credit facility, the borrowings are classified as "Notes payable" within current liabilities in the accompanying Consolidated Balance Sheets. On May 13, 2010, the Company completed a private placement of €75.0 million aggregate principal amount of senior unsecured notes to accredited institutional investors. The €75.0 million of senior notes consisted of €30.0 million aggregate principal amount of 3.71% Series 2010-A Senior Notes, which were repaid during fiscal 2017, and €45.0 million aggregate principal amount of 4.24% Series 2010-A Senior Notes, due May 13, 2020, with interest payable on the notes semiannually. This private placement was exempt from the registration requirements of the Securities Act of 1933. The notes have been fully and unconditionally guaranteed on an unsecured basis by the Company’s domestic subsidiaries. During fiscal 2006 and 2007, the Company completed two private placement note issuances totaling $350 million in ten-year fixed rate notes with varying maturity dates to institutional investors at interest rates varying from 5.30% to 5.33% . The notes must be repaid equally over seven years, with interest payable on the notes due semiannually on various dates throughout the year. The private placements were exempt from the registration requirements of the Securities Act of 1933. The notes were not registered for resale and may not be resold absent such registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. The notes have certain prepayment penalties for repaying them prior to the maturity date. Under the debt agreement, the Company made scheduled principal payments of $42.5 million in fiscal years 2016 and 2015, respectively. The final principal payment for the 2006 series of notes was made during fiscal 2016, while the final principal payment for the 2007 series of notes was made during fiscal 2017. The Company’s debt agreements require it to maintain certain financial covenants, including a ratio of debt to the trailing twelve months EBITDA, as defined in the debt agreements, of not more than a 3.25 to 1.0 ratio (leverage ratio) and the trailing twelve months EBITDA to interest expense of not less than a 3.0 to 1.0 ratio (interest expense coverage). As of July 31, 2017 , the Company was in compliance with these financial covenants, with the ratio of debt to EBITDA, as defined by the agreements, equal to 0.7 to 1.0 and the interest expense coverage ratio equal to 30.6 to 1.0 . Total debt consists of the following as of July 31: 2017 2016 Euro-denominated notes payable in 2017 at a fixed rate of 3.71% $ — $ 33,459 Euro-denominated notes payable in 2020 at a fixed rate of 4.24% 53,202 50,188 USD-denominated notes payable through 2017 at a fixed rate of 5.33% — 16,335 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.94% and 1.31% as of July 31, 2017 and 2016, respectively 16,998 112,000 EUR-denominated borrowing on revolving loan agreement at a weighted average rate of 0.75% as of July 31, 2017 34,336 — CNY-denominated borrowing on China revolving loan agreement at a weighted average rate of 3.92% and 4.00% as of July 31, 2017 and 2016, respectively 2,228 4,928 USD-denominated borrowing on China revolving loan agreement at a weighted average rate of 2.63% as of July 31, 2017 1,000 — $ 107,764 $ 216,910 Less notes payable (3,228 ) (4,928 ) Total long-term debt $ 104,536 $ 211,982 The Company had outstanding letters of credit of $4,067 and $4,261 at July 31, 2017 and 2016 , respectively. The estimated fair value of the Company’s long-term obligations was $109,303 and $218,977 at July 31, 2017 and 2016 , respectively, as compared to the carrying value of $104,536 and $211,982 at July 31, 2017 and 2016 , respectively. The fair value of the long-term obligations, which was determined using the market approach based upon the interest rates available to the Company for borrowings with similar terms and maturities, was determined to be Level 2 under the fair value hierarchy. Due to the short-term nature and variable interest rate pricing of the Company's revolving debt in China, it is determined that the carrying value of the debt equals the fair value of the debt. Maturities on long-term debt are as follows: Years Ending July 31, 2018 $ — 2019 — 2020 53,202 2021 51,334 2022 — Total $ 104,536 |
Stockholder's Investments
Stockholder's Investments | 12 Months Ended |
Jul. 31, 2017 | |
Equity [Abstract] | |
Stockholder's Investments | Stockholders' Investment Information as to the Company’s capital stock at July 31, 2017 and 2016 is as follows: July 31, 2017 July 31, 2016 Shares Authorized Shares Issued (thousands) Amount Shares Authorized Shares Issued (thousands) Amount Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 6% Cumulative 5,000 5,000 1972 Series 10,000 10,000 1979 Series 30,000 30,000 Common Stock, $.01 par value: Class A Nonvoting 100,000,000 51,261,487 $ 513 100,000,000 51,261,487 $ 513 Class B Voting 10,000,000 3,538,628 35 10,000,000 3,538,628 35 $ 548 $ 548 Before any dividend may be paid on the Class B Common Stock, holders of the Class A Common Stock are entitled to receive an annual, noncumulative cash dividend of $.01665 per share. Thereafter, any further dividend in that fiscal year must be paid on each share of Class A Common Stock and Class B Common Stock on an equal basis. Other than as required by law, holders of the Class A Common Stock are not entitled to any vote on corporate matters, unless, in each of the three preceding fiscal years, the $.01665 preferential dividend described above has not been paid in full. Holders of the Class A Common Stock are entitled to one vote per share for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Common Stock are entitled to one vote per share for the election of directors and for all other purposes. Upon liquidation, dissolution or winding up of the Company, and after distribution of any amounts due to holders of Preferred Stock, if any, holders of the Class A Common Stock are entitled to receive the sum of $0.835 per share before any payment or distribution to holders of the Class B Common Stock. Thereafter, holders of the Class B Common Stock are entitled to receive a payment or distribution of $0.835 per share. Thereafter, holders of the Class A Common Stock and Class B Common Stock share equally in all payments or distributions upon liquidation, dissolution or winding up of the Company. The preferences in dividends and liquidation rights of the Class A Common Stock over the Class B Common Stock will terminate at any time that the voting rights of Class A Common Stock and Class B Common Stock become equal. The following is a summary of other activity in stockholders’ investment for the fiscal years ended July 31, 2017 , 2016 , and 2015 : Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2014 $ 7,789 $ (9,948 ) $ (2,159 ) Shares at July 31, 2014 338,711 423,415 Sale of shares at cost $ (2,325 ) $ 2,235 $ (90 ) Purchase of shares at cost 220 (1,035 ) (815 ) Balances at July 31, 2015 $ 5,684 $ (8,748 ) $ (3,064 ) Shares at July 31, 2015 252,261 362,025 Sale of shares at cost $ (1,238 ) $ 1,278 $ 40 Purchase of shares at cost 178 (1,017 ) (839 ) Balances at July 31, 2016 $ 4,624 $ (8,487 ) $ (3,863 ) Shares at July 31, 2016 201,418 347,081 Sale of shares at cost $ (1,247 ) $ 1,288 $ 41 Purchase of shares at cost 315 (925 ) (610 ) Effect of plan amendment 4,432 — 4,432 Balances at July 31, 2017 $ 8,124 $ (8,124 ) $ — Shares at July 31, 2017 314,082 314,082 Deferred Compensation Plans The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan. Both plans allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or in other investment funds. On February 21, 2017, the Director Deferred Compensation Plan was amended to disallow the transfer of other investment funds into the Company’s Class A Nonvoting Common Stock. The Executive Deferred Compensation Plan also disallows transfers from other investment funds into the Company's Class A Nonvoting Common Stock. At July 31, 2017 , the deferred compensation balance in stockholders’ investment represents the investment at the original cost of shares held in the Company’s Class A Nonvoting Common Stock for the deferred compensation plans. The balance of shares held in the Rabbi Trust represents the investment in the Company’s Class A Nonvoting Common Stock at the original cost of all the Company’s Class A Nonvoting Common Stock held in deferred compensation plans. Incentive Stock Plans 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. As of July 31, 2017 , the Company has reserved 4,487,690 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs and restricted shares and 3,455,115 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs and restricted and unrestricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans. Total stock-based compensation expense recognized by the Company during the years ended July 31, 2017 , 2016 , and 2015 , was $9,495 ( $5,887 net of taxes), $8,154 ( $5,056 net of taxes), and $4,471 ( $2,772 net of taxes), respectively. As of July 31, 2017 , total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $13,054 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 1.8 years . Stock options The stock 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 ratably over a three -year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “service-based” options, generally expire 10 years from the date of grant. The Company has estimated the fair value of its service-based stock option awards granted during the years ended July 31, 2017 , 2016 , and 2015 , using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Black-Scholes Option Valuation Assumptions 2017 2016 2015 Expected term (in years) 6.11 6.11 6.05 Expected volatility 29.55 % 29.95 % 34.01 % Expected dividend yield 2.70 % 2.59 % 2.48 % Risk-free interest rate 1.26 % 1.64 % 1.90 % Weighted-average market value of underlying stock at grant date $ 35.14 $ 20.02 $ 22.76 Weighted-average exercise price $ 35.14 $ 20.02 $ 22.76 Weighted-average fair value of options granted during the period $ 7.56 $ 4.58 $ 6.12 The following is a summary of stock option activity for the fiscal year ended July 31, 2017 : Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2016 $ 19.96 — $38.31 3,708,706 $ 27.34 Options granted 32.83 — 38.83 378,939 35.14 Options exercised 19.96 — 38.31 (874,128 ) 27.81 Options cancelled 19.96 — 38.31 (333,716 ) 34.29 Balance as of July 31, 2017 $ 19.96 — $38.83 2,879,801 $ 27.40 The total fair value of options vested during the fiscal years ended July 31, 2017 , 2016 , and 2015 , was $2,911 , $3,203 , and $3,950 , respectively. The total intrinsic value of options exercised during the fiscal years ended July 31, 2017 , 2016 , and 2015 , was $7,901 , $811 , and $208 , respectively. There were 1,859,959 , 2,488,527 , and 2,642,955 options exercisable with a weighted average exercise price of $28.20 , $30.18 , and $30.88 at July 31, 2017 , 2016 , and 2015 , respectively. The cash received from the exercise of stock options during the fiscal years ended July 31, 2017 , 2016 , and 2015 , was $19,728 , $5,246 , and $1,644 , respectively. The tax benefit on options exercised during the fiscal years ended July 31, 2017 , 2016 , and 2015 , was $3,002 , $308 , and $79 , respectively. The following table summarizes information about stock options outstanding at July 31, 2017 : Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2017 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2017 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $19.96 - $26.99 1,091,151 7.7 $ 21.28 435,311 7.3 $ 20.89 $27.00 - $32.99 1,205,146 4.1 29.14 1,201,652 4.1 29.14 $33.00 - $38.83 583,504 6.1 37.37 222,996 1.2 37.37 Total 2,879,801 5.9 $ 27.83 1,859,959 4.5 $ 28.20 As of July 31, 2017 , the aggregate intrinsic value (defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option) of options outstanding and the options exercisable was $18,442 and $10,144 , respectively. Restricted Shares and RSUs 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 issued under the plan generally vest ratably over a three -year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. The performance-based RSUs granted under the plan vest at the end of a three-year service period provided specified company financial performance metrics are met. The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2017 : Service-Based RSUs and Restricted Shares Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2016 678,381 $ 23.57 New grants 96,137 35.15 Vested (187,532 ) 23.56 Forfeited (69,878 ) 24.47 Balance as of July 31, 2017 517,108 $ 25.61 The service-based RSUs granted during the fiscal year ended July 31, 2016 , had a weighted-average grant-date fair value of $20.07 . The total fair value of service-based RSU's vested during the twelve months ended July 31, 2017 and 2016 , was $6,512 and $2,797 , respectively. Performance-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2016 — $ — New grants 58,206 32.03 Vested — — Forfeited — — Balance as of July 31, 2017 58,206 $ 32.03 No performance-based RSUs were granted during the twelve months ended July 31, 2016 . The aggregate intrinsic value of unvested service-based and performance-based RSU's outstanding at July 31, 2017 , and expected to vest, was $19,100 . |
Segment Information
Segment Information | 12 Months Ended |
Jul. 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 segments 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 tax expense, 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. Following is a summary of segment information for the years ended July 31, 2017 , 2016 and 2015 : 2017 2016 2015 Sales to External Customers: ID Solutions $ 800,392 $ 795,511 $ 826,824 WPS 312,924 325,114 344,907 Total Company $ 1,113,316 $ 1,120,625 $ 1,171,731 Depreciation & Amortization: ID Solutions $ 23,092 $ 27,285 $ 32,228 WPS 4,211 5,147 7,230 Total Company $ 27,303 $ 32,432 $ 39,458 Segment Profit: ID Solutions $ 130,572 $ 112,276 $ 89,392 WPS 25,554 30,792 29,344 Total Company $ 156,126 $ 143,068 $ 118,736 Assets: ID Solutions $ 761,448 $ 748,408 $ 789,924 WPS 154,827 154,321 158,397 Corporate 133,948 141,235 114,576 Total Company $ 1,050,223 $ 1,043,964 $ 1,062,897 Expenditures for property, plant & equipment: ID Solutions $ 12,347 $ 11,640 $ 21,483 WPS 2,820 5,500 5,190 Total Company $ 15,167 $ 17,140 $ 26,673 Following is a reconciliation of segment profit to net earnings for the years ended July 31, 2017 , 2016 and 2015 : Years Ended July 31, 2017 2016 2015 Total profit from reportable segments $ 156,126 $ 143,068 $ 118,736 Unallocated costs: Administrative costs 25,111 25,190 19,742 Restructuring charges — — 16,821 Impairment charges (1) — — 46,867 Investment and other (income) expense (1,121 ) 709 (845 ) Interest expense 5,504 7,824 11,156 Earnings from continuing operations before income taxes $ 126,632 $ 109,345 $ 24,995 (1) Of the total $46,867 impairment charges in fiscal 2015, $39,367 was in the WPS segment and $7,500 was in the IDS segment. Revenues* Years Ended July 31, Long-Lived Assets** As of July 31, 2017 2016 2015 2017 2016 2015 Geographic information: United States $ 651,294 $ 663,511 $ 677,401 $ 367,418 $ 376,045 $ 389,150 Other 521,791 519,579 559,649 221,458 216,076 224,151 Eliminations (59,769 ) (62,465 ) (65,319 ) — — — Consolidated total $ 1,113,316 $ 1,120,625 $ 1,171,731 $ 588,876 $ 592,121 $ 613,301 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant, and equipment, other intangible assets and goodwill. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Earnings per Common Share | Net Earnings per Common Share Basic net earnings per common share is computed by dividing net earnings (after deducting the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 51,056 for fiscal 2017 , 50,541 for fiscal 2016 , and 51,285 for fiscal 2015 . The Company utilizes the two-class method to calculate earnings 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: Years ended July 31, 2017 2016 2015 Numerator (in thousands) Earnings from continuing operations (Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share) $ 95,645 $ 80,110 $ 4,902 Less: Preferential dividends (788 ) (783 ) (794 ) Preferential dividends on dilutive stock options (14 ) (1 ) (1 ) Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share $ 94,843 $ 79,326 $ 4,107 Denominator (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 51,056 50,541 51,285 Plus: Effect of dilutive stock options 900 228 98 Denominator for diluted earnings from continuing operations per share for both Class A and Class B 51,956 50,769 51,383 Earnings from continuing operations per Class A Nonvoting Common Share: Basic $ 1.87 $ 1.59 $ 0.10 Diluted $ 1.84 $ 1.58 $ 0.10 Earnings from continuing operations per Class B Voting Common Share: Basic $ 1.86 $ 1.57 $ 0.08 Diluted $ 1.83 $ 1.56 $ 0.08 Loss from discontinued operations per Class A Nonvoting Common Share: Basic $ — $ — $ (0.04 ) Diluted $ — $ — $ (0.04 ) Loss from discontinued operations per Class B Voting Common Share: Basic $ — $ — $ (0.04 ) Diluted $ — $ — $ (0.04 ) Net earnings per Class A Nonvoting Common Share: Basic $ 1.87 $ 1.59 $ 0.06 Diluted $ 1.84 $ 1.58 $ 0.06 Net earnings per Class B Voting Common Share: Basic $ 1.86 $ 1.57 $ 0.04 Diluted $ 1.83 $ 1.56 $ 0.04 Options to purchase 669,036 , 3,172,755 , and 3,568,264 shares of Class A Nonvoting Common Stock for the fiscal years ended July 31, 2017 , 2016 , and 2015 , respectively, were not included in the computation of diluted net earnings per share as the impact of the inclusion of the options would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has entered into various non-cancellable operating lease agreements. Rental expense charged to continuing operations on a straight-line basis was $17,495 , $17,253 , and $19,029 for the years ended July 31, 2017 , 2016 , and 2015 , respectively. Future minimum lease payments required under such leases in effect at July 31, 2017 , were as follows: Years ending July 31, 2018 $ 17,456 2019 13,184 2020 8,971 2021 6,920 2022 6,155 Thereafter 7,899 $ 60,585 In the normal course of business, the Company is named as a defendant in various lawsuits in which claims are asserted against the Company. In the opinion of management, the liabilities, if any, which may ultimately result from lawsuits are not expected to have a material effect on the consolidated financial statements of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company follows the guidance in ASC 820, "Fair Value Measurements and Disclosures" as it relates to its financial and non-financial assets and liabilities. The accounting guidance applies to other accounting pronouncements that require or permit fair value measurements, defines fair value based upon an exit price model, establishes a framework for measuring fair value, and expands the applicable disclosure requirements. The accounting guidance indicates, among other things, that a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The accounting guidance on fair value measurements establishes a fair market value hierarchy for the pricing inputs used to measure fair market value. 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 measurement 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 table sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at July 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 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 July 31, 2017 Trading securities $ 13,994 $ — $ 13,994 Other assets Foreign exchange contracts — 1,354 1,354 Prepaid expenses and other current assets Total Assets $ 13,994 $ 1,354 $ 15,348 Foreign exchange contracts $ — $ 1,577 $ 1,577 Other current liabilities Total Liabilities $ — $ 1,577 $ 1,577 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 12, “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 fiscal years ended July 31, 2017 and July 31, 2016 . 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. See Note 6 for information regarding the fair value of the Company's short-term and long-term debt. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Jul. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange 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 contracts. As of July 31, 2017 and 2016 , the notional amount of outstanding forward foreign exchange contracts was $ 81,195 and $ 186,093 , respectively. The Company hedges a portion of known exposures using forward foreign exchange contracts. Main exposures are related to transactions denominated in the British Pound, the Euro, Canadian dollar, Australian dollar, Mexican Peso, Chinese Yuan, 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 forward foreign exchange contracts as cash flow hedges and recorded these contracts at fair value in the accompanying Consolidated Balance Sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. At July 31, 2017 and July 31, 2016 , unrealized losses of $ 500 and $ 761 have been included in OCI, respectively. These balances are expected to be reclassified from OCI to earnings during the next twelve months when the hedged transactions impact earnings. For the years ended July 31, 2017 , 2016 , and 2015 , the Company reclassified losses of $486 and $199 , and gains of $1,325 from OCI into cost of goods sold, respectively. As of July 31, 2017 and 2016 , the notional amount of outstanding forward foreign exchange contracts designated as cash flow hedges was $30,016 and $34,540 , respectively. Net Investment Hedges The Company has also designated certain third party-foreign currency denominated debt instruments as net investment hedges. On May 13, 2010, the Company completed the private placement of €75.0 million aggregate principal amount of senior unsecured notes to accredited institutional investors. The €75.0 million of senior notes consisted of €30.0 million aggregate principal amount of 3.71% Series 2010-A Senior Notes, which were repaid during fiscal 2017, and €45.0 million aggregate principal amount of 4.24% Series 2010-A Senior Notes, due May 13, 2020. This Euro-denominated debt obligation was designated as a net investment hedge to selectively hedge portions of the Company's net investment in European foreign operations. As of July 31, 2017 and 2016 , the cumulative balance recognized in accumulated other comprehensive income were gains of $9,348 and $11,140 , respectively, on the Euro-denominated debt obligations. The changes recognized in other comprehensive income during the years ended July 31, 2017 , 2016 and 2015 , were losses of $1,792 , $1,372 and gains of $18,008 , respectively, on the Euro-denominated debt obligations. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices. Non-Designated Hedges During the fiscal years ended July 31, 2017 and 2016 , the Company recognized losses of $2,508 and gains of $2,162 , respectively, in “Investment and other income (expense)” in the accompanying Consolidated Statements of Earnings related to non-designated hedges. Fair values of derivative and hedging instruments in the accompanying Consolidated Balance Sheets were as follows: Asset Derivatives Liability Derivatives July 31, 2017 July 31, 2016 July 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 $ 1,067 Prepaid expenses and other current assets $ 265 Other current liabilities $ 1,569 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 $ 53,280 Long term obligations, less current maturities $ 116,888 Total derivatives designated as hedging instruments $ 1,067 $ 265 $ 54,849 $ 117,558 Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ 287 Prepaid expenses and other current assets $ 1,873 Other current liabilities $ 7 Other current liabilities $ 68 Total derivatives not designated as hedging instruments $ 287 $ 1,873 $ 7 $ 68 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jul. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued operations include the Asia Die-Cut and European Die-Cut businesses ("Die-Cut"), which were announced as held for sale in the third and fourth quarters of fiscal 2013, respectively. In fiscal 2014, the Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) for the sale of Die-Cut. The first phase of the divestiture closed in the fourth quarter of fiscal 2014 and the second phase of the divestiture closed in the first quarter of fiscal 2015. The operating results of the second phase of the divestiture were reflected as discontinued operations in the consolidated statements of earnings for the year ended July 31, 2015. The following table summarizes the operating results of discontinued operations for the fiscal year ended July 31, 2015: 2015 Net sales (1) $ — Loss from discontinued operations (2) (1,201 ) Income tax expense (288 ) Loss on sale of discontinued operations (3) (487 ) Income tax benefit on sale of discontinued operations 61 Loss from discontinued operations, net of income tax $ (1,915 ) (1) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, there were no sales from discontinued operations in fiscal 2015. (2) The loss from discontinued operations in fiscal 2015 primarily related to professional fees and restructuring charges associated with the divestiture. (3) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, a loss on the sale was recorded in the three months ended October 31, 2014. There were no assets or liabilities held for sale as of July 31, 2015, 2016, or 2017. 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 three months ended October 31, 2014. |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Notes) | 12 Months Ended |
Jul. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Quarters First Second Third Fourth Total Fiscal 2016 Net sales $ 283,073 $ 268,630 $ 286,816 $ 282,106 $ 1,120,625 Gross margin 139,349 132,892 145,443 141,089 558,773 Operating income 30,102 23,589 30,784 33,403 117,878 Net earnings 18,703 15,290 20,981 25,136 80,110 Net earnings per Class A Nonvoting Common Share: Basic $ 0.37 $ 0.30 $ 0.42 $ 0.50 $ 1.59 Diluted $ 0.37 $ 0.30 $ 0.42 $ 0.49 $ 1.58 Fiscal 2017 Net sales $ 280,176 $ 268,001 $ 275,927 $ 289,212 $ 1,113,316 Gross margin 140,358 134,158 139,909 143,867 558,292 Operating income 33,208 29,962 31,550 36,295 131,015 Net earnings 22,553 25,297 22,553 25,242 95,645 Net earnings per Class A Nonvoting Common Share: Basic * $ 0.45 $ 0.50 $ 0.44 $ 0.49 $ 1.87 Diluted $ 0.44 $ 0.49 $ 0.43 $ 0.48 $ 1.84 * The sum of the quarters does not equal the year-to-date total for fiscal 2017 due to the quarterly changes in weighted-average shares outstanding. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 12 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On September 6, 2017 , the Company announced an increase in the annual dividend to shareholders of the Company's Class A Common Stock, from $0.82 to $0.83 per share. A quarterly dividend of $0.2075 will be paid on October 31, 2017 , to shareholders of record at the close of business on October 10, 2017 . This dividend represents an increase of 1.2% and is the 32nd consecutive annual increase in dividends. |
Schedule II Valuation of Qualif
Schedule II Valuation of Qualifying Accounts | 12 Months Ended |
Jul. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Year ended July 31, Description 2017 2016 2015 (Dollars in thousands) Valuation accounts deducted in balance sheet from assets to which they apply — Accounts receivable — allowance for doubtful accounts: Balances at beginning of period $ 5,144 $ 3,585 $ 3,069 Additions — Charged to expense 732 1,904 1,954 Deductions — Bad debts written off, net of recoveries (1,247 ) (345 ) (1,438 ) Balances at end of period $ 4,629 $ 5,144 $ 3,585 Inventory — Reserve for slow-moving inventory: Balances at beginning of period $ 15,083 $ 13,269 $ 12,259 Additions — Charged to expense 4,608 4,950 3,017 Deductions — Inventory write-offs (5,369 ) (3,136 ) (2,007 ) Balances at end of period $ 14,322 $ 15,083 $ 13,269 Valuation allowances against deferred tax assets: Balances at beginning of period $ 37,992 $ 39,922 $ 37,409 Additions during year 2,004 2,614 8,111 Deductions — Valuation allowances reversed/utilized (1,433 ) (4,544 ) (5,598 ) Balances at end of period $ 38,563 $ 37,992 $ 39,922 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Nature of Operations — Brady Corporation is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized, and diverse products for use in various applications, along with a commitment to quality and service, a global footprint, and multiple sales channels, have made Brady a world leader in many of its markets. Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Brady Corporation and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations — The results of operations of the Die-Cut businesses have been reported as discontinued operations for the year ended July 31, 2015. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows related to discontinued operations. See Note 13 for additional information about the Company's discontinued operations. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments — The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable and accounts payable) is a reasonable estimate of the fair value of these instruments due to their short-term nature. See Note 6 for more information regarding the fair value of long-term debt and Note 11 for fair value measurements. Cash Equivalents — The Company considers all highly-liquid investments with original maturities of three months or less when acquired to be cash equivalents, which are recorded at cost. Accounts Receivables — Accounts receivables are stated net of allowances for doubtful accounts of $4,629 and $5,144 as of July 31, 2017 and 2016 , respectively. No single customer comprised more than 10% of the Company’s consolidated net sales in fiscal 2017 or 2016 , or 10% of the Company’s consolidated accounts receivable as of July 31, 2017 or 2016 . Specific customer provisions are made during review of significant outstanding amounts, in which customer creditworthiness and current economic trends may indicate that collection is doubtful. In addition, provisions are made for the remainder of accounts receivable based upon the age of the accounts receivable and the Company’s historical collection experience. Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for certain inventories in the U.S. ( 13.5% of total inventories at July 31, 2017 , and 14.0% of total inventories at July 31, 2016 ) and the first-in, first-out (“FIFO”) or average cost methods for other inventories. Had all inventories been accounted for on a FIFO basis instead of on a LIFO basis, the carrying value of inventories would have increased by $6,807 and $6,929 as of July 31, 2017 and 2016 , respectively. Goodwill — Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. The fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between market participants on an arms-length basis. In estimating the fair value, the Company utilizes a discounted cash flow model and market multiples approach. The estimated fair value is compared with the carrying amount of the reporting unit, including goodwill. The annual impairment testing performed on May 1, 2017 , in accordance with ASC 350, "Intangibles - Goodwill and Other" ("Step One") indicated that all reporting units with remaining goodwill had a fair value substantially in excess of its carrying value. No goodwill impairment charges were recorded during the year ended July 31, 2017 . Long-Lived and Other Intangible Assets — The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis, over the estimated periods benefited. Intangible assets with indefinite useful lives as well as goodwill are not subject to amortization. These assets are assessed for impairment annually or more frequently as deemed necessary. The Company evaluates whether events and circumstances have occurred that indicate 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. If impairment is determined to exist, any related impairment loss is calculated by comparing the fair value of the asset to its carrying value. In fiscal 2017 , long-lived and other intangible assets were analyzed for potential impairment. As a result of the analysis, no material impairment charges were recorded. Refer to Note 2, "Goodwill and Other Intangible Assets" for further information. Property, Plant, and Equipment — Property, plant, and equipment are recorded at cost. The cost of buildings and improvements, computer systems, and machinery and equipment are depreciated over their estimated useful lives using primarily the straight-line method for financial reporting purposes. The estimated useful lives range from 3 to 33 years as shown below. Asset Category Range of Useful Lives Buildings & Improvements 10 to 33 Years Computer Systems 5 Years Machinery & Equipment 3 to 10 Years Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Upon disposal, assets and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds from disposal, is charged or credited to operations. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. Depreciation expense was $20,190 , $23,375 , and $27,355 for the years ended July 31, 2017 , 2016 and 2015 , respectively. Catalog Costs and Related Amortization — The Company accumulates all direct costs incurred, net of vendor cooperative advertising payments, in the development, production, and circulation of its catalogs on its balance sheet until such time as the related catalog is mailed. The catalog costs are subsequently amortized into selling, general, and administrative expense over the expected sales realization cycle, which is one year or less. Consequently, any difference between the estimated and actual revenue stream for a particular catalog and the related impact on amortization expense is realized within a period of one year or less. The estimate of the expected sales realization cycle for a particular catalog is based on the Company’s historical sales experience with similar catalogs, and an assessment of prevailing economic conditions and various competitive factors. The Company tracks subsequent sales realization, reassesses the marketplace, and compares its findings to the previous estimate, and adjusts the amortization of future catalogs, if necessary. At July 31, 2017 and 2016 , $7,299 and $8,290 , respectively, of prepaid catalog costs were included in prepaid expenses and other current assets. Revenue Recognition — Revenue is recognized when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product and risk of loss have transferred to the customer, persuasive evidence of an arrangement exists, and collection of the sales proceeds is reasonably assured, most of which occur upon shipment of goods to customers. The majority of the Company’s revenue relates to the sale of inventory to customers, and revenue is recognized when title and the risks and rewards of ownership pass to the customer. Given the nature of the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated returns and credit memos. The Company provides for an allowance for estimated product returns and credit memos which is recognized as a deduction from net sales at the time of the sale. As of July 31, 2017 and 2016 , the Company had a reserve for estimated product returns and credit memos of $3,873 and $3,713 , respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives and cash discounts) given to its customers or resellers as a reduction of revenue rather than an operating expense. Sales incentives for the years ended July 31, 2017 , 2016 , and 2015 were $37,134 , $36,084 , and $36,591 , respectively. Shipping and Handling Fees and Costs — Amounts billed to a customer in a sale transaction related to shipping and handling fees are reported as net sales and the related costs incurred for shipping and handling are reported as cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred, except catalog and mailing costs as outlined previously. Advertising expense for the years ended July 31, 2017 , 2016 , and 2015 was $68,268 , $74,204 , and $86,090 , respectively. 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 vest at the end of a three-year service period provided specified company financial performance metrics are met. In accordance with ASC 718 "Compensation - Stock Compensation," the Company measures and recognizes the compensation expense for all share-based awards made to employees and directors based on estimated grant-date fair values. The Black-Scholes option valuation model is used to determine the fair value of stock option awards on the date of grant. 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. The Black-Scholes model requires the use of assumptions which determine the fair value of stock-based awards. The Company uses historical data regarding stock option exercise behaviors to estimate the expected term of options granted based on the period of time that options granted are expected to be outstanding. Expected volatilities are based on the historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s historical dividend payments and historical yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for the length of time corresponding to the expected term of the option. The market value is calculated as the average of the high and the low stock price on the date of the grant. The Company includes as part of cash flows from financing activities the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for options exercised and restricted shares and RSUs vested during the period. See Note 7 “Stockholders' Investment” for more information regarding the Company’s incentive stock plans. Research and Development — Amounts expended for research and development are expensed as incurred. Other Comprehensive Income — Other comprehensive income consists of foreign currency translation adjustments, net investment hedge and long-term intercompany loan translation adjustments, net unrealized gains and losses from cash flow hedges, and the unamortized gain on defined-benefit pension plans net of their related tax effects. Foreign Currency Translation — Foreign currency assets and liabilities are translated into United States dollars at end of period rates of exchange, and income and expense accounts are translated at the average rates of exchange for the period. Resulting translation adjustments are included in other comprehensive income. Risk Management Activities — The Company does not hold or issue derivative financial instruments for trading purposes. Income Taxes — The Company accounts for income taxes in accordance with ASC 740 "Income Taxes", which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Foreign Currency Hedging — The objective of the Company’s foreign currency exchange risk management is to minimize the impact of currency movements on non-functional currency transactions and minimize the foreign currency translation impact on the Company’s foreign operations. While the Company’s risk management objectives and strategies are driven from an economic perspective, the Company attempts, where possible and practical, to ensure that the hedging strategies it engages in qualify for hedge accounting and result in accounting treatment where the earnings effect of the hedging instrument provides substantial offset (in the same period) to the earnings effect of the hedged item. Generally, these risk management transactions will involve the use of foreign currency derivatives to protect against exposure resulting from transactions in a currency differing from the respective functional currency. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) of the derivatives are recorded in the accompanying Consolidated Statements of Earnings as "Investment and other income (expense) - net" or as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income (Loss), as discussed below. 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 . These instruments may or may not qualify as hedges under the accounting guidance for derivative instruments and hedging activities based upon the intended objective of the contract. Hedge effectiveness is determined by how closely the changes in the 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. The amount of hedge ineffectiveness was not material for the fiscal years ended July 31, 2017 , 2016 , and 2015 . The Company has designated a portion of its foreign exchange contracts as cash flow hedges. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and in the cash flow hedge section of the Consolidated Statements of Comprehensive Loss, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company also utilizes Euro-denominated debt designated as a hedge instrument to hedge portions of the Company’s net investments in Euro-denominated foreign operations. For net investment hedges that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded as cumulative translation within AOCI and are included in the net investment hedge section of the Consolidated Statements of Comprehensive Income (Loss). Any ineffective portions are to be recognized in earnings. 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. The Company also enters into foreign exchange contracts to create economic hedges to manage foreign exchange risk exposure. The Company has not designated these derivative contracts as hedge transactions, and accordingly, the mark-to-market impact of these derivative contracts is recorded each period in current earnings. See Note 12 "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards — In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, "Goodwill and Other, Simplifying the Test for Goodwill Impairment" which simplifies the accounting for goodwill impairment. The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods thereafter; however early adoption is permitted for any impairment tests performed after January 1, 2017. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In March 2016, the FASB issued ASU 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting," which will simplify several aspects of accounting for share-based payment transactions. The update will require, among other items, that all excess tax deficiencies or benefits be recorded as income tax expense or benefit in the statement of earnings, and not in additional paid-in capital. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of the ASU is permitted and the prospective transition method should be applied. The Company does not expect the adoption of this update to have a material impact on the financial statements of the Company. 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 and disclosures. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory," which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (“LIFO”) is not impacted by the new standard. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted and the prospective transition method should be applied. The Company does not expect the adoption of this update to have a material impact 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. ASU 2014-09 (and related updates) is effective for 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. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the standard. The Company's efforts to evaluate the impact and to prepare for its adoption on August 1, 2018 are underway as the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and is in the process of evaluating the impact of the new standard on its consolidated financial statements. The Company currently anticipates applying the modified retrospective approach when adopting this guidance. |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets Schedule of Goodwill (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by reportable segment for the years ended July 31, 2017 and 2016 , were as follows: IDS WPS Total Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 Translation adjustments 1,743 (5,071 ) (3,328 ) Balance as of July 31, 2016 $ 384,529 $ 45,342 $ 429,871 Translation adjustments 4,845 2,981 7,826 Realignment of businesses between segments $ 2,490 $ (2,490 ) $ — Balance as of July 31, 2017 $ 391,864 $ 45,833 $ 437,697 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets Schedule of Other Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Other Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets Other intangible assets include patents, tradenames, 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 net book value of these assets was as follows: July 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 $ 1,358 $ (471 ) $ 887 5 $ 12,252 $ (11,063 ) $ 1,189 Tradenames and other 9 4,528 (4,229 ) 299 5 14,359 (13,709 ) 650 Customer relationships 8 60,759 (31,909 ) 28,850 7 135,795 (100,830 ) 34,965 Non-compete agreements and other N/A — — — 4 9,153 (9,142 ) 11 Unamortized other intangible assets: Tradenames N/A 23,040 — 23,040 N/A 22,991 — 22,991 Total $ 89,685 $ (36,609 ) $ 53,076 $ 194,550 $ (134,744 ) $ 59,806 |
Other Comprehensive Income Ot27
Other Comprehensive Income Other Comprehensive Income (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table illustrates the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the periods presented: Unrealized gain (loss) on cash flow hedges Gain on postretirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Ending balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive (loss) income before reclassification (986 ) 445 (7,643 ) (8,184 ) Amounts reclassified from accumulated other comprehensive loss 120 (1,647 ) — (1,527 ) Ending balance, July 31, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive income before reclassification 670 867 8,713 10,250 Amounts reclassified from accumulated other comprehensive loss 296 (483 ) — (187 ) Ending balance, July 31, 2017 $ 109 $ 2,620 $ (47,411 ) $ (44,682 ) |
Other Comprehensive Income, Tax [Table Text Block] | The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss): 2017 2016 2015 Income tax benefit (expense) related to items of other comprehensive income (loss): Net investment hedge translation adjustments $ 1,170 $ (1,804 ) $ (8,450 ) Cash flow hedges 705 192 (308 ) Pension and other post-retirement benefits (4 ) 738 949 Other income tax adjustments 550 (2,154 ) (415 ) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 2,421 $ (3,028 ) $ (8,224 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table provides a reconciliation of the changes in the Plan’s accumulated benefit obligation during the years ended July 31: 2017 2016 Obligation at beginning of year $ 3,800 $ 4,135 Service cost — 9 Interest cost 89 114 Actuarial gain — (38 ) Benefit payments (499 ) (420 ) Obligation at end of fiscal year $ 3,390 $ 3,800 |
Schedule of Amounts Recognized in Balance Sheet | As of July 31, 2017 and 2016 , amounts recognized as liabilities in the accompanying Consolidated Balance Sheets consist of: 2017 2016 Current liability $ 449 $ 499 Non-current liability 2,941 3,301 $ 3,390 $ 3,800 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | As of July 31, 2017 and 2016 , pre-tax amounts recognized in accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets consist of net actuarial gains of $5,504 and $6,048 , respectively. |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net periodic benefit gain for the Plan for fiscal years ended July 31, 2017 , 2016 , and 2015 includes the following components: Years Ended July 31, 2017 2016 2015 Net periodic postretirement benefit gain included the following components: Service cost $ — $ 9 $ 210 Interest cost 89 114 222 Amortization of prior service credit — (1,035 ) (1,169 ) Amortization of net actuarial gain (544 ) (646 ) (804 ) Curtailment gain — — (4,296 ) Periodic postretirement benefit gain $ (455 ) $ (1,558 ) $ (5,837 ) |
Schedule of Assumptions Used | The following assumptions were used in accounting for the Plan: 2017 2016 2015 Weighted average discount rate used in determining accumulated postretirement benefit obligation 2.50 % 2.50 % 3.00 % Weighted average discount rate used in determining net periodic benefit cost 2.50 % 3.00 % 3.41 % Assumed health care trend rate used to measure accumulated postretirement benefit obligation at July 31 7.25 % 7.50 % 7.00 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.50 % Fiscal year the ultimate trend rate is reached 2024 2018 2018 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects on the Plan: One-Percentage Point Increase One-Percentage Point Decrease Effect on future service and interest cost $ 4 $ (5 ) Effect on accumulated postretirement benefit obligation at July 31, 2017 18 (19 ) |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during the years ending July 31: 2018 $ 449 2019 377 2020 359 2021 339 2022 309 2023 through 2027 1,241 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Earnings from Continuing Operations | Earnings from continuing operations before income taxes consists of the following: Years Ended July 31, 2017 2016 2015 United States $ 43,561 $ 61,349 $ (582 ) Other Nations 83,071 47,996 25,577 Total $ 126,632 $ 109,345 $ 24,995 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense from continuing operations consists of the following: Years Ended July 31, 2017 2016 2015 Current income tax expense (benefit): United States $ 15,279 $ 5,048 $ 9,075 Other Nations 23,826 19,929 18,806 States (U.S.) 1,163 1,348 (352 ) $ 40,268 $ 26,325 $ 27,529 Deferred income tax (benefit) expense: United States $ (8,173 ) $ 3,946 $ (5,906 ) Other Nations (1,329 ) (1,387 ) (1,868 ) States (U.S.) 221 351 338 $ (9,281 ) $ 2,910 $ (7,436 ) Total income tax expense $ 30,987 $ 29,235 $ 20,093 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences are as follows: July 31, 2017 Assets Liabilities Total Inventories $ 4,516 $ (1 ) $ 4,515 Prepaid catalog costs — (1,107 ) (1,107 ) Employee benefits 8,932 — 8,932 Accounts receivable 1,141 (11 ) 1,130 Fixed assets 2,819 (3,884 ) (1,065 ) Intangible assets 1,187 (37,681 ) (36,494 ) Capitalized R&D expenditures 570 — 570 Deferred compensation 16,743 — 16,743 Postretirement benefits 4,144 — 4,144 Tax credit and net operating loss carry-forwards 70,128 — 70,128 Less valuation allowance (38,563 ) — (38,563 ) Other, net 12,060 (10,798 ) 1,262 Total $ 83,677 $ (53,482 ) $ 30,195 July 31, 2016 Assets Liabilities Total Inventories $ 5,142 $ (153 ) $ 4,989 Prepaid catalog costs — (1,577 ) (1,577 ) Employee benefits 6,347 — 6,347 Accounts receivable 1,619 (15 ) 1,604 Fixed assets 2,847 (2,695 ) 152 Intangible assets 1,144 (31,777 ) (30,633 ) Capitalized R&D expenditures 855 — 855 Deferred compensation 20,549 — 20,549 Postretirement benefits 4,152 — 4,152 Tax credit and net operating loss carry-forwards 56,790 — 56,790 Less valuation allowance (37,992 ) — (37,992 ) Other, net 10,918 (15,173 ) (4,255 ) Total $ 72,371 $ (51,390 ) $ 20,981 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the tax computed by applying the statutory U.S. federal income tax rate to earnings from continuing operations before income taxes to the total income tax expense is as follows: Years Ended July 31, 2017 2016 2015 Tax at statutory rate 35.0 % 35.0 % 35.0 % Impairment charges (1) — % — % 55.8 % State income taxes, net of federal tax benefit 1.0 % 0.8 % 1.6 % International rate differential (6.3 )% 0.4 % (2.2 )% Rate variances arising from foreign subsidiary distributions (2) (5.9 )% 0.5 % (0.3 )% Adjustments to tax accruals and reserves (3) 3.6 % (3.7 )% 17.8 % Research and development tax credits and section 199 manufacturer’s deduction (1.8 )% (3.6 )% (3.9 )% Non-deductible divestiture fees and account write-offs (0.6 )% (0.4 )% (4.8 )% Deferred tax and other adjustments (4) (0.6 )% (1.4 )% (21.1 )% Other, net 0.1 % (0.9 )% 2.5 % Effective tax rate 24.5 % 26.7 % 80.4 % (1) For the year ended July 31, 2015, $39.8 million of the total impairment charge of $ 46.9 million recorded was nondeductible for income tax purposes. (2) The year ended July 31, 2017, includes the generation of foreign tax credit carry-forwards from cash repatriations that occurred during the fiscal year. (3) The years ended July 31, 2017 and 2015, include increases in current year uncertain tax positions, while the year ended July 31, 2016, includes reductions of uncertain tax positions resulting from the closure of audits and lapses in statutes of limitations. (4) The year ended July 31, 2015, includes the generation $5.0 million of foreign tax credit carry-forwards from the fiscal 2014 U.S. tax return. Uncert |
Schedule of Unrecognized Tax Benefits Roll Forward | ciliation of unrecognized tax benefits (excluding interest and penalties) is as follows: Balance at July 31, 2014 $ 17,849 Additions based on tax positions related to the current year 5,862 Additions for tax positions of prior years — Reductions for tax positions of prior years (280 ) Lapse of statute of limitations (805 ) Settlements with tax authorities (221 ) Cumulative Translation Adjustments and other (1,272 ) Balance as of July 31, 2015 $ 21,133 Additions based on tax positions related to the current year 3,093 Additions for tax positions of prior years 1,290 Reductions for tax positions of prior years (9,369 ) Lapse of statute of limitations (344 ) Settlements with tax authorities (456 ) Cumulative Translation Adjustments and other (53 ) Balance as of July 31, 2016 $ 15,294 Additions based on tax positions related to the current year 2,500 Additions for tax positions of prior years 1,124 Reductions for tax positions of prior years (62 ) Lapse of statute of limitations (663 ) Settlements with tax authorities (118 ) Cumulative Translation Adjustments and other 287 Balance as of July 31, 2017 $ 18,362 |
Schedule of Open Tax Years by Major Jurisdictions | pany and its subsidiaries file income tax returns in the U.S., various state, and foreign jurisdictions. The following table summarizes the open tax years for the Company's major jurisdictions: Jurisdiction Open Tax Years United States — Federal F’15 — F’17 France F’14 — F’17 Germany F’09 — F’17 United Kingdom F’16 — F’17 Unremi |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Total debt consists of the following as of July 31: 2017 2016 Euro-denominated notes payable in 2017 at a fixed rate of 3.71% $ — $ 33,459 Euro-denominated notes payable in 2020 at a fixed rate of 4.24% 53,202 50,188 USD-denominated notes payable through 2017 at a fixed rate of 5.33% — 16,335 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.94% and 1.31% as of July 31, 2017 and 2016, respectively 16,998 112,000 EUR-denominated borrowing on revolving loan agreement at a weighted average rate of 0.75% as of July 31, 2017 34,336 — CNY-denominated borrowing on China revolving loan agreement at a weighted average rate of 3.92% and 4.00% as of July 31, 2017 and 2016, respectively 2,228 4,928 USD-denominated borrowing on China revolving loan agreement at a weighted average rate of 2.63% as of July 31, 2017 1,000 — $ 107,764 $ 216,910 Less notes payable (3,228 ) (4,928 ) Total long-term debt $ 104,536 $ 211,982 |
Schedule of Maturities of Long-term Debt | Maturities on long-term debt are as follows: Years Ending July 31, 2018 $ — 2019 — 2020 53,202 2021 51,334 2022 — Total $ 104,536 |
Stockholder's Investments (Tabl
Stockholder's Investments (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Equity [Abstract] | |
Schedule of Capital Stock | Information as to the Company’s capital stock at July 31, 2017 and 2016 is as follows: July 31, 2017 July 31, 2016 Shares Authorized Shares Issued (thousands) Amount Shares Authorized Shares Issued (thousands) Amount Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 6% Cumulative 5,000 5,000 1972 Series 10,000 10,000 1979 Series 30,000 30,000 Common Stock, $.01 par value: Class A Nonvoting 100,000,000 51,261,487 $ 513 100,000,000 51,261,487 $ 513 Class B Voting 10,000,000 3,538,628 35 10,000,000 3,538,628 35 $ 548 $ 548 |
Schedule of Other Activity in Stockholders' Investment | The following is a summary of other activity in stockholders’ investment for the fiscal years ended July 31, 2017 , 2016 , and 2015 : Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2014 $ 7,789 $ (9,948 ) $ (2,159 ) Shares at July 31, 2014 338,711 423,415 Sale of shares at cost $ (2,325 ) $ 2,235 $ (90 ) Purchase of shares at cost 220 (1,035 ) (815 ) Balances at July 31, 2015 $ 5,684 $ (8,748 ) $ (3,064 ) Shares at July 31, 2015 252,261 362,025 Sale of shares at cost $ (1,238 ) $ 1,278 $ 40 Purchase of shares at cost 178 (1,017 ) (839 ) Balances at July 31, 2016 $ 4,624 $ (8,487 ) $ (3,863 ) Shares at July 31, 2016 201,418 347,081 Sale of shares at cost $ (1,247 ) $ 1,288 $ 41 Purchase of shares at cost 315 (925 ) (610 ) Effect of plan amendment 4,432 — 4,432 Balances at July 31, 2017 $ 8,124 $ (8,124 ) $ — Shares at July 31, 2017 314,082 314,082 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Black-Scholes Option Valuation Assumptions 2017 2016 2015 Expected term (in years) 6.11 6.11 6.05 Expected volatility 29.55 % 29.95 % 34.01 % Expected dividend yield 2.70 % 2.59 % 2.48 % Risk-free interest rate 1.26 % 1.64 % 1.90 % Weighted-average market value of underlying stock at grant date $ 35.14 $ 20.02 $ 22.76 Weighted-average exercise price $ 35.14 $ 20.02 $ 22.76 Weighted-average fair value of options granted during the period $ 7.56 $ 4.58 $ 6.12 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | for the fiscal year ended July 31, 2017 : Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2016 $ 19.96 — $38.31 3,708,706 $ 27.34 Options granted 32.83 — 38.83 378,939 35.14 Options exercised 19.96 — 38.31 (874,128 ) 27.81 Options cancelled 19.96 — 38.31 (333,716 ) 34.29 Balance as of July 31, 2017 $ 19.96 — $38.83 2,879,801 $ 27.40 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at July 31, 2017 : Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2017 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2017 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $19.96 - $26.99 1,091,151 7.7 $ 21.28 435,311 7.3 $ 20.89 $27.00 - $32.99 1,205,146 4.1 29.14 1,201,652 4.1 29.14 $33.00 - $38.83 583,504 6.1 37.37 222,996 1.2 37.37 Total 2,879,801 5.9 $ 27.83 1,859,959 4.5 $ 28.20 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2017 : Service-Based RSUs and Restricted Shares Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2016 678,381 $ 23.57 New grants 96,137 35.15 Vested (187,532 ) 23.56 Forfeited (69,878 ) 24.47 Balance as of July 31, 2017 517,108 $ 25.61 The service-based RSUs granted during the fiscal year ended July 31, 2016 , had a weighted-average grant-date fair value of $20.07 . The total fair value of service-based RSU's vested during the twelve months ended July 31, 2017 and 2016 , was $6,512 and $2,797 , respectively. Performance-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2016 — $ — New grants 58,206 32.03 Vested — — Forfeited — — Balance as of July 31, 2017 58,206 $ 32.03 No performance-based RSUs were granted during the twelve months ended July 31, 2016 . The aggregate intrinsic value of unvested service-based and performance-based RSU's outstanding at July 31, 2017 , and expected to vest, was $19,100 . |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Following is a summary of segment information for the years ended July 31, 2017 , 2016 and 2015 : 2017 2016 2015 Sales to External Customers: ID Solutions $ 800,392 $ 795,511 $ 826,824 WPS 312,924 325,114 344,907 Total Company $ 1,113,316 $ 1,120,625 $ 1,171,731 Depreciation & Amortization: ID Solutions $ 23,092 $ 27,285 $ 32,228 WPS 4,211 5,147 7,230 Total Company $ 27,303 $ 32,432 $ 39,458 Segment Profit: ID Solutions $ 130,572 $ 112,276 $ 89,392 WPS 25,554 30,792 29,344 Total Company $ 156,126 $ 143,068 $ 118,736 Assets: ID Solutions $ 761,448 $ 748,408 $ 789,924 WPS 154,827 154,321 158,397 Corporate 133,948 141,235 114,576 Total Company $ 1,050,223 $ 1,043,964 $ 1,062,897 Expenditures for property, plant & equipment: ID Solutions $ 12,347 $ 11,640 $ 21,483 WPS 2,820 5,500 5,190 Total Company $ 15,167 $ 17,140 $ 26,673 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Following is a reconciliation of segment profit to net earnings for the years ended July 31, 2017 , 2016 and 2015 : Years Ended July 31, 2017 2016 2015 Total profit from reportable segments $ 156,126 $ 143,068 $ 118,736 Unallocated costs: Administrative costs 25,111 25,190 19,742 Restructuring charges — — 16,821 Impairment charges (1) — — 46,867 Investment and other (income) expense (1,121 ) 709 (845 ) Interest expense 5,504 7,824 11,156 Earnings from continuing operations before income taxes $ 126,632 $ 109,345 $ 24,995 (1) Of the total $46,867 impairment charges in fiscal 2015, $39,367 was in the WPS segment and $7,500 was in the IDS segment. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Revenues* Years Ended July 31, Long-Lived Assets** As of July 31, 2017 2016 2015 2017 2016 2015 Geographic information: United States $ 651,294 $ 663,511 $ 677,401 $ 367,418 $ 376,045 $ 389,150 Other 521,791 519,579 559,649 221,458 216,076 224,151 Eliminations (59,769 ) (62,465 ) (65,319 ) — — — Consolidated total $ 1,113,316 $ 1,120,625 $ 1,171,731 $ 588,876 $ 592,121 $ 613,301 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant, and equipment, other intangible assets and goodwill. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Jul. 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: Years ended July 31, 2017 2016 2015 Numerator (in thousands) Earnings from continuing operations (Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share) $ 95,645 $ 80,110 $ 4,902 Less: Preferential dividends (788 ) (783 ) (794 ) Preferential dividends on dilutive stock options (14 ) (1 ) (1 ) Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share $ 94,843 $ 79,326 $ 4,107 Denominator (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 51,056 50,541 51,285 Plus: Effect of dilutive stock options 900 228 98 Denominator for diluted earnings from continuing operations per share for both Class A and Class B 51,956 50,769 51,383 Earnings from continuing operations per Class A Nonvoting Common Share: Basic $ 1.87 $ 1.59 $ 0.10 Diluted $ 1.84 $ 1.58 $ 0.10 Earnings from continuing operations per Class B Voting Common Share: Basic $ 1.86 $ 1.57 $ 0.08 Diluted $ 1.83 $ 1.56 $ 0.08 Loss from discontinued operations per Class A Nonvoting Common Share: Basic $ — $ — $ (0.04 ) Diluted $ — $ — $ (0.04 ) Loss from discontinued operations per Class B Voting Common Share: Basic $ — $ — $ (0.04 ) Diluted $ — $ — $ (0.04 ) Net earnings per Class A Nonvoting Common Share: Basic $ 1.87 $ 1.59 $ 0.06 Diluted $ 1.84 $ 1.58 $ 0.06 Net earnings per Class B Voting Common Share: Basic $ 1.86 $ 1.57 $ 0.04 Diluted $ 1.83 $ 1.56 $ 0.04 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments required under such leases in effect at July 31, 2017 , were as follows: Years ending July 31, 2018 $ 17,456 2019 13,184 2020 8,971 2021 6,920 2022 6,155 Thereafter 7,899 $ 60,585 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at July 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 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 July 31, 2017 Trading securities $ 13,994 $ — $ 13,994 Other assets Foreign exchange contracts — 1,354 1,354 Prepaid expenses and other current assets Total Assets $ 13,994 $ 1,354 $ 15,348 Foreign exchange contracts $ — $ 1,577 $ 1,577 Other current liabilities Total Liabilities $ — $ 1,577 $ 1,577 |
Derivatives and Hedging Activ36
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative and hedging instruments in the accompanying Consolidated Balance Sheets were as follows: Asset Derivatives Liability Derivatives July 31, 2017 July 31, 2016 July 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 $ 1,067 Prepaid expenses and other current assets $ 265 Other current liabilities $ 1,569 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 $ 53,280 Long term obligations, less current maturities $ 116,888 Total derivatives designated as hedging instruments $ 1,067 $ 265 $ 54,849 $ 117,558 Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ 287 Prepaid expenses and other current assets $ 1,873 Other current liabilities $ 7 Other current liabilities $ 68 Total derivatives not designated as hedging instruments $ 287 $ 1,873 $ 7 $ 68 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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 fiscal year ended July 31, 2015: 2015 Net sales (1) $ — Loss from discontinued operations (2) (1,201 ) Income tax expense (288 ) Loss on sale of discontinued operations (3) (487 ) Income tax benefit on sale of discontinued operations 61 Loss from discontinued operations, net of income tax $ (1,915 ) (1) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, there were no sales from discontinued operations in fiscal 2015. (2) The loss from discontinued operations in fiscal 2015 primarily related to professional fees and restructuring charges associated with the divestiture. (3) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, a loss on the sale was recorded in the three months ended October 31, 2014. |
Unaudited Quarterly Financial38
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters First Second Third Fourth Total Fiscal 2016 Net sales $ 283,073 $ 268,630 $ 286,816 $ 282,106 $ 1,120,625 Gross margin 139,349 132,892 145,443 141,089 558,773 Operating income 30,102 23,589 30,784 33,403 117,878 Net earnings 18,703 15,290 20,981 25,136 80,110 Net earnings per Class A Nonvoting Common Share: Basic $ 0.37 $ 0.30 $ 0.42 $ 0.50 $ 1.59 Diluted $ 0.37 $ 0.30 $ 0.42 $ 0.49 $ 1.58 Fiscal 2017 Net sales $ 280,176 $ 268,001 $ 275,927 $ 289,212 $ 1,113,316 Gross margin 140,358 134,158 139,909 143,867 558,292 Operating income 33,208 29,962 31,550 36,295 131,015 Net earnings 22,553 25,297 22,553 25,242 95,645 Net earnings per Class A Nonvoting Common Share: Basic * $ 0.45 $ 0.50 $ 0.44 $ 0.49 $ 1.87 Diluted $ 0.44 $ 0.49 $ 0.43 $ 0.48 $ 1.84 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies Subsequent Events (Details) - $ / shares | 12 Months Ended | ||||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2017 | |
Subsequent Event [Line Items] | |||||
Document Period End Date | Jul. 31, 2017 | ||||
Class A Nonvoting Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage Increase In Dividend | 1.20% | ||||
Dividends | $ 0.83 | $ 0.82 | $ 0.81 | $ 0.80 | |
Dividends Payable | $ 0.2075 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Accounts Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 4,629 | $ 5,144 |
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | |
Percentage Of Maximum Customers Shares In Companys Consolidated Accounts Receivable | 10.00% |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 13.50% | 14.00% |
Inventory, LIFO Reserve, Effect on Income, Net | $ 6,807 | $ 6,929 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 20,190 | $ 23,375 | $ 27,355 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 33 years | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Catalog Costs and Related Amortization (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Accounting Policies [Abstract] | ||
Prepaid Catalog Costs Included In Prepaid Expenses And Other Current Assets | $ 7,299 | $ 8,290 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Accounting Policies [Abstract] | ||
Revenue Recognition Sales Return Reserve For Sales Returns | $ 3,873 | $ 3,713 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies Sales Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Accounting Policies [Abstract] | |||
Sales Incentives | $ 37,134 | $ 36,084 | $ 36,591 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 68,268 | $ 74,204 | $ 86,090 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Foreign Currency Hedging (Details) | 12 Months Ended |
Jul. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative maturity | 18 months |
Acquisitions - Pro Forma Operat
Acquisitions - Pro Forma Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net sales | $ 289,212 | $ 275,927 | $ 268,001 | $ 280,176 | $ 282,106 | $ 286,816 | $ 268,630 | $ 283,073 | $ 1,113,316 | $ 1,120,625 | $ 1,171,731 | ||||||||
(Loss) earnings from continuing operations, as reported | $ 25,242 | $ 22,553 | $ 25,297 | $ 22,553 | $ 25,136 | $ 20,981 | $ 15,290 | $ 18,703 | $ 95,645 | $ 80,110 | $ 4,902 | ||||||||
Nonvoting Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Basic (loss) earnings from continuing operations per Class A Common Share, as reported | $ 0.49 | [1] | $ 0.44 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.50 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.37 | [1] | $ 1.87 | $ 1.59 | $ 0.10 |
Diluted (loss) earnings from continuing operations per Class A Common Share, as reported | $ 0.48 | [1] | $ 0.43 | [1] | $ 0.49 | [1] | $ 0.44 | [1] | $ 0.49 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.37 | [1] | $ 1.84 | $ 1.58 | $ 0.10 |
[1] | Quarters First Second Third Fourth TotalFiscal 2016 Net sales $283,073 $268,630 $286,816 $282,106 $1,120,625Gross margin 139,349 132,892 145,443 141,089 558,773Operating income 30,102 23,589 30,784 33,403 117,878Net earnings 18,703 15,290 20,981 25,136 80,110Net earnings per Class A Nonvoting Common Share: Basic $0.37 $0.30 $0.42 $0.50 $1.59Diluted $0.37 $0.30 $0.42 $0.49 $1.58Fiscal 2017 Net sales $280,176 $268,001 $275,927 $289,212 $1,113,316Gross margin 140,358 134,158 139,909 143,867 558,292Operating income 33,208 29,962 31,550 36,295 131,015Net earnings 22,553 25,297 22,553 25,242 95,645Net earnings per Class A Nonvoting Common Share: Basic * $0.45 $0.50 $0.44 $0.49 $1.87Diluted $0.44 $0.49 $0.43 $0.48 $1.84* The sum of the quarters does not equal the year-to-date total for fiscal 2017 due to the quarterly changes in weighted-average shares outstanding. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||
Interest expense | $ 5,504 | $ 7,824 | $ 11,156 |
Income tax expense (benefit) | 30,987 | 29,235 | 20,093 |
Pre-tax amortization of intangible assets | $ 7,113 | $ 9,056 | $ 12,103 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 429,871 | $ 433,199 |
Goodwill, Foreign Currency Translation Gain (Loss) | 7,826 | 3,328 |
Goodwill, Ending Balance | 437,697 | 429,871 |
Goodwill, Period Increase (Decrease) | 7,826 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 328,029 | |
Goodwill, Impaired [Abstract] | ||
Goodwill, Transfers | 0 | |
Identification Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 384,529 | 382,786 |
Goodwill, Foreign Currency Translation Gain (Loss) | 4,845 | (1,743) |
Goodwill, Ending Balance | 391,864 | 384,529 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 118,637 | |
Workplace Safety | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 45,342 | 50,413 |
Goodwill, Foreign Currency Translation Gain (Loss) | 2,981 | 5,071 |
Goodwill, Ending Balance | 45,833 | 45,342 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 209,392 | |
Goodwill, Impaired [Abstract] | ||
Goodwill, Transfers | (2,490) | |
Id Solutions [Member] | ||
Goodwill, Impaired [Abstract] | ||
Goodwill, Transfers | $ 2,490 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Fully Amortized Intangible Assets | $ 107,741 | ||
Intangible Assets, Gross (Excluding Goodwill) | 89,685,000 | $ 194,550,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (36,609,000) | (134,744,000) | |
Intangible Assets, Net (Excluding Goodwill) | 53,076,000 | 59,806,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Intangible Assets | 7,113,000 | $ 9,056,000 | $ 12,103,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6,456,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,199,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,201,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,160,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 5,010,000 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 1,358,000 | $ 12,252,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (471,000) | (11,063,000) | |
Intangible Assets, Net (Excluding Goodwill) | $ 887,000 | $ 1,189,000 | |
Tradenames and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years | 5 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 4,528,000 | $ 14,359,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,229,000) | (13,709,000) | |
Intangible Assets, Net (Excluding Goodwill) | $ 299,000 | $ 650,000 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | 7 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 60,759,000 | $ 135,795,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (31,909,000) | (100,830,000) | |
Intangible Assets, Net (Excluding Goodwill) | 28,850,000 | $ 34,965,000 | |
Non-compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 9,153,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | (9,142,000) | |
Intangible Assets, Net (Excluding Goodwill) | 0 | 11,000 | |
Tradenames and Other - Indefinite Life [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 23,040,000 | 22,991,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Intangible Assets, Net (Excluding Goodwill) | $ 23,040,000 | $ 22,991,000 |
Other Comprehensive Income Sche
Other Comprehensive Income Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | $ (54,745) | $ (45,034) |
Other comprehensive income before reclassification | 10,250 | (8,184) |
Amounts reclassified from accumulated other comprehensive loss | 187 | 1,527 |
Accumulated other comprehensive (loss) income, Ending Balance | (44,682) | (54,745) |
Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | (857) | 9 |
Other comprehensive income before reclassification | 670 | (986) |
Amounts reclassified from accumulated other comprehensive loss | 296 | (120) |
Accumulated other comprehensive (loss) income, Ending Balance | 109 | (857) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | (56,124) | (48,481) |
Other comprehensive income before reclassification | 8,713 | (7,643) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Accumulated other comprehensive (loss) income, Ending Balance | (47,411) | (56,124) |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | 2,236 | 3,438 |
Other comprehensive income before reclassification | 867 | 445 |
Amounts reclassified from accumulated other comprehensive loss | (483) | 1,647 |
Accumulated other comprehensive (loss) income, Ending Balance | $ 2,620 | $ 2,236 |
Other Comprehensive Income Ot53
Other Comprehensive Income Other Comprehensive Income, Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Other Comprehensive Income, Tax [Abstract] | |||
Net investment hedge translation adjustments | $ 1,170 | $ (1,804) | $ (8,450) |
Cash flow hedges | 705 | 192 | (308) |
Pension and other post-retirement benefits | (4) | 738 | 949 |
Other income tax adjustments | 550 | (2,154) | (415) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | $ 2,421 | $ (3,028) | $ (8,224) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Changes in Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Obligation at beginning of year | $ 3,800 | $ 4,135 | |
Service cost | 0 | 9 | $ 210 |
Interest cost | 89 | 114 | 222 |
Actuarial gain | 0 | (38) | |
Benefit payments | (499) | (420) | |
Obligation at end of fiscal year | $ 3,390 | $ 3,800 | $ 4,135 |
Employee Benefit Plans - Sche55
Employee Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |||
Current liability | $ 449 | $ 499 | |
Non-current liability | 2,941 | 3,301 | |
Defined Benefit Plan, Benefit Obligation | $ 3,390 | $ 3,800 | $ 4,135 |
Employee Benefit Plans - Sche56
Employee Benefit Plans - Schedule of Amounts Recognized in OCI (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial gain | $ 5,504 | $ 6,048 |
Employee Benefit Plans - Sche57
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Net periodic postretirement benefit gain included the following components: | |||
Service cost | $ 0 | $ 9 | $ 210 |
Interest cost | 89 | 114 | 222 |
Amortization of prior service credit | 0 | (1,035) | (1,169) |
Amortization of net actuarial gain | (544) | (646) | (804) |
Curtailment gain | 0 | 0 | (4,296) |
Periodic postretirement benefit gain | $ (455) | $ (1,558) | $ (5,837) |
Employee Benefit Plans - Sche58
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Jul. 31, 2017Rate | Jul. 31, 2016Rate | Jul. 31, 2015Rate | |
Compensation and Retirement Disclosure [Abstract] | |||
Weighted average discount rate used in determining accumulated postretirement benefit obligation | 2.50% | 2.50% | 3.00% |
Weighted average discount rate used in determining net periodic benefit cost | 2.50% | 3.00% | 3.41% |
Assumed health care trend rate used to measure accumulated postretirement benefit obligation at July 31 | 7.25% | 7.50% | 7.00% |
Rate to which cost trend rate is assumed to decline (the ultimate trend rate) | 5.50% | 5.50% | 5.50% |
Fiscal year the ultimate trend rate is reached | 2,024 | 2,018 | 2,018 |
Employee Benefit Plans - Sche59
Employee Benefit Plans - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2017USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 4 |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (5) |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 18 |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (19) |
Employee Benefit Plans - Sche60
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 449 | $ 499 |
2,017 | 377 | |
2,018 | 359 | |
2,019 | 339 | |
2,020 | 309 | |
2023 through 2027 | $ 1,241 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of plan amendment on accumulated benefit obligation | $ 4,490 | ||
Curtailment gain | $ 0 | $ 0 | $ 4,296 |
Actuarial gain that will be amortized from AOCI into net periodic postretirement benefit cost over the next fiscal year | $ (520) | ||
Weighted average discount rate used in determining accumulated postretirement benefit obligation | 2.50% | 2.50% | 3.00% |
Accumulated pension obligation | $ 3,390 | $ 3,800 | $ 4,135 |
Periodic postretirement benefit cost | (455) | (1,558) | (5,837) |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated pension obligation | 6,075 | 7,120 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 641 | 1,161 | |
Periodic postretirement benefit cost | 665 | 795 | 724 |
Retirement and Profit Sharing Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued retirement and profit-sharing contributions | 3,327 | 3,380 | |
Pension and other postretirement benefit expense | 13,750 | 10,407 | $ 9,912 |
Deferred Compensation Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, recorded liability | $ 14,121 | $ 18,758 |
Income Taxes - Schedule of (Los
Income Taxes - Schedule of (Loss) Earnings from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 43,561 | $ 61,349 | $ (582) |
Restructuring Costs and Asset Impairment Charges | 39,114 | ||
Impairment and Restructuring Charges, Domestic | 24,574 | ||
Intercompany Royalty Transaction | 21,000 | ||
Other Nations | 83,071 | 47,996 | 25,577 |
Earnings from continuing operations before income taxes | $ 126,632 | $ 109,345 | $ 24,995 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Current income tax expense (benefit): | |||
United States | $ 15,279 | $ 5,048 | $ 9,075 |
Other Nations | 23,826 | 19,929 | 18,806 |
States (U.S.) | 1,163 | 1,348 | (352) |
Total current income tax expense | 40,268 | 26,325 | 27,529 |
Deferred income tax (benefit) expense: | |||
United States | (8,173) | 3,946 | (5,906) |
Other Nations | (1,329) | (1,387) | (1,868) |
States (U.S.) | 221 | 351 | 338 |
Total deferred income tax (benefit) expense | (9,281) | 2,910 | (7,436) |
Income Tax Expense (Benefit), Continuing Operations | $ 30,987 | $ 29,235 | $ 20,093 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Tax Benefits Associated with Closure of Tax Audits | $ 320 | |
Deferred Tax Assets, Inventory | 4,516,000 | $ 5,142,000 |
Deferred Tax Asset Prepaid Catalog Costs | 0 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 8,932,000 | 6,347,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,141,000 | 1,619,000 |
Deferred Tax Assets, Property, Plant and Equipment | 2,819,000 | 2,847,000 |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,187,000 | 1,144,000 |
Deferred Tax Assets, capitalized R&D | 570,000 | 855,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 16,743,000 | 20,549,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 4,144,000 | 4,152,000 |
Deferred Tax Assets, Valuation Allowance | (38,563,000) | (37,992,000) |
Deferred Tax Assets, Tax Deferred Expense, Other | 12,060,000 | 10,918,000 |
Deferred Tax Assets, Gross | 83,677,000 | 72,371,000 |
Deferred Tax Liabilities, Inventory | (1,000) | (153,000) |
Deferred Tax Liabilities, Prepaid Expenses | (1,107,000) | (1,577,000) |
Deferred Tax Liabilities Tax Deferred Expense Compensation And Benefits Employee Benefits | 0 | 0 |
Deferred Tax Liabilities Accounts Receivable | (11,000) | (15,000) |
Deferred Tax Liabilities, Property, Plant and Equipment | (3,884,000) | (2,695,000) |
Deferred Tax Liabilities, Intangible Assets | (37,681,000) | (31,777,000) |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | 0 | 0 |
Deferred Tax Liability, Deferred Expense, Deferred Compensation | 0 | 0 |
Deferred Tax Liabilities, Deferred Tax Expense, Postretirement Benefits | 0 | 0 |
Deferred Tax Liabilities Tax Credit Carryforwards And Net Operating Losses | 0 | 0 |
Deferred Tax Liability, Valuation Allowance | 0 | 0 |
Deferred Tax Liabilities, Other | (10,798,000) | (15,173,000) |
Deferred Tax Liabilities, Gross | (53,482,000) | (51,390,000) |
Deferred Tax Assets, Net, Deferred Expense, Compensation and Benefits, Postretirement Benefits | 4,152,000 | |
Deferred Tax Assets, Tax Credit Carryforwards | 70,128,000 | 56,790,000 |
Deferred Tax Assets, Net | 20,981,000 | |
Net of liabilities [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Inventory | 4,515,000 | 4,989,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 8,932,000 | 6,347,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,130,000 | 1,604,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 4,144,000 | |
Deferred Tax Liabilities, Intangible Assets | (30,633,000) | |
Deferred Tax Assets, Tax Credit Carryforwards | 70,128,000 | 56,790,000 |
Deferred Tax Assets, Net | 30,195,000 | |
Net of assets [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Liabilities, Prepaid Expenses | (1,107,000) | (1,577,000) |
Deferred Tax Liabilities, Property, Plant and Equipment | (1,065,000) | 152,000 |
Deferred Tax Liabilities, Intangible Assets | (36,494,000) | |
Deferred Tax Liabilities, Other | $ 1,262,000 | $ (4,255,000) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 0 | $ 66 | ||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||||
Tax at statutory rate | 35.00% | 35.00% | 35.00% | |||
Impairment charges (1) | [1] | 0.00% | 0.00% | 55.80% | ||
State income taxes, net of federal tax benefit | 1.00% | [2] | 0.80% | [2] | 1.60% | |
International rate differential | (6.30%) | 0.40% | (2.20%) | |||
Rate variances arising from foreign subsidiary distributions (2) | (5.90%) | 0.50% | (0.30%) | |||
Adjustments to tax accruals and reserves (3) | [3] | 3.60% | (3.70%) | 17.80% | ||
Research and development tax credits and section 199 manufacturer’s deduction | (1.80%) | (3.60%) | (3.90%) | |||
Non-deductible divestiture fees and account write-offs | (0.60%) | (0.40%) | (4.80%) | |||
Deferred tax and other adjustments (4) | (0.60%) | [4] | (1.40%) | [4] | (21.10%) | |
Other, net | 0.10% | (0.90%) | 2.50% | |||
Effective tax rate | 24.50% | 26.70% | 80.40% | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 39,800 | |||||
Impairment charges | $ 0 | $ 0 | $ 46,867 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 5,000 | |||||
[1] | The year ended July 31, 2017, includes the generation of foreign tax credit carry-forwards from cash repatriations that occurred during the fiscal year.(3)The years ended July 31, 2017 and 2015, include increases in current year uncertain tax positions, while the year ended July 31, 2016, includes reductions of uncertain tax positions resulting from the closure of audits and lapses in statutes of limitations. (4)The year ended July 31, 2015, includes the generation $5.0 million of foreign tax credit carry-forwards from the fiscal 2014 U.S. tax return.Uncert | |||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMwNDM5NzFjZjAzYzRjZTViNmIwM2I4MzM5ZWJjNWRifFRleHRTZWxlY3Rpb246RDM3N0Q4NTQzRDg5MjJCM0FGQUUzNjg0MTY1OUJDQTkM} | |||||
[3] | n tax positions resulting from the closure of audits and lapses in statutes of limitations. | |||||
[4] | r ended July 31, 2015, includes the generation $5.0 million of foreign tax credit carry-forwards from the fiscal 2014 U.S. tax return.Uncert |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Unrecognized Tax Benefits: | |||
Beginning balance | $ 15,294 | $ 21,133 | $ 17,849 |
Additions based on tax positions related to the current year | 2,500 | 3,093 | 5,862 |
Additions for tax positions of prior years (1) | 1,124 | 1,290 | 0 |
Reductions for tax positions of prior years | (62) | (9,369) | (280) |
Lapse of statute of limitations | (663) | (344) | (805) |
Settlements with tax authorities | (118) | (456) | (221) |
Cumulative Translation Adjustments and other | 287 | (53) | (1,272) |
Ending balance | $ 18,362 | $ 15,294 | $ 21,133 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | $ 46,867,000 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 39,800,000 | |||
Unrecognized Tax Benefits | $ 18,362,000 | 15,294,000 | 21,133,000 | $ 17,849,000 |
Foreign Net Operating Loss Carryforwards Expiration Dates | five years | |||
State Net Operating Loss Carryforwards Expiration Dates | 2022 to 2034 | |||
Foreign Tax Credit Carryforward Expiration Dates | 2021 to 2027 | |||
State Research And Development Tax Credit Carryforward Expiration Dates | 2018 to 2033 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 571,000 | 1,930,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 674,000 | 3,000 | 157,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | 66,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 2,239,000 | 1,530,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 2,948,000 | 3,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1,748,000 | |||
Unrecognized Tax Benefits Recognized In Other Liabilities | 11,725,000 | 9,304,000 | ||
Reduction Of Longterm Deferred Income Tax Assets Excluding Interest and Penalties | 6,637,000 | 5,990,000 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 726,000 | |||
Undistributed Earnings of Foreign Subsidiaries | 244,123,000 | |||
Cash Held Outside the U.S. | 94,861 | |||
Cash and cash equivalents | 133,944,000 | $ 141,228,000 | $ 114,492,000 | $ 81,834,000 |
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 126,423,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 99,077,000 | |||
Other Tax Carryforward, Gross Amount | 27,022,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 35,875,000 | |||
Other Tax Carryforward, Gross Amount | 11,028,000 | |||
Maximum recorded through earnings [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 1,748,000 | |||
United States, Federal [Member] | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,015 | |||
United States, Federal [Member] | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,017 | |||
FRANCE | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,014 | |||
FRANCE | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,017 | |||
GERMANY | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,009 | |||
GERMANY | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,017 | |||
UNITED KINGDOM | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,016 | |||
UNITED KINGDOM | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,017 |
Long-Term Obligations - Schedul
Long-Term Obligations - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt, long-term and short-term | $ 107,764 | $ 216,910 |
Notes payable | (3,228) | (4,928) |
Long-term debt | 104,536 | 211,982 |
USD-denominated China line of credit [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | (34,336) | 0 |
CNY-denominated China line of credit [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | (2,228) | (4,928) |
USD-Denominated Borrowing Credit Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | (1,000) | 0 |
Euro-denominated notes payable in 2017 at a fixed rate of 3.71% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 33,459 |
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 53,202 | 50,188 |
USD-denominated notes payable through 2017 at a fixed rate of 5.33% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 16,335 |
USD-Denominated Borrowing Credit Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 16,998 | $ 112,000 |
Long-Term Obligations - Sched69
Long-Term Obligations - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 53,202 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 51,334 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term debt | $ 104,536 | $ 211,982 |
Long-Term Obligations - Additio
Long-Term Obligations - Additional Information (Details) € in Millions | 12 Months Ended | 36 Months Ended | ||||
Jul. 31, 2017USD ($)Rate | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2007USD ($) | May 13, 2010USD ($) | May 13, 2010EUR (€) | |
Line of Credit Facilities [Line Items] | ||||||
Proceeds from lines of credit | $ 180,320,000 | $ 96,276,000 | $ 83,382,000 | |||
Repayments on line of credit | 244,268,000 | 91,759,000 | $ 32,314,000 | |||
Debt Instruments [Abstract] | ||||||
Letters of credit outstanding | $ 4,067,000 | 4,261,000 | ||||
Ratio Of debt to EBITDA | equal to 0.7 to 1.0 | |||||
Interest expense coverage ratio | equal to 30.6 to 1.0 | |||||
Long-term debt, fair value | $ 109,303,000 | 218,977,000 | ||||
Long-term debt less notes payable | 104,536,000 | $ 211,982,000 | ||||
Private Placement [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Debt face amount | $ 75,000,000 | |||||
Debt instrument aggregate face amount during period | $ 350,000,000 | |||||
Debt instrument, interest rate terms | from 5.30% to 5.33% | |||||
Repayments of long-term debt | $ 42,500,000 | |||||
Euro-denominated notes payable in 2017 at a fixed rate of 3.71% [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Debt face amount | € | € 30 | |||||
Long-term debt, fixed interest rate percentage | Rate | 3.71% | |||||
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Debt face amount | € | € 45 | |||||
Long-term debt, fixed interest rate percentage | Rate | 4.24% | |||||
USD-Denominated Borrowing Credit Revolver [Member] | ||||||
Line of Credit Facilities [Line Items] | ||||||
Line of credit, current borrowing capacity | $ 300,000,000 | |||||
Line of credit, maximum borrowing capacity | 450,000,000 | |||||
Line of credit facility, maximum amount outstanding during period | 112,000,000 | |||||
Proceeds from lines of credit | 60,666,000 | |||||
Line of credit, remaining borrowing capacity | 244,599,000 | |||||
Line of credit facility, maximum remaining borrowing capacity | 394,599,000 | |||||
China line of credit facility [Member] | ||||||
Line of Credit Facilities [Line Items] | ||||||
Line of credit facility, maximum amount outstanding during period | 5,691,000 | |||||
Repayments on line of credit | (1,700,000) | |||||
Line of credit facility, amount outstanding | 3,228,000 | |||||
Line of credit, remaining borrowing capacity | 6,772,000 | |||||
Lender 1 [Member] | China line of credit facility [Member] | ||||||
Line of Credit Facilities [Line Items] | ||||||
Line of credit, current borrowing capacity | $ 10,000 |
Stockholder's Investments - Sch
Stockholder's Investments - Schedule of Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Class of Stock [Line Items] | ||||
Noncumulative Cash Dividend | $ 0.01665 | |||
Common Stock, Value, Issued | $ 548 | $ 548 | $ 548 | $ 548 |
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Shares, Issued | 51,261,487 | 51,261,487 | ||
Common Stock, Value, Issued | $ 513 | $ 513 | ||
Class B Voting Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Common Stock, Shares, Issued | 3,538,628 | 3,538,628 | ||
Common Stock, Value, Issued | $ 35 | $ 35 | ||
Noncumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||
6% Cumulative [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000 | 5,000 | ||
1972 Series [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | ||
1979 Series [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 30,000 | 30,000 |
Stockholder's Investments Stock
Stockholder's Investments Stockholder's Investment - Schedule of Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 1 month 10 days | 6 years 1 month 10 days | 6 years 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 29.55% | 29.95% | 34.01% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.70% | 2.59% | 2.48% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | 1.60% | 1.90% |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Market Value Of Underlying Stock at Grant Date | $ 35.14 | $ 20.02 | $ 22.76 |
Black-Scholes Option Valuation Assumptions, Weighted-Average Exercise Price | 35.14 | 20.02 | 22.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.56 | $ 4.58 | $ 6.12 |
Stockholder's Investments - S73
Stockholder's Investments - Schedule of Other Activity in Stockholders' Investments (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ 41 | $ 40 | $ (90) | |
Purchase Of Shares At Cost | (610) | (839) | (815) | |
Ending Balance, Other Stockholders Equity | 0 | (3,863) | (3,064) | $ (2,159) |
Shares Held Rabbi Trust At Cost [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | 1,288 | 1,278 | 2,235 | |
Purchase Of Shares At Cost | (925) | (1,017) | (1,035) | |
Ending Balance, Other Stockholders Equity | $ (8,124) | $ (8,487) | $ (8,748) | $ (9,948) |
Ending Balance, Other Stockholders Equity Shares | 314,082 | 347,081 | 362 | 423 |
Deferred Compensation [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ (1,247) | $ (1,238) | $ (2,325) | |
Purchase Of Shares At Cost | 315 | 178 | 220 | |
Ending Balance, Other Stockholders Equity | $ 8,124 | $ 4,624 | $ 5,684 | $ 7,789 |
Ending Balance, Other Stockholders Equity Shares | 314,082 | 201,418 | 252 | 339 |
Stockholder's Investments - Sum
Stockholder's Investments - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
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, Aggregate Intrinsic Value, Nonvested | $ 19,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,512 | $ 2,797 | |
Options Outstanding, Beginning Balance, Price Lower Range | $ 19.96 | ||
Options Outstanding, Beginning Balance, Price Upper Range | 38.31 | ||
Options Granted, Price Lower Range | 32.83 | ||
Options Granted, Price Upper Range | 38.83 | ||
Options Exercised, Price Lower Range | 19.96 | ||
Options Exercised, Price Upper Range | 38.31 | ||
Options Cancelled, Price Lower Range | 19.96 | ||
Options Cancelled, Price Upper Range | 38.31 | ||
Options Outstanding, Ending Balance, Price Lower Range | 19.96 | $ 19.96 | |
Options Outstanding, Ending Balance, Price Upper Range | $ 38.83 | $ 38.31 | |
Options, Outstanding [Roll Forward] | |||
Shares Outstanding, Beginning Balance | 3,708,706 | ||
Options Granted | 378,939 | ||
Options Exercised | (874,128) | ||
Options Cancelled | (333,716) | ||
Shares Outstanding, Ending Balance | 2,879,801 | 3,708,706 | |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Options Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 27.34 | ||
Options Granted, Weighted Average Exercise Price | 35.14 | $ 20.02 | $ 22.76 |
Options Exercised, Weighted Average Exercise Price | 27.81 | ||
Options Cancelled, Weighted Average Exercise Price | 34.29 | ||
Options Outstanding, Ending Balance, Weighted Average Exercise Price | $ 27.40 | 27.34 | |
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 2,879,801 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 24 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 27.83 | ||
Exercise Price Range, Number of Exercisable Options | 1,859,959 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 6 months | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 28.20 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.07 | ||
$20.95 - $26.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 1,091,151 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 21.28 | ||
Exercise Price Range, Number of Exercisable Options | 435,311 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 7 years 3 months 18 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 20.89 | ||
$27.00 - $32.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 1,205,146 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 29.14 | ||
Exercise Price Range, Number of Exercisable Options | 1,201,652 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 29.14 | ||
$33.00 - $38.31 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 583,504 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 1 month 6 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 37.37 | ||
Exercise Price Range, Number of Exercisable Options | 222,996 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 37.37 | ||
Service Based Restricted Shares and Restricted Stock Units [Member] | |||
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 678,381 | ||
Restricted Shares and RSUs, Grants in Period | 96,137 | ||
Restricted Shares and RSUs, Vested in Period | (187,532) | ||
Restricted Shares and RSUs, Forfeited in Period | (69,878) | ||
Restricted Shares and RSUs, Nonvested, Number | 517,108 | 678,381 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 23.57 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 35.15 | ||
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 23.56 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 24.47 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 25.61 | $ 23.57 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] | |||
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 0 | ||
Restricted Shares and RSUs, Grants in Period | 58,206 | ||
Restricted Shares and RSUs, Vested in Period | 0 | ||
Restricted Shares and RSUs, Forfeited in Period | 0 | ||
Restricted Shares and RSUs, Nonvested, Number | 58,206 | 0 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 32.03 | ||
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 0 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 0 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 32.03 | $ 0 |
Stockholder's Investments - Add
Stockholder's Investments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncumulative Cash Dividend | $ 0.01665 | ||
Annual Amount Entitled to be Received by Class A Common Stock shareholders | $ 0.835 | ||
Class A Nonvoting Common Stock Shares Reserved for Outstanding Share-Based Awards | 4,487,690 | ||
Number of Shares Remaining for Future Issuance of Share-Based Awards | 3,455,115 | ||
Share-based Compensation Expense | $ 9,495 | $ 8,154 | $ 4,471 |
Share-based Compensation Expense, Net of Tax | 5,887 | $ 5,056 | 2,772 |
Share-Based Compensation Cost Not yet Recognized | $ 13,054 | ||
Share-Based Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 2 days | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.07 | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Options, Award Vesting Period | 3 years | ||
Options, Expiration Period | 10 years | ||
Options, Vested in Period, Fair Value | $ 2,911 | $ 3,203 | 3,950 |
Options, Exercised in Period, Aggregate Intrinsic Value | $ 7,901 | $ 811 | $ 208 |
Options Exercisable, Number | 1,859,959 | 2,488,527 | 2,642,955 |
Options Exercisable, Weighted Average Exercise Price | $ 28.20 | $ 30.18 | $ 30.88 |
Options, Exercised in Period, Proceeds from Issuance of Shares | $ 19,728 | $ 5,246 | $ 1,644 |
Options, Exercised in Period, Tax Benefit | 3,002 | $ 308 | $ 79 |
Options Outstanding, Aggregate Intrinsic Value | 18,442 | ||
Options Exercisable, Aggregate Intrinsic Value | $ 10,144 | ||
Service-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 3 years |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | $ 289,212 | $ 275,927 | $ 268,001 | $ 280,176 | $ 282,106 | $ 286,816 | $ 268,630 | $ 283,073 | $ 1,113,316 | $ 1,120,625 | $ 1,171,731 |
Depreciation and amortization | 27,303 | 32,432 | 39,458 | ||||||||
Segment profit | 156,126 | 143,068 | 118,736 | ||||||||
Assets | 1,050,223 | 1,043,964 | 1,050,223 | 1,043,964 | 1,062,897 | ||||||
Payments to Acquire Property, Plant, and Equipment | 15,167 | 17,140 | 26,673 | ||||||||
Identification Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | 800,392 | 795,511 | 826,824 | ||||||||
Depreciation and amortization | 23,092 | 27,285 | 32,228 | ||||||||
Segment profit | 130,572 | 112,276 | 89,392 | ||||||||
Assets | 761,448 | 748,408 | 761,448 | 748,408 | 789,924 | ||||||
Payments to Acquire Property, Plant, and Equipment | 12,347 | 11,640 | 21,483 | ||||||||
Workplace Safety | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | 312,924 | 325,114 | 344,907 | ||||||||
Depreciation and amortization | 4,211 | 5,147 | 7,230 | ||||||||
Segment profit | 25,554 | 30,792 | 29,344 | ||||||||
Assets | 154,827 | 154,321 | 154,827 | 154,321 | 158,397 | ||||||
Payments to Acquire Property, Plant, and Equipment | 2,820 | 5,500 | 5,190 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 133,948 | $ 141,235 | $ 133,948 | $ 141,235 | $ 114,576 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | $ 156,126 | $ 143,068 | $ 118,736 |
Unallocated amounts: | |||
Administrative costs | 25,111 | 25,190 | 19,742 |
Restructuring charges | 0 | 0 | 16,821 |
Impairment charges | 0 | 0 | 46,867 |
Investment and other income | (1,121) | 709 | (845) |
Interest Expense | 5,504 | 7,824 | 11,156 |
Earnings from continuing operations before income taxes | 126,632 | 109,345 | 24,995 |
Workplace Safety | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | 25,554 | 30,792 | 29,344 |
Unallocated amounts: | |||
Impairment charges | 39 | ||
Identification Solutions | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | $ 130,572 | $ 112,276 | 89,392 |
Unallocated amounts: | |||
Impairment charges | $ 8 |
Segment Information - Schedul78
Segment Information - Schedule of Revenues and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 289,212 | $ 275,927 | $ 268,001 | $ 280,176 | $ 282,106 | $ 286,816 | $ 268,630 | $ 283,073 | $ 1,113,316 | $ 1,120,625 | $ 1,171,731 |
Long-Lived Assets | 588,876 | 592,121 | 588,876 | 592,121 | 613,301 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 651,294 | 663,511 | 677,401 | ||||||||
Long-Lived Assets | 367,418 | 376,045 | 367,418 | 376,045 | 389,150 | ||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 521,791 | 519,579 | 559,649 | ||||||||
Long-Lived Assets | 221,458 | 216,076 | 221,458 | 216,076 | 224,151 | ||||||
Intersegment Elimination [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (59,769) | (62,465) | (65,319) | ||||||||
Long-Lived Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
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 | 12 Months Ended | |||||||||||||||||
Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings from continuing operations | $ 25,242 | $ 22,553 | $ 25,297 | $ 22,553 | $ 25,136 | $ 20,981 | $ 15,290 | $ 18,703 | $ 95,645 | $ 80,110 | $ 4,902 | ||||||||
Cash dividends on Common Stock | $ 41,880 | $ 40,808 | $ 40,976 | ||||||||||||||||
Denominator for basic earnings per share for both Class A and Class B | 51,056 | 50,541 | 51,285 | ||||||||||||||||
Plus: Effect of dilutive stock options | 900 | 228 | 98 | ||||||||||||||||
Denominator for diluted earnings per share for both Class A and Class B | 51,956 | 50,769 | 51,383 | ||||||||||||||||
Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ 0.49 | [1] | $ 0.44 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.50 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.37 | [1] | $ 1.87 | $ 1.59 | $ 0.10 |
Earnings (loss) from continuing operations, per diluted share | $ 0.48 | [1] | $ 0.43 | [1] | $ 0.49 | [1] | $ 0.44 | [1] | $ 0.49 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.37 | [1] | 1.84 | 1.58 | 0.10 |
(Loss) earnings from discontinued operations, per basic share | 0 | 0 | (0.04) | ||||||||||||||||
(Loss) earnings from discontinued operations, per diluted share | 0 | 0 | (0.04) | ||||||||||||||||
Net earnings (loss) per share, basic | 1.87 | 1.59 | 0.06 | ||||||||||||||||
Net earnings (loss) per share, diluted | $ 1.84 | $ 1.58 | $ 0.06 | ||||||||||||||||
Class B Voting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings from continuing operations | $ 94,843 | $ 79,326 | $ 4,107 | ||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ 1.86 | $ 1.57 | $ 0.08 | ||||||||||||||||
Earnings (loss) from continuing operations, per diluted share | 1.83 | 1.56 | 0.08 | ||||||||||||||||
(Loss) earnings from discontinued operations, per basic share | 0 | 0 | (0.04) | ||||||||||||||||
(Loss) earnings from discontinued operations, per diluted share | 0 | 0 | (0.04) | ||||||||||||||||
Net earnings (loss) per share, basic | 1.86 | 1.57 | 0.04 | ||||||||||||||||
Net earnings (loss) per share, diluted | $ 1.83 | $ 1.56 | $ 0.04 | ||||||||||||||||
Preferential Dividends on Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Cash dividends on Common Stock | $ 788 | $ 783 | $ 794 | ||||||||||||||||
Preferential Dividends on Dilutive Shares [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Cash dividends on Common Stock | $ 14 | $ 1 | $ 1 | ||||||||||||||||
[1] | Quarters First Second Third Fourth TotalFiscal 2016 Net sales $283,073 $268,630 $286,816 $282,106 $1,120,625Gross margin 139,349 132,892 145,443 141,089 558,773Operating income 30,102 23,589 30,784 33,403 117,878Net earnings 18,703 15,290 20,981 25,136 80,110Net earnings per Class A Nonvoting Common Share: Basic $0.37 $0.30 $0.42 $0.50 $1.59Diluted $0.37 $0.30 $0.42 $0.49 $1.58Fiscal 2017 Net sales $280,176 $268,001 $275,927 $289,212 $1,113,316Gross margin 140,358 134,158 139,909 143,867 558,292Operating income 33,208 29,962 31,550 36,295 131,015Net earnings 22,553 25,297 22,553 25,242 95,645Net earnings per Class A Nonvoting Common Share: Basic * $0.45 $0.50 $0.44 $0.49 $1.87Diluted $0.44 $0.49 $0.43 $0.48 $1.84* The sum of the quarters does not equal the year-to-date total for fiscal 2017 due to the quarterly changes in weighted-average shares outstanding. |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share | 669,036 | 3,172,755 | |
Class A Nonvoting Common Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share | 3,568,264 |
Commitments and Contingencies81
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 17,495 | $ 17,253 | $ 19,029 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 17,456 | ||
2,017 | 13,184 | ||
2,018 | 8,971 | ||
2,019 | 6,920 | ||
2,020 | 6,155 | ||
Thereafter | 7,899 | ||
Total future minimum payments due | $ 60,585 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 15,348 | $ 15,972 |
Total Liabilities | 1,577 | 738 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 13,994 | 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 | 13,994 | 13,834 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 1,354 | 2,138 |
Total Liabilities | 1,577 | 738 |
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 Currency Contract, Asset, Fair Value Disclosure | 1,354 | 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 Currency Contracts, Liability, Fair Value Disclosure | $ 1,577 | $ 738 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 437,697 | $ 429,871 | $ 433,199 |
Property, Plant and Equipment, Net | 98,103 | 102,444 | |
Identification Solutions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | 391,864 | 384,529 | 382,786 |
Workplace Safety | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 45,833 | $ 45,342 | $ 50,413 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Restructuring Charges | |||
Restructuring charges | $ 0 | $ 0 | $ 16,821 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 0 | $ 0 | $ 16,821 |
Derivatives and Hedging Activ86
Derivatives and Hedging Activities - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2016EUR (€) | May 13, 2010EUR (€) | |
Derivatives, Fair Value [Line Items] | |||||
Derivative maturity | 18 months | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | ||||
Reclassification adjustment for (gains) losses included in net income | $ 486 | $ 196 | $ (1,325) | ||
Accumulated other comprehensive (loss) income | (44,682) | (54,745) | (45,034) | ||
Foreign Exchange Forward [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | $ 81,195 | 186,093 | |||
Foreign exchange contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative maturity | 18 months | ||||
Cash Flow Hedging [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | $ 30,016 | 34,540 | |||
Not designated as hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 2,508 | 2,162 | |||
Derivative Liability, Fair Value, Gross Liability | 7 | 68 | |||
Asset Derivatives | 287 | 1,873 | |||
Designated as hedging instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 54,849 | 117,558 | |||
Asset Derivatives | 1,067 | 265 | |||
Designated as hedging instruments [Member] | Net Investment Hedging [Member] | EUR denominated unsecured debt [Domain] | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedges to hedge portions of net investment | € | € 75,000 | ||||
Accumulated other comprehensive (loss) income | 9,348 | € 11,140 | |||
Foreign exchange contracts | 1,792 | 1,372 | 18,008 | ||
Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Reclassification adjustment for (gains) losses included in net income | (486) | (199) | $ (1,325) | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | (500) | 761 | |||
Other current liabilities [Member] | Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 7 | 68 | |||
Prepaid expenses and other current assets [Member] | Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 287 | 1,873 | |||
Cash Flow Hedging [Member] | Other current liabilities [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,569 | 670 | |||
Cash Flow Hedging [Member] | Prepaid expenses and other current assets [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | $ 1,067 | $ 265 |
Derivatives and Hedging Activ87
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2016 |
Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 1,067 | $ 265 |
Liability Derivatives | 54,849 | 117,558 |
Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 287 | 1,873 |
Liability Derivatives | 7 | 68 |
Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 287 | 1,873 |
Other current liabilities [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 7 | 68 |
Cash flow hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 1,067 | 265 |
Cash flow hedging [Member] | Other current liabilities [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 1,569 | 670 |
Net investment hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 0 | 0 |
Net investment hedging [Member] | Long term obligations less current maturities [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 53,280 | $ 116,888 |
Discontinued Operations Operati
Discontinued Operations Operating Results, Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net sales (1) | $ 0 | ||
Loss from discontinued operations (2) | (1,201) | ||
Income tax expense | (288) | ||
Loss on sale of discontinued operations (3) | (487) | ||
Income tax benefit on sale of discontinued operations | 61 | ||
Loss from discontinued operations, net of income tax | $ 0 | $ 0 | (1,915) |
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract] | |||
Discontinued Operations, Accumulated Other Comprehensive Income Reclassified to Earnings | $ 34,697 |
Unaudited Quarterly Financial89
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |||||||||
Net sales | $ 289,212 | $ 275,927 | $ 268,001 | $ 280,176 | $ 282,106 | $ 286,816 | $ 268,630 | $ 283,073 | $ 1,113,316 | $ 1,120,625 | $ 1,171,731 | ||||||||
Gross margin | 143,867 | 139,909 | 134,158 | 140,358 | 141,089 | 145,443 | 132,892 | 139,349 | 558,292 | 558,773 | 558,432 | ||||||||
Operating income | 36,295 | [1] | 31,550 | [1] | 29,962 | [1] | 33,208 | [1] | 33,403 | [1] | 30,784 | [1] | 23,589 | [1] | 30,102 | [1] | 131,015 | 117,878 | 35,306 |
Net earnings | $ 25,242 | $ 22,553 | $ 25,297 | $ 22,553 | $ 25,136 | $ 20,981 | $ 15,290 | $ 18,703 | 95,645 | 80,110 | 4,902 | ||||||||
(Loss) earnings from discontinued operations, net of income taxes | $ 0 | $ 0 | $ (1,915) | ||||||||||||||||
Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Net earnings (loss) from continuing operations per Class A Common Share: | |||||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ 0.49 | [2] | $ 0.44 | [2] | $ 0.50 | [2] | $ 0.45 | [2] | $ 0.50 | [2] | $ 0.42 | [2] | $ 0.30 | [2] | $ 0.37 | [2] | $ 1.87 | $ 1.59 | $ 0.10 |
Diluted (loss) earnings from continuing operations per Class A Common Share, as reported | $ 0.48 | [2] | $ 0.43 | [2] | $ 0.49 | [2] | $ 0.44 | [2] | $ 0.49 | [2] | $ 0.42 | [2] | $ 0.30 | [2] | $ 0.37 | [2] | 1.84 | 1.58 | 0.10 |
Earnings (loss) from discontinued operations per Class A Common Share: | |||||||||||||||||||
Basic (in dollars per share) | 0 | 0 | (0.04) | ||||||||||||||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ (0.04) | ||||||||||||||||
[1] | Quarters First Second Third Fourth TotalFiscal 2016 Net sales $283,073 $268,630 $286,816 $282,106 $1,120,625Gross margin 139,349 132,892 145,443 141,089 558,773Operating income 30,102 23,589 30,784 33,403 117,878Net earnings 18,703 15,290 20,981 25,136 80,110Net earnings per Class A Nonvoting Common Share: Basic $0.37 $0.30 $0.42 $0.50 $1.59Diluted $0.37 $0.30 $0.42 $0.49 $1.58Fiscal 2017 Net sales $280,176 $268,001 $275,927 $289,212 $1,113,316Gross margin 140,358 134,158 139,909 143,867 558,292Operating income 33,208 29,962 31,550 36,295 131,015Net earnings 22,553 25,297 22,553 25,242 95,645Net earnings per Class A Nonvoting Common Share: Basic * $0.45 $0.50 $0.44 $0.49 $1.87Diluted $0.44 $0.49 $0.43 $0.48 $1.84 | ||||||||||||||||||
[2] | Quarters First Second Third Fourth TotalFiscal 2016 Net sales $283,073 $268,630 $286,816 $282,106 $1,120,625Gross margin 139,349 132,892 145,443 141,089 558,773Operating income 30,102 23,589 30,784 33,403 117,878Net earnings 18,703 15,290 20,981 25,136 80,110Net earnings per Class A Nonvoting Common Share: Basic $0.37 $0.30 $0.42 $0.50 $1.59Diluted $0.37 $0.30 $0.42 $0.49 $1.58Fiscal 2017 Net sales $280,176 $268,001 $275,927 $289,212 $1,113,316Gross margin 140,358 134,158 139,909 143,867 558,292Operating income 33,208 29,962 31,550 36,295 131,015Net earnings 22,553 25,297 22,553 25,242 95,645Net earnings per Class A Nonvoting Common Share: Basic * $0.45 $0.50 $0.44 $0.49 $1.87Diluted $0.44 $0.49 $0.43 $0.48 $1.84* The sum of the quarters does not equal the year-to-date total for fiscal 2017 due to the quarterly changes in weighted-average shares outstanding. |
Subsequent Events Subsequent 90
Subsequent Events Subsequent Events (Details) - Nonvoting Common Stock [Member] - $ / shares | 12 Months Ended | ||||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2017 | |
Subsequent Event [Line Items] | |||||
Dividends | $ 0.83 | $ 0.82 | $ 0.81 | $ 0.80 | |
Dividends Payable, Amount Per Share | $ 0.2075 | ||||
Percentage Increase In Dividend | 1.20% |
Schedule II Valuation of Qual91
Schedule II Valuation of Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | $ 5,144 | $ 3,585 | $ 3,069 |
Additions — Charged to expense | 732 | 1,904 | 1,954 |
Deductions - written off | (1,247) | (345) | (1,438) |
Balances at end of period | 4,629 | 5,144 | 3,585 |
Inventory Valuation Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 15,083 | 13,269 | 12,259 |
Additions — Charged to expense | 4,608 | 4,950 | 3,017 |
Deductions - written off | (5,369) | (3,136) | (2,007) |
Balances at end of period | 14,322 | 15,083 | 13,269 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 37,992 | 39,922 | 37,409 |
Additions — Charged to expense | 2,004 | 2,614 | 8,111 |
Deductions - written off | (1,433) | (4,544) | (5,598) |
Balances at end of period | $ 38,563 | $ 37,992 | $ 39,922 |