Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2020 | Sep. 14, 2020 | Jan. 31, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BRC | ||
Entity Registrant Name | BRADY CORP | ||
Entity Central Index Key | 0000746598 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,613,354,710 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-14959 | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-0178960 | ||
Entity Address, Address Line One | 6555 West Good Hope Road | ||
Entity Address, City or Town | Milwaukee, | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53223 | ||
City Area Code | 414 | ||
Local Phone Number | 358-6600 | ||
Title of 12(b) Security | Class A Nonvoting Common Stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Class A Nonvoting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 48,466,712 | ||
Class B Voting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 217,643 | $ 279,072 |
Accounts receivable—net | 146,181 | 158,114 |
Inventories | 135,662 | 120,037 |
Prepaid expenses and other current assets | 9,962 | 16,056 |
Total current assets | 509,448 | 573,279 |
Property, plant and equipment—net | 115,068 | 110,048 |
Goodwill | 416,034 | 410,987 |
Other intangible assets | 22,334 | 36,123 |
Deferred income taxes | 8,845 | 7,298 |
Operating lease assets | 41,899 | 0 |
Other assets | 28,838 | 19,573 |
Total | 1,142,466 | 1,157,308 |
Current liabilities: | ||
Accounts payable | 62,547 | 64,810 |
Accrued compensation and benefits | 41,546 | 62,509 |
Taxes, other than income taxes | 8,057 | 8,107 |
Accrued income taxes | 8,652 | 6,557 |
Other current liabilities | 49,782 | 49,796 |
Current operating lease liabilities | 15,304 | 0 |
Current maturities on long-term debt | 0 | 50,166 |
Total current liabilities | 185,888 | 241,945 |
Other liabilities | 61,524 | 64,589 |
Long-term operating lease liabilities | 31,982 | 0 |
Total liabilities | 279,394 | 306,534 |
Stockholders’ equity: | ||
Class A nonvoting common stock — Issued 51,261,487 shares, and outstanding 48,456,954 and 49,458,841 shares, respectively (aggregate liquidation preference of $42,716 and $42,803, respectively) | 513 | 513 |
Class B voting common stock — Issued and outstanding 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 331,761 | 329,969 |
Retained earnings | 704,456 | 637,843 |
Treasury stock — 2,804,533 and 1,802,646 shares, respectively, of Class A nonvoting common stock, at cost | (107,216) | (46,332) |
Accumulated other comprehensive loss | (66,477) | (71,254) |
Total stockholders’ equity | 863,072 | 850,774 |
Total | $ 1,142,466 | $ 1,157,308 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
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 | 2,804,533 | 1,802,646 |
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 INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Net sales | $ 1,081,299 | $ 1,160,645 | $ 1,173,851 |
Cost of goods sold | 552,734 | 581,967 | 585,560 |
Gross margin | 528,565 | 578,678 | 588,291 |
Operating expenses: | |||
Research and development | 40,662 | 45,168 | 45,253 |
Selling, general and administrative | 336,059 | 371,082 | 390,342 |
Total operating expenses | 390,542 | 416,250 | 435,595 |
Operating income | 138,023 | 162,428 | 152,696 |
Other income (expense): | |||
Investment and other income | 5,079 | 5,046 | 2,487 |
Interest expense | (2,166) | (2,830) | (3,168) |
Income before income taxes and losses of unconsolidated affiliate | 140,936 | 164,644 | 152,015 |
Income tax expense | 28,321 | 33,386 | 60,955 |
Income (Loss) From Continuing Operations Before Income (Loss) From Equity Method Investments | 112,615 | 131,258 | 91,060 |
Net income | $ 112,369 | $ 131,258 | $ 91,060 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 52,763 | 52,596 | 51,677 |
Diluted (in shares) | 53,231 | 53,323 | 52,524 |
Asset Impairment Charges | $ 13,821 | $ 0 | $ 0 |
Income (Loss) from Equity Method Investments | $ (246) | $ 0 | $ 0 |
Class A Nonvoting Common Stock [Member] | |||
Earnings per share: | |||
Net income per share, basic | $ 2.13 | $ 2.50 | $ 1.76 |
Net income per share, diluted | 2.11 | 2.46 | 1.73 |
Dividends | 0.87 | 0.85 | 0.83 |
Class B Voting Common Stock [Member] | |||
Earnings per share: | |||
Net income per share, basic | 2.11 | 2.48 | 1.75 |
Net income per share, diluted | 2.10 | 2.45 | 1.72 |
Dividends | $ 0.85 | $ 0.83 | $ 0.81 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 112,369 | $ 131,258 | $ 91,060 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 6,640 | (13,223) | (13,675) |
Cash flow hedges: | |||
Net (loss) gain recognized in other comprehensive loss | 966 | ||
Reclassification adjustment for (gains) losses included in net income | (614) | (1,048) | 551 |
Total cash flow hedges | (1,190) | (211) | 1,517 |
Pension and other post-retirement benefits: | |||
Net (loss) gain recognized in other comprehensive income (loss) | (468) | (97) | 446 |
Net actuarial gain amortization | (380) | (569) | (576) |
Total pension and other post-retirement benefits | (848) | (666) | (130) |
Other comprehensive income (loss), before tax | 4,602 | (14,100) | (12,288) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 175 | (753) | 569 |
Other comprehensive income (loss), net of tax | 4,777 | (14,853) | (11,719) |
Comprehensive income | $ 117,146 | $ 116,405 | $ 79,341 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balances at Jul. 31, 2017 | $ 700,140 | $ 548 | $ 322,608 | $ 507,136 | $ (85,470) | $ (44,682) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 91,060 | |||||
Other comprehensive loss, net of tax | (11,719) | (11,719) | ||||
Stock Issued, Value, Stock Options Exercised and Restricted Stock Vested | (7,171) | (16,234) | ||||
Stockholder's equity, other | (422) | |||||
Tax benefit and withholdings from deferred compensation distributions | 214 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 9,980 | |||||
Stock-based compensation expense | 9,980 | |||||
Stock Repurchased During Period, Value | 1,462 | |||||
Payment of Ordinary Dividends, Common Stock Class A | (39,998) | |||||
Payment of Ordinary Dividends, Common Stock Class B | (2,875) | |||||
Ending Balances at Jul. 31, 2018 | 752,112 | 548 | 325,631 | 553,454 | (71,120) | (56,401) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 131,258 | |||||
Other comprehensive loss, net of tax | (14,853) | (14,853) | ||||
Stock Issued, Value, Stock Options Exercised and Restricted Stock Vested | (7,963) | (27,970) | ||||
Stockholder's equity, other | 0 | |||||
Tax benefit and withholdings from deferred compensation distributions | 209 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 12,092 | |||||
Stock-based compensation expense | 12,092 | |||||
Stock Repurchased During Period, Value | 3,182 | |||||
Payment of Ordinary Dividends, Common Stock Class A | (41,784) | |||||
Payment of Ordinary Dividends, Common Stock Class B | (2,948) | |||||
Ending Balances at Jul. 31, 2019 | 850,774 | 548 | 329,969 | 637,843 | (46,332) | (71,254) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 112,369 | |||||
Other comprehensive loss, net of tax | 4,777 | 4,777 | ||||
Stock Issued, Value, Stock Options Exercised and Restricted Stock Vested | (7,184) | (3,630) | ||||
Stockholder's equity, other | 0 | |||||
Tax benefit and withholdings from deferred compensation distributions | 134 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 8,843 | |||||
Stock-based compensation expense | 8,843 | |||||
Stock Repurchased During Period, Value | (64,514) | |||||
Payment of Ordinary Dividends, Common Stock Class A | (42,736) | |||||
Payment of Ordinary Dividends, Common Stock Class B | (3,020) | |||||
Ending Balances at Jul. 31, 2020 | $ 863,072 | $ 548 | $ 331,762 | $ 704,456 | $ (107,216) | $ (66,477) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Operating activities: | |||
Net income | $ 112,369 | $ 131,258 | $ 91,060 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 23,437 | 23,799 | 25,442 |
Stock-based compensation expense | 8,843 | 12,092 | 9,980 |
Gain on sale of business, net | 0 | 0 | (4,666) |
Deferred income taxes | (764) | 7,825 | 33,656 |
Income (Loss) from Equity Method Investments | 246 | 0 | 0 |
Other Noncash Income (Expense) | 2,611 | 2,347 | (15) |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | |||
Accounts receivable | 13,902 | 3,496 | (16,612) |
Inventories | (13,917) | (9,922) | (7,563) |
Prepaid expenses and other assets | 4,477 | 368 | 1,747 |
Accounts payable and accrued liabilities | (26,128) | (11,903) | 13,106 |
Income taxes | 2,080 | 2,851 | (3,093) |
Net cash provided by operating activities | 140,977 | 162,211 | 143,042 |
Investing activities: | |||
Purchases of property, plant and equipment | (27,277) | (32,825) | (21,777) |
Payments to Acquire Equity Method Investments | (6,000) | 0 | 0 |
Sale of business, net of cash transferred with business | 0 | 0 | 19,141 |
Other | (2,842) | (1,638) | (269) |
Net cash used in investing activities | (36,119) | (34,463) | (2,905) |
Financing activities: | |||
Payment of dividends | (45,756) | (44,732) | (42,873) |
Proceeds from exercise of stock options | 5,511 | 25,658 | 12,999 |
Payment, Tax Withholding, Share-based Payment Arrangement | (9,065) | (5,651) | (3,936) |
Purchase of treasury stock | (64,514) | (3,182) | (1,462) |
Proceeds from borrowing on credit facilities | 20,697 | 13,637 | 23,221 |
Repayment of borrowing on credit facilities | 21,855 | 13,568 | 78,419 |
Principal payments on debt | (48,672) | 0 | 0 |
Other | 134 | 210 | (210) |
Net cash used in financing activities | (163,520) | (27,628) | (90,680) |
Effect of exchange rate changes on cash and cash equivalents | (2,767) | (2,475) | (1,974) |
Net (decrease) increase in cash and cash equivalents | (61,429) | 97,645 | 47,483 |
Cash and cash equivalents, beginning of period | 279,072 | 181,427 | 133,944 |
Cash and cash equivalents, end of period | 217,643 | 279,072 | 181,427 |
Cash paid during the period for: | |||
Interest | 2,401 | 2,651 | 2,976 |
Income taxes | $ 29,600 | $ 24,335 | $ 33,267 |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income | 12 Months Ended |
Jul. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments which includes net investment hedges, unrealized gains and losses from cash flow hedges, and the unamortized gain on post-retirement plans, net of their related tax effects. The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the periods presented: Unrealized gain (loss) on Unamortized gain on postretirement plans Foreign currency Accumulated other comprehensive loss Ending balance, July 31, 2018 $ 863 $ 3,302 $ (60,566) $ (56,401) Other comprehensive income (loss) before reclassification 630 67 (14,195) (13,498) Amounts reclassified from accumulated other comprehensive loss (786) (569) — (1,355) Ending balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive (loss) income before reclassification (447) (332) 6,303 5,524 Amounts reclassified from accumulated other comprehensive loss (460) (287) — (747) Ending balance, July 31, 2020 $ (200) $ 2,181 $ (68,458) $ (66,477) The decrease in accumulated other comprehensive loss as of July 31, 2020, compared to July 31, 2019, was primarily due to the depreciation of the U.S. dollar against certain other currencies during the fiscal year, most of which occurred in the last month of the fiscal year ended July 31, 2020. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation and the settlements of net investment hedges, net of tax. Of the amounts reclassified from accumulated other comprehensive loss during the fiscal year ended July 31, 2020, unrealized gains on cash flow hedges were reclassified to "Cost of goods sold" and unamortized gains on post-retirement plans were reclassified into "Investment and other income" on the Consolidated Statements of Income. The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss): Years Ended July 31, 2020 2019 2018 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ 283 $ 55 $ (669) Pension and other post-retirement benefits 229 164 (64) Other income tax adjustments and currency translation (337) (972) (567) Adoption of accounting standard ASU 2018-02 — — 1,869 Income tax benefit (expense) related to items of other comprehensive income (loss) $ 175 $ (753) $ 569 |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes and losses of unconsolidated affiliate consists of the following: Years Ended July 31, 2020 2019 2018 United States $ 69,433 $ 55,077 $ 48,903 Other Nations 71,503 109,567 103,112 Total $ 140,936 $ 164,644 $ 152,015 Income tax expense consists of the following: Years Ended July 31, 2020 2019 2018 Current income tax expense: United States $ 3,031 $ 2,232 $ 2,830 Other Nations 25,133 22,445 26,593 States (U.S.) 1,160 913 910 $ 29,324 $ 25,590 $ 30,333 Deferred income tax expense (benefit): United States $ 1,072 $ 8,451 $ 30,267 Other Nations (2,065) (667) (1,462) States (U.S.) (10) 12 1,817 $ (1,003) $ 7,796 $ 30,622 Total income tax expense $ 28,321 $ 33,386 $ 60,955 On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Reform Act reduced the U.S. federal corporate income tax rate from 35.0% to 21.0%, imposed a one-time tax on deemed repatriated income of foreign subsidiaries, eliminated the domestic manufacturing deduction and moved to a partial territorial system by providing a 100% dividend received deduction on certain qualified dividends from foreign subsidiaries. The tax effects of temporary differences are as follows as of July 31, 2020 and 2019: July 31, 2020 Assets Liabilities Total Inventories $ 4,385 $ (58) $ 4,327 Prepaid catalog costs — (15) (15) Employee compensation and benefits 3,339 (72) 3,267 Accounts receivable 1,518 — 1,518 Fixed assets 3,663 (7,285) (3,622) Intangible assets 1,026 (31,488) (30,462) Deferred and equity-based compensation 7,851 — 7,851 Postretirement benefits 3,002 (31) 2,971 Tax credit and net operating loss carry-forwards 56,447 — 56,447 Valuation allowances (58,809) — (58,809) Other, net 11,786 (4,700) 7,086 Total $ 34,208 $ (43,649) $ (9,441) July 31, 2019 Assets Liabilities Total Inventories $ 3,856 $ (1) $ 3,855 Prepaid catalog costs — (631) (631) Employee compensation and benefits 7,021 (89) 6,932 Accounts receivable 943 (233) 710 Fixed assets 3,125 (6,869) (3,744) Intangible assets 1,432 (31,415) (29,983) Deferred and equity-based compensation 7,352 — 7,352 Postretirement benefits 2,659 (71) 2,588 Tax credit and net operating loss carry-forwards 62,966 — 62,966 Valuation allowances (60,073) — (60,073) Other, net 7,406 (7,961) (555) Total $ 36,687 $ (47,270) $ (10,583) Tax credit carry-forwards as of July 31, 2020 consist of the following: • Foreign net operating loss carry-forwards of $96,104, of which $86,063 have no expiration date and the remainder of which expire within the next 17 years. • State net operating loss carry-forwards of $29,109, which expire from 2025 to 2040. • Foreign tax credit carry-forwards of $24,633, which expire from 2021 to 2029. • State R&D credit carry-forwards of $12,714, which expire from 2021 to 2035. Rate Reconciliation A reconciliation of the income tax rate computed by applying the statutory U.S. federal income tax rate to income before income taxes and losses of unconsolidated affiliate to the total income tax expense is as follows: Years Ended July 31, 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 26.9 % State income taxes, net of federal tax benefit 1.0 % 0.3 % 1.6 % International rate differential (1) 5.1 % 2.2 % (1.1) % Rate variances arising from foreign subsidiary distributions 0.2 % (0.4) % 0.8 % Foreign tax credit carryforward valuation allowance (2) (1.4) % 1.8 % 14.1 % Divestiture of business (3) — % — % (0.8) % Adjustments to tax accruals and reserves (4) (2.0) % (3.6) % 2.2 % Non-deductible executive compensation (5) 0.5 % 2.3 % 0.5 % Research and development tax credits and domestic manufacturer’s deduction (2.0) % (1.6) % (2.0) % Deferred tax and other adjustments, net (2.3) % (1.7) % (2.1) % Income tax rate 20.1 % 20.3 % 40.1 % (1) Represents the foreign income tax rate differential when compared to the U.S. statutory income tax rate for the years ended July 31, 2020, 2019, and 2018. (2) The year ended July 31, 2018, includes the establishment of a valuation allowance against foreign tax credit carryforwards as a result of the Tax Reform Act. (3) The year ended July 31, 2018, includes the divestiture of the Company's Runelandhs business based in Sweden. Refer to Note 15, "Divestiture" for additional information. (4) The years ended July 31, 2020 and 2019, include reductions of uncertain tax positions resulting from the closure of audits and lapses in statues of limitations, while the year ended July 31, 2018, includes increases in uncertain tax positions. (5) The years ended July 31, 2020, 2019 and 2018, include non-deductible compensation such as salaries, bonuses, and other equity compensation of the Company's executives (as defined in Internal Revenue Service Code Section 162(m)). 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, 2017 $ 18,362 Additions based on tax positions related to the current year 2,467 Additions for tax positions of prior years 1,586 Reductions for tax positions of prior years (23) Lapse of statute of limitations (489) Settlements with tax authorities (1,277) Cumulative translation adjustments and other (196) Balance as of July 31, 2018 $ 20,430 Additions based on tax positions related to the current year 2,518 Additions for tax positions of prior years 612 Reductions for tax positions of prior years (378) Lapse of statute of limitations (8,140) Cumulative translation adjustments and other (201) Balance as of July 31, 2019 $ 14,841 Additions based on tax positions related to the current year 2,798 Additions for tax positions of prior years 1,295 Reductions for tax positions of prior years (5,087) Lapse of statute of limitations (117) Cumulative translation adjustments and other (108) Balance as of July 31, 2020 $ 13,622 Of the $13,622 of unrecognized tax benefits, if recognized, $10,557 would affect the Company's income tax rate. The Company has classified $8,931 and $10,218, excluding interest and penalties, of the reserve for uncertain tax positions in "Other liabilities" on the Consolidated Balance Sheets as of July 31, 2020 and 2019, respectively. The Company has classified $4,691 and $4,623, excluding interest and penalties, as a reduction of long-term deferred income tax assets on the accompanying Consolidated Balance Sheets as of July 31, 2020 and 2019, 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 a decrease of $372, an decrease of $1,013, and an increase of $556 in interest expense during the years ended July 31, 2020, 2019, and 2018, respectively. There was a $96 decrease to the reserve for uncertain tax positions for penalties during the year ended July 31, 2020, a decrease of $2,357 during the year ended July 31, 2019, and an increase of $83 during the year end July 31, 2018. These amounts are net of reversals due to reductions for tax positions of prior years, statute of limitations, and settlements. At July 31, 2020 and 2019, the Company had $1,354 and $1,740, 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. At July 31, 2020 and 2019, the Company had $658 and $663, respectively, accrued for penalties on unrecognized tax benefits. Interest expense and penalties are recorded as a component of "Income tax expense" in the Consolidated Statements of Income. The Company estimates that it is reasonably possible that the unrecognized tax benefits may be reduced by $1,437 within 12 months as a result of the resolution of worldwide tax matters, tax audit settlements, amended tax filings, and/or the expiration of statute of limitations, all of which, if recognized, would result in an income tax benefit in the Consolidated Statements of Income. During the year ended July 31, 2020, the Company recognized $504 of tax benefits (including interest and penalties) associated with the lapse of statutes of limitations. The Company also recognized $5,133 of tax benefits (including interest and penalties) associated with the reduction of tax positions for prior years due to the closure of certain tax audits. The Company and its subsidiaries file income tax returns in the U.S., various states, 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’18 — F’20 |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2020 | |
Divestitures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | DivestitureOn May 31, 2018, the Company sold Runelandhs Försäljnings AB (“Runelandhs”), a business based in Kalmar, Sweden. Runelandhs is a direct marketer of industrial and office equipment. Its products include lifting, transporting, and warehouse equipment; workbenches and material handling supplies; products for environmental protection; and entrance, reception, and office furnishings. The Runelandhs business was part of the Company’s WPS segment and its income was not material. The Company received proceeds of $19,141, net of cash transferred with the business. The transaction resulted in a pre-tax and after-tax gain of $4,666, which was included in SG&A expenses in the accompanying Consolidated Statements of Income for the year ended July 31, 2018. The divestiture of the Runelandhs business was part of the Company’s continued long-term growth strategy to focus the Company’s energies and resources on growth of the Company’s core businesses. |
Other Comprehensive Income Ot_2
Other Comprehensive Income Other Comprehensive Income | 12 Months Ended |
Jul. 31, 2020 | |
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 loss, net of tax, for the periods presented: Unrealized gain (loss) on Unamortized gain on postretirement plans Foreign currency Accumulated other comprehensive loss Ending balance, July 31, 2018 $ 863 $ 3,302 $ (60,566) $ (56,401) Other comprehensive income (loss) before reclassification 630 67 (14,195) (13,498) Amounts reclassified from accumulated other comprehensive loss (786) (569) — (1,355) Ending balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive (loss) income before reclassification (447) (332) 6,303 5,524 Amounts reclassified from accumulated other comprehensive loss (460) (287) — (747) Ending balance, July 31, 2020 $ (200) $ 2,181 $ (68,458) $ (66,477) |
Other Comprehensive Income, Tax [Table Text Block] | The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss): Years Ended July 31, 2020 2019 2018 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ 283 $ 55 $ (669) Pension and other post-retirement benefits 229 164 (64) Other income tax adjustments and currency translation (337) (972) (567) Adoption of accounting standard ASU 2018-02 — — 1,869 Income tax benefit (expense) related to items of other comprehensive income (loss) $ 175 $ (753) $ 569 |
Other Comprehensive Income Sche
Other Comprehensive Income Schedule of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (71,254) | $ (56,401) | |
Other comprehensive (loss) income before reclassification | 5,524 | (13,498) | |
Amounts reclassified from accumulated other comprehensive loss | (747) | 1,355 | |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | 0 | 0 | $ 1,869 |
Ending balance | (66,477) | (71,254) | (56,401) |
Unrealized gain (loss) on cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 707 | 863 | |
Other comprehensive (loss) income before reclassification | (447) | 630 | |
Amounts reclassified from accumulated other comprehensive loss | (460) | 786 | |
Ending balance | (200) | 707 | 863 |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (74,761) | (60,566) | |
Other comprehensive (loss) income before reclassification | 6,303 | (14,195) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Ending balance | (68,458) | (74,761) | (60,566) |
Gain on post-retirement plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 2,800 | 3,302 | |
Other comprehensive (loss) income before reclassification | (332) | 67 | |
Amounts reclassified from accumulated other comprehensive loss | (287) | 569 | |
Ending balance | $ 2,181 | $ 2,800 | $ 3,302 |
Other Comprehensive Income Ot_3
Other Comprehensive Income Other Comprehensive Income, Tax - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Other Comprehensive Income, Tax [Abstract] | |||
Cash flow hedges | $ 283 | $ 55 | $ (669) |
Pension and other post-retirement benefits | 229 | 164 | (64) |
Other income tax adjustments and currency translation | (337) | (972) | (567) |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | 0 | 0 | 1,869 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | $ 175 | $ (753) | $ 569 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Proceeds from Divestiture of Businesses | $ 19,141,000 |
Gain (Loss) on Disposition of Business | $ (4,666,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2020 | |
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 wholly owned subsidiaries. The equity method of accounting is used for investments in the associated company where the Company has significant influence and generally 20% to 50% ownership interest. All intercompany accounts and transactions between consolidated subsidiaries have been eliminated in consolidation. Use of Estimates — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents — The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Concentration of Credit Risk — The Company places temporary cash investments with global financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of its financial institutions and limits the amount of credit exposure with any one financial institution. In addition, the Company has a broad customer base representing many diverse industries throughout the globe. Consequently, no significant concentration of credit risk is considered to exist. Accounts Receivables — Accounts receivables are stated at net realizable value. Specific customer reserves are made during review of significant outstanding balances due, in which customer creditworthiness and current economic trends may indicate that it is probable the receivable will not be recovered. In addition, general reserves are made for the remainder of accounts receivable based on historical loss experience, the age of the delinquent receivable balances due, and economic conditions. Accounts receivables are presented net of allowances for doubtful accounts of $7,157 and $5,005 as of July 31, 2020 and 2019, respectively. Inventories — Inventories are stated at the lower of cost or net realizable value and include material, labor, and overhead. Cost has been determined using the last-in, first-out (“LIFO”) method for certain inventories in the U.S. (14.7% of total inventories at July 31, 2020, and 13.4% of total inventories at July 31, 2019) 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 $7,195 and $7,259 as of July 31, 2020 and 2019, respectively. Inventories consist of the following as of July 31: 2020 2019 Finished products $ 85,547 $ 77,532 Work-in-process 24,044 20,515 Raw materials and supplies 26,071 21,990 Total inventories $ 135,662 $ 120,037 Property, Plant and Equipment — Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed primarily on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. The estimated useful lives range from 3 to 33 years as shown below. Property, plant and equipment consist of the following as of July 31: Range of Useful Lives 2020 2019 Land $ 9,960 $ 9,752 Buildings and improvements 10 to 33 Years 105,129 99,685 Machinery and equipment 3 to 10 Years 267,795 266,991 Construction in progress 8,432 7,500 Property, plant and equipment—gross 391,316 383,928 Accumulated depreciation (276,248) (273,880) Property, plant and equipment—net $ 115,068 $ 110,048 Depreciation expense was $18,218, $18,023, and $19,009 for the years ended July 31, 2020, 2019 and 2018, respectively. Goodwill — The Company evaluates the carrying amount of goodwill annually or more frequently if events or changes in circumstances have occurred that indicate the goodwill might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. When performing its annual impairment assessment, the Company evaluates the recoverability of goodwill assigned to each of its reporting units by comparing the estimated fair value of the respective reporting unit to the carrying value, including goodwill. The Company estimates fair value utilizing the income approach and the market approach. The income approach requires management to make a number of assumptions and estimates for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, working capital levels, income tax rates, and a weighted-average cost of capital reflecting the specific risk profile of the respective reporting unit. The market approach estimates fair value using performance multiples of comparable publically-traded compa nies. In the event the fair value of a reporting unit is less than the carrying value, including goodwill, an impairment loss, if any, is recognized for the difference between the implied fair value and the carrying value of the reporting unit's goodwill. The annual impairment testing performed on May 1, 2020, indicated that all reporting units with remaining goodwill had a fair value substantially in excess of its carrying value. No goodwill impairment charges were recognized during the year ended July 31, 2020. Other Intangible and Long-Lived Assets — Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives to reflect the pattern of economic benefits consumed. Intangible assets with indefinite lives as well as goodwill are not subject to amortization. These assets are assessed for impairment on an annual basis or more frequently if events or changes in circumstances have occurred that indicate the asset may not be recoverable or that the remaining estimated useful life may warrant revision. In addition, the Company performs qualitative assessments on a quarterly basis of significant events and circumstances, such as historical and current results, assumptions regarding future performance, and strategic initiatives and overall economic factors. The Company evaluates indefinite-lived intangible assets for impairment by comparing the estimated fair value of the asset to the carrying value. Fair value is estimated using the income approach based upon current sales projections applying the relief from royalty method. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company evaluates long-lived assets, including finite-lived intangible assets, operating lease assets, and property, plant, and equipment, for recoverability by comparing an estimate of undiscounted future cash flows, derived from internal forecasts, over the remaining life of the primary asset to the carrying amount of the asset group. To the extent the undiscounted future cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds its fair value. Indicators of impairment primarily in the WPS segment consisted of a decline in sales in certain of its businesses resulting from the economic challenges presented by the COVID-19 pandemic. As a result of impairment assessments performed, impairment charges of $13,821 were recognized in connection with writing down the carrying values of certain indefinite-lived intangible assets and long-lived assets to their respective fair values during the year ended July 31, 2020. Refer to Note 3, "Other Intangible and Long-Lived Assets" for further information regarding impairment charges during fiscal 2020. Leases — The Company determines whether an arrangement contains a lease at contract inception. The contract is considered to contain a lease if it provides the Company with the right to direct the use of and the right to obtain substantially all of the economic benefits from an identified asset in exchange for consideration. The Company recognizes a right-of-use ("ROU") asset and lease liability for its lease commitments with initial terms greater than one year. The initial measurement of ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the expected lease term. The ROU asset also includes any lease payments made on or before the commencement date, initial direct costs incurred, and is reduced by any lease incentives received. Some of the Company’s leases include options to extend the lease agreement, of which the exercise is at the Company’s sole discretion. The majority of renewal options are not included in the calculation of ROU assets and liabilities as they are not reasonably certain to be exercised. Some of the Company's lease agreements include rental payments that are adjusted periodically for inflation or the change in an index or rate. These variable lease payments are generally excluded from the initial measurement of the ROU asset and lease liability and are recognized in the period in which the obligation for those payments is incurred. The Company has lease agreements that include both lease and non-lease components, which the Company has elected to account for as a single lease component. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines the present value of future lease payments using its incremental borrowing rate, as the discount rate implicit within the Company’s leases generally cannot be readily determined. The incremental borrowing rate is estimated based on the sovereign credit rating for the countries in which the Company has its largest operations, adjusted for several factors, such as internal credit spread, lease terms, and other market information available at the lease commencement date. As of July 31, 2020, all leases are accounted for as operating leases, with lease expense being recognized on a straight-line basis over the lease term. Operating leases are reflected in “Operating lease assets,” “Current operating lease liabilities,” and “Long-term operating lease liabilities” in the accompanying Consolidated Balance Sheets. Operating lease expense is recognized in either cost of goods sold or selling, general, and administrative expenses in the Consolidated Statements of Income, based on the nature of the lease. ROU assets are evaluated for impairment in the same manner as long-lived assets. Impairment charges of $2,475 were recognized related to operating lease assets during the fiscal year ended July 31, 2020. Refer to Note 3, "Other Intangible and Long-Lived Assets" for additional information regarding the impairment charges recognized. Revenue Recognition — The majority of the Company’s revenue relates to the sale of identification solutions and workplace safety products to customers. The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606 "Revenue from Contracts with Customers", which was adopted on August 1, 2018 using the modified retrospective approach. Revenue is recognized when control of the product or service transfers to the customer in an amount that represents the consideration expected to be received in exchange for those products and services. The Company considers control to have transferred when legal title, physical possession, and the significant risks and rewards of ownership of the asset have transferred to the customer and the collection of the transaction price is reasonably assured, most of which occur upon shipment or delivery of goods to customers. Given the nature of the Company’s business, revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated customer returns and credit memos. The Company records an allowance for estimated product returns and credit memos using the expected value method based on historical experience, which is recognized as a deduction from net sales at the time of sale. As of July 31, 2020 and 2019, the Company had a reserve for estimated product returns and credit memos of $6,295 and $5,796, respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives, rebates, and cash discounts) given to its customers or resellers as a reduction of revenue. Sales incentives for the years ended July 31, 2020, 2019, and 2018 were $38,476, $40,811, and $40,671, respectively. Shipping and Handling Costs — Shipping and handling fees billed to a customer in a sale transaction are reported as net sales and the related costs incurred for shipping and handling are reported in cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred. Advertising expense for the years ended July 31, 2020, 2019, and 2018 was $63,482, $62,454, and $67,429, respectively. Stock-Based 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, net of estimated forfeitures, of all share-based awards 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. Refer to No te 7, “Stockholders' Equity” 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 net unrealized gains and losses from cash flow hedges, the unamortized gain on defined-benefit pension plans net of their related tax effects, and foreign currency translation adjustments, which includes the impact of foreign currency translations and the settlements of net investment hedges. Foreign Currency Translation — The assets and liabilities of subsidiaries whose functional currency is a currency other than the U.S. dollar 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 foreign currency translation adjustments are included in other comprehensive income. Income Taxes — The Company accounts for income taxes under the asset and liability method in accordance with ASC 740 "Income Taxes." Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax laws and rates applicable to the periods in which the differences are expected to be realized or settled. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized. The Company recognizes the benefit of income tax positions only if those positions are more likely than not to be sustained upon examination by the tax authority. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Fair Value of Financial Instruments — The Company believes that the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities) approximate fair value due to the short-term nature of these instruments. Refer to Note 6, "Debt" for more information regarding the fair value of long-term debt and Note 13, "Fair Value Measurements" for information regarding fair value measurements. 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 income effect of the hedged item. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Gains and losses resulting from changes in fair value of the derivatives designated as hedges are recorded as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income and are reclassified into the same income statement line item in the period or periods during which the hedged transaction affects income. Refer to Note 14, "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards Adopted Standards In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASC 842"), which replaced the former lease accounting standards. The update requires, among other items, lessees to recognize the assets and liabilities that arise from most leases on the balance sheet and disclose key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements," which provides, among other items, an additional transition method allowing a cumulative effect adjustment to the opening balance of retained earnings during the period of adoption. The Company adopted ASU 2016-02 (and related updates) effective August 1, 2019, using the optional transition method provided in ASU 2018-11 to apply this guidance to the impacted lease population at the date of initial application. Results for reporting periods beginning after August 1, 2019, are presented under ASU 2016-02, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect during those periods. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carryforward the historical lease accounting of expired or existing leases with respect to lease identification, lease classification and accounting treatment for initial direct costs as of the adoption date. The Company also elected the practical expedient related to lease versus nonlease components, allowing the Company to recognize lease and nonlease components as a single lease. Lastly, the Company elected the hindsight practical expedient, allowing the Company to use hindsight in determining the lease term and assessing impairment of right-of-use assets when transitioning to ASC 842. The Company has made a policy election not to capitalize leases with an initial term of 12 months or less. Upon adoption of ASC 842, the Company recorded additional operating lease assets and liabilities of $55,984 and $58,544, respectively, as of August 1, 2019, which included operating lease assets and liabilities of $9,769 and $9,674, respectively, for leases that commenced on the adoption date of August 1, 2019. No cumulative effect adjustment to retained earnings was recognized upon adoption of the new standard. Adoption of ASC 842 did not have a material impact on the Company's cash flows or operating results. Refer to Note 4 "Leases" for add itional information and required disclosures under the new standard. In August 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which simplifies and reduces the complexity of the hedge accounting requirements and better aligns an entity's financial reporting for hedging relationships with its risk management activities. The guidance is effective for interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 effective August 1, 2019, using the required modified retrospective adoption approach to apply this guidance to existing hedging relationships as of the adoption date, which did not have a material impact on its consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss model ("CECL") that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for interim periods in fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 effective August 1, 2020, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Goodwill and Other, Simplifying the Test 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. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company adopted this guidance, effective August 1, 2020. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)." The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after Dec ember 15, 2020, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. |
Description of New Accounting Pronouncements Not yet Adopted | Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss model ("CECL") that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for interim periods in fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 effective August 1, 2020, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Goodwill and Other, Simplifying the Test 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. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company adopted this guidance, effective August 1, 2020. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)." The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after Dec ember 15, 2020, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill Changes in the carrying amount of goodwill by reportable segment for the years ended July 31, 2020 and 2019, were as follows: IDS WPS Total Balance as of July 31, 2018 $ 385,524 $ 34,291 $ 419,815 Translation adjustments (6,519) (2,309) (8,828) Balance as of July 31, 2019 $ 379,005 $ 31,982 $ 410,987 Translation adjustments 3,342 1,705 5,047 Balance as of July 31, 2020 $ 382,347 $ 33,687 $ 416,034 The annual impairment testing performed on May 1, 2020, in accordance with ASC 350, “Intangibles - Goodwill and Other” (“Step One”) indicated that all of the reporting units with remaining goodwill (IDS Americas & Europe, PDC, and WPS Europe) passed Step One of the goodwill impairment test as each had a fair value substantially in excess of its carrying value. |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 12 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | Other Intangible and Long-Lived Assets Other intangible assets include customer relationships and tradenames with finite lives being amortized in accordance with the accounting guidance for other intangible assets. The Company also has unamortized indefinite-lived tradenames that are classified as other intangible assets. The net book value of these assets was as follows: July 31, 2020 July 31, 2019 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Amortized other intangible assets: Customer relationships and other 9 $ 45,385 $ (32,670) $ 12,715 9 $ 46,595 $ (29,343) $ 17,252 Unamortized other intangible assets: Tradenames N/A 9,619 — 9,619 N/A 18,871 — 18,871 Total $ 55,004 $ (32,670) $ 22,334 $ 65,466 $ (29,343) $ 36,123 The change in the gross carrying amount of other intangible assets as of July 31, 2020 compared to July 31, 2019 was primarily due to $8,665 of impairment charges recognized and to a lesser extent the effect of currency translations during the fiscal year. The Company evaluates other intangible and long-lived assets for impairment on an annual basis or more frequently if events or changes in circumstances have occurred that indicate the asset may not be recoverable or that the remaining estimated useful life may warrant revision. As a result of the adverse impacts of the COVID-19 pandemic on both the global economic environment and the Company’s supply chain, operations, and customer demand, the Company performed an interim analysis during the third quarter of the fiscal year ended July 31, 2020. Indefinite-lived tradenames were valued using the income approach based upon current sales projections applying the relief from royalty method. As a result of the analysis, indefinite-lived tradenames with a carrying amount of $9,328 were written down to their estimated fair value of $663 during the fiscal year ended July 31, 2020. Consistent with the circumstances leading to the intangible asset impairment, the Company performed an interim recoverability and fair value test of other long-lived assets in certain businesses within both the IDS and WPS segments. Long-lived assets were evaluated for recoverability by comparing undiscounted future cash flows derived from internal forecasts to the carrying amount of the asset. For specific long-lived assets, this analysis resulted in an amount that was less than the carrying value of the asset. The Company measured the impairment loss of long-lived assets as the amount by which the carrying value of the assets exceeded their fair value. As a result of the analysis, impairment charges of $2,681 were recognized related to property, plant and equipment, of which $2,353 and $328 related to the IDS and WPS segments, respectively. In addition, impairment charges of $2,475 were recognized related to operating lease assets, of which $2,035 and $440 related to the WPS and IDS segments, respectively. These items resulted in a total impairment charge of $13,821 recognized in "Impairment charges" on the Consolidated Statements of Income for the fiscal year ended July 31, 2020. In addition to the interim impairment assessments described above, the Company performed its annual impairment test of other intangible and long-lived assets on May 1, 2020. As a result of the annual analysis, no additional impairment charges were recognized. Amortization expense on intangible assets during the fiscal years ended July 31, 2020, 2019, and 2018 was $5,219, $5,776, and $6,433, respectively. Amortization expense over each of the next five fiscal years is projected to be $5,384, $5,140, and $2,191 for the fiscal years ending July 31, 2021, 2022, and 2023 respectively. No amortization expense for intangible assets is projected after July 31, 2023. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Jul. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases The Company leases certain manufacturing facilities, warehouses and office space, computer equipment, and vehicles accounted for as operating leases. Lease terms typically range from one year to fifteen years. As of July 31, 2020, the Company did not have any finance leases. The Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. Refer to Note 3, "Other Intangible and Long-Lived Assets" for information regarding impairment charges recognized during the fiscal year ended July 31, 2020. Short-term lease expense, variable lease expenses, and sublease income were immaterial to the Consolidated Statements of Income for the for the fiscal year ended July 31, 2020. The following table summarizes lease expense recognized for the fiscal year ended July 31, 2020: Consolidated Statements of Income Location 2020 Operating lease cost Cost of goods sold $ 9,197 Operating lease cost Selling, general, and administrative expenses 8,974 Lease expense of $19,984 and $15,938 was recognized in operating expenses for the years ended July 31, 2019 and 2018, respectively. The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2020: Years ended July 31, Operating Leases 2021 $ 16,684 2022 14,703 2023 9,819 2024 5,677 2025 2,413 Thereafter 955 Total lease payments $ 50,251 Less: interest (2,965) Present value of lease liabilities $ 47,286 The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2020 were as follows: July 31, 2020 Weighted average remaining lease term (in years) 3.5 Weighted average discount rate 3.5 % Supplemental cash flow information related to the Company's operating leases for the twelve months ended July 31, 2020, was as follows: Twelve months ended July 31, 2020 Operating cash outflows from operating leases $ 17,123 Operating lease assets obtained in exchange for new operating lease liabilities 12,641 Operating lease assets obtained in exchange for new operating lease liabilities include $9,769 of operating lease assets related to leases that commenced on August 1, 2019, which were included in the adoption impact of the new lease accounting standard. The following table summarizes future minimum lease payments under operating leases as of July 31, 2019: Years ended July 31, Operating Leases 2020 $ 18,450 2021 16,132 2022 13,439 2023 10,065 2024 5,656 Thereafter 3,502 Total future minimum lease payments $ 67,244 |
Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to the Company's operating leases for the twelve months ended July 31, 2020, was as follows: Twelve months ended July 31, 2020 Operating cash outflows from operating leases $ 17,123 Operating lease assets obtained in exchange for new operating lease liabilities 12,641 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 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 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 is unfunded, and the liability, unrecognized gain , and associated income statement impact are immaterial. The liability is recorded in the accompanying Consolidated Balance Sheets as of July 31, 2020 and 2019. The unrecognized gain is reported as a component of AOCI. The Company also has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan which 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. The Company also has an additional non-qualified deferred compensation plan, the Brady Restoration Plan, which allows an equivalent benefit to the Matched 401(k) Plan and the Funded Retirement Plan for executives' income exceeding the IRS limits for participation in a qualified 401(k) plan. Deferred compensation of $18,606 and $15,744 was included in "Other liabilities" in the accompanying Consolidated Balance Sheets as of July 31, 2020 and 2019, 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 plan, based on income of the respective companies and employee contributions. Accrued retirement and profit-sharing contributions of $3,577 and $3,342 were included in "Other current liabilities" on the accompanying Consolidated Balance Sheets as of July 31, 2020 and 2019, respectively. The amounts charged to expense for these retirement and profit sharing plans were $12,129, $14,158, and $14,395 during the years ended July 31, 2020, 2019 and 2018, respectively. |
Debt
Debt | 12 Months Ended |
Jul. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | Debt 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, which were repaid during fiscal 2020. The Company funded the private placement principal payments due during the year ended July 31, 2020 with cash on hand. The Company had no outstanding debt as of July 31, 2020. As of July 31, 2019, the Company's outstanding debt balance consisted of the €45.0 million aggregate principal amount of 4.24% Series 2010-A Senior Notes, which was included in "Current maturities on long-term debt" in the accompanying Consolidated Balance Sheets. On August 1, 2019, the Company and certain of its subsidiaries entered into an unsecured $200 million multi-currency revolving loan agreement with a group of five banks that replaced and terminated the Company’s previous loan agreement that had been entered into on September 25, 2015. Under the new revolving loan agreement, the Company has the option to select either a Eurocurrency rate loan that bears interest at the LIBOR rate plus a margin based on the Company's consolidated net leverage ratio or a base interest rate (based upon the higher of the federal funds rate plus 0.5%, the prime rate of the Bank of Montreal plus a margin based on the Company’s consolidated net leverage ratio, or the Eurocurrency base rate at the LIBOR rate plus a margin based on the Company’s consolidated net leverage ratio plus 1%). At the Company's option, and subject to cer tain conditions, the available amount under the revolving loan agreement may be increased from $200 million to $400 million. The maximum amount outstanding on the Company's revolving loan agreement during the fiscal year ended July 31, 2020 was $16.2 million. As of July 31, 2020, there were no borrowings outstanding on the credit facility. The Company had letters of credit outstanding under the loan agreement of $3.1 million as of July 31, 2020 and there was $196.9 million available for future borrowing, which can be increased to $396.9 million at the Company's option, subject to certain conditions. The revolving loan agreement has a final maturity date of August 1, 2024, as such, any borrowing would be classified as long-term on the accompanying Consolidated Balances Sheets. The Company's revolving loan agreement requires 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 3.5 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, 2020, the Company was in compliance with these financial covenants. The Company had outstanding letters of credit of $3,116 and $3,271 at July 31, 2020 and 2019, respectively. |
Stockholder's Investments
Stockholder's Investments | 12 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Stockholder's Investments | Stockholders' Equity Information as to the Company’s capital stock at July 31, 2020 and 2019 is as follows: July 31, 2020 July 31, 2019 Shares Shares (thousands) Shares Shares (thousands) Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 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 $0.01665 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 $0.01665 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 $0.833 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 $0.833 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’ equity for the fiscal years ended July 31, 2020, 2019, and 2018: Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2017 $ 8,124 $ (8,124) $ — Shares at July 31, 2017 314,082 314,082 Sale of shares at cost $ (977) $ 977 $ — Purchase of shares at cost 1,075 (1,075) — Balances at July 31, 2018 $ 8,222 $ (8,222) $ — Shares at July 31, 2018 299,916 299,916 Sale of shares at cost $ (928) $ 928 $ — Purchase of shares at cost 1,212 (1,212) — Balances at July 31, 2019 $ 8,506 $ (8,506) $ — Shares at July 31, 2019 285,533 285,533 Sale of shares at cost $ (460) $ 460 $ — Purchase of shares at cost 1,293 (1,293) — Balances at July 31, 2020 $ 9,339 $ (9,339) $ — Shares at July 31, 2020 292,329 292,329 Deferred Compensation Plans The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan that allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or into 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, 2020, the deferred compensation balance in stockholders’ equity 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, 2020, the Company has reserved 1,554,402 shares of Class A Nonvoting Common Stock for outstanding stock options and RSUs and 3,348,834 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, 2020, 2019, and 2018, was $8,843 ($8,048 net of taxes), $12,092 ($10,628 net of taxes), and $9,980 ($7,485 net of taxes), respectively. As of July 31, 2020, total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $9,334 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 The Company has estimated the fair value of its time-based stock option awards granted during the fiscal years ended July 31, 2020, 2019, and 2018, 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 2020 2019 2018 Expected term (in years) 6.20 6.20 6.07 Expected volatility 26.07 % 26.05 % 28.19 % Expected dividend yield 2.63 % 2.71 % 2.72 % Risk-free interest rate 1.64 % 3.01 % 1.96 % Weighted-average market value of underlying stock at grant date $ 54.05 $ 43.96 $ 36.85 Weighted-average exercise price $ 54.05 $ 43.96 $ 36.85 Weighted-average fair value of options granted during the period $ 10.63 $ 9.70 $ 7.96 The following is a summary of stock option activity for the fiscal year ended July 31, 2020: Time-Based Options Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2019 $ 19.96 — $43.98 1,594,716 $ 31.63 New grants 54.05 247,297 54.05 Exercised 19.96 — 43.98 (556,143) 27.21 Forfeited 22.66 — 54.05 (12,488) 39.59 Balance as of July 31, 2020 $ 19.96 — $54.05 1,273,382 $ 37.84 The total fair value of options vested during the fiscal years ended July 31, 2020, 2019, and 2018, was $2,800, $2,864, and $3,006, respectively. The total intrinsic value of options exercised during the fiscal years ended July 31, 2020, 2019, and 2018, was $14,692, $20,969, and $6,208, respectively. There were 776,273 , 1,025,811, and 1,722,229 options exercisable with a weighted average exercise price of $31.50 , $27.06, and $26.82 at July 31, 2020, 2019, and 2018, respectively. The cash received from the exercise of stock options during the fiscal years ended July 31, 2020, 2019, and 2018, was $5,511 , $23,466, and $12,099, respectively. The tax benefit on options exercised during the fiscal years ended July 31, 2020, 2019, and 2018, was $3,673, $5,242, and $1,893, respectively. The following table summarizes information about stock options outstanding at July 31, 2020: Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2020 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2020 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $19.96 - $29.99 265,600 4.1 $ 22.07 265,600 4.1 $ 22.07 $30.00 - $39.99 519,870 6.2 35.36 433,576 6.0 35.07 $40.00 - $54.05 487,912 8.7 49.06 77,097 8.2 43.96 Total 1,273,382 6.7 $ 37.84 776,273 5.5 $ 31.50 As of July 31, 2020, 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 $11,964 and $10,940, respectively. RSUs 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 "time-based" or "performance-based" RSUs. The time-based RSUs issued under the plan generally vest ratably over a three The following tables summarize the RSU activity for the fiscal year ended July 31, 2020: Time-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2019 188,638 $ 38.15 New grants 76,358 53.38 Vested (107,187) 35.49 Forfeited (2,849) 43.73 Balance as of July 31, 2020 154,960 $ 47.39 The time-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $44.20. The total fair value of time-based RSUs vested during the years ended July 31, 2020 and 2019, was $9,776 and $9,859, respectively. Performance-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2019 158,410 $ 38.33 New grants (1) 71,921 75.00 Vested (87,928) 32.03 Forfeited (16,343) 52.16 Balance as of July 31, 2020 126,060 $ 50.61 (1) Includes 32,975 shares resulting from the payout of performance-based RSUs granted in fiscal year 2018 due to achievement of performance metrics exceeding the target payout. The performance-based RSUs granted during the fiscal year ended July 31, 2020, had a weighted-average grant-date fair value determined by a third-party valuation involving the use of a Monte Carlo simulation. The performance-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $50.70. The aggregate intrinsic value of unvested time-based and performance-based RSUs outstanding at July 31, 2020 and 2019, and expected to vest, was $14,013 and $17,953, respectively. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Jul. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company recognizes revenue when control of the product or service transfers to the customer at an amount that represents the consideration expected to be received in exchange for those products and services. Nature of Products The Company’s revenues are primarily from the sale of identification solutions and workplace safety products that are shipped and billed to customers. All revenue is from contracts with customers and is included in “Net sales” on the Consolidated Statements of Income. See Note 10 “Segment Information” for the Company’s disaggregated revenue disclosure. Performance Obligations The Company’s contracts with customers consist of purchase orders, which in some cases are governed by master supply or distributor agreements. For each contract, the Company considers the commitment to transfer tangible products, which are generally capable of being distinct, to be separate performance obligations. The majority of the Company's revenue is earned and recognized at a point in time through ship-and-bill performance obligations where the customer typically obtains control of the product upon shipment or delivery, depending on freight terms. The Company considers control to have transferred if legal title, physical possession, and the significant risks and rewards of ownership of the asset have transferred to the customer and the Company has a present right to payment. In almost all cases, control transfers once a product is shipped or delivered, as this is when the customer is able to direct and obtain substantially all of the remaining benefits associated with use of the asset. Transaction Price and Variable Consideration Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for the transfer of product to a customer. The transaction price is generally the price stated in the contract specific for each item sold, adjusted for all applicable variable considerations. Variable considerations generally include discounts, returns, credits, rebates, or other allowances that reduce the transaction price. Certain discounts and price assurances are fixed and known at the time of sale. The Company estimates the amount of variable consideration and reduces the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The expected value method is used to estimate expected returns and allowances based on historical experience. The most likely amount method is used to estimate customer rebates, which are offered retrospective and typically defined in the master supply or distributor agreement. Payment Terms While the Company’s standard payment terms are net 30 days, the specific payment terms and conditions in its contracts with customers vary by type and location of the customer. Cash discounts may be offered to certain customers. The Company has payment terms in its contracts with customers of less than one year and has elected the practical expedient applicable to such contracts and does not consider the time value of money. Warranties The Company offers standard warranty coverage on substantially all products which provides the customer with assurance that the product will function as intended. This standard warranty coverage is accounted for as an assurance warranty and is not considered to be a separate performance obligation. The Company records a liability for product warranty obligations at the time of sale based on historical warranty experience that is included in cost of goods sold. The Company also offers extended warranty coverage for certain products, which it accounts for as service warranties. In most cases, the extended service warranty is included in the sales price of the product and is not sold separately. The Company considers the extended service warranty to be a separate performance obligation and allocates a portion of the transaction price to the service warranty based on the estimated stand-alone selling price. At the time of sale, the extended warranty transaction price is recorded as deferred revenue on the Consolidated Balance Sheets and is recognized on a straight-line basis over the life of the service warranty period. The deferred revenue is considered a contract liability as the Company has a right to payment at the time the product with the related extended service warranty is shipped or delivered and therefore, payment is received in advance of the Company's performance. Contract Balances The balance of contract liabilities associated with service warranty performance obligations was $2,559 and $2,782 as of July 31, 2020 and 2019, respectively. This also represents the amount of unsatisfied performance obligations related to contracts that extend beyond one year. The current portion and non-current portion of contract liabilities are included in “Other current liabilities” and “Other liabilities," respectively, on the accompanying Consolidated Balance Sheets. During the fiscal year ended July 31, 2020, the Comp any recognized revenue of $1,251 that was included in the contract liability balance at the beginning of the period from the amortization of extended service warranties. Of the contract liability balance outstanding at July 31, 2020, the Company expects to recognize 41% by the end of fiscal 2021, an additional 28% by the end of fiscal 2022, and the balance thereafter. Costs of Obtaining a Contract The Company expenses incremental direct costs of obtaining a contract (e.g., sales commissions) when incurred because the amortization period is generally twelve months or less. Contract costs are included in "Selling, general and administrative expense" on the Consolidated Statements of Income. |
Segment Information
Segment Information | 12 Months Ended |
Jul. 31, 2020 | |
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 ("PDC"), which aggregate into two reportable segments that are organized around businesses with consistent products and services: IDS and WPS. The IDS and PDC operating segments aggregate into the IDS reporting segment, while the WPS reporting segment is comprised solely of the Workplace Safety operating segment. Following is a summary of segment information as of and for the years ended July 31, 2020, 2019 and 2018: 2020 2019 2018 Net sales: ID Solutions Americas $ 532,357 $ 577,156 $ 556,172 Europe 165,490 193,852 197,737 Asia 86,860 92,092 92,178 Total $ 784,707 $ 863,100 $ 846,087 Workplace Safety Americas $ 92,513 $ 98,788 $ 106,910 Europe 152,407 150,480 170,265 Australia 51,672 48,277 50,589 Total $ 296,592 $ 297,545 $ 327,764 Total Company Americas $ 624,870 $ 675,944 $ 663,082 Europe 317,897 344,332 368,002 Asia-Pacific 138,532 140,369 142,767 Total $ 1,081,299 $ 1,160,645 $ 1,173,851 Depreciation & amortization: ID Solutions $ 20,745 $ 21,387 $ 22,075 WPS 2,692 2,412 3,367 Total Company $ 23,437 $ 23,799 $ 25,442 Segment profit: ID Solutions $ 150,639 $ 164,953 $ 143,411 WPS 21,019 23,025 31,712 Total Company $ 171,658 $ 187,978 $ 175,123 Assets: ID Solutions $ 737,589 $ 740,437 $ 737,174 WPS 187,234 137,799 138,329 Corporate 217,643 279,072 181,428 Total Company $ 1,142,466 $ 1,157,308 $ 1,056,931 Expenditures for property, plant & equipment: ID Solutions $ 17,637 $ 17,849 $ 17,283 WPS 9,640 14,976 4,494 Total Company $ 27,277 $ 32,825 $ 21,777 Following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the years ended July 31, 2020, 2019 and 2018: Years Ended July 31, 2020 2019 2018 Total profit from reportable segments $ 171,658 $ 187,978 $ 175,123 Unallocated costs: Administrative costs (19,814) (25,550) (27,093) Impairment charges (1) (13,821) — — Gain on sale of business (2) — — 4,666 Investment and other income 5,079 5,046 2,487 Interest expense (2,166) (2,830) (3,168) Income before income taxes and losses of unconsolidated affiliate $ 140,936 $ 164,644 $ 152,015 (1) Of the total $13,821 impairment charges recognized in the year ended July 31, 2020, $11,029 related to the WPS segment and $2,792 related to the IDS segment. (2) Gain on sale of business during the year ended July 31, 2018 relates to the WPS segment. Revenues* Long-Lived Assets** 2020 2019 2018 2020 2019 2018 Geographic information: United States $ 627,160 $ 674,924 $ 663,935 $ 361,005 $ 365,205 $ 366,638 Other 509,530 546,923 573,652 234,330 191,953 193,710 Eliminations (55,391) (61,202) (63,736) — — — Consolidated total $ 1,081,299 $ 1,160,645 $ 1,173,851 $ 595,335 $ 557,158 $ 560,348 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant and equipment, goodwill, other intangible assets, and operating lease assets. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income (after deducting the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding. The Company utilizes the two-class method to calculate income 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, 2020 2019 2018 Numerator (in thousands): Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 112,369 $ 131,258 $ 91,060 Less: Preferential dividends (828) (815) (799) Preferential dividends on dilutive stock options (10) (13) (14) Numerator for basic and diluted income per Class B Voting Common Share $ 111,531 $ 130,430 $ 90,247 Denominator (in thousands): Denominator for basic income per share for both Class A and Class B 52,763 52,596 51,677 Plus: Effect of dilutive equity awards 468 727 847 Denominator for diluted income per share for both Class A and Class B 53,231 53,323 52,524 Net income per Class A Nonvoting Common Share: Basic $ 2.13 $ 2.50 $ 1.76 Diluted $ 2.11 $ 2.46 $ 1.73 Net income per Class B Voting Common Share: Basic $ 2.11 $ 2.48 $ 1.75 Diluted $ 2.10 $ 2.45 $ 1.72 Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value were greater than the average market price of Brady's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares were 387,382, 372,255, and 751,200 for the fiscal years ended July 31, 2020, 2019, and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements In accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair value are classified into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. Level 2 — Other significant pricing inputs that are either directly or indirectly observable. Level 3 — Significant unobservable pricing inputs, which result in the use of management's own assumptions. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2020 and July 31, 2019, according to the valuation techniques the Company used to determine their fair values. July 31, 2020 July 31, 2019 Fair Value Hierarchy Assets: Trading securities $ 18,606 $ 15,744 Level 1 Foreign exchange contracts 594 474 Level 2 Liabilities: Foreign exchange contracts $ 777 $ 5 Level 2 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, which are included in "Other assets" on the accompanying Consolidated Balance Sheets. 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 14 , “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, 2020 and July 31, 2019. 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, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months, which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange contracts. Main foreign currency exposures are related to transactions denominated in the British Pound, 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. The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows: July 31, 2020 July 31, 2019 Designated as cash flow hedges $ 24,600 $ 26,013 Non-designated hedges 3,107 3,376 Total foreign exchange contracts $ 27,707 $ 29,389 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 on the accompanying Consolidated Balance Sheets. For these instruments, the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into income in the same period or periods during which the hedged transaction affects income. At July 31, 2020 and 2019, unrealized losses of $385 and gains of $805 have been included in AOCI, respectively. Net Investment Hedges The Company has 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 consisting 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, which were repaid during fiscal 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 operations. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices, and the net gains or losses attributable to the changes in spot prices are recorded as cumulative translation within AOCI and are included in the foreign currency translation adjustments section of the Consolidated Statement of Comprehensive Income. As of July 31, 2020 and 2019, the cumulative balance recognized in accumulated other comprehensive income were gains of $13,957 and $12,440, respectively, on the Euro-denominated debt obligations. The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments: July 31, 2020 July 31, 2019 July 31, 2018 (Losses) gains recognized in OCI: Foreign exchange contracts (cash flow hedges) $ (576) $ 837 $ 966 Foreign currency denominated debt (net investment hedges) 1,517 2,480 612 Gains reclassified from OCI into cost of goods sold: Forward exchange contracts (cash flow hedges) 614 1,048 (551) Non-Designated Hedges During the fiscal years ended July 31, 2020, 2019, and 2018, the Company recognized gains of $2, losses of $52, and gains of $24, respectively, in “Investment and other income” in the Consolidated Statements of Income related to non-designated hedges. Fair values of derivative and hedging instruments in the accompanying Consolidated Balance Sheets were as follows: July 31, 2020 July 31, 2019 Prepaid expenses and Other current liabilities Prepaid expenses and Other current liabilities Current maturities on Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 588 $ 761 $ 472 $ — $ — Foreign currency denominated debt (net investment hedges) — — — — 50,189 Derivatives not designated as hedging instruments: Foreign exchange contracts 6 16 2 5 — Total derivative instruments $ 594 $ 777 $ 474 $ 5 $ 50,189 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Notes) | 12 Months Ended |
Jul. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Quarters First Second Third Fourth Total Fiscal 2019 Net sales $ 293,196 $ 282,426 $ 289,745 $ 295,278 $ 1,160,645 Gross margin 146,539 139,810 145,749 146,580 578,678 Operating income 40,622 36,030 39,621 46,155 162,428 Net income 30,637 29,227 34,781 36,613 131,258 Net income per Class A Nonvoting Common Share: Basic $ 0.59 $ 0.56 $ 0.66 $ 0.69 $ 2.50 Diluted $ 0.58 $ 0.55 $ 0.65 $ 0.68 $ 2.46 Fiscal 2020 Net sales $ 286,947 $ 276,665 $ 265,943 $ 251,744 $ 1,081,299 Gross margin 141,405 139,127 129,527 118,506 528,565 Operating income* 40,891 41,244 22,669 33,219 138,023 Net income 37,498 33,553 13,633 27,685 112,369 Net income per Class A Nonvoting Common Share: Basic $ 0.71 $ 0.63 $ 0.26 $ 0.53 $ 2.13 Diluted $ 0.70 $ 0.62 $ 0.26 $ 0.53 $ 2.11 * In the third quarter of fiscal 2020, the Company recognized before tax impairment charges of $13,821. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 12 Months Ended |
Jul. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On September 15, 2020, the Company announced an increase in the annual dividend to shareholders of the Company's Class A Common Stock, from $0.87 to $0.88 per share. A quarterly dividend of $0.22 will be paid on October 30, 2020, to shareholders of record at the close of busines s on October 9, 2020. This dividend represents an increase of 1.1% and is the 35th consecutive annual increase in dividends. |
Schedule II Valuation of Qualif
Schedule II Valuation of Qualifying Accounts | 12 Months Ended |
Jul. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Year ended July 31, Description 2020 2019 2018 (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 $ 5,005 $ 4,471 $ 4,629 Additions — Charged to expense 2,495 587 752 Deductions — Bad debts written off, net of recoveries (343) (53) (910) Balances at end of period $ 7,157 $ 5,005 $ 4,471 Inventory — Reserve for slow-moving inventory: Balances at beginning of period $ 13,404 $ 12,582 $ 14,322 Additions — Charged to expense 5,722 3,168 2,797 Deductions — Inventory write-offs (2,817) (2,346) (4,537) Balances at end of period $ 16,309 $ 13,404 $ 12,582 Valuation allowances against deferred tax assets: Balances at beginning of period $ 60,073 $ 56,866 $ 38,563 Additions during year 6,204 5,981 24,184 Deductions — Valuation allowances reversed/utilized (7,468) (2,774) (5,881) Balances at end of period $ 58,809 $ 60,073 $ 56,866 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2020 | |
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 wholly owned subsidiaries. The equity method of accounting is used for investments in the associated company where the Company has significant influence and generally 20% to 50% ownership interest. All intercompany accounts and transactions between consolidated subsidiaries have been eliminated in consolidation. Use of Estimates — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents — The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Concentration of Credit Risk — The Company places temporary cash investments with global financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of its financial institutions and limits the amount of credit exposure with any one financial institution. In addition, the Company has a broad customer base representing many diverse industries throughout the globe. Consequently, no significant concentration of credit risk is considered to exist. Accounts Receivables — Accounts receivables are stated at net realizable value. Specific customer reserves are made during review of significant outstanding balances due, in which customer creditworthiness and current economic trends may indicate that it is probable the receivable will not be recovered. In addition, general reserves are made for the remainder of accounts receivable based on historical loss experience, the age of the delinquent receivable balances due, and economic conditions. Accounts receivables are presented net of allowances for doubtful accounts of $7,157 and $5,005 as of July 31, 2020 and 2019, respectively. Inventories — Inventories are stated at the lower of cost or net realizable value and include material, labor, and overhead. Cost has been determined using the last-in, first-out (“LIFO”) method for certain inventories in the U.S. (14.7% of total inventories at July 31, 2020, and 13.4% of total inventories at July 31, 2019) 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 $7,195 and $7,259 as of July 31, 2020 and 2019, respectively. Inventories consist of the following as of July 31: 2020 2019 Finished products $ 85,547 $ 77,532 Work-in-process 24,044 20,515 Raw materials and supplies 26,071 21,990 Total inventories $ 135,662 $ 120,037 Property, Plant and Equipment — Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed primarily on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. The estimated useful lives range from 3 to 33 years as shown below. Property, plant and equipment consist of the following as of July 31: Range of Useful Lives 2020 2019 Land $ 9,960 $ 9,752 Buildings and improvements 10 to 33 Years 105,129 99,685 Machinery and equipment 3 to 10 Years 267,795 266,991 Construction in progress 8,432 7,500 Property, plant and equipment—gross 391,316 383,928 Accumulated depreciation (276,248) (273,880) Property, plant and equipment—net $ 115,068 $ 110,048 Depreciation expense was $18,218, $18,023, and $19,009 for the years ended July 31, 2020, 2019 and 2018, respectively. Goodwill — The Company evaluates the carrying amount of goodwill annually or more frequently if events or changes in circumstances have occurred that indicate the goodwill might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. When performing its annual impairment assessment, the Company evaluates the recoverability of goodwill assigned to each of its reporting units by comparing the estimated fair value of the respective reporting unit to the carrying value, including goodwill. The Company estimates fair value utilizing the income approach and the market approach. The income approach requires management to make a number of assumptions and estimates for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, working capital levels, income tax rates, and a weighted-average cost of capital reflecting the specific risk profile of the respective reporting unit. The market approach estimates fair value using performance multiples of comparable publically-traded compa nies. In the event the fair value of a reporting unit is less than the carrying value, including goodwill, an impairment loss, if any, is recognized for the difference between the implied fair value and the carrying value of the reporting unit's goodwill. The annual impairment testing performed on May 1, 2020, indicated that all reporting units with remaining goodwill had a fair value substantially in excess of its carrying value. No goodwill impairment charges were recognized during the year ended July 31, 2020. Other Intangible and Long-Lived Assets — Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives to reflect the pattern of economic benefits consumed. Intangible assets with indefinite lives as well as goodwill are not subject to amortization. These assets are assessed for impairment on an annual basis or more frequently if events or changes in circumstances have occurred that indicate the asset may not be recoverable or that the remaining estimated useful life may warrant revision. In addition, the Company performs qualitative assessments on a quarterly basis of significant events and circumstances, such as historical and current results, assumptions regarding future performance, and strategic initiatives and overall economic factors. The Company evaluates indefinite-lived intangible assets for impairment by comparing the estimated fair value of the asset to the carrying value. Fair value is estimated using the income approach based upon current sales projections applying the relief from royalty method. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company evaluates long-lived assets, including finite-lived intangible assets, operating lease assets, and property, plant, and equipment, for recoverability by comparing an estimate of undiscounted future cash flows, derived from internal forecasts, over the remaining life of the primary asset to the carrying amount of the asset group. To the extent the undiscounted future cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds its fair value. Indicators of impairment primarily in the WPS segment consisted of a decline in sales in certain of its businesses resulting from the economic challenges presented by the COVID-19 pandemic. As a result of impairment assessments performed, impairment charges of $13,821 were recognized in connection with writing down the carrying values of certain indefinite-lived intangible assets and long-lived assets to their respective fair values during the year ended July 31, 2020. Refer to Note 3, "Other Intangible and Long-Lived Assets" for further information regarding impairment charges during fiscal 2020. Leases — The Company determines whether an arrangement contains a lease at contract inception. The contract is considered to contain a lease if it provides the Company with the right to direct the use of and the right to obtain substantially all of the economic benefits from an identified asset in exchange for consideration. The Company recognizes a right-of-use ("ROU") asset and lease liability for its lease commitments with initial terms greater than one year. The initial measurement of ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the expected lease term. The ROU asset also includes any lease payments made on or before the commencement date, initial direct costs incurred, and is reduced by any lease incentives received. Some of the Company’s leases include options to extend the lease agreement, of which the exercise is at the Company’s sole discretion. The majority of renewal options are not included in the calculation of ROU assets and liabilities as they are not reasonably certain to be exercised. Some of the Company's lease agreements include rental payments that are adjusted periodically for inflation or the change in an index or rate. These variable lease payments are generally excluded from the initial measurement of the ROU asset and lease liability and are recognized in the period in which the obligation for those payments is incurred. The Company has lease agreements that include both lease and non-lease components, which the Company has elected to account for as a single lease component. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines the present value of future lease payments using its incremental borrowing rate, as the discount rate implicit within the Company’s leases generally cannot be readily determined. The incremental borrowing rate is estimated based on the sovereign credit rating for the countries in which the Company has its largest operations, adjusted for several factors, such as internal credit spread, lease terms, and other market information available at the lease commencement date. As of July 31, 2020, all leases are accounted for as operating leases, with lease expense being recognized on a straight-line basis over the lease term. Operating leases are reflected in “Operating lease assets,” “Current operating lease liabilities,” and “Long-term operating lease liabilities” in the accompanying Consolidated Balance Sheets. Operating lease expense is recognized in either cost of goods sold or selling, general, and administrative expenses in the Consolidated Statements of Income, based on the nature of the lease. ROU assets are evaluated for impairment in the same manner as long-lived assets. Impairment charges of $2,475 were recognized related to operating lease assets during the fiscal year ended July 31, 2020. Refer to Note 3, "Other Intangible and Long-Lived Assets" for additional information regarding the impairment charges recognized. Revenue Recognition — The majority of the Company’s revenue relates to the sale of identification solutions and workplace safety products to customers. The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606 "Revenue from Contracts with Customers", which was adopted on August 1, 2018 using the modified retrospective approach. Revenue is recognized when control of the product or service transfers to the customer in an amount that represents the consideration expected to be received in exchange for those products and services. The Company considers control to have transferred when legal title, physical possession, and the significant risks and rewards of ownership of the asset have transferred to the customer and the collection of the transaction price is reasonably assured, most of which occur upon shipment or delivery of goods to customers. Given the nature of the Company’s business, revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated customer returns and credit memos. The Company records an allowance for estimated product returns and credit memos using the expected value method based on historical experience, which is recognized as a deduction from net sales at the time of sale. As of July 31, 2020 and 2019, the Company had a reserve for estimated product returns and credit memos of $6,295 and $5,796, respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives, rebates, and cash discounts) given to its customers or resellers as a reduction of revenue. Sales incentives for the years ended July 31, 2020, 2019, and 2018 were $38,476, $40,811, and $40,671, respectively. Shipping and Handling Costs — Shipping and handling fees billed to a customer in a sale transaction are reported as net sales and the related costs incurred for shipping and handling are reported in cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred. Advertising expense for the years ended July 31, 2020, 2019, and 2018 was $63,482, $62,454, and $67,429, respectively. Stock-Based 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, net of estimated forfeitures, of all share-based awards 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. Refer to No te 7, “Stockholders' Equity” 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 net unrealized gains and losses from cash flow hedges, the unamortized gain on defined-benefit pension plans net of their related tax effects, and foreign currency translation adjustments, which includes the impact of foreign currency translations and the settlements of net investment hedges. Foreign Currency Translation — The assets and liabilities of subsidiaries whose functional currency is a currency other than the U.S. dollar 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 foreign currency translation adjustments are included in other comprehensive income. Income Taxes — The Company accounts for income taxes under the asset and liability method in accordance with ASC 740 "Income Taxes." Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax laws and rates applicable to the periods in which the differences are expected to be realized or settled. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized. The Company recognizes the benefit of income tax positions only if those positions are more likely than not to be sustained upon examination by the tax authority. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Fair Value of Financial Instruments — The Company believes that the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities) approximate fair value due to the short-term nature of these instruments. Refer to Note 6, "Debt" for more information regarding the fair value of long-term debt and Note 13, "Fair Value Measurements" for information regarding fair value measurements. 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 income effect of the hedged item. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Gains and losses resulting from changes in fair value of the derivatives designated as hedges are recorded as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income and are reclassified into the same income statement line item in the period or periods during which the hedged transaction affects income. Refer to Note 14, "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards Adopted Standards In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASC 842"), which replaced the former lease accounting standards. The update requires, among other items, lessees to recognize the assets and liabilities that arise from most leases on the balance sheet and disclose key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements," which provides, among other items, an additional transition method allowing a cumulative effect adjustment to the opening balance of retained earnings during the period of adoption. The Company adopted ASU 2016-02 (and related updates) effective August 1, 2019, using the optional transition method provided in ASU 2018-11 to apply this guidance to the impacted lease population at the date of initial application. Results for reporting periods beginning after August 1, 2019, are presented under ASU 2016-02, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect during those periods. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carryforward the historical lease accounting of expired or existing leases with respect to lease identification, lease classification and accounting treatment for initial direct costs as of the adoption date. The Company also elected the practical expedient related to lease versus nonlease components, allowing the Company to recognize lease and nonlease components as a single lease. Lastly, the Company elected the hindsight practical expedient, allowing the Company to use hindsight in determining the lease term and assessing impairment of right-of-use assets when transitioning to ASC 842. The Company has made a policy election not to capitalize leases with an initial term of 12 months or less. Upon adoption of ASC 842, the Company recorded additional operating lease assets and liabilities of $55,984 and $58,544, respectively, as of August 1, 2019, which included operating lease assets and liabilities of $9,769 and $9,674, respectively, for leases that commenced on the adoption date of August 1, 2019. No cumulative effect adjustment to retained earnings was recognized upon adoption of the new standard. Adoption of ASC 842 did not have a material impact on the Company's cash flows or operating results. Refer to Note 4 "Leases" for add itional information and required disclosures under the new standard. In August 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which simplifies and reduces the complexity of the hedge accounting requirements and better aligns an entity's financial reporting for hedging relationships with its risk management activities. The guidance is effective for interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 effective August 1, 2019, using the required modified retrospective adoption approach to apply this guidance to existing hedging relationships as of the adoption date, which did not have a material impact on its consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss model ("CECL") that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for interim periods in fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 effective August 1, 2020, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Goodwill and Other, Simplifying the Test 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. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company adopted this guidance, effective August 1, 2020. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)." The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after Dec ember 15, 2020, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Inventories (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following as of July 31: 2020 2019 Finished products $ 85,547 $ 77,532 Work-in-process 24,044 20,515 Raw materials and supplies 26,071 21,990 Total inventories $ 135,662 $ 120,037 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Property, plant and equipment (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following as of July 31: Range of Useful Lives 2020 2019 Land $ 9,960 $ 9,752 Buildings and improvements 10 to 33 Years 105,129 99,685 Machinery and equipment 3 to 10 Years 267,795 266,991 Construction in progress 8,432 7,500 Property, plant and equipment—gross 391,316 383,928 Accumulated depreciation (276,248) (273,880) Property, plant and equipment—net $ 115,068 $ 110,048 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Schedule of Goodwill (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
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, 2020 and 2019, were as follows: IDS WPS Total Balance as of July 31, 2018 $ 385,524 $ 34,291 $ 419,815 Translation adjustments (6,519) (2,309) (8,828) Balance as of July 31, 2019 $ 379,005 $ 31,982 $ 410,987 Translation adjustments 3,342 1,705 5,047 Balance as of July 31, 2020 $ 382,347 $ 33,687 $ 416,034 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The net book value of these assets was as follows: July 31, 2020 July 31, 2019 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Amortized other intangible assets: Customer relationships and other 9 $ 45,385 $ (32,670) $ 12,715 9 $ 46,595 $ (29,343) $ 17,252 Unamortized other intangible assets: Tradenames N/A 9,619 — 9,619 N/A 18,871 — 18,871 Total $ 55,004 $ (32,670) $ 22,334 $ 65,466 $ (29,343) $ 36,123 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Leases [Abstract] | ||
Lease, Cost | The following table summarizes lease expense recognized for the fiscal year ended July 31, 2020: Consolidated Statements of Income Location 2020 Operating lease cost Cost of goods sold $ 9,197 Operating lease cost Selling, general, and administrative expenses 8,974 | |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2020: Years ended July 31, Operating Leases 2021 $ 16,684 2022 14,703 2023 9,819 2024 5,677 2025 2,413 Thereafter 955 Total lease payments $ 50,251 Less: interest (2,965) Present value of lease liabilities $ 47,286 | |
Weighted-Average Lease Disclosures | The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2020 were as follows: July 31, 2020 Weighted average remaining lease term (in years) 3.5 Weighted average discount rate 3.5 % | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes future minimum lease payments under operating leases as of July 31, 2019: Years ended July 31, Operating Leases 2020 $ 18,450 2021 16,132 2022 13,439 2023 10,065 2024 5,656 Thereafter 3,502 Total future minimum lease payments $ 67,244 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Earnings from Continuing Operations | Income before income taxes and losses of unconsolidated affiliate consists of the following: Years Ended July 31, 2020 2019 2018 United States $ 69,433 $ 55,077 $ 48,903 Other Nations 71,503 109,567 103,112 Total $ 140,936 $ 164,644 $ 152,015 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense consists of the following: Years Ended July 31, 2020 2019 2018 Current income tax expense: United States $ 3,031 $ 2,232 $ 2,830 Other Nations 25,133 22,445 26,593 States (U.S.) 1,160 913 910 $ 29,324 $ 25,590 $ 30,333 Deferred income tax expense (benefit): United States $ 1,072 $ 8,451 $ 30,267 Other Nations (2,065) (667) (1,462) States (U.S.) (10) 12 1,817 $ (1,003) $ 7,796 $ 30,622 Total income tax expense $ 28,321 $ 33,386 $ 60,955 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences are as follows as of July 31, 2020 and 2019: July 31, 2020 Assets Liabilities Total Inventories $ 4,385 $ (58) $ 4,327 Prepaid catalog costs — (15) (15) Employee compensation and benefits 3,339 (72) 3,267 Accounts receivable 1,518 — 1,518 Fixed assets 3,663 (7,285) (3,622) Intangible assets 1,026 (31,488) (30,462) Deferred and equity-based compensation 7,851 — 7,851 Postretirement benefits 3,002 (31) 2,971 Tax credit and net operating loss carry-forwards 56,447 — 56,447 Valuation allowances (58,809) — (58,809) Other, net 11,786 (4,700) 7,086 Total $ 34,208 $ (43,649) $ (9,441) July 31, 2019 Assets Liabilities Total Inventories $ 3,856 $ (1) $ 3,855 Prepaid catalog costs — (631) (631) Employee compensation and benefits 7,021 (89) 6,932 Accounts receivable 943 (233) 710 Fixed assets 3,125 (6,869) (3,744) Intangible assets 1,432 (31,415) (29,983) Deferred and equity-based compensation 7,352 — 7,352 Postretirement benefits 2,659 (71) 2,588 Tax credit and net operating loss carry-forwards 62,966 — 62,966 Valuation allowances (60,073) — (60,073) Other, net 7,406 (7,961) (555) Total $ 36,687 $ (47,270) $ (10,583) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax rate computed by applying the statutory U.S. federal income tax rate to income before income taxes and losses of unconsolidated affiliate to the total income tax expense is as follows: Years Ended July 31, 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 26.9 % State income taxes, net of federal tax benefit 1.0 % 0.3 % 1.6 % International rate differential (1) 5.1 % 2.2 % (1.1) % Rate variances arising from foreign subsidiary distributions 0.2 % (0.4) % 0.8 % Foreign tax credit carryforward valuation allowance (2) (1.4) % 1.8 % 14.1 % Divestiture of business (3) — % — % (0.8) % Adjustments to tax accruals and reserves (4) (2.0) % (3.6) % 2.2 % Non-deductible executive compensation (5) 0.5 % 2.3 % 0.5 % Research and development tax credits and domestic manufacturer’s deduction (2.0) % (1.6) % (2.0) % Deferred tax and other adjustments, net (2.3) % (1.7) % (2.1) % Income tax rate 20.1 % 20.3 % 40.1 % (1) Represents the foreign income tax rate differential when compared to the U.S. statutory income tax rate for the years ended July 31, 2020, 2019, and 2018. (2) The year ended July 31, 2018, includes the establishment of a valuation allowance against foreign tax credit carryforwards as a result of the Tax Reform Act. (3) The year ended July 31, 2018, includes the divestiture of the Company's Runelandhs business based in Sweden. Refer to Note 15, "Divestiture" for additional information. (4) The years ended July 31, 2020 and 2019, include reductions of uncertain tax positions resulting from the closure of audits and lapses in statues of limitations, while the year ended July 31, 2018, includes increases in uncertain tax positions. (5) The years ended July 31, 2020, 2019 and 2018, include non-deductible compensation such as salaries, bonuses, and other equity compensation of the Company's executives (as defined in Internal Revenue Service Code Section 162(m)). |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of unrecognized tax benefits (excluding interest and penalties) is as follows: Balance at July 31, 2017 $ 18,362 Additions based on tax positions related to the current year 2,467 Additions for tax positions of prior years 1,586 Reductions for tax positions of prior years (23) Lapse of statute of limitations (489) Settlements with tax authorities (1,277) Cumulative translation adjustments and other (196) Balance as of July 31, 2018 $ 20,430 Additions based on tax positions related to the current year 2,518 Additions for tax positions of prior years 612 Reductions for tax positions of prior years (378) Lapse of statute of limitations (8,140) Cumulative translation adjustments and other (201) Balance as of July 31, 2019 $ 14,841 Additions based on tax positions related to the current year 2,798 Additions for tax positions of prior years 1,295 Reductions for tax positions of prior years (5,087) Lapse of statute of limitations (117) Cumulative translation adjustments and other (108) Balance as of July 31, 2020 $ 13,622 |
Schedule of Open Tax Years by Major Jurisdictions | The following table summarizes the open tax years for the Company's major jurisdictions: Jurisdiction Open Tax Years United States — Federal F’18 — F’20 |
Stockholder's Investments (Tabl
Stockholder's Investments (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Schedule of Capital Stock | Information as to the Company’s capital stock at July 31, 2020 and 2019 is as follows: July 31, 2020 July 31, 2019 Shares Shares (thousands) Shares Shares (thousands) Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 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’ equity for the fiscal years ended July 31, 2020, 2019, and 2018: Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2017 $ 8,124 $ (8,124) $ — Shares at July 31, 2017 314,082 314,082 Sale of shares at cost $ (977) $ 977 $ — Purchase of shares at cost 1,075 (1,075) — Balances at July 31, 2018 $ 8,222 $ (8,222) $ — Shares at July 31, 2018 299,916 299,916 Sale of shares at cost $ (928) $ 928 $ — Purchase of shares at cost 1,212 (1,212) — Balances at July 31, 2019 $ 8,506 $ (8,506) $ — Shares at July 31, 2019 285,533 285,533 Sale of shares at cost $ (460) $ 460 $ — Purchase of shares at cost 1,293 (1,293) — Balances at July 31, 2020 $ 9,339 $ (9,339) $ — Shares at July 31, 2020 292,329 292,329 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Black-Scholes Option Valuation Assumptions 2020 2019 2018 Expected term (in years) 6.20 6.20 6.07 Expected volatility 26.07 % 26.05 % 28.19 % Expected dividend yield 2.63 % 2.71 % 2.72 % Risk-free interest rate 1.64 % 3.01 % 1.96 % Weighted-average market value of underlying stock at grant date $ 54.05 $ 43.96 $ 36.85 Weighted-average exercise price $ 54.05 $ 43.96 $ 36.85 Weighted-average fair value of options granted during the period $ 10.63 $ 9.70 $ 7.96 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | for the fiscal year ended July 31, 2020: Time-Based Options Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2019 $ 19.96 — $43.98 1,594,716 $ 31.63 New grants 54.05 247,297 54.05 Exercised 19.96 — 43.98 (556,143) 27.21 Forfeited 22.66 — 54.05 (12,488) 39.59 Balance as of July 31, 2020 $ 19.96 — $54.05 1,273,382 $ 37.84 |
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, 2020: Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2020 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2020 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $19.96 - $29.99 265,600 4.1 $ 22.07 265,600 4.1 $ 22.07 $30.00 - $39.99 519,870 6.2 35.36 433,576 6.0 35.07 $40.00 - $54.05 487,912 8.7 49.06 77,097 8.2 43.96 Total 1,273,382 6.7 $ 37.84 776,273 5.5 $ 31.50 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following tables summarize the RSU activity for the fiscal year ended July 31, 2020: Time-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2019 188,638 $ 38.15 New grants 76,358 53.38 Vested (107,187) 35.49 Forfeited (2,849) 43.73 Balance as of July 31, 2020 154,960 $ 47.39 The time-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $44.20. The total fair value of time-based RSUs vested during the years ended July 31, 2020 and 2019, was $9,776 and $9,859, respectively. Performance-Based RSUs Shares Weighted Average Grant Date Balance as of July 31, 2019 158,410 $ 38.33 New grants (1) 71,921 75.00 Vested (87,928) 32.03 Forfeited (16,343) 52.16 Balance as of July 31, 2020 126,060 $ 50.61 (1) Includes 32,975 shares resulting from the payout of performance-based RSUs granted in fiscal year 2018 due to achievement of performance metrics exceeding the target payout. The performance-based RSUs granted during the fiscal year ended July 31, 2020, had a weighted-average grant-date fair value determined by a third-party valuation involving the use of a Monte Carlo simulation. The performance-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $50.70. The aggregate intrinsic value of unvested time-based and performance-based RSUs outstanding at July 31, 2020 and 2019, and expected to vest, was $14,013 and $17,953, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Following is a summary of segment information as of and for the years ended July 31, 2020, 2019 and 2018: 2020 2019 2018 Net sales: ID Solutions Americas $ 532,357 $ 577,156 $ 556,172 Europe 165,490 193,852 197,737 Asia 86,860 92,092 92,178 Total $ 784,707 $ 863,100 $ 846,087 Workplace Safety Americas $ 92,513 $ 98,788 $ 106,910 Europe 152,407 150,480 170,265 Australia 51,672 48,277 50,589 Total $ 296,592 $ 297,545 $ 327,764 Total Company Americas $ 624,870 $ 675,944 $ 663,082 Europe 317,897 344,332 368,002 Asia-Pacific 138,532 140,369 142,767 Total $ 1,081,299 $ 1,160,645 $ 1,173,851 Depreciation & amortization: ID Solutions $ 20,745 $ 21,387 $ 22,075 WPS 2,692 2,412 3,367 Total Company $ 23,437 $ 23,799 $ 25,442 Segment profit: ID Solutions $ 150,639 $ 164,953 $ 143,411 WPS 21,019 23,025 31,712 Total Company $ 171,658 $ 187,978 $ 175,123 Assets: ID Solutions $ 737,589 $ 740,437 $ 737,174 WPS 187,234 137,799 138,329 Corporate 217,643 279,072 181,428 Total Company $ 1,142,466 $ 1,157,308 $ 1,056,931 Expenditures for property, plant & equipment: ID Solutions $ 17,637 $ 17,849 $ 17,283 WPS 9,640 14,976 4,494 Total Company $ 27,277 $ 32,825 $ 21,777 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the years ended July 31, 2020, 2019 and 2018: Years Ended July 31, 2020 2019 2018 Total profit from reportable segments $ 171,658 $ 187,978 $ 175,123 Unallocated costs: Administrative costs (19,814) (25,550) (27,093) Impairment charges (1) (13,821) — — Gain on sale of business (2) — — 4,666 Investment and other income 5,079 5,046 2,487 Interest expense (2,166) (2,830) (3,168) Income before income taxes and losses of unconsolidated affiliate $ 140,936 $ 164,644 $ 152,015 (1) Of the total $13,821 impairment charges recognized in the year ended July 31, 2020, $11,029 related to the WPS segment and $2,792 related to the IDS segment. (2) Gain on sale of business during the year ended July 31, 2018 relates to the WPS segment. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Revenues* Long-Lived Assets** 2020 2019 2018 2020 2019 2018 Geographic information: United States $ 627,160 $ 674,924 $ 663,935 $ 361,005 $ 365,205 $ 366,638 Other 509,530 546,923 573,652 234,330 191,953 193,710 Eliminations (55,391) (61,202) (63,736) — — — Consolidated total $ 1,081,299 $ 1,160,645 $ 1,173,851 $ 595,335 $ 557,158 $ 560,348 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant and equipment, goodwill, other intangible assets, and operating lease assets. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
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, 2020 2019 2018 Numerator (in thousands): Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 112,369 $ 131,258 $ 91,060 Less: Preferential dividends (828) (815) (799) Preferential dividends on dilutive stock options (10) (13) (14) Numerator for basic and diluted income per Class B Voting Common Share $ 111,531 $ 130,430 $ 90,247 Denominator (in thousands): Denominator for basic income per share for both Class A and Class B 52,763 52,596 51,677 Plus: Effect of dilutive equity awards 468 727 847 Denominator for diluted income per share for both Class A and Class B 53,231 53,323 52,524 Net income per Class A Nonvoting Common Share: Basic $ 2.13 $ 2.50 $ 1.76 Diluted $ 2.11 $ 2.46 $ 1.73 Net income per Class B Voting Common Share: Basic $ 2.11 $ 2.48 $ 1.75 Diluted $ 2.10 $ 2.45 $ 1.72 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | at July 31, 2020 and July 31, 2019, according to the valuation techniques the Company used to determine their fair values. July 31, 2020 July 31, 2019 Fair Value Hierarchy Assets: Trading securities $ 18,606 $ 15,744 Level 1 Foreign exchange contracts 594 474 Level 2 Liabilities: Foreign exchange contracts $ 777 $ 5 Level 2 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | During the fiscal years ended July 31, 2020, 2019, and 2018, the Company recognized gains of $2, losses of $52, and gains of $24, respective |
Schedule of Notional Amounts of Outstanding Derivative Positions | The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows: July 31, 2020 July 31, 2019 Designated as cash flow hedges $ 24,600 $ 26,013 Non-designated hedges 3,107 3,376 Total foreign exchange contracts $ 27,707 $ 29,389 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments: July 31, 2020 July 31, 2019 July 31, 2018 (Losses) gains recognized in OCI: Foreign exchange contracts (cash flow hedges) $ (576) $ 837 $ 966 Foreign currency denominated debt (net investment hedges) 1,517 2,480 612 Gains reclassified from OCI into cost of goods sold: Forward exchange contracts (cash flow hedges) 614 1,048 (551) |
Fair Value, by Balance Sheet Grouping | Fair values of derivative and hedging instruments in the accompanying Consolidated Balance Sheets were as follows: July 31, 2020 July 31, 2019 Prepaid expenses and Other current liabilities Prepaid expenses and Other current liabilities Current maturities on Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 588 $ 761 $ 472 $ — $ — Foreign currency denominated debt (net investment hedges) — — — — 50,189 Derivatives not designated as hedging instruments: Foreign exchange contracts 6 16 2 5 — Total derivative instruments $ 594 $ 777 $ 474 $ 5 $ 50,189 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters First Second Third Fourth Total Fiscal 2019 Net sales $ 293,196 $ 282,426 $ 289,745 $ 295,278 $ 1,160,645 Gross margin 146,539 139,810 145,749 146,580 578,678 Operating income 40,622 36,030 39,621 46,155 162,428 Net income 30,637 29,227 34,781 36,613 131,258 Net income per Class A Nonvoting Common Share: Basic $ 0.59 $ 0.56 $ 0.66 $ 0.69 $ 2.50 Diluted $ 0.58 $ 0.55 $ 0.65 $ 0.68 $ 2.46 Fiscal 2020 Net sales $ 286,947 $ 276,665 $ 265,943 $ 251,744 $ 1,081,299 Gross margin 141,405 139,127 129,527 118,506 528,565 Operating income* 40,891 41,244 22,669 33,219 138,023 Net income 37,498 33,553 13,633 27,685 112,369 Net income per Class A Nonvoting Common Share: Basic $ 0.71 $ 0.63 $ 0.26 $ 0.53 $ 2.13 Diluted $ 0.70 $ 0.62 $ 0.26 $ 0.53 $ 2.11 * In the third quarter of fiscal 2020, the Company recognized before tax impairment charges of $13,821. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Accounts Receivables (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 7,157 | $ 5,005 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Accounting Policies [Abstract] | ||
Finished products | $ 85,547 | $ 77,532 |
Work-in-process | 24,044 | 20,515 |
Raw materials and supplies | 26,071 | 21,990 |
Inventories | $ 135,662 | $ 120,037 |
Percentage of LIFO Inventory | 14.70% | 13.40% |
Inventory, LIFO Reserve, Effect on Income, Net | $ 7,195 | $ 7,259 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 9,960 | $ 9,752 | |
Buildings and improvements | 105,129 | 99,685 | |
Machinery and equipment | 267,795 | 266,991 | |
Construction in progress | 8,432 | 7,500 | |
Property, plant and equipment—gross | 391,316 | 383,928 | |
Accumulated depreciation | (276,248) | (273,880) | |
Property, plant and equipment—net | 115,068 | 110,048 | |
Depreciation | $ 18,218 | $ 18,023 | $ 19,009 |
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 | ||
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 Accoun_8
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Accounting Policies [Abstract] | ||
Contract with Customer, Refund Liability | $ 6,295 | $ 5,796 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Sales Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Accounting Policies [Abstract] | |||
Sales Incentives | $ 38,476 | $ 40,811 | $ 40,671 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 63,482 | $ 62,454 | $ 67,429 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Aug. 01, 2019 | Jul. 31, 2019 |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |||
Operating lease assets | $ 41,899 | $ 55,984 | $ 0 |
Operating Lease, Liability | $ 47,286 | $ 58,544 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 410,987 | $ 419,815 |
Goodwill, Foreign Currency Translation Gain (Loss) | 5,047 | 8,828 |
Goodwill, Ending Balance | 416,034 | 410,987 |
Identification Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 379,005 | 385,524 |
Goodwill, Foreign Currency Translation Gain (Loss) | 3,342 | 6,519 |
Goodwill, Ending Balance | 382,347 | 379,005 |
Workplace Safety | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 31,982 | 34,291 |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,705 | 2,309 |
Goodwill, Ending Balance | $ 33,687 | $ 31,982 |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years | 9 years | |
Finite-Lived Intangible Assets, Gross | $ 45,385 | $ 46,595 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 32,670 | 29,343 | |
Finite-Lived Intangible Assets, Net | 12,715 | 17,252 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 9,619 | 18,871 | |
Other intangible assets | 22,334 | 36,123 | |
Intangible Assets, Gross (Excluding Goodwill) | 55,004 | 65,466 | |
Amortization of Intangible Assets | 5,219 | 5,776 | $ 6,433 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 5,384 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 5,140 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,191 | ||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 2,681 | ||
Impaired Indefinite-Lived Tradenames, Carrying Value Prior to Impairment Charges | 9,328 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,665 | ||
Operating Lease, Impairment Loss | 2,475 | ||
Impaired Indefinite-Lived Intangible Assets, Fair Value After Impairment | 663 | ||
Asset Impairment Charges | 13,821 | $ 0 | $ 0 |
Identification Solutions | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 2,353 | ||
Operating Lease, Impairment Loss | 440 | ||
Workplace Safety | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 328 | ||
Operating Lease, Impairment Loss | $ 2,035 |
Operating Lease Cost (Details)
Operating Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Operating Leased Assets [Line Items] | |||
Operating Lease, Payments | $ 17,123 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 12,641 | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | ||
Operating Lease, Cost | $ 19,984 | $ 15,938 | |
Cost of Sales [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Cost | $ 9,197 | ||
Selling, General and Administrative Expenses [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Cost | $ 8,974 |
Lease Maturity Disclosure (Deta
Lease Maturity Disclosure (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Aug. 01, 2019 | Jul. 31, 2019 |
Leases [Abstract] | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 16,684 | $ 18,450 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 14,703 | 16,132 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 9,819 | 13,439 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 5,677 | 10,065 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 2,413 | 5,656 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 955 | 3,502 | |
Lessee, Operating Lease, Liability, to be Paid | 50,251 | $ 67,244 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (2,965) | ||
Operating Lease, Liability | $ 47,286 | $ 58,544 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Retirement and Profit Sharing Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and other postretirement benefit expense | $ 12,129 | $ 14,158 | $ 14,395 |
Accrued retirement and profit-sharing contributions | 3,577 | 3,342 | |
Deferred Compensation Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, recorded liability | $ 18,606 | $ 15,744 |
Income Taxes - Schedule of (Los
Income Taxes - Schedule of (Loss) Earnings from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 69,433 | $ 55,077 | $ 48,903 |
Other Nations | 71,503 | 109,567 | 103,112 |
Income before income taxes and losses of unconsolidated affiliate | $ 140,936 | $ 164,644 | $ 152,015 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Current income tax expense: | |||
United States | $ 3,031 | $ 2,232 | $ 2,830 |
Other Nations | 25,133 | 22,445 | 26,593 |
States (U.S.) | 1,160 | 913 | 910 |
Total current income tax expense | 29,324 | 25,590 | 30,333 |
Deferred income tax expense (benefit): | |||
United States | 1,072 | 8,451 | 30,267 |
Other Nations | (2,065) | (667) | (1,462) |
States (U.S.) | (10) | 12 | 1,817 |
Total deferred income tax (benefit) expense | (1,003) | 7,796 | 30,622 |
Income Tax Expense (Benefit), Continuing Operations | $ 28,321 | $ 33,386 | $ 60,955 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Liabilities, Gross | $ 43,649 | $ 47,270 |
Deferred Tax Assets, Gross | 34,208 | 36,687 |
Deferred Tax Liabilities, Other | 4,700 | 7,961 |
Deferred Tax Assets, Tax Deferred Expense, Other | 11,786 | 7,406 |
Deferred Tax Liability, Valuation Allowance | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | 58,809 | 60,073 |
Deferred Tax Liabilities Tax Credit Carryforwards And Net Operating Losses | 0 | 0 |
Deferred Tax Assets, Tax Credit Carryforwards | 56,447 | 62,966 |
Deferred tax liabilities, deferred tax expense, postretirement benefits | 31 | 71 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 3,002 | 2,659 |
Deferred Tax Liability, Deferred Expense, Deferred Compensation | 0 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 7,851 | 7,352 |
Deferred Tax Liabilities, Intangible Assets | 31,488 | 31,415 |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,026 | 1,432 |
Deferred Tax Liabilities, Property, Plant and Equipment | 7,285 | 6,869 |
Deferred Tax Assets, Property, Plant and Equipment | 3,663 | 3,125 |
Deferred Tax Liabilities Accounts Receivable | 0 | 233 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,518 | 943 |
Deferred Tax Liabilities Tax Deferred Expense Compensation And Benefits Employee Benefits | 72 | 89 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 3,339 | 7,021 |
Deferred Tax Liabilities, Prepaid Expenses | 15 | 631 |
Deferred Tax Asset Prepaid Catalog Costs | 0 | 0 |
Deferred Tax Liabilities, Inventory | 58 | 1 |
Deferred Tax Assets, Inventory | 4,385 | 3,856 |
Net of liabilities [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 58,809 | |
Deferred Tax Assets, Tax Credit Carryforwards | 56,447 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 2,971 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 7,851 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,518 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 3,267 | |
Deferred Tax Assets, Inventory | 4,327 | |
Net of assets [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Liabilities, Net | 9,441 | 10,583 |
Deferred Tax Liabilities, Other | 7,086 | |
Deferred Tax Liabilities, Intangible Assets | 30,462 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 3,622 | |
Deferred Tax Liabilities, Prepaid Expenses | $ 15 | |
Net of liabilities [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Net, Deferred Expense, Compensation and Benefits, Postretirement Benefits | 2,588 | |
Deferred Tax Assets, Valuation Allowance | 60,073 | |
Deferred Tax Assets, Tax Credit Carryforwards | 62,966 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 7,352 | |
Deferred Tax Liabilities, Intangible Assets | 29,983 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 710 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 6,932 | |
Deferred Tax Assets, Inventory | 3,855 | |
Net of assets [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Liabilities, Other | 555 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 3,744 | |
Deferred Tax Liabilities, Prepaid Expenses | $ 631 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | ||
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 96 | $ 2,357 | $ 83 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||
Tax at statutory rate | 21.00% | 21.00% | 26.90% | |
State income taxes, net of federal tax benefit | [1] | 1.00% | 0.30% | 1.60% |
International rate differential(1) | 5.10% | 2.20% | (1.10%) | |
Rate variances arising from foreign subsidiary distributions | 0.20% | (0.40%) | 0.80% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (1.40%) | 1.80% | 14.10% | |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 0.00% | 0.00% | (0.80%) | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | [2] | (2.00%) | (3.60%) | 2.20% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0.50% | 2.30% | 0.50% | |
Research and development tax credits and domestic manufacturer’s deduction | (2.00%) | (1.60%) | (2.00%) | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (2.30%) | (1.70%) | (2.10%) | |
Income tax rate | 20.10% | 20.30% | 40.10% | |
[1] | T | |||
[2] | he year ended July 31, 2018, includes the divestiture of the Company's Runelandhs business based in Sweden. Refer to Note 15, "Divestiture" for additional information. |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 10,557 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 372 | $ 1,013 | $ 556 |
Unrecognized Tax Benefits: | |||
Beginning balance | 14,841 | 20,430 | 18,362 |
Additions based on tax positions related to the current year | 2,798 | 2,518 | 2,467 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,295 | 612 | 1,586 |
Reductions for tax positions of prior years | (5,087) | (378) | (23) |
Lapse of statute of limitations | (117) | (8,140) | (489) |
Settlements with tax authorities | (1,277) | ||
Ending balance | 13,622 | 14,841 | 20,430 |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | $ (108) | $ (201) | $ (196) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits | $ 13,622 | $ 14,841 | $ 20,430 | $ 18,362 |
State Net Operating Loss Carryforwards Expiration Dates | 2025 to 2040 | |||
Foreign Tax Credit Carryforward Expiration Dates | 2021 to 2029 | |||
State Research And Development Tax Credit Carryforward Expiration Dates | 2021 to 2035 | |||
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 96 | 2,357 | $ 83 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,354 | 1,740 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1,437 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 658 | 663 | ||
Unrecognized Tax Benefits Recognized In Other Liabilities | 8,931 | 10,218 | ||
Reduction Of Longterm Deferred Income Tax Assets Excluding Interest and Penalties | 4,691 | $ 4,623 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 504 | |||
Tax Benefits Associated with Closure of Tax Audits | $ 5,133 | |||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2018 | |||
Internal Revenue Service (IRS) [Member] | Tax Year 2019 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2020 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | $ 96,104 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 86,063 | |||
Other Tax Carryforward, Gross Amount | 24,633 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 29,109 | |||
Other Tax Carryforward, Gross Amount | $ 12,714 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Debt Instrument [Line Items] | ||
Current maturities on long-term debt | $ 0 | $ 50,166 |
Long-term debt | 50,166 | |
Letters of credit outstanding | 3,116 | $ 3,271 |
Line of credit facility, maximum amount outstanding during period | 16,200 | |
Line of credit, remaining borrowing capacity | 196,900 | |
Line of credit, maximum borrowing capacity | $ 396,900 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Debt Disclosure [Abstract] | ||
Current maturities on long-term debt | $ 0 | $ 50,166 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Line of Credit Facilities [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 396,900 | |
Line of credit facility, maximum amount outstanding during period | 16,200 | |
Line of credit, remaining borrowing capacity | 196,900 | |
Debt Instruments [Abstract] | ||
Letters of credit outstanding | 3,116 | $ 3,271 |
Long-term debt, fair value | 51,566 | |
Current maturities on long-term debt | $ 0 | 50,166 |
Long-term debt | 50,166 | |
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | ||
Debt Instruments [Abstract] | ||
Debt face amount | $ 45,000 |
Stockholder's Investments - Sch
Stockholder's Investments - Schedule of Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Class of Stock [Line Items] | ||
Noncumulative Cash Dividend | $ 0.01665 | |
Common Stock, Value, Issued | $ 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, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 25 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 26.07% | 26.05% | 28.19% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.63% | 2.71% | 2.72% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.64% | 3.01% | 1.96% |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Market Value Of Underlying Stock at Grant Date | $ 54.05 | $ 43.96 | $ 36.85 |
Black-Scholes Option Valuation Assumptions, Weighted-Average Exercise Price | 54.05 | 43.96 | 36.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.63 | $ 9.70 | $ 7.96 |
Stockholder's Investments - S_2
Stockholder's Investments - Schedule of Other Activity in Stockholders' Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | |
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ 0 | $ 0 | $ 0 | |
Purchase Of Shares At Cost | 0 | 0 | 0 | |
Ending Balance, Other Stockholders Equity | 0 | 0 | 0 | $ 0 |
Shares Held Rabbi Trust At Cost [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | (460) | (928) | (977) | |
Purchase Of Shares At Cost | (1,293) | (1,212) | (1,075) | |
Ending Balance, Other Stockholders Equity | $ (9,339) | $ (8,506) | $ (8,222) | $ (8,124) |
Ending Balance, Other Stockholders Equity Shares | 292,329 | 285,533 | 299,916 | 314,082 |
Deferred Compensation [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ (460) | $ (928) | $ (977) | |
Purchase Of Shares At Cost | (1,293) | (1,212) | (1,075) | |
Ending Balance, Other Stockholders Equity | $ 9,339 | $ 8,506 | $ 8,222 | $ 8,124 |
Ending Balance, Other Stockholders Equity Shares | 292,329 | 285,533 | 299,916 | 314,082 |
Stockholder's Investments - Sum
Stockholder's Investments - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance, Price Lower Range | $ 19.96 | ||
Options Outstanding, Beginning Balance, Price Upper Range | 43.98 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Price | 54.05 | ||
Options Exercised, Price Lower Range | 19.96 | ||
Options Exercised, Price Upper Range | 43.98 | ||
Options Cancelled, Price Lower Range | 22.66 | ||
Options Cancelled, Price Upper Range | 54.05 | ||
Options Outstanding, Ending Balance, Price Lower Range | 19.96 | $ 19.96 | |
Options Outstanding, Ending Balance, Price Upper Range | $ 54.05 | $ 43.98 | |
Options, Outstanding [Roll Forward] | |||
Shares Outstanding, Beginning Balance | 1,594,716 | ||
Options Granted | 247,297 | ||
Options Exercised | (556,143) | ||
Options Cancelled | (12,488) | ||
Shares Outstanding, Ending Balance | 1,273,382 | 1,594,716 | |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Options Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 31.63 | ||
Options Granted, Weighted Average Exercise Price | 54.05 | $ 43.96 | $ 36.85 |
Options Exercised, Weighted Average Exercise Price | 27.21 | ||
Options Cancelled, Weighted Average Exercise Price | 39.59 | ||
Options Outstanding, Ending Balance, Weighted Average Exercise Price | $ 37.84 | $ 31.63 | |
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 1,273,382 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months 12 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 37.84 | ||
Exercise Price Range, Number of Exercisable Options | 776,273 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 5 years 6 months | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 31.50 | ||
$19.96 - $26.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 265,600 | ||
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 | $ 22.07 | ||
Exercise Price Range, Number of Exercisable Options | 265,600 | ||
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 | $ 22.07 | ||
$27.00 - $32.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 519,870 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 35.36 | ||
Exercise Price Range, Number of Exercisable Options | 433,576 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 6 years | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 35.07 | ||
$33.00 - $43.98 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 487,912 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 8 years 8 months 12 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 49.06 | ||
Exercise Price Range, Number of Exercisable Options | 77,097 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 43.96 | ||
Service Based Restricted Shares and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 9,776 | $ 9,859 | |
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 188,638 | ||
Restricted Shares and RSUs, Grants in Period | 76,358 | ||
Restricted Shares and RSUs, Vested in Period | (107,187) | ||
Restricted Shares and RSUs, Forfeited in Period | (2,849) | ||
Restricted Shares and RSUs, Nonvested, Number | 154,960 | 188,638 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 38.15 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 53.38 | $ 44.20 | |
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 35.49 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 43.73 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 47.39 | $ 38.15 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 14,013 | $ 17,953 | |
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 158,410 | ||
Restricted Shares and RSUs, Grants in Period | 71,921 | ||
Restricted Shares and RSUs, Vested in Period | (87,928) | ||
Restricted Shares and RSUs, Forfeited in Period | (16,343) | ||
Restricted Shares and RSUs, Nonvested, Number | 126,060 | 158,410 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 38.33 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 75 | $ 50.70 | |
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 32.03 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 52.16 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 50.61 | $ 38.33 |
Stockholder's Investments - Add
Stockholder's Investments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
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 | $ 0.833 | ||
Class A Nonvoting Common Stock Shares Reserved for Outstanding Share-Based Awards | 1,554,402 | ||
Number of Shares Remaining for Future Issuance of Share-Based Awards | 3,348,834 | ||
Share-based Compensation Expense | $ 8,843 | $ 12,092 | $ 9,980 |
Share-based Compensation Expense, Net of Tax | 8,048 | 10,628 | 7,485 |
Share-Based Compensation Cost Not yet Recognized | $ 9,334 | ||
Share-Based Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
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 | $ 2,800 | 2,864 | 3,006 |
Options, Exercised in Period, Aggregate Intrinsic Value | $ 14,692 | $ 20,969 | $ 6,208 |
Options Exercisable, Number | 776,273 | 1,025,811 | 1,722,229 |
Options Exercisable, Weighted Average Exercise Price | $ 31.50 | $ 27.06 | $ 26.82 |
Options, Exercised in Period, Proceeds from Issuance of Shares | $ 5,511 | $ 23,466 | $ 12,099 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 3,673 | $ 5,242 | $ 1,893 |
Options Outstanding, Aggregate Intrinsic Value | 11,964 | ||
Options Exercisable, Aggregate Intrinsic Value | $ 10,940 | ||
Service-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 3 years |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 2,559 | $ 2,782 | ||
Contract with Customer, Liability, Revenue Recognized | $ 1,251 | |||
Forecast [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Percentage | 28.00% | 41.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 251,744 | $ 265,943 | $ 276,665 | $ 286,947 | $ 295,278 | $ 289,745 | $ 282,426 | $ 293,196 | $ 1,081,299 | $ 1,160,645 | $ 1,173,851 |
Depreciation and amortization | 23,437 | 23,799 | 25,442 | ||||||||
Segment profit | 171,658 | 187,978 | 175,123 | ||||||||
Assets | 1,142,466 | 1,157,308 | 1,142,466 | 1,157,308 | 1,056,931 | ||||||
Expenditures for property, plant & equipment | 27,277 | 32,825 | 21,777 | ||||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 624,870 | 675,944 | 663,082 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 317,897 | 344,332 | 368,002 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 138,532 | 140,369 | 142,767 | ||||||||
Identification Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 784,707 | 863,100 | 846,087 | ||||||||
Depreciation and amortization | 20,745 | 21,387 | 22,075 | ||||||||
Segment profit | 150,639 | 164,953 | 143,411 | ||||||||
Assets | 737,589 | 740,437 | 737,589 | 740,437 | 737,174 | ||||||
Expenditures for property, plant & equipment | 17,637 | 17,849 | 17,283 | ||||||||
Identification Solutions | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 532,357 | 577,156 | 556,172 | ||||||||
Identification Solutions | Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 165,490 | 193,852 | 197,737 | ||||||||
Identification Solutions | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 86,860 | 92,092 | 92,178 | ||||||||
Workplace Safety | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 296,592 | 297,545 | 327,764 | ||||||||
Depreciation and amortization | 2,692 | 2,412 | 3,367 | ||||||||
Segment profit | 21,019 | 23,025 | 31,712 | ||||||||
Assets | 187,234 | 137,799 | 187,234 | 137,799 | 138,329 | ||||||
Expenditures for property, plant & equipment | 9,640 | 14,976 | 4,494 | ||||||||
Workplace Safety | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 92,513 | 98,788 | 106,910 | ||||||||
Workplace Safety | Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 152,407 | 150,480 | 170,265 | ||||||||
Workplace Safety | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 51,672 | 48,277 | 50,589 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 217,643 | $ 279,072 | $ 217,643 | $ 279,072 | $ 181,428 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | $ 171,658 | $ 187,978 | $ 175,123 |
Unallocated amounts: | |||
Administrative costs | (19,814) | (25,550) | (27,093) |
Gain (Loss) on Disposition of Business | 0 | 0 | (4,666) |
Investment and other income | 5,079 | 5,046 | 2,487 |
Interest expense | (2,166) | (2,830) | (3,168) |
Income before income taxes and losses of unconsolidated affiliate | 140,936 | 164,644 | 152,015 |
Asset Impairment Charges | (13,821) | 0 | 0 |
Workplace Safety | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | 21,019 | 23,025 | 31,712 |
Identification Solutions | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | $ 150,639 | $ 164,953 | $ 143,411 |
Segment Information Segment Inf
Segment Information Segment Informatin - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 251,744 | $ 265,943 | $ 276,665 | $ 286,947 | $ 295,278 | $ 289,745 | $ 282,426 | $ 293,196 | $ 1,081,299 | $ 1,160,645 | $ 1,173,851 |
Long-Lived Assets | 595,335 | 557,158 | 595,335 | 557,158 | 560,348 | ||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 627,160 | 674,924 | 663,935 | ||||||||
Long-Lived Assets | 361,005 | 365,205 | 361,005 | 365,205 | 366,638 | ||||||
OtherCountries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 509,530 | 546,923 | 573,652 | ||||||||
Long-Lived Assets | 234,330 | 191,953 | 234,330 | 191,953 | 193,710 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | (55,391) | (61,202) | (63,736) | ||||||||
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, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings Per Share [Line Items] | |||||||||||
Net income | $ 27,685 | $ 13,633 | $ 33,553 | $ 37,498 | $ 36,613 | $ 34,781 | $ 29,227 | $ 30,637 | $ 112,369 | $ 131,258 | |
Cash dividends on Common Stock | $ 45,756 | $ 44,732 | $ 42,873 | ||||||||
Denominator for basic earnings per share for both Class A and Class B | 52,763 | 52,596 | 51,677 | ||||||||
Plus: Effect of dilutive stock options | 468 | 727 | 847 | ||||||||
Denominator for diluted earnings per share for both Class A and Class B | 53,231 | 53,323 | 52,524 | ||||||||
Class A Nonvoting Common Stock [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Net income per share, basic | $ 0.53 | $ 0.26 | $ 0.63 | $ 0.71 | $ 0.69 | $ 0.66 | $ 0.56 | $ 0.59 | $ 2.13 | $ 2.50 | $ 1.76 |
Net income per share, diluted | $ 0.53 | $ 0.26 | $ 0.62 | $ 0.70 | $ 0.68 | $ 0.65 | $ 0.55 | $ 0.58 | $ 2.11 | $ 2.46 | $ 1.73 |
Class B Voting Common Stock [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Net income | $ 111,531 | $ 130,430 | $ 90,247 | ||||||||
Net income per share, basic | $ 2.11 | $ 2.48 | $ 1.75 | ||||||||
Net income per share, diluted | $ 2.10 | $ 2.45 | $ 1.72 | ||||||||
Preferential Dividends on Class A Nonvoting Common Stock [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Cash dividends on Common Stock | $ 828 | $ 815 | $ 799 | ||||||||
Preferential Dividends on Dilutive Shares [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Cash dividends on Common Stock | $ 10 | $ 13 | $ 14 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share | 387,382 | 372,255 | |
Class A Nonvoting Common Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share | 751,200 |
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, 2020 | Jul. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | Other assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Noncurrent | $ 18,606 | $ 15,744 |
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 | 594 | 474 |
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 | $ 777 | $ 5 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value Balance Sheet Disclosure (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivatives Assets | $ 594 | |
Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 777 | $ 5 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Assets | 474 | |
Current maturities on long-term debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 50,189 | |
Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | Other current liabilities [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | Prepaid expenses and other current assets [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Assets | 0 | 0 |
Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | Current maturities on long-term debt [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 50,189 | |
Foreign Exchange Contract [Member] | Not designated as hedging Instruments [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 16 | 5 |
Foreign Exchange Contract [Member] | Not designated as hedging Instruments [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Assets | 6 | 2 |
Foreign Exchange Contract [Member] | Not designated as hedging Instruments [Member] | Current maturities on long-term debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | |
Foreign Exchange Contract [Member] | Designated as hedging instruments [Member] | Other current liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 761 | 0 |
Foreign Exchange Contract [Member] | Designated as hedging instruments [Member] | Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives Assets | $ 588 | 472 |
Foreign Exchange Contract [Member] | Designated as hedging instruments [Member] | Current maturities on long-term debt [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2019EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 27,707 | $ 29,389 | ||
Foreign exchange contracts | $ 966 | |||
Derivative maturity | 18 months | |||
Accumulated other comprehensive (loss) income | $ (66,477) | (71,254) | (56,401) | |
Reclassification adjustment for (gains) losses included in net income | 614 | 1,048 | (551) | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign exchange contracts | (576) | 837 | 966 | |
Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign exchange contracts | 1,517 | 2,480 | 612 | |
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment hedges to hedge portions of net investment | 45,000 | |||
Designated as hedging instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 24,600 | 26,013 | ||
Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 385 | 805 | ||
Designated as hedging instruments [Member] | EUR denominated unsecured debt [Domain] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | 13,957 | € 12,440 | ||
Not designated as hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 3,107 | 3,376 | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 2 | $ (52) | $ 24 |
Derivative Notional Amounts (De
Derivative Notional Amounts (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 27,707 | $ 29,389 |
Designated as hedging instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 24,600 | 26,013 |
Not designated as hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 3,107 | $ 3,376 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Impact on OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net (loss) gain recognized in other comprehensive loss | $ 966 | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 614 | $ 1,048 | (551) |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net (loss) gain recognized in other comprehensive loss | (576) | 837 | 966 |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net (loss) gain recognized in other comprehensive loss | $ 1,517 | $ 2,480 | $ 612 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Net sales | $ 251,744 | $ 265,943 | $ 276,665 | $ 286,947 | $ 295,278 | $ 289,745 | $ 282,426 | $ 293,196 | $ 1,081,299 | $ 1,160,645 | $ 1,173,851 |
Gross margin | 118,506 | 129,527 | 139,127 | 141,405 | 146,580 | 145,749 | 139,810 | 146,539 | 528,565 | 578,678 | 588,291 |
Operating income | 33,219 | 22,669 | 41,244 | 40,891 | 46,155 | 39,621 | 36,030 | 40,622 | 138,023 | 162,428 | $ 152,696 |
Net income | $ 27,685 | $ 13,633 | $ 33,553 | $ 37,498 | $ 36,613 | $ 34,781 | $ 29,227 | $ 30,637 | $ 112,369 | $ 131,258 | |
Class A Nonvoting Common Stock [Member] | |||||||||||
Earnings (loss) from discontinued operations per Class A Common Share: | |||||||||||
Net income per share, basic | $ 0.53 | $ 0.26 | $ 0.63 | $ 0.71 | $ 0.69 | $ 0.66 | $ 0.56 | $ 0.59 | $ 2.13 | $ 2.50 | $ 1.76 |
Net income per share, diluted | $ 0.53 | $ 0.26 | $ 0.62 | $ 0.70 | $ 0.68 | $ 0.65 | $ 0.55 | $ 0.58 | $ 2.11 | $ 2.46 | $ 1.73 |
Subsequent Events Subsequent _2
Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 30, 2020 | |
Subsequent Event [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 396,900 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends | $ 0.88 | ||||
Dividends Payable, Amount Per Share | $ 0.22 | ||||
Percentage Increase In Dividend | 1.10% | ||||
Nonvoting Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends | $ 0.87 | $ 0.85 | $ 0.83 |
Schedule II Valuation of Qual_2
Schedule II Valuation of Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | $ 5,005 | $ 4,471 | $ 4,629 |
Additions — Charged to expense | 2,495 | 587 | 752 |
Deductions - written off | (343) | (53) | (910) |
Balances at end of period | 7,157 | 5,005 | 4,471 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 13,404 | 12,582 | 14,322 |
Additions — Charged to expense | 5,722 | 3,168 | 2,797 |
Deductions - written off | (2,817) | (2,346) | (4,537) |
Balances at end of period | 16,309 | 13,404 | 12,582 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 60,073 | 56,866 | 38,563 |
Additions — Charged to expense | 6,204 | 5,981 | 24,184 |
Deductions - written off | (7,468) | (2,774) | (5,881) |
Balances at end of period | $ 58,809 | $ 60,073 | $ 56,866 |
Uncategorized Items - brc-20200
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ (1,869,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ (2,137,000) |