Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2021 | May 18, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | BRADY CORP | |
Amendment Flag | false | |
Entity Central Index Key | 0000746598 | |
Document Period End Date | Apr. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2021 | |
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 | 53233 | |
City Area Code | 414 | |
Local Phone Number | 358-6600 | |
Entity File Number | 1-14959 | |
Entity Tax Identification Number | 39-0178960 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Trading Symbol | BRC | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class A Nonvoting Common Stock, par value $0.01 per share | |
Entity Incorporation, State or Country Code | WI | |
Class A nonvoting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 48,524,455 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 321,801 | $ 217,643 |
Accounts receivable, net of allowances for credit losses of $7,551 and $7,157, respectively | 163,381 | 146,181 |
Inventories | 122,847 | 135,662 |
Prepaid expenses and other current assets | 13,032 | 9,962 |
Total current assets | 621,061 | 509,448 |
Property, plant and equipment—net | 121,126 | 115,068 |
Goodwill | 422,091 | 416,034 |
Other intangible assets | 18,528 | 22,334 |
Deferred income taxes | 8,334 | 8,845 |
Operating lease assets | 37,622 | 41,899 |
Other assets | 31,415 | 28,838 |
Total | 1,260,177 | 1,142,466 |
Current liabilities: | ||
Accounts payable | 72,234 | 62,547 |
Accrued compensation and benefits | 69,621 | 41,546 |
Taxes, other than income taxes | 9,207 | 8,057 |
Accrued income taxes | 2,711 | 8,652 |
Current operating lease liabilities | 16,197 | 15,304 |
Other current liabilities | 51,145 | 49,782 |
Total current liabilities | 221,115 | 185,888 |
Current operating lease liabilities | 25,841 | 31,982 |
Other liabilities | 61,595 | 61,524 |
Total liabilities | 308,551 | 279,394 |
Stockholders’ equity: | ||
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 48,524,455 and 48,456,954 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 336,957 | 331,761 |
Retained earnings | 771,797 | 704,456 |
Treasury stock—2,737,032 and 2,804,533 shares, respectively, of Class A nonvoting common stock, at cost | (109,128) | (107,216) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (48,548) | (66,477) |
Total stockholders’ equity | 951,626 | 863,072 |
Total | $ 1,260,177 | $ 1,142,466 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 7,551 | $ 7,157 |
Class A nonvoting common stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 48,524,455 | 48,456,954 |
Treasury stock, shares | 2,737,032 | 2,804,533 |
Common Class B | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Net sales | $ 295,503 | $ 265,943 | $ 838,568 | $ 829,555 |
Cost of goods sold | 146,656 | 136,416 | 424,771 | 419,496 |
Gross margin | 148,847 | 129,527 | 413,797 | 410,059 |
Operating expenses: | ||||
Research and development | 11,305 | 9,814 | 31,384 | 31,298 |
Selling, general and administrative | 90,817 | 83,223 | 256,088 | 260,136 |
Impairment charges | 0 | 13,821 | 0 | 13,821 |
Total operating expenses | 102,122 | 106,858 | 287,472 | 305,255 |
Operating income | 46,725 | 22,669 | 126,325 | 104,804 |
Other income (expense): | ||||
Investment and other income | 1,181 | 112 | 3,372 | 3,252 |
Interest expense | (131) | (628) | (288) | (1,976) |
Income before income taxes and losses of unconsolidated affiliate | 47,775 | 22,153 | 129,409 | 106,080 |
Income tax expense | 10,229 | 8,520 | 27,017 | 21,396 |
Income before losses of unconsolidated affiliate | 37,546 | 13,633 | 102,392 | 84,684 |
Equity in losses of unconsolidated affiliate | (255) | 0 | (760) | 0 |
Net income | $ 37,291 | $ 13,633 | $ 101,632 | $ 84,684 |
Weighted average common shares outstanding: | ||||
Basic | 52,050 | 52,607 | 52,030 | 53,023 |
Diluted | 52,449 | 52,972 | 52,341 | 53,512 |
Class A nonvoting common stock | ||||
Earnings Per Share | ||||
Basic | $ 0.72 | $ 0.26 | $ 1.95 | $ 1.60 |
Diluted | 0.71 | 0.26 | 1.94 | 1.58 |
Dividends | 0.22 | 0.22 | 0.66 | 0.65 |
Common Class B | ||||
Earnings Per Share | ||||
Basic | 0.72 | 0.26 | 1.94 | 1.58 |
Diluted | 0.71 | 0.26 | 1.93 | 1.57 |
Dividends | $ 0.22 | $ 0.22 | $ 0.64 | $ 0.64 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 37,291 | $ 13,633 | $ 101,632 | $ 84,684 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 2,891 | (17,424) | 17,773 | (18,383) |
Cash flow hedges: | ||||
Net gain (loss) recognized in other comprehensive income (loss) | 118 | (1,751) | 1,266 | (1,192) |
Reclassification adjustment for gains included in net income | (292) | (293) | (21) | (779) |
Other Comprehensive Income (Loss), Cash Flow Hedge Gain, after Reclassification, before Tax, Total | (174) | (2,044) | 1,245 | (1,971) |
Pension and other post-retirement benefits: | ||||
Net loss recognized in other comprehensive income (loss) | 0 | 0 | (32) | (309) |
Net actuarial gain amortization | (105) | (105) | (306) | (315) |
Other Comprehensive (Income) Loss, Pension and other Post-retirement Benefits, after Reclassification Adjustment, before Tax | (105) | (105) | (338) | (624) |
Other comprehensive income (loss), before tax | 2,612 | (19,573) | 18,680 | (20,978) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 301 | (179) | (751) | (10) |
Other comprehensive income (loss), net of tax | 2,913 | (19,752) | 17,929 | (20,988) |
Comprehensive income (loss) | $ 40,204 | $ (6,119) | $ 119,561 | $ 63,696 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Operating activities: | ||
Net Income | $ 101,632 | $ 84,684 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,240 | 17,731 |
Stock-based compensation expense | 8,003 | 7,180 |
Deferred income taxes | (3,957) | (309) |
Impairment charges | 0 | 13,821 |
Equity in losses of unconsolidated affiliate | 760 | 0 |
Other | (1,186) | 1,698 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (13,247) | 9,019 |
Inventories | 15,210 | (7,439) |
Prepaid expenses and other assets | (2,584) | (5,653) |
Accounts payable and accrued liabilities | 39,244 | (26,609) |
Income taxes | (6,207) | 1,790 |
Net cash provided by operating activities | 154,908 | 95,913 |
Investing activities: | ||
Purchases of property, plant and equipment | (21,411) | (21,616) |
Other | 2,567 | (4,419) |
Net cash used in investing activities | (18,844) | (26,035) |
Financing activities: | ||
Payment of dividends | (34,290) | (34,447) |
Proceeds from exercise of stock options | 1,612 | 5,212 |
Payments for employee taxes withheld from stock-based awards | (2,772) | (7,832) |
Purchase of treasury stock | (3,593) | (64,113) |
Other | (231) | 133 |
Net cash used in financing activities | (39,274) | (101,047) |
Effect of exchange rate changes on cash | 7,368 | (9,023) |
Net increase (decrease) in cash and cash equivalents | 104,158 | (40,192) |
Cash and cash equivalents, beginning of period | 217,643 | 279,072 |
Cash and cash equivalents, end of period | $ 321,801 | $ 238,880 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Brady Corporation and subsidiaries (the "Company," "Brady," "we," or "our") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of April 30, 2021 and July 31, 2020, its results of operations and comprehensive income for the three and nine months ended April 30, 2021 and 2020, and cash flows for the nine months ended April 30, 2021 and 2020. The condensed consolidated balance sheet as of July 31, 2020, has been derived from the audited consolidated financial statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentation. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2020. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Adopted Standards 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. Prior guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflected losses once the losses were probable. Under ASU 2016-13, the Company is required to use a current expected credit loss model ("CECL") that immediately recognizes 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 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 required a hypothetical purchase price allocation. A goodwill impairment is now 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 remains largely unchanged. The Company adopted ASC 2017-04 effective August 1, 2020. This guidance only impacts the Company's consolidated financial statements if there is a future impairment of goodwill. Standards not yet adopted 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 9 Months Ended |
Apr. 30, 2021 | |
Additional Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Disclosures | Additional Balance Sheet Information Inventories Inventories as of April 30, 2021, and July 31, 2020, consisted of the following: April 30, 2021 July 31, 2020 Finished products $ 78,484 $ 85,547 Work-in-process 20,886 24,044 Raw materials and supplies 23,477 26,071 Total inventories $ 122,847 $ 135,662 Property, plant and equipment |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | Other Intangible Assets Other intangible assets as of April 30, 2021 and July 31, 2020, consisted of the following: April 30, 2021 July 31, 2020 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Definite-lived other intangible assets: Customer relationships and tradenames 9 $ 45,497 $ (36,783) $ 8,714 9 $ 45,385 $ (32,670) $ 12,715 Indefinite-lived other intangible assets: Tradenames N/A 9,814 — 9,814 N/A 9,619 — 9,619 Total $ 55,311 $ (36,783) $ 18,528 $ 55,004 $ (32,670) $ 22,334 The change in the gross carrying amount of other intangible assets as of April 30, 2021 compared to July 31, 2020 was due to the effect of currency fluctuations during the nine-month period. Amortization expense of intangible assets was $1,352 and $1,290 for the three months ended April 30, 2021 and 2020, respectively, and $4,056 and $3,872 for the nine months ended April 30, 2021 and 2020, respectively. Amortization expense over each of the next three fiscal years is projected to be $5,408, $5,121, and $2,241 for the fiscal years ending July 31, 2021, 2022, and 2023. No amortization expense for intangible assets is projected after July 31, 2023. |
Leases
Leases | 9 Months Ended |
Apr. 30, 2021 | |
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 ten years. As of April 30, 2021, the Company did not have any finance leases. Operating lease expense was $4,714 and $4,219 for the three months ended April 30, 2021 and 2020, respectively, and $12,956 and $13,897 for the nine months ended April 30, 2021 and 2020, respectively. Operating lease expense was recognized in either "Cost of goods sold" or "Selling, general and administrative" expenses in the condensed consolidated statements of income, based on the nature of the lease. Short-term lease expense, variable lease expenses, and sublease income was immaterial to the condensed consolidated statements of income for the three and nine months ended April 30, 2021 and 2020. Supplemental cash flow information related to the Company's operating leases for the nine months ended April 30, 2021 and 2020, was as follows: Nine months ended April 30, 2021 2020 Operating cash outflows from operating leases $ 13,965 $ 12,469 Operating lease assets obtained in exchange for new operating lease liabilities 5,832 10,637 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Apr. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Disclosure | Stockholders' Equity The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2021: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at January 31, 2021 $ 548 $ 334,077 $ 745,960 $ (109,789) $ (51,461) $ 919,335 Net income — — 37,291 — — 37,291 Other comprehensive income, net of tax — — — — 2,913 2,913 Issuance of shares of Class A Common Stock under stock plan — 348 — 661 — 1,009 Stock-based compensation expense — 2,532 — — — 2,532 Cash dividends on Common Stock: Class A — $0.2200 per share — — (10,675) — — (10,675) Class B — $0.2200 per share — — (779) — — (779) Balances at April 30, 2021 $ 548 $ 336,957 $ 771,797 $ (109,128) $ (48,548) $ 951,626 The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2021: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at July 31, 2020 $ 548 $ 331,761 $ 704,456 $ (107,216) $ (66,477) $ 863,072 Net income — — 101,632 — — 101,632 Other comprehensive income, net of tax — — — — 17,929 17,929 Issuance of shares of Class A Common Stock under stock plan — (2,839) — 1,681 — (1,158) Tax benefit and withholdings from deferred compensation distributions — 32 — — — 32 Stock-based compensation expense — 8,003 — — — 8,003 Repurchase of shares of Class A Common Stock — — — (3,593) — (3,593) Cash dividends on Common Stock: Class A — $0.6600 per share — — (32,013) — — (32,013) Class B — $0.6434 per share — — (2,278) — — (2,278) Balances at April 30, 2021 $ 548 $ 336,957 $ 771,797 $ (109,128) $ (48,548) $ 951,626 The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2020: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at January 31, 2020 $ 548 $ 329,263 $ 685,758 $ (43,155) $ (72,490) $ 899,924 Net income — — 13,633 — — 13,633 Other comprehensive loss, net of tax — — — — (19,752) (19,752) Issuance of shares of Class A Common Stock under stock plan — (91) — 517 — 426 Stock-based compensation expense — 1,796 — — — 1,796 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.2175 per share — — (10,542) — — (10,542) Class B — $0.2175 per share — — (770) — — (770) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2020: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at July 31, 2019 $ 548 $ 329,969 $ 637,843 $ (46,332) $ (71,254) $ 850,774 Net income — — 84,684 — — 84,684 Other comprehensive loss, net of tax — — — — (20,988) (20,988) Issuance of shares of Class A Common Stock under stock plan — (6,314) — 3,694 — (2,620) Tax benefit and withholdings from deferred compensation distributions — 133 — — — 133 Stock-based compensation expense — 7,180 — — — 7,180 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.6525 per share — — (32,197) — — (32,197) Class B — $0.6359 per share — — (2,251) — — (2,251) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Apr. 30, 2021 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Accumulated Other Comprehensive Loss Disclosure | Accumulated Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments which includes the settlements of 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 nine months ended April 30, 2021: Unrealized (loss) gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2020 $ (200) $ 2,181 $ (68,458) $ (66,477) Other comprehensive income (loss) before reclassification 1,189 (23) 16,848 18,014 Amounts reclassified from accumulated other comprehensive loss (16) (69) — (85) Ending balance, April 30, 2021 $ 973 $ 2,089 $ (51,610) $ (48,548) The decrease in accumulated other comprehensive loss as of April 30, 2021 compared to July 31, 2020, was primarily due to the depreciation of the U.S. dollar against certain other currencies during the nine-month period. The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the nine months ended April 30, 2020: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive loss before reclassification (1,363) (216) (18,510) (20,089) Amounts reclassified from accumulated other comprehensive loss (584) (315) — (899) Ending balance, April 30, 2020 $ (1,240) $ 2,269 $ (93,271) $ (92,242) The increase in accumulated other comprehensive loss as of April 30, 2020, compared to July 31, 2019, was primarily due to the appreciation of the U.S. dollar against certain other currencies during the nine-month period. Of the amounts reclassified from accumulated other comprehensive loss during the nine months ended April 30, 2021 and 2020, unrealized gains on cash flow hedges were reclassified to "Cost of goods sold" and net unamortized gains on post-retirement plans were reclassified into "Investment and other income" on the condensed consolidated statements of income. The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss) for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ (71) $ (6) $ (72) $ 24 Pension and other post-retirement benefits — — 246 93 Other income tax adjustments and currency translation 372 (173) (925) (127) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 301 $ (179) $ (751) $ (10) |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue RecognitionThe 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. 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 condensed consolidated statements of income. See Note I, “Segment Information,” for the Company’s disaggregated revenue disclosure. The Company offers extended warranty coverage that is included in the sales price of certain products, which it accounts for as service warranties. The Company accounts for the deferred revenue associated with extended service warranties as a contract liability. The balance of contract liabilities associated with service warranty performance obligations was $2,567 and $2,559 as of April 30, 2021 and July 31, 2020, respectively. The current portion and non-current portion of contract liabilities are included in “Other current liabilities” and “Other liabilities," respectively, on the condensed consolidated balance sheets. The Company recognized revenue of $291 and $317 during the three months ended April 30, 2021 and 2020, respectively, and $882 and $948 during the nine months ended April 30, 2021 and 2020, respectively, that was included in the contract liability balance at the beginning of the respective period from the amortization of extended service warranties. Of the contract liability balance outstanding at April 30, 2021, the Company expects to recognize 11% by the end of fiscal 2021, an additional 38% by the end of fiscal 2022, and the remaining balance thereafter. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 30, 2021 | |
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. The following is a summary of net sales by segment and geographic region for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Net sales: ID Solutions Americas $ 143,348 $ 131,169 $ 401,585 $ 418,440 Europe 50,416 41,183 137,038 129,884 Asia 24,301 20,817 71,861 65,194 Total $ 218,065 $ 193,169 $ 610,484 $ 613,518 Workplace Safety Americas $ 21,425 $ 21,456 $ 65,656 $ 69,395 Europe 42,491 37,567 123,922 110,594 Australia 13,522 13,751 38,506 36,048 Total $ 77,438 $ 72,774 $ 228,084 $ 216,037 Total Company Americas $ 164,773 $ 152,625 $ 467,241 $ 487,835 Europe 92,907 78,750 260,960 240,478 Asia-Pacific 37,823 34,568 110,367 101,242 Total $ 295,503 $ 265,943 $ 838,568 $ 829,555 The following is a summary of segment profit for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Segment profit: ID Solutions $ 47,539 $ 36,401 $ 126,818 $ 119,499 Workplace Safety 5,656 4,379 17,107 14,991 Total Company $ 53,195 $ 40,780 $ 143,925 $ 134,490 The following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Total profit from reportable segments $ 53,195 $ 40,780 $ 143,925 $ 134,490 Unallocated amounts: Administrative costs (6,470) (4,290) (17,600) (15,865) Impairment charges — (13,821) — (13,821) Investment and other income 1,181 112 3,372 3,252 Interest expense (131) (628) (288) (1,976) Income before income taxes and losses of unconsolidated affiliate $ 47,775 $ 22,153 $ 129,409 $ 106,080 |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income per Common Share The following table summarizes the computation of basic and diluted net income per share for the Company’s Class A and Class B common stock: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Numerator (in thousands): Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 37,291 $ 13,633 $ 101,632 $ 84,684 Less: Preferential dividends — — (808) (828) Preferential dividends on dilutive stock options — — (4) (10) Numerator for basic and diluted income per Class B Voting Common Share $ 37,291 $ 13,633 $ 100,820 $ 83,846 Denominator: (in thousands) Denominator for basic income per share for both Class A and Class B 52,050 52,607 52,030 53,023 Plus: Effect of dilutive equity awards 399 365 311 489 Denominator for diluted income per share for both Class A and Class B 52,449 52,972 52,341 53,512 Net income per Class A Nonvoting Common Share: Basic $ 0.72 $ 0.26 $ 1.95 $ 1.60 Diluted $ 0.71 $ 0.26 $ 1.94 $ 1.58 Net income per Class B Voting Common Share: Basic $ 0.72 $ 0.26 $ 1.94 $ 1.58 Diluted $ 0.71 $ 0.26 $ 1.93 $ 1.57 Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted net income 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 was 239,707 and 488,932 for the three months ended April 30, 2021 and 2020, respectively, and 603,356 and 353,752 for the nine months ended April 30, 2021 and 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2021 | |
Text Block [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 April 30, 2021 and July 31, 2020: April 30, 2021 July 31, 2020 Fair Value Hierarchy Assets: Trading securities $ 20,169 $ 18,606 Level 1 Foreign exchange contracts 724 594 Level 2 Liabilities: Foreign exchange contracts 252 777 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 condensed 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 L, “Derivatives and Hedging Activities,” for additional information. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Apr. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months, which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange currency contracts. 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: April 30, 2021 July 31, 2020 Designated as cash flow hedges $ 6,150 $ 24,600 Non-designated hedges 3,495 3,107 Total foreign exchange contracts $ 9,645 $ 27,707 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 condensed consolidated balance sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income ("OCI") and reclassified into income in the same period or periods during which the hedged transaction affects income. As of April 30, 2021 and July 31, 2020, unrealized gains of $860 and losses of $385 have been included in OCI, respectively. The following table summarizes the amount of pre-tax gains and losses related to foreign exchange contracts designated as cash flow hedging instruments: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Gains (losses) recognized in OCI $ 118 $ (1,751) $ 1,266 $ (1,192) Gains reclassified from OCI into cost of goods sold 292 293 21 779 Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: April 30, 2021 July 31, 2020 Prepaid expenses and other current assets Other current liabilities Prepaid expenses and other current assets Other current liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 724 $ 242 $ 588 $ 761 Derivatives not designated as hedging instruments: Foreign exchange contracts (non-designated hedges) — 10 6 16 Total derivative instruments $ 724 $ 252 $ 594 $ 777 |
Income Taxes
Income Taxes | 9 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The effective income tax rate for the three and nine months ended April 30, 2021, was 21.4% and 20.9%, respectively. The Company expects its annual effective income tax rate to approximate 20% over the long-term based on its current global business mix and based on current tax laws and statutory tax rates in effect. However, quarterly tax rates could vary substantially based on the respective facts and circumstances at that point in time. The effective income tax rate for the three and nine months ended April 30, 2020, was 38.5% and 20.2%, respectively. The effective income tax rate for the three months ended April 30, 2020 was higher than the expected income tax rate due to an increase in the valuation allowance against foreign tax credit carryforwards resulting from a decrease in the Company's expectations of future foreign source income. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 19, 2021, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.22 per share payable on July 30, 2021, to shareholders of record at the close of business on July 9, 2021. On May 19, 2021, the results of the Company’s cash tender offer for all of the outstanding, publicly-held shares of Nordic ID Oyj (“Nordic ID”) were finalized. According to the final results of the cash tender offer, the shares of Nordic ID that were validly tendered represent 92.9% of all outstanding shares and votes of Nordic ID. The Company intends to complete the cash tender offer on or about May 21, 2021, following which the Company intends to acquire all of the remaining outstanding shares of Nordic ID and cause Nordic ID to apply for delisting of its shares from Nasdaq First North Growth Market Finland. The cash consideration offered for each Nordic ID Share validly tendered in the Tender Offer is EUR 3.30 per share, which equates to a total equity purchase of EUR 8.1 million (USD 9.9 million), plus the assumption of debt of approximately USD 3 million. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Adopted Standards 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. Prior guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflected losses once the losses were probable. Under ASU 2016-13, the Company is required to use a current expected credit loss model ("CECL") that immediately recognizes 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 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 required a hypothetical purchase price allocation. A goodwill impairment is now 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 remains largely unchanged. The Company adopted ASC 2017-04 effective August 1, 2020. This guidance only impacts the Company's consolidated financial statements if there is a future impairment of goodwill. Standards not yet adopted 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Additional Balance Sheet Information [Abstract] | |
Schedule of Inventory | Inventories as of April 30, 2021, and July 31, 2020, consisted of the following: April 30, 2021 July 31, 2020 Finished products $ 78,484 $ 85,547 Work-in-process 20,886 24,044 Raw materials and supplies 23,477 26,071 Total inventories $ 122,847 $ 135,662 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other intangible assets as of April 30, 2021 and July 31, 2020, consisted of the following: April 30, 2021 July 31, 2020 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Definite-lived other intangible assets: Customer relationships and tradenames 9 $ 45,497 $ (36,783) $ 8,714 9 $ 45,385 $ (32,670) $ 12,715 Indefinite-lived other intangible assets: Tradenames N/A 9,814 — 9,814 N/A 9,619 — 9,619 Total $ 55,311 $ (36,783) $ 18,528 $ 55,004 $ (32,670) $ 22,334 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to the Company's operating leases for the nine months ended April 30, 2021 and 2020, was as follows: Nine months ended April 30, 2021 2020 Operating cash outflows from operating leases $ 13,965 $ 12,469 Operating lease assets obtained in exchange for new operating lease liabilities 5,832 10,637 |
Stockholders' Equity Schedule o
Stockholders' Equity Schedule of Stockholders' Equity (Tables) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Stockholders' Equity Note [Abstract] | ||||
Schedule of Stockholders Equity | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2021: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at January 31, 2021 $ 548 $ 334,077 $ 745,960 $ (109,789) $ (51,461) $ 919,335 Net income — — 37,291 — — 37,291 Other comprehensive income, net of tax — — — — 2,913 2,913 Issuance of shares of Class A Common Stock under stock plan — 348 — 661 — 1,009 Stock-based compensation expense — 2,532 — — — 2,532 Cash dividends on Common Stock: Class A — $0.2200 per share — — (10,675) — — (10,675) Class B — $0.2200 per share — — (779) — — (779) Balances at April 30, 2021 $ 548 $ 336,957 $ 771,797 $ (109,128) $ (48,548) $ 951,626 | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2020: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at January 31, 2020 $ 548 $ 329,263 $ 685,758 $ (43,155) $ (72,490) $ 899,924 Net income — — 13,633 — — 13,633 Other comprehensive loss, net of tax — — — — (19,752) (19,752) Issuance of shares of Class A Common Stock under stock plan — (91) — 517 — 426 Stock-based compensation expense — 1,796 — — — 1,796 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.2175 per share — — (10,542) — — (10,542) Class B — $0.2175 per share — — (770) — — (770) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 | The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2021: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at July 31, 2020 $ 548 $ 331,761 $ 704,456 $ (107,216) $ (66,477) $ 863,072 Net income — — 101,632 — — 101,632 Other comprehensive income, net of tax — — — — 17,929 17,929 Issuance of shares of Class A Common Stock under stock plan — (2,839) — 1,681 — (1,158) Tax benefit and withholdings from deferred compensation distributions — 32 — — — 32 Stock-based compensation expense — 8,003 — — — 8,003 Repurchase of shares of Class A Common Stock — — — (3,593) — (3,593) Cash dividends on Common Stock: Class A — $0.6600 per share — — (32,013) — — (32,013) Class B — $0.6434 per share — — (2,278) — — (2,278) Balances at April 30, 2021 $ 548 $ 336,957 $ 771,797 $ (109,128) $ (48,548) $ 951,626 | The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2020: Common Stock Additional Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity Balances at July 31, 2019 $ 548 $ 329,969 $ 637,843 $ (46,332) $ (71,254) $ 850,774 Net income — — 84,684 — — 84,684 Other comprehensive loss, net of tax — — — — (20,988) (20,988) Issuance of shares of Class A Common Stock under stock plan — (6,314) — 3,694 — (2,620) Tax benefit and withholdings from deferred compensation distributions — 133 — — — 133 Stock-based compensation expense — 7,180 — — — 7,180 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.6525 per share — — (32,197) — — (32,197) Class B — $0.6359 per share — — (2,251) — — (2,251) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the nine months ended April 30, 2021: Unrealized (loss) gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2020 $ (200) $ 2,181 $ (68,458) $ (66,477) Other comprehensive income (loss) before reclassification 1,189 (23) 16,848 18,014 Amounts reclassified from accumulated other comprehensive loss (16) (69) — (85) Ending balance, April 30, 2021 $ 973 $ 2,089 $ (51,610) $ (48,548) | The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the nine months ended April 30, 2020: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive loss before reclassification (1,363) (216) (18,510) (20,089) Amounts reclassified from accumulated other comprehensive loss (584) (315) — (899) Ending balance, April 30, 2020 $ (1,240) $ 2,269 $ (93,271) $ (92,242) |
Other Comprehensive Income, Tax | The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss) for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ (71) $ (6) $ (72) $ 24 Pension and other post-retirement benefits — — 246 93 Other income tax adjustments and currency translation 372 (173) (925) (127) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 301 $ (179) $ (751) $ (10) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Net Sales by Segment and Geographic Region | The following is a summary of net sales by segment and geographic region for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Net sales: ID Solutions Americas $ 143,348 $ 131,169 $ 401,585 $ 418,440 Europe 50,416 41,183 137,038 129,884 Asia 24,301 20,817 71,861 65,194 Total $ 218,065 $ 193,169 $ 610,484 $ 613,518 Workplace Safety Americas $ 21,425 $ 21,456 $ 65,656 $ 69,395 Europe 42,491 37,567 123,922 110,594 Australia 13,522 13,751 38,506 36,048 Total $ 77,438 $ 72,774 $ 228,084 $ 216,037 Total Company Americas $ 164,773 $ 152,625 $ 467,241 $ 487,835 Europe 92,907 78,750 260,960 240,478 Asia-Pacific 37,823 34,568 110,367 101,242 Total $ 295,503 $ 265,943 $ 838,568 $ 829,555 |
Segment Profit | The following is a summary of segment profit for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Segment profit: ID Solutions $ 47,539 $ 36,401 $ 126,818 $ 119,499 Workplace Safety 5,656 4,379 17,107 14,991 Total Company $ 53,195 $ 40,780 $ 143,925 $ 134,490 |
Reconciliation of segment profit to earnings before income taxes and losses of unconsolidated affiliate | The following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the three and nine months ended April 30, 2021 and 2020: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Total profit from reportable segments $ 53,195 $ 40,780 $ 143,925 $ 134,490 Unallocated amounts: Administrative costs (6,470) (4,290) (17,600) (15,865) Impairment charges — (13,821) — (13,821) Investment and other income 1,181 112 3,372 3,252 Interest expense (131) (628) (288) (1,976) Income before income taxes and losses of unconsolidated affiliate $ 47,775 $ 22,153 $ 129,409 $ 106,080 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator of Basic and Diluted Per Share | The following table summarizes the computation of basic and diluted net income per share for the Company’s Class A and Class B common stock: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Numerator (in thousands): Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 37,291 $ 13,633 $ 101,632 $ 84,684 Less: Preferential dividends — — (808) (828) Preferential dividends on dilutive stock options — — (4) (10) Numerator for basic and diluted income per Class B Voting Common Share $ 37,291 $ 13,633 $ 100,820 $ 83,846 Denominator: (in thousands) Denominator for basic income per share for both Class A and Class B 52,050 52,607 52,030 53,023 Plus: Effect of dilutive equity awards 399 365 311 489 Denominator for diluted income per share for both Class A and Class B 52,449 52,972 52,341 53,512 Net income per Class A Nonvoting Common Share: Basic $ 0.72 $ 0.26 $ 1.95 $ 1.60 Diluted $ 0.71 $ 0.26 $ 1.94 $ 1.58 Net income per Class B Voting Common Share: Basic $ 0.72 $ 0.26 $ 1.94 $ 1.58 Diluted $ 0.71 $ 0.26 $ 1.93 $ 1.57 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at April 30, 2021 and July 31, 2020: April 30, 2021 July 31, 2020 Fair Value Hierarchy Assets: Trading securities $ 20,169 $ 18,606 Level 1 Foreign exchange contracts 724 594 Level 2 Liabilities: Foreign exchange contracts 252 777 Level 2 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows: April 30, 2021 July 31, 2020 Designated as cash flow hedges $ 6,150 $ 24,600 Non-designated hedges 3,495 3,107 Total foreign exchange contracts $ 9,645 $ 27,707 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table summarizes the amount of pre-tax gains and losses related to foreign exchange contracts designated as cash flow hedging instruments: Three months ended April 30, Nine months ended April 30, 2021 2020 2021 2020 Gains (losses) recognized in OCI $ 118 $ (1,751) $ 1,266 $ (1,192) Gains reclassified from OCI into cost of goods sold 292 293 21 779 |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: April 30, 2021 July 31, 2020 Prepaid expenses and other current assets Other current liabilities Prepaid expenses and other current assets Other current liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 724 $ 242 $ 588 $ 761 Derivatives not designated as hedging instruments: Foreign exchange contracts (non-designated hedges) — 10 6 16 Total derivative instruments $ 724 $ 252 $ 594 $ 777 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Inventory [Line Items] | ||
Finished products | $ 78,484 | $ 85,547 |
Work-in-process | 20,886 | 24,044 |
Raw materials and supplies | 23,477 | 26,071 |
Total inventories | $ 122,847 | $ 135,662 |
Additional Balance Sheet Info_4
Additional Balance Sheet Information Accumulated Depreciation (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Accumulated depreciation [Abstract] | ||
Accumulated Depreciation | $ 274,961 | $ 276,248 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2020 | Apr. 30, 2021 | Jul. 31, 2020 | |
Other Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 55,311 | $ 55,004 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (36,783) | (32,670) | |
Other intangible assets | $ 18,528 | 22,334 | |
Customer relationships and tradenames | |||
Other Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 9 years | 9 years | |
Finite-Lived Intangible Assets, Gross | $ 45,497 | 45,385 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (36,783) | (32,670) | |
Finite-Lived Intangible Assets, Net | 8,714 | 12,715 | |
Tradenames | |||
Other Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets - Tradenames | $ 9,814 | $ 9,619 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Amortization of Intangible Assets | $ 1,352 | $ 1,290 | $ 4,056 | $ 3,872 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,408 | 5,408 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,121 | 5,121 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 2,241 | $ 2,241 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Leases [Abstract] | ||||
Operating Lease, Cost | $ 4,714 | $ 4,219 | $ 12,956 | $ 13,897 |
Operating Lease, Payments | 13,965 | 12,469 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,832 | $ 10,637 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2019 | |
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | $ 951,626 | $ 820,602 | $ 951,626 | $ 820,602 | $ 919,335 | $ 863,072 | $ 899,924 | $ 850,774 |
Net Income | 37,291 | 13,633 | 101,632 | 84,684 | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,913 | (19,752) | 17,929 | (20,988) | ||||
Issuance of shares of Class A Common Stock under stock plan | (1,009) | (426) | (1,158) | (2,620) | ||||
Tax benefit and withholdings from deferred compensation distributions | 32 | 133 | ||||||
Stock-based compensation expense | 2,532 | 1,796 | 8,003 | 7,180 | ||||
Repurchase of shares of Class A Common Stock | (64,113) | (3,593) | (64,113) | |||||
Payment of Ordinary Dividends, Common Stock Class A | (10,675) | (10,542) | (32,013) | (32,197) | ||||
Payment of Ordinary Dividends, Common Stock Class B | (779) | (770) | (2,278) | (2,251) | ||||
Common Stock [Member] | ||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | 548 | 548 | 548 | 548 | 548 | 548 | 548 | 548 |
Additional Paid-in Capital [Member] | ||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | 336,957 | 330,968 | 336,957 | 330,968 | 334,077 | 331,761 | 329,263 | 329,969 |
Issuance of shares of Class A Common Stock under stock plan | (348) | (91) | (2,839) | (6,314) | ||||
Tax benefit and withholdings from deferred compensation distributions | 32 | 133 | ||||||
Stock-based compensation expense | 2,532 | 1,796 | 8,003 | 7,180 | ||||
Retained Earnings [Member] | ||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | 771,797 | 688,079 | 771,797 | 688,079 | 745,960 | 704,456 | 685,758 | 637,843 |
Net Income | 37,291 | 13,633 | 101,632 | 84,684 | ||||
Payment of Ordinary Dividends, Common Stock Class A | (10,675) | (10,542) | (32,013) | (32,197) | ||||
Payment of Ordinary Dividends, Common Stock Class B | (779) | (770) | (2,278) | (2,251) | ||||
Treasury Stock [Member] | ||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | (109,128) | (106,751) | (109,128) | (106,751) | (109,789) | (107,216) | (43,155) | (46,332) |
Issuance of shares of Class A Common Stock under stock plan | (661) | (517) | (1,681) | (3,694) | ||||
Repurchase of shares of Class A Common Stock | (64,113) | (3,593) | (64,113) | |||||
AOCI Attributable to Parent [Member] | ||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | (48,548) | (92,242) | (48,548) | (92,242) | $ (51,461) | $ (66,477) | $ (72,490) | $ (71,254) |
Other Comprehensive Income (Loss), Net of Tax | $ 2,913 | $ (19,752) | $ 17,929 | $ (20,988) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (66,477) | $ (71,254) |
Other comprehensive loss (income) before reclassification | 18,014 | (20,089) |
Amounts reclassified from accumulated other comprehensive loss | (85) | (899) |
Ending balance | (48,548) | (92,242) |
Unrealized (loss) gain on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (200) | 707 |
Other comprehensive loss (income) before reclassification | 1,189 | (1,363) |
Amounts reclassified from accumulated other comprehensive loss | (16) | (584) |
Ending balance | 973 | (1,240) |
Unamortized gain on post-retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 2,181 | 2,800 |
Other comprehensive loss (income) before reclassification | (23) | (216) |
Amounts reclassified from accumulated other comprehensive loss | (69) | (315) |
Ending balance | 2,089 | 2,269 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (68,458) | (74,761) |
Other comprehensive loss (income) before reclassification | 16,848 | (18,510) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending balance | $ (51,610) | $ (93,271) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | $ (71) | $ (6) | $ (72) | $ 24 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 0 | 0 | 246 | 93 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 372 | (173) | (925) | (127) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | $ 301 | $ (179) | $ (751) | $ (10) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||||
Contract with Customer, Liability | $ 2,567,000 | $ 2,567,000 | $ 2,559,000 | ||
Deferred Revenue, Revenue Recognized | $ 291,000 | $ 317,000 | $ 882,000 | $ 948,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | Of the contract liability balance outstanding at April 30, 2021, the Company expects to recognize 11% by the end of fiscal 2021, an additional 38% by the end of fiscal 2022, and the remaining balance thereafter. |
Segment Information Net Sales b
Segment Information Net Sales by Segment and Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Net Sales by Segment and Geographic Area | ||||
Net sales | $ 295,503 | $ 265,943 | $ 838,568 | $ 829,555 |
Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 164,773 | 152,625 | 467,241 | 487,835 |
Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 92,907 | 78,750 | 260,960 | 240,478 |
Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 37,823 | 34,568 | 110,367 | 101,242 |
ID Solutions | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 218,065 | 193,169 | 610,484 | 613,518 |
ID Solutions | Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 143,348 | 131,169 | 401,585 | 418,440 |
ID Solutions | Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 50,416 | 41,183 | 137,038 | 129,884 |
ID Solutions | Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 24,301 | 20,817 | 71,861 | 65,194 |
Workplace Safety | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 77,438 | 72,774 | 228,084 | 216,037 |
Workplace Safety | Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 21,425 | 21,456 | 65,656 | 69,395 |
Workplace Safety | Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 42,491 | 37,567 | 123,922 | 110,594 |
Workplace Safety | Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | $ 13,522 | $ 13,751 | $ 38,506 | $ 36,048 |
Segment Information Segment Pro
Segment Information Segment Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Segment Profit | ||||
Segment profit | $ 53,195 | $ 40,780 | $ 143,925 | $ 134,490 |
ID Solutions | ||||
Segment Profit | ||||
Segment profit | 47,539 | 36,401 | 126,818 | 119,499 |
Workplace Safety | ||||
Segment Profit | ||||
Segment profit | $ 5,656 | $ 4,379 | $ 17,107 | $ 14,991 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Segment profit | $ 53,195 | $ 40,780 | $ 143,925 | $ 134,490 |
Unallocated amounts: | ||||
Administrative costs | (6,470) | (4,290) | (17,600) | (15,865) |
Impairment charges | 0 | (13,821) | 0 | (13,821) |
Investment and other income | 1,181 | 112 | 3,372 | 3,252 |
Interest expense | (131) | (628) | (288) | (1,976) |
Income before income taxes and losses of unconsolidated affiliate | $ 47,775 | $ 22,153 | $ 129,409 | $ 106,080 |
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 | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings Per Share [Line Items] | ||||
Net Income | $ 37,291 | $ 13,633 | $ 101,632 | $ 84,684 |
Denominator for basic earnings per share for both Class A and Class B | 52,050 | 52,607 | 52,030 | 53,023 |
Plus: Effect of dilutive stock options | 399 | 365 | 311 | 489 |
Denominator for diluted income per share for both Class A and Class B | 52,449 | 52,972 | 52,341 | 53,512 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Basic | $ 0.72 | $ 0.26 | $ 1.95 | $ 1.60 |
Diluted | $ 0.71 | $ 0.26 | $ 1.94 | $ 1.58 |
Common Class B | ||||
Earnings Per Share [Line Items] | ||||
Preferential dividends | $ 0 | $ 0 | $ 808 | $ 828 |
Preferential dividends on dilutive stock options | 0 | 0 | 4 | (10) |
Numerator for basic and diluted earnings per Class B Voting Common Share | $ 37,291 | $ 13,633 | $ 100,820 | $ 83,846 |
Basic | $ 0.72 | $ 0.26 | $ 1.94 | $ 1.58 |
Diluted | $ 0.71 | $ 0.26 | $ 1.93 | $ 1.57 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Common stock of Class A shares excluded from computations of diluted net earnings per share | 239,707 | 488,932 | 603,356 | 353,752 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 20,169 | $ 18,606 |
Fair Value, Inputs, Level 2 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 724 | 594 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | $ 252 | $ 777 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Notional Value of Derivatives Outstanding (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 9,645 | $ 27,707 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,150 | 24,600 |
Not designated as hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 3,495 | $ 3,107 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net gain (loss) recognized in other comprehensive income (loss) | $ 118 | $ (1,751) | $ 1,266 | $ (1,192) |
Gains reclassified from OCI into cost of goods sold | $ 292 | $ 293 | $ 21 | $ 779 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 724 | $ 594 |
Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 252 | 777 |
Designated as Hedging Instrument [Member] | Unrealized (loss) gain on cash flow hedges | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 724 | 588 |
Designated as Hedging Instrument [Member] | Unrealized (loss) gain on cash flow hedges | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 242 | 761 |
Not designated as hedging Instruments [Member] | Unrealized (loss) gain on cash flow hedges | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 6 |
Not designated as hedging Instruments [Member] | Unrealized (loss) gain on cash flow hedges | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 10 | $ 16 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2021 | Jul. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Maturities | 18 months | |
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 860 | $ (385) |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021Rate | Apr. 30, 2020Rate | Apr. 30, 2021Rate | Apr. 30, 2020Rate | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 21.40% | 38.50% | 20.90% | 20.20% |
Subsequent Events (Detail)
Subsequent Events (Detail) - Subsequent Event [Member] | Jul. 30, 2021 | Jul. 09, 2021 | May 19, 2021EUR (€)€ / shares | May 19, 2021USD ($)$ / shares |
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | May 19, 2021 | |||
Dividend declared (USD per share) | $ / shares | $ 0.22 | |||
Dividends Payable, Date to be Paid | Jul. 30, 2021 | |||
Dividends Payable, Date of Record | Jul. 9, 2021 | |||
Percentage of Outstanding Shares Validly Tendered | 9290.00% | 9290.00% | ||
Tender Offer Price | € / shares | € 3.30 | |||
Total Equity Purchase Price | € 8,100,000 | $ 9,900,000 | ||
Assumption of Debt Amount | $ | $ 3,000,000 |