Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 31, 2024 | Feb. 20, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-14959 | |
Entity Registrant Name | BRADY CORP | |
Entity Incorporation, State or Country Code | WI | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000746598 | |
Current Fiscal Year End Date | --07-31 | |
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 $0.01 per share | |
Trading Symbol | BRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Class A Nonvoting Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 44,792,961 | |
Class B Voting Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 143,860 | $ 151,532 |
Accounts receivable, net of allowance for credit losses of $6,531 and $8,467, respectively | 185,569 | 184,420 |
Inventories | 164,944 | 177,078 |
Prepaid expenses and other current assets | 12,147 | 11,790 |
Total current assets | 506,520 | 524,820 |
Assets, Noncurrent | ||
Property, plant and equipment—net | 190,777 | 142,149 |
Goodwill | 590,535 | 592,646 |
Other intangible assets | 57,108 | 62,096 |
Deferred income taxes | 14,899 | 15,716 |
Operating lease assets | 24,686 | 29,688 |
Other assets | 23,079 | 22,142 |
Total | 1,407,604 | 1,389,257 |
Current liabilities: | ||
Accounts payable | 80,114 | 79,855 |
Accrued compensation and benefits | 56,408 | 71,470 |
Taxes, other than income taxes | 13,345 | 13,575 |
Accrued income taxes | 8,228 | 12,582 |
Current operating lease liabilities | 12,758 | 14,726 |
Other current liabilities | 66,449 | 65,828 |
Total current liabilities | 237,302 | 258,036 |
Liabilities, Noncurrent | ||
Other Long-Term Debt, Noncurrent | 48,090 | 49,716 |
Long-term operating lease liabilities | 12,510 | 16,217 |
Other liabilities | 70,970 | 74,369 |
Total liabilities | 368,872 | 398,338 |
Stockholders’ equity: | ||
Additional paid-in capital | 353,794 | 351,771 |
Retained earnings | 1,090,045 | 1,021,870 |
Treasury stock—6,469,159 and 6,252,763 shares, respectively, of Class A nonvoting common stock, at cost | (305,714) | (290,209) |
Accumulated other comprehensive loss | (99,941) | (93,061) |
Total stockholders’ equity | 1,038,732 | 990,919 |
Total | 1,407,604 | 1,389,257 |
Class A Nonvoting Common Stock | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 513 | 513 |
Class B Voting Common Stock | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | $ 35 | $ 35 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 6,531 | $ 8,467 |
Class A Nonvoting Common Stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 44,792,328 | 45,008,724 |
Treasury Stock, Common, Shares | 6,469,159 | 6,252,763 |
Class B Voting Common Stock | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Net sales | $ 322,624 | $ 326,249 | $ 654,607 | $ 648,818 |
Cost of goods sold | 160,541 | 169,809 | 320,805 | 337,114 |
Gross margin | 162,083 | 156,440 | 333,802 | 311,704 |
Operating expenses: | ||||
Research and development | 16,832 | 15,377 | 32,534 | 29,310 |
Selling, general and administrative | 91,325 | 92,282 | 187,612 | 182,227 |
Total operating expenses | 108,157 | 107,659 | 220,146 | 211,537 |
Operating income | 53,926 | 48,781 | 113,656 | 100,167 |
Other income (expense): | ||||
Investment and other income | 2,684 | 968 | 3,122 | 811 |
Interest expense | (790) | (1,239) | (1,556) | (2,133) |
Income before income taxes | 55,820 | 48,510 | 115,222 | 98,845 |
Income tax expense | 12,192 | 10,524 | 24,353 | 21,418 |
Net income | $ 43,628 | $ 37,986 | $ 90,869 | $ 77,427 |
Weighted average common shares outstanding: | ||||
Basic | 48,374 | 49,745 | 48,440 | 49,806 |
Diluted | 48,725 | 50,009 | 48,768 | 50,049 |
Class A Nonvoting Common Stock | ||||
Earnings Per Share | ||||
Basic | $ 0.90 | $ 0.76 | $ 1.88 | $ 1.55 |
Diluted | 0.90 | 0.76 | 1.86 | 1.55 |
Class B Voting Common Stock | ||||
Earnings Per Share | ||||
Basic | 0.90 | 0.76 | 1.86 | 1.54 |
Diluted | $ 0.90 | $ 0.76 | $ 1.85 | $ 1.53 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 43,628 | $ 37,986 | $ 90,869 | $ 77,427 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 14,591 | 30,562 | (5,773) | 12,890 |
Cash flow hedges: | ||||
Net gain recognized in other comprehensive income (loss) | 1,083 | 776 | 789 | 1,669 |
Reclassification adjustment for gains included in net income | (254) | (217) | (1,539) | (798) |
Other Comprehensive Income (Loss), Cash Flow Hedge Gain, after Reclassification, before Tax, Total | 829 | 559 | (750) | 871 |
Pension and other post-retirement benefits actuarial (gain) loss amortization | (151) | 27 | (302) | (116) |
Other comprehensive income (loss), before tax | 15,269 | 31,148 | (6,825) | 13,645 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 73 | (4) | (55) | 62 |
Other comprehensive income (loss), net of tax | 15,342 | 31,144 | (6,880) | 13,707 |
Comprehensive income | $ 58,970 | $ 69,130 | $ 83,989 | $ 91,134 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A Nonvoting Common Stock | Class B Voting Common Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Class A Nonvoting Common Stock | Retained Earnings Class B Voting Common Stock | Treasury Stock, Common | Accumulated Other Comprehensive Loss |
Beginning balance at Jul. 31, 2022 | $ 911,298 | $ 548 | $ 345,266 | $ 892,417 | $ (217,856) | $ (109,077) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 77,427 | 77,427 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 13,707 | 13,707 | ||||||||
Issuance of shares of Class A Common Stock under stock plan | 1,179 | (1,200) | 2,379 | |||||||
Tax benefit and withholdings from deferred compensation distributions | 66 | 66 | ||||||||
Stock-based compensation expense | 4,381 | 4,381 | ||||||||
Repurchase of shares of Class A Common Stock, including excise taxes | 17,861 | 17,861 | ||||||||
Dividends, Common Stock, Cash | $ (21,224) | $ (1,569) | $ (21,224) | $ (1,569) | ||||||
Ending balance at Jan. 31, 2023 | 967,404 | 548 | 348,513 | 947,051 | (233,338) | (95,370) | ||||
Beginning balance at Oct. 31, 2022 | 911,725 | 548 | 346,064 | 920,482 | (228,855) | (126,514) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 37,986 | 37,986 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 31,144 | 31,144 | ||||||||
Issuance of shares of Class A Common Stock under stock plan | 2,334 | 1,026 | 1,308 | |||||||
Stock-based compensation expense | 1,423 | 1,423 | ||||||||
Repurchase of shares of Class A Common Stock, including excise taxes | 5,791 | 5,791 | ||||||||
Dividends, Common Stock, Cash | (10,603) | (814) | (10,603) | (814) | ||||||
Ending balance at Jan. 31, 2023 | 967,404 | 548 | 348,513 | 947,051 | (233,338) | (95,370) | ||||
Beginning balance at Jul. 31, 2023 | 990,919 | 548 | 351,771 | 1,021,870 | (290,209) | (93,061) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 90,869 | 90,869 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (6,880) | (6,880) | ||||||||
Issuance of shares of Class A Common Stock under stock plan | (3,004) | (3,389) | 6,393 | |||||||
Tax benefit and withholdings from deferred compensation distributions | 149 | 149 | ||||||||
Stock-based compensation expense | 5,263 | 5,263 | ||||||||
Repurchase of shares of Class A Common Stock, including excise taxes | 21,898 | 21,898 | ||||||||
Dividends, Common Stock, Cash | (21,090) | (1,604) | (21,090) | (1,604) | ||||||
Ending balance at Jan. 31, 2024 | 1,038,732 | 548 | 353,794 | 1,090,045 | (305,714) | (99,941) | ||||
Beginning balance at Oct. 31, 2023 | 994,992 | 548 | 352,421 | 1,057,773 | (300,467) | (115,283) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 43,628 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 15,342 | |||||||||
Issuance of shares of Class A Common Stock under stock plan | (2,739) | 273 | 2,466 | |||||||
Stock-based compensation expense | 1,100 | 1,100 | ||||||||
Repurchase of shares of Class A Common Stock, including excise taxes | 7,713 | 7,713 | ||||||||
Dividends, Common Stock, Cash | $ (10,525) | $ (831) | $ (10,525) | $ (831) | ||||||
Ending balance at Jan. 31, 2024 | $ 1,038,732 | $ 548 | $ 353,794 | $ 1,090,045 | $ (305,714) | $ (99,941) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Class A Nonvoting Common Stock | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.2350 | $ 0.2300 | $ 0.4700 | $ 0.4600 |
Class B Voting Common Stock | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.2350 | $ 0.2300 | $ 0.4534 | $ 0.4434 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Operating activities: | ||
Net income | $ 90,869 | $ 77,427 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,008 | 17,117 |
Stock-based compensation expense | 5,263 | 4,381 |
Deferred income taxes | (3,640) | (5,234) |
Other | 947 | (908) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,030) | 280 |
Inventories | 10,078 | (1,287) |
Prepaid expenses and other assets | (1,187) | (3,502) |
Accounts payable and accrued liabilities | (9,754) | (29,156) |
Income taxes | (4,203) | (1,734) |
Net cash provided by operating activities | 98,351 | 57,384 |
Investing activities: | ||
Purchases of property, plant and equipment | (60,832) | (8,167) |
Other | 0 | 11 |
Net cash used in investing activities | (60,832) | (8,156) |
Financing activities: | ||
Payment of dividends | (22,694) | (22,793) |
Proceeds from exercise of stock options | 5,366 | 2,688 |
Payments for employee taxes withheld from stock-based awards | (2,362) | (1,509) |
Purchase of treasury stock | (21,797) | (17,861) |
Proceeds from borrowing on credit agreement | 69,145 | 71,036 |
Repayment of borrowing on credit agreement | (70,771) | (88,755) |
Other | 149 | 66 |
Net cash used in financing activities | (42,964) | (57,128) |
Effect of exchange rate changes on cash and cash equivalents | (2,227) | 2,041 |
Net decrease in cash and cash equivalents | (7,672) | (5,859) |
Cash and cash equivalents, beginning of period | 151,532 | 114,069 |
Cash and cash equivalents, end of period | $ 143,860 | $ 108,210 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
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 January 31, 2024 and July 31, 2023, its results of operations and comprehensive income for the three and six months ended January 31, 2024 and 2023, and cash flows for the six months ended January 31, 2024 and 2023. The condensed consolidated balance sheet as of July 31, 2023 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, 2023. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Standards not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The guidance requires expanded interim and annual disclosures of segment information including the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The guidance is effective for the Company's fiscal 2025 Form 10-K and interim periods thereafter. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The guidance requires expanded annual disclosures including the standardization and disaggregation of income tax rate reconciliation categories and the amount of income taxes paid by jurisdiction. The guidance is effective for the Company’s fiscal 2026 Form 10-K. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures. |
Additional Balance Sheet Inform
Additional Balance Sheet Information (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Additional Balance Sheet Disclosure | Additional Balance Sheet Information Inventories Inventories consisted of the following as of January 31, 2024 and July 31, 2023: January 31, 2024 July 31, 2023 Finished products $ 96,003 $ 103,350 Work-in-process 26,200 26,884 Raw materials and supplies 42,741 46,844 Total inventories $ 164,944 $ 177,078 Property, plant and equipment |
Other Intangible Assets (Notes)
Other Intangible Assets (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Other Intangible Assets Other intangible assets as of January 31, 2024 and July 31, 2023 consisted of the following: January 31, 2024 July 31, 2023 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Tradenames 3 $ 600 $ (533) $ 67 3 $ 1,114 $ (947) $ 167 Customer relationships 9 64,261 (19,547) 44,714 9 64,513 (15,947) 48,566 Technology 5 9,274 (5,192) 4,082 5 9,313 (4,235) 5,078 Unamortized other intangible assets: Tradenames N/A 8,245 — 8,245 N/A 8,285 — 8,285 Total $ 82,380 $ (25,272) $ 57,108 $ 83,225 $ (21,129) $ 62,096 The decrease in the gross carrying amount of other intangible assets as of January 31, 2024 compared to July 31, 2023 was primarily due to the effect of currency fluctuations during the six-month period. Amortization expense of intangible assets was $2,364 and $3,258 for the three months ended January 31, 2024 and 2023, respectively, and $4,719 and $6,889 for the six months ended January 31, 2024 and 2023, respectively. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Leases [Abstract] | |
Leases Disclosure | Leases The Company leases certain manufacturing facilities, warehouse and office spaces, and vehicles accounted for as operating leases. Lease terms typically range from one year to ten years. As of January 31, 2024, the Company did not have any finance leases. Operating lease expense was $3,804 and $3,868 for the three months ended January 31, 2024 and 2023, respectively, and $7,869 and $7,648 for the six months ended January 31, 2024 and 2023, respectively, which 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 six months ended January 31, 2024 and 2023. Supplemental cash flow information related to the Company's operating leases for the six months ended January 31, 2024 and 2023 was as follows: Six months ended January 31, 2024 2023 Operating cash outflows from operating leases $ 8,585 $ 8,766 Operating lease assets obtained in exchange for new operating lease liabilities (1) 2,551 6,545 (1) Includes new leases and remeasurements or modifications of existing leases . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss Disclosure | Accumulated Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments, which includes net investment hedges and long-term intercompany loan translation adjustments, unrealized gains 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 six months ended January 31, 2024: Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2023 $ 1,641 $ 756 $ (95,458) $ (93,061) Other comprehensive income (loss) before reclassification 350 — (5,773) (5,423) Amounts reclassified from accumulated other comprehensive loss (1,155) (302) — (1,457) Ending balance, January 31, 2024 $ 836 $ 454 $ (101,231) $ (99,941) The increase in accumulated other comprehensive loss as of January 31, 2024 compared to July 31, 2023 was primarily due to the appreciation of the U.S. dollar against certain other currencies during the six-month period. The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended January 31, 2023 were as follows: Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2022 $ 954 $ 1,436 $ (111,467) $ (109,077) Other comprehensive income before reclassification 1,593 — 12,890 14,483 Amounts reclassified from accumulated other comprehensive loss (598) (178) — (776) Ending balance, January 31, 2023 $ 1,949 $ 1,258 $ (98,577) $ (95,370) The decrease in accumulated other comprehensive loss as of January 31, 2023 compared to July 31, 2022 was primarily due to the depreciation of the U.S. dollar against certain other currencies during the six-month period. Of the amounts reclassified from accumulated other comprehensive loss during the six months ended January 31, 2024 and 2023, 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 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 six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ 73 $ 58 $ (55) $ 124 Pension and other post-retirement benefits — (62) — (62) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 73 $ (4) $ (55) $ 62 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition Disclosure | 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. 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 H, “Segment Information,” for the Company’s disaggregated revenue disclosure. |
Segment Information (Notes)
Segment Information (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information Disclosure | Segment Information The Company is organized and managed within two regions: Americas & Asia and Europe & Australia, which are the reportable segments. The following is a summary of net sales by segment and geographic region for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Net sales: Americas & Asia Americas $ 185,976 $ 195,102 $ 382,262 $ 386,431 Asia 25,667 24,965 51,007 52,131 Total $ 211,643 $ 220,067 $ 433,269 $ 438,562 Europe & Australia Europe $ 98,371 $ 93,760 $ 194,704 $ 183,952 Australia 12,610 12,422 26,634 26,304 Total $ 110,981 $ 106,182 $ 221,338 $ 210,256 Total Company $ 322,624 $ 326,249 $ 654,607 $ 648,818 The following is a summary of segment profit for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Segment profit: Americas & Asia $ 43,895 $ 40,174 $ 93,792 $ 81,319 Europe & Australia 15,054 13,459 31,798 30,217 Total profit from reportable segments $ 58,949 $ 53,633 $ 125,590 $ 111,536 Total profit from reportable segments is a measure of operating income that excludes administrative costs related to corporate functions that are otherwise included in the Company's operating income. The following is a reconciliation of total profit from reportable segments to income before income taxes for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Total profit from reportable segments $ 58,949 $ 53,633 $ 125,590 $ 111,536 Unallocated amounts: Administrative costs (5,023) (4,852) (11,934) (11,369) Investment and other income 2,684 968 3,122 811 Interest expense (790) (1,239) (1,556) (2,133) Income before income taxes $ 55,820 $ 48,510 $ 115,222 $ 98,845 |
Net Income per Common Share (No
Net Income per Common Share (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share Disclosure | Net Income per Common Share Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Numerator (in thousands): Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 43,628 $ 37,986 $ 90,869 $ 77,427 Less: Preferential dividends — — (748) (769) Preferential dividends on dilutive stock options — — (5) (4) Numerator for basic and diluted income per Class B Voting Common Share $ 43,628 $ 37,986 $ 90,116 $ 76,654 Denominator (in thousands): Denominator for basic income per share for both Class A and Class B 48,374 49,745 48,440 49,806 Plus: Effect of dilutive equity awards 351 264 328 243 Denominator for diluted income per share for both Class A and Class B 48,725 50,009 48,768 50,049 Net income per Class A Nonvoting Common Share: Basic $ 0.90 $ 0.76 $ 1.88 $ 1.55 Diluted $ 0.90 $ 0.76 $ 1.86 $ 1.55 Net income per Class B Voting Common Share: Basic $ 0.90 $ 0.76 $ 1.86 $ 1.54 Diluted $ 0.90 $ 0.76 $ 1.85 $ 1.53 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 the Company's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares were 49,562 and 634,999 for the three months ended January 31, 2024 and 2023, respectively, and 181,674 and 609,266 for the six months ended January 31, 2024 and 2023, respectively. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements Disclosure | 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 as of January 31, 2024 and July 31, 2023: January 31, 2024 July 31, 2023 Fair Value Hierarchy Assets: Deferred compensation plan assets $ 18,825 $ 18,288 Level 1 Foreign exchange contracts 695 492 Level 2 Liabilities: Foreign exchange contracts 28 189 Level 2 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Deferred compensation plan assets: 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 K, “Derivatives and Hedging Activities,” for additional information. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities Disclosure | 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 on 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: January 31, 2024 July 31, 2023 Designated as cash flow hedges $ 26,552 $ 39,661 Non-designated hedges 4,716 4,803 Total foreign exchange contracts $ 31,268 $ 44,464 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 January 31, 2024 and July 31, 2023, unrealized gains of $831 and $1,580 have been included in OCI, respectively. Net Investment Hedges The Company has designated certain third party foreign currency denominated debt borrowed under its credit agreement as net investment hedges. These debt obligations, denominated in Euros and British Pounds, were designated as net investment hedges to hedge portions of the Company's net investment in its European operations. The Company’s foreign currency 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 condensed consolidated statements of comprehensive income. As of January 31, 2024 and July 31, 2023, the cumulative balance recognized in accumulated other comprehensive income were losses of $1,207 and $1,746, respectively, on any outstanding foreign currency denominated debt obligations. The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Gains (losses) recognized in OCI: Forward exchange contracts (cash flow hedges) $ 1,083 $ 776 $ 789 $ 1,669 Foreign currency denominated debt (net investment hedges) (969) (841) 539 (841) Gains reclassified from OCI into cost of goods sold Forward exchange contracts (cash flow hedges) 254 217 1,539 798 Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: January 31, 2024 July 31, 2023 Prepaid expenses and other current assets Other current liabilities Long-term obligations Prepaid expenses and other current assets Other current liabilities Long-term obligations Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 686 $ 28 $ — $ 485 $ 189 $ — Foreign currency denominated debt (net investment hedges) — — 35,090 — — 36,716 Derivatives not designated as hedging instruments: Foreign exchange contracts (non-designated hedges) 9 — — 7 — — Total derivative instruments $ 695 $ 28 $ 35,090 $ 492 $ 189 36,716 |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The income tax rate for the three months ended January 31, 2024 and 2023 was 21.8% and 21.7%, respectively. The income tax rate for the six months ended January 31, 2024 and 2023, was 21.1% and 21.7%, respectively. The decrease in the tax rate in the six-month period was primarily due to tax benefits from stock-based compensation and other permanent adjustments. The Company expects its ongoing annual income tax rate to be approximately 22% based on its current global business mix and based on tax laws and statutory rates currently in effect. |
Commitment and Contingencies (N
Commitment and Contingencies (Notes) | 6 Months Ended |
Jan. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Contingencies In the normal course of business, the Company is subject to a variety of investigations, claims, suits, and other legal proceedings, including but not limited to, intellectual property, employment, unclaimed property, tort, and breach of contract matters. Any legal proceedings are subject to inherent uncertainties, and these matters and their potential effects may change in the future. The Company records a liability for contingencies when a loss is deemed to be probable and the loss can be reasonably estimated. The Company currently believes that the outcomes of such proceedings will not have a material adverse impact on its business, financial position, results of operations or cash flows. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Jan. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 20, 2024, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.235 per share payable on April 30, 2024, to shareholders of record at the close of business on April 9, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 43,628 | $ 37,986 | $ 90,869 | $ 77,427 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jan. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule of Inventory | Inventories consisted of the following as of January 31, 2024 and July 31, 2023: January 31, 2024 July 31, 2023 Finished products $ 96,003 $ 103,350 Work-in-process 26,200 26,884 Raw materials and supplies 42,741 46,844 Total inventories $ 164,944 $ 177,078 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets as of January 31, 2024 and July 31, 2023 consisted of the following: January 31, 2024 July 31, 2023 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Tradenames 3 $ 600 $ (533) $ 67 3 $ 1,114 $ (947) $ 167 Customer relationships 9 64,261 (19,547) 44,714 9 64,513 (15,947) 48,566 Technology 5 9,274 (5,192) 4,082 5 9,313 (4,235) 5,078 Unamortized other intangible assets: Tradenames N/A 8,245 — 8,245 N/A 8,285 — 8,285 Total $ 82,380 $ (25,272) $ 57,108 $ 83,225 $ (21,129) $ 62,096 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Leases [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to the Company's operating leases for the six months ended January 31, 2024 and 2023 was as follows: Six months ended January 31, 2024 2023 Operating cash outflows from operating leases $ 8,585 $ 8,766 Operating lease assets obtained in exchange for new operating lease liabilities (1) 2,551 6,545 (1) Includes new leases and remeasurements or modifications of existing leases . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of 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 six months ended January 31, 2024: Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2023 $ 1,641 $ 756 $ (95,458) $ (93,061) Other comprehensive income (loss) before reclassification 350 — (5,773) (5,423) Amounts reclassified from accumulated other comprehensive loss (1,155) (302) — (1,457) Ending balance, January 31, 2024 $ 836 $ 454 $ (101,231) $ (99,941) | The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended January 31, 2023 were as follows: Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2022 $ 954 $ 1,436 $ (111,467) $ (109,077) Other comprehensive income before reclassification 1,593 — 12,890 14,483 Amounts reclassified from accumulated other comprehensive loss (598) (178) — (776) Ending balance, January 31, 2023 $ 1,949 $ 1,258 $ (98,577) $ (95,370) |
Schedule of Income Tax Benefit on the Components of Other Comprehensive Loss | The following table illustrates the income tax benefit (expense) on the components of other comprehensive income (loss) for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Income tax benefit (expense) related to items of other comprehensive income (loss): Cash flow hedges $ 73 $ 58 $ (55) $ 124 Pension and other post-retirement benefits — (62) — (62) Income tax benefit (expense) related to items of other comprehensive income (loss) $ 73 $ (4) $ (55) $ 62 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Segment and Geographic Region | The following is a summary of net sales by segment and geographic region for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Net sales: Americas & Asia Americas $ 185,976 $ 195,102 $ 382,262 $ 386,431 Asia 25,667 24,965 51,007 52,131 Total $ 211,643 $ 220,067 $ 433,269 $ 438,562 Europe & Australia Europe $ 98,371 $ 93,760 $ 194,704 $ 183,952 Australia 12,610 12,422 26,634 26,304 Total $ 110,981 $ 106,182 $ 221,338 $ 210,256 Total Company $ 322,624 $ 326,249 $ 654,607 $ 648,818 |
Schedule of Segment Profit | The following is a summary of segment profit for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Segment profit: Americas & Asia $ 43,895 $ 40,174 $ 93,792 $ 81,319 Europe & Australia 15,054 13,459 31,798 30,217 Total profit from reportable segments $ 58,949 $ 53,633 $ 125,590 $ 111,536 |
Schedule of the reconciliation of segment profit to earnings before income taxes and losses of unconsolidated affiliate | Total profit from reportable segments is a measure of operating income that excludes administrative costs related to corporate functions that are otherwise included in the Company's operating income. The following is a reconciliation of total profit from reportable segments to income before income taxes for the three and six months ended January 31, 2024 and 2023: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Total profit from reportable segments $ 58,949 $ 53,633 $ 125,590 $ 111,536 Unallocated amounts: Administrative costs (5,023) (4,852) (11,934) (11,369) Investment and other income 2,684 968 3,122 811 Interest expense (790) (1,239) (1,556) (2,133) Income before income taxes $ 55,820 $ 48,510 $ 115,222 $ 98,845 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of the reconciliation of the numerator and denominator of Basic and Diluted Earnings Per Share | Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Numerator (in thousands): Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share) $ 43,628 $ 37,986 $ 90,869 $ 77,427 Less: Preferential dividends — — (748) (769) Preferential dividends on dilutive stock options — — (5) (4) Numerator for basic and diluted income per Class B Voting Common Share $ 43,628 $ 37,986 $ 90,116 $ 76,654 Denominator (in thousands): Denominator for basic income per share for both Class A and Class B 48,374 49,745 48,440 49,806 Plus: Effect of dilutive equity awards 351 264 328 243 Denominator for diluted income per share for both Class A and Class B 48,725 50,009 48,768 50,049 Net income per Class A Nonvoting Common Share: Basic $ 0.90 $ 0.76 $ 1.88 $ 1.55 Diluted $ 0.90 $ 0.76 $ 1.86 $ 1.55 Net income per Class B Voting Common Share: Basic $ 0.90 $ 0.76 $ 1.86 $ 1.54 Diluted $ 0.90 $ 0.76 $ 1.85 $ 1.53 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 as of January 31, 2024 and July 31, 2023: January 31, 2024 July 31, 2023 Fair Value Hierarchy Assets: Deferred compensation plan assets $ 18,825 $ 18,288 Level 1 Foreign exchange contracts 695 492 Level 2 Liabilities: Foreign exchange contracts 28 189 Level 2 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jan. 31, 2024 | |
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: January 31, 2024 July 31, 2023 Designated as cash flow hedges $ 26,552 $ 39,661 Non-designated hedges 4,716 4,803 Total foreign exchange contracts $ 31,268 $ 44,464 |
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: Three months ended January 31, Six months ended January 31, 2024 2023 2024 2023 Gains (losses) recognized in OCI: Forward exchange contracts (cash flow hedges) $ 1,083 $ 776 $ 789 $ 1,669 Foreign currency denominated debt (net investment hedges) (969) (841) 539 (841) Gains reclassified from OCI into cost of goods sold Forward exchange contracts (cash flow hedges) 254 217 1,539 798 |
Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: January 31, 2024 July 31, 2023 Prepaid expenses and other current assets Other current liabilities Long-term obligations Prepaid expenses and other current assets Other current liabilities Long-term obligations Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 686 $ 28 $ — $ 485 $ 189 $ — Foreign currency denominated debt (net investment hedges) — — 35,090 — — 36,716 Derivatives not designated as hedging instruments: Foreign exchange contracts (non-designated hedges) 9 — — 7 — — Total derivative instruments $ 695 $ 28 $ 35,090 $ 492 $ 189 36,716 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Inventory [Line Items] | ||
Finished products | $ 96,003 | $ 103,350 |
Work-in-process | 26,200 | 26,884 |
Raw materials and supplies | 42,741 | 46,844 |
Total inventories | $ 164,944 | $ 177,078 |
Property, Plant and Equipment A
Property, Plant and Equipment Accumulated Depreciation (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Property, Plant and Equipment, Gross [Abstract] | ||
Accumulated Depreciation of PPE | $ 299,746 | $ 292,680 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 82,380 | $ 83,225 |
Finite-Lived Intangible Assets, Accumulated Amortization | (25,272) | (21,129) |
Intangible Assets, Net (Excluding Goodwill), Total | 57,108 | 62,096 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 8,245 | $ 8,285 |
Tradenames | ||
Other Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 3 years | 3 years |
Finite-Lived Intangible Assets, Gross | $ 600 | $ 1,114 |
Finite-Lived Intangible Assets, Accumulated Amortization | (533) | (947) |
Finite-Lived Intangible Assets, Net | $ 67 | $ 167 |
Customer relationships | ||
Other Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 9 years | 9 years |
Finite-Lived Intangible Assets, Gross | $ 64,261 | $ 64,513 |
Finite-Lived Intangible Assets, Accumulated Amortization | (19,547) | (15,947) |
Finite-Lived Intangible Assets, Net | $ 44,714 | $ 48,566 |
Technology-Based Intangible Assets | ||
Other Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 5 years | 5 years |
Finite-Lived Intangible Assets, Gross | $ 9,274 | $ 9,313 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,192) | (4,235) |
Finite-Lived Intangible Assets, Net | $ 4,082 | $ 5,078 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 2,364 | $ 3,258 | $ 4,719 | $ 6,889 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Leases [Abstract] | ||||
Operating Lease, Cost | $ 3,804 | $ 3,868 | $ 7,869 | $ 7,648 |
Operating cash outflows from operating leases | 8,585 | 8,766 | ||
Operating lease assets obtained in exchange for new operating lease liabilities (1) | $ 2,551 | $ 6,545 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (93,061) | $ (109,077) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5,423) | 14,483 |
Amounts reclassified from accumulated other comprehensive loss | (1,457) | (776) |
Ending balance | (99,941) | (95,370) |
Unrealized gain on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,641 | 954 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 350 | 1,593 |
Amounts reclassified from accumulated other comprehensive loss | (1,155) | (598) |
Ending balance | 836 | 1,949 |
Unamortized gain on post-retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 756 | 1,436 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | (302) | (178) |
Ending balance | 454 | 1,258 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (95,458) | (111,467) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5,773) | 12,890 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending balance | $ (101,231) | $ (98,577) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Cash flow hedges | $ 73 | $ 58 | $ (55) | $ 124 |
Pension and other post-retirement benefits | 0 | (62) | 0 | (62) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | $ 73 | $ (4) | $ (55) | $ 62 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Contract with Customer, Liability | $ 2,979 | $ 2,979 | $ 2,757 | ||
Deferred Revenue, Revenue Recognized | $ 321 | $ 311 | $ 635 | $ 617 | |
Remaining Performance Obligations Expected as Revenue During the Remainder of the Current Fiscal Year | 21% | 21% | |||
Remaining Performance Obligations Expected as Revenue Over the Next Full Fiscal Year | 33% | 33% |
Segment Information Net Sales b
Segment Information Net Sales by Segment and Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Net Sales by Segment | ||||
Net sales | $ 322,624 | $ 326,249 | $ 654,607 | $ 648,818 |
Americas & Asia | ||||
Net Sales by Segment | ||||
Net sales | 211,643 | 220,067 | 433,269 | 438,562 |
Americas & Asia | Americas | ||||
Net Sales by Segment | ||||
Net sales | 185,976 | 195,102 | 382,262 | 386,431 |
Americas & Asia | Asia | ||||
Net Sales by Segment | ||||
Net sales | 25,667 | 24,965 | 51,007 | 52,131 |
Europe & Australia | ||||
Net Sales by Segment | ||||
Net sales | 110,981 | 106,182 | 221,338 | 210,256 |
Europe & Australia | Europe | ||||
Net Sales by Segment | ||||
Net sales | 98,371 | 93,760 | 194,704 | 183,952 |
Europe & Australia | Australia | ||||
Net Sales by Segment | ||||
Net sales | $ 12,610 | $ 12,422 | $ 26,634 | $ 26,304 |
Segment Information Segment Pro
Segment Information Segment Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Segment Profit | ||||
Segment profit | $ 58,949 | $ 53,633 | $ 125,590 | $ 111,536 |
Americas & Asia | ||||
Segment Profit | ||||
Segment profit | 43,895 | 40,174 | 93,792 | 81,319 |
Europe & Australia | ||||
Segment Profit | ||||
Segment profit | $ 15,054 | $ 13,459 | $ 31,798 | $ 30,217 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Segment profit | $ 58,949 | $ 53,633 | $ 125,590 | $ 111,536 |
Unallocated amounts: | ||||
Administrative costs | (5,023) | (4,852) | (11,934) | (11,369) |
Investment and other income | 2,684 | 968 | 3,122 | 811 |
Interest expense | (790) | (1,239) | (1,556) | (2,133) |
Income before income taxes | $ 55,820 | $ 48,510 | $ 115,222 | $ 98,845 |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Earnings Per Share [Line Items] | ||||
Net income | $ 43,628 | $ 37,986 | $ 90,869 | $ 77,427 |
Denominator for basic income per share for both Class A and Class B | 48,374 | 49,745 | 48,440 | 49,806 |
Plus: Effect of dilutive equity awards | 351 | 264 | 328 | 243 |
Denominator for diluted income per share for both Class A and Class B | 48,725 | 50,009 | 48,768 | 50,049 |
Class A Nonvoting Common Stock | ||||
Earnings Per Share [Line Items] | ||||
Basic | $ 0.90 | $ 0.76 | $ 1.88 | $ 1.55 |
Diluted | $ 0.90 | $ 0.76 | $ 1.86 | $ 1.55 |
Class B Voting Common Stock | ||||
Earnings Per Share [Line Items] | ||||
Preferential dividends | $ 0 | $ 0 | $ 748 | $ 769 |
Preferential dividends on dilutive stock options | 0 | 0 | (5) | (4) |
Numerator for basic and diluted income per Class B Voting Common Share | $ 43,628 | $ 37,986 | $ 90,116 | $ 76,654 |
Basic | $ 0.90 | $ 0.76 | $ 1.86 | $ 1.54 |
Diluted | $ 0.90 | $ 0.76 | $ 1.85 | $ 1.53 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive Shares | 49,562 | 634,999 | 181,674 | 609,266 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | $ 18,825 | $ 18,288 |
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 | 695 | 492 |
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 | $ 28 | $ 189 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Notional Value of Derivatives Outstanding (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 31,268 | $ 44,464 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 26,552 | 39,661 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,716 | $ 4,803 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities Pre-Tax Gains and Losses related to Foreign Exchange Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net gain recognized in other comprehensive income (loss) | $ 1,083 | $ 776 | $ 789 | $ 1,669 |
Foreign currency denominated debt (net investment hedges) | (969) | (841) | 539 | (841) |
Forward exchange contracts (cash flow hedges) | $ 254 | $ 217 | $ 1,539 | $ 798 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Assets | $ 695 | $ 492 |
Other current liabilities [Member] | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | $ 28 | $ 189 |
Foreign Line of Credit | ||
Derivatives, Fair Value | ||
Derivative Liability, Noncurrent | Other Long-Term Debt, Noncurrent | Other Long-Term Debt, Noncurrent |
Designated as Hedging Instrument | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Assets | $ 686 | $ 485 |
Designated as Hedging Instrument | Other current liabilities [Member] | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | $ 28 | $ 189 |
Designated as Hedging Instrument | Foreign Line of Credit | Net Investment Hedging | ||
Derivatives, Fair Value | ||
Derivative Liability, Noncurrent | Other Long-Term Debt, Noncurrent | Other Long-Term Debt, Noncurrent |
Not Designated as Hedging Instrument | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Assets | $ 9 | $ 7 |
Not Designated as Hedging Instrument | Other current liabilities [Member] | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2023 | Jul. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Maturities | 18 months | |||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 831 | $ 1,580 | ||
Accumulated other comprehensive loss | (99,941) | (93,061) | $ (95,370) | $ (109,077) |
Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (1,207) | $ (1,746) |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 Rate | Jan. 31, 2023 Rate | Jan. 31, 2024 Rate | Jan. 31, 2023 Rate | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 21.80% | 21.70% | 21.10% | 21.70% |
Subsequent Events (Detail)
Subsequent Events (Detail) - Subsequent Event [Member] - $ / shares | Apr. 30, 2024 | Apr. 09, 2024 | Feb. 20, 2024 |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Feb. 20, 2024 | ||
Dividend declared (USD per share) | $ 0.235 | ||
Dividends Payable, Date to be Paid | Apr. 30, 2024 | ||
Dividends Payable, Date of Record | Apr. 09, 2024 |