DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Apr. 30, 2014 | 27-May-14 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PALL CORP | ' |
Entity Central Index Key | '0000075829 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 109,681,236 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $870,874 | $936,886 |
Accounts receivable | 564,782 | 566,335 |
Inventory | 428,648 | 381,047 |
Prepaid expenses | 80,676 | 72,808 |
Other current assets | 82,368 | 92,953 |
Total current assets | 2,027,348 | 2,050,029 |
Property, plant and equipment | 799,197 | 774,948 |
Goodwill | 445,030 | 342,492 |
Intangible assets | 211,586 | 137,243 |
Other non-current assets | 163,104 | 168,127 |
Total assets | 3,646,265 | 3,472,839 |
Current liabilities: | ' | ' |
Notes payable | 304,959 | 169,967 |
Accounts payable | 160,049 | 157,176 |
Accrued liabilities | 307,930 | 312,829 |
Income taxes payable | 57,009 | 60,732 |
Current portion of long-term debt | 406 | 420 |
Dividends payable | 30,159 | 27,947 |
Total current liabilities | 860,512 | 729,071 |
Long-term debt, net of current portion | 463,666 | 467,319 |
Income taxes payable – non-current | 135,366 | 141,843 |
Deferred taxes and other non-current liabilities | 365,551 | 319,650 |
Total liabilities | 1,825,095 | 1,657,883 |
Stockholders’ equity: | ' | ' |
Common stock, par value $.10 per share | 12,796 | 12,796 |
Capital in excess of par value | 324,025 | 298,150 |
Retained earnings | 2,424,552 | 2,285,031 |
Treasury stock, at cost | -950,506 | -740,229 |
Accumulated other comprehensive income/(loss): | ' | ' |
Foreign currency translation | 130,928 | 84,598 |
Pension liability adjustment | -125,257 | -125,211 |
Unrealized investment gains | 1,525 | 2,123 |
Unrealized gains/(losses) on derivatives | 3,107 | -2,302 |
Total accumulated other comprehensive income/(loss) | 10,303 | -40,792 |
Total stockholders’ equity | 1,821,170 | 1,814,956 |
Total liabilities and stockholders’ equity | $3,646,265 | $3,472,839 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value per share (in dollars per share) | $0.10 | $0.10 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $682,445 | $641,190 | $1,989,193 | $1,931,245 |
Cost of sales | 334,371 | 307,111 | 971,146 | 928,120 |
Gross profit | 348,074 | 334,079 | 1,018,047 | 1,003,125 |
Selling, general and administrative expenses | 201,045 | 199,595 | 592,228 | 601,569 |
Research and development | 26,644 | 22,608 | 74,890 | 68,582 |
Restructuring and other charges, net | 11,542 | 12,824 | 29,910 | 21,497 |
Interest expense, net | 4,747 | 5,298 | 15,919 | 10,747 |
Earnings from continuing operations before income taxes | 104,096 | 93,754 | 305,100 | 300,730 |
Provision for income taxes | 15,405 | 19,483 | 61,230 | 56,975 |
Net earnings from continuing operations | 88,691 | 74,271 | 243,870 | 243,755 |
Earnings/(loss) from discontinued operations, net of income taxes | 0 | -1,206 | 0 | 245,552 |
Net earnings | $88,691 | $73,065 | $243,870 | $489,307 |
Earnings per share from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.80 | $0.66 | $2.20 | $2.16 |
Diluted (in dollars per share) | $0.80 | $0.65 | $2.17 | $2.13 |
Earnings/(loss) per share from discontinued operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0 | ($0.01) | $0 | $2.17 |
Diluted (in dollars per share) | $0 | ($0.01) | $0 | $2.15 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.80 | $0.65 | $2.20 | $4.33 |
Diluted (in dollars per share) | $0.80 | $0.64 | $2.17 | $4.28 |
Dividends declared per share | $0.55 | $0.25 | $0.83 | $0.75 |
Average shares outstanding: | ' | ' | ' | ' |
Basic | 110,183 | 111,964 | 110,946 | 112,979 |
Diluted | 111,466 | 113,311 | 112,215 | 114,415 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $88,691 | $73,065 | $243,870 | $489,307 |
Other comprehensive income/(loss), net of income taxes: | ' | ' | ' | ' |
Foreign currency translation | 25,041 | -33,127 | 46,330 | 8,195 |
Pension liability adjustment | 619 | 4,199 | -46 | 8,762 |
Unrealized investment gains/(losses) | -224 | -208 | -598 | -145 |
Unrealized gains/(losses) on derivatives | -172 | 1,548 | 5,409 | -2,229 |
Total other comprehensive income/(loss), net of income taxes | 25,264 | -27,588 | 51,095 | 14,583 |
Comprehensive income | $113,955 | $45,477 | $294,965 | $503,890 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Operating activities: | ' | ' |
Net cash provided by operating activities | $342,164 | $206,890 |
Investing activities: | ' | ' |
Capital expenditures | -50,301 | -66,387 |
Acquisition of businesses, net of cash acquired | -195,262 | 0 |
Purchases of retirement benefit assets | -29,518 | -33,503 |
Proceeds from retirement benefit assets | 36,020 | 36,689 |
Proceeds from sale of assets | 5,618 | 537,284 |
Other | -9,167 | -3,862 |
Net cash provided/(used) by investing activities | -242,610 | 470,221 |
Financing activities: | ' | ' |
Notes payable | 134,992 | 10,020 |
Dividends paid | -88,596 | -80,197 |
Long-term borrowings | 0 | 14 |
Repayments of short-term debt | -3,927 | 0 |
Repayments of long-term debt | -545 | -352 |
Net proceeds from stock plans | 13,814 | 31,054 |
Additions to deferred financing costs | 0 | 3,043 |
Purchase of treasury stock | -250,000 | -250,000 |
Excess tax benefits from stock-based compensation arrangements | 11,327 | 11,774 |
Net cash used by financing activities | -182,935 | -280,730 |
Cash flow for period | -83,381 | 396,381 |
Cash and cash equivalents at beginning of year | 936,886 | 500,274 |
Effect of exchange rate changes on cash and cash equivalents | 17,369 | 7,312 |
Cash and cash equivalents at end of period | 870,874 | 903,967 |
Supplemental disclosures: | ' | ' |
Interest paid | 13,068 | 23,780 |
Income taxes paid (net of refunds) | $44,782 | $133,417 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The condensed consolidated financial information of Pall Corporation and its subsidiaries (hereinafter collectively called the “Company”) included herein is unaudited. Such information reflects all adjustments of a normal recurring nature, which are, in the opinion of Company management, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows as of the dates and for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2013 (“2013 Form 10-K”). | |
As discussed in Note 16, Discontinued Operations, on August 1, 2012, the Company sold certain assets of its blood collection, filtration and processing product line, which was a component of the Company’s Life Sciences segment, and met the criteria for discontinued operations and held for sale presentation during the third quarter of fiscal year 2012. As such, it has been reported as a discontinued operation in the Company’s condensed consolidated financial statements for all periods presented. |
BALANCE_SHEET_DETAILS
BALANCE SHEET DETAILS | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
BALANCE SHEET DETAILS | ' | |||||||
BALANCE SHEET DETAILS | ||||||||
The following tables provide details of selected balance sheet items: | ||||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||
Accounts receivable: | ||||||||
Billed | $ | 513,137 | $ | 508,448 | ||||
Unbilled | 65,661 | 72,787 | ||||||
Total | 578,798 | 581,235 | ||||||
Less: Allowances for doubtful accounts | (14,016 | ) | (14,900 | ) | ||||
$ | 564,782 | $ | 566,335 | |||||
Unbilled receivables principally relate to revenues accrued for long-term contracts recorded under the percentage-of-completion method of accounting. | ||||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||
Inventory: | ||||||||
Raw materials and components | $ | 124,837 | $ | 94,837 | ||||
Work-in-process | 109,028 | 94,998 | ||||||
Finished goods | 194,783 | 191,212 | ||||||
$ | 428,648 | $ | 381,047 | |||||
Apr 30, 2014 | July 31, 2013 | |||||||
Property, plant and equipment: | ||||||||
Property, plant and equipment | $ | 1,757,331 | $ | 1,650,274 | ||||
Less: Accumulated depreciation and amortization | (958,134 | ) | (875,326 | ) | ||||
$ | 799,197 | $ | 774,948 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
The Company completed its annual goodwill impairment test for all reporting units in the third quarter of fiscal year 2014 and determined that no impairment existed. In addition, the Company had no impairment of goodwill in the prior year. In connection with the annual goodwill impairment test, the Company estimates the fair value of its reporting units using a market approach employing Level 3 inputs as defined in the fair value hierarchy described in Note 11, Fair Value Measurements. | ||||||||||||
The following table presents changes in the carrying value of goodwill, allocated by reportable segment. | ||||||||||||
Life Sciences | Industrial | Total | ||||||||||
Balance as of July 31, 2013 | $ | 180,896 | $ | 161,596 | $ | 342,492 | ||||||
Acquisitions | 99,744 | — | 99,744 | |||||||||
Foreign currency translation | 1,818 | 976 | 2,794 | |||||||||
Balance as of April 30, 2014 | $ | 282,458 | $ | 162,572 | $ | 445,030 | ||||||
In connection with the acquisitions in the first nine months of fiscal year 2014, see Note 17, Acquisitions, the Company recorded the fair value of the intangible assets acquired, which were valued using the income approach. The valuation employed level 3 inputs, as defined in the fair value hierarchy. | ||||||||||||
Intangible assets consist of the following: | ||||||||||||
Apr 30, 2014 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 166,112 | $ | 64,522 | $ | 101,590 | ||||||
Customer-related intangibles | 129,777 | 30,480 | 99,297 | |||||||||
Trademarks | 16,412 | 6,835 | 9,577 | |||||||||
Other | 3,674 | 2,552 | 1,122 | |||||||||
$ | 315,975 | $ | 104,389 | $ | 211,586 | |||||||
Jul 31, 2013 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 123,707 | $ | 69,992 | $ | 53,715 | ||||||
Customer-related intangibles | 97,016 | 22,425 | 74,591 | |||||||||
Trademarks | 13,291 | 6,166 | 7,125 | |||||||||
Other | 4,425 | 2,613 | 1,812 | |||||||||
$ | 238,439 | $ | 101,196 | $ | 137,243 | |||||||
Amortization expense from continuing operations for intangible assets for the three and nine months ended April 30, 2014 was $5,399 and $14,778, respectively. Amortization expense from continuing operations for intangible assets for the three and nine months ended April 30, 2013 was $4,765 and $14,900, respectively. Amortization expense is estimated to be approximately $5,699 for the remainder of fiscal year 2014, $21,202 in fiscal year 2015, $19,920 in fiscal year 2016, $19,841 in fiscal year 2017, $19,670 in fiscal year 2018, and $17,316 in fiscal year 2019. |
TREASURY_STOCK
TREASURY STOCK | 9 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
TREASURY STOCK | ' | ||||||||||||
TREASURY STOCK | |||||||||||||
The following table highlights the share repurchase authorizations in effect during fiscal year 2014: | |||||||||||||
Date of Authorization | |||||||||||||
26-Sep-11 | 17-Jan-13 | Total | |||||||||||
Amount available for repurchases as of July 31, 2013 | $ | 81,873 | $ | 250,000 | $ | 331,873 | |||||||
New authorizations | — | — | — | ||||||||||
Utilized | (81,873 | ) | (168,127 | ) | (250,000 | ) | |||||||
Amount available for repurchases as of April 30, 2014 | $ | — | $ | 81,873 | $ | 81,873 | |||||||
The Company’s shares may be purchased over time as market and business conditions warrant. There is no time restriction on these authorizations. In September 2013, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement with a third-party financial institution to repurchase $125,000 of the Company’s common stock. This transaction was completed in the second quarter of fiscal year 2014. Under the agreement, the Company paid $125,000 to the financial institution. Upon completion of the transaction, the Company received a total of 1,573 shares with an average price per share of $79.45. | |||||||||||||
In December 2013, the Company entered into a second ASR agreement with a third-party financial institution to repurchase $125,000 of the Company’s common stock. This transaction was completed in the third quarter of fiscal year 2014. Under the agreement, the Company paid $125,000 to the financial institution. Upon completion of the transaction, the Company received a total of 1,483 shares with an average price per share of $84.31. | |||||||||||||
During the nine months ended April 30, 2014, 935 shares were issued under the Company’s stock-based compensation plans. At April 30, 2014, the Company held 18,291 treasury shares. |
CONTINGENCIES_AND_COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 9 Months Ended |
Apr. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES AND COMMITMENTS | ' |
CONTINGENCIES AND COMMITMENTS | |
With respect to the matters described in Note 14, Contingencies and Commitments, to the Company’s consolidated financial statements included in the Company’s 2013 Form 10-K and below, the Company has assessed the ultimate resolution of these matters and has reflected appropriate contingent liabilities in the condensed consolidated financial statements as of April 30, 2014 and July 31, 2013. | |
The Company and its subsidiaries are subject to certain other legal actions that arise in the normal course of business. Other than those legal proceedings and claims discussed in the 2013 Form 10-K and this Note, the Company is not facing any other legal proceedings and claims that would individually or in the aggregate have a reasonably possible material adverse effect on its financial condition or operating results. As such, any reasonably possible loss or range of loss, other than those legal proceedings discussed in the 2013 Form 10-K and this Note, is immaterial. However, the results of legal proceedings cannot be predicted with certainty. If the Company failed to prevail in several of these legal matters in the same reporting period, the operating results of a particular reporting period could be materially adversely affected. | |
Environmental Matters: | |
With respect to the environmental matters at the Company’s Pinellas Park, Florida site, previously disclosed in Note 14, Contingencies and Commitments, to the Company’s consolidated financial statements included in the Company’s 2013 Form 10-K, the Florida Department of Environmental Protection approved the remedial action plan in September 2013. As a result of this, the Company added $4,440 to its environmental reserves in the first quarter of fiscal year 2014. | |
The Company’s condensed consolidated balance sheet at April 30, 2014 includes liabilities for environmental matters of approximately $20,738 which relate primarily to the environmental proceedings discussed in the 2013 Form 10-K and as updated in this Note. In the opinion of management, the Company is in substantial compliance with applicable environmental laws and its current accruals for environmental remediation are adequate. However, as regulatory standards under environmental laws are becoming increasingly stringent, there can be no assurance that future developments, additional information and experience gained will not cause the Company to incur material environmental liabilities or costs beyond those accrued in its condensed consolidated financial statements. |
RESTRUCTURING_AND_OTHER_CHARGE
RESTRUCTURING AND OTHER CHARGES, NET | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES, NET | ' | |||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES, NET | ||||||||||||||||||||||||
The following tables summarize the restructuring and other charges (“ROTC”) recorded in the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended Apr 30, 2014 | Nine Months Ended Apr 30, 2014 | |||||||||||||||||||||||
Restructuring | Other | Total | Restructuring | Other | Total | |||||||||||||||||||
-1 | (Gains)/ | -1 | (Gains)/ | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
-2 | -2 | |||||||||||||||||||||||
Severance benefits and other employment contract obligations | $ | 8,289 | $ | — | $ | 8,289 | $ | 18,751 | $ | (402 | ) | $ | 18,349 | |||||||||||
Professional fees and other costs, net of receipt of insurance claim payments | 567 | 1,498 | 2,065 | 2,704 | 3,693 | 6,397 | ||||||||||||||||||
(Gain)/loss on sale and impairment of assets, net | 3,986 | (1,640 | ) | 2,346 | 3,986 | (1,480 | ) | 2,506 | ||||||||||||||||
Environmental matters | — | — | — | — | 4,440 | 4,440 | ||||||||||||||||||
Reversal of excess restructuring reserves | (1,158 | ) | — | (1,158 | ) | (1,782 | ) | — | (1,782 | ) | ||||||||||||||
$ | 11,684 | $ | (142 | ) | $ | 11,542 | $ | 23,659 | $ | 6,251 | $ | 29,910 | ||||||||||||
Cash | $ | 7,698 | $ | (142 | ) | $ | 7,556 | $ | 19,673 | $ | 6,091 | $ | 25,764 | |||||||||||
Non-cash | 3,986 | — | 3,986 | 3,986 | 160 | 4,146 | ||||||||||||||||||
$ | 11,684 | $ | (142 | ) | $ | 11,542 | $ | 23,659 | $ | 6,251 | $ | 29,910 | ||||||||||||
Three Months Ended Apr 30, 2013 | Nine Months Ended Apr 30, 2013 | |||||||||||||||||||||||
Restructuring | Other | Total | Restructuring | Other | Total | |||||||||||||||||||
-1 | (Gains)/ | -1 | (Gains)/ | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
-2 | -2 | |||||||||||||||||||||||
Severance benefits and other employment contract obligations | $ | 5,701 | $ | 1,452 | $ | 7,153 | $ | 10,896 | $ | 2,903 | $ | 13,799 | ||||||||||||
Professional fees and other costs, net of receipt of insurance claim payments | 361 | 531 | 892 | 1,149 | 2,117 | 3,266 | ||||||||||||||||||
(Gain)/loss on sale and impairment of assets, net | 999 | 1,357 | 2,356 | 993 | 1,357 | 2,350 | ||||||||||||||||||
Environmental matters | — | 2,715 | 2,715 | — | 2,715 | 2,715 | ||||||||||||||||||
Reversal of excess restructuring reserves | (292 | ) | — | (292 | ) | (633 | ) | — | (633 | ) | ||||||||||||||
$ | 6,769 | $ | 6,055 | $ | 12,824 | $ | 12,405 | $ | 9,092 | $ | 21,497 | |||||||||||||
Cash | $ | 5,770 | $ | 4,185 | $ | 9,955 | $ | 11,007 | $ | 6,709 | $ | 17,716 | ||||||||||||
Non-cash | 999 | 1,870 | 2,869 | 1,398 | 2,383 | 3,781 | ||||||||||||||||||
$ | 6,769 | $ | 6,055 | $ | 12,824 | $ | 12,405 | $ | 9,092 | $ | 21,497 | |||||||||||||
(1) Restructuring: | ||||||||||||||||||||||||
In fiscal year 2012, the Company announced a multi-year strategic cost reduction initiative (“structural cost improvement initiative”). This initiative impacts both segments as well as the Corporate Services Group. The goal of this initiative is to properly position the Company’s cost structure globally to perform in the current economic environment without adversely impacting its growth or innovation potential. | ||||||||||||||||||||||||
Key components of the structural cost improvement initiative include: | ||||||||||||||||||||||||
• | the strategic alignment of manufacturing, sales and R&D facilities to cost-effectively deliver high-quality products and superior service to the Company’s customers worldwide, | |||||||||||||||||||||||
• | creation of regional shared financial services centers for the handling of accounting transaction processing and other accounting functions, | |||||||||||||||||||||||
• | reorganization of sales functions, to more cost-efficiently deliver superior service to the Company’s customers globally, and | |||||||||||||||||||||||
• | reductions in headcount across all functional areas, enabled by efficiencies gained through the Company’s ERP systems, as well as in order to align to economic conditions. | |||||||||||||||||||||||
Restructuring charges recorded in the three and nine months ended April 30, 2014 and April 30, 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. | ||||||||||||||||||||||||
Restructuring charges in the three and nine months ended April 30, 2014 also includes the impairment of assets of $3,986 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. | ||||||||||||||||||||||||
(2) Other (Gains)/Charges: | ||||||||||||||||||||||||
Severance benefits and other employment contract obligations: In the three and nine months ended April 30, 2013, the Company recorded charges related to certain employment contract obligations. | ||||||||||||||||||||||||
Professional fees and other: In the three months ended April 30, 2014, the Company recorded costs related to the settlement of a legal matter. Furthermore, in the three and nine months ended April 30, 2014, the Company recorded acquisition related legal and other professional fees. In the three and nine months ended April 30, 2013, the Company recorded settlement related costs as well as legal and other professional fees, related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings (see Note 14, Contingencies and Commitments, in the 2013 Form 10-K). | ||||||||||||||||||||||||
Gain on sale and impairment of assets: In the three months ended April 30, 2014, the Company recorded a gain on the sale of a building in Europe. In the three months ended April 30, 2013, the Company recorded an impairment related to a software project. | ||||||||||||||||||||||||
Environmental matters: As discussed in Note 5, Contingencies and Commitments, in the nine months ended April 30, 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In the three months ended April 30, 2013, the Company increased its previously established environmental reserve related to a matter in Glen Cove, New York. | ||||||||||||||||||||||||
The following table summarizes the activity related to restructuring liabilities recorded for the Company’s structural cost improvement initiative which began in fiscal year 2012: | ||||||||||||||||||||||||
Severance | Other | Total | ||||||||||||||||||||||
Original charge | $ | 61,852 | $ | 3,448 | $ | 65,300 | ||||||||||||||||||
Utilized | (27,365 | ) | (2,798 | ) | (30,163 | ) | ||||||||||||||||||
Translation | (123 | ) | (47 | ) | (170 | ) | ||||||||||||||||||
Balance at Jul 31, 2012 | $ | 34,364 | $ | 603 | $ | 34,967 | ||||||||||||||||||
Additions | 21,637 | 2,840 | 24,477 | |||||||||||||||||||||
Utilized | (29,574 | ) | (1,936 | ) | (31,510 | ) | ||||||||||||||||||
Reversal of excess reserves | (500 | ) | (57 | ) | (557 | ) | ||||||||||||||||||
Translation | 313 | 23 | 336 | |||||||||||||||||||||
Balance at Jul 31, 2013 | $ | 26,240 | $ | 1,473 | $ | 27,713 | ||||||||||||||||||
Additions | 18,751 | 2,704 | 21,455 | |||||||||||||||||||||
Utilized | (18,996 | ) | (2,533 | ) | (21,529 | ) | ||||||||||||||||||
Reversal of excess reserves | (1,682 | ) | (100 | ) | (1,782 | ) | ||||||||||||||||||
Translation | 628 | 63 | 691 | |||||||||||||||||||||
Balance at Apr 30, 2014 | $ | 24,941 | $ | 1,607 | $ | 26,548 | ||||||||||||||||||
Excluded from the table above are restructuring liabilities relating to restructuring plans initiated in fiscal year 2010. At April 30, 2014, the balance of these liabilities was $213. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company’s effective tax rates on continuing operations for the nine months ended April 30, 2014 and April 30, 2013 were 20.1% and 18.9%, respectively. For the nine months ended April 30, 2014, the effective tax rate varied from the U.S. federal statutory rate primarily due to the benefits of foreign operations and a net tax benefit of $10,054 from the resolution of tax audits. For the nine months ended April 30, 2013, the effective tax rate varied from the U.S. federal statutory rate primarily due to the benefits of foreign operations and a net tax benefit of $7,757 primarily from the resolution of a U.S. tax audit partly offset by the establishment of deferred tax liabilities for the repatriation of foreign earnings. | |
During the nine months ended April 30, 2014, the Company reached a final settlement with Her Majesty’s Revenue and Customs (“HMRC”) in the United Kingdom resolving the outstanding tax positions for fiscal years ended July 2010 and July 2011. As a result, the Company reversed $10,961 of previously recorded liabilities related to tax and penalties, as well as $1,478 related to interest ($1,138 net of income tax cost) that were accrued but not assessed as part of the settlement. | |
During the nine months ended April 30, 2013, the Company reached a final agreement with the Internal Revenue Service (“IRS”) resolving the outstanding tax positions for fiscal years ended 2006 through 2008. As a result, the Company reversed $10,193 of previously recorded liabilities related to tax and penalties, as well as $6,704 related to interest ($4,268 net of income tax cost) that were accrued but not assessed as part of the IRS agreement. | |
At April 30, 2014 and July 31, 2013, the Company had gross unrecognized income tax benefits of $198,899 and $203,376, respectively. During the nine months ended April 30, 2014, the amount of gross unrecognized tax benefits decreased by $4,477, primarily due to the settlement with HMRC for fiscal years ended July 2010 and July 2011 and the expiration of various foreign statutes of limitation, partially offset by tax positions taken during the current period and the impact of foreign currency translation. As of April 30, 2014, the amount of net unrecognized income tax benefits that, if recognized, would impact the effective tax rate was $155,469. | |
At April 30, 2014 and July 31, 2013, the Company had liabilities of $17,450 and $18,622, respectively, for potential payment of interest and penalties. | |
Due to the potential resolution of tax examinations and the expiration of various statutes of limitation, the Company believes that it is reasonably possible that the gross amount of unrecognized tax benefits may decrease within the next twelve months by a range of zero to $55,781. | |
Subsequent to the balance sheet date, the Company received official notification of the resolution of a tax audit in Germany related to fiscal years 2005 through 2008. This will result in the recognition of previously unrecognized income tax benefits of approximately $7,000 and a reversal of interest of approximately $3,000 in the Company's fourth fiscal quarter ending July 31, 2014. |
COMPONENTS_OF_NET_PERIODIC_PEN
COMPONENTS OF NET PERIODIC PENSION COST | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
COMPONENTS OF NET PERIODIC PENSION COST | ' | |||||||||||||||||||||||
COMPONENTS OF NET PERIODIC PENSION COST | ||||||||||||||||||||||||
Net periodic pension benefit cost for the Company’s defined benefit pension plans includes the following components: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||
Service cost | $ | 2,169 | $ | 2,648 | $ | 1,005 | $ | 1,093 | $ | 3,174 | $ | 3,741 | ||||||||||||
Interest cost | 3,028 | 2,617 | 4,398 | 3,899 | 7,426 | 6,516 | ||||||||||||||||||
Expected return on plan assets | (2,325 | ) | (2,383 | ) | (3,611 | ) | (3,937 | ) | (5,936 | ) | (6,320 | ) | ||||||||||||
Amortization of prior service cost/(credit) | 395 | 392 | (10 | ) | (12 | ) | 385 | 380 | ||||||||||||||||
Amortization of actuarial loss | 1,344 | 2,411 | 1,450 | 1,358 | 2,794 | 3,769 | ||||||||||||||||||
Loss due to curtailments and settlements | — | 16 | — | — | — | 16 | ||||||||||||||||||
Net periodic benefit cost | $ | 4,611 | $ | 5,701 | $ | 3,232 | $ | 2,401 | $ | 7,843 | $ | 8,102 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||
Service cost | $ | 6,509 | $ | 7,943 | $ | 2,998 | $ | 3,443 | $ | 9,507 | $ | 11,386 | ||||||||||||
Interest cost | 9,083 | 7,852 | 12,923 | 11,965 | 22,006 | 19,817 | ||||||||||||||||||
Expected return on plan assets | (6,974 | ) | (7,150 | ) | (10,591 | ) | (12,158 | ) | (17,565 | ) | (19,308 | ) | ||||||||||||
Amortization of prior service cost/(credit) | 1,185 | 1,178 | (31 | ) | (44 | ) | 1,154 | 1,134 | ||||||||||||||||
Amortization of actuarial loss | 4,033 | 7,233 | 4,261 | 4,170 | 8,294 | 11,403 | ||||||||||||||||||
Loss due to curtailments and settlements | — | 49 | — | — | — | 49 | ||||||||||||||||||
Net periodic benefit cost | $ | 13,836 | $ | 17,105 | $ | 9,560 | $ | 7,376 | $ | 23,396 | $ | 24,481 | ||||||||||||
STOCKBASED_PAYMENT
STOCK-BASED PAYMENT | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK-BASED PAYMENT | ' | |||||||||||||||
STOCK–BASED PAYMENT | ||||||||||||||||
The Company currently has four stock-based employee and director compensation award types (Restricted Stock Unit, Stock Option Plans, Management Stock Purchase Plan (“MSPP”), and Employee Stock Purchase Plan (“ESPP”)), which are more fully described in Note 15, Common Stock, to the consolidated financial statements included in the 2013 Form 10-K. | ||||||||||||||||
The detailed components of stock-based compensation expense recorded in the condensed consolidated statements of earnings for the three and nine months ended April 30, 2014 and April 30, 2013 are reflected in the table below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||
Restricted stock units | $ | 5,064 | $ | 3,978 | $ | 15,511 | $ | 11,895 | ||||||||
Stock options | 2,069 | 1,825 | 5,555 | 4,503 | ||||||||||||
MSPP | 961 | 976 | 2,125 | 2,763 | ||||||||||||
ESPP | 273 | 302 | 771 | 992 | ||||||||||||
Total | $ | 8,367 | $ | 7,081 | $ | 23,962 | $ | 20,153 | ||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The condensed consolidated statements of earnings present basic and diluted earnings per share. Basic earnings per share is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share considers the potential effect of dilution on basic earnings per share assuming potentially dilutive shares that meet certain criteria, such as those issuable upon exercise of stock options, were outstanding. The treasury stock method reduces the dilutive effect of potentially dilutive securities as it assumes that any cash proceeds (from the issuance of potentially dilutive securities) are used to buy back shares at the average share price during the period. Equity awards aggregating 496 and 742 shares were not included in the computation of diluted shares for the three months ended April 30, 2014 and April 30, 2013, respectively, because their effect would have been antidilutive. For the nine months ended April 30, 2014 and April 30, 2013, 524 and 586 antidilutive shares, respectively, were excluded. The following is a reconciliation between basic shares outstanding and diluted shares outstanding: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||
Basic shares outstanding | 110,183 | 111,964 | 110,946 | 112,979 | ||||||||
Effect of stock plans | 1,283 | 1,347 | 1,269 | 1,436 | ||||||||
Diluted shares outstanding | 111,466 | 113,311 | 112,215 | 114,415 | ||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company records certain of its financial assets and liabilities at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
The current authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Authoritative guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||
• | Level 1: Use of observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2: Use of inputs other than quoted prices included in Level 1, which are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | Level 3: Use of inputs that are unobservable. | |||||||||||||||
The following table presents, for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | ||||||||||||||||
Apr 30, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 3,948 | $ | 3,948 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 4,524 | 4,524 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 30,359 | — | 30,359 | — | ||||||||||||
U.S. Treasury | 10,416 | — | 10,416 | — | ||||||||||||
Federal agency | 16,374 | — | 16,374 | — | ||||||||||||
Mortgage-backed | 9,544 | — | 9,544 | — | ||||||||||||
Trading securities | 788 | 788 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 3,555 | — | 3,555 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 689 | — | 689 | — | ||||||||||||
The following table presents, for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of July 31, 2013: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | ||||||||||||||||
Jul 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 6,404 | $ | 6,404 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 176 | 176 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 32,393 | — | 32,393 | — | ||||||||||||
U.S. Treasury | 11,543 | — | 11,543 | — | ||||||||||||
Federal agency | 20,642 | — | 20,642 | — | ||||||||||||
Mortgage-backed | 5,990 | — | 5,990 | — | ||||||||||||
Trading securities | 190 | 190 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 301 | — | 301 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 3,066 | — | 3,066 | — | ||||||||||||
The Company’s money market funds and equity securities are valued using quoted market prices and, as such, are classified within Level 1 of the fair value hierarchy. | ||||||||||||||||
The fair value of the Company’s investments in debt securities are valued utilizing third party pricing services and verified by management. The pricing services use inputs to determine fair value which are derived from observable market sources including reportable trades, benchmark curves, credit spreads, broker/dealer quotes, bids, offers, and other industry and economic events. These investments are included in Level 2 of the fair value hierarchy. | ||||||||||||||||
The fair values of the Company’s foreign currency forward contracts are valued using pricing models, with all significant inputs derived from or corroborated by observable market data such as yield curves, currency spot and forward rates, and currency volatilities. These investments are included in Level 2 of the fair value hierarchy. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
INVESTMENT SECURITIES | ' | |||||||||||||||||||||||
INVESTMENT SECURITIES | ||||||||||||||||||||||||
The following is a summary of the Company’s available-for-sale investment securities by category which are classified within other non-current assets in the Company’s condensed consolidated balance sheets. Contractual maturity dates of debt securities held by the benefits protection trusts at April 30, 2014 range from 2014 to 2046. | ||||||||||||||||||||||||
Cost/ | Fair Value | Gross | Gross | Net Unrealized | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Holding | |||||||||||||||||||||
Cost Basis | Holding | Holding | Gains/(Losses) | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
April 30, 2014 | ||||||||||||||||||||||||
Equity securities | $ | 5,029 | $ | 4,524 | $ | 5 | $ | (510 | ) | $ | (505 | ) | ||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 29,435 | 30,359 | 1,172 | (248 | ) | 924 | ||||||||||||||||||
U.S. Treasury | 10,310 | 10,416 | 215 | (109 | ) | 106 | ||||||||||||||||||
Federal agency | 16,075 | 16,374 | 878 | (579 | ) | 299 | ||||||||||||||||||
Mortgage-backed | 9,366 | 9,544 | 189 | (11 | ) | 178 | ||||||||||||||||||
$ | 70,215 | $ | 71,217 | $ | 2,459 | $ | (1,457 | ) | $ | 1,002 | ||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Equity securities | $ | 176 | $ | 176 | $ | — | $ | — | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 31,546 | 32,393 | 1,274 | (427 | ) | 847 | ||||||||||||||||||
U.S. Treasury | 11,339 | 11,543 | 294 | (90 | ) | 204 | ||||||||||||||||||
Federal agency | 19,810 | 20,642 | 1,131 | (299 | ) | 832 | ||||||||||||||||||
Mortgage-backed | 5,752 | 5,990 | 238 | — | 238 | |||||||||||||||||||
$ | 68,623 | $ | 70,744 | $ | 2,937 | $ | (816 | ) | $ | 2,121 | ||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Holding | Holding | Holding | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
April 30, 2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 8,865 | $ | (248 | ) | $ | — | $ | — | $ | 8,865 | $ | (248 | ) | ||||||||||
U.S. Treasury | 4,372 | (109 | ) | — | — | 4,372 | (109 | ) | ||||||||||||||||
Federal agency | 1,634 | (63 | ) | 1,598 | (516 | ) | 3,232 | (579 | ) | |||||||||||||||
Mortgage-backed | 1,109 | (11 | ) | — | — | 1,109 | (11 | ) | ||||||||||||||||
Equity securities | 4,326 | (510 | ) | — | — | 4,326 | (510 | ) | ||||||||||||||||
$ | 20,306 | $ | (941 | ) | $ | 1,598 | $ | (516 | ) | $ | 21,904 | $ | (1,457 | ) | ||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Holding | Holding | Holding | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 10,990 | $ | (427 | ) | $ | — | $ | — | $ | 10,990 | $ | (427 | ) | ||||||||||
U.S. Treasury | 3,778 | (90 | ) | — | — | 3,778 | (90 | ) | ||||||||||||||||
Federal agency | 3,701 | (299 | ) | — | — | 3,701 | (299 | ) | ||||||||||||||||
$ | 18,469 | $ | (816 | ) | $ | — | $ | — | $ | 18,469 | $ | (816 | ) | |||||||||||
The following table shows the proceeds and gross gains and losses from the sale of available-for-sale investments for the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||||
Proceeds from sales | $ | 4,915 | $ | 883 | $ | 7,973 | $ | 13,169 | ||||||||||||||||
Realized gross gains on sales | 93 | 18 | 177 | 370 | ||||||||||||||||||||
Realized gross losses on sales | 6 | — | 106 | 5 | ||||||||||||||||||||
The following is a summary of the Company’s trading securities by category which are classified within other non-current assets in the Company’s condensed consolidated balance sheets. | ||||||||||||||||||||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||||||||||||||||||
Equity securities | $ | 788 | $ | 190 | ||||||||||||||||||||
Total trading securities | $ | 788 | $ | 190 | ||||||||||||||||||||
The following table shows the net gains and losses recognized on trading securities for the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||||
Gains/(losses), net recognized for securities held | $ | (1 | ) | $ | — | $ | 22 | $ | — | |||||||||||||||
Gains/(losses), net recognized for securities sold | — | — | — | — | ||||||||||||||||||||
Total gains/(losses), net recognized | $ | (1 | ) | $ | — | $ | 22 | $ | — | |||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended | |||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||
The Company manages certain financial exposures through a risk management program that includes the use of foreign exchange derivative financial instruments. Derivatives are executed with counterparties with a minimum credit rating of “A” by Standard & Poors and “A2” by Moody’s Investor Services, in accordance with the Company’s policies. The Company does not utilize derivative instruments for trading or speculative purposes. As of April 30, 2014, the Company had foreign currency forward contracts outstanding with notional amounts aggregating $512,733, whose fair values were a net asset of $2,866. | ||||||||||||||||||
Foreign Exchange Related: | ||||||||||||||||||
a. Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
The risk management objective of holding foreign exchange derivatives is to mitigate volatility to earnings and cash flows due to changes in foreign exchange rates. The Company and its subsidiaries conduct transactions in currencies other than their functional currencies. These transactions include non-functional intercompany and external sales as well as intercompany and external purchases. The Company uses foreign exchange forward contracts, matching the notional amounts and durations of the receivables and payables resulting from the aforementioned underlying foreign currency transactions, to mitigate the exposure to earnings and cash flows caused by the changes in fair value of these receivables and payables from fluctuating foreign exchange rates. The notional amount of foreign currency forward contracts not designated as hedging instruments entered into during the three and nine months ended April 30, 2014 was $664,039 and $1,845,481, respectively. The notional amount of foreign currency forward contracts outstanding that were not designated as hedging instruments as of April 30, 2014 was $406,572. | ||||||||||||||||||
b. Cash Flow Hedges | ||||||||||||||||||
The Company uses foreign exchange forward contracts for cash flow hedging on its future transactional exposure to the Euro due to changes in market rates to exchange Euros for British Pounds. The hedges cover a British subsidiary (British Pound functional) with Euro revenues and a Swiss subsidiary (Euro functional) with British Pound expenses. The probability of the occurrence of these transactions is high and the Company’s assessment is based on observable facts including the frequency and amounts of similar past transactions. The objective of the cash flow hedges is to lock a portion of the British Pound equivalent amount of Euro sales for the British subsidiary and a portion of the Euro equivalent amount of British Pound expenses for the Swiss subsidiary at the agreed upon exchange rates in the foreign exchange forward contracts. The notional amount of foreign currency forward contracts designated as hedging instruments entered into during the three and nine months ended April 30, 2014 was $23,174 and $77,941. The notional amount of foreign currency forward contracts outstanding designated as hedging instruments as of April 30, 2014 was $106,161 and covers certain monthly transactional exposures through May 2015. | ||||||||||||||||||
c. Net Investment Hedges | ||||||||||||||||||
The risk management objective of designating the Company’s foreign currency loan as a hedge of a portion of its net investment in a wholly owned Japanese subsidiary is to mitigate the change in the fair value of the Company’s net investment due to changes in foreign exchange rates. The Company uses a JPY loan outstanding to hedge its equity of the same amount in the Japanese wholly owned subsidiary. The hedge of net investment consists of a JPY 9 billion loan. | ||||||||||||||||||
The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are presented as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
April 30, 2014 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 2,895 | Other current liabilities | $ | 7 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 660 | Other current liabilities | $ | 682 | ||||||||||||
Total derivatives | $ | 3,555 | $ | 689 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Long-term debt, net of current portion | $ | 87,687 | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
July 31, 2013 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | — | Other current liabilities | $ | 1,941 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 301 | Other current liabilities | $ | 1,125 | ||||||||||||
Total derivatives | $ | 301 | $ | 3,066 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Long-term debt, net of current portion | $ | 91,800 | |||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 305 | $ | 1,548 | Net sales | $ | 440 | $ | (615 | ) | ||||||||
Cost of sales | 171 | (537 | ) | |||||||||||||||
Total derivatives | $ | 305 | $ | 1,548 | $ | 611 | $ | (1,152 | ) | |||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 5,615 | $ | (2,229 | ) | Net sales | $ | 552 | $ | (1,002 | ) | |||||||
Cost of sales | (695 | ) | (707 | ) | ||||||||||||||
Total derivatives | $ | 5,615 | $ | (2,229 | ) | $ | (143 | ) | $ | (1,709 | ) | |||||||
(a) | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in | ||||||||||||||||||
Earnings on Derivatives | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Location of Gain or (Loss) Recognized in Earnings on Derivatives | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | ||||||||||||||
Derivatives not designated as hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (607 | ) | $ | (5,206 | ) | $ | (2,950 | ) | $ | (15,032 | ) | |||||
The amounts of the gains and losses related to the Company’s nonderivative financial instruments designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in OCI on Derivatives | (Loss) Reclassified | Accumulated OCI into Earnings | ||||||||||||||||
(Effective Portion) | from Accumulated | (Effective Portion) (b) | ||||||||||||||||
OCI into Earnings | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | 63 | $ | 4,320 | N/A | $ | — | $ | — | |||||||||
Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in OCI on Derivatives | (Loss) Reclassified | Accumulated OCI into Earnings | ||||||||||||||||
(Effective Portion) | from Accumulated | (Effective Portion) (b) | ||||||||||||||||
OCI into Earnings | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | (4,113 | ) | $ | 14,757 | N/A | $ | — | $ | — | ||||||||
(b) | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 9 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ' | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
Changes in accumulated other comprehensive income by component are presented below: | ||||||||||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plan | Unrealized investment gains/(losses) | Unrealized gains/(losses) on derivatives | Accumulated other comprehensive income/(loss) | ||||||||||||||||
Balance at July 31, 2013 | $ | 84,598 | $ | (125,211 | ) | $ | 2,123 | $ | (2,302 | ) | $ | (40,792 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | 46,330 | — | (813 | ) | 5,154 | 50,671 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 6,551 | 215 | 255 | 7,021 | |||||||||||||||
Foreign exchange adjustments and other | — | (6,597 | ) | — | — | (6,597 | ) | |||||||||||||
Balance at April 30, 2014 | $ | 130,928 | $ | (125,257 | ) | $ | 1,525 | $ | 3,107 | $ | 10,303 | |||||||||
Reclassifications out of accumulated other comprehensive income are presented below: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Affected line item in the Condensed Consolidated Statement of Earnings | ||||||||||||||||||
Apr 30, 2014 | Apr 30, 2014 | |||||||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||||||||
Amortization of prior service cost | $ | (385 | ) | $ | (1,154 | ) | Note (a) | |||||||||||||
Recognized actuarial gain/(loss) | (2,794 | ) | (8,294 | ) | Note (a) | |||||||||||||||
Total before tax | (3,179 | ) | (9,448 | ) | ||||||||||||||||
Tax (expense)/benefit | 958 | 2,897 | ||||||||||||||||||
Net of tax | $ | (2,221 | ) | $ | (6,551 | ) | ||||||||||||||
Unrealized investment gains/(losses) | ||||||||||||||||||||
Realized investment gain/(losses) | $ | (217 | ) | $ | (336 | ) | Selling, general and administrative | |||||||||||||
Tax (expense)/benefit | 78 | 121 | ||||||||||||||||||
Net of tax | $ | (139 | ) | $ | (215 | ) | ||||||||||||||
Unrealized gains/(losses) on derivatives | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 440 | $ | 552 | Sales | |||||||||||||||
Foreign exchange forward contracts | 171 | (695 | ) | Cost of sales | ||||||||||||||||
Total before tax | 611 | (143 | ) | |||||||||||||||||
Tax (expense)/benefit | (102 | ) | (112 | ) | ||||||||||||||||
Net of tax | $ | 509 | $ | (255 | ) | |||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 8, Components of Net Periodic Pension Cost, for additional details). |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The Company’s reportable segments, which are also its operating segments, consist of the Company’s Life Sciences and Industrial businesses. | ||||||||||||||||
The following table presents sales and segment profit from continuing operations by business segment reconciled to earnings from continuing operations before income taxes for the three and nine months ended April 30, 2014 and April 30, 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||
SALES: | ||||||||||||||||
Life Sciences | $ | 368,835 | $ | 326,097 | $ | 1,041,011 | $ | 955,230 | ||||||||
Industrial | 313,610 | 315,093 | 948,182 | 976,015 | ||||||||||||
Total | $ | 682,445 | $ | 641,190 | $ | 1,989,193 | $ | 1,931,245 | ||||||||
SEGMENT PROFIT: | ||||||||||||||||
Life Sciences | $ | 88,339 | $ | 81,195 | $ | 252,240 | $ | 233,514 | ||||||||
Industrial | 49,350 | 45,853 | 146,723 | 146,723 | ||||||||||||
Total segment profit | 137,689 | 127,048 | 398,963 | 380,237 | ||||||||||||
Corporate Services Group | 17,304 | 15,172 | 48,034 | 47,263 | ||||||||||||
ROTC | 11,542 | 12,824 | 29,910 | 21,497 | ||||||||||||
Interest expense, net | 4,747 | 5,298 | 15,919 | 10,747 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 104,096 | $ | 93,754 | $ | 305,100 | $ | 300,730 | ||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
DISCONTINUED OPERATIONS | ||||||||
On April 28, 2012, the Company entered into an asset purchase agreement (“APA”) to sell certain assets of its blood collection, filtration and processing product line (the “Product Line”) to Haemonetics Corporation (“Haemonetics”) for approximately $550,000. The transaction involved the transfer of manufacturing facilities and equipment in Covina, California; Tijuana, Mexico; Ascoli, Italy and a portion of the Company’s operations in Fajardo, Puerto Rico. In addition to the manufacturing facilities and related equipment, the Company transferred Product Line related inventory and intangible assets. Haemonetics also assumed certain employee-related liabilities. The sale closed on August 1, 2012, and approximately 1,400 employees transitioned to Haemonetics at that time. | ||||||||
Separate from these manufacturing facilities, the Company also agreed to transfer related blood media manufacturing capabilities and assets to Haemonetics. The transfer of the related media lines is expected to be completed by calendar year 2016. Until that time, the Company is providing these media products to Haemonetics under a supply agreement. Under the terms of the APA, approximately $535,000 was paid upon closing, with the balance of the purchase price payable upon the Company’s delivery of the aforementioned blood media manufacturing capability and related assets. | ||||||||
The Product Line, which was a component of the Company’s Life Sciences segment, met the criteria for discontinued operations and held for sale presentation during the third quarter of fiscal year 2012 and has been reported as a discontinued operation in the Company’s condensed consolidated financial statements. The Company did not allocate any portion of the Company’s interest expense to discontinued operations. | ||||||||
The key components of discontinued operations for the three and nine months ended April 30, 2013 were as follows: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Apr 30, 2013 | Apr 30, 2013 | |||||||
Net sales | $ | 344 | $ | 8,867 | ||||
Earnings/(loss) from discontinued operations before income taxes | $ | (1,896 | ) | $ | 392,425 | |||
Provision/(benefit) for income taxes | (690 | ) | 146,873 | |||||
Earnings/(loss) from discontinued operations, net of income taxes | $ | (1,206 | ) | $ | 245,552 | |||
Included in earnings from discontinued operations before income taxes above are a (loss)/gain on the sale of the Product Line of $(545) and $396,793, respectively, for the three and nine months ended April 30, 2013. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | |||
Apr. 30, 2014 | ||||
ACQUISITIONS [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
ACQUISITIONS | ||||
During the first and second quarters of fiscal 2014, the Company completed two acquisitions - Medistad Holding BV, a European manufacturing entity, and SoloHill Engineering, Inc., a United States technology company. The aggregate consideration for these acquisitions was $30,677, which included approximately $3,000 of contingent consideration. | ||||
On February 20, 2014, the Company acquired the Life Sciences business of ATMI, Inc. (“ATMI LifeSciences”). ATMI LifeSciences is a technology leader in the field of single-use bioprocess equipment and consumables for the biopharmaceutical and biotechnology industries. The acquisition includes the ATMI LifeSciences portfolio of custom-engineered, flexible packaging solutions, single-use storage systems, mixers and bioreactors. The Company paid a cash purchase price of $185,000, and an additional $5,793 related to working capital adjustments. | ||||
The acquisition of ATMI LifeSciences broadens the Company's upstream presence in bioprocessing and complements its established downstream capabilities. Combined with the aforementioned acquisitions, both innovators in the single-use market, and the Company's already solid portfolio of biopharmaceutical solutions, the addition of the ATMI LifeSciences assets well positions the Company to capitalize on opportunities in the rapidly growing single-use market segment. | ||||
The above transactions (the “2014 acquisitions”) were funded with available cash and borrowings under the Company's commercial paper program. Tangible and intangible assets acquired and liabilities assumed were recognized based upon their estimated fair values at the respective closing dates. The Company is currently in the process of finalizing the valuations of acquired tangible and intangible assets and liabilities, and will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. | ||||
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed, in the aggregate, for the 2014 acquisitions as of April 30, 2014. | ||||
Purchase price, including working capital adjustments | $ | 221,470 | ||
Cash acquired | 832 | |||
Purchase price, net of cash acquired | 220,638 | |||
Accounts receivable | 10,959 | |||
Inventories | 22,299 | |||
Other current assets | 6,891 | |||
Property, plant and equipment | 30,177 | |||
Intangible assets | 86,568 | |||
Other non-current assets | 5,866 | |||
Total identifiable assets acquired, net of cash acquired | 162,760 | |||
Current liabilities | 15,722 | |||
Non-current liabilities | 26,144 | |||
Total liabilities assumed | 41,866 | |||
Goodwill (excess cost over value of net assets acquired) | $ | 99,744 | ||
The Company recorded an aggregate of $99,744 of goodwill related to the 2014 acquisitions, none of which is expected to be deductible for income tax purposes. | ||||
The results of operations for the acquisitions since their respective acquisition dates are included in the accompanying condensed consolidated financial statements and reported in the Life Sciences segment results in Note 15, Segment Information. The impact of the 2014 acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results from operations. Additionally, assuming these transactions had occurred at the beginning of the respective fiscal years, the consolidated pro forma results would not be materially different from reported results for the nine months ended April 30, 2014 and April 30, 2013. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Apr. 30, 2014 | |
SUBSEQUENT EVENT [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
On May 1, 2014, the Company acquired Filter Specialists, Inc. (“FSI”), one of the industry’s leading suppliers of filter bags. FSI has developed an extremely strong brand since being established in 1972. Their technology is a direct complement to the Company's existing product line and enables it to provide a broader and more complete portfolio of products. Additionally, this acquisition will increase the Company's footprint in the automotive paint, chemical, petrochemical, oil and gas, and food and beverage markets. On the Closing Date, the Company paid a cash purchase price of $124,000, subject to a post closing working capital adjustment. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Fair Value of Financial Instruments, Policy | ' |
The Company’s money market funds and equity securities are valued using quoted market prices and, as such, are classified within Level 1 of the fair value hierarchy. | |
The fair value of the Company’s investments in debt securities are valued utilizing third party pricing services and verified by management. The pricing services use inputs to determine fair value which are derived from observable market sources including reportable trades, benchmark curves, credit spreads, broker/dealer quotes, bids, offers, and other industry and economic events. These investments are included in Level 2 of the fair value hierarchy. | |
The fair values of the Company’s foreign currency forward contracts are valued using pricing models, with all significant inputs derived from or corroborated by observable market data such as yield curves, currency spot and forward rates, and currency volatilities. These investments are included in Level 2 of the fair value hierarchy. | |
Presentation and Use of Estimates | ' |
The condensed consolidated financial information of Pall Corporation and its subsidiaries (hereinafter collectively called the “Company”) included herein is unaudited. Such information reflects all adjustments of a normal recurring nature, which are, in the opinion of Company management, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows as of the dates and for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2013 (“2013 Form 10-K”). |
BALANCE_SHEET_DETAILS_Tables
BALANCE SHEET DETAILS (Tables) | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Summary of Accounts Receivable | ' | |||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||
Accounts receivable: | ||||||||
Billed | $ | 513,137 | $ | 508,448 | ||||
Unbilled | 65,661 | 72,787 | ||||||
Total | 578,798 | 581,235 | ||||||
Less: Allowances for doubtful accounts | (14,016 | ) | (14,900 | ) | ||||
$ | 564,782 | $ | 566,335 | |||||
Unbilled receivables principally relate to revenues accrued for long-term contracts recorded under the percentage-of-completion method of accounting. | ||||||||
Major Classes of Inventory | ' | |||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||
Inventory: | ||||||||
Raw materials and components | $ | 124,837 | $ | 94,837 | ||||
Work-in-process | 109,028 | 94,998 | ||||||
Finished goods | 194,783 | 191,212 | ||||||
$ | 428,648 | $ | 381,047 | |||||
Schedule of Property, Plant And Equipment | ' | |||||||
Apr 30, 2014 | July 31, 2013 | |||||||
Property, plant and equipment: | ||||||||
Property, plant and equipment | $ | 1,757,331 | $ | 1,650,274 | ||||
Less: Accumulated depreciation and amortization | (958,134 | ) | (875,326 | ) | ||||
$ | 799,197 | $ | 774,948 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill, allocated by reportable segment | ' | |||||||||||
Life Sciences | Industrial | Total | ||||||||||
Balance as of July 31, 2013 | $ | 180,896 | $ | 161,596 | $ | 342,492 | ||||||
Acquisitions | 99,744 | — | 99,744 | |||||||||
Foreign currency translation | 1,818 | 976 | 2,794 | |||||||||
Balance as of April 30, 2014 | $ | 282,458 | $ | 162,572 | $ | 445,030 | ||||||
Schedule of Intangible Assets | ' | |||||||||||
Intangible assets consist of the following: | ||||||||||||
Apr 30, 2014 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 166,112 | $ | 64,522 | $ | 101,590 | ||||||
Customer-related intangibles | 129,777 | 30,480 | 99,297 | |||||||||
Trademarks | 16,412 | 6,835 | 9,577 | |||||||||
Other | 3,674 | 2,552 | 1,122 | |||||||||
$ | 315,975 | $ | 104,389 | $ | 211,586 | |||||||
Jul 31, 2013 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 123,707 | $ | 69,992 | $ | 53,715 | ||||||
Customer-related intangibles | 97,016 | 22,425 | 74,591 | |||||||||
Trademarks | 13,291 | 6,166 | 7,125 | |||||||||
Other | 4,425 | 2,613 | 1,812 | |||||||||
$ | 238,439 | $ | 101,196 | $ | 137,243 | |||||||
TREASURY_STOCK_Tables
TREASURY STOCK (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of Treasury Stock by Class | ' | ||||||||||||
The following table highlights the share repurchase authorizations in effect during fiscal year 2014: | |||||||||||||
Date of Authorization | |||||||||||||
26-Sep-11 | 17-Jan-13 | Total | |||||||||||
Amount available for repurchases as of July 31, 2013 | $ | 81,873 | $ | 250,000 | $ | 331,873 | |||||||
New authorizations | — | — | — | ||||||||||
Utilized | (81,873 | ) | (168,127 | ) | (250,000 | ) | |||||||
Amount available for repurchases as of April 30, 2014 | $ | — | $ | 81,873 | $ | 81,873 | |||||||
RESTRUCTURING_AND_OTHER_CHARGE1
RESTRUCTURING AND OTHER CHARGES, NET (Tables) | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Summary of Restructuring and Other Charges | ' | |||||||||||||||||||||||
The following tables summarize the restructuring and other charges (“ROTC”) recorded in the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended Apr 30, 2014 | Nine Months Ended Apr 30, 2014 | |||||||||||||||||||||||
Restructuring | Other | Total | Restructuring | Other | Total | |||||||||||||||||||
-1 | (Gains)/ | -1 | (Gains)/ | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
-2 | -2 | |||||||||||||||||||||||
Severance benefits and other employment contract obligations | $ | 8,289 | $ | — | $ | 8,289 | $ | 18,751 | $ | (402 | ) | $ | 18,349 | |||||||||||
Professional fees and other costs, net of receipt of insurance claim payments | 567 | 1,498 | 2,065 | 2,704 | 3,693 | 6,397 | ||||||||||||||||||
(Gain)/loss on sale and impairment of assets, net | 3,986 | (1,640 | ) | 2,346 | 3,986 | (1,480 | ) | 2,506 | ||||||||||||||||
Environmental matters | — | — | — | — | 4,440 | 4,440 | ||||||||||||||||||
Reversal of excess restructuring reserves | (1,158 | ) | — | (1,158 | ) | (1,782 | ) | — | (1,782 | ) | ||||||||||||||
$ | 11,684 | $ | (142 | ) | $ | 11,542 | $ | 23,659 | $ | 6,251 | $ | 29,910 | ||||||||||||
Cash | $ | 7,698 | $ | (142 | ) | $ | 7,556 | $ | 19,673 | $ | 6,091 | $ | 25,764 | |||||||||||
Non-cash | 3,986 | — | 3,986 | 3,986 | 160 | 4,146 | ||||||||||||||||||
$ | 11,684 | $ | (142 | ) | $ | 11,542 | $ | 23,659 | $ | 6,251 | $ | 29,910 | ||||||||||||
Three Months Ended Apr 30, 2013 | Nine Months Ended Apr 30, 2013 | |||||||||||||||||||||||
Restructuring | Other | Total | Restructuring | Other | Total | |||||||||||||||||||
-1 | (Gains)/ | -1 | (Gains)/ | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
-2 | -2 | |||||||||||||||||||||||
Severance benefits and other employment contract obligations | $ | 5,701 | $ | 1,452 | $ | 7,153 | $ | 10,896 | $ | 2,903 | $ | 13,799 | ||||||||||||
Professional fees and other costs, net of receipt of insurance claim payments | 361 | 531 | 892 | 1,149 | 2,117 | 3,266 | ||||||||||||||||||
(Gain)/loss on sale and impairment of assets, net | 999 | 1,357 | 2,356 | 993 | 1,357 | 2,350 | ||||||||||||||||||
Environmental matters | — | 2,715 | 2,715 | — | 2,715 | 2,715 | ||||||||||||||||||
Reversal of excess restructuring reserves | (292 | ) | — | (292 | ) | (633 | ) | — | (633 | ) | ||||||||||||||
$ | 6,769 | $ | 6,055 | $ | 12,824 | $ | 12,405 | $ | 9,092 | $ | 21,497 | |||||||||||||
Cash | $ | 5,770 | $ | 4,185 | $ | 9,955 | $ | 11,007 | $ | 6,709 | $ | 17,716 | ||||||||||||
Non-cash | 999 | 1,870 | 2,869 | 1,398 | 2,383 | 3,781 | ||||||||||||||||||
$ | 6,769 | $ | 6,055 | $ | 12,824 | $ | 12,405 | $ | 9,092 | $ | 21,497 | |||||||||||||
(1) Restructuring: | ||||||||||||||||||||||||
In fiscal year 2012, the Company announced a multi-year strategic cost reduction initiative (“structural cost improvement initiative”). This initiative impacts both segments as well as the Corporate Services Group. The goal of this initiative is to properly position the Company’s cost structure globally to perform in the current economic environment without adversely impacting its growth or innovation potential. | ||||||||||||||||||||||||
Key components of the structural cost improvement initiative include: | ||||||||||||||||||||||||
• | the strategic alignment of manufacturing, sales and R&D facilities to cost-effectively deliver high-quality products and superior service to the Company’s customers worldwide, | |||||||||||||||||||||||
• | creation of regional shared financial services centers for the handling of accounting transaction processing and other accounting functions, | |||||||||||||||||||||||
• | reorganization of sales functions, to more cost-efficiently deliver superior service to the Company’s customers globally, and | |||||||||||||||||||||||
• | reductions in headcount across all functional areas, enabled by efficiencies gained through the Company’s ERP systems, as well as in order to align to economic conditions. | |||||||||||||||||||||||
Restructuring charges recorded in the three and nine months ended April 30, 2014 and April 30, 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. | ||||||||||||||||||||||||
Restructuring charges in the three and nine months ended April 30, 2014 also includes the impairment of assets of $3,986 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. | ||||||||||||||||||||||||
(2) Other (Gains)/Charges: | ||||||||||||||||||||||||
Severance benefits and other employment contract obligations: In the three and nine months ended April 30, 2013, the Company recorded charges related to certain employment contract obligations. | ||||||||||||||||||||||||
Professional fees and other: In the three months ended April 30, 2014, the Company recorded costs related to the settlement of a legal matter. Furthermore, in the three and nine months ended April 30, 2014, the Company recorded acquisition related legal and other professional fees. In the three and nine months ended April 30, 2013, the Company recorded settlement related costs as well as legal and other professional fees, related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings (see Note 14, Contingencies and Commitments, in the 2013 Form 10-K). | ||||||||||||||||||||||||
Gain on sale and impairment of assets: In the three months ended April 30, 2014, the Company recorded a gain on the sale of a building in Europe. In the three months ended April 30, 2013, the Company recorded an impairment related to a software project. | ||||||||||||||||||||||||
Environmental matters: As discussed in Note 5, Contingencies and Commitments, in the nine months ended April 30, 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In the three months ended April 30, 2013, the Company increased its previously established environmental reserve related to a matter in Glen Cove, New York. | ||||||||||||||||||||||||
Schedule of Summarized Activity Relating to Restructuring | ' | |||||||||||||||||||||||
he following table summarizes the activity related to restructuring liabilities recorded for the Company’s structural cost improvement initiative which began in fiscal year 2012: | ||||||||||||||||||||||||
Severance | Other | Total | ||||||||||||||||||||||
Original charge | $ | 61,852 | $ | 3,448 | $ | 65,300 | ||||||||||||||||||
Utilized | (27,365 | ) | (2,798 | ) | (30,163 | ) | ||||||||||||||||||
Translation | (123 | ) | (47 | ) | (170 | ) | ||||||||||||||||||
Balance at Jul 31, 2012 | $ | 34,364 | $ | 603 | $ | 34,967 | ||||||||||||||||||
Additions | 21,637 | 2,840 | 24,477 | |||||||||||||||||||||
Utilized | (29,574 | ) | (1,936 | ) | (31,510 | ) | ||||||||||||||||||
Reversal of excess reserves | (500 | ) | (57 | ) | (557 | ) | ||||||||||||||||||
Translation | 313 | 23 | 336 | |||||||||||||||||||||
Balance at Jul 31, 2013 | $ | 26,240 | $ | 1,473 | $ | 27,713 | ||||||||||||||||||
Additions | 18,751 | 2,704 | 21,455 | |||||||||||||||||||||
Utilized | (18,996 | ) | (2,533 | ) | (21,529 | ) | ||||||||||||||||||
Reversal of excess reserves | (1,682 | ) | (100 | ) | (1,782 | ) | ||||||||||||||||||
Translation | 628 | 63 | 691 | |||||||||||||||||||||
Balance at Apr 30, 2014 | $ | 24,941 | $ | 1,607 | $ | 26,548 | ||||||||||||||||||
Excluded from the table above are restructuring liabilities relating to restructuring plans initiated in fiscal year 2010. At April 30, 2014, the balance of these liabilities was $213. |
COMPONENTS_OF_NET_PERIODIC_PEN1
COMPONENTS OF NET PERIODIC PENSION COST (Tables) | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Net periodic benefit cost for the Company's defined benefit pension plans | ' | |||||||||||||||||||||||
Net periodic pension benefit cost for the Company’s defined benefit pension plans includes the following components: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||
Service cost | $ | 2,169 | $ | 2,648 | $ | 1,005 | $ | 1,093 | $ | 3,174 | $ | 3,741 | ||||||||||||
Interest cost | 3,028 | 2,617 | 4,398 | 3,899 | 7,426 | 6,516 | ||||||||||||||||||
Expected return on plan assets | (2,325 | ) | (2,383 | ) | (3,611 | ) | (3,937 | ) | (5,936 | ) | (6,320 | ) | ||||||||||||
Amortization of prior service cost/(credit) | 395 | 392 | (10 | ) | (12 | ) | 385 | 380 | ||||||||||||||||
Amortization of actuarial loss | 1,344 | 2,411 | 1,450 | 1,358 | 2,794 | 3,769 | ||||||||||||||||||
Loss due to curtailments and settlements | — | 16 | — | — | — | 16 | ||||||||||||||||||
Net periodic benefit cost | $ | 4,611 | $ | 5,701 | $ | 3,232 | $ | 2,401 | $ | 7,843 | $ | 8,102 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||
Service cost | $ | 6,509 | $ | 7,943 | $ | 2,998 | $ | 3,443 | $ | 9,507 | $ | 11,386 | ||||||||||||
Interest cost | 9,083 | 7,852 | 12,923 | 11,965 | 22,006 | 19,817 | ||||||||||||||||||
Expected return on plan assets | (6,974 | ) | (7,150 | ) | (10,591 | ) | (12,158 | ) | (17,565 | ) | (19,308 | ) | ||||||||||||
Amortization of prior service cost/(credit) | 1,185 | 1,178 | (31 | ) | (44 | ) | 1,154 | 1,134 | ||||||||||||||||
Amortization of actuarial loss | 4,033 | 7,233 | 4,261 | 4,170 | 8,294 | 11,403 | ||||||||||||||||||
Loss due to curtailments and settlements | — | 49 | — | — | — | 49 | ||||||||||||||||||
Net periodic benefit cost | $ | 13,836 | $ | 17,105 | $ | 9,560 | $ | 7,376 | $ | 23,396 | $ | 24,481 | ||||||||||||
STOCKBASED_PAYMENT_Tables
STOCK-BASED PAYMENT (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share Based Compensation Components of stock-based compensation expense | ' | |||||||||||||||
The detailed components of stock-based compensation expense recorded in the condensed consolidated statements of earnings for the three and nine months ended April 30, 2014 and April 30, 2013 are reflected in the table below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||
Restricted stock units | $ | 5,064 | $ | 3,978 | $ | 15,511 | $ | 11,895 | ||||||||
Stock options | 2,069 | 1,825 | 5,555 | 4,503 | ||||||||||||
MSPP | 961 | 976 | 2,125 | 2,763 | ||||||||||||
ESPP | 273 | 302 | 771 | 992 | ||||||||||||
Total | $ | 8,367 | $ | 7,081 | $ | 23,962 | $ | 20,153 | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following is a reconciliation between basic shares outstanding and diluted shares outstanding: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||
Basic shares outstanding | 110,183 | 111,964 | 110,946 | 112,979 | ||||||||
Effect of stock plans | 1,283 | 1,347 | 1,269 | 1,436 | ||||||||
Diluted shares outstanding | 111,466 | 113,311 | 112,215 | 114,415 | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of financial assets and liabilities that are measured at fair value on a recurring basis | ' | |||||||||||||||
The following table presents, for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | ||||||||||||||||
Apr 30, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 3,948 | $ | 3,948 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 4,524 | 4,524 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 30,359 | — | 30,359 | — | ||||||||||||
U.S. Treasury | 10,416 | — | 10,416 | — | ||||||||||||
Federal agency | 16,374 | — | 16,374 | — | ||||||||||||
Mortgage-backed | 9,544 | — | 9,544 | — | ||||||||||||
Trading securities | 788 | 788 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 3,555 | — | 3,555 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 689 | — | 689 | — | ||||||||||||
The following table presents, for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of July 31, 2013: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | ||||||||||||||||
Jul 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 6,404 | $ | 6,404 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 176 | 176 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 32,393 | — | 32,393 | — | ||||||||||||
U.S. Treasury | 11,543 | — | 11,543 | — | ||||||||||||
Federal agency | 20,642 | — | 20,642 | — | ||||||||||||
Mortgage-backed | 5,990 | — | 5,990 | — | ||||||||||||
Trading securities | 190 | 190 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 301 | — | 301 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 3,066 | — | 3,066 | — | ||||||||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 9 Months Ended | |||||||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of the Company's available-for-sale investments by category | ' | |||||||||||||||||||||||
The following is a summary of the Company’s available-for-sale investment securities by category which are classified within other non-current assets in the Company’s condensed consolidated balance sheets. Contractual maturity dates of debt securities held by the benefits protection trusts at April 30, 2014 range from 2014 to 2046. | ||||||||||||||||||||||||
Cost/ | Fair Value | Gross | Gross | Net Unrealized | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Holding | |||||||||||||||||||||
Cost Basis | Holding | Holding | Gains/(Losses) | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
April 30, 2014 | ||||||||||||||||||||||||
Equity securities | $ | 5,029 | $ | 4,524 | $ | 5 | $ | (510 | ) | $ | (505 | ) | ||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 29,435 | 30,359 | 1,172 | (248 | ) | 924 | ||||||||||||||||||
U.S. Treasury | 10,310 | 10,416 | 215 | (109 | ) | 106 | ||||||||||||||||||
Federal agency | 16,075 | 16,374 | 878 | (579 | ) | 299 | ||||||||||||||||||
Mortgage-backed | 9,366 | 9,544 | 189 | (11 | ) | 178 | ||||||||||||||||||
$ | 70,215 | $ | 71,217 | $ | 2,459 | $ | (1,457 | ) | $ | 1,002 | ||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Equity securities | $ | 176 | $ | 176 | $ | — | $ | — | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 31,546 | 32,393 | 1,274 | (427 | ) | 847 | ||||||||||||||||||
U.S. Treasury | 11,339 | 11,543 | 294 | (90 | ) | 204 | ||||||||||||||||||
Federal agency | 19,810 | 20,642 | 1,131 | (299 | ) | 832 | ||||||||||||||||||
Mortgage-backed | 5,752 | 5,990 | 238 | — | 238 | |||||||||||||||||||
$ | 68,623 | $ | 70,744 | $ | 2,937 | $ | (816 | ) | $ | 2,121 | ||||||||||||||
Gross unrealized losses and fair value of Company's available-for-sale investments with unrealized losses aggregated by investment category and length of time | ' | |||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Holding | Holding | Holding | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
April 30, 2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 8,865 | $ | (248 | ) | $ | — | $ | — | $ | 8,865 | $ | (248 | ) | ||||||||||
U.S. Treasury | 4,372 | (109 | ) | — | — | 4,372 | (109 | ) | ||||||||||||||||
Federal agency | 1,634 | (63 | ) | 1,598 | (516 | ) | 3,232 | (579 | ) | |||||||||||||||
Mortgage-backed | 1,109 | (11 | ) | — | — | 1,109 | (11 | ) | ||||||||||||||||
Equity securities | 4,326 | (510 | ) | — | — | 4,326 | (510 | ) | ||||||||||||||||
$ | 20,306 | $ | (941 | ) | $ | 1,598 | $ | (516 | ) | $ | 21,904 | $ | (1,457 | ) | ||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Holding | Holding | Holding | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 10,990 | $ | (427 | ) | $ | — | $ | — | $ | 10,990 | $ | (427 | ) | ||||||||||
U.S. Treasury | 3,778 | (90 | ) | — | — | 3,778 | (90 | ) | ||||||||||||||||
Federal agency | 3,701 | (299 | ) | — | — | 3,701 | (299 | ) | ||||||||||||||||
$ | 18,469 | $ | (816 | ) | $ | — | $ | — | $ | 18,469 | $ | (816 | ) | |||||||||||
Proceeds and gross gains and losses from the sale of available-for-sale investments | ' | |||||||||||||||||||||||
The following table shows the proceeds and gross gains and losses from the sale of available-for-sale investments for the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||||
Proceeds from sales | $ | 4,915 | $ | 883 | $ | 7,973 | $ | 13,169 | ||||||||||||||||
Realized gross gains on sales | 93 | 18 | 177 | 370 | ||||||||||||||||||||
Realized gross losses on sales | 6 | — | 106 | 5 | ||||||||||||||||||||
Trading Securities [Table Text Block] | ' | |||||||||||||||||||||||
The following is a summary of the Company’s trading securities by category which are classified within other non-current assets in the Company’s condensed consolidated balance sheets. | ||||||||||||||||||||||||
Apr 30, 2014 | Jul 31, 2013 | |||||||||||||||||||||||
Equity securities | $ | 788 | $ | 190 | ||||||||||||||||||||
Total trading securities | $ | 788 | $ | 190 | ||||||||||||||||||||
The following table shows the net gains and losses recognized on trading securities for the three and nine months ended April 30, 2014 and April 30, 2013: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||||||||
Gains/(losses), net recognized for securities held | $ | (1 | ) | $ | — | $ | 22 | $ | — | |||||||||||||||
Gains/(losses), net recognized for securities sold | — | — | — | — | ||||||||||||||||||||
Total gains/(losses), net recognized | $ | (1 | ) | $ | — | $ | 22 | $ | — | |||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended | |||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Fair values of the Company's derivative financial instruments included in the consolidated balance sheets | ' | |||||||||||||||||
The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are presented as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
April 30, 2014 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 2,895 | Other current liabilities | $ | 7 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 660 | Other current liabilities | $ | 682 | ||||||||||||
Total derivatives | $ | 3,555 | $ | 689 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Long-term debt, net of current portion | $ | 87,687 | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
July 31, 2013 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | — | Other current liabilities | $ | 1,941 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 301 | Other current liabilities | $ | 1,125 | ||||||||||||
Total derivatives | $ | 301 | $ | 3,066 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Long-term debt, net of current portion | $ | 91,800 | |||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 305 | $ | 1,548 | Net sales | $ | 440 | $ | (615 | ) | ||||||||
Cost of sales | 171 | (537 | ) | |||||||||||||||
Total derivatives | $ | 305 | $ | 1,548 | $ | 611 | $ | (1,152 | ) | |||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 5,615 | $ | (2,229 | ) | Net sales | $ | 552 | $ | (1,002 | ) | |||||||
Cost of sales | (695 | ) | (707 | ) | ||||||||||||||
Total derivatives | $ | 5,615 | $ | (2,229 | ) | $ | (143 | ) | $ | (1,709 | ) | |||||||
(a) | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. | |||||||||||||||||
The amounts of the gains and loss | ||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in | ||||||||||||||||||
Earnings on Derivatives | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Location of Gain or (Loss) Recognized in Earnings on Derivatives | Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | ||||||||||||||
Derivatives not designated as hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (607 | ) | $ | (5,206 | ) | $ | (2,950 | ) | $ | (15,032 | ) | |||||
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s nonderivative financial instruments designated as hedging instruments for the three and nine months ended April 30, 2014 and April 30, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in OCI on Derivatives | (Loss) Reclassified | Accumulated OCI into Earnings | ||||||||||||||||
(Effective Portion) | from Accumulated | (Effective Portion) (b) | ||||||||||||||||
OCI into Earnings | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | 63 | $ | 4,320 | N/A | $ | — | $ | — | |||||||||
Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in OCI on Derivatives | (Loss) Reclassified | Accumulated OCI into Earnings | ||||||||||||||||
(Effective Portion) | from Accumulated | (Effective Portion) (b) | ||||||||||||||||
OCI into Earnings | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | (4,113 | ) | $ | 14,757 | N/A | $ | — | $ | — | ||||||||
(b) | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 9 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Changes in accumulated other comprehensive income by component are presented below: | ||||||||||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plan | Unrealized investment gains/(losses) | Unrealized gains/(losses) on derivatives | Accumulated other comprehensive income/(loss) | ||||||||||||||||
Balance at July 31, 2013 | $ | 84,598 | $ | (125,211 | ) | $ | 2,123 | $ | (2,302 | ) | $ | (40,792 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | 46,330 | — | (813 | ) | 5,154 | 50,671 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 6,551 | 215 | 255 | 7,021 | |||||||||||||||
Foreign exchange adjustments and other | — | (6,597 | ) | — | — | (6,597 | ) | |||||||||||||
Balance at April 30, 2014 | $ | 130,928 | $ | (125,257 | ) | $ | 1,525 | $ | 3,107 | $ | 10,303 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive income are presented below: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Affected line item in the Condensed Consolidated Statement of Earnings | ||||||||||||||||||
Apr 30, 2014 | Apr 30, 2014 | |||||||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||||||||
Amortization of prior service cost | $ | (385 | ) | $ | (1,154 | ) | Note (a) | |||||||||||||
Recognized actuarial gain/(loss) | (2,794 | ) | (8,294 | ) | Note (a) | |||||||||||||||
Total before tax | (3,179 | ) | (9,448 | ) | ||||||||||||||||
Tax (expense)/benefit | 958 | 2,897 | ||||||||||||||||||
Net of tax | $ | (2,221 | ) | $ | (6,551 | ) | ||||||||||||||
Unrealized investment gains/(losses) | ||||||||||||||||||||
Realized investment gain/(losses) | $ | (217 | ) | $ | (336 | ) | Selling, general and administrative | |||||||||||||
Tax (expense)/benefit | 78 | 121 | ||||||||||||||||||
Net of tax | $ | (139 | ) | $ | (215 | ) | ||||||||||||||
Unrealized gains/(losses) on derivatives | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 440 | $ | 552 | Sales | |||||||||||||||
Foreign exchange forward contracts | 171 | (695 | ) | Cost of sales | ||||||||||||||||
Total before tax | 611 | (143 | ) | |||||||||||||||||
Tax (expense)/benefit | (102 | ) | (112 | ) | ||||||||||||||||
Net of tax | $ | 509 | $ | (255 | ) | |||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 8, Components of Net Periodic Pension Cost, for additional details). |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
The following table presents sales and segment profit from continuing operations by business segment reconciled to earnings from continuing operations before income taxes for the three and nine months ended April 30, 2014 and April 30, 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Apr 30, 2014 | Apr 30, 2013 | Apr 30, 2014 | Apr 30, 2013 | |||||||||||||
SALES: | ||||||||||||||||
Life Sciences | $ | 368,835 | $ | 326,097 | $ | 1,041,011 | $ | 955,230 | ||||||||
Industrial | 313,610 | 315,093 | 948,182 | 976,015 | ||||||||||||
Total | $ | 682,445 | $ | 641,190 | $ | 1,989,193 | $ | 1,931,245 | ||||||||
SEGMENT PROFIT: | ||||||||||||||||
Life Sciences | $ | 88,339 | $ | 81,195 | $ | 252,240 | $ | 233,514 | ||||||||
Industrial | 49,350 | 45,853 | 146,723 | 146,723 | ||||||||||||
Total segment profit | 137,689 | 127,048 | 398,963 | 380,237 | ||||||||||||
Corporate Services Group | 17,304 | 15,172 | 48,034 | 47,263 | ||||||||||||
ROTC | 11,542 | 12,824 | 29,910 | 21,497 | ||||||||||||
Interest expense, net | 4,747 | 5,298 | 15,919 | 10,747 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 104,096 | $ | 93,754 | $ | 305,100 | $ | 300,730 | ||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||
The key components of discontinued operations for the three and nine months ended April 30, 2013 were as follows: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Apr 30, 2013 | Apr 30, 2013 | |||||||
Net sales | $ | 344 | $ | 8,867 | ||||
Earnings/(loss) from discontinued operations before income taxes | $ | (1,896 | ) | $ | 392,425 | |||
Provision/(benefit) for income taxes | (690 | ) | 146,873 | |||||
Earnings/(loss) from discontinued operations, net of income taxes | $ | (1,206 | ) | $ | 245,552 | |||
Included in earnings from discontinued operations before income taxes above are a (loss)/gain on the sale of the Product Line of $(545) and $396,793, respectively, for the three and nine months ended April 30, 2013. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | |||
Apr. 30, 2014 | ||||
ACQUISITIONS [Abstract] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed, in the aggregate, for the 2014 acquisitions as of April 30, 2014. | ||||
Purchase price, including working capital adjustments | $ | 221,470 | ||
Cash acquired | 832 | |||
Purchase price, net of cash acquired | 220,638 | |||
Accounts receivable | 10,959 | |||
Inventories | 22,299 | |||
Other current assets | 6,891 | |||
Property, plant and equipment | 30,177 | |||
Intangible assets | 86,568 | |||
Other non-current assets | 5,866 | |||
Total identifiable assets acquired, net of cash acquired | 162,760 | |||
Current liabilities | 15,722 | |||
Non-current liabilities | 26,144 | |||
Total liabilities assumed | 41,866 | |||
Goodwill (excess cost over value of net assets acquired) | $ | 99,744 | ||
BALANCE_SHEET_DETAILS_Details
BALANCE SHEET DETAILS (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed | $513,137 | $508,448 |
Unbilled | 65,661 | 72,787 |
Total | 578,798 | 581,235 |
Less: Allowances for doubtful accounts | -14,016 | -14,900 |
Accounts receivable | $564,782 | $566,335 |
BALANCE_SHEET_DETAILS_Details_
BALANCE SHEET DETAILS (Details 1) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials and components | $124,837 | $94,837 |
Work-in-process | 109,028 | 94,998 |
Finished goods | 194,783 | 191,212 |
Inventory | $428,648 | $381,047 |
BALANCE_SHEET_DETAILS_Details_1
BALANCE SHEET DETAILS (Details 2) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Property, plant and equipment | $1,757,331 | $1,650,274 |
Less: Accumulated depreciation and amortization | -958,134 | -875,326 |
Property, plant and equipment | $799,197 | $774,948 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | $342,492 |
Acquisitions | 99,744 |
Foreign currency translation | 2,794 |
Goodwill, Ending Balance | 445,030 |
Life Sciences [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 180,896 |
Acquisitions | 99,744 |
Foreign currency translation | 1,818 |
Goodwill, Ending Balance | 282,458 |
Industrial [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 161,596 |
Acquisitions | 0 |
Foreign currency translation | 976 |
Goodwill, Ending Balance | $162,572 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS (Details 1) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $315,975 | $238,439 |
Accumulated Amortization | 104,389 | 101,196 |
Net | 211,586 | 137,243 |
Patents and unpatented technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 166,112 | 123,707 |
Accumulated Amortization | 64,522 | 69,992 |
Net | 101,590 | 53,715 |
Customer-related intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 129,777 | 97,016 |
Accumulated Amortization | 30,480 | 22,425 |
Net | 99,297 | 74,591 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 16,412 | 13,291 |
Accumulated Amortization | 6,835 | 6,166 |
Net | 9,577 | 7,125 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 3,674 | 4,425 |
Accumulated Amortization | 2,552 | 2,613 |
Net | $1,122 | $1,812 |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense for Intangible assets | $5,399 | $4,765 | $14,778 | $14,900 |
Estimated amortization expense for intangible assets, remainder of 2014 | 5,699 | ' | 5,699 | ' |
Estimated amortization expense for intangible assets, 2015 | 21,202 | ' | 21,202 | ' |
Estimated amortization expense for intangible assets, 2016 | 19,920 | ' | 19,920 | ' |
Estimated amortization expense for intangible assets, 2017 | 19,841 | ' | 19,841 | ' |
Estimated amortization expense for intangible assets, 2018 | 19,670 | ' | 19,670 | ' |
Estimated amortization expense for intangible assets, 2019 | $17,316 | ' | $17,316 | ' |
TREASURY_STOCK_Details
TREASURY STOCK (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Jul. 31, 2013 |
Stock Repurchase Program [Roll Forward] | ' | ' |
Amount available for repurchases as of July 31, 2013 | $81,873 | $331,873 |
New authorizations | 0 | ' |
Utilized | 250,000 | ' |
Amount available for repurchases as of April 30, 2014 | 81,873 | 331,873 |
September 26, 2011 Authorization [Member] | ' | ' |
Stock Repurchase Program [Roll Forward] | ' | ' |
Amount available for repurchases as of July 31, 2013 | 0 | 81,873 |
New authorizations | 0 | ' |
Utilized | 81,873 | ' |
Amount available for repurchases as of April 30, 2014 | 0 | 81,873 |
January 17, 2013 Authorization [Member] | ' | ' |
Stock Repurchase Program [Roll Forward] | ' | ' |
Amount available for repurchases as of July 31, 2013 | 81,873 | 250,000 |
New authorizations | 0 | ' |
Utilized | 168,127 | ' |
Amount available for repurchases as of April 30, 2014 | $81,873 | $250,000 |
TREASURY_STOCK_Detail_Textuals
TREASURY STOCK (Detail Textuals) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 |
Accelerated Share Repurchases [Line Items] | ' |
Utilized | $250,000 |
Shares issued for stock plans | 935 |
Treasury stock, shares | 18,291 |
September 2013 Accelerated Share Repurchase [Member] | ' |
Accelerated Share Repurchases [Line Items] | ' |
Utilized | 125,000 |
Treasury Stock, Shares, Acquired | 1,573 |
Accelerated Share Repurchases, Final Price Paid Per Share | $79.45 |
December 2013 Accelerated Share Repurchase [Member] | ' |
Accelerated Share Repurchases [Line Items] | ' |
Utilized | $125,000 |
Treasury Stock, Shares, Acquired | 1,483 |
Accelerated Share Repurchases, Final Price Paid Per Share | $84.31 |
CONTINGENCIES_AND_COMMITMENTS_
CONTINGENCIES AND COMMITMENTS (Details Textuals) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 |
Site Contingency [Line Items] | ' |
Environmental liabilities | $20,738 |
Pinellas Park Site [Member] | ' |
Site Contingency [Line Items] | ' |
Environmental matters | $4,440 |
RESTRUCTURING_AND_OTHER_CHARGE2
RESTRUCTURING AND OTHER CHARGES, NET (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | ||||
Restructuring Charges [Abstract] | ' | ' | ' | ' | ||||
Severance benefits and other employment contract obligations | $8,289 | [1] | $5,701 | [1] | $18,751 | [1] | $10,896 | [1] |
Professional fees and other costs, net of receipt of insurance claim payments | 567 | [1] | 361 | [1] | 2,704 | [1] | 1,149 | [1] |
(Gain)/loss on sale and impairment of assets, net | -3,986 | [1] | -999 | [1] | -3,986 | [1] | -993 | [1] |
Reversal of excess restructuring reserves | -1,158 | [1] | -292 | -1,782 | [1] | -633 | ||
Restructuring Charges | 11,684 | [1] | 6,769 | [1] | 23,659 | [1] | 12,405 | [1] |
Cash | 7,698 | [1] | 5,770 | [1] | 19,673 | [1] | 11,007 | [1] |
Non-cash | 3,986 | [1] | 999 | [1] | 3,986 | [1] | 1,398 | [1] |
Other Gains (Charges) [Abstract] | ' | ' | ' | ' | ||||
Severance benefits and other employment contract obligations | 0 | [2] | -1,452 | [2] | 402 | [2] | -2,903 | [2] |
Professional fees and other costs, net of receipt of insurance claim payments | -1,498 | [2] | -531 | [2] | -3,693 | [2] | -2,117 | [2] |
(Gain)/loss on sale and impairment of assets, net | 1,640 | [2] | -1,357 | [2] | 1,480 | [2] | -1,357 | [2] |
Environmental matters | ' | 2,715 | [2] | 4,440 | [2] | 2,715 | [2] | |
Other (Gains) Charges | -142 | [2] | 6,055 | [2] | 6,251 | [2] | 9,092 | [2] |
Cash | -142 | [2] | 4,185 | [2] | 6,091 | [2] | 6,709 | [2] |
Non-cash | 0 | [2] | -1,870 | [2] | -160 | [2] | -2,383 | [2] |
Restructuring Charges and Other Gains (Charges) [Abstract] | ' | ' | ' | ' | ||||
Severance benefits and other employment contract obligations | -8,289 | -7,153 | -18,349 | -13,799 | ||||
Professional fees and other costs, net of receipt of insurance claim payments | -2,065 | -892 | -6,397 | -3,266 | ||||
(Gain)/loss on sale and impairment of assets, net | -2,346 | -2,356 | -2,506 | -2,350 | ||||
Environmental matters | ' | 2,715 | [2] | 4,440 | [2] | 2,715 | [2] | |
Restructuring And Other Gains (Charges) | 11,542 | 12,824 | 29,910 | 21,497 | ||||
Cash | 7,556 | 9,955 | 25,764 | 17,716 | ||||
Non-cash | $3,986 | $2,869 | $4,146 | $3,781 | ||||
[1] | Restructuring:In fiscal year 2012, the Company announced a multi-year strategic cost reduction initiative (“structural cost improvement initiativeâ€). This initiative impacts both segments as well as the Corporate Services Group. The goal of this initiative is to properly position the Company’s cost structure globally to perform in the current economic environment without adversely impacting its growth or innovation potential. Key components of the structural cost improvement initiative include:•the strategic alignment of manufacturing, sales and R&D facilities to cost-effectively deliver high-quality products and superior service to the Company’s customers worldwide,•creation of regional shared financial services centers for the handling of accounting transaction processing and other accounting functions,•reorganization of sales functions, to more cost-efficiently deliver superior service to the Company’s customers globally, and•reductions in headcount across all functional areas, enabled by efficiencies gained through the Company’s ERP systems, as well as in order to align to economic conditions.Restructuring charges recorded in the three and nine months ended April 30, 2014 and April 30, 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above.Restructuring charges in the three and nine months ended April 30, 2014 also includes the impairment of assets of $3,986 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. | |||||||
[2] | Other (Gains)/Charges:Severance benefits and other employment contract obligations: In the three and nine months ended April 30, 2013, the Company recorded charges related to certain employment contract obligations.Professional fees and other: In the three months ended April 30, 2014, the Company recorded costs related to the settlement of a legal matter. Furthermore, in the three and nine months ended April 30, 2014, the Company recorded acquisition related legal and other professional fees. In the three and nine months ended April 30, 2013, the Company recorded settlement related costs as well as legal and other professional fees, related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings (see Note 14, Contingencies and Commitments, in the 2013 Form 10-K).Gain on sale and impairment of assets: In the three months ended April 30, 2014, the Company recorded a gain on the sale of a building in Europe. In the three months ended April 30, 2013, the Company recorded an impairment related to a software project. Environmental matters: As discussed in Note 5, Contingencies and Commitments, in the nine months ended April 30, 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In the three months ended April 30, 2013, the Company increased its previously established environmental reserve related to a matter in Glen Cove, New York. |
RESTRUCTURING_AND_OTHER_CHARGE3
RESTRUCTURING AND OTHER CHARGES, NET (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Apr. 30, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Apr. 30, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | ||||
Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | Structural Cost Improvement Initiative [Member] | |||||||||
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Original charge | $11,684 | [1] | $6,769 | [1] | $23,659 | [1] | $12,405 | [1] | ' | ' | $65,300 | ' | ' | $61,852 | ' | ' | $3,448 |
Utilized | ' | ' | ' | ' | 21,529 | 31,510 | 30,163 | 18,996 | 29,574 | 27,365 | 2,533 | 1,936 | 2,798 | ||||
Translation | ' | ' | ' | ' | 691 | 336 | -170 | 628 | 313 | -123 | 63 | 23 | -47 | ||||
Restructuring Reserve, Beginning Balance | ' | ' | ' | ' | 27,713 | 34,967 | ' | 26,240 | 34,364 | ' | 1,473 | 603 | ' | ||||
Additions | ' | ' | ' | ' | 21,455 | 24,477 | ' | 18,751 | 21,637 | ' | 2,704 | 2,840 | ' | ||||
Reversal of excess reserves | 1,158 | [1] | 292 | 1,782 | [1] | 633 | -1,782 | -557 | ' | -1,682 | -500 | ' | -100 | -57 | ' | ||
Restructuring Reserve, Ending Balance | ' | ' | ' | ' | $26,548 | $27,713 | $34,967 | $24,941 | $26,240 | $34,364 | $1,607 | $1,473 | $603 | ||||
[1] | Restructuring:In fiscal year 2012, the Company announced a multi-year strategic cost reduction initiative (“structural cost improvement initiativeâ€). This initiative impacts both segments as well as the Corporate Services Group. The goal of this initiative is to properly position the Company’s cost structure globally to perform in the current economic environment without adversely impacting its growth or innovation potential. Key components of the structural cost improvement initiative include:•the strategic alignment of manufacturing, sales and R&D facilities to cost-effectively deliver high-quality products and superior service to the Company’s customers worldwide,•creation of regional shared financial services centers for the handling of accounting transaction processing and other accounting functions,•reorganization of sales functions, to more cost-efficiently deliver superior service to the Company’s customers globally, and•reductions in headcount across all functional areas, enabled by efficiencies gained through the Company’s ERP systems, as well as in order to align to economic conditions.Restructuring charges recorded in the three and nine months ended April 30, 2014 and April 30, 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above.Restructuring charges in the three and nine months ended April 30, 2014 also includes the impairment of assets of $3,986 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. |
RESTRUCTURING_AND_OTHER_CHARGE4
RESTRUCTURING AND OTHER CHARGES, NET (Details Textuals) (Restructuring Liability 2009 And 2010 [Member], USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Restructuring Liability 2009 And 2010 [Member] | ' |
Restructuring and other gains charges [Line Items] | ' |
Restructuring Reserve, Ending Balance | $213 |
INCOME_TAXES_Details_Textuals
INCOME TAXES (Details Textuals) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2014 | 31-May-14 |
Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | Subsequent Event [Member] | ||||
Foreign Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | ' | ' | $10,193 | $10,961 | $7,000 |
Reversal of Interest Due to Audit Settlement | ' | ' | ' | 6,704 | 1,478 | 3,000 |
Reversal of Interest, Net of Income Tax, Due to Audit Settlement | ' | ' | ' | 4,268 | 1,138 | ' |
Effective Income Tax Rate, Continuing Operations | 20.10% | 18.90% | ' | ' | ' | ' |
Discrete Tax Item | 10,054 | 7,757 | ' | ' | ' | ' |
Unrecognized Tax Benefits | 198,899 | ' | 203,376 | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | 4,477 | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 155,469 | ' | ' | ' | ' | ' |
Income Tax Examination, Penalties and Interest Accrued | 17,450 | ' | 18,622 | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0 | ' | ' | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $55,781 | ' | ' | ' | ' | ' |
COMPONENTS_OF_NET_PERIODIC_PEN2
COMPONENTS OF NET PERIODIC PENSION COST (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3,174 | $3,741 | $9,507 | $11,386 |
Interest cost | 7,426 | 6,516 | 22,006 | 19,817 |
Expected return on plan assets | -5,936 | -6,320 | -17,565 | -19,308 |
Amortization of prior service cost/(credit) | 385 | 380 | 1,154 | 1,134 |
Amortization of actuarial loss | 2,794 | 3,769 | 8,294 | 11,403 |
Loss due to curtailments and settlements | 0 | 16 | 0 | 49 |
Net periodic benefit cost | 7,843 | 8,102 | 23,396 | 24,481 |
U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2,169 | 2,648 | 6,509 | 7,943 |
Interest cost | 3,028 | 2,617 | 9,083 | 7,852 |
Expected return on plan assets | -2,325 | -2,383 | -6,974 | -7,150 |
Amortization of prior service cost/(credit) | 395 | 392 | 1,185 | 1,178 |
Amortization of actuarial loss | 1,344 | 2,411 | 4,033 | 7,233 |
Loss due to curtailments and settlements | 0 | 16 | 0 | 49 |
Net periodic benefit cost | 4,611 | 5,701 | 13,836 | 17,105 |
Foreign Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1,005 | 1,093 | 2,998 | 3,443 |
Interest cost | 4,398 | 3,899 | 12,923 | 11,965 |
Expected return on plan assets | -3,611 | -3,937 | -10,591 | -12,158 |
Amortization of prior service cost/(credit) | -10 | -12 | -31 | -44 |
Amortization of actuarial loss | 1,450 | 1,358 | 4,261 | 4,170 |
Loss due to curtailments and settlements | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $3,232 | $2,401 | $9,560 | $7,376 |
STOCKBASED_PAYMENT_Details
STOCK-BASED PAYMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Share Based Employee and Director Compensation Award Types | 4 | ' | 4 | ' |
Allocated Share-based Compensation Expense | $8,367 | $7,081 | $23,962 | $20,153 |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 5,064 | 3,978 | 15,511 | 11,895 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 2,069 | 1,825 | 5,555 | 4,503 |
Management Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 961 | 976 | 2,125 | 2,763 |
Employee Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $273 | $302 | $771 | $992 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Basic shares outstanding | 110,183 | 111,964 | 110,946 | 112,979 |
Effect of stock plans | 1,283 | 1,347 | 1,269 | 1,436 |
Diluted shares outstanding | 111,466 | 113,311 | 112,215 | 114,415 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textuals) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Employee stock options and restricted stock units which were not included in the computation of diluted shares | 496 | 742 | 524 | 586 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Securities | $71,217 | $70,744 |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 788 | 190 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 788 | 190 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 3,555 | 301 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 689 | 3,066 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 4,524 | 176 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 30,359 | 32,393 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 10,416 | 11,543 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 16,374 | 20,642 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 9,544 | 5,990 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 788 | 190 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 0 | 0 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 4,524 | 176 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 0 | 0 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 3,555 | 301 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 689 | 3,066 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 30,359 | 32,393 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 10,416 | 11,543 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 16,374 | 20,642 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 9,544 | 5,990 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 0 | 0 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 0 | 0 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial assets carried at fair value | ' | ' |
Money market funds | 3,948 | 6,404 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial assets carried at fair value | ' | ' |
Money market funds | 3,948 | 6,404 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial assets carried at fair value | ' | ' |
Money market funds | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial assets carried at fair value | ' | ' |
Money market funds | $0 | $0 |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost/ Amortized Cost Basis | $70,215 | $68,623 |
Fair Value | 71,217 | 70,744 |
Gross Unrealized Holding Gains | 2,459 | 2,937 |
Gross Unrealized Holding Losses | -1,457 | -816 |
Net Unrealized Holding Gains/(Losses) | 1,002 | 2,121 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Equity Securities, Cost/Amortized Cost Basis | 5,029 | 176 |
Equity Securities, Fair Value | 4,524 | 176 |
Equity Securities, Gross Unrealized Holding Gains | 5 | 0 |
Equity Securities, Gross Unrealized Holdings Losses | -510 | 0 |
Equity Securities, Net Unrealized Holding Gains/(Losses) | -505 | 0 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 29,435 | 31,546 |
Debt Securities, Fair Value | 30,359 | 32,393 |
Debt Securities, Gross Unrealized Holding Gains | 1,172 | 1,274 |
Debt Securities, Gross Unrealized Holdings Losses | -248 | -427 |
Debt Securities, Net Unrealized Holding Gains/(Losses) | 924 | 847 |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 10,310 | 11,339 |
Debt Securities, Fair Value | 10,416 | 11,543 |
Debt Securities, Gross Unrealized Holding Gains | 215 | 294 |
Debt Securities, Gross Unrealized Holdings Losses | -109 | -90 |
Debt Securities, Net Unrealized Holding Gains/(Losses) | 106 | 204 |
Federal Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 16,075 | 19,810 |
Debt Securities, Fair Value | 16,374 | 20,642 |
Debt Securities, Gross Unrealized Holding Gains | 878 | 1,131 |
Debt Securities, Gross Unrealized Holdings Losses | -579 | -299 |
Debt Securities, Net Unrealized Holding Gains/(Losses) | 299 | 832 |
Mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 9,366 | 5,752 |
Debt Securities, Fair Value | 9,544 | 5,990 |
Debt Securities, Gross Unrealized Holding Gains | 189 | 238 |
Debt Securities, Gross Unrealized Holdings Losses | -11 | 0 |
Debt Securities, Net Unrealized Holding Gains/(Losses) | $178 | $238 |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 1) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $20,306 | $18,469 |
Less than 12 months, Gross Unrealized Holding Losses | -941 | -816 |
12 months or greater, Fair Value | 1,598 | 0 |
12 months or greater, Gross Unrealized Holding Losses | -516 | 0 |
Total, Fair Value | 21,904 | 18,469 |
Total, Gross Unrealized Holding Losses | -1,457 | -816 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 8,865 | 10,990 |
Less than 12 months, Gross Unrealized Holding Losses | -248 | -427 |
12 months or greater, Fair Value | 0 | 0 |
12 months or greater, Gross Unrealized Holding Losses | 0 | 0 |
Total, Fair Value | 8,865 | 10,990 |
Total, Gross Unrealized Holding Losses | -248 | -427 |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 4,372 | 3,778 |
Less than 12 months, Gross Unrealized Holding Losses | -109 | -90 |
12 months or greater, Fair Value | 0 | 0 |
12 months or greater, Gross Unrealized Holding Losses | 0 | 0 |
Total, Fair Value | 4,372 | 3,778 |
Total, Gross Unrealized Holding Losses | -109 | -90 |
Federal Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,634 | 3,701 |
Less than 12 months, Gross Unrealized Holding Losses | -63 | -299 |
12 months or greater, Fair Value | 1,598 | 0 |
12 months or greater, Gross Unrealized Holding Losses | -516 | 0 |
Total, Fair Value | 3,232 | 3,701 |
Total, Gross Unrealized Holding Losses | -579 | -299 |
Mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,109 | ' |
Less than 12 months, Gross Unrealized Holding Losses | -11 | ' |
12 months or greater, Fair Value | 0 | ' |
12 months or greater, Gross Unrealized Holding Losses | 0 | ' |
Total, Fair Value | 1,109 | ' |
Total, Gross Unrealized Holding Losses | -11 | ' |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 4,326 | ' |
Less than 12 months, Gross Unrealized Holding Losses | -510 | ' |
12 months or greater, Fair Value | 0 | ' |
12 months or greater, Gross Unrealized Holding Losses | 0 | ' |
Total, Fair Value | 4,326 | ' |
Total, Gross Unrealized Holding Losses | ($510) | ' |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sales | $4,915 | $883 | $7,973 | $13,169 |
Realized gross gains on sales | 93 | 18 | 177 | 370 |
Realized gross losses on sales | $6 | $0 | $106 | $5 |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jul. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' | ' |
Equity securities | $788 | ' | $788 | ' | $190 |
Total trading securities | 788 | ' | 788 | ' | 190 |
Gains/(losses), net recognized for securities held | -1 | 0 | 22 | 0 | ' |
Gains/(losses), net recognized for securities sold | 0 | 0 | 0 | 0 | ' |
Total gains/(losses), net recognized | ($1) | $0 | $22 | $0 | ' |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details Textuals) | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Unsecured Debt [Member] | |
USD ($) | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Jpy Loan Due Fiscal Year 2015 [Member] | |
USD ($) | USD ($) | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | JPY (¥) | ||
USD ($) | USD ($) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $512,733,000 | $406,572,000 | $406,572,000 | $106,161,000 | $106,161,000 | ' |
Foreign Currency Derivatives at Fair Value, Net | 2,866,000 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 9,000,000,000 |
Derivative, Notional Amount Entered During Period | ' | $664,039,000 | $1,845,481,000 | $23,174,000 | $77,941,000 | ' |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Contract [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | $3,555 | $301 |
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | 689 | 3,066 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | 2,895 | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | 7 | 1,941 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | 660 | 301 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward contracts | 682 | 1,125 |
Net Investment Hedging [Member] | Long-term Debt [Member] | ' | ' |
Nonderivative instruments designated as hedging instruments | ' | ' |
Debt Instrument, Fair Value Disclosure | $87,687 | $91,800 |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 1) (Designated as Hedging Instrument [Member], Foreign Exchange Contract [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | $611 | [1] | ($1,152) | [1] | ($143) | [1] | ($1,709) | [1] |
Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 440 | [1] | -615 | [1] | 552 | [1] | -1,002 | [1] |
Cost of Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 171 | [1] | -537 | [1] | -695 | [1] | -707 | [1] |
Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | $305 | $1,548 | $5,615 | ($2,229) | ||||
[1] | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. |
DERIVATIVE_INSTRUMENTS_AND_HED5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) (Not Designated as Hedging Instrument [Member], Foreign Exchange Contract [Member], Selling, General and Administrative Expenses [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ($607) | ($5,206) | ($2,950) | ($15,032) |
DERIVATIVE_INSTRUMENTS_AND_HED6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) (Net Investment Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | ||||
Net Investment Hedging [Member] | ' | ' | ' | ' | ||||
Nonderivatives designated as hedging relationships | ' | ' | ' | ' | ||||
Nonderivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | $63 | $4,320 | ($4,113) | $14,757 | ||||
Nonderivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | There were no gains or losses recognized in earnings related to the ineffective portion of the hedging relationship or related to the amount excluded from the assessment of hedge effectiveness for the three and nine months ended April 30, 2014 and April 30, 2013. |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | ($40,792) |
Other comprehensive income/(loss) before reclassifications | 50,671 |
Amounts reclassified from accumulated other comprehensive income (loss) | 7,021 |
Foreign exchange adjustments and other | -6,597 |
Balance at April 30, 2014 | 10,303 |
Foreign Currency Translation [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | 84,598 |
Other comprehensive income/(loss) before reclassifications | 46,330 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Balance at April 30, 2014 | 130,928 |
Defined Benefit Pension Plan [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | -125,211 |
Other comprehensive income/(loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,551 |
Foreign exchange adjustments and other | -6,597 |
Balance at April 30, 2014 | -125,257 |
Unrealized investment gains/(losses) [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | 2,123 |
Other comprehensive income/(loss) before reclassifications | -813 |
Amounts reclassified from accumulated other comprehensive income (loss) | 215 |
Balance at April 30, 2014 | 1,525 |
Unrealized gains/(losses) on derivatives [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | -2,302 |
Other comprehensive income/(loss) before reclassifications | 5,154 |
Amounts reclassified from accumulated other comprehensive income (loss) | 255 |
Balance at April 30, 2014 | $3,107 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Total before tax | $104,096 | $93,754 | $305,100 | $300,730 | ||
Realized investment gain/(losses) | -201,045 | -199,595 | -592,228 | -601,569 | ||
Tax (expense)/benefit | -15,405 | -19,483 | -61,230 | -56,975 | ||
Net of tax | 88,691 | 73,065 | 243,870 | 489,307 | ||
Foreign exchange forward contracts | 682,445 | 641,190 | 1,989,193 | 1,931,245 | ||
Foreign exchange forward contracts | -334,371 | -307,111 | -971,146 | -928,120 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Amortization of prior service cost | -385 | [1] | ' | -1,154 | [1] | ' |
Recognized actuarial gain/(loss) | -2,794 | [1] | ' | -8,294 | [1] | ' |
Total before tax | -3,179 | ' | -9,448 | ' | ||
Tax (expense)/benefit | 958 | ' | 2,897 | ' | ||
Net of tax | -2,221 | ' | -6,551 | ' | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Realized investment gain/(losses) | -217 | ' | -336 | ' | ||
Tax (expense)/benefit | 78 | ' | 121 | ' | ||
Net of tax | -139 | ' | -215 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Total before tax | 611 | ' | -143 | ' | ||
Tax (expense)/benefit | -102 | ' | -112 | ' | ||
Net of tax | 509 | ' | -255 | ' | ||
Foreign Exchange Contract [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Foreign exchange forward contracts | 440 | ' | 552 | ' | ||
Foreign exchange forward contracts | $171 | ' | ($695) | ' | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 8, Components of Net Periodic Pension Cost, for additional details). |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Net sales | $682,445 | $641,190 | $1,989,193 | $1,931,245 |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
ROTC | 11,542 | 12,824 | 29,910 | 21,497 |
Interest expense, net | 4,747 | 5,298 | 15,919 | 10,747 |
Earnings from continuing operations before income taxes | 104,096 | 93,754 | 305,100 | 300,730 |
Operating Segments [Member] | ' | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
Operating Income (Loss) | -137,689 | -127,048 | -398,963 | -380,237 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
Operating Income (Loss) | 17,304 | 15,172 | 48,034 | 47,263 |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
ROTC | 11,542 | 12,824 | 29,910 | 21,497 |
Interest expense, net | 4,747 | 5,298 | 15,919 | 10,747 |
Life Sciences Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Net sales | 368,835 | 326,097 | 1,041,011 | 955,230 |
Life Sciences Segment [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
Operating Income (Loss) | -88,339 | -81,195 | -252,240 | -233,514 |
Industrial Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Net sales | 313,610 | 315,093 | 948,182 | 976,015 |
Industrial Segment [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' |
Operating Income (Loss) | ($49,350) | ($45,853) | ($146,723) | ($146,723) |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details Textual) (Product Line [Member], USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Aug. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 28, 2012 | |
employee | ||||
Product Line [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Expected proceeds from divestiture of component | ' | ' | ' | $550,000,000 |
Number of employees to be transferred | 1,400 | ' | ' | ' |
Proceeds From divestiture of component | 535,000,000 | ' | ' | ' |
Gain (loss) on the sale of product line | ' | ($545,000) | $396,793,000 | ' |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Earnings/(loss) from discontinued operations, net of income taxes | $0 | ($1,206) | $0 | $245,552 |
Product Line [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net sales | ' | 344 | ' | 8,867 |
Earnings/(loss) from discontinued operations before income taxes | ' | -1,896 | ' | 392,425 |
Provision/(benefit) for income taxes | ' | -690 | ' | 146,873 |
Earnings/(loss) from discontinued operations, net of income taxes | ' | ($1,206) | ' | $245,552 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 |
Business Acquisition [Line Items] | ' |
Purchase price, including working capital adjustments | $221,470 |
Cash acquired | 832 |
Purchase price, net of cash acquired | 220,638 |
Accounts receivable | 10,959 |
Inventories | 22,299 |
Other current assets | 6,891 |
Property, plant and equipment | 30,177 |
Intangible assets | 86,568 |
Other non-current assets | 5,866 |
Total identifiable assets acquired, net of cash acquired | 162,760 |
Current liabilities | 15,722 |
Non-current liabilities | 26,144 |
Total liabilities assumed | 41,866 |
Goodwill (excess cost over value of net assets acquired) | $99,744 |
ACQUISITIONS_Details_Textuals
ACQUISITIONS (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2014 | Apr. 30, 2014 | |
Business Acquisition [Line Items] | ' | ' |
Goodwill (excess cost over value of net assets acquired) | ' | 99,744,000 |
Medistad [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | 'Medistad Holding BV |
SoloHill [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | 'SoloHill Engineering |
Contingent Consideration | 3,000,000 | 3,000,000 |
Medistad and Solohill [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase price, net of cash acquired | ' | 30,677,000 |
ATMI LifeSciences [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | 'ATMI LifeSciences |
Payments to Acquire Businesses, Gross | 185,000,000 | ' |
Working Capital Adjustments | $5,793,000 | ' |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (Filter Specialists, Inc. [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | 1-May-14 |
Filter Specialists, Inc. [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Payments to Acquire Businesses, Gross | $124,000 |