DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Sep. 02, 2014 | Jan. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Jul-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | 106,804,232 | ' |
Entity Public Float | ' | ' | $8,771,818,031 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $964,110 | $936,886 |
Accounts receivable | 615,713 | 566,335 |
Inventory | 404,878 | 381,047 |
Other current assets | 152,522 | 165,761 |
Total current assets | 2,137,223 | 2,050,029 |
Property, plant and equipment | 805,327 | 774,948 |
Goodwill | 491,462 | 342,492 |
Intangible assets | 242,423 | 137,243 |
Other non-current assets | 176,078 | 168,127 |
Total assets | 3,852,513 | 3,472,839 |
Current liabilities: | ' | ' |
Notes payable | 424,943 | 169,967 |
Accounts payable | 165,373 | 157,176 |
Accrued liabilities | 328,397 | 312,829 |
Income taxes payable | 60,775 | 60,732 |
Current portion of long-term debt | 87,955 | 420 |
Dividends payable | 30,203 | 27,947 |
Total current liabilities | 1,097,646 | 729,071 |
Long-term debt, net of current portion | 375,826 | 467,319 |
Income taxes payable – non-current | 150,484 | 141,843 |
Deferred income taxes | 67,303 | 31,524 |
Other non-current liabilities | 265,897 | 288,126 |
Total liabilities | 1,957,156 | 1,657,883 |
Stockholders’ equity: | ' | ' |
Common stock, par value $.10 per share; 500,000 shares authorized; 127,958 shares issued | 12,796 | 12,796 |
Capital in excess of par value | 327,301 | 298,150 |
Retained earnings | 2,512,961 | 2,285,031 |
Treasury stock, at cost (2014 – 18,111 shares, 2013 – 16,170 shares) | -942,780 | -740,229 |
Accumulated other comprehensive income/(loss): | ' | ' |
Foreign currency translation | 98,689 | 84,598 |
Pension liability adjustment | -121,280 | -125,211 |
Unrealized investment gains | 2,880 | 2,123 |
Unrealized gains/(losses) on derivatives | 4,790 | -2,302 |
Total accumulated other comprehensive income/(loss) | -14,921 | -40,792 |
Total stockholders’ equity | 1,895,357 | 1,814,956 |
Total liabilities and stockholders’ equity | $3,852,513 | $3,472,839 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value per share (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 127,958,000 | 127,958,000 |
Treasury stock, shares | 18,111,000 | 16,170,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $2,789,147 | $2,648,063 | $2,671,656 |
Cost of sales | 1,362,984 | 1,276,060 | 1,291,558 |
Gross profit | 1,426,163 | 1,372,003 | 1,380,098 |
Selling, general and administrative expenses | 814,461 | 810,358 | 843,221 |
Research and development | 102,601 | 94,216 | 82,932 |
Restructuring and other charges, net | 40,154 | 40,182 | 66,858 |
Interest expense, net | 17,532 | 15,621 | 20,177 |
Earnings from continuing operations before income taxes | 451,415 | 411,626 | 366,910 |
Provision for income taxes | 87,459 | 81,664 | 85,963 |
Net earnings from continuing operations | 363,956 | 329,962 | 280,947 |
Earnings from discontinued operations, net of income taxes | 0 | 244,973 | 38,362 |
Net earnings | $363,956 | $574,935 | $319,309 |
Earnings per share from continuing operations: | ' | ' | ' |
Basic (in dollars per share) | $3.29 | $2.93 | $2.42 |
Diluted (in dollars per share) | $3.25 | $2.89 | $2.39 |
Earnings per share from discontinued operations: | ' | ' | ' |
Basic (in dollars per share) | $0 | $2.17 | $0.33 |
Diluted (in dollars per share) | $0 | $2.14 | $0.32 |
Earnings per share: | ' | ' | ' |
Basic (in dollars per share) | $3.29 | $5.10 | $2.75 |
Diluted (in dollars per share) | $3.25 | $5.03 | $2.71 |
Average shares outstanding: | ' | ' | ' |
Basic (in shares) | 110,776 | 112,803 | 116,061 |
Diluted (in shares) | 111,949 | 114,236 | 117,663 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings | $363,956 | $574,935 | $319,309 |
Other comprehensive income/(loss), net of income taxes: | ' | ' | ' |
Foreign currency translation | 14,091 | -13,065 | -109,815 |
Pension liability adjustment | 3,931 | 39,233 | -42,613 |
Unrealized investment gains/(losses) | 757 | -1,481 | -5,896 |
Unrealized gains/(losses) on derivatives | 7,092 | -2,572 | 270 |
Total other comprehensive income/(loss), net of income taxes | 25,871 | 22,115 | -158,054 |
Comprehensive income | $389,827 | $597,050 | $161,255 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Stock Option Loans [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] |
In Thousands, unless otherwise specified | |||||||
Balance at beginning of period at Jul. 31, 2011 | $1,489,821 | $12,796 | $246,665 | $1,619,051 | ($483,705) | ($133) | $95,147 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 319,309 | ' | ' | 319,309 | ' | ' | ' |
Foreign currency translation | -109,815 | ' | ' | ' | ' | ' | -109,815 |
Pension liability adjustment | -42,613 | ' | ' | ' | ' | ' | -42,613 |
Unrealized investment gains/(losses), net of reclassification adjustment | -5,896 | ' | ' | ' | ' | ' | -5,896 |
Unrealized gains/(losses) on derivatives | 270 | ' | ' | ' | ' | ' | 270 |
Dividends declared | -94,832 | ' | ' | -94,832 | ' | ' | ' |
Issuance of shares for stock plans and tax benefit related to stock plans | 35,672 | ' | -14,380 | -2,602 | 52,654 | ' | ' |
Restricted stock units related to stock plans | 7,340 | ' | 7,340 | ' | ' | ' | ' |
Stock based compensation expense | 31,864 | ' | 31,864 | ' | ' | ' | ' |
Purchase of shares | -121,164 | ' | ' | ' | -121,164 | ' | ' |
Stock option loans | 79 | ' | ' | ' | ' | 79 | ' |
Balance at end of period at Jul. 31, 2012 | 1,510,035 | 12,796 | 271,489 | 1,840,926 | -552,215 | -54 | -62,907 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 574,935 | ' | ' | 574,935 | ' | ' | ' |
Foreign currency translation | -13,065 | ' | ' | ' | ' | ' | -13,065 |
Pension liability adjustment | 39,233 | ' | ' | ' | ' | ' | 39,233 |
Unrealized investment gains/(losses), net of reclassification adjustment | -1,481 | ' | ' | ' | ' | ' | -1,481 |
Unrealized gains/(losses) on derivatives | -2,572 | ' | ' | ' | ' | ' | -2,572 |
Dividends declared | -114,516 | ' | ' | -114,516 | ' | ' | ' |
Issuance of shares for stock plans and tax benefit related to stock plans | 33,014 | ' | -12,658 | -16,314 | 61,986 | ' | ' |
Restricted stock units related to stock plans | 9,541 | ' | 9,541 | ' | ' | ' | ' |
Stock based compensation expense | 29,778 | ' | 29,778 | ' | ' | ' | ' |
Purchase of shares | -250,000 | ' | ' | ' | -250,000 | ' | ' |
Stock option loans | 54 | ' | ' | ' | ' | 54 | ' |
Balance at end of period at Jul. 31, 2013 | 1,814,956 | 12,796 | 298,150 | 2,285,031 | -740,229 | 0 | -40,792 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 363,956 | ' | ' | 363,956 | ' | ' | ' |
Foreign currency translation | 14,091 | ' | ' | ' | ' | ' | 14,091 |
Pension liability adjustment | 3,931 | ' | ' | ' | ' | ' | 3,931 |
Unrealized investment gains/(losses), net of reclassification adjustment | 757 | ' | ' | ' | ' | ' | 757 |
Unrealized gains/(losses) on derivatives | 7,092 | ' | ' | ' | ' | ' | 7,092 |
Dividends declared | -123,205 | ' | ' | -123,205 | ' | ' | ' |
Issuance of shares for stock plans and tax benefit related to stock plans | 24,277 | ' | -10,351 | -12,821 | 47,449 | ' | ' |
Restricted stock units related to stock plans | 7,819 | ' | 7,819 | ' | ' | ' | ' |
Stock based compensation expense | 31,683 | ' | 31,683 | ' | ' | ' | ' |
Purchase of shares | -250,000 | ' | ' | ' | -250,000 | ' | ' |
Balance at end of period at Jul. 31, 2014 | $1,895,357 | $12,796 | $327,301 | $2,512,961 | ($942,780) | $0 | ($14,921) |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Shares issued for stock plans (in shares) | 1,115 | 1,571 | 1,474 |
Total number of shares repurchased (in shares) | 3,056 | 3,971 | 2,281 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Operating activities: | ' | ' | ' |
Net earnings | $363,956 | $574,935 | $319,309 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of long-lived assets | 116,392 | 106,284 | 111,105 |
Non-cash stock compensation | 31,683 | 29,778 | 31,864 |
Excess tax benefits from stock based compensation arrangements | -12,890 | -15,812 | -7,757 |
Amortization of deferred revenue | -2,154 | -2,154 | -2,154 |
Deferred income taxes | 6,931 | 11,314 | -9,095 |
Provisions for doubtful accounts | 1,603 | 7,173 | 3,387 |
(Gain)/loss on sale of assets | 3,782 | -390,187 | -9,289 |
Other | 1,470 | 2,233 | 1,469 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' |
Inventories | 12,040 | -17,088 | 24,111 |
Accounts receivable | -26,080 | 81,916 | -50,753 |
Income taxes receivable/payable | 28,277 | 6,981 | 22,238 |
Accounts payable and accrued expenses | 54 | -123,801 | 83,742 |
Other assets | -12,708 | 13,993 | -21,245 |
Other liabilities | -8,444 | 98,894 | -22,084 |
Net cash provided by operating activities | 503,912 | 384,459 | 474,848 |
Investing activities: | ' | ' | ' |
Capital expenditures | -74,737 | -110,182 | -158,909 |
Purchases of retirement benefit assets | -45,045 | -45,718 | -49,552 |
Proceeds from sale and maturities of retirement benefit assets | 52,695 | 46,147 | 50,830 |
Proceeds from sale of assets | 6,099 | 537,625 | 26,551 |
Acquisitions of businesses, net of cash acquired | -318,978 | -21,970 | -167,638 |
Other | -13,543 | -6,602 | -11,107 |
Net cash provided/(used) by investing activities | -393,509 | 399,300 | -309,825 |
Financing activities: | ' | ' | ' |
Notes payable | 254,976 | -34,973 | -10,017 |
Long-term borrowings | 0 | 14 | 106 |
Repayments of short-term debt | -3,927 | 0 | 0 |
Repayments of long-term debt | -718 | -461 | -511 |
Additions to deferred financing costs | 0 | -3,043 | 0 |
Purchase of treasury stock | -250,000 | -250,000 | -121,164 |
Dividends paid | -118,758 | -108,054 | -88,955 |
Net proceeds from stock plans | 12,625 | 36,240 | 39,562 |
Excess tax benefits from stock based compensation arrangements | 12,890 | 15,812 | 7,757 |
Net cash used by financing activities | -92,912 | -344,465 | -173,222 |
Cash flow for year | 17,491 | 439,294 | -8,199 |
Cash and cash equivalents at beginning of year | 936,886 | 500,274 | 557,766 |
Effect of exchange rate changes on cash and cash equivalents | 9,733 | -2,682 | -49,293 |
Cash and cash equivalents at end of year | 964,110 | 936,886 | 500,274 |
Supplemental disclosures: | ' | ' | ' |
Interest paid | 23,788 | 34,373 | 23,988 |
Income taxes paid (net of refunds) | $57,981 | $144,733 | $90,806 |
ACCOUNTING_POLICIES_AND_RELATE
ACCOUNTING POLICIES AND RELATED MATTERS | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
ACCOUNTING POLICIES AND RELATED MATTERS | ' | ||||||||
ACCOUNTING POLICIES AND RELATED MATTERS | |||||||||
The Company | |||||||||
Pall Corporation and its subsidiaries (hereinafter collectively called the “Company” unless the context requires otherwise) manufacture and market filtration, purification and separation products and integrated systems solutions throughout the world to a diverse group of customers. As discussed in Note 18, Segment Information and Geographies, management has determined that the Company’s reportable segments, which are also its operating segments, consist of its two businesses: Life Sciences and Industrial. | |||||||||
The Company’s fiscal year ends on July 31, and the Company’s fiscal quarters end on October 31, January 31 and April 30. | |||||||||
As discussed in Note 19, Discontinued Operations, the Company has sold, effective August 1, 2012, certain assets of its blood collection, filtration and processing product line, which was a component of the Life Sciences segment (the product line sales were reported in the Medical market), and met both 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 consolidated financial statements. | |||||||||
Presentation and Use of Estimates | |||||||||
The financial statements of the Company are presented on a consolidated basis with its subsidiaries, substantially all of which are wholly-owned. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||
Financial statements of foreign subsidiaries have been translated into United States (“U.S.”) Dollars at exchange rates as follows: (i) balance sheet accounts at year-end rates, except certain equity accounts which are translated at historic rates, and (ii) income statement accounts at weighted average rates. Translation gains and losses are reflected in stockholders’ equity, while transaction gains and losses, which result from the settlement of foreign denominated receivables and payables at rates that differ from rates in effect at the transaction date, are reflected in earnings. Net transaction gains/(losses) inclusive of offsetting gains/(losses) on foreign currency forward contracts in fiscal years 2014, 2013 and 2012 amounted to $(3,027), ($5,076) and $(3,839), respectively, and were recorded in selling, general and administrative expenses. | |||||||||
To prepare the Company’s consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), management is required to make assumptions that may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates are used for, but not limited to, inventory valuation; provisions for doubtful accounts; asset recoverability; depreciable lives of fixed assets and useful lives of patents and amortizable intangibles; fair value of financial instruments; income tax assets and liabilities; pension valuations; restructuring and other charges; valuation of assets acquired and liabilities assumed in business combinations; allocation of costs to operating segments; revenue recognition and liabilities for items such as contingencies and environmental remediation. The Company is subject to uncertainties such as the impact of future events; economic, environmental and political factors; and changes in the business climate. Therefore, actual results may differ from those estimates. When no estimate in a given range is deemed to be better than any other when estimating contingent liabilities, the low end of the range is accrued. Accordingly, the accounting estimates used in the preparation of the Company’s consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Such changes and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. | |||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. | |||||||||
Cash and Cash Equivalents | |||||||||
All financial instruments purchased with a maturity of three months or less, other than amounts held in the benefits protection trust (as discussed in Note 7, Other Current and Non-Current Assets), are considered cash equivalents. | |||||||||
Inventories | |||||||||
Inventories are valued at the lower of cost (on the first-in, first-out method) or market. | |||||||||
Investments | |||||||||
Investments (which include equity interests of less than 20%) are primarily considered available-for-sale securities and, as such, are carried at fair value. Unrealized gains and losses on these securities are reported as a separate component of stockholders’ equity until realized from sale or when unrealized losses are deemed by management to be other than temporary. Management considers numerous factors, on a case-by-case basis, in evaluating whether the decline in market value of an available-for-sale security below cost is other than temporary. Such factors include, but are not limited to, (i) the length of time and the extent to which the market value has been less than cost; (ii) the financial condition and the near-term prospects of the issuer of the security; and (iii) whether the Company’s intent to retain the investment for the period of time is sufficient to allow for any anticipated recovery in market value. Investments are included in “Other non-current assets” in the accompanying consolidated balance sheets. | |||||||||
Acquisition Accounting | |||||||||
Acquisitions of businesses are accounted for using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Transaction costs are expensed as incurred. Any excess of the purchase price over the assigned values of the net assets acquired is recorded as goodwill. When the Company acquires net assets that do not constitute a business under U.S. GAAP, no goodwill is recognized. | |||||||||
Goodwill | |||||||||
The Company performs detailed impairment testing for goodwill annually during the Company’s fiscal third quarter, or more frequently if certain events or circumstances indicate impairment might have occurred. The Company evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. The Company’s two operating segments, Life Sciences and Industrial, were also determined to be its reporting units. In the first step, the overall fair value for the reporting unit is compared to its book value including goodwill. In the event that the overall fair value of the reporting unit was determined to be less than the book value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the book value of the goodwill. The implied fair value for the goodwill is determined based on the difference between the overall fair value of the reporting unit and the fair value of the net identifiable assets. If the implied fair value of the goodwill is less than its book value, the difference is recognized as an impairment. In fiscal years 2014 and 2013, the estimated fair values of the Company’s reporting units substantially exceeded the carrying values of these reporting units, and as such, the second step was not performed. | |||||||||
Intangible Assets and Property, Plant & Equipment | |||||||||
The Company’s amortizable intangible assets, which are comprised almost entirely of patented and unpatented technology, customer-related intangibles and trademarks, are subject to amortization for periods ranging up to 20 years, principally on a straight-line basis. Property, plant and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the respective assets, principally on the straight-line basis. The estimated useful lives range from 30 to 50 years for buildings, 3 to 10 years for machinery and equipment, 3 to 10 years for information technology hardware and software and 8 to 10 years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of the remaining life or the remaining lease term. | |||||||||
The Company reviews its depreciable and amortizable long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If the sum of the expected cash flows, undiscounted, is less than the carrying amount of the asset (or asset group), an impairment loss is recognized as the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. | |||||||||
Revenue Recognition | |||||||||
Revenue is recognized when title and risk of loss have transferred to the customer and when contractual terms have been fulfilled, except for certain long-term contracts, whereby revenue is recognized under the percentage of completion method (see below). Transfer of title and risk of loss occurs when the product is delivered in accordance with the contractual shipping terms. In instances where contractual terms include a provision for customer acceptance, revenue is recognized when either (i) the Company has previously demonstrated that the product meets the specified criteria based on either seller or customer-specified objective criteria or (ii) upon formal acceptance received from the customer where the product has not been previously demonstrated to meet customer-specified objective criteria. | |||||||||
For contracts accounted for under the percentage of completion method, revenue is based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. | |||||||||
Stock Plans | |||||||||
The Company currently has four stock-based employee and director compensation award types, which are described more fully in Note 15, Common Stock. The Company records stock-based compensation, measured at the fair value of the award on the grant date, as an expense in the consolidated statements of earnings. Upon the exercise of stock options or the vesting of restricted stock units, the resulting excess tax benefits, if any, are credited to additional paid-in capital. Any resulting tax deficiencies are offset against those cumulative credits to additional paid-in capital. If the cumulative credits to additional paid-in capital are exhausted, tax deficiencies are recorded to the provision for income taxes. Excess tax benefits are reflected as financing cash inflows in the accompanying consolidated statements of cash flows. | |||||||||
Environmental Matters | |||||||||
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. These accruals are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress or as additional technical or legal information becomes available. Costs of future expenditures for environmental remediation obligations are not discounted to their present value and are expected to be disbursed over an extended period of time. Accruals for environmental liabilities are included in “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets. | |||||||||
Income Taxes | |||||||||
Income taxes payable, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s assessment of estimated future taxes to be paid. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. | |||||||||
In evaluating the Company’s ability to recover deferred tax assets within the jurisdiction from which they arise, management assesses the generation of sufficient taxable income from all sources, including the scheduled reversal of taxable temporary differences, tax-planning strategies and projected future operating income. To the extent the Company does not consider it “more-likely-than-not” that a deferred tax asset will be recovered, a valuation allowance is established. | |||||||||
When evaluating uncertain tax positions, the Company determines whether the position is “more-likely-than-not” to be sustained upon examination based upon its technical merits or administrative practices or precedents. Any tax position that meets the “more-likely-than-not” recognition threshold is measured and recognized in the consolidated financial statements. The amount of tax benefit to be recognized is the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. | |||||||||
The Company recognizes accrued interest expense related to unrecognized income tax benefits in interest expense and the obligation is recorded in current or non-current interest payable on the Company’s consolidated balance sheet. Penalties are accrued as part of the provision for income taxes and the unpaid balance at the end of a reporting period is recorded as part of current or non-current income taxes payable. | |||||||||
For further discussion, refer to Note 11, Income Taxes. | |||||||||
Earnings Per Share | |||||||||
The consolidated statements of earnings present basic and diluted earnings per share. Basic earnings per share is determined by dividing income available to common stockholders 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 securities that meet certain criteria, such as stock options, were outstanding since issuance. The treasury stock method is used to determine the dilutive effect of potentially dilutive securities. Employee stock options and restricted stock units of 517, 957 and 685 for fiscal years 2014, 2013 and 2012, respectively, were not included in the computation of diluted shares because their effect would have been antidilutive. | |||||||||
The following is a reconciliation between average basic shares outstanding and average diluted shares outstanding: | |||||||||
2014 | 2013 | 2012 | |||||||
Average basic shares outstanding | 110,776 | 112,803 | 116,061 | ||||||
Effect of dilutive securities (a) | 1,173 | 1,433 | 1,602 | ||||||
Average diluted shares outstanding | 111,949 | 114,236 | 117,663 | ||||||
(a) | Refer to Note 15, Common Stock, for a description of the Company’s stock award types. | ||||||||
Derivative Instruments | |||||||||
The Company’s derivative instruments are recorded as either assets or liabilities in the consolidated balance sheets based on their fair values. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments designated as hedges are accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For the effective portion of derivatives designated as cash flow hedges, changes in fair values are recognized in other comprehensive income/(loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. For further discussion, refer to Note 10, Financial Instruments and Risks & Uncertainties. | |||||||||
Adoption of New Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which amended Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. generally accepted accounting principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures in the financial statements. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The adoption of this disclosure-only guidance did not have an impact on our consolidated financial results. | |||||||||
In July 2013, the FASB issued new accounting guidance which requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry forwards that would be utilized, rather than only against carry forwards that are created by the unrecognized tax benefits. The adoption of this accounting guidance did not have a material impact on our consolidated financial results. |
RESTRUCTURING_AND_OTHER_CHARGE
RESTRUCTURING AND OTHER CHARGES, NET | 12 Months Ended | ||||||||||||
Jul. 31, 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 fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains) (2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 27,803 | $ | (402 | ) | $ | 27,401 | ||||||
Professional fees and other costs, net of receipt of insurance claim payments | 4,419 | 3,402 | 7,821 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 4,002 | (1,480 | ) | 2,522 | |||||||||
Environmental matters | — | 4,440 | 4,440 | ||||||||||
Reversal of excess restructuring reserves | (2,030 | ) | — | (2,030 | ) | ||||||||
$ | 34,194 | $ | 5,960 | $ | 40,154 | ||||||||
Cash | $ | 30,192 | $ | 6,102 | $ | 36,294 | |||||||
Non-cash | 4,002 | (142 | ) | 3,860 | |||||||||
$ | 34,194 | $ | 5,960 | $ | 40,154 | ||||||||
2013 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains)(2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 22,526 | $ | 3,316 | $ | 25,842 | |||||||
Professional fees and other costs, net of receipt of insurance claim payments | 2,840 | 1,396 | 4,236 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 993 | 1,358 | 2,351 | ||||||||||
Environmental matters | — | 8,415 | 8,415 | ||||||||||
Reversal of excess restructuring reserves | (662 | ) | — | (662 | ) | ||||||||
$ | 25,697 | $ | 14,485 | $ | 40,182 | ||||||||
Cash | $ | 23,410 | $ | 12,102 | $ | 35,512 | |||||||
Non-cash | 2,287 | 2,383 | 4,670 | ||||||||||
$ | 25,697 | $ | 14,485 | $ | 40,182 | ||||||||
2012 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains) (2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 61,852 | $ | 11,436 | $ | 73,288 | |||||||
Professional fees and other costs, net of receipt of insurance claim payments | 3,448 | 187 | 3,635 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 766 | (10,754 | ) | (9,988 | ) | ||||||||
Reversal of excess restructuring reserves | (77 | ) | — | (77 | ) | ||||||||
$ | 65,989 | $ | 869 | $ | 66,858 | ||||||||
Cash | $ | 63,717 | $ | (3,064 | ) | $ | 60,653 | ||||||
Non-cash | 2,272 | 3,933 | 6,205 | ||||||||||
$ | 65,989 | $ | 869 | $ | 66,858 | ||||||||
(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 fiscal year 2014 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2014 also includes the impairment of assets of $4,002 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. | |||||||||||||
Restructuring charges recorded in fiscal year 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. | |||||||||||||
Restructuring charges recorded in fiscal year 2012 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2012 also include asset impairment charges related to the above mentioned initiative, partly offset by a gain on the divestiture of a non-strategic asset group. | |||||||||||||
(2) Other Charges/(Gains): | |||||||||||||
Severance benefits and other employment contract obligations: In fiscal years 2013 and 2012, the Company recorded charges related to certain employment contract obligations. In fiscal year 2014, the Company recorded an adjustment related to these employment contract obligations. | |||||||||||||
Professional fees and other: In fiscal year 2014, the Company recorded costs related to the settlement of a legal matter, as well as acquisition-related legal and other professional fees. | |||||||||||||
In fiscal years 2014 and 2013, the Company recorded costs related to the demolition of a vacant facility. | |||||||||||||
In fiscal years 2013 and 2012, the Company recorded legal and other professional fees related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings which pertain to matters that had been under audit committee inquiry (see Note 2, Audit Committee Inquiry and Restatement, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2007). Furthermore, in fiscal years 2013 and 2012, the Company recorded costs and reserve adjustments related to the settlement of the Federal Securities Class Actions and Shareholder Derivative Lawsuits and Other Proceedings. The receipt of insurance claim payments partly offset such costs in fiscal years 2013 and 2012. Refer to Note 14, Contingencies and Commitments, for further discussion of this matter. | |||||||||||||
Gain on sale and impairment of assets: In fiscal year 2014 , the Company recorded a gain on the sale of a building in Europe. In fiscal year 2013, the Company recorded an impairment related to a software project. In fiscal year 2012, the Company recorded a gain on the sale of assets related to a sale of a building in Europe as well as a gain of $9,196 on the sale of the Company’s investment in Satair A/S. | |||||||||||||
Environmental matters: In fiscal year 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In fiscal year 2013, the Company increased its previously established environmental reserves primarily related to matters at its Ann Arbor, Michigan and Glen Cove, New York sites. Refer to Note 14, Contingencies and Commitments, for further discussion of these matters. | |||||||||||||
The following table summarizes the activity related to restructuring liabilities that were recorded for the Company’s structural cost improvement initiatives that 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 July 31, 2012 | $ | 34,364 | $ | 603 | $ | 34,967 | |||||||
Additions (a) | 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 July 31, 2013 | $ | 26,240 | $ | 1,473 | $ | 27,713 | |||||||
Additions | 27,803 | 4,419 | 32,222 | ||||||||||
Utilized | (26,178 | ) | (4,596 | ) | (30,774 | ) | |||||||
Reversal of excess reserves | (1,923 | ) | (107 | ) | (2,030 | ) | |||||||
Translation | 230 | 39 | 269 | ||||||||||
Balance at July 31, 2014 | $ | 26,172 | $ | 1,228 | $ | 27,400 | |||||||
(a) | Excludes pension plan settlement charge of $889. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE | ' | |||||||
ACCOUNTS RECEIVABLE | ||||||||
Accounts receivable are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Billed | $ | 556,928 | $ | 508,448 | ||||
Unbilled | 72,681 | 72,787 | ||||||
Total | 629,609 | 581,235 | ||||||
Less: allowance for doubtful accounts | (13,896 | ) | (14,900 | ) | ||||
$ | 615,713 | $ | 566,335 | |||||
Unbilled receivables principally relate to revenues accrued for long-term contracts recorded under the percentage-of-completion method of accounting. |
INVENTORY
INVENTORY | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORY | ' | |||||||
INVENTORY | ||||||||
The major classes of inventory, net, are as follows: | ||||||||
2014 | 2013 | |||||||
Raw materials and components | $ | 117,581 | $ | 94,837 | ||||
Work-in-process | 112,824 | 94,998 | ||||||
Finished goods | 174,473 | 191,212 | ||||||
$ | 404,878 | $ | 381,047 | |||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consist of the following: | ||||||||
2014 | 2013 | |||||||
Land | $ | 46,289 | $ | 47,234 | ||||
Buildings and improvements | 545,444 | 519,166 | ||||||
Machinery and equipment | 844,259 | 761,341 | ||||||
Information technology hardware & software | 230,051 | 221,504 | ||||||
Furniture and fixtures | 110,940 | 101,029 | ||||||
1,776,983 | 1,650,274 | |||||||
Less: Accumulated depreciation and amortization | (971,656 | ) | (875,326 | ) | ||||
$ | 805,327 | $ | 774,948 | |||||
Depreciation expense from continuing operations for property, plant and equipment for fiscal years 2014, 2013 and 2012 was $95,152, $86,428 and $82,852, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | |||||||||||
Jul. 31, 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 9, 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, 2012 | $ | 178,359 | $ | 160,582 | $ | 338,941 | ||||||
Foreign currency translation | 2,537 | 1,014 | 3,551 | |||||||||
Balance as of July 31, 2013 | 180,896 | 161,596 | 342,492 | |||||||||
Acquisitions | 91,121 | 59,628 | 150,749 | |||||||||
Foreign currency translation | (2,259 | ) | 480 | (1,779 | ) | |||||||
Balance as of July 31, 2014 | $ | 269,758 | $ | 221,704 | $ | 491,462 | ||||||
In connection with the acquisitions during fiscal year 2014, see Note 20, 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: | ||||||||||||
2014 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 165,727 | $ | 66,126 | $ | 99,601 | ||||||
Customer-related intangibles | 165,759 | 33,845 | 131,914 | |||||||||
Trademarks | 16,971 | 7,130 | 9,841 | |||||||||
Other | 3,647 | 2,580 | 1,067 | |||||||||
$ | 352,104 | $ | 109,681 | $ | 242,423 | |||||||
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 fiscal years 2014, 2013 and 2012 was $21,240, $19,856 and $20,535, respectively. Amortization expense is estimated to be approximately $23,802 in fiscal year 2015, $22,445 in fiscal year 2016, $22,157 in fiscal year 2017, $22,015 in fiscal year 2018 and $19,713 in fiscal year 2019. |
OTHER_CURRENT_AND_NONCURRENT_A
OTHER CURRENT AND NON-CURRENT ASSETS | 12 Months Ended | |||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
OTHER CURRENT AND NON-CURRENT ASSETS | ' | |||||||||||||||||||||||
OTHER CURRENT AND NON-CURRENT ASSETS | ||||||||||||||||||||||||
Other current assets consist of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income taxes (a) | $ | 39,001 | $ | 37,653 | ||||||||||||||||||||
Income taxes receivable (a) | 4,894 | 5,141 | ||||||||||||||||||||||
Prepaid income taxes (a) | 35,194 | 33,761 | ||||||||||||||||||||||
Prepaid expenses | 36,903 | 39,047 | ||||||||||||||||||||||
Other receivables | 36,530 | 50,159 | ||||||||||||||||||||||
$ | 152,522 | $ | 165,761 | |||||||||||||||||||||
Other non-current assets consist of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income taxes (a) | $ | 16,569 | $ | 16,998 | ||||||||||||||||||||
Retirement benefit assets (b) | 87,720 | 91,031 | ||||||||||||||||||||||
Prepaid income taxes (a) | 16,041 | 8,187 | ||||||||||||||||||||||
Income taxes receivable (a) | 26,227 | 35,194 | ||||||||||||||||||||||
Other | 29,521 | 16,717 | ||||||||||||||||||||||
$ | 176,078 | $ | 168,127 | |||||||||||||||||||||
(a) | See Note 11, Income Taxes, for further discussion. | |||||||||||||||||||||||
(b) | Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. These include guaranteed investment contracts of $18,102 and $18,111 as of July 31, 2014 and July 31, 2013, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect related liabilities in the amounts of $67,878 and $65,428, respectively. Also included within retirement benefit assets are benefits protection trusts, with assets aggregating $68,844 and $71,990 as of July 31, 2014 and July 31, 2013, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2014 to 2046. Such debt and equity securities are classified as available-for-sale and trading and aggregated $66,051 and $70,901 as of July 31, 2014 and July 31, 2013, respectively. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect retirement benefit assets held in the trust of $68,844 and $70,669 that relate to retirement benefit liabilities of $113,393 and $112,508, respectively. | |||||||||||||||||||||||
The following is a summary of the Company’s available-for-sale investments by category: | ||||||||||||||||||||||||
Cost/ | Fair Value | Gross | Gross | Net | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||
Cost Basis | Holding | Holding | Holding | |||||||||||||||||||||
Gains | Losses | Gains | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Equity securities | $ | 4,160 | $ | 4,748 | $ | 588 | $ | — | $ | 588 | ||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 28,987 | 30,243 | 1,259 | (3 | ) | 1,256 | ||||||||||||||||||
U.S. Treasury | 9,478 | 9,724 | 246 | — | 246 | |||||||||||||||||||
Federal Agency | 12,778 | 13,719 | 941 | — | 941 | |||||||||||||||||||
Mortgage-backed | 11,219 | 11,405 | 190 | (4 | ) | 186 | ||||||||||||||||||
$ | 66,622 | $ | 69,839 | $ | 3,224 | $ | (7 | ) | $ | 3,217 | ||||||||||||||
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 | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 3,384 | $ | (3 | ) | $ | — | $ | — | $ | 3,384 | $ | (3 | ) | ||||||||||
Mortgage-backed | 1,919 | (4 | ) | — | — | 1,919 | (4 | ) | ||||||||||||||||
$ | 5,303 | $ | (7 | ) | $ | — | $ | — | $ | 5,303 | $ | (7 | ) | |||||||||||
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 | ||||||||||||||||||||||
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 years ended July 31, 2014, July 31, 2013 and July 31, 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales | $ | 22,285 | $ | 15,018 | $ | 35,973 | ||||||||||||||||||
Realized gross gains on sales | 245 | 427 | 9,828 | |||||||||||||||||||||
Realized gross losses on sales | 179 | 5 | 55 | |||||||||||||||||||||
The following is a summary of the Company’s trading securities by category as well as the net gains and losses recognized during the period for the the years ended July 31, 2014 and July 31, 2013. There were no trading securities in the fiscal year ended July 31, 2012. | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity securities | $ | 819 | $ | 190 | ||||||||||||||||||||
Total trading securities | $ | 819 | $ | 190 | ||||||||||||||||||||
Gains/(losses), net recognized for securities held | $ | 22 | $ | 3 | ||||||||||||||||||||
Gains/(losses), net recognized for securities sold | 7 | — | ||||||||||||||||||||||
Total gains/(losses), net recognized | $ | 29 | $ | 3 | ||||||||||||||||||||
NOTES_PAYABLE_AND_LONGTERM_DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
NOTES PAYABLE AND LONG-TERM DEBT | ' | |||||||||||
NOTES PAYABLE AND LONG-TERM DEBT | ||||||||||||
The Company has a commercial paper program under which the Company may issue up to $1,200,000 of unsecured short–term notes. The Company’s board of directors has authorized debt financings through the issuance of commercial paper plus borrowings under the Company’s senior revolving credit facility of up to a maximum aggregate amount outstanding at any time of $1,200,000. This was increased to $1,500,000 in connection with the 2015 Facility discussed below. | ||||||||||||
As of July 31, 2014, the Company had $425,000 of outstanding commercial paper, all of which is recorded as current liabilities under notes payable in the Company’s consolidated balance sheet. Commercial paper issuances during the year carried interest rates ranging between 0.27% and 0.38% and original maturities between 4 and 90 days. | ||||||||||||
Long-term debt consists of: | ||||||||||||
2014 | 2013 | |||||||||||
Senior revolving credit facility, due in fiscal year 2018 (a) | $ | — | $ | — | ||||||||
5% Senior Notes, due in fiscal year 2020, net of discount (b) | 373,830 | 373,629 | ||||||||||
Japanese Yen (“JPY”) denominated loan, due in fiscal year 2015 | 87,570 | 91,800 | ||||||||||
Other | 2,381 | 2,310 | ||||||||||
Total long-term debt | 463,781 | 467,739 | ||||||||||
Current portion | (87,955 | ) | (420 | ) | ||||||||
Long-term debt, net of current portion | $ | 375,826 | $ | 467,319 | ||||||||
(a) | On April 11, 2013, the Company entered into a five-year $1,200,000 unsecured senior revolving credit facility (the “2013 Facility”) with a syndicate of banks, which was to mature on April 11, 2018. In connection with the 2013 Facility, the Company incurred deferred financing costs of $3,043, which were being amortized to interest expense over the term of the 2013 Facility. There were no amounts outstanding against the 2013 Facility as of July 31, 2014 or July 31, 2013. Letters of credit outstanding against the 2013 Facility as of July 31, 2014 were approximately $6,146. | |||||||||||
Borrowings under the 2013 Facility bear interest at either a variable rate based upon the London InterBank Offered Rate (U.S. Dollar, British Pound, Euro, Swiss Franc and Japanese Yen borrowings) or the European Union Banking Federation Rate (Euro borrowings) or at the prime rate of the Facility Agent (U.S. Dollar borrowing only). The 2013 Facility does not permit the Company to exceed a maximum consolidated leverage ratio (Consolidated Funded Debt to Earnings Before Net Interest, Taxes, Depreciation, Amortization and the Non-Cash Portion of Non-Recurring Charges and Income (“EBITDA”)) of 3.50 to 1.00, based upon the trailing four quarters’ results. | ||||||||||||
In addition, the 2013 Facility includes other covenants that under certain circumstances may restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, enter into sale and leaseback transactions, create liens and sell assets. As of July 31, 2014, the Company was in compliance with all related financial and other restrictive covenants, including limitations on indebtedness. | ||||||||||||
Subsequent to the end of fiscal year 2014, the Company amended and extended the 2013 Facility into a five-year $1,500,000 unsecured senior revolving credit facility with a syndicate of banks, which matures on August 11, 2019 (the “2015 Facility”). In connection with the 2015 Facility, the Company incurred deferred financing costs of $1,535 which, in addition to the unamortized costs from the 2013 Facility, will be amortized to interest expense over the term of the 2015 Facility. The covenants for the 2015 Facility are the same as in the 2013 Facility. | ||||||||||||
(b) | On June 18, 2010, the Company issued $375,000 of publicly traded 5.00% Senior Notes, due 2020 (the “Notes”). The Company’s senior notes (“ Prior Notes”), originally due August 1, 2012, were fully redeemed in July 2010 after the satisfaction of a 30-day notice period. In connection with this redemption, the Company recorded a loss on extinguishment of debt totaling $31,374, primarily comprised of a redemption premium and the recognition of previously deferred financing costs related to the Prior Notes. In connection with the Notes, the Company incurred deferred financing costs of $3,455, which are being amortized to interest expense over the term of the Notes. The Notes are unsecured and unsubordinated obligations of the Company and rank pari passu to its other outstanding unsecured and unsubordinated indebtedness. | |||||||||||
The aggregate annual maturities of long-term debt during fiscal years 2015 through 2019 are approximately as follows: | ||||||||||||
2015 | $ | 87,955 | ||||||||||
2016 | 834 | |||||||||||
2017 | 444 | |||||||||||
2018 | 425 | |||||||||||
2019 | 293 | |||||||||||
Interest expense, net, for fiscal years 2014, 2013 and 2012 is comprised of: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense(i) | $ | 26,544 | $ | 24,074 | $ | 28,704 | ||||||
Interest income | 9,012 | 8,453 | 8,527 | |||||||||
Interest expense, net | $ | 17,532 | $ | 15,621 | $ | 20,177 | ||||||
(i) | For fiscal years 2014, 2013 and 2012, interest expense was (reduced)/increased by $(781), $(2,794) and $1,653, respectively, related to Income taxes payable. See Note 11, Income Taxes for further discussion. | |||||||||||
The weighted average interest rates on notes payable at the end of fiscal years 2014 and 2013 were 0.30% and 0.35%, respectively. The weighted-average borrowing rate was 2.49% and 3.38% as of July 31, 2014 and July 31, 2013, respectively. | ||||||||||||
As of July 31, 2014, the Company had available unsecured credit facilities, totaling approximately $234,035, with $751 in compensating balances. These credit facilities provide the Company’s foreign subsidiaries with short-term liquidity and overdraft protection, and support various programs (such as guarantee, performance bond and warranty) mandated by customers. At July 31, 2014, there were no borrowings under these facilities; however, there was $76,911 of guarantees, performance bonds and warranties issued against these facilities. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Jul. 31, 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 be 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 July 31, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Jul-14 | ||||||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 4,860 | $ | 4,860 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 4,748 | 4,748 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 30,243 | — | 30,243 | — | ||||||||||||
U.S. Treasury | 9,724 | — | 9,724 | — | ||||||||||||
Federal Agency | 13,719 | — | 13,719 | — | ||||||||||||
Mortgage-backed | 11,405 | — | 11,405 | — | ||||||||||||
Trading securities | 819 | 819 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 5,931 | — | 5,931 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 1,726 | — | 1,726 | — | ||||||||||||
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 | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Jul-13 | ||||||||||||||||
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 has been determined 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 value of the Company’s foreign currency forward contracts were 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. |
FINANCIAL_INSTRUMENTS_AND_RISK
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES | 12 Months Ended | |||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
FINANCIAL INSTRUMENTS AND RISKS AND UNCERTAINTIES | ' | |||||||||||||||||
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES | ||||||||||||||||||
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 July 31, 2014, the Company had foreign currency forward contracts outstanding with notional amounts aggregating $572,542, whose fair values were a net asset of $4,205. | ||||||||||||||||||
Foreign Exchange | ||||||||||||||||||
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 twelve months ended July 31, 2014 and July 31, 2013 was $2,525,674 and $2,414,999, respectively. The notional amount of foreign currency forward contracts outstanding not designated as hedging instruments as of July 31, 2014 was $473,305. | ||||||||||||||||||
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 our 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 outstanding designated as hedging instruments as of July 31, 2014 was $99,237 and cover certain monthly transactional exposures through August 2015. The notional amount of foreign currency forward contracts outstanding designated as hedging instruments as of July 31, 2013 was $98,321 and covered certain monthly transactional exposures through July 2014. | ||||||||||||||||||
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. | ||||||||||||||||||
Interest Rates | ||||||||||||||||||
At July 31, 2014 and July 31, 2013, there were no interest rate related derivatives. | ||||||||||||||||||
The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
July 31, 2014 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 4,755 | Other current liabilities | $ | 3 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 1,176 | Other current liabilities | $ | 1,723 | ||||||||||||
Total derivatives | $ | 5,931 | $ | 1,726 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Current portion of long-term debt | $ | 87,570 | |||||||||||||||
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 years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain/(Loss) | Location of Loss Reclassified from Accumulated OCI into Earnings | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Recognized in OCI on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
31-Jul-14 | 31-Jul-13 | (Effective Portion) | 31-Jul-14 | 31-Jul-13 | ||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 8,990 | $ | (2,572 | ) | Sales | $ | 1,176 | $ | (1,444 | ) | |||||||
Cost of sales | $ | 124 | $ | (1,811 | ) | |||||||||||||
$ | 8,990 | $ | (2,572 | ) | $ | 1,300 | $ | (3,255 | ) | |||||||||
(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 twelve months ended July 31, 2014 and July 31, 2013. | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments for the years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Location of Loss Recognized in Earnings on Derivatives | Amount of Gain/(Loss) Recognized in Earnings on Derivatives | |||||||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||||||||
Derivatives not designated as hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (2,839 | ) | $ | (15,897 | ) | |||||||||||
The amounts of the gains and losses related to the Company’s nonderivative financial instruments designated as hedging instruments for the years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain/(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) (b) | ||||||||||||||||
31-Jul-14 | 31-Jul-13 | 31-Jul-14 | 31-Jul-13 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | 2,707 | $ | 14,930 | 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 years ended July 31, 2014 and July 31, 2013. | |||||||||||||||||
The credit risk related to the foreign exchange forwards is considered low because such instruments are entered into only with financial institutions having high credit ratings and are generally settled on a net basis. | ||||||||||||||||||
The Company’s cash and cash equivalents are in high-quality securities placed with a wide array of financial institutions with high credit ratings limiting the Company’s exposure to concentration of credit risks. | ||||||||||||||||||
The Company’s products are sold to a diverse group of customers throughout the world. The Company is subject to certain risks and uncertainties as a result of changes in general economic conditions, sources of supply, competition, foreign exchange rates, tax regulatory changes, litigation and other regulatory developments. Management believes the diversity and breadth of the Company’s products, markets served and geographic operations mitigate the risk that adverse changes in any one area would materially affect the Company’s financial position. Additionally, as a result of the diversity of its customer base, the Company does not consider itself exposed to concentration of credit risks. These customer risks are further minimized by placing credit limits, ongoing monitoring of customers’ account balances and assessment of customers’ financial strength. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The components of earnings from continuing operations before income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic operations | $ | 89,598 | $ | 36,127 | $ | 63,018 | ||||||
Foreign operations | 361,817 | 375,499 | 303,892 | |||||||||
$ | 451,415 | $ | 411,626 | $ | 366,910 | |||||||
The provisions for income taxes consist of the following items: | ||||||||||||
Current: | ||||||||||||
Federal, state and local | $ | 27,370 | $ | 1,677 | $ | 32,016 | ||||||
Foreign | 53,158 | 68,673 | 63,042 | |||||||||
80,528 | 70,350 | 95,058 | ||||||||||
Deferred: | ||||||||||||
Federal, state and local | 14,749 | 671 | (7,187 | ) | ||||||||
Foreign | (7,818 | ) | 10,643 | (1,908 | ) | |||||||
6,931 | 11,314 | (9,095 | ) | |||||||||
$ | 87,459 | $ | 81,664 | $ | 85,963 | |||||||
A reconciliation of the provisions for income taxes follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign income and withholding taxes, net of U.S. foreign tax credits | (10.0 | ) | (12.3 | ) | (10.9 | ) | ||||||
Net unrecognized tax benefit adjustments | (6.1 | ) | (2.6 | ) | (0.8 | ) | ||||||
Tax credits | (0.4 | ) | (0.9 | ) | (0.4 | ) | ||||||
Other, net | 0.9 | 0.6 | 0.5 | |||||||||
Effective tax rate | 19.4 | % | 19.8 | % | 23.4 | % | ||||||
The rate impact for foreign income and withholding taxes, net of U.S. foreign tax credits, reflects the jurisdictional location of earnings, costs of certain repatriation decisions, and uncertain tax positions. The Company operates subsidiaries in Puerto Rico, Switzerland and Singapore which benefit from tax incentives. The Puerto Rico tax incentive grant provides the Company’s manufacturing operations with a partial exemption from local taxes through the end of fiscal year 2027. The Switzerland tax incentive grants provide that the Company’s profits will be partially exempt from local taxes. These grants expire between fiscal year 2018 and 2020. The Singapore tax incentive grant provides that the Company’s profits will be partially exempt from local taxes through the end of fiscal year 2019, with an opportunity to extend ten more years. These tax incentives as compared with the local statutory rates resulted in a reduction of tax expense from continuing operations amounting to $21,114 in 2014, $18,935 in 2013 and $14,942 in 2012. | ||||||||||||
The rate impact for net unrecognized tax benefit adjustments represents changes in the Company’s net liability for unrecognized tax benefits related to tax positions taken in prior-years, including changes in estimates, tax settlements, and lapses of applicable statutes of limitation. In the fourth quarter of fiscal year 2014, the Company reached a final settlement with Germany tax authorities resolving the outstanding tax positions for fiscal years ended July 2005 through 2008. As a result, the Company reversed $6,437 of previously recorded liabilities related to tax and penalties, as well as $3,042 related to interest ($2,580 net of income tax cost) that were accrued but not assessed as part of the settlement. In the third quarter of fiscal year 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. In the first quarter of fiscal year 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. In the fourth quarter of fiscal year 2012, the Company reached a formal agreement with the IRS resolving certain tax positions that were part of the income tax examination for fiscal years ended 2006 through 2008. As a result, the Company reversed $439 of previously recorded liabilities related to tax and penalties, as well as $4,003 related to interest ($2,549 net of income tax cost) that were accrued but not assessed as part of the IRS agreement. All income tax matters there were part of the IRS audits for fiscal years 1999 through 2008, including the matter previously disclosed for those years in Note 2, Audit Committee Inquiry and Restatement, to the consolidated financial statements included in the 2007 Form 10-K have been settled with the IRS. In closing the audits, the IRS did not assess any penalties. | ||||||||||||
As of July 31, 2014, the Company has not provided deferred taxes on approximately $1,640,000 of undistributed foreign subsidiaries’ earnings because it intends to invest substantially all such earnings in its foreign operations indefinitely. The additional U.S. and non-U.S. income and withholding taxes that would arise on the reversal of the temporary differences could be offset, in part, by tax credits. Because the determination of the amount of available tax credits and the limitations imposed on the annual utilization of such credits are subject to a highly complex series of calculations and expense allocations, it is impractical to estimate the amount of net income taxes and withholding taxes that might be payable on the remaining pool of undistributed earnings if a reversal of temporary differences occurred. | ||||||||||||
The components of the net deferred tax asset at July 31, are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax asset: | ||||||||||||
Tax loss and tax credit carry-forwards | $ | 53,513 | $ | 43,076 | ||||||||
Inventories | 10,206 | 8,658 | ||||||||||
Compensation and benefits | 40,393 | 39,231 | ||||||||||
Environmental | 7,451 | 6,745 | ||||||||||
Accrued expenses | 16,393 | 19,425 | ||||||||||
Amortization | 2,657 | 2,364 | ||||||||||
Net pensions | 58,431 | 63,144 | ||||||||||
Other | 4,614 | 21,487 | ||||||||||
Gross deferred tax asset | 193,658 | 204,130 | ||||||||||
Valuation allowance | (38,911 | ) | (25,528 | ) | ||||||||
Total deferred tax asset | 154,747 | 178,602 | ||||||||||
Deferred tax liability: | ||||||||||||
Amortization | (45,475 | ) | (36,145 | ) | ||||||||
Plant and equipment | (44,843 | ) | (35,321 | ) | ||||||||
Revenue recognition | (3,098 | ) | (6,948 | ) | ||||||||
Undistributed foreign earnings | (75,955 | ) | (78,360 | ) | ||||||||
Other | (436 | ) | (419 | ) | ||||||||
Total deferred tax liability | (169,807 | ) | (157,193 | ) | ||||||||
Net deferred tax (liability)/asset | $ | (15,060 | ) | $ | 21,409 | |||||||
Deferred tax assets and liabilities in the preceding table, after netting by taxing jurisdiction, are in the following captions in the consolidated balance sheets at July 31: | ||||||||||||
2014 | 2013 | |||||||||||
Other current assets | $ | 39,001 | $ | 37,653 | ||||||||
Other non-current assets | 16,569 | 16,998 | ||||||||||
Accrued liabilities | (3,327 | ) | (1,718 | ) | ||||||||
Deferred income taxes | (67,303 | ) | (31,524 | ) | ||||||||
Total | $ | (15,060 | ) | $ | 21,409 | |||||||
As of July 31, 2014, the Company had available tax net operating loss and credit carry forwards subject to expiration as follows: | ||||||||||||
Year of Expiration | Operating Losses | Tax Credits | ||||||||||
2015 | $ | 543 | $ | 17 | ||||||||
2016-2024 | 1,739 | 2,287 | ||||||||||
2025-2034 | 2,239 | 1,565 | ||||||||||
Subtotal | 4,521 | 3,869 | ||||||||||
Indefinite | 104,251 | 12,478 | ||||||||||
Total | $ | 108,772 | $ | 16,347 | ||||||||
In addition, the Company has various state net operating loss carryforwards that expire in varying amounts through fiscal year 2034. | ||||||||||||
In evaluating the Company’s ability to recover deferred tax assets within the jurisdiction from which they arise, management assesses the generation of sufficient taxable income from all sources, including the scheduled reversal of taxable temporary differences, tax-planning strategies and projected future operating income. To the extent the Company does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. Based on these considerations, management believes it is more likely than not that the Company will realize the benefit of its deferred tax asset, net of the July 31, 2014 valuation allowance. | ||||||||||||
The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits at July 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 203,376 | $ | 194,829 | $ | 188,380 | ||||||
Increases for tax positions taken during the current year | 31,345 | 40,446 | 40,413 | |||||||||
Increases to tax positions taken in prior years | 12,363 | 385 | 7,940 | |||||||||
Decreases to tax positions taken in prior years | (6,757 | ) | (23,522 | ) | (16,965 | ) | ||||||
Settlements with tax authorities | (36,138 | ) | (6,233 | ) | (15,455 | ) | ||||||
Expiration of statutes of limitation | (5,188 | ) | (1,310 | ) | (4,885 | ) | ||||||
Translation and other | 3,563 | (1,219 | ) | (4,599 | ) | |||||||
Ending balance | $ | 202,564 | $ | 203,376 | $ | 194,829 | ||||||
Included in the balance of unrecognized tax benefits as of July 31, 2014, July 31, 2013, and July 31, 2012 are $160,346, $152,041, and $137,413, respectively, of tax benefits that, if recognized, would impact the effective tax rate. | ||||||||||||
The Company files income tax returns in the U.S. and multiple foreign jurisdictions with varying statutes of limitation. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. As of July 31, 2014, the Company is subject to U.S. federal and state local income tax examinations for the fiscal tax years ended in 2009 through 2013, and to non-U.S. income tax examinations for the fiscal tax years ended in 2005 through 2012. | ||||||||||||
Expenses for interest and penalties were offset by reversals resulting in net earnings in fiscal years 2014, 2013 and 2012 of $4,128, $2,208 and $292, respectively. The liability related to interest and penalties recorded at July 31, 2014 and July 31, 2013 was $14,556 and $18,622, respectively. | ||||||||||||
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 $45,117. |
ACCRUED_AND_OTHER_NONCURRENT_L
ACCRUED AND OTHER NON-CURRENT LIABILITIES | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED AND OTHER NON-CURRENT LIABILITIES | ' | |||||||
ACCRUED AND OTHER NON-CURRENT LIABILITIES | ||||||||
Accrued liabilities consist of the following: | ||||||||
2014 | 2013 | |||||||
Payroll and related taxes | $ | 153,157 | $ | 133,395 | ||||
Customer advances | 41,773 | 47,457 | ||||||
Restructuring reserve | 27,400 | 27,713 | ||||||
Benefits | 21,756 | 16,091 | ||||||
Interest payable | 4,806 | 8,024 | ||||||
Other | 79,505 | 80,149 | ||||||
$ | 328,397 | $ | 312,829 | |||||
Other non-current liabilities consist of the following: | ||||||||
2014 | 2013 | |||||||
Retirement benefits (a) | $ | 206,119 | $ | 231,200 | ||||
Interest payable – non-current (b) | 7,895 | 6,524 | ||||||
Deferred revenue (c) | 897 | 3,051 | ||||||
Environmental remediation (d) | 16,102 | 15,340 | ||||||
Other | 34,884 | 32,011 | ||||||
$ | 265,897 | $ | 288,126 | |||||
(a) | For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements. | |||||||
(b) | See Note 11, Income Taxes, for further discussion. | |||||||
(c) | On December 16, 2005, the Company sold the rights to its Americas commercial aerospace aftermarket distribution channel for the Company’s products for a ten-year period to Satair. The proceeds received for the distribution rights were recorded as deferred revenue and are being amortized as an increase to sales over the life of the distribution agreement. | |||||||
(d) | For further discussion regarding environmental remediation liabilities refer to Note 14, Contingencies and Commitments. |
PENSION_AND_PROFIT_SHARING_PLA
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS | ' | |||||||||||||||||||||||||||||||||||
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||||||
The Company provides substantially all domestic and foreign employees with retirement benefits. Funding policy for domestic plans, which is primarily comprised of a cash balance pension plan, is in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”). For foreign plans, funding is determined primarily by local tax laws and other regulations. Pension costs charged to operations totaled $31,288, $34,633 and $35,188 in fiscal years 2014, 2013 and 2012, respectively (these amounts included $1,737 and $735, of pension cost that have been recorded in discontinued operations in fiscal years 2013 and 2012, respectively). | ||||||||||||||||||||||||||||||||||||
Pension Plan Results for Defined Benefit Plans | ||||||||||||||||||||||||||||||||||||
The following table reflects the change in benefit obligations, change in plan assets and funded status for these plans: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 285,360 | $ | 319,579 | $ | 395,648 | $ | 392,301 | $ | 681,008 | $ | 711,880 | ||||||||||||||||||||||||
Curtailments and settlements | — | (15,477 | ) | (168 | ) | (7,243 | ) | (168 | ) | (22,720 | ) | |||||||||||||||||||||||||
Service cost | 8,679 | 10,590 | 4,005 | 4,504 | 12,684 | 15,094 | ||||||||||||||||||||||||||||||
Interest cost | 12,110 | 10,469 | 17,377 | 15,847 | 29,487 | 26,316 | ||||||||||||||||||||||||||||||
Plan amendments | 73 | 471 | — | — | 73 | 471 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 2,843 | (32,170 | ) | 5,483 | 20,763 | 8,326 | (11,407 | ) | ||||||||||||||||||||||||||||
Total benefits paid | (20,300 | ) | (8,102 | ) | (17,467 | ) | (23,281 | ) | (37,767 | ) | (31,383 | ) | ||||||||||||||||||||||||
Effect of exchange rates | — | — | 29,334 | (7,243 | ) | 29,334 | (7,243 | ) | ||||||||||||||||||||||||||||
Benefit obligation – end of year | 288,765 | 285,360 | 434,212 | 395,648 | 722,977 | 681,008 | ||||||||||||||||||||||||||||||
Change in plan assets (a): | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets – beginning of year | 146,718 | 142,398 | 296,524 | 283,434 | 443,242 | 425,832 | ||||||||||||||||||||||||||||||
Curtailments and settlements | — | (14,271 | ) | (168 | ) | (353 | ) | (168 | ) | (14,624 | ) | |||||||||||||||||||||||||
Actual return on plan assets | 19,685 | 17,854 | 14,796 | 30,118 | 34,481 | 47,972 | ||||||||||||||||||||||||||||||
Company contributions | 17,160 | 8,839 | 30,398 | 18,946 | 47,558 | 27,785 | ||||||||||||||||||||||||||||||
Benefits paid from plan assets | (20,300 | ) | (8,102 | ) | (17,467 | ) | (23,281 | ) | (37,767 | ) | (31,383 | ) | ||||||||||||||||||||||||
Effect of exchange rates | — | — | 27,278 | (12,340 | ) | 27,278 | (12,340 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets - end of year | 163,263 | 146,718 | 351,361 | 296,524 | 514,624 | 443,242 | ||||||||||||||||||||||||||||||
Funded status (a) | $ | (125,502 | ) | $ | (138,642 | ) | $ | (82,851 | ) | $ | (99,124 | ) | $ | (208,353 | ) | $ | (237,766 | ) | ||||||||||||||||||
Accumulated benefit obligation | $ | 271,840 | $ | 268,138 | $ | 426,212 | $ | 387,681 | $ | 698,052 | $ | 655,819 | ||||||||||||||||||||||||
Plans with accumulated benefit obligations in excess of plan assets consist of the following: | ||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 149,702 | $ | 268,138 | $ | 102,037 | $ | 359,011 | $ | 251,739 | $ | 627,149 | ||||||||||||||||||||||||
Projected benefit obligation | 154,799 | 285,360 | 108,397 | 365,145 | 263,196 | 650,505 | ||||||||||||||||||||||||||||||
Plan assets at fair value | 40,542 | 146,718 | 20,002 | 265,366 | 60,544 | 412,084 | ||||||||||||||||||||||||||||||
(a) | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet consist of: | ||||||||||||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | $ | 5,545 | $ | 655 | $ | 5,545 | $ | 655 | ||||||||||||||||||||||||
Current liabilities | (6,798 | ) | (6,308 | ) | (981 | ) | (913 | ) | (7,779 | ) | (7,221 | ) | ||||||||||||||||||||||||
Non-current liabilities | (118,704 | ) | (132,334 | ) | (87,415 | ) | (98,866 | ) | (206,119 | ) | (231,200 | ) | ||||||||||||||||||||||||
Net amount recognized | $ | (125,502 | ) | $ | (138,642 | ) | $ | (82,851 | ) | $ | (99,124 | ) | $ | (208,353 | ) | $ | (237,766 | ) | ||||||||||||||||||
Net periodic benefit cost for the Company’s defined benefit pension plans includes the following components: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 8,679 | $ | 10,590 | $ | 8,924 | $ | 4,005 | $ | 4,504 | $ | 4,726 | $ | 12,684 | $ | 15,094 | $ | 13,650 | ||||||||||||||||||
Interest cost | 12,110 | 10,469 | 12,722 | 17,377 | 15,847 | 18,100 | 29,487 | 26,316 | 30,822 | |||||||||||||||||||||||||||
Expected return on plan assets | (9,298 | ) | (9,533 | ) | (9,212 | ) | (14,260 | ) | (16,100 | ) | (15,582 | ) | (23,558 | ) | (25,633 | ) | (24,794 | ) | ||||||||||||||||||
Amortization of prior service cost/(credit) | 1,580 | 1,571 | 1,779 | (37 | ) | (56 | ) | (93 | ) | 1,543 | 1,515 | 1,686 | ||||||||||||||||||||||||
Amortization of actuarial loss | 5,377 | 9,644 | 7,998 | 5,723 | 5,523 | 5,237 | 11,100 | 15,167 | 13,235 | |||||||||||||||||||||||||||
(Gain)/loss due to curtailments and settlements | — | 2,690 | — | 32 | (516 | ) | 589 | 32 | 2,174 | 589 | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 18,448 | $ | 25,431 | $ | 22,211 | $ | 12,840 | $ | 9,202 | $ | 12,977 | $ | 31,288 | $ | 34,633 | $ | 35,188 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the year ending July 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (7,544 | ) | $ | 4,947 | $ | (2,597 | ) | ||||||||||||||||||||||||||||
Recognized actuarial loss | (5,377 | ) | (5,723 | ) | (11,100 | ) | ||||||||||||||||||||||||||||||
Prior service cost | 73 | — | 73 | |||||||||||||||||||||||||||||||||
Recognized prior service (cost)/credit | (1,580 | ) | 37 | (1,543 | ) | |||||||||||||||||||||||||||||||
Effect of exchange rates and other items on amounts included in accumulated other comprehensive income | (87 | ) | 8,845 | 8,758 | ||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss, before tax effects | $ | (14,515 | ) | $ | 8,106 | $ | (6,409 | ) | ||||||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss, net of tax effects | $ | (9,290 | ) | $ | 5,359 | $ | (3,931 | ) | ||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, before tax effects | $ | 3,933 | $ | 20,946 | $ | 24,879 | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, net of tax effects | $ | 2,517 | $ | 14,733 | $ | 17,250 | ||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (before tax effects) as of July 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 6,045 | $ | 480 | $ | 6,525 | ||||||||||||||||||||||||||||||
Net actuarial loss | 56,419 | 116,150 | 172,569 | |||||||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 62,464 | $ | 116,630 | $ | 179,094 | ||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (before tax effects) as of July 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 7,552 | $ | 393 | $ | 7,945 | ||||||||||||||||||||||||||||||
Net actuarial loss | 69,427 | 108,131 | 177,558 | |||||||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 76,979 | $ | 108,524 | $ | 185,503 | ||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive income expected to be amortized as components of net periodic benefit cost during fiscal year 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 1,458 | $ | 3 | $ | 1,461 | ||||||||||||||||||||||||||||||
Net actuarial loss | $ | 4,075 | $ | 5,676 | $ | 9,751 | ||||||||||||||||||||||||||||||
Plan Assumptions | ||||||||||||||||||||||||||||||||||||
The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Assumptions used to determine benefit obligations | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.4 | % | 3.4 | % | 3.85 | % | 4.18 | % | 4.1 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.43 | % | 3.43 | % | 3.45 | % | 3.06 | % | 3.15 | % | 3.18 | % | ||||||||||||||||||||||||
Assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.4 | % | 3.4 | % | 5 | % | 4.18 | % | 4.1 | % | 4.9 | % | ||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 6.75 | % | 6.75 | % | 7 | % | 4.57 | % | 5.69 | % | 5.88 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.43 | % | 3.45 | % | 4.61 | % | 3.15 | % | 3.18 | % | 3.18 | % | ||||||||||||||||||||||||
The Company determines its actuarial assumptions on an annual basis. To develop the expected long-term rate of return on plan assets assumption, the Company considers the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based upon the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. | ||||||||||||||||||||||||||||||||||||
Plan Assets and Investment Policies | ||||||||||||||||||||||||||||||||||||
The Company’s investment objective for defined benefit plan assets is to meet the plans’ benefit obligations, while preserving plan assets. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term return and risk. Plan assets are diversified across several investment managers and are generally invested in liquid funds that track broad market equity and bond indices. The target allocations for the plan assets (based on a weighted average) are 32% equity securities, 31% corporate and government securities, 37% to all other types of investments. Equity securities include investments in domestic and international companies. Fixed income securities include corporate bonds of companies from diversified industries and U.S. and foreign government treasury securities. Other types of investments include investments in a limited partnership, insurance contracts, commingled funds (which primarily represent investments in common collective trusts and fund of funds) and a longevity derivative which follow several different strategies. Plan fiduciaries oversee the investment allocation process, which includes selecting investment managers, commissioning periodic asset-liability studies, setting long-term strategic targets and monitoring asset allocations. | ||||||||||||||||||||||||||||||||||||
The following tables present, for each of the fair value hierarchy levels (as defined in Note 9, Fair Value Measurements) the Company’s U.S. and Foreign defined benefit net pension plan assets as of July 31, 2014 and July 31, 2013: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | 97,035 | $ | 97,035 | $ | — | $ | — | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | 2,020 | — | 2,020 | — | ||||||||||||||||||||||||||||||||
Mortgage/ asset-backed | 15,463 | — | 15,463 | — | ||||||||||||||||||||||||||||||||
Corporate | 18,212 | — | 18,212 | — | ||||||||||||||||||||||||||||||||
U.S. Treasury | 5,205 | — | 5,205 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Limited partnership | 8,764 | — | — | 8,764 | ||||||||||||||||||||||||||||||||
Commingled funds | 17,881 | — | 17,881 | — | ||||||||||||||||||||||||||||||||
Total investments | 164,580 | 97,035 | 58,781 | 8,764 | ||||||||||||||||||||||||||||||||
Other receivables | — | — | — | — | ||||||||||||||||||||||||||||||||
Total assets | 164,580 | 97,035 | 58,781 | 8,764 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Payables | 1,317 | 1,317 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities | 1,317 | 1,317 | — | — | ||||||||||||||||||||||||||||||||
Net U.S. pension assets | $ | 163,263 | $ | 95,718 | $ | 58,781 | $ | 8,764 | ||||||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 19,742 | $ | 19,742 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity securities | 70,801 | 70,801 | — | — | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Corporate | 122,991 | — | 122,991 | — | ||||||||||||||||||||||||||||||||
Government bonds | 15,333 | — | 15,333 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Commingled funds | 97,250 | — | 96,175 | 1,075 | ||||||||||||||||||||||||||||||||
Insurance contracts | 14,057 | — | — | 14,057 | ||||||||||||||||||||||||||||||||
Real estate funds | 14,467 | — | — | 14,467 | ||||||||||||||||||||||||||||||||
Total foreign pension assets | 354,641 | 90,543 | 234,499 | 29,599 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Longevity derivative | 3,280 | $ | — | $ | — | $ | 3,280 | |||||||||||||||||||||||||||||
Total liabilities | 3,280 | — | — | 3,280 | ||||||||||||||||||||||||||||||||
Net foreign pension assets | $ | 351,361 | $ | 90,543 | $ | 234,499 | $ | 26,319 | ||||||||||||||||||||||||||||
Total pension assets | $ | 514,624 | $ | 186,261 | $ | 293,280 | $ | 35,083 | ||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
31-Jul-13 | ||||||||||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | 88,566 | $ | 88,566 | $ | — | $ | — | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | 4,801 | — | 4,801 | — | ||||||||||||||||||||||||||||||||
Mortgage/ asset-backed | 14,098 | — | 14,098 | — | ||||||||||||||||||||||||||||||||
Corporate | 16,895 | — | 16,895 | — | ||||||||||||||||||||||||||||||||
U.S. Treasury | 2,714 | — | 2,714 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Limited partnership | 8,794 | — | — | 8,794 | ||||||||||||||||||||||||||||||||
Commingled funds | 13,496 | — | 13,496 | — | ||||||||||||||||||||||||||||||||
Total investments | 149,364 | 88,566 | 52,004 | 8,794 | ||||||||||||||||||||||||||||||||
Other receivables | 942 | 942 | — | — | ||||||||||||||||||||||||||||||||
Total assets | 150,306 | 89,508 | 52,004 | 8,794 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Payables | 3,588 | 3,588 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities | 3,588 | 3,588 | — | — | ||||||||||||||||||||||||||||||||
Net U.S. pension assets | $ | 146,718 | $ | 85,920 | $ | 52,004 | $ | 8,794 | ||||||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 25,442 | $ | 25,442 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity securities | 70,297 | 70,297 | — | — | ||||||||||||||||||||||||||||||||
Debt securities: | — | |||||||||||||||||||||||||||||||||||
Corporate | 54,280 | — | 54,280 | — | ||||||||||||||||||||||||||||||||
Government bonds | 28,813 | — | 28,813 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Commingled funds | 95,982 | — | 95,057 | 925 | ||||||||||||||||||||||||||||||||
Insurance contracts | 13,483 | — | — | 13,483 | ||||||||||||||||||||||||||||||||
Real estate funds | 8,685 | — | — | 8,685 | ||||||||||||||||||||||||||||||||
Total foreign pension assets | 296,982 | 95,739 | 178,150 | 23,093 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Longevity derivative | 458 | — | — | 458 | ||||||||||||||||||||||||||||||||
Total liabilities | 458 | — | — | 458 | ||||||||||||||||||||||||||||||||
Net foreign pension assets | $ | 296,524 | $ | 95,739 | $ | 178,150 | $ | 22,635 | ||||||||||||||||||||||||||||
Total pension assets | $ | 443,242 | $ | 181,659 | $ | 230,154 | $ | 31,429 | ||||||||||||||||||||||||||||
The following tables present an analysis of changes during fiscal year 2014 and fiscal year 2013 in Level 3 plan assets, by plan asset class, for U.S. and Foreign pension plans using significant unobservable inputs to measure fair value: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||
Limited | Commingled | Insurance | Real estate | Longevity | Total | |||||||||||||||||||||||||||||||
partnership | funds | contracts | funds | derivative | ||||||||||||||||||||||||||||||||
Beginning Balance at July 31, 2013 | $ | 8,794 | $ | 925 | $ | 13,483 | $ | 8,685 | $ | (458 | ) | $ | 31,429 | |||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Assets held, end of year | (30 | ) | 24 | 463 | 512 | (2,691 | ) | (1,722 | ) | |||||||||||||||||||||||||||
Assets sold during the period | — | — | — | 164 | — | 164 | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | — | 118 | (61 | ) | 4,010 | — | 4,067 | |||||||||||||||||||||||||||||
Exchange rate changes | — | 8 | 172 | 1,096 | (131 | ) | 1,145 | |||||||||||||||||||||||||||||
Ending balance at July 31, 2014 | $ | 8,764 | $ | 1,075 | $ | 14,057 | $ | 14,467 | $ | (3,280 | ) | $ | 35,083 | |||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||
Limited | Commingled | Insurance | Real estate | Longevity | Total | |||||||||||||||||||||||||||||||
partnership | funds | contracts | funds | derivative | ||||||||||||||||||||||||||||||||
Beginning Balance at July 31, 2012 | $ | 9,634 | $ | 10,910 | $ | 12,180 | $ | 8,701 | $ | (612 | ) | $ | 40,813 | |||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Assets held, end of year | 364 | 46 | 184 | 253 | 141 | 988 | ||||||||||||||||||||||||||||||
Assets sold during the period | — | 183 | — | — | — | 183 | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | (1,204 | ) | (10,256 | ) | 163 | — | — | (11,297 | ) | |||||||||||||||||||||||||||
Exchange rate changes | — | 42 | 956 | (269 | ) | 13 | 742 | |||||||||||||||||||||||||||||
Ending balance at July 31, 2013 | $ | 8,794 | $ | 925 | $ | 13,483 | $ | 8,685 | $ | (458 | ) | $ | 31,429 | |||||||||||||||||||||||
The Plan’s investments in cash equivalents 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 Plan’s investments in debt securities, have been 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 value of the Plan’s other investments included in Level 2 of the fair value hierarchy have been reported primarily using the net asset value per share of the investment as the practical expedient for measuring fair value as permitted for these types of investments. | ||||||||||||||||||||||||||||||||||||
The fair value of the Plan’s other investments included in Level 3 of the fair value hierarchy have been valued using unobservable inputs and in some cases are subject to various redemption restrictions. | ||||||||||||||||||||||||||||||||||||
Other receivables and payables are valued at cost, which approximates fair value. | ||||||||||||||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||||||||
Management’s estimate of the Company’s cash requirements for the defined benefit plans for the year ending July 31, 2015 is $14,276. This is comprised of expected benefit payments of $10,368, which will be paid directly to plan participants from Company assets, as well as expected Company contributions of $3,908. Expected contributions are dependent on many variables, including the variability of the market value of the assets as compared to the obligation and other market or regulatory conditions. Accordingly, actual funding may differ from current estimates. | ||||||||||||||||||||||||||||||||||||
The following table provides the pension benefits expected to be paid to participants in the next ten fiscal years, which include payments funded from the Company’s assets, as discussed above, as well as payments paid from plan assets: | ||||||||||||||||||||||||||||||||||||
Expected pension benefit payments | ||||||||||||||||||||||||||||||||||||
2015 | $ | 36,920 | ||||||||||||||||||||||||||||||||||
2016 | 37,354 | |||||||||||||||||||||||||||||||||||
2017 | 34,760 | |||||||||||||||||||||||||||||||||||
2018 | 36,233 | |||||||||||||||||||||||||||||||||||
2019 | 39,969 | |||||||||||||||||||||||||||||||||||
2020-2024 | 206,702 | |||||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||||||
The Company’s 401(k) and profit sharing plan covers substantially all domestic employees of the Company and its participating subsidiaries (the “Plan”), other than those employees covered by a union retirement plan. The Plan provides that participants may voluntarily contribute a percentage of their compensation and the Company will make a matching contribution equal to 100% of the first 3% of each participant’s contributions. In addition, in fiscal year 2013, the Company implemented a supplementary defined contribution plan for a limited group of employees. The expense associated with these plans for fiscal years 2014, 2013, and 2012 was $7,524, $7,127 and $5,903, respectively. | ||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries also participate in defined contribution pension plans primarily for the benefit of certain foreign employees. The expense associated with these plans was $19,825, $17,015 and $18,778 for fiscal years 2014, 2013 and 2012, respectively. |
CONTINGENCIES_AND_COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Jul. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES AND COMMITMENTS | ' |
CONTINGENCIES AND COMMITMENTS | |
Environmental Matters: | |
The Company has environmental matters, discussed below, at the following three U.S. sites: Ann Arbor, Michigan; Pinellas Park, Florida and Glen Cove, New York. | |
The Company’s balance sheet at July 31, 2014 contains environmental liabilities of $19,452 which relate to the items discussed below. In the opinion of Company management, the Company is in substantial compliance with applicable environmental laws and regulatory orders and its accruals for environmental remediation are adequate at this time. | |
Ann Arbor, Michigan: | |
In February 1988, an action was filed in the Circuit Court for Washtenaw County, Michigan (the “Court”) by the State of Michigan (the “State”) against Gelman Sciences Inc. (“Gelman”), a subsidiary acquired by the Company in February 1997. The action sought to compel Gelman to investigate and remediate contamination near Gelman’s Ann Arbor facility and requested reimbursement of costs the State had expended in investigating the contamination, which the State alleged was caused by Gelman’s disposal of waste water from its manufacturing process. Pursuant to a consent judgment entered into by Gelman and the State in October 1992 (amended September 1996 and October 1999) (the “Consent Judgment”), which resolved that litigation, Gelman is remediating the contamination without admitting wrongdoing. | |
The Court approved an agreed upon third amendment to the Consent Judgment on March 8, 2011. The amendment consolidated and streamlined the cleanup objectives and requirements, which had previously been included in the Consent Judgment and the Court’s subsequent remediation orders. The State and the Company are in the process of implementing the cleanup program required by the amendment. | |
Since the Company’s acquisition of Gelman, the State asserted several monetary claims allegedly arising from its enforcement of the Consent Judgment. In July 2012, the Company reached a tentative settlement of all monetary claims, including the stipulated penalties for a cost of $500. The settlement also resolves similar future groundwater monitoring claims. The parties executed the Settlement Agreement as of June 25, 2014. The Settlement Agreement will become effective upon the Court’s entry of a stipulated order dismissing the previously pursued stipulated penalties. | |
In July 2011, a Demand Letter from a neighboring landowner was sent to Gelman seeking compensation for diminution in value of approximately 144/154 acres of land resulting from inability to develop the land allegedly due to groundwater contamination emanating from Gelman’s Wagner Road facility. The Company believes there are barriers to development that are independent of the contamination issue. It is likely that the statute of limitations has now been reached with regard to the property value diminution claims. | |
In June 2013, the same neighboring landowner served a “Notice of Intent” regarding the potential filing of a statutory claim commonly referred to as a “Citizen’s Suit”. The relief available under the referenced statutes is limited to injunctive relief. The Company believes that the State’s enforcement action and the court-approved cleanup program bar the threatened private Citizen’s Suit. | |
In October 2013, Gelman was forced to petition the Court for access to the neighboring landowner’s property in order to sample monitoring wells as required by the Consent Judgment with the State. The landowner filed a counterclaim, assessing the previously threatened Citizen’s Suit claims for injunctive relief, statutory claims for response costs and the previously identified common law claims for property value diminution. In addition to statute of limitations defenses described above, the Company believes that the newly asserted cost claims are barred by other statutory defenses. | |
Based on the known situation, Company management has concluded that the current remediation reserve of $9,029 at July 31, 2014 is appropriate. | |
Pinellas Park, Florida: | |
In 1995, as part of a facility closure, an environmental site assessment was conducted to evaluate potential soil and groundwater impacts from chemicals that may have been used at the Company’s Pinellas Park facility during its manufacturing and testing operations. Methyl Isobutyl Ketone (“MIBK”) concentrations in groundwater were found to be higher than regulatory levels. Soil excavation was conducted in 1998 and subsequent groundwater sampling showed MIBK concentrations below the regulatory limits. | |
In October 2000, environmental consultants for a prospective buyer of the property found groundwater contamination at the Company’s property. In October 2001, a Site Assessment Report conducted by the Company’s consultants, which detailed contamination concentrations and distributions, was submitted to the Florida Department of Environmental Protection (“FDEP”). | |
In July 2002, a Supplemental Contamination Assessment Plan and an Interim Remedial Action Plan (“IRAP”) were prepared by the Company’s consultants and submitted to the FDEP. A revised IRAP was submitted by the Company in December 2003, that was accepted by the FDEP in January 2004. A Remedial Action Plan (“RAP”) was submitted by the Company to the FDEP in June 2004. Final approval by the FDEP of the Company’s RAP was received by the Company on August 26, 2006. Pursuant to the approved RAP, the Company began active remediation on the property. Extensive on-site remediation was done to address source area concentrations and eliminate free-phase product, which is required by FDEP. | |
On March 31, 2006, the FDEP requested that the Company investigate potential off-site migration of contaminants. Off-site contamination was identified and the FDEP was notified. On April 13, 2007, the FDEP reclassified the previously approved RAP as an Interim Source Removal Plan (“ISRP”) because a RAP can only be submitted after all contamination is defined. | |
Pursuant to FDEP requirements, the Company installed additional on-site and off-site monitoring wells during fiscal years 2006 through 2009. Additional monitoring wells were installed in fiscal year 2010 and monitoring results provided to the FDEP. The Company completed and submitted a Site Assessment Report (“SAR”) Addendum, summarizing the soil and groundwater contamination, delineation and remediation; the FDEP approved the SAR Addendum in May 2012. | |
The Company submitted a RAP in October 2012 in accordance with a schedule approved by the FDEP. The RAP describes a remedy identified as Risk Management Option III (“RMO III”). The FDEP has agreed with the approach outlined in RMO III. Additional remediation at the site will be designed to satisfy the RMO III site closure requirements, which include (1) no free product contaminants, (2) shrinking or stable plumes, and (3) prevention of future exposure of the public or environment. The RMO III also requires land use restrictions for those properties where contaminate concentrations exceed default values. The Company has secured restrictive covenants for the three properties immediately down gradient and continues negotiation of additional restrictive covenants on other properties including County and City right-of-ways. | |
In the RAP, the Company proposed the use of groundwater extraction from several well locations. This effort was designed to stabilize the plume, a requirement of the RMO III closure process. Once the RMO III closure criteria are met and active remediation has stopped, groundwater sampling and analysis will continue for at least the legislative minimum of one year. After groundwater sampling is complete, a closure application will be submitted to FDEP. In September 2013, the Florida State Department of Environmental Protection approved the the RAP. As a result of this, the Company added $4,440 to its environmental reserves in the first quarter of fiscal year 2014. The Company is now in the process of implementing the RAP. | |
Glen Cove, New York: | |
A March 1994 report indicated groundwater contamination consisting of chlorinated solvents at a neighboring site to the Company’s Glen Cove facility, and later reports found groundwater contamination in both the shallow and intermediate zones at the facility. In 1999, the Company entered into an Order on Consent with the New York State Department of Environmental Conservation (“NYSDEC”), and completed a Phase II Remedial Investigation at the Glen Cove facility. | |
The NYSDEC designated two operable units (“OUs”) associated with the Glen Cove facility. In March 2004, the NYSDEC finalized the Record of Decision (“ROD”) for the shallow and intermediate groundwater zones, termed OU-1. The Company signed an Order on Consent for OU-1 effective July 5, 2004, which required the Company to prepare a Remedial Design/Remedial Action (“RD/RA”) Work Plan to address groundwater conditions at the Glen Cove facility. | |
The Company completed a pilot test involving the injection of a chemical oxidant into on-site groundwater and, on May 31, 2006, submitted a report to NYSDEC entitled “In-Situ Chemical Oxidation Phase II Pilot Test and Source Evaluation Report” (the “Report”). The Report contained data which demonstrated that (1) in general, the pilot test successfully reduced contaminant levels and (2) the hydraulic controls installed on the upgradient Photocircuits Corporation (“Photocircuits”) site are not effective and contaminated groundwater continues to migrate from that site. On July 31, 2006, the Company received comments from NYSDEC on the Report. On September 27, 2006, the Company submitted responses to the NYSDEC comments. On November 16, 2006, the Company met with the NYSDEC representatives to discuss the Report and the impact of the continued migration of contaminated groundwater from the upgradient Photocircuits site onto the Glen Cove facility. On January 26, 2007, the Company submitted a draft conceptual remedial design document for the Glen Cove facility to NYSDEC for its technical review. | |
The Company met with NYSDEC representatives on April 12, 2007 to discuss a possible settlement of liability for OU-1 and for the contamination in the deep groundwater zone, termed OU-2. NYSDEC would not agree to settle OU-2 because a remedial investigation had not been completed. After numerous settlement discussions, the Company and NYSDEC executed on September 23, 2009 a Consent Decree settling liability for OU-1. On October 23, 2009, the Consent Decree was entered by the clerk of the United States District Court for the Eastern District of New York and became effective. Pursuant to the Consent Decree, the Company paid $2,000 on November 19, 2009 (which was previously accrued) in exchange for a broad release of OU-1 claims and liability except for a limited reopener provision for unknown contaminants Claims and losses arising out of or in connection with OU-2 or any damages to the State’s natural resources are excluded from the settlement. The ROD for OU-2 was deferred by NYSDEC until additional data was available to delineate contamination and select an appropriate remedy. NYSDEC requested that the Company and Photocircuits enter into a joint Order on Consent for the remedial investigation for OU-2. Photocircuits was not willing to enter into an Order and the Company was informed by NYSDEC that it would undertake the OU-2 investigation at the Photocircuits property. Photocircuits filed for Chapter 11 bankruptcy in October 2005 and, in or about March 2006, the assets of Photocircuits’ Glen Cove facility were sold to American Pacific Financial Corporation (“AMPAC”). AMPAC operated the facility under the Photocircuits name, but closed it on or about April 15, 2007. A Final Decree and Order closing Photocircuits’ Chapter 11 bankruptcy case was entered by the U.S. Bankruptcy Court on September 16, 2009 and no distributions were made to general unsecured creditors, which included the Company. | |
In July 2007, NYSDEC commenced the OU-2 investigation at both the Photocircuits and Pall sites. The Company retained an engineering consultant to oversee NYSDEC’s OU-2 work. NYSDEC’s OU-2 investigation is completed. In March 2013, NYSDEC issued RODs setting forth the remedies it selected for OU-2 at both the Pall and the Photocircuits sites. NYSDEC proposes to construct a single remedial system at the Pall site to address impacts to OU-2 at both sites. The remedy consists of in-situ chemical oxidation, groundwater pumping and reinjection, monitoring, and operation and maintenance activities. | |
NYSDEC has incurred costs for the OU-2 investigation at the Pall site. The Company has met with NYSDEC representatives regarding possible settlement of any present and future claims that NYSDEC may have related to OU-2. | |
Effective August 14, 2010, the Company and the State entered into a Tolling Agreement pursuant to which the time between October 9, 2009, the date of the Consent Decree for OU-1 was filed, and January 31, 2012, or such date as the State files suit, will not be included when computing the statute of limitations applicable to the commencement of any action by the State in connection with claims and losses arising out of OU-2 or natural resource damages associated with OU-1 or OU-2. On January 30, 2012, January 23, 2013, and May 13, 2014, the Company and the State entered into other Tolling Agreements extending the statute of limitations exclusion period concerning OU-2 through May 31, 2015. In August 2014, the parties reached agreement on language in the Consent Decree related to OU-2 and are awaiting executive level approvals. The Company has agreed to pay $3,250 in order to resolve any present and future claims that NYSDEC may have related to OU-2, including the cost of any remedies selected by the State. This amount was accrued as of July 31, 2014. | |
In the opinion of Company management, the Company is in substantial compliance with applicable environmental laws and its accruals for environmental remediation are adequate at this time. Because 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 consolidated financial statements. | |
Other Contingencies and Commitments: | |
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 above, the Company did not have any current other legal proceedings and claims that would individually or in the aggregate have a reasonably possible materially adverse effect on its financial condition or operating results. As such, any reasonably possible loss or range of loss, other than those related to the legal proceedings discussed in 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. | |
The Company warrants its products against defect in design, materials and workmanship over various time periods. Warranty costs are recorded based upon experience. The warranty accrual as of July 31, 2014 and July 31, 2013 is immaterial to the financial position of the Company as is the change in the accrual for fiscal year 2014 to the Company’s consolidated results of operations, cash flows and financial position. | |
As of July 31, 2014, the Company had surety bonds outstanding relating primarily to its long-term contracts with governmental agencies of approximately $159,970. | |
The Company and its subsidiaries lease office and warehouse space, automobiles, computers and office equipment. Rent expense from continuing operations for all operating leases amounted to approximately $34,705 in fiscal year 2014, $34,694 in fiscal year 2013 and $35,319 in fiscal year 2012. Future minimum rental commitments at July 31, 2014, for all non-cancelable operating leases with initial terms exceeding one year are $29,767 in 2015; $22,621 in 2016; $16,380 in 2017; $10,872 in 2018; $8,243 in 2019 and $15,185 thereafter. | |
The Company and its subsidiaries have various non-cancelable purchase commitments for goods or services with various vendors that have terms in excess of one year. Future purchase commitments at July 31, 2014, for the aforementioned purchase commitments are $42,303 in 2015; $7,370 in 2016; $5,234 in 2017, $5,175 in 2018, and $1,247 in 2019. |
COMMON_STOCK
COMMON STOCK | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
COMMON STOCK | ' | ||||||||||||||||
COMMON STOCK | |||||||||||||||||
Stock Repurchase Programs | |||||||||||||||||
The following table highlights the share repurchase authorizations in effect during fiscal year 2014: | |||||||||||||||||
Date of Authorization | |||||||||||||||||
26-Sep-11 | 17-Jan-13 | 17-Jul-14 | Total | ||||||||||||||
Amount available for repurchases as of July 31, 2013 | $ | 81,873 | $ | 250,000 | $ | — | $ | 331,873 | |||||||||
New authorizations | — | — | 600,000 | 600,000 | |||||||||||||
Utilized | (81,873 | ) | (168,127 | ) | — | (250,000 | ) | ||||||||||
Amount available for repurchases as of July 31, 2014 | $ | — | $ | 81,873 | $ | 600,000 | $ | 681,873 | |||||||||
The Company’s shares may be purchased over time, as market and business conditions warrant. There is no time restriction on these authorizations; however, any share repurchases above $300,000, either individually or in the aggregate, during fiscal year 2015 will require specific board approval. Total repurchases in fiscal year 2014 were 3,056 shares at an aggregate cost of $250,000, with an average price per share of $81.81. The aggregate cost of repurchases in fiscal years 2013 and 2012 was $250,000 (3,971 shares at an average price per share of $62.95) and $121,164 (2,281 shares at an average price per share of $53.12), respectively. As of July 31, 2014, $681,873 remains to be expended under the current board repurchase authorizations. Repurchased shares are held in treasury for use in connection with the Company’s stock plans and for general corporate purposes. | |||||||||||||||||
Stock Plans | |||||||||||||||||
The Company currently has four stock-based employee and director compensation award types (Stock Option, Restricted Stock Unit (“RSU”) which include Performance-Based Restricted Stock Units (“PRSU”), Management Stock Purchase Plan (“MSPP”) and the Employee Stock Purchase Plan (“ESPP”)), which are described more fully below under the captions Stock Purchase Plans and Stock Option and Restricted Stock Unit Plans. The detailed components of stock-based compensation expense recorded in the consolidated statements of earnings for the years ended July 31, 2014, July 31, 2013 and July 31, 2012 are illustrated in the table below. | |||||||||||||||||
July 31, 2014 | July 31, 2013 | July 31, 2012 | |||||||||||||||
Restricted stock units | $ | 20,138 | $ | 18,444 | $ | 17,113 | |||||||||||
Stock options | 7,608 | 6,147 | 6,356 | ||||||||||||||
Employee stock purchase plan (“ESPP”) | 1,045 | 1,217 | 4,348 | ||||||||||||||
Management stock purchase plan (“MSPP”) | 2,892 | 3,970 | 4,221 | ||||||||||||||
Total | $ | 31,683 | $ | 29,778 | $ | 32,038 | |||||||||||
The following table illustrates the income tax effects related to stock-based compensation for the fiscal years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Excess tax benefits in cash flows from financing activities | $ | 12,890 | $ | 15,812 | $ | 7,757 | |||||||||||
Tax benefit recognized related to total stock-based compensation expense | 8,485 | 7,587 | 8,755 | ||||||||||||||
Actual tax benefit realized for tax deductions from option exercises of stock-based payment arrangements | 21,347 | 29,558 | 16,831 | ||||||||||||||
The following weighted average assumptions were used in estimating the fair value of stock options and ESPP shares granted during the fiscal years using a Black-Scholes-Merton option pricing formula. With respect to the ESPP, the values for fiscal year 2012 only related to the offering period from November 1, 2011 to April 30, 2012. Beginning with the offering period that started on May 1, 2012, the ESPP changed such that there is no longer a look-back option, and as such the calculation of fair value no longer involves a Black-Scholes-Merton calculation. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Options | |||||||||||||||||
Weighted average fair value at grant date | $ | 16.72 | $ | 18.34 | $ | 14.13 | |||||||||||
Valuation assumptions: | |||||||||||||||||
Expected dividend yield | 1.5 | % | 1.5 | % | 2 | % | |||||||||||
Expected volatility | 25.9 | % | 37.6 | % | 38.6 | % | |||||||||||
Expected life (years) | 4.5 | 4.75 | 5 | ||||||||||||||
Risk-free interest rate | 1.5 | % | 0.7 | % | 0.8 | % | |||||||||||
2012 | |||||||||||||||||
ESPP Shares | |||||||||||||||||
Weighted average fair value at grant date | $ | 13.06 | |||||||||||||||
Valuation assumptions: | |||||||||||||||||
Expected dividend yield | 1.4 | % | |||||||||||||||
Expected volatility | 41.5 | % | |||||||||||||||
Expected life (years) | ½ year | ||||||||||||||||
Risk-free interest rate | 0.1 | % | |||||||||||||||
The Company uses both implied volatility (using traded options) and historical volatility in its estimate of expected volatility. For historical volatility, the Company used a sequential period of historical data equal to the expected term (or expected life) of the options and ESPP shares granted using a simple average calculation based upon the daily closing prices of the aforementioned period. | |||||||||||||||||
The expected life (years) represents the period of time for which the options and ESPP shares granted are expected to be outstanding. This estimate was derived from historical share option exercise experience, which management believes provides the best estimate of the expected term. | |||||||||||||||||
The following paragraphs describe each of the aforementioned stock-based compensation plans in detail: | |||||||||||||||||
Stock Option and Restricted Stock Unit Plans | |||||||||||||||||
On December 14, 2011, the Company’s shareholders approved the Pall Corporation 2012 Stock Compensation Plan (the “2012 Stock Plan”). The Board adopted the 2012 Stock Plan on September 26, 2011, subject to shareholder approval. The 2012 Stock Plan replaced the Pall Corporation 2005 Stock Compensation Plan (the “2005 Stock Plan”). | |||||||||||||||||
Similar to the 2005 Stock Plan, the 2012 Stock Plan permits the Company to grant to its employees, including the Company’s “named executive officers”, a variety of equity compensation (that is, stock options, restricted shares, restricted units, performance shares and performance units). In addition, the 2012 Stock Plan provides that (i) in January of each calendar year, each member of the board of directors who is not on such grant date an employee of the Company will be granted a number of annual award units as determined by the board of directors which may be received as shares or deferred until a date selected by the director, upon termination of the directorship or the earlier of date selected or termination, to be delivered in lump sum or five annual installments, (ii) each person who is elected a director of the Company for the first time at an annual meeting and who is not an employee of the Company on the date of such annual meeting will receive a number of annual award units as determined by the board of directors, and (iii) at the discretion of a non-employee director, 100% of the cash fees paid to such director in a calendar year may be deferred in and received in the form of additional units which will be paid out either in one lump sum or in five equal annual installments upon the director ceasing to be a member of the board. Up to 7,100 shares are issuable under the 2012 Stock Plan. The number of shares available for awards under the 2012 Stock Plan will be reduced by one share for every one share subject to a stock option granted under the 2012 Stock Plan and will be reduced by 2.31 shares for every one share subject to a Full Value Award (i.e., restricted shares, restricted units). For performance shares and performance units, the number of shares available under the 2012 Stock Plan will be reduced by 2.31 times the maximum number of shares that may be issued with respect to such award. | |||||||||||||||||
The fair value of stock options is estimated using a Black-Scholes-Merton option pricing formula and are charged to earnings over the service periods during which the options are deemed to be earned; which is generally either three years or four years. The forms of options currently approved for use in awarding options provide that the options may not be exercised within one year from the date of grant, and expire if not fully exercised within seven years from the date of grant. Generally, in any year after the first year, the options can be exercised with respect to only up to 33% (for three year service periods) or 25% (for four year service periods) of the shares subject to the option, computed cumulatively. | |||||||||||||||||
The fair value of the restricted unit awards are determined by reference to the closing price of the stock on the date of the award, and are charged to earnings over the service periods during which the awards are deemed to be earned; four years, in the case of units awarded to employees and upon grant, in the case of the annual award units to non-employee directors. The annual award units granted to non-employee directors of the Company (and any related dividends paid in the form of additional units) are converted to shares once the director ceases to be a member of the board of directors, other than for removal for cause, for units granted before December 31, 2012. With respect to units granted after December 31, 2013, the units are converted to shares on the date of grant or if deferred, on (i) a date selected by the director, (ii) upon termination of the directors’ service on the Board, or (iii) the earlier of the date selected by the director or termination of his or her service on the Board. A total of 15 and 16 annual award units were granted during the years ended July 31, 2014 and July 31, 2013, respectively, with weighted-average fair market values of $84.52 and $63.63 per share, respectively. Restricted stock units granted to employees cliff-vest after the fourth anniversary of the date of grant. In addition to the awards noted above, in fiscal year 2013, the Company made performance-based RSU (“PRSU”) awards to a small group of employees. These awards cliff vest at the end of fiscal year 2015, based upon achievement of preset operating return on capital metrics, as defined in the form of award. Dividends on unvested restricted stock units vest at the same time as the restricted units for which the dividends were recorded and are forfeitable if the participant does not vest in the original award. | |||||||||||||||||
A summary of restricted stock unit activity, excluding annual award units, for the 2005 Stock Plan and 2012 Stock Plan during the year ended July 31, 2014, is presented below: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at July 31, 2013 | 1,363 | $ | 52.5 | ||||||||||||||
Granted | 240 | 82.33 | |||||||||||||||
Vested | (362 | ) | 39.16 | ||||||||||||||
Forfeited | (65 | ) | 60.1 | ||||||||||||||
Nonvested at July 31, 2014 | 1,176 | $ | 62.27 | ||||||||||||||
As of July 31, 2014 there was $37,449 of total unrecognized compensation cost related to nonvested restricted stock units granted under the 2005 Stock Plan and 2012 Stock Plan, which is expected to be recognized over a weighted-average period of 2.2 years. | |||||||||||||||||
A summary of option activity for all stock option plans during the year ended July 31, 2014 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining Contractual Term | ||||||||||||||||
Outstanding at August 1, 2013 | 2,209 | $ | 49.31 | ||||||||||||||
Granted | 503 | 82.48 | |||||||||||||||
Exercised | (638 | ) | 38.86 | ||||||||||||||
Forfeited or Expired | (52 | ) | 62.26 | ||||||||||||||
Outstanding at July 31, 2014 | 2,022 | $ | 60.53 | 4.9 | $ | 36,760 | |||||||||||
Expected to vest at July 31, 2014 | 1,315 | $ | 65.8 | 5.4 | $ | 17,720 | |||||||||||
Exercisable at July 31, 2014 | 678 | $ | 49.59 | 4.1 | $ | 18,911 | |||||||||||
As of July 31, 2014, there was $16,569 of total unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted-average period of 2.3 years. The total intrinsic value of options exercised during the years ended July 31, 2014, July 31, 2013 and July 31, 2012 was $26,657, $30,604 and $17,326, respectively. The intrinsic value is the result of multiplying shares by the amount by which the current market value of the underlying stock exceeds the exercise price of the option. | |||||||||||||||||
Stock Purchase Plans | |||||||||||||||||
During fiscal year 2000, the Company’s shareholders approved two stock purchase plans, the MSPP and the ESPP. Participation in the MSPP is limited to certain executives as approved by the compensation committee of the board of directors, which also established common stock ownership targets for participants. Participation in the ESPP is available to substantially all employees that are not included in the MSPP, except for named executive officers who cannot participate in either plan. | |||||||||||||||||
The purpose of the MSPP is to encourage key employees of the Company to increase their ownership of shares of the Company’s common stock by providing such employees with an opportunity to elect to have portions of their total annual compensation paid in the form of restricted units, to make cash purchases of restricted units and to earn additional matching restricted units which cliff vest after four years. Such restricted units aggregated 543 and 681 as of July 31, 2014 and July 31, 2013, respectively. As of July 31, 2014, there was $8,090 of total unrecognized compensation cost related to nonvested restricted stock units granted under the MSPP, which is expected to be recognized over a weighted-average period of 2.7 years. In December 2013, the Compensation Committee of the Board of Directors instructed management not to add any more participants to the MSPP. | |||||||||||||||||
The following is a summary of MSPP activity during the fiscal years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Deferred compensation and cash contributions | $ | 5,886 | $ | 6,819 | $ | 5,336 | |||||||||||
Fair value of restricted stock units vested | $ | 4,091 | $ | 5,364 | $ | 3,950 | |||||||||||
Vested units distributed | 259 | 410 | 205 | ||||||||||||||
For the offering periods ending October 31, 2011 and April 30, 2012, the ESPP enabled participants to purchase shares of the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the market price at the beginning or end of each semi-annual stock purchase period. Effective with the offering period beginning on May 1, 2012, the ESPP enables participants to purchase shares of the Company’s common stock through payroll deductions at a price equal to 85% of the market price at the end of each semi-annual stock purchase period. The semi-annual offering periods end in April and October. For the years ended July 31, 2014, July 31, 2013 and July 31, 2012, the Company issued 85, 116 and 470 shares at an average price of $70.00, $54.95 and $43.02, respectively, related to the ESPP. | |||||||||||||||||
All plans provide for accelerated vesting if there is a change in control (as defined in, and subject to the terms and conditions of, the plans). All of the above shares were issued from treasury stock. | |||||||||||||||||
As of July 31, 2014, approximately 3,949 shares of common stock of the Company were reserved for stock-based compensation plans (approximately 1,154 shares are reserved for vested awards and approximately 2,795 shares are reserved for unvested awards). The Company currently uses treasury shares that have been repurchased through the Company’s stock repurchase program to satisfy share award exercises. |
INCENTIVE_COMPENSATION_PLANS
INCENTIVE COMPENSATION PLANS | 12 Months Ended |
Jul. 31, 2014 | |
Compensation Related Costs [Abstract] | ' |
INCENTIVE COMPENSATION PLANS | ' |
INCENTIVE COMPENSATION PLANS | |
The plans provide additional compensation to officers and key employees of the Company and its subsidiaries based upon the achievement of specified goals. The compensation committee of the board of directors establishes the goals on which the Company’s executive officers are compensated, and management establishes the goals for other covered employees. The aggregate amounts charged to expense in connection with the plans were $35,092, $29,448 and $30,243 for fiscal years 2014, 2013 and 2012, respectively. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 12 Months Ended | ||||||||||||||
Jul. 31, 2014 | |||||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ' | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||
Changes in accumulated other comprehensive income/(loss) 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 | 14,091 | 1,161 | 435 | 8,280 | 23,967 | ||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | — | 8,889 | 322 | (1,188 | ) | 8,023 | |||||||||
Foreign exchange adjustments and other | — | (6,119 | ) | — | — | (6,119 | ) | ||||||||
Balance at July 31, 2014 | 98,689 | (121,280 | ) | 2,880 | 4,790 | (14,921 | ) | ||||||||
Reclassifications out of accumulated other comprehensive income are presented below: | |||||||||||||||
Year Ended | Affected line item in the | ||||||||||||||
31-Jul-14 | Consolidated Statement of Earnings | ||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||
Amortization of prior service cost | (1,543 | ) | Note (a) | ||||||||||||
Recognized actuarial gain/(loss) | (11,100 | ) | Note (a) | ||||||||||||
Settlement/curtailment | (32 | ) | Note (a) | ||||||||||||
Total before tax | (12,675 | ) | |||||||||||||
Tax (expense)/benefit | 3,786 | ||||||||||||||
Net of tax | (8,889 | ) | |||||||||||||
Unrealized investment gains/(losses) | |||||||||||||||
Realized investment gain/(losses) | (503 | ) | Selling, general and administrative | ||||||||||||
Tax (expense)/benefit | 181 | ||||||||||||||
Net of tax | (322 | ) | |||||||||||||
Unrealized gains/(losses) on derivatives | |||||||||||||||
Foreign exchange forward contracts | 1,176 | Sales | |||||||||||||
Foreign exchange forward contracts | 124 | Cost of sales | |||||||||||||
Total before tax | 1,300 | ||||||||||||||
Tax (expense)/benefit | (112 | ) | |||||||||||||
Net of tax | 1,188 | ||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 13, Pension and Profit Sharing Plans and Arrangements, for additional details). |
SEGMENT_INFORMATION_AND_GEOGRA
SEGMENT INFORMATION AND GEOGRAPHIES | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT INFORMATION AND GEOGRAPHIES | ' | |||||||||||
SEGMENT INFORMATION AND GEOGRAPHIES | ||||||||||||
The Company serves customers through two global businesses: Life Sciences and Industrial. | ||||||||||||
The Life Sciences business group is focused on developing, manufacturing and selling products to customers in the Medical, BioPharmaceuticals and Food & Beverage markets. The Industrial business group is focused on developing, manufacturing and selling products to customers in the Process Technologies, Aerospace and Microelectronics markets. The chief executive officer manages the Company and makes key decisions about the allocation of Company resources based on the two businesses. The Company’s reportable segments, which are also its operating segments, consist of its two businesses, Life Sciences and Industrial. | ||||||||||||
The Business Groups are supported by shared facilities and personnel (“Shared Services Group”) in the Company’s subsidiaries that sell into both Life Sciences and Industrial markets. The Shared Services Group and Corporate Services Group facilitate the Company’s corporate governance and business activities globally. Expenses associated with the Corporate Services Group, as well as interest expense, net, the provision for income taxes and restructuring and other charges are excluded from the measurement and evaluation of the profitability of the Company’s reportable segments. | ||||||||||||
Cash and cash equivalents, short-term investments, investments and retirement benefit assets and income taxes, all of which are managed at the Corporate level, are included in Corporate/Shared Services Groups’ assets. Furthermore assets not specifically identified to a business are also included in Corporate/Shared Services Groups’ assets. Accounts receivable and inventory are in all cases specifically identified to a segment. | ||||||||||||
SEGMENT INFORMATION: | 2014 | 2013 | 2012 | |||||||||
SALES: | ||||||||||||
Life Sciences | $ | 1,453,669 | $ | 1,309,375 | $ | 1,253,594 | ||||||
Industrial | 1,335,478 | 1,338,688 | 1,418,062 | |||||||||
Total | $ | 2,789,147 | $ | 2,648,063 | $ | 2,671,656 | ||||||
SEGMENT PROFIT: | ||||||||||||
Life Sciences | 357,129 | 319,271 | 319,312 | |||||||||
Industrial | 219,172 | 214,798 | 198,747 | |||||||||
Total segment profit | 576,301 | 534,069 | 518,059 | |||||||||
Corporate Services Group | 67,200 | 66,640 | 64,114 | |||||||||
ROTC | 40,154 | 40,182 | 66,858 | |||||||||
Interest expense, net | 17,532 | 15,621 | 20,177 | |||||||||
Earnings before income taxes from continuing operations | $ | 451,415 | $ | 411,626 | $ | 366,910 | ||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||
Life Sciences | $ | 71,670 | $ | 61,709 | $ | 55,489 | ||||||
Industrial | 43,217 | 42,641 | 45,419 | |||||||||
Subtotal | 114,887 | 104,350 | 100,908 | |||||||||
Corporate Services Group | 1,505 | 1,934 | 2,479 | |||||||||
Total depreciation and amortization from continuing operations | $ | 116,392 | $ | 106,284 | $ | 103,387 | ||||||
CAPITAL EXPENDITURES: | ||||||||||||
Life Sciences | $ | 29,278 | $ | 40,589 | $ | 47,694 | ||||||
Industrial | 34,226 | 33,551 | 26,227 | |||||||||
Subtotal | 63,504 | 74,140 | 73,921 | |||||||||
Corporate/Shared Services Groups | 11,233 | 36,042 | 84,988 | |||||||||
Total | $ | 74,737 | $ | 110,182 | $ | 158,909 | ||||||
IDENTIFIABLE ASSETS: | ||||||||||||
Life Sciences | $ | 1,390,447 | $ | 1,090,585 | $ | 1,274,036 | ||||||
Industrial | 1,000,843 | 898,064 | 955,541 | |||||||||
Subtotal | 2,391,290 | 1,988,649 | 2,229,577 | |||||||||
Corporate/Shared Services Groups | 1,461,223 | 1,484,190 | 1,118,315 | |||||||||
Total | $ | 3,852,513 | $ | 3,472,839 | $ | 3,347,892 | ||||||
GEOGRAPHIC INFORMATION: | ||||||||||||
SALES: | ||||||||||||
Americas | $ | 889,122 | $ | 849,486 | $ | 839,984 | ||||||
Europe | 1,140,429 | 1,034,515 | 1,022,952 | |||||||||
Asia | 759,596 | 764,062 | 808,720 | |||||||||
Total | $ | 2,789,147 | $ | 2,648,063 | $ | 2,671,656 | ||||||
SEGMENT INFORMATION: | 2014 | 2013 | 2012 | |||||||||
IDENTIFIABLE ASSETS: | ||||||||||||
Americas | $ | 1,084,247 | $ | 1,127,364 | $ | 1,318,312 | ||||||
Europe | 1,024,969 | 590,893 | 644,721 | |||||||||
Asia | 340,146 | 322,483 | 350,510 | |||||||||
Eliminations | (58,072 | ) | (52,091 | ) | (83,966 | ) | ||||||
Subtotal | 2,391,290 | 1,988,649 | 2,229,577 | |||||||||
Corporate/Shared Services Groups | 1,461,223 | 1,484,190 | 1,118,315 | |||||||||
Total | $ | 3,852,513 | $ | 3,472,839 | $ | 3,347,892 | ||||||
Sales by the Company’s U.S. operations to unaffiliated customers totaled approximately $787,000, $750,000 and $733,000 in fiscal years 2014, 2013 and 2012, respectively. Included therein are export sales of approximately $45,000, $65,000 and $41,000 in fiscal years 2014, 2013 and 2012, respectively. Sales by the Company’s subsidiaries in the Eurozone amounted to approximately $799,000, $731,000 and $723,000 in fiscal years 2014, 2013 and 2012, respectively. No country in the Eurozone was individually material as a percentage of total Company sales in fiscal years 2014, 2013 and 2012. Sales by the Company’s subsidiary in Japan amounted to approximately $218,000, $225,000 and $259,000 in fiscal years 2014, 2013 and 2012, respectively. The Company considers its foreign operations to be of major importance to its future growth prospects. The risks related to the Company’s foreign operations include the local political and regulatory developments as well as the global and regional economic climate. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||
Jul. 31, 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 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 years ended July 31, 2014, July 31, 2013 and July 31, 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 8,975 | $ | 230,826 | ||||||
Earnings from discontinued operations before income taxes | $ | — | $ | 390,058 | $ | 55,684 | ||||||
Provision for income taxes | — | 145,085 | 17,322 | |||||||||
Earnings from discontinued operations, net of income taxes | $ | — | $ | 244,973 | $ | 38,362 | ||||||
Included in earnings from discontinued operations before income taxes above are a gain/(loss) on the sale of the Product Line of $395,893 for the year ended July 31, 2013, and $9,150 of external costs related to the planned sale of the Product Line for the year ended July 31, 2012. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||
Jul. 31, 2014 | ||||
ACQUISITIONS [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
ACQUISITIONS | ||||
2014 Acquisitions | ||||
During the first and second quarters of fiscal 2014, the Company completed two acquisitions - Medistad Holding BV (“Medistad”), a European manufacturing entity, and SoloHill Engineering, Inc. (“SoloHill”), 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. | ||||
On May 1, 2014, the Company acquired Filter Specialists Inc. (“FSI”), a worldwide supplier of filtration products and solutions based in Michigan City, Indiana. FSI is a recognized leader in filtration, operating primarily in the industrial paint, chemical, petrochemical, oil and gas, and food and beverage markets. The Company acquired FSI’s unique and well known Polyweld®, Polymicro® and BOS filter bags, along with its extensive line of both steel and plastic filter vessels. The Company paid a cash purchase price of $124,000, and an additional $3,347 related to working capital adjustments. | ||||
The acquisition of FSI is complementary to the Company’s existing portfolio of filtration solutions as FSI’s offerings both add solutions to the Company’s existing addressable markets and cover markets where the Company currently does not have complete solutions. The FSI products and markets are in-line with the Company’s current plans of creating value for our customers, particularly in the oil and gas, chemical, and other industrial markets. | ||||
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 preliminary purchase price, in the aggregate, is as follows: | ||||
Purchase price, including working capital adjustments | $ | 348,817 | ||
Cash acquired | 4,463 | |||
Purchase price, net of cash acquired | 344,354 | |||
Accounts receivable | 23,176 | |||
Inventories | 35,321 | |||
Other current assets | 9,150 | |||
Property, plant and equipment | 37,261 | |||
Intangible assets | 124,168 | |||
Other non-current assets | 6,871 | |||
Total identifiable assets acquired, net of cash acquired | 235,947 | |||
Current liabilities | 25,332 | |||
Non-current liabilities | 17,010 | |||
Total liabilities assumed | 42,342 | |||
Goodwill (excess cost over value of net assets acquired) | $ | 150,749 | ||
The Company recorded an aggregate of $150,749 of goodwill related to the 2014 acquisitions, of which $45,487 is expected to be deductible for income tax purposes. | ||||
The results of operations for the 2014 acquisitions since their respective acquisition dates are included in the accompanying consolidated financial statements. The results of operations for FSI are reported in the Industrial segment, and the results of operations for ATMI, Medistad, and SoloHill are reported in the Life Sciences segment. 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 years ended July 31, 2014, July 31, 2013 and July 31, 2012. | ||||
2012 Acquisition | ||||
On March 1, 2012 (the “Closing Date”), the Company acquired 100% of the outstanding capital stock of ForteBio®, Inc. (“ForteBio”), a privately held provider of advanced analytical systems that accelerate the discovery and development of biotech drugs. ForteBio’s portfolio of analytical solutions allows researchers to measure proteins in real time without the aid of fluorescent, radio or calorimetric labels or markers that can contaminate samples. This enables significantly easier, faster and better characterization of drug candidates, which can help improve process development and speed time to market. As such, this will complement the Company’s existing microbiological monitoring platforms. On the Closing Date, the Company paid a cash purchase price of approximately $142,132, net of cash acquired. Pall ForteBio Corp., the new company, is headquartered in Menlo Park, California, and has wholly owned subsidiaries in London, England and Shanghai, China. | ||||
The above transaction was funded with available cash and borrowings under the Company’s commercial paper program. Tangible and intangibles assets acquired and liabilities assumed were recognized based upon their estimated fair values at the Closing Date. | ||||
The results of ForteBio for the period from the Closing Date are included in the accompanying consolidated financial statements and reported in the Life Sciences segment. The impact of this acquisition was not material, individually or in the aggregate, to the Company’s consolidated financial position or results from operations. |
FINANCIAL_STATEMENT_SCHEDULE_I
FINANCIAL STATEMENT SCHEDULE II | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Financial Statement Schedule II Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
PALL CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
FINANCIAL STATEMENT SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Description | Balance at | Additions to Reserve | Write-offs | Translation / Other Adjustments | Balance at | ||||||||||||||||
Beginning of Year | End of Year | ||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year Ended: | |||||||||||||||||||||
July 31, 2014 | $ | 14,900 | $ | 1,603 | $ | (2,667 | ) | $ | 60 | $ | 13,896 | ||||||||||
July 31, 2013 | $ | 11,733 | $ | 7,173 | $ | (4,498 | ) | $ | 492 | $ | 14,900 | ||||||||||
July 31, 2012 | $ | 8,383 | $ | 3,387 | $ | (1,103 | ) | $ | 1,066 | $ | 11,733 | ||||||||||
ACCOUNTING_POLICIES_AND_RELATE1
ACCOUNTING POLICIES AND RELATED MATTERS (Policies) | 12 Months Ended |
Jul. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Presentation | ' |
The financial statements of the Company are presented on a consolidated basis with its subsidiaries, substantially all of which are wholly-owned. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Financial statements of foreign subsidiaries have been translated into United States (“U.S.”) Dollars at exchange rates as follows: (i) balance sheet accounts at year-end rates, except certain equity accounts which are translated at historic rates, and (ii) income statement accounts at weighted average rates. Translation gains and losses are reflected in stockholders’ equity, while transaction gains and losses, which result from the settlement of foreign denominated receivables and payables at rates that differ from rates in effect at the transaction date, are reflected in earnings. | |
Use of Estimates | ' |
To prepare the Company’s consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), management is required to make assumptions that may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates are used for, but not limited to, inventory valuation; provisions for doubtful accounts; asset recoverability; depreciable lives of fixed assets and useful lives of patents and amortizable intangibles; fair value of financial instruments; income tax assets and liabilities; pension valuations; restructuring and other charges; valuation of assets acquired and liabilities assumed in business combinations; allocation of costs to operating segments; revenue recognition and liabilities for items such as contingencies and environmental remediation. The Company is subject to uncertainties such as the impact of future events; economic, environmental and political factors; and changes in the business climate. Therefore, actual results may differ from those estimates. When no estimate in a given range is deemed to be better than any other when estimating contingent liabilities, the low end of the range is accrued. Accordingly, the accounting estimates used in the preparation of the Company’s consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Such changes and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. | |
Cash and Cash Equivalents | ' |
All financial instruments purchased with a maturity of three months or less, other than amounts held in the benefits protection trust (as discussed in Note 7, Other Current and Non-Current Assets), are considered cash equivalents. | |
Inventories | ' |
Inventories are valued at the lower of cost (on the first-in, first-out method) or market. | |
Investments | ' |
Investments (which include equity interests of less than 20%) are primarily considered available-for-sale securities and, as such, are carried at fair value. Unrealized gains and losses on these securities are reported as a separate component of stockholders’ equity until realized from sale or when unrealized losses are deemed by management to be other than temporary. Management considers numerous factors, on a case-by-case basis, in evaluating whether the decline in market value of an available-for-sale security below cost is other than temporary. Such factors include, but are not limited to, (i) the length of time and the extent to which the market value has been less than cost; (ii) the financial condition and the near-term prospects of the issuer of the security; and (iii) whether the Company’s intent to retain the investment for the period of time is sufficient to allow for any anticipated recovery in market value. Investments are included in “Other non-current assets” in the accompanying consolidated balance sheets. | |
Acquisition Accounting | ' |
Acquisitions of businesses are accounted for using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Transaction costs are expensed as incurred. Any excess of the purchase price over the assigned values of the net assets acquired is recorded as goodwill. When the Company acquires net assets that do not constitute a business under U.S. GAAP, no goodwill is recognized. | |
Long-Lived Assets | ' |
The Company performs detailed impairment testing for goodwill annually during the Company’s fiscal third quarter, or more frequently if certain events or circumstances indicate impairment might have occurred. The Company evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. The Company’s two operating segments, Life Sciences and Industrial, were also determined to be its reporting units. In the first step, the overall fair value for the reporting unit is compared to its book value including goodwill. In the event that the overall fair value of the reporting unit was determined to be less than the book value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the book value of the goodwill. The implied fair value for the goodwill is determined based on the difference between the overall fair value of the reporting unit and the fair value of the net identifiable assets. If the implied fair value of the goodwill is less than its book value, the difference is recognized as an impairment. In fiscal years 2014 and 2013, the estimated fair values of the Company’s reporting units substantially exceeded the carrying values of these reporting units, and as such, the second step was not performed. | |
Intangible Assets and Property, Plant & Equipment | |
The Company’s amortizable intangible assets, which are comprised almost entirely of patented and unpatented technology, customer-related intangibles and trademarks, are subject to amortization for periods ranging up to 20 years, principally on a straight-line basis. | |
Property, plant and equipment | ' |
Property, plant and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the respective assets, principally on the straight-line basis. The estimated useful lives range from 30 to 50 years for buildings, 3 to 10 years for machinery and equipment, 3 to 10 years for information technology hardware and software and 8 to 10 years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of the remaining life or the remaining lease term. | |
Impairment of long lived assets | ' |
The Company reviews its depreciable and amortizable long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If the sum of the expected cash flows, undiscounted, is less than the carrying amount of the asset (or asset group), an impairment loss is recognized as the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. | |
Revenue Recognition | ' |
Revenue is recognized when title and risk of loss have transferred to the customer and when contractual terms have been fulfilled, except for certain long-term contracts, whereby revenue is recognized under the percentage of completion method (see below). Transfer of title and risk of loss occurs when the product is delivered in accordance with the contractual shipping terms. In instances where contractual terms include a provision for customer acceptance, revenue is recognized when either (i) the Company has previously demonstrated that the product meets the specified criteria based on either seller or customer-specified objective criteria or (ii) upon formal acceptance received from the customer where the product has not been previously demonstrated to meet customer-specified objective criteria. | |
For contracts accounted for under the percentage of completion method, revenue is based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. | |
Stock Plans | ' |
The Company currently has four stock-based employee and director compensation award types, which are described more fully in Note 15, Common Stock. The Company records stock-based compensation, measured at the fair value of the award on the grant date, as an expense in the consolidated statements of earnings. Upon the exercise of stock options or the vesting of restricted stock units, the resulting excess tax benefits, if any, are credited to additional paid-in capital. Any resulting tax deficiencies are offset against those cumulative credits to additional paid-in capital. If the cumulative credits to additional paid-in capital are exhausted, tax deficiencies are recorded to the provision for income taxes. Excess tax benefits are reflected as financing cash inflows in the accompanying consolidated statements of cash flows. | |
Environmental Matters | ' |
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. These accruals are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress or as additional technical or legal information becomes available. Costs of future expenditures for environmental remediation obligations are not discounted to their present value and are expected to be disbursed over an extended period of time. Accruals for environmental liabilities are included in “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets. | |
Income Taxes | ' |
Income taxes payable, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s assessment of estimated future taxes to be paid. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. | |
In evaluating the Company’s ability to recover deferred tax assets within the jurisdiction from which they arise, management assesses the generation of sufficient taxable income from all sources, including the scheduled reversal of taxable temporary differences, tax-planning strategies and projected future operating income. To the extent the Company does not consider it “more-likely-than-not” that a deferred tax asset will be recovered, a valuation allowance is established. | |
When evaluating uncertain tax positions, the Company determines whether the position is “more-likely-than-not” to be sustained upon examination based upon its technical merits or administrative practices or precedents. Any tax position that meets the “more-likely-than-not” recognition threshold is measured and recognized in the consolidated financial statements. The amount of tax benefit to be recognized is the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. | |
The Company recognizes accrued interest expense related to unrecognized income tax benefits in interest expense and the obligation is recorded in current or non-current interest payable on the Company’s consolidated balance sheet. Penalties are accrued as part of the provision for income taxes and the unpaid balance at the end of a reporting period is recorded as part of current or non-current income taxes payable. | |
Earnings Per Share | ' |
The consolidated statements of earnings present basic and diluted earnings per share. Basic earnings per share is determined by dividing income available to common stockholders 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 securities that meet certain criteria, such as stock options, were outstanding since issuance. The treasury stock method is used to determine the dilutive effect of potentially dilutive securities. | |
Derivative Instruments | ' |
The Company’s derivative instruments are recorded as either assets or liabilities in the consolidated balance sheets based on their fair values. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments designated as hedges are accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For the effective portion of derivatives designated as cash flow hedges, changes in fair values are recognized in other comprehensive income/(loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. For further discussion, refer to Note 10, Financial Instruments and Risks & Uncertainties. | |
Adoption of New Accounting Pronouncement | ' |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which amended Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. generally accepted accounting principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures in the financial statements. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The adoption of this disclosure-only guidance did not have an impact on our consolidated financial results. | |
In July 2013, the FASB issued new accounting guidance which requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry forwards that would be utilized, rather than only against carry forwards that are created by the unrecognized tax benefits. The adoption of this accounting guidance did not have a material impact on our consolidated financial results. |
ACCOUNTING_POLICIES_AND_RELATE2
ACCOUNTING POLICIES AND RELATED MATTERS (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Reconciliation between basic shares outstanding and diluted shares outstanding | ' | ||||||||
The following is a reconciliation between average basic shares outstanding and average diluted shares outstanding: | |||||||||
2014 | 2013 | 2012 | |||||||
Average basic shares outstanding | 110,776 | 112,803 | 116,061 | ||||||
Effect of dilutive securities (a) | 1,173 | 1,433 | 1,602 | ||||||
Average diluted shares outstanding | 111,949 | 114,236 | 117,663 | ||||||
(a) | Refer to Note 15, Common Stock, for a description of the Company’s stock award types. |
RESTRUCTURING_AND_OTHER_CHARGE1
RESTRUCTURING AND OTHER CHARGES, NET (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Summary of Restructuring and Other Charges | ' | ||||||||||||
The following tables summarize the restructuring and other charges (“ROTC”) recorded in fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains) (2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 27,803 | $ | (402 | ) | $ | 27,401 | ||||||
Professional fees and other costs, net of receipt of insurance claim payments | 4,419 | 3,402 | 7,821 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 4,002 | (1,480 | ) | 2,522 | |||||||||
Environmental matters | — | 4,440 | 4,440 | ||||||||||
Reversal of excess restructuring reserves | (2,030 | ) | — | (2,030 | ) | ||||||||
$ | 34,194 | $ | 5,960 | $ | 40,154 | ||||||||
Cash | $ | 30,192 | $ | 6,102 | $ | 36,294 | |||||||
Non-cash | 4,002 | (142 | ) | 3,860 | |||||||||
$ | 34,194 | $ | 5,960 | $ | 40,154 | ||||||||
2013 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains)(2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 22,526 | $ | 3,316 | $ | 25,842 | |||||||
Professional fees and other costs, net of receipt of insurance claim payments | 2,840 | 1,396 | 4,236 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 993 | 1,358 | 2,351 | ||||||||||
Environmental matters | — | 8,415 | 8,415 | ||||||||||
Reversal of excess restructuring reserves | (662 | ) | — | (662 | ) | ||||||||
$ | 25,697 | $ | 14,485 | $ | 40,182 | ||||||||
Cash | $ | 23,410 | $ | 12,102 | $ | 35,512 | |||||||
Non-cash | 2,287 | 2,383 | 4,670 | ||||||||||
$ | 25,697 | $ | 14,485 | $ | 40,182 | ||||||||
2012 | Restructuring (1) | Other | Total | ||||||||||
Charges/(Gains) (2) | |||||||||||||
Severance benefits and other employment contract obligations | $ | 61,852 | $ | 11,436 | $ | 73,288 | |||||||
Professional fees and other costs, net of receipt of insurance claim payments | 3,448 | 187 | 3,635 | ||||||||||
(Gain)/loss on sale and impairment of assets, net | 766 | (10,754 | ) | (9,988 | ) | ||||||||
Reversal of excess restructuring reserves | (77 | ) | — | (77 | ) | ||||||||
$ | 65,989 | $ | 869 | $ | 66,858 | ||||||||
Cash | $ | 63,717 | $ | (3,064 | ) | $ | 60,653 | ||||||
Non-cash | 2,272 | 3,933 | 6,205 | ||||||||||
$ | 65,989 | $ | 869 | $ | 66,858 | ||||||||
(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 fiscal year 2014 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2014 also includes the impairment of assets of $4,002 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions. | |||||||||||||
Restructuring charges recorded in fiscal year 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. | |||||||||||||
Restructuring charges recorded in fiscal year 2012 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2012 also include asset impairment charges related to the above mentioned initiative, partly offset by a gain on the divestiture of a non-strategic asset group. | |||||||||||||
(2) Other Charges/(Gains): | |||||||||||||
Severance benefits and other employment contract obligations: In fiscal years 2013 and 2012, the Company recorded charges related to certain employment contract obligations. In fiscal year 2014, the Company recorded an adjustment related to these employment contract obligations. | |||||||||||||
Professional fees and other: In fiscal year 2014, the Company recorded costs related to the settlement of a legal matter, as well as acquisition-related legal and other professional fees. | |||||||||||||
In fiscal years 2014 and 2013, the Company recorded costs related to the demolition of a vacant facility. | |||||||||||||
In fiscal years 2013 and 2012, the Company recorded legal and other professional fees related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings which pertain to matters that had been under audit committee inquiry (see Note 2, Audit Committee Inquiry and Restatement, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2007). Furthermore, in fiscal years 2013 and 2012, the Company recorded costs and reserve adjustments related to the settlement of the Federal Securities Class Actions and Shareholder Derivative Lawsuits and Other Proceedings. The receipt of insurance claim payments partly offset such costs in fiscal years 2013 and 2012. Refer to Note 14, Contingencies and Commitments, for further discussion of this matter. | |||||||||||||
Gain on sale and impairment of assets: In fiscal year 2014 , the Company recorded a gain on the sale of a building in Europe. In fiscal year 2013, the Company recorded an impairment related to a software project. In fiscal year 2012, the Company recorded a gain on the sale of assets related to a sale of a building in Europe as well as a gain of $9,196 on the sale of the Company’s investment in Satair A/S. | |||||||||||||
Environmental matters: In fiscal year 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In fiscal year 2013, the Company increased its previously established environmental reserves primarily related to matters at its Ann Arbor, Michigan and Glen Cove, New York sites. Refer to Note 14, Contingencies and Commitments, for further discussion of these matters. | |||||||||||||
Schedule of Summarized Activity Relating to Restructuring | ' | ||||||||||||
The following table summarizes the activity related to restructuring liabilities that were recorded for the Company’s structural cost improvement initiatives that 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 July 31, 2012 | $ | 34,364 | $ | 603 | $ | 34,967 | |||||||
Additions (a) | 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 July 31, 2013 | $ | 26,240 | $ | 1,473 | $ | 27,713 | |||||||
Additions | 27,803 | 4,419 | 32,222 | ||||||||||
Utilized | (26,178 | ) | (4,596 | ) | (30,774 | ) | |||||||
Reversal of excess reserves | (1,923 | ) | (107 | ) | (2,030 | ) | |||||||
Translation | 230 | 39 | 269 | ||||||||||
Balance at July 31, 2014 | $ | 26,172 | $ | 1,228 | $ | 27,400 | |||||||
(a) | Excludes pension plan settlement charge of $889. |
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Summary of Accounts Receivable | ' | |||||||
Accounts receivable are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Billed | $ | 556,928 | $ | 508,448 | ||||
Unbilled | 72,681 | 72,787 | ||||||
Total | 629,609 | 581,235 | ||||||
Less: allowance for doubtful accounts | (13,896 | ) | (14,900 | ) | ||||
$ | 615,713 | $ | 566,335 | |||||
INVENTORY_Tables
INVENTORY (Tables) | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Major Classes of Inventory | ' | |||||||
The major classes of inventory, net, are as follows: | ||||||||
2014 | 2013 | |||||||
Raw materials and components | $ | 117,581 | $ | 94,837 | ||||
Work-in-process | 112,824 | 94,998 | ||||||
Finished goods | 174,473 | 191,212 | ||||||
$ | 404,878 | $ | 381,047 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property, Plant And Equipment | ' | |||||||
Property, plant and equipment consist of the following: | ||||||||
2014 | 2013 | |||||||
Land | $ | 46,289 | $ | 47,234 | ||||
Buildings and improvements | 545,444 | 519,166 | ||||||
Machinery and equipment | 844,259 | 761,341 | ||||||
Information technology hardware & software | 230,051 | 221,504 | ||||||
Furniture and fixtures | 110,940 | 101,029 | ||||||
1,776,983 | 1,650,274 | |||||||
Less: Accumulated depreciation and amortization | (971,656 | ) | (875,326 | ) | ||||
$ | 805,327 | $ | 774,948 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill, allocated by reportable segment | ' | |||||||||||
The following table presents changes in the carrying value of goodwill, allocated by reportable segment. | ||||||||||||
Life Sciences | Industrial | Total | ||||||||||
Balance as of July 31, 2012 | $ | 178,359 | $ | 160,582 | $ | 338,941 | ||||||
Foreign currency translation | 2,537 | 1,014 | 3,551 | |||||||||
Balance as of July 31, 2013 | 180,896 | 161,596 | 342,492 | |||||||||
Acquisitions | 91,121 | 59,628 | 150,749 | |||||||||
Foreign currency translation | (2,259 | ) | 480 | (1,779 | ) | |||||||
Balance as of July 31, 2014 | $ | 269,758 | $ | 221,704 | $ | 491,462 | ||||||
Schedule of Intangible Assets | ' | |||||||||||
Intangible assets consist of the following: | ||||||||||||
2014 | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Patents and unpatented technology | $ | 165,727 | $ | 66,126 | $ | 99,601 | ||||||
Customer-related intangibles | 165,759 | 33,845 | 131,914 | |||||||||
Trademarks | 16,971 | 7,130 | 9,841 | |||||||||
Other | 3,647 | 2,580 | 1,067 | |||||||||
$ | 352,104 | $ | 109,681 | $ | 242,423 | |||||||
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 | |||||||
OTHER_CURRENT_AND_NONCURRENT_A1
OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of other assets, current and non-current | ' | |||||||||||||||||||||||
Other current assets consist of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income taxes (a) | $ | 39,001 | $ | 37,653 | ||||||||||||||||||||
Income taxes receivable (a) | 4,894 | 5,141 | ||||||||||||||||||||||
Prepaid income taxes (a) | 35,194 | 33,761 | ||||||||||||||||||||||
Prepaid expenses | 36,903 | 39,047 | ||||||||||||||||||||||
Other receivables | 36,530 | 50,159 | ||||||||||||||||||||||
$ | 152,522 | $ | 165,761 | |||||||||||||||||||||
Other non-current assets consist of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income taxes (a) | $ | 16,569 | $ | 16,998 | ||||||||||||||||||||
Retirement benefit assets (b) | 87,720 | 91,031 | ||||||||||||||||||||||
Prepaid income taxes (a) | 16,041 | 8,187 | ||||||||||||||||||||||
Income taxes receivable (a) | 26,227 | 35,194 | ||||||||||||||||||||||
Other | 29,521 | 16,717 | ||||||||||||||||||||||
$ | 176,078 | $ | 168,127 | |||||||||||||||||||||
(a) | See Note 11, Income Taxes, for further discussion. | |||||||||||||||||||||||
(b) | Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. These include guaranteed investment contracts of $18,102 and $18,111 as of July 31, 2014 and July 31, 2013, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect related liabilities in the amounts of $67,878 and $65,428, respectively. Also included within retirement benefit assets are benefits protection trusts, with assets aggregating $68,844 and $71,990 as of July 31, 2014 and July 31, 2013, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2014 to 2046. Such debt and equity securities are classified as available-for-sale and trading and aggregated $66,051 and $70,901 as of July 31, 2014 and July 31, 2013, respectively. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect retirement benefit assets held in the trust of $68,844 and $70,669 that relate to retirement benefit liabilities of $113,393 and $112,508, respectively. | |||||||||||||||||||||||
Summary of the Company's available-for-sale investments by category | ' | |||||||||||||||||||||||
The following is a summary of the Company’s available-for-sale investments by category: | ||||||||||||||||||||||||
Cost/ | Fair Value | Gross | Gross | Net | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||
Cost Basis | Holding | Holding | Holding | |||||||||||||||||||||
Gains | Losses | Gains | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Equity securities | $ | 4,160 | $ | 4,748 | $ | 588 | $ | — | $ | 588 | ||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | 28,987 | 30,243 | 1,259 | (3 | ) | 1,256 | ||||||||||||||||||
U.S. Treasury | 9,478 | 9,724 | 246 | — | 246 | |||||||||||||||||||
Federal Agency | 12,778 | 13,719 | 941 | — | 941 | |||||||||||||||||||
Mortgage-backed | 11,219 | 11,405 | 190 | (4 | ) | 186 | ||||||||||||||||||
$ | 66,622 | $ | 69,839 | $ | 3,224 | $ | (7 | ) | $ | 3,217 | ||||||||||||||
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 | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate | $ | 3,384 | $ | (3 | ) | $ | — | $ | — | $ | 3,384 | $ | (3 | ) | ||||||||||
Mortgage-backed | 1,919 | (4 | ) | — | — | 1,919 | (4 | ) | ||||||||||||||||
$ | 5,303 | $ | (7 | ) | $ | — | $ | — | $ | 5,303 | $ | (7 | ) | |||||||||||
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 | ||||||||||||||||||||||
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 years ended July 31, 2014, July 31, 2013 and July 31, 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales | $ | 22,285 | $ | 15,018 | $ | 35,973 | ||||||||||||||||||
Realized gross gains on sales | 245 | 427 | 9,828 | |||||||||||||||||||||
Realized gross losses on sales | 179 | 5 | 55 | |||||||||||||||||||||
Trading Securities | ' | |||||||||||||||||||||||
The following is a summary of the Company’s trading securities by category as well as the net gains and losses recognized during the period for the the years ended July 31, 2014 and July 31, 2013. There were no trading securities in the fiscal year ended July 31, 2012. | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity securities | $ | 819 | $ | 190 | ||||||||||||||||||||
Total trading securities | $ | 819 | $ | 190 | ||||||||||||||||||||
Gains/(losses), net recognized for securities held | $ | 22 | $ | 3 | ||||||||||||||||||||
Gains/(losses), net recognized for securities sold | 7 | — | ||||||||||||||||||||||
Total gains/(losses), net recognized | $ | 29 | $ | 3 | ||||||||||||||||||||
NOTES_PAYABLE_AND_LONGTERM_DEB1
NOTES PAYABLE AND LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-Term Debt | ' | |||||||||||
Long-term debt consists of: | ||||||||||||
2014 | 2013 | |||||||||||
Senior revolving credit facility, due in fiscal year 2018 (a) | $ | — | $ | — | ||||||||
5% Senior Notes, due in fiscal year 2020, net of discount (b) | 373,830 | 373,629 | ||||||||||
Japanese Yen (“JPY”) denominated loan, due in fiscal year 2015 | 87,570 | 91,800 | ||||||||||
Other | 2,381 | 2,310 | ||||||||||
Total long-term debt | 463,781 | 467,739 | ||||||||||
Current portion | (87,955 | ) | (420 | ) | ||||||||
Long-term debt, net of current portion | $ | 375,826 | $ | 467,319 | ||||||||
(a) | On April 11, 2013, the Company entered into a five-year $1,200,000 unsecured senior revolving credit facility (the “2013 Facility”) with a syndicate of banks, which was to mature on April 11, 2018. In connection with the 2013 Facility, the Company incurred deferred financing costs of $3,043, which were being amortized to interest expense over the term of the 2013 Facility. There were no amounts outstanding against the 2013 Facility as of July 31, 2014 or July 31, 2013. Letters of credit outstanding against the 2013 Facility as of July 31, 2014 were approximately $6,146. | |||||||||||
Borrowings under the 2013 Facility bear interest at either a variable rate based upon the London InterBank Offered Rate (U.S. Dollar, British Pound, Euro, Swiss Franc and Japanese Yen borrowings) or the European Union Banking Federation Rate (Euro borrowings) or at the prime rate of the Facility Agent (U.S. Dollar borrowing only). The 2013 Facility does not permit the Company to exceed a maximum consolidated leverage ratio (Consolidated Funded Debt to Earnings Before Net Interest, Taxes, Depreciation, Amortization and the Non-Cash Portion of Non-Recurring Charges and Income (“EBITDA”)) of 3.50 to 1.00, based upon the trailing four quarters’ results. | ||||||||||||
In addition, the 2013 Facility includes other covenants that under certain circumstances may restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, enter into sale and leaseback transactions, create liens and sell assets. As of July 31, 2014, the Company was in compliance with all related financial and other restrictive covenants, including limitations on indebtedness. | ||||||||||||
Subsequent to the end of fiscal year 2014, the Company amended and extended the 2013 Facility into a five-year $1,500,000 unsecured senior revolving credit facility with a syndicate of banks, which matures on August 11, 2019 (the “2015 Facility”). In connection with the 2015 Facility, the Company incurred deferred financing costs of $1,535 which, in addition to the unamortized costs from the 2013 Facility, will be amortized to interest expense over the term of the 2015 Facility. The covenants for the 2015 Facility are the same as in the 2013 Facility. | ||||||||||||
(b) | On June 18, 2010, the Company issued $375,000 of publicly traded 5.00% Senior Notes, due 2020 (the “Notes”). The Company’s senior notes (“ Prior Notes”), originally due August 1, 2012, were fully redeemed in July 2010 after the satisfaction of a 30-day notice period. In connection with this redemption, the Company recorded a loss on extinguishment of debt totaling $31,374, primarily comprised of a redemption premium and the recognition of previously deferred financing costs related to the Prior Notes. In connection with the Notes, the Company incurred deferred financing costs of $3,455, which are being amortized to interest expense over the term of the Notes. The Notes are unsecured and unsubordinated obligations of the Company and rank pari passu to its other outstanding unsecured and unsubordinated indebtedness. | |||||||||||
Aggregate annual maturities of long-term debt | ' | |||||||||||
The aggregate annual maturities of long-term debt during fiscal years 2015 through 2019 are approximately as follows: | ||||||||||||
2015 | $ | 87,955 | ||||||||||
2016 | 834 | |||||||||||
2017 | 444 | |||||||||||
2018 | 425 | |||||||||||
2019 | 293 | |||||||||||
Interest expense, Net | ' | |||||||||||
Interest expense, net, for fiscal years 2014, 2013 and 2012 is comprised of: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense(i) | $ | 26,544 | $ | 24,074 | $ | 28,704 | ||||||
Interest income | 9,012 | 8,453 | 8,527 | |||||||||
Interest expense, net | $ | 17,532 | $ | 15,621 | $ | 20,177 | ||||||
(i) | For fiscal years 2014, 2013 and 2012, interest expense was (reduced)/increased by $(781), $(2,794) and $1,653, respectively, related to Income taxes payable. See Note 11, Income Taxes for further discussion. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Jul. 31, 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 July 31, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Jul-14 | ||||||||||||||||
Financial assets carried at fair value | ||||||||||||||||
Money market funds | $ | 4,860 | $ | 4,860 | $ | — | $ | — | ||||||||
Available-for-sale securities: | ||||||||||||||||
Equity securities | 4,748 | 4,748 | — | — | ||||||||||||
Debt securities: | ||||||||||||||||
Corporate | 30,243 | — | 30,243 | — | ||||||||||||
U.S. Treasury | 9,724 | — | 9,724 | — | ||||||||||||
Federal Agency | 13,719 | — | 13,719 | — | ||||||||||||
Mortgage-backed | 11,405 | — | 11,405 | — | ||||||||||||
Trading securities | 819 | 819 | — | — | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 5,931 | — | 5,931 | — | ||||||||||||
Financial liabilities carried at fair value | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Foreign exchange forward contracts | 1,726 | — | 1,726 | — | ||||||||||||
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 | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Jul-13 | ||||||||||||||||
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 | — | ||||||||||||
FINANCIAL_INSTRUMENTS_AND_RISK1
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Tables) | 12 Months Ended | |||||||||||||||||
Jul. 31, 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 consolidated balance sheets are presented as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
July 31, 2014 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 4,755 | Other current liabilities | $ | 3 | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 1,176 | Other current liabilities | $ | 1,723 | ||||||||||||
Total derivatives | $ | 5,931 | $ | 1,726 | ||||||||||||||
Nonderivative instruments designated as hedging instruments | ||||||||||||||||||
Net investment hedge | Current portion of long-term debt | $ | 87,570 | |||||||||||||||
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 | |||||||||||||||
Gains and losses related to the Company's derivative financial instruments designated as hedging instruments | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments for the years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain/(Loss) | Location of Loss Reclassified from Accumulated OCI into Earnings | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | ||||||||||||||||
Recognized in OCI on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
31-Jul-14 | 31-Jul-13 | (Effective Portion) | 31-Jul-14 | 31-Jul-13 | ||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | $ | 8,990 | $ | (2,572 | ) | Sales | $ | 1,176 | $ | (1,444 | ) | |||||||
Cost of sales | $ | 124 | $ | (1,811 | ) | |||||||||||||
$ | 8,990 | $ | (2,572 | ) | $ | 1,300 | $ | (3,255 | ) | |||||||||
(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 twelve months ended July 31, 2014 and July 31, 2013. | |||||||||||||||||
Gains and losses related to the Company's derivative financial instruments not designated as hedging instruments | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments for the years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Location of Loss Recognized in Earnings on Derivatives | Amount of Gain/(Loss) Recognized in Earnings on Derivatives | |||||||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||||||||
Derivatives not designated as hedging relationships | ||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (2,839 | ) | $ | (15,897 | ) | |||||||||||
Gains and losses related to the Company's nonderivative financial instruments designated as hedging instruments | ' | |||||||||||||||||
The amounts of the gains and losses related to the Company’s nonderivative financial instruments designated as hedging instruments for the years ended July 31, 2014 and July 31, 2013 are presented as follows: | ||||||||||||||||||
Amount of Gain/(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) (b) | ||||||||||||||||
31-Jul-14 | 31-Jul-13 | 31-Jul-14 | 31-Jul-13 | |||||||||||||||
Nonderivatives designated as hedging relationships | ||||||||||||||||||
Net investment hedge | $ | 2,707 | $ | 14,930 | 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 years ended July 31, 2014 and July 31, 2013. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of earnings before income taxes | ' | |||||||||||
The components of earnings from continuing operations before income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic operations | $ | 89,598 | $ | 36,127 | $ | 63,018 | ||||||
Foreign operations | 361,817 | 375,499 | 303,892 | |||||||||
$ | 451,415 | $ | 411,626 | $ | 366,910 | |||||||
Provisions for income taxes | ' | |||||||||||
The provisions for income taxes consist of the following items: | ||||||||||||
Current: | ||||||||||||
Federal, state and local | $ | 27,370 | $ | 1,677 | $ | 32,016 | ||||||
Foreign | 53,158 | 68,673 | 63,042 | |||||||||
80,528 | 70,350 | 95,058 | ||||||||||
Deferred: | ||||||||||||
Federal, state and local | 14,749 | 671 | (7,187 | ) | ||||||||
Foreign | (7,818 | ) | 10,643 | (1,908 | ) | |||||||
6,931 | 11,314 | (9,095 | ) | |||||||||
$ | 87,459 | $ | 81,664 | $ | 85,963 | |||||||
Reconciliation of the provisions for income taxes | ' | |||||||||||
A reconciliation of the provisions for income taxes follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign income and withholding taxes, net of U.S. foreign tax credits | (10.0 | ) | (12.3 | ) | (10.9 | ) | ||||||
Net unrecognized tax benefit adjustments | (6.1 | ) | (2.6 | ) | (0.8 | ) | ||||||
Tax credits | (0.4 | ) | (0.9 | ) | (0.4 | ) | ||||||
Other, net | 0.9 | 0.6 | 0.5 | |||||||||
Effective tax rate | 19.4 | % | 19.8 | % | 23.4 | % | ||||||
Components of the net deferred tax asset | ' | |||||||||||
The components of the net deferred tax asset at July 31, are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax asset: | ||||||||||||
Tax loss and tax credit carry-forwards | $ | 53,513 | $ | 43,076 | ||||||||
Inventories | 10,206 | 8,658 | ||||||||||
Compensation and benefits | 40,393 | 39,231 | ||||||||||
Environmental | 7,451 | 6,745 | ||||||||||
Accrued expenses | 16,393 | 19,425 | ||||||||||
Amortization | 2,657 | 2,364 | ||||||||||
Net pensions | 58,431 | 63,144 | ||||||||||
Other | 4,614 | 21,487 | ||||||||||
Gross deferred tax asset | 193,658 | 204,130 | ||||||||||
Valuation allowance | (38,911 | ) | (25,528 | ) | ||||||||
Total deferred tax asset | 154,747 | 178,602 | ||||||||||
Deferred tax liability: | ||||||||||||
Amortization | (45,475 | ) | (36,145 | ) | ||||||||
Plant and equipment | (44,843 | ) | (35,321 | ) | ||||||||
Revenue recognition | (3,098 | ) | (6,948 | ) | ||||||||
Undistributed foreign earnings | (75,955 | ) | (78,360 | ) | ||||||||
Other | (436 | ) | (419 | ) | ||||||||
Total deferred tax liability | (169,807 | ) | (157,193 | ) | ||||||||
Net deferred tax (liability)/asset | $ | (15,060 | ) | $ | 21,409 | |||||||
Deferred tax assets and liabilities in the preceding table, after netting by taxing jurisdiction, are in the following captions in the consolidated balance sheets at July 31: | ||||||||||||
2014 | 2013 | |||||||||||
Other current assets | $ | 39,001 | $ | 37,653 | ||||||||
Other non-current assets | 16,569 | 16,998 | ||||||||||
Accrued liabilities | (3,327 | ) | (1,718 | ) | ||||||||
Deferred income taxes | (67,303 | ) | (31,524 | ) | ||||||||
Total | $ | (15,060 | ) | $ | 21,409 | |||||||
Summary of operating loss carryforwards | ' | |||||||||||
As of July 31, 2014, the Company had available tax net operating loss and credit carry forwards subject to expiration as follows: | ||||||||||||
Year of Expiration | Operating Losses | Tax Credits | ||||||||||
2015 | $ | 543 | $ | 17 | ||||||||
2016-2024 | 1,739 | 2,287 | ||||||||||
2025-2034 | 2,239 | 1,565 | ||||||||||
Subtotal | 4,521 | 3,869 | ||||||||||
Indefinite | 104,251 | 12,478 | ||||||||||
Total | $ | 108,772 | $ | 16,347 | ||||||||
Reconciliation of the total amounts of gross unrecognized tax benefits | ' | |||||||||||
The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits at July 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 203,376 | $ | 194,829 | $ | 188,380 | ||||||
Increases for tax positions taken during the current year | 31,345 | 40,446 | 40,413 | |||||||||
Increases to tax positions taken in prior years | 12,363 | 385 | 7,940 | |||||||||
Decreases to tax positions taken in prior years | (6,757 | ) | (23,522 | ) | (16,965 | ) | ||||||
Settlements with tax authorities | (36,138 | ) | (6,233 | ) | (15,455 | ) | ||||||
Expiration of statutes of limitation | (5,188 | ) | (1,310 | ) | (4,885 | ) | ||||||
Translation and other | 3,563 | (1,219 | ) | (4,599 | ) | |||||||
Ending balance | $ | 202,564 | $ | 203,376 | $ | 194,829 | ||||||
ACCRUED_AND_OTHER_NONCURRENT_L1
ACCRUED AND OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended | |||||||
Jul. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued liabilities | ' | |||||||
Accrued liabilities consist of the following: | ||||||||
2014 | 2013 | |||||||
Payroll and related taxes | $ | 153,157 | $ | 133,395 | ||||
Customer advances | 41,773 | 47,457 | ||||||
Restructuring reserve | 27,400 | 27,713 | ||||||
Benefits | 21,756 | 16,091 | ||||||
Interest payable | 4,806 | 8,024 | ||||||
Other | 79,505 | 80,149 | ||||||
$ | 328,397 | $ | 312,829 | |||||
Other Noncurrent Liabilities | ' | |||||||
Other non-current liabilities consist of the following: | ||||||||
2014 | 2013 | |||||||
Retirement benefits (a) | $ | 206,119 | $ | 231,200 | ||||
Interest payable – non-current (b) | 7,895 | 6,524 | ||||||
Deferred revenue (c) | 897 | 3,051 | ||||||
Environmental remediation (d) | 16,102 | 15,340 | ||||||
Other | 34,884 | 32,011 | ||||||
$ | 265,897 | $ | 288,126 | |||||
(a) | For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements. | |||||||
(b) | See Note 11, Income Taxes, for further discussion. | |||||||
(c) | On December 16, 2005, the Company sold the rights to its Americas commercial aerospace aftermarket distribution channel for the Company’s products for a ten-year period to Satair. The proceeds received for the distribution rights were recorded as deferred revenue and are being amortized as an increase to sales over the life of the distribution agreement. | |||||||
(d) | For further discussion regarding environmental remediation liabilities refer to Note 14, Contingencies and Commitments. |
PENSION_AND_PROFIT_SHARING_PLA1
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Change in Benefit obligation | ' | |||||||||||||||||||||||||||||||||||
The following table reflects the change in benefit obligations, change in plan assets and funded status for these plans: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | 285,360 | $ | 319,579 | $ | 395,648 | $ | 392,301 | $ | 681,008 | $ | 711,880 | ||||||||||||||||||||||||
Curtailments and settlements | — | (15,477 | ) | (168 | ) | (7,243 | ) | (168 | ) | (22,720 | ) | |||||||||||||||||||||||||
Service cost | 8,679 | 10,590 | 4,005 | 4,504 | 12,684 | 15,094 | ||||||||||||||||||||||||||||||
Interest cost | 12,110 | 10,469 | 17,377 | 15,847 | 29,487 | 26,316 | ||||||||||||||||||||||||||||||
Plan amendments | 73 | 471 | — | — | 73 | 471 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 2,843 | (32,170 | ) | 5,483 | 20,763 | 8,326 | (11,407 | ) | ||||||||||||||||||||||||||||
Total benefits paid | (20,300 | ) | (8,102 | ) | (17,467 | ) | (23,281 | ) | (37,767 | ) | (31,383 | ) | ||||||||||||||||||||||||
Effect of exchange rates | — | — | 29,334 | (7,243 | ) | 29,334 | (7,243 | ) | ||||||||||||||||||||||||||||
Benefit obligation – end of year | 288,765 | 285,360 | 434,212 | 395,648 | 722,977 | 681,008 | ||||||||||||||||||||||||||||||
Change in plan assets | ' | |||||||||||||||||||||||||||||||||||
Change in plan assets (a): | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets – beginning of year | 146,718 | 142,398 | 296,524 | 283,434 | 443,242 | 425,832 | ||||||||||||||||||||||||||||||
Curtailments and settlements | — | (14,271 | ) | (168 | ) | (353 | ) | (168 | ) | (14,624 | ) | |||||||||||||||||||||||||
Actual return on plan assets | 19,685 | 17,854 | 14,796 | 30,118 | 34,481 | 47,972 | ||||||||||||||||||||||||||||||
Company contributions | 17,160 | 8,839 | 30,398 | 18,946 | 47,558 | 27,785 | ||||||||||||||||||||||||||||||
Benefits paid from plan assets | (20,300 | ) | (8,102 | ) | (17,467 | ) | (23,281 | ) | (37,767 | ) | (31,383 | ) | ||||||||||||||||||||||||
Effect of exchange rates | — | — | 27,278 | (12,340 | ) | 27,278 | (12,340 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets - end of year | 163,263 | 146,718 | 351,361 | 296,524 | 514,624 | 443,242 | ||||||||||||||||||||||||||||||
Funded status (a) | $ | (125,502 | ) | $ | (138,642 | ) | $ | (82,851 | ) | $ | (99,124 | ) | $ | (208,353 | ) | $ | (237,766 | ) | ||||||||||||||||||
Plans with accumulated benefit obligations in excess of plan assets | ' | |||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 271,840 | $ | 268,138 | $ | 426,212 | $ | 387,681 | $ | 698,052 | $ | 655,819 | ||||||||||||||||||||||||
Plans with accumulated benefit obligations in excess of plan assets consist of the following: | ||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 149,702 | $ | 268,138 | $ | 102,037 | $ | 359,011 | $ | 251,739 | $ | 627,149 | ||||||||||||||||||||||||
Projected benefit obligation | 154,799 | 285,360 | 108,397 | 365,145 | 263,196 | 650,505 | ||||||||||||||||||||||||||||||
Plan assets at fair value | 40,542 | 146,718 | 20,002 | 265,366 | 60,544 | 412,084 | ||||||||||||||||||||||||||||||
(a) | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||
Benefit Plan recognized in Balance Sheet | ' | |||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet consist of: | ||||||||||||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | $ | 5,545 | $ | 655 | $ | 5,545 | $ | 655 | ||||||||||||||||||||||||
Current liabilities | (6,798 | ) | (6,308 | ) | (981 | ) | (913 | ) | (7,779 | ) | (7,221 | ) | ||||||||||||||||||||||||
Non-current liabilities | (118,704 | ) | (132,334 | ) | (87,415 | ) | (98,866 | ) | (206,119 | ) | (231,200 | ) | ||||||||||||||||||||||||
Net amount recognized | $ | (125,502 | ) | $ | (138,642 | ) | $ | (82,851 | ) | $ | (99,124 | ) | $ | (208,353 | ) | $ | (237,766 | ) | ||||||||||||||||||
Net periodic benefit cost for the Company's defined benefit pension plans | ' | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost for the Company’s defined benefit pension plans includes the following components: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 8,679 | $ | 10,590 | $ | 8,924 | $ | 4,005 | $ | 4,504 | $ | 4,726 | $ | 12,684 | $ | 15,094 | $ | 13,650 | ||||||||||||||||||
Interest cost | 12,110 | 10,469 | 12,722 | 17,377 | 15,847 | 18,100 | 29,487 | 26,316 | 30,822 | |||||||||||||||||||||||||||
Expected return on plan assets | (9,298 | ) | (9,533 | ) | (9,212 | ) | (14,260 | ) | (16,100 | ) | (15,582 | ) | (23,558 | ) | (25,633 | ) | (24,794 | ) | ||||||||||||||||||
Amortization of prior service cost/(credit) | 1,580 | 1,571 | 1,779 | (37 | ) | (56 | ) | (93 | ) | 1,543 | 1,515 | 1,686 | ||||||||||||||||||||||||
Amortization of actuarial loss | 5,377 | 9,644 | 7,998 | 5,723 | 5,523 | 5,237 | 11,100 | 15,167 | 13,235 | |||||||||||||||||||||||||||
(Gain)/loss due to curtailments and settlements | — | 2,690 | — | 32 | (516 | ) | 589 | 32 | 2,174 | 589 | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 18,448 | $ | 25,431 | $ | 22,211 | $ | 12,840 | $ | 9,202 | $ | 12,977 | $ | 31,288 | $ | 34,633 | $ | 35,188 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | |||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the year ending July 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (7,544 | ) | $ | 4,947 | $ | (2,597 | ) | ||||||||||||||||||||||||||||
Recognized actuarial loss | (5,377 | ) | (5,723 | ) | (11,100 | ) | ||||||||||||||||||||||||||||||
Prior service cost | 73 | — | 73 | |||||||||||||||||||||||||||||||||
Recognized prior service (cost)/credit | (1,580 | ) | 37 | (1,543 | ) | |||||||||||||||||||||||||||||||
Effect of exchange rates and other items on amounts included in accumulated other comprehensive income | (87 | ) | 8,845 | 8,758 | ||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss, before tax effects | $ | (14,515 | ) | $ | 8,106 | $ | (6,409 | ) | ||||||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss, net of tax effects | $ | (9,290 | ) | $ | 5,359 | $ | (3,931 | ) | ||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, before tax effects | $ | 3,933 | $ | 20,946 | $ | 24,879 | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, net of tax effects | $ | 2,517 | $ | 14,733 | $ | 17,250 | ||||||||||||||||||||||||||||||
Schedule of Amounts recognized in accumulated other comprehensive income (before tax effects) | ' | |||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (before tax effects) as of July 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 6,045 | $ | 480 | $ | 6,525 | ||||||||||||||||||||||||||||||
Net actuarial loss | 56,419 | 116,150 | 172,569 | |||||||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 62,464 | $ | 116,630 | $ | 179,094 | ||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (before tax effects) as of July 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 7,552 | $ | 393 | $ | 7,945 | ||||||||||||||||||||||||||||||
Net actuarial loss | 69,427 | 108,131 | 177,558 | |||||||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 76,979 | $ | 108,524 | $ | 185,503 | ||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive income expected to be amortized as components of net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive income expected to be amortized as components of net periodic benefit cost during fiscal year 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | Total | ||||||||||||||||||||||||||||||||||
Prior service cost | $ | 1,458 | $ | 3 | $ | 1,461 | ||||||||||||||||||||||||||||||
Net actuarial loss | $ | 4,075 | $ | 5,676 | $ | 9,751 | ||||||||||||||||||||||||||||||
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||
The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Foreign Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Assumptions used to determine benefit obligations | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.4 | % | 3.4 | % | 3.85 | % | 4.18 | % | 4.1 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.43 | % | 3.43 | % | 3.45 | % | 3.06 | % | 3.15 | % | 3.18 | % | ||||||||||||||||||||||||
Assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.4 | % | 3.4 | % | 5 | % | 4.18 | % | 4.1 | % | 4.9 | % | ||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 6.75 | % | 6.75 | % | 7 | % | 4.57 | % | 5.69 | % | 5.88 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.43 | % | 3.45 | % | 4.61 | % | 3.15 | % | 3.18 | % | 3.18 | % | ||||||||||||||||||||||||
Schedule of Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||
The following tables present, for each of the fair value hierarchy levels (as defined in Note 9, Fair Value Measurements) the Company’s U.S. and Foreign defined benefit net pension plan assets as of July 31, 2014 and July 31, 2013: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | 97,035 | $ | 97,035 | $ | — | $ | — | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | 2,020 | — | 2,020 | — | ||||||||||||||||||||||||||||||||
Mortgage/ asset-backed | 15,463 | — | 15,463 | — | ||||||||||||||||||||||||||||||||
Corporate | 18,212 | — | 18,212 | — | ||||||||||||||||||||||||||||||||
U.S. Treasury | 5,205 | — | 5,205 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Limited partnership | 8,764 | — | — | 8,764 | ||||||||||||||||||||||||||||||||
Commingled funds | 17,881 | — | 17,881 | — | ||||||||||||||||||||||||||||||||
Total investments | 164,580 | 97,035 | 58,781 | 8,764 | ||||||||||||||||||||||||||||||||
Other receivables | — | — | — | — | ||||||||||||||||||||||||||||||||
Total assets | 164,580 | 97,035 | 58,781 | 8,764 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Payables | 1,317 | 1,317 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities | 1,317 | 1,317 | — | — | ||||||||||||||||||||||||||||||||
Net U.S. pension assets | $ | 163,263 | $ | 95,718 | $ | 58,781 | $ | 8,764 | ||||||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 19,742 | $ | 19,742 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity securities | 70,801 | 70,801 | — | — | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Corporate | 122,991 | — | 122,991 | — | ||||||||||||||||||||||||||||||||
Government bonds | 15,333 | — | 15,333 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Commingled funds | 97,250 | — | 96,175 | 1,075 | ||||||||||||||||||||||||||||||||
Insurance contracts | 14,057 | — | — | 14,057 | ||||||||||||||||||||||||||||||||
Real estate funds | 14,467 | — | — | 14,467 | ||||||||||||||||||||||||||||||||
Total foreign pension assets | 354,641 | 90,543 | 234,499 | 29,599 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Longevity derivative | 3,280 | $ | — | $ | — | $ | 3,280 | |||||||||||||||||||||||||||||
Total liabilities | 3,280 | — | — | 3,280 | ||||||||||||||||||||||||||||||||
Net foreign pension assets | $ | 351,361 | $ | 90,543 | $ | 234,499 | $ | 26,319 | ||||||||||||||||||||||||||||
Total pension assets | $ | 514,624 | $ | 186,261 | $ | 293,280 | $ | 35,083 | ||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
31-Jul-13 | ||||||||||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | 88,566 | $ | 88,566 | $ | — | $ | — | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | 4,801 | — | 4,801 | — | ||||||||||||||||||||||||||||||||
Mortgage/ asset-backed | 14,098 | — | 14,098 | — | ||||||||||||||||||||||||||||||||
Corporate | 16,895 | — | 16,895 | — | ||||||||||||||||||||||||||||||||
U.S. Treasury | 2,714 | — | 2,714 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Limited partnership | 8,794 | — | — | 8,794 | ||||||||||||||||||||||||||||||||
Commingled funds | 13,496 | — | 13,496 | — | ||||||||||||||||||||||||||||||||
Total investments | 149,364 | 88,566 | 52,004 | 8,794 | ||||||||||||||||||||||||||||||||
Other receivables | 942 | 942 | — | — | ||||||||||||||||||||||||||||||||
Total assets | 150,306 | 89,508 | 52,004 | 8,794 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Payables | 3,588 | 3,588 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities | 3,588 | 3,588 | — | — | ||||||||||||||||||||||||||||||||
Net U.S. pension assets | $ | 146,718 | $ | 85,920 | $ | 52,004 | $ | 8,794 | ||||||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 25,442 | $ | 25,442 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity securities | 70,297 | 70,297 | — | — | ||||||||||||||||||||||||||||||||
Debt securities: | — | |||||||||||||||||||||||||||||||||||
Corporate | 54,280 | — | 54,280 | — | ||||||||||||||||||||||||||||||||
Government bonds | 28,813 | — | 28,813 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Commingled funds | 95,982 | — | 95,057 | 925 | ||||||||||||||||||||||||||||||||
Insurance contracts | 13,483 | — | — | 13,483 | ||||||||||||||||||||||||||||||||
Real estate funds | 8,685 | — | — | 8,685 | ||||||||||||||||||||||||||||||||
Total foreign pension assets | 296,982 | 95,739 | 178,150 | 23,093 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Longevity derivative | 458 | — | — | 458 | ||||||||||||||||||||||||||||||||
Total liabilities | 458 | — | — | 458 | ||||||||||||||||||||||||||||||||
Net foreign pension assets | $ | 296,524 | $ | 95,739 | $ | 178,150 | $ | 22,635 | ||||||||||||||||||||||||||||
Total pension assets | $ | 443,242 | $ | 181,659 | $ | 230,154 | $ | 31,429 | ||||||||||||||||||||||||||||
Analysis of changes in Level 3 plan assets | ' | |||||||||||||||||||||||||||||||||||
The following tables present an analysis of changes during fiscal year 2014 and fiscal year 2013 in Level 3 plan assets, by plan asset class, for U.S. and Foreign pension plans using significant unobservable inputs to measure fair value: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||
Limited | Commingled | Insurance | Real estate | Longevity | Total | |||||||||||||||||||||||||||||||
partnership | funds | contracts | funds | derivative | ||||||||||||||||||||||||||||||||
Beginning Balance at July 31, 2013 | $ | 8,794 | $ | 925 | $ | 13,483 | $ | 8,685 | $ | (458 | ) | $ | 31,429 | |||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Assets held, end of year | (30 | ) | 24 | 463 | 512 | (2,691 | ) | (1,722 | ) | |||||||||||||||||||||||||||
Assets sold during the period | — | — | — | 164 | — | 164 | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | — | 118 | (61 | ) | 4,010 | — | 4,067 | |||||||||||||||||||||||||||||
Exchange rate changes | — | 8 | 172 | 1,096 | (131 | ) | 1,145 | |||||||||||||||||||||||||||||
Ending balance at July 31, 2014 | $ | 8,764 | $ | 1,075 | $ | 14,057 | $ | 14,467 | $ | (3,280 | ) | $ | 35,083 | |||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||
Limited | Commingled | Insurance | Real estate | Longevity | Total | |||||||||||||||||||||||||||||||
partnership | funds | contracts | funds | derivative | ||||||||||||||||||||||||||||||||
Beginning Balance at July 31, 2012 | $ | 9,634 | $ | 10,910 | $ | 12,180 | $ | 8,701 | $ | (612 | ) | $ | 40,813 | |||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Assets held, end of year | 364 | 46 | 184 | 253 | 141 | 988 | ||||||||||||||||||||||||||||||
Assets sold during the period | — | 183 | — | — | — | 183 | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | (1,204 | ) | (10,256 | ) | 163 | — | — | (11,297 | ) | |||||||||||||||||||||||||||
Exchange rate changes | — | 42 | 956 | (269 | ) | 13 | 742 | |||||||||||||||||||||||||||||
Ending balance at July 31, 2013 | $ | 8,794 | $ | 925 | $ | 13,483 | $ | 8,685 | $ | (458 | ) | $ | 31,429 | |||||||||||||||||||||||
Schedule of Expected pension benefit payments | ' | |||||||||||||||||||||||||||||||||||
The following table provides the pension benefits expected to be paid to participants in the next ten fiscal years, which include payments funded from the Company’s assets, as discussed above, as well as payments paid from plan assets: | ||||||||||||||||||||||||||||||||||||
Expected pension benefit payments | ||||||||||||||||||||||||||||||||||||
2015 | $ | 36,920 | ||||||||||||||||||||||||||||||||||
2016 | 37,354 | |||||||||||||||||||||||||||||||||||
2017 | 34,760 | |||||||||||||||||||||||||||||||||||
2018 | 36,233 | |||||||||||||||||||||||||||||||||||
2019 | 39,969 | |||||||||||||||||||||||||||||||||||
2020-2024 | 206,702 | |||||||||||||||||||||||||||||||||||
COMMON_STOCK_Tables
COMMON STOCK (Tables) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Schedule of Share Repurchase Programs | ' | ||||||||||||||||
The following table highlights the share repurchase authorizations in effect during fiscal year 2014: | |||||||||||||||||
Date of Authorization | |||||||||||||||||
26-Sep-11 | 17-Jan-13 | 17-Jul-14 | Total | ||||||||||||||
Amount available for repurchases as of July 31, 2013 | $ | 81,873 | $ | 250,000 | $ | — | $ | 331,873 | |||||||||
New authorizations | — | — | 600,000 | 600,000 | |||||||||||||
Utilized | (81,873 | ) | (168,127 | ) | — | (250,000 | ) | ||||||||||
Amount available for repurchases as of July 31, 2014 | $ | — | $ | 81,873 | $ | 600,000 | $ | 681,873 | |||||||||
Schedule of Share Based Compensation Components of stock-based compensation expense | ' | ||||||||||||||||
The detailed components of stock-based compensation expense recorded in the consolidated statements of earnings for the years ended July 31, 2014, July 31, 2013 and July 31, 2012 are illustrated in the table below. | |||||||||||||||||
July 31, 2014 | July 31, 2013 | July 31, 2012 | |||||||||||||||
Restricted stock units | $ | 20,138 | $ | 18,444 | $ | 17,113 | |||||||||||
Stock options | 7,608 | 6,147 | 6,356 | ||||||||||||||
Employee stock purchase plan (“ESPP”) | 1,045 | 1,217 | 4,348 | ||||||||||||||
Management stock purchase plan (“MSPP”) | 2,892 | 3,970 | 4,221 | ||||||||||||||
Total | $ | 31,683 | $ | 29,778 | $ | 32,038 | |||||||||||
The following table illustrates the income tax effects related to stock-based compensation for the fiscal years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Excess tax benefits in cash flows from financing activities | $ | 12,890 | $ | 15,812 | $ | 7,757 | |||||||||||
Tax benefit recognized related to total stock-based compensation expense | 8,485 | 7,587 | 8,755 | ||||||||||||||
Actual tax benefit realized for tax deductions from option exercises of stock-based payment arrangements | 21,347 | 29,558 | 16,831 | ||||||||||||||
Valuation of Stock options | ' | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Options | |||||||||||||||||
Weighted average fair value at grant date | $ | 16.72 | $ | 18.34 | $ | 14.13 | |||||||||||
Valuation assumptions: | |||||||||||||||||
Expected dividend yield | 1.5 | % | 1.5 | % | 2 | % | |||||||||||
Expected volatility | 25.9 | % | 37.6 | % | 38.6 | % | |||||||||||
Expected life (years) | 4.5 | 4.75 | 5 | ||||||||||||||
Risk-free interest rate | 1.5 | % | 0.7 | % | 0.8 | % | |||||||||||
Valuation of ESPP Shares | ' | ||||||||||||||||
2012 | |||||||||||||||||
ESPP Shares | |||||||||||||||||
Weighted average fair value at grant date | $ | 13.06 | |||||||||||||||
Valuation assumptions: | |||||||||||||||||
Expected dividend yield | 1.4 | % | |||||||||||||||
Expected volatility | 41.5 | % | |||||||||||||||
Expected life (years) | ½ year | ||||||||||||||||
Risk-free interest rate | 0.1 | % | |||||||||||||||
Schedule of Stock Options Activity | ' | ||||||||||||||||
A summary of option activity for all stock option plans during the year ended July 31, 2014 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining Contractual Term | ||||||||||||||||
Outstanding at August 1, 2013 | 2,209 | $ | 49.31 | ||||||||||||||
Granted | 503 | 82.48 | |||||||||||||||
Exercised | (638 | ) | 38.86 | ||||||||||||||
Forfeited or Expired | (52 | ) | 62.26 | ||||||||||||||
Outstanding at July 31, 2014 | 2,022 | $ | 60.53 | 4.9 | $ | 36,760 | |||||||||||
Expected to vest at July 31, 2014 | 1,315 | $ | 65.8 | 5.4 | $ | 17,720 | |||||||||||
Exercisable at July 31, 2014 | 678 | $ | 49.59 | 4.1 | $ | 18,911 | |||||||||||
Summary of MSPP Activity | ' | ||||||||||||||||
The following is a summary of MSPP activity during the fiscal years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Deferred compensation and cash contributions | $ | 5,886 | $ | 6,819 | $ | 5,336 | |||||||||||
Fair value of restricted stock units vested | $ | 4,091 | $ | 5,364 | $ | 3,950 | |||||||||||
Vested units distributed | 259 | 410 | 205 | ||||||||||||||
Restricted Stock Units (RSUs) and Performance Shares [Member] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||||||
A summary of restricted stock unit activity, excluding annual award units, for the 2005 Stock Plan and 2012 Stock Plan during the year ended July 31, 2014, is presented below: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at July 31, 2013 | 1,363 | $ | 52.5 | ||||||||||||||
Granted | 240 | 82.33 | |||||||||||||||
Vested | (362 | ) | 39.16 | ||||||||||||||
Forfeited | (65 | ) | 60.1 | ||||||||||||||
Nonvested at July 31, 2014 | 1,176 | $ | 62.27 | ||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended | ||||||||||||||
Jul. 31, 2014 | |||||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
Changes in accumulated other comprehensive income/(loss) 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 | 14,091 | 1,161 | 435 | 8,280 | 23,967 | ||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | — | 8,889 | 322 | (1,188 | ) | 8,023 | |||||||||
Foreign exchange adjustments and other | — | (6,119 | ) | — | — | (6,119 | ) | ||||||||
Balance at July 31, 2014 | 98,689 | (121,280 | ) | 2,880 | 4,790 | (14,921 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Reclassifications out of accumulated other comprehensive income are presented below: | |||||||||||||||
Year Ended | Affected line item in the | ||||||||||||||
31-Jul-14 | Consolidated Statement of Earnings | ||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||
Amortization of prior service cost | (1,543 | ) | Note (a) | ||||||||||||
Recognized actuarial gain/(loss) | (11,100 | ) | Note (a) | ||||||||||||
Settlement/curtailment | (32 | ) | Note (a) | ||||||||||||
Total before tax | (12,675 | ) | |||||||||||||
Tax (expense)/benefit | 3,786 | ||||||||||||||
Net of tax | (8,889 | ) | |||||||||||||
Unrealized investment gains/(losses) | |||||||||||||||
Realized investment gain/(losses) | (503 | ) | Selling, general and administrative | ||||||||||||
Tax (expense)/benefit | 181 | ||||||||||||||
Net of tax | (322 | ) | |||||||||||||
Unrealized gains/(losses) on derivatives | |||||||||||||||
Foreign exchange forward contracts | 1,176 | Sales | |||||||||||||
Foreign exchange forward contracts | 124 | Cost of sales | |||||||||||||
Total before tax | 1,300 | ||||||||||||||
Tax (expense)/benefit | (112 | ) | |||||||||||||
Net of tax | 1,188 | ||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 13, Pension and Profit Sharing Plans and Arrangements, for additional details). |
SEGMENT_INFORMATION_AND_GEOGRA1
SEGMENT INFORMATION AND GEOGRAPHIES (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
SEGMENT INFORMATION: | 2014 | 2013 | 2012 | |||||||||
SALES: | ||||||||||||
Life Sciences | $ | 1,453,669 | $ | 1,309,375 | $ | 1,253,594 | ||||||
Industrial | 1,335,478 | 1,338,688 | 1,418,062 | |||||||||
Total | $ | 2,789,147 | $ | 2,648,063 | $ | 2,671,656 | ||||||
SEGMENT PROFIT: | ||||||||||||
Life Sciences | 357,129 | 319,271 | 319,312 | |||||||||
Industrial | 219,172 | 214,798 | 198,747 | |||||||||
Total segment profit | 576,301 | 534,069 | 518,059 | |||||||||
Corporate Services Group | 67,200 | 66,640 | 64,114 | |||||||||
ROTC | 40,154 | 40,182 | 66,858 | |||||||||
Interest expense, net | 17,532 | 15,621 | 20,177 | |||||||||
Earnings before income taxes from continuing operations | $ | 451,415 | $ | 411,626 | $ | 366,910 | ||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||
Life Sciences | $ | 71,670 | $ | 61,709 | $ | 55,489 | ||||||
Industrial | 43,217 | 42,641 | 45,419 | |||||||||
Subtotal | 114,887 | 104,350 | 100,908 | |||||||||
Corporate Services Group | 1,505 | 1,934 | 2,479 | |||||||||
Total depreciation and amortization from continuing operations | $ | 116,392 | $ | 106,284 | $ | 103,387 | ||||||
CAPITAL EXPENDITURES: | ||||||||||||
Life Sciences | $ | 29,278 | $ | 40,589 | $ | 47,694 | ||||||
Industrial | 34,226 | 33,551 | 26,227 | |||||||||
Subtotal | 63,504 | 74,140 | 73,921 | |||||||||
Corporate/Shared Services Groups | 11,233 | 36,042 | 84,988 | |||||||||
Total | $ | 74,737 | $ | 110,182 | $ | 158,909 | ||||||
IDENTIFIABLE ASSETS: | ||||||||||||
Life Sciences | $ | 1,390,447 | $ | 1,090,585 | $ | 1,274,036 | ||||||
Industrial | 1,000,843 | 898,064 | 955,541 | |||||||||
Subtotal | 2,391,290 | 1,988,649 | 2,229,577 | |||||||||
Corporate/Shared Services Groups | 1,461,223 | 1,484,190 | 1,118,315 | |||||||||
Total | $ | 3,852,513 | $ | 3,472,839 | $ | 3,347,892 | ||||||
GEOGRAPHIC INFORMATION: | ||||||||||||
SALES: | ||||||||||||
Americas | $ | 889,122 | $ | 849,486 | $ | 839,984 | ||||||
Europe | 1,140,429 | 1,034,515 | 1,022,952 | |||||||||
Asia | 759,596 | 764,062 | 808,720 | |||||||||
Total | $ | 2,789,147 | $ | 2,648,063 | $ | 2,671,656 | ||||||
SEGMENT INFORMATION: | 2014 | 2013 | 2012 | |||||||||
IDENTIFIABLE ASSETS: | ||||||||||||
Americas | $ | 1,084,247 | $ | 1,127,364 | $ | 1,318,312 | ||||||
Europe | 1,024,969 | 590,893 | 644,721 | |||||||||
Asia | 340,146 | 322,483 | 350,510 | |||||||||
Eliminations | (58,072 | ) | (52,091 | ) | (83,966 | ) | ||||||
Subtotal | 2,391,290 | 1,988,649 | 2,229,577 | |||||||||
Corporate/Shared Services Groups | 1,461,223 | 1,484,190 | 1,118,315 | |||||||||
Total | $ | 3,852,513 | $ | 3,472,839 | $ | 3,347,892 | ||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 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 years ended July 31, 2014, July 31, 2013 and July 31, 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 8,975 | $ | 230,826 | ||||||
Earnings from discontinued operations before income taxes | $ | — | $ | 390,058 | $ | 55,684 | ||||||
Provision for income taxes | — | 145,085 | 17,322 | |||||||||
Earnings from discontinued operations, net of income taxes | $ | — | $ | 244,973 | $ | 38,362 | ||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||
Jul. 31, 2014 | ||||
ACQUISITIONS [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The preliminary purchase price, in the aggregate, is as follows: | ||||
Purchase price, including working capital adjustments | $ | 348,817 | ||
Cash acquired | 4,463 | |||
Purchase price, net of cash acquired | 344,354 | |||
Accounts receivable | 23,176 | |||
Inventories | 35,321 | |||
Other current assets | 9,150 | |||
Property, plant and equipment | 37,261 | |||
Intangible assets | 124,168 | |||
Other non-current assets | 6,871 | |||
Total identifiable assets acquired, net of cash acquired | 235,947 | |||
Current liabilities | 25,332 | |||
Non-current liabilities | 17,010 | |||
Total liabilities assumed | 42,342 | |||
Goodwill (excess cost over value of net assets acquired) | $ | 150,749 | ||
ACCOUNTING_POLICIES_AND_RELATE3
ACCOUNTING POLICIES AND RELATED MATTERS (Details Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Accounting Policies [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of operating segments | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Award Types | 4 | ' | ' |
Minimum [Member] | Building [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '30 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '3 years | ' | ' |
Minimum [Member] | Information Technology Hardware and Software [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '3 years | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '8 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Amortization Period of Intangible Assets (in years) | '20 years | ' | ' |
Maximum [Member] | Building [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '50 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '10 years | ' | ' |
Maximum [Member] | Information Technology Hardware and Software [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '10 years | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated Minimum useful lives for assets (in years) | '10 years | ' | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Net transaction gain (loss) on Settlement of foreign denominated receivable (Payables) | ($3,027) | ($5,076) | ($3,839) |
ACCOUNTING_POLICIES_AND_RELATE4
ACCOUNTING POLICIES AND RELATED MATTERS (Details) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ' | ' | ' | |||
Employee stock options and restricted stock units which were not included in the computation of diluted shares | 517 | 957 | 685 | |||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | |||
Average basic shares outstanding | 110,776 | 112,803 | 116,061 | |||
Effect of dilutive securities | 1,173 | [1] | 1,433 | [1] | 1,602 | [1] |
Average diluted shares outstanding | 111,949 | 114,236 | 117,663 | |||
[1] | Refer to Note 15, Common Stock, for a description of the Company’s stock award types. |
RESTRUCTURING_AND_OTHER_CHARGE2
RESTRUCTURING AND OTHER CHARGES, NET (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Restructuring | ' | ' | ' | |||
Severance benefits and other employment contract obligations | $27,803 | [1] | $22,526 | [1] | $61,852 | [1] |
Professional fees and other costs, net of receipt of insurance claim payments | 4,419 | [1] | 2,840 | [1] | 3,448 | [1] |
(Gain)/loss on sale and impairment of assets, net | 4,002 | [1] | 993 | [1] | 766 | [1] |
Reversal of excess restructuring reserves | -2,030 | [1] | -662 | [1] | -77 | [1] |
Restructuring Charges | 34,194 | [1] | 25,697 | [1] | 65,989 | [1] |
Cash | 30,192 | [1] | 23,410 | [1] | 63,717 | [1] |
Non-cash | 4,002 | [1] | 2,287 | [1] | 2,272 | [1] |
Other Charges/(Gains) | ' | ' | ' | |||
Severance benefits and other employment contract obligations | -402 | [2] | 3,316 | [2] | 11,436 | [2] |
Professional fees and other costs, net of receipt of insurance claim payments | 3,402 | [2] | 1,396 | [2] | 187 | [2] |
(Gain)/loss on sale and impairment of assets, net | -1,480 | [2] | 1,358 | [2] | -10,754 | [2] |
Environmental matters | 4,440 | [2] | 8,415 | [2] | ' | |
Other (Gains) Charges | -5,960 | [2] | -14,485 | [2] | -869 | [2] |
Cash | 6,102 | [2] | 12,102 | [2] | -3,064 | [2] |
Non-cash | -142 | [2] | 2,383 | [2] | 3,933 | [2] |
Total | ' | ' | ' | |||
Severance benefits and other employment contract obligations | 27,401 | 25,842 | 73,288 | |||
Professional fees and other costs, net of receipt of insurance claim payments | 7,821 | 4,236 | 3,635 | |||
(Gain)/loss on sale and impairment of assets, net | 2,522 | 2,351 | -9,988 | |||
Restructuring and other charges, net | 40,154 | 40,182 | 66,858 | |||
Cash | 36,294 | 35,512 | 60,653 | |||
Non-cash | $3,860 | $4,670 | $6,205 | |||
[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 fiscal year 2014 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2014 also includes the impairment of assets of $4,002 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions.Restructuring charges recorded in fiscal year 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above.Restructuring charges recorded in fiscal year 2012 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2012 also include asset impairment charges related to the above mentioned initiative, partly offset by a gain on the divestiture of a non-strategic asset group. | |||||
[2] | Other Charges/(Gains):Severance benefits and other employment contract obligations: In fiscal years 2013 and 2012, the Company recorded charges related to certain employment contract obligations. In fiscal year 2014, the Company recorded an adjustment related to these employment contract obligations. Professional fees and other: In fiscal year 2014, the Company recorded costs related to the settlement of a legal matter, as well as acquisition-related legal and other professional fees. In fiscal years 2014 and 2013, the Company recorded costs related to the demolition of a vacant facility. In fiscal years 2013 and 2012, the Company recorded legal and other professional fees related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings which pertain to matters that had been under audit committee inquiry (see Note 2, Audit Committee Inquiry and Restatement, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2007). Furthermore, in fiscal years 2013 and 2012, the Company recorded costs and reserve adjustments related to the settlement of the Federal Securities Class Actions and Shareholder Derivative Lawsuits and Other Proceedings. The receipt of insurance claim payments partly offset such costs in fiscal years 2013 and 2012. Refer to Note 14, Contingencies and Commitments, for further discussion of this matter.Gain on sale and impairment of assets: In fiscal year 2014 , the Company recorded a gain on the sale of a building in Europe. In fiscal year 2013, the Company recorded an impairment related to a software project. In fiscal year 2012, the Company recorded a gain on the sale of assets related to a sale of a building in Europe as well as a gain of $9,196 on the sale of the Company’s investment in Satair A/S.Environmental matters: In fiscal year 2014, the Company increased its previously established environmental reserve related to a matter in Pinellas Park, Florida. In fiscal year 2013, the Company increased its previously established environmental reserves primarily related to matters at its Ann Arbor, Michigan and Glen Cove, New York sites. Refer to Note 14, Contingencies and Commitments, for further discussion of these matters. |
RESTRUCTURING_AND_OTHER_CHARGE3
RESTRUCTURING AND OTHER CHARGES, NET (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | |||
Original charge | $34,194 | [1] | $25,697 | [1] | $65,989 | [1] |
Restructuring Reserve, Beginning Balance | 27,713 | ' | ' | |||
Reversal of excess reserves | 2,030 | [1] | 662 | [1] | 77 | [1] |
Restructuring reserve | 27,400 | 27,713 | ' | |||
Structural Cost Improvement Initiatives [Member] | ' | ' | ' | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | |||
Original charge | ' | ' | 65,300 | |||
Utilized | -30,774 | -31,510 | -30,163 | |||
Translation | 269 | 336 | -170 | |||
Restructuring Reserve, Beginning Balance | 27,713 | 34,967 | ' | |||
Additions | 32,222 | 24,477 | [2] | ' | ||
Reversal of excess reserves | -2,030 | -557 | ' | |||
Restructuring reserve | 27,400 | 27,713 | 34,967 | |||
Structural Cost Improvement Initiatives [Member] | Severance [Member] | ' | ' | ' | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | |||
Original charge | ' | ' | 61,852 | |||
Utilized | -26,178 | -29,574 | -27,365 | |||
Translation | 230 | 313 | -123 | |||
Restructuring Reserve, Beginning Balance | 26,240 | 34,364 | ' | |||
Additions | 27,803 | 21,637 | [2] | ' | ||
Reversal of excess reserves | -1,923 | -500 | ' | |||
Restructuring reserve | 26,172 | 26,240 | 34,364 | |||
Structural Cost Improvement Initiatives [Member] | Other [Member] | ' | ' | ' | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | |||
Original charge | ' | ' | 3,448 | |||
Utilized | -4,596 | -1,936 | -2,798 | |||
Translation | 39 | 23 | -47 | |||
Restructuring Reserve, Beginning Balance | 1,473 | 603 | ' | |||
Additions | 4,419 | 2,840 | [2] | ' | ||
Reversal of excess reserves | -107 | -57 | ' | |||
Restructuring reserve | $1,228 | $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 fiscal year 2014 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2014 also includes the impairment of assets of $4,002 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions.Restructuring charges recorded in fiscal year 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above.Restructuring charges recorded in fiscal year 2012 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2012 also include asset impairment charges related to the above mentioned initiative, partly offset by a gain on the divestiture of a non-strategic asset group. | |||||
[2] | Excludes pension plan settlement charge of $889. |
RESTRUCTURING_AND_OTHER_CHARGE4
RESTRUCTURING AND OTHER CHARGES, NET (Details Textuals) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring, Gain (Loss) on Sale of Assets and Asset Impairments Charges | ($4,002) | [1] | ($993) | [1] | ($766) | [1] |
Pension settlement charge | ' | 889 | ' | |||
Satair [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Realized gain on sale of Satair | ' | ' | $9,196 | |||
[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 fiscal year 2014 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2014 also includes the impairment of assets of $4,002 related to the discontinuance of a specific manufacturing line due to excess capacity as a result of recent acquisitions.Restructuring charges recorded in fiscal year 2013 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above.Restructuring charges recorded in fiscal year 2012 primarily reflect the expenses incurred in connection with the Company’s structural cost improvement initiative as discussed above. Restructuring charges in fiscal year 2012 also include asset impairment charges related to the above mentioned initiative, partly offset by a gain on the divestiture of a non-strategic asset group. |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $629,609 | $581,235 |
Less: allowance for doubtful accounts | -13,896 | -14,900 |
Accounts receivable | 615,713 | 566,335 |
Billed [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 556,928 | 508,448 |
Unbilled [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $72,681 | $72,787 |
INVENTORY_Details
INVENTORY (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials and components | $117,581 | $94,837 |
Work-in-process | 112,824 | 94,998 |
Finished goods | 174,473 | 191,212 |
Inventory | $404,878 | $381,047 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $1,776,983 | $1,650,274 | ' |
Less: Accumulated depreciation and amortization | -971,656 | -875,326 | ' |
Property, plant and equipment | 805,327 | 774,948 | ' |
Depreciation | 95,152 | 86,428 | 82,852 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 46,289 | 47,234 | ' |
Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 545,444 | 519,166 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 844,259 | 761,341 | ' |
Information Technology Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 230,051 | 221,504 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $110,940 | $101,029 | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | $342,492 | $338,941 |
Acquisitions | 150,749 | ' |
Foreign currency translation | -1,779 | 3,551 |
Goodwill, Ending Balance | 491,462 | 342,492 |
Life Sciences [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 180,896 | 178,359 |
Acquisitions | 91,121 | ' |
Foreign currency translation | -2,259 | 2,537 |
Goodwill, Ending Balance | 269,758 | 180,896 |
Industrial [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 161,596 | 160,582 |
Acquisitions | 59,628 | ' |
Foreign currency translation | 480 | 1,014 |
Goodwill, Ending Balance | $221,704 | $161,596 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS (Details 1) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $352,104 | $238,439 |
Accumulated Amortization | 109,681 | 101,196 |
Net | 242,423 | 137,243 |
Patents and unpatented technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 165,727 | 123,707 |
Accumulated Amortization | 66,126 | 69,992 |
Net | 99,601 | 53,715 |
Customer-related intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 165,759 | 97,016 |
Accumulated Amortization | 33,845 | 22,425 |
Net | 131,914 | 74,591 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 16,971 | 13,291 |
Accumulated Amortization | 7,130 | 6,166 |
Net | 9,841 | 7,125 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 3,647 | 4,425 |
Accumulated Amortization | 2,580 | 2,613 |
Net | $1,067 | $1,812 |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS (Details Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense for Intangible assets | $21,240 | $19,856 | $20,535 |
Estimated amortization expense for intangible assets, 2015 | 23,802 | ' | ' |
Estimated amortization expense for intangible assets, 2016 | 22,445 | ' | ' |
Estimated amortization expense for intangible assets, 2017 | 22,157 | ' | ' |
Estimated amortization expense for intangible assets, 2018 | 22,015 | ' | ' |
Estimated amortization expense for intangible assets, 2019 | $19,713 | ' | ' |
OTHER_CURRENT_AND_NONCURRENT_A2
OTHER CURRENT AND NON-CURRENT ASSETS (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ||
Deferred income taxes | $39,001 | [1] | $37,653 | [1] |
Income taxes receivable | 4,894 | [1] | 5,141 | [1] |
Prepaid income taxes | 35,194 | [1] | 33,761 | [1] |
Prepaid expenses | 36,903 | 39,047 | ||
Other receivables | 36,530 | 50,159 | ||
Other current assets | $152,522 | $165,761 | ||
[1] | See Note 11, Income Taxes, for further discussion. |
OTHER_CURRENT_AND_NONCURRENT_A3
OTHER CURRENT AND NON-CURRENT ASSETS (Details 1) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ||
Deferred income taxes | $16,569 | [1] | $16,998 | [1] |
Retirement benefit assets | 87,720 | [2] | 91,031 | [2] |
Prepaid income taxes | 16,041 | [1] | 8,187 | [1] |
Income taxes receivable | 26,227 | [1] | 35,194 | [1] |
Other | 29,521 | 16,717 | ||
Other non-current assets | $176,078 | $168,127 | ||
[1] | See Note 11, Income Taxes, for further discussion. | |||
[2] | Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. These include guaranteed investment contracts of $18,102 and $18,111 as of July 31, 2014 and July 31, 2013, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect related liabilities in the amounts of $67,878 and $65,428, respectively. Also included within retirement benefit assets are benefits protection trusts, with assets aggregating $68,844 and $71,990 as of July 31, 2014 and July 31, 2013, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2014 to 2046. Such debt and equity securities are classified as available-for-sale and trading and aggregated $66,051 and $70,901 as of July 31, 2014 and July 31, 2013, respectively. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect retirement benefit assets held in the trust of $68,844 and $70,669 that relate to retirement benefit liabilities of $113,393 and $112,508, respectively. |
OTHER_CURRENT_AND_NONCURRENT_A4
OTHER CURRENT AND NON-CURRENT ASSETS (Details 2) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost/ Amortized Cost Basis | $66,622 | $68,623 |
Fair Value | 69,839 | 70,744 |
Gross Unrealized Holding Gains | 3,224 | 2,937 |
Gross Unrealized Holding Losses | -7 | -816 |
Net Unrealized Holding Gains | 3,217 | 2,121 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Equity Securities, Cost/Amortized Cost Basis | 4,160 | 176 |
Equity Securities, Fair Value | 4,748 | 176 |
Equity Securities, Gross Unrealized Holding Gains | 588 | 0 |
Equity Securities, Gross Unrealized Holdings Losses | 0 | 0 |
Equity Securities, Net Unrealized Holding Gains | 588 | 0 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 28,987 | 31,546 |
Debt Securities, Fair Value | 30,243 | 32,393 |
Debt Securities, Gross Unrealized Holding Gains | 1,259 | 1,274 |
Debt Securities, Gross Unrealized Holdings Losses | -3 | -427 |
Debt Securities, Net Unrealized Holding Gains | 1,256 | 847 |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 9,478 | 11,339 |
Debt Securities, Fair Value | 9,724 | 11,543 |
Debt Securities, Gross Unrealized Holding Gains | 246 | 294 |
Debt Securities, Gross Unrealized Holdings Losses | 0 | -90 |
Debt Securities, Net Unrealized Holding Gains | 246 | 204 |
Federal Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 12,778 | 19,810 |
Debt Securities, Fair Value | 13,719 | 20,642 |
Debt Securities, Gross Unrealized Holding Gains | 941 | 1,131 |
Debt Securities, Gross Unrealized Holdings Losses | 0 | -299 |
Debt Securities, Net Unrealized Holding Gains | 941 | 832 |
Mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt Securities, Cost/Amortized Cost Basis | 11,219 | 5,752 |
Debt Securities, Fair Value | 11,405 | 5,990 |
Debt Securities, Gross Unrealized Holding Gains | 190 | 238 |
Debt Securities, Gross Unrealized Holdings Losses | -4 | 0 |
Debt Securities, Net Unrealized Holding Gains | $186 | $238 |
OTHER_CURRENT_AND_NONCURRENT_A5
OTHER CURRENT AND NON-CURRENT ASSETS (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $5,303 | $18,469 |
Less than 12 months, Gross Unrealized Holding Losses | -7 | -816 |
12 months or greater, Fair Value | 0 | 0 |
12 months or greater, Gross Unrealized Holding Losses | 0 | 0 |
Total, Fair Value | 5,303 | 18,469 |
Total, Gross Unrealized Holding Losses | -7 | -816 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 3,384 | 10,990 |
Less than 12 months, Gross Unrealized Holding Losses | -3 | -427 |
12 months or greater, Fair Value | 0 | 0 |
12 months or greater, Gross Unrealized Holding Losses | 0 | 0 |
Total, Fair Value | 3,384 | 10,990 |
Total, Gross Unrealized Holding Losses | -3 | -427 |
Mortgage Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,919 | ' |
Less than 12 months, Gross Unrealized Holding Losses | -4 | ' |
12 months or greater, Fair Value | 0 | ' |
12 months or greater, Gross Unrealized Holding Losses | 0 | ' |
Total, Fair Value | 1,919 | ' |
Total, Gross Unrealized Holding Losses | -4 | ' |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 3,778 |
Less than 12 months, Gross Unrealized Holding Losses | ' | -90 |
12 months or greater, Fair Value | ' | 0 |
12 months or greater, Gross Unrealized Holding Losses | ' | 0 |
Total, Fair Value | ' | 3,778 |
Total, Gross Unrealized Holding Losses | ' | -90 |
Federal Agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 3,701 |
Less than 12 months, Gross Unrealized Holding Losses | ' | -299 |
12 months or greater, Fair Value | ' | 0 |
12 months or greater, Gross Unrealized Holding Losses | ' | 0 |
Total, Fair Value | ' | 3,701 |
Total, Gross Unrealized Holding Losses | ' | ($299) |
OTHER_CURRENT_AND_NONCURRENT_A6
OTHER CURRENT AND NON-CURRENT ASSETS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' |
Proceeds from sales | $22,285 | $15,018 | $35,973 |
Realized gross gains on sales | 245 | 427 | 9,828 |
Realized gross losses on sales | $179 | $5 | $55 |
OTHER_CURRENT_AND_NONCURRENT_A7
OTHER CURRENT AND NON-CURRENT ASSETS (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Equity securities | $819 | $190 |
Total trading securities | 819 | 190 |
Gains/(losses), net recognized for securities held | 22 | 3 |
Gains/(losses), net recognized for securities sold | 7 | 0 |
Total gains/(losses), net recognized | $29 | $3 |
OTHER_CURRENT_AND_NONCURRENT_A8
OTHER CURRENT AND NON-CURRENT ASSETS (Details Textuals) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of the company's asset relating to the defined benefit plans | $87,720 | [1] | $91,031 | [1] |
Foreign Plans [Member] | GERMANY [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of the company's asset relating to the defined benefit plans | 18,102 | 18,111 | ||
Fair value of the company's liability relating to the defined benefit plans | 67,878 | 65,428 | ||
Nonqualified Defined Benefit Plan, Profit Sharing Plan, Assets for Contractual Obligations and Nonqualified Defined Contribution Plan [Member] | Benefit Protection [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Retirement benefit assets related to Benefits Protection Trust | 68,844 | ' | ||
Assets held-in-trusts available to settle defined benefit plans | 68,844 | ' | ||
Retirement related liabilities associated with the assets held in the benefits protection trust | 113,393 | ' | ||
Nonqualified Defined Benefit Plan, Profit Sharing Plan, Assets for Contractual Obligations and Nonqualified Defined Contribution Plan [Member] | Benefit Protection [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Retirement benefit assets related to Benefits Protection Trust | 66,051 | ' | ||
Nonqualified Defined Benefit Plan, Profit Sharing Plan and Assets Set Aside for Contractual Obligations [Member] | Benefit Protection [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Retirement benefit assets related to Benefits Protection Trust | ' | 71,990 | ||
Assets held-in-trusts available to settle defined benefit plans | ' | 70,669 | ||
Retirement related liabilities associated with the assets held in the benefits protection trust | ' | 112,508 | ||
Nonqualified Defined Benefit Plan, Profit Sharing Plan and Assets Set Aside for Contractual Obligations [Member] | Benefit Protection [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Retirement benefit assets related to Benefits Protection Trust | ' | $70,901 | ||
[1] | Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. These include guaranteed investment contracts of $18,102 and $18,111 as of July 31, 2014 and July 31, 2013, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect related liabilities in the amounts of $67,878 and $65,428, respectively. Also included within retirement benefit assets are benefits protection trusts, with assets aggregating $68,844 and $71,990 as of July 31, 2014 and July 31, 2013, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2014 to 2046. Such debt and equity securities are classified as available-for-sale and trading and aggregated $66,051 and $70,901 as of July 31, 2014 and July 31, 2013, respectively. The July 31, 2014 and July 31, 2013 consolidated balance sheets reflect retirement benefit assets held in the trust of $68,844 and $70,669 that relate to retirement benefit liabilities of $113,393 and $112,508, respectively. |
NOTES_PAYABLE_AND_LONGTERM_DEB2
NOTES PAYABLE AND LONG-TERM DEBT (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $463,781 | $467,739 | ||
Current portion | -87,955 | -420 | ||
Long-term debt, net of current portion | 375,826 | 467,319 | ||
Line of Credit [Member] | Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 0 | [1] | 0 | [1] |
Senior Notes [Member] | 5.00% Senior Notes Due Fiscal Year 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 373,830 | [2] | 373,629 | [2] |
Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 2,381 | 2,310 | ||
Long-term Debt [Member] | Jpy Loan Due Fiscal Year 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $87,570 | $91,800 | ||
[1] | On April 11, 2013, the Company entered into a five-year $1,200,000 unsecured senior revolving credit facility (the “2013 Facilityâ€) with a syndicate of banks, which was to mature on April 11, 2018. In connection with the 2013 Facility, the Company incurred deferred financing costs of $3,043, which were being amortized to interest expense over the term of the 2013 Facility. There were no amounts outstanding against the 2013 Facility as of July 31, 2014 or July 31, 2013. Letters of credit outstanding against the 2013 Facility as of July 31, 2014 were approximately $6,146.Borrowings under the 2013 Facility bear interest at either a variable rate based upon the London InterBank Offered Rate (U.S. Dollar, British Pound, Euro, Swiss Franc and Japanese Yen borrowings) or the European Union Banking Federation Rate (Euro borrowings) or at the prime rate of the Facility Agent (U.S. Dollar borrowing only). The 2013 Facility does not permit the Company to exceed a maximum consolidated leverage ratio (Consolidated Funded Debt to Earnings Before Net Interest, Taxes, Depreciation, Amortization and the Non-Cash Portion of Non-Recurring Charges and Income (“EBITDAâ€)) of 3.50 to 1.00, based upon the trailing four quarters’ results.In addition, the 2013 Facility includes other covenants that under certain circumstances may restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, enter into sale and leaseback transactions, create liens and sell assets. As of July 31, 2014, the Company was in compliance with all related financial and other restrictive covenants, including limitations on indebtedness.Subsequent to the end of fiscal year 2014, the Company amended and extended the 2013 Facility into a five-year $1,500,000 unsecured senior revolving credit facility with a syndicate of banks, which matures on August 11, 2019 (the “2015 Facilityâ€). In connection with the 2015 Facility, the Company incurred deferred financing costs of $1,535 which, in addition to the unamortized costs from the 2013 Facility, will be amortized to interest expense over the term of the 2015 Facility. The covenants for the 2015 Facility are the same as in the 2013 Facility. | |||
[2] | On June 18, 2010, the Company issued $375,000 of publicly traded 5.00% Senior Notes, due 2020 (the “Notesâ€). The Company’s senior notes (“ Prior Notesâ€), originally due August 1, 2012, were fully redeemed in July 2010 after the satisfaction of a 30-day notice period. In connection with this redemption, the Company recorded a loss on extinguishment of debt totaling $31,374, primarily comprised of a redemption premium and the recognition of previously deferred financing costs related to the Prior Notes. In connection with the Notes, the Company incurred deferred financing costs of $3,455, which are being amortized to interest expense over the term of the Notes. The Notes are unsecured and unsubordinated obligations of the Company and rank pari passu to its other outstanding unsecured and unsubordinated indebtedness. |
NOTES_PAYABLE_AND_LONGTERM_DEB3
NOTES PAYABLE AND LONG-TERM DEBT (Details 1) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 | $87,955 |
2016 | 834 |
2017 | 444 |
2018 | 425 |
2019 | $293 |
NOTES_PAYABLE_AND_LONGTERM_DEB4
NOTES PAYABLE AND LONG-TERM DEBT (Details 2) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Debt Disclosure [Abstract] | ' | ' | ' | |||
Interest expense | $26,544 | [1] | $24,074 | [1] | $28,704 | [1] |
Interest income | 9,012 | 8,453 | 8,527 | |||
Interest expense, net | $17,532 | $15,621 | $20,177 | |||
[1] | For fiscal years 2014, 2013 and 2012, interest expense was (reduced)/increased by $(781), $(2,794) and $1,653, respectively, related to Income taxes payable. See Note 11, Income Taxes for further discussion. |
NOTES_PAYABLE_AND_LONGTERM_DEB5
NOTES PAYABLE AND LONG-TERM DEBT (Details Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 18, 2010 | Jun. 18, 2010 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | Senior Revolving Credit Facility Due Fiscal Year 2020 [Member] | 5.00% Senior Notes Due Fiscal Year 2020 [Member] | 5.00% Senior Notes Due Fiscal Year 2020 [Member] | Minimum [Member] | Maximum [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Senior Revolving Credit Facility and Commercial Paper [Member] | Letter of Credit [Member] | Guarantees, Performance Bonds and Warranties [Member] | ||||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | Minimum [Member] | Maximum [Member] | Senior Revolving Credit Facility Due Fiscal Year 2018 [Member] | |||||||||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility capacity | ' | ' | ' | $1,200,000,000 | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000,000 | $1,200,000,000 | ' | ' |
Short term borrowings | 424,943,000 | 169,967,000 | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.27% | ' | ' | ' | ' | ' | ' | ' |
Interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | '4 days | '90 days | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | 3,043,000 | 1,535,000 | ' | 3,455,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,146,000 | ' |
Ratio of indebtedness to net capital | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of publicy traded senior notes | ' | ' | ' | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest on senior notes issued | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | 31,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense Increase Decrease To Related To Income Taxes Payable | -781,000 | -2,794,000 | 1,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average borrowing interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.35% | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 2.49% | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Credit Facilities | 234,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured credit facilities, compensating balances | 751,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount oustanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76,911,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Securities | $69,839 | $70,744 |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 819 | 190 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 819 | 190 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 5,931 | 301 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 1,726 | 3,066 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 4,748 | 176 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 30,243 | 32,393 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 9,724 | 11,543 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 13,719 | 20,642 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 11,405 | 5,990 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities | 819 | 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 | 4,748 | 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 | 5,931 | 301 |
Derivative financial instruments: | ' | ' |
Foreign exchange forward contracts | 1,726 | 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 | 30,243 | 32,393 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 9,724 | 11,543 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Agency [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 13,719 | 20,642 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Securities | 11,405 | 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 Measurement [Member] | ' | ' |
Financial assets carried at fair value | ' | ' |
Money market funds | 4,860 | 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 | 4,860 | 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 | $0 |
FINANCIAL_INSTRUMENTS_AND_RISK2
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Details Textuals) | Jul. 31, 2014 | 26-May-10 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
USD ($) | Jpy Loan Due Fiscal Year 2015 [Member] | Foreign Exchange Forward [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 ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||
JPY (¥) | USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |||
USD ($) | USD ($) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency forward contracts | ' | ' | $572,542,000 | $473,305,000 | ' | $99,237,000 | $98,321,000 |
Fair value of foreign currency forward contracts | 4,205,000 | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency forward contracts entered during the period | ' | ' | ' | 2,525,674,000 | 2,414,999,000 | ' | ' |
Loan obtained during the fourth quarter | ' | ¥ 9,000,000,000 | ' | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_AND_RISK3
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset | $5,931 | $301 |
Derivative liability | 1,726 | 3,066 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset | 4,755 | 0 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability | 3 | 1,941 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset | 1,176 | 301 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability | 1,723 | 1,125 |
Net investment Hedge [Member] | Designated as Hedging Instrument [Member] | Long-term Debt [Member] | ' | ' |
Nonderivative instruments designated as hedging instruments | ' | ' |
Net investment hedge | $87,570 | $91,800 |
FINANCIAL_INSTRUMENTS_AND_RISK4
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Details 1) (Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | $1,300 | [1] | ($3,255) | [1] |
Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | 1,176 | [1] | -1,444 | [1] |
Cost of Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (a) | 124 | [1] | -1,811 | [1] |
Other Comprehensive Income (Loss) [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion) | $8,990 | ($2,572) | ||
[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 twelve months ended July 31, 2014 and July 31, 2013. |
FINANCIAL_INSTRUMENTS_AND_RISK5
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Details 2) (Not Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Selling, General and Administrative Expenses [Member] | ' | ' |
Derivatives not designated as hedging instruments | ' | ' |
Amount of Gain/(Loss) Recognized in Earnings on Derivatives | ($2,839) | ($15,897) |
FINANCIAL_INSTRUMENTS_AND_RISK6
FINANCIAL INSTRUMENTS AND RISKS & UNCERTAINTIES (Details 3) (Net investment Hedge [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | ||
Net investment Hedge [Member] | ' | ' | ||
Nonderivatives designated as hedging relationships | ' | ' | ||
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion) | $2,707 | $14,930 | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | $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 years ended July 31, 2014 and July 31, 2013. |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic operations | $89,598 | $36,127 | $63,018 |
Foreign operations | 361,817 | 375,499 | 303,892 |
Total | $451,415 | $411,626 | $366,910 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Current: | ' | ' | ' |
Federal, state and local | $27,370 | $1,677 | $32,016 |
Foreign | 53,158 | 68,673 | 63,042 |
Total | 80,528 | 70,350 | 95,058 |
Deferred: | ' | ' | ' |
Federal, state and local | 14,749 | 671 | -7,187 |
Foreign | -7,818 | 10,643 | -1,908 |
Total | 6,931 | 11,314 | -9,095 |
Total | $87,459 | $81,664 | $85,963 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Foreign income and withholding taxes, net of U.S. foreign tax credits | -10.00% | -12.30% | -10.90% |
Net unrecognized tax benefit adjustments | -6.10% | -2.60% | -0.80% |
Tax credits | -0.40% | -0.90% | -0.40% |
Other, net | 0.90% | 0.60% | 0.50% |
Effective tax rate | 19.40% | 19.80% | 23.40% |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax asset: | ' | ' |
Tax loss and tax credit carry-forwards | $53,513 | $43,076 |
Inventories | 10,206 | 8,658 |
Compensation and benefits | 40,393 | 39,231 |
Environmental | 7,451 | 6,745 |
Accrued expenses | 16,393 | 19,425 |
Amortization | 2,657 | 2,364 |
Net pensions | 58,431 | 63,144 |
Other | 4,614 | 21,487 |
Gross deferred tax asset | 193,658 | 204,130 |
Valuation allowance | -38,911 | -25,528 |
Total deferred tax asset | 154,747 | 178,602 |
Deferred tax liability: | ' | ' |
Amortization | -45,475 | -36,145 |
Plant and equipment | -44,843 | -35,321 |
Revenue recognition | -3,098 | -6,948 |
Undistributed foreign earnings | -75,955 | -78,360 |
Other | -436 | -419 |
Total deferred tax liability | -169,807 | -157,193 |
Net deferred tax (liability)/asset | -15,060 | ' |
Net deferred tax (liability)/asset | ($15,060) | $21,409 |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Income Taxes [Line Items] | ' | ' | ||
Other current assets | $39,001 | [1] | $37,653 | [1] |
Other non-current assets | 16,569 | [1] | 16,998 | [1] |
Deferred income taxes | -67,303 | -31,524 | ||
Net deferred tax (liability)/asset | -15,060 | 21,409 | ||
Other current assets [Member] | ' | ' | ||
Income Taxes [Line Items] | ' | ' | ||
Other current assets | 39,001 | 37,653 | ||
Other non-current assets [Member] | ' | ' | ||
Income Taxes [Line Items] | ' | ' | ||
Other non-current assets | 16,569 | 16,998 | ||
Accrued liabilities [Member] | ' | ' | ||
Income Taxes [Line Items] | ' | ' | ||
Accrued liabilities | ($3,327) | ($1,718) | ||
[1] | See Note 11, Income Taxes, for further discussion. |
INCOME_TAXES_Details_5
INCOME TAXES (Details 5) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | $108,772 |
Tax Credits | 16,347 |
Finite Lived [Member] | ' |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | 4,521 |
Tax Credits | 3,869 |
2015 [Member] | ' |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | 543 |
Tax Credits | 17 |
2016-2024 [Member] | ' |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | 1,739 |
Tax Credits | 2,287 |
2025-2034 [Member] | ' |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | 2,239 |
Tax Credits | 1,565 |
Indefinite [Member] | ' |
Operating Loss and Tax Credit Carryforwards [Line Items] | ' |
Operating Losses | 104,251 |
Tax Credits | $12,478 |
INCOME_TAXES_Details_6
INCOME TAXES (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | $203,376 | $194,829 | $188,380 |
Increases for tax positions taken during the current year | 31,345 | 40,446 | 40,413 |
Increases to tax positions taken in prior years | 12,363 | 385 | 7,940 |
Decreases to tax positions taken in prior years | -6,757 | -23,522 | -16,965 |
Settlements with tax authorities | -36,138 | -6,233 | -15,455 |
Expiration of statutes of limitation | -5,188 | -1,310 | -4,885 |
Translation and other | 3,563 | -1,219 | -4,599 |
Ending balance | $202,564 | $203,376 | $194,829 |
INCOME_TAXES_Details_Textuals
INCOME TAXES (Details Textuals) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Income Taxes [Line Items] | ' | ' | ' |
Impact of tax incentive in reduction on tax expense | $21,114,000 | $18,935,000 | $14,942,000 |
Undistributed Foreign Subsidiaries' Earnings on which Deferred taxes not provided | 1,640,000,000 | ' | ' |
Unrecognized Tax Benefits that Would Affect The Effective Tax Rate If Recognized | 160,346,000 | 152,041,000 | 137,413,000 |
Income Tax Examination, Penalties and Interest Expense | 4,128,000 | 2,208,000 | 292,000 |
Income Tax Examination, Penalties and Interest Accrued | 14,556,000 | 18,622,000 | ' |
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 | 45,117,000 | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Reversal of Tax and Penalties Due to Audit Settlement | ' | 10,193,000 | 439,000 |
Reversal of Interest Due to Audit Settlement | ' | 6,704,000 | 4,003,000 |
Reversal of Interest, Net of Income Tax, Due to Audit Settlement | ' | 4,268,000 | 2,549,000 |
SINGAPORE [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income Tax Holiday, Extension, Duration | '10 years | ' | ' |
GERMANY [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Reversal of Tax and Penalties Due to Audit Settlement | 6,437,000 | ' | ' |
Reversal of Interest Due to Audit Settlement | 3,042,000 | ' | ' |
Reversal of Interest, Net of Income Tax, Due to Audit Settlement | 2,580,000 | ' | ' |
UNITED KINGDOM [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Reversal of Tax and Penalties Due to Audit Settlement | 10,961,000 | ' | ' |
Reversal of Interest Due to Audit Settlement | 1,478,000 | ' | ' |
Reversal of Interest, Net of Income Tax, Due to Audit Settlement | $1,138,000 | ' | ' |
ACCRUED_AND_OTHER_NONCURRENT_L2
ACCRUED AND OTHER NON-CURRENT LIABILITIES (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related taxes | $153,157 | $133,395 |
Customer advances | 41,773 | 47,457 |
Restructuring reserve | 27,400 | 27,713 |
Benefits | 21,756 | 16,091 |
Interest payable | 4,806 | 8,024 |
Other | 79,505 | 80,149 |
Accrued liabilities | $328,397 | $312,829 |
ACCRUED_AND_OTHER_NONCURRENT_L3
ACCRUED AND OTHER NON-CURRENT LIABILITIES (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | ||
Payables and Accruals [Abstract] | ' | ' | ||
Retirement benefits | $206,119 | [1] | $231,200 | [1] |
Interest payable - non-current | 7,895 | [2] | 6,524 | [2] |
Deferred revenue | 897 | [3] | 3,051 | [3] |
Environmental remediation | 16,102 | [4] | 15,340 | [4] |
Other | 34,884 | 32,011 | ||
Other non-current liabilities | $265,897 | $288,126 | ||
Americas Commercial Aerospace Aftermarket Distribution Channel Rights Term | '10 years | ' | ||
[1] | For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements. | |||
[2] | See Note 11, Income Taxes, for further discussion. | |||
[3] | On December 16, 2005, the Company sold the rights to its Americas commercial aerospace aftermarket distribution channel for the Company’s products for a ten-year period to Satair. The proceeds received for the distribution rights were recorded as deferred revenue and are being amortized as an increase to sales over the life of the distribution agreement. | |||
[4] | For further discussion regarding environmental remediation liabilities refer to Note 14, Contingencies and Commitments. |
PENSION_AND_PROFIT_SHARING_PLA2
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | $681,008 | $711,880 | ' | ||
Curtailments and settlements | -168 | -22,720 | ' | ||
Service cost | 12,684 | 15,094 | 13,650 | ||
Interest cost | 29,487 | 26,316 | 30,822 | ||
Plan amendments | 73 | 471 | ' | ||
Actuarial (gain) loss | 8,326 | -11,407 | ' | ||
Total benefits paid | -37,767 | [1] | -31,383 | [1] | ' |
Effect of exchange rates | 29,334 | -7,243 | ' | ||
Benefit obligation – end of year | 722,977 | 681,008 | 711,880 | ||
U.S. Plans [Member] | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | 285,360 | 319,579 | ' | ||
Curtailments and settlements | 0 | -15,477 | ' | ||
Service cost | 8,679 | 10,590 | 8,924 | ||
Interest cost | 12,110 | 10,469 | 12,722 | ||
Plan amendments | 73 | 471 | ' | ||
Actuarial (gain) loss | 2,843 | -32,170 | ' | ||
Total benefits paid | -20,300 | [1] | -8,102 | [1] | ' |
Effect of exchange rates | 0 | 0 | ' | ||
Benefit obligation – end of year | 288,765 | 285,360 | 319,579 | ||
Foreign Plans [Member] | ' | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ||
Benefit obligation - beginning of year | 395,648 | 392,301 | ' | ||
Curtailments and settlements | -168 | -7,243 | ' | ||
Service cost | 4,005 | 4,504 | 4,726 | ||
Interest cost | 17,377 | 15,847 | 18,100 | ||
Plan amendments | 0 | 0 | ' | ||
Actuarial (gain) loss | 5,483 | 20,763 | ' | ||
Total benefits paid | -17,467 | [1] | -23,281 | [1] | ' |
Effect of exchange rates | 29,334 | -7,243 | ' | ||
Benefit obligation – end of year | $434,212 | $395,648 | $392,301 | ||
[1] | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. |
PENSION_AND_PROFIT_SHARING_PLA3
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | $443,242 | [1] | $425,832 | [1] |
Curtailments and settlements | -168 | [1] | -14,624 | [1] |
Actual return on plan assets | 34,481 | [1] | 47,972 | [1] |
Company contributions | 47,558 | [1] | 27,785 | [1] |
Benefits paid from plan assets | -37,767 | [1] | -31,383 | [1] |
Effect of exchange rates | 27,278 | [1] | -12,340 | [1] |
Fair value of plan assets - end of year | 514,624 | [1] | 443,242 | [1] |
Funded status | -208,353 | [1] | -237,766 | [1] |
U.S. Plans [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 146,718 | [1] | 142,398 | [1] |
Curtailments and settlements | 0 | [1] | -14,271 | [1] |
Actual return on plan assets | 19,685 | [1] | 17,854 | [1] |
Company contributions | 17,160 | [1] | 8,839 | [1] |
Benefits paid from plan assets | -20,300 | [1] | -8,102 | [1] |
Effect of exchange rates | 0 | [1] | 0 | [1] |
Fair value of plan assets - end of year | 163,263 | [1] | 146,718 | [1] |
Funded status | -125,502 | [1] | -138,642 | [1] |
Foreign Plans [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 296,524 | [1] | 283,434 | [1] |
Curtailments and settlements | -168 | [1] | -353 | [1] |
Actual return on plan assets | 14,796 | [1] | 30,118 | [1] |
Company contributions | 30,398 | [1] | 18,946 | [1] |
Benefits paid from plan assets | -17,467 | [1] | -23,281 | [1] |
Effect of exchange rates | 27,278 | [1] | -12,340 | [1] |
Fair value of plan assets - end of year | 351,361 | [1] | 296,524 | [1] |
Funded status | ($82,851) | [1] | ($99,124) | [1] |
[1] | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. |
PENSION_AND_PROFIT_SHARING_PLA4
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 2) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $698,052 | $655,819 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Accumulated benefit obligation | 251,739 | 627,149 |
Projected benefit obligation | 263,196 | 650,505 |
Plan assets at fair value | 60,544 | 412,084 |
U.S. Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | 271,840 | 268,138 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Accumulated benefit obligation | 149,702 | 268,138 |
Projected benefit obligation | 154,799 | 285,360 |
Plan assets at fair value | 40,542 | 146,718 |
Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | 426,212 | 387,681 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Accumulated benefit obligation | 102,037 | 359,011 |
Projected benefit obligation | 108,397 | 365,145 |
Plan assets at fair value | $20,002 | $265,366 |
PENSION_AND_PROFIT_SHARING_PLA5
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Non-current assets | $5,545 | $655 | ||
Current liabilities | -7,779 | -7,221 | ||
Non-current liabilities | -206,119 | [1] | -231,200 | [1] |
Net amount recognized | -208,353 | -237,766 | ||
U.S. Plans [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Non-current assets | 0 | 0 | ||
Current liabilities | -6,798 | -6,308 | ||
Non-current liabilities | -118,704 | -132,334 | ||
Net amount recognized | -125,502 | -138,642 | ||
Foreign Plans [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Non-current assets | 5,545 | 655 | ||
Current liabilities | -981 | -913 | ||
Non-current liabilities | -87,415 | -98,866 | ||
Net amount recognized | ($82,851) | ($99,124) | ||
[1] | For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements. |
PENSION_AND_PROFIT_SHARING_PLA6
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $12,684 | $15,094 | $13,650 |
Interest cost | 29,487 | 26,316 | 30,822 |
Expected return on plan assets | -23,558 | -25,633 | -24,794 |
Amortization of prior service cost/(credit) | 1,543 | 1,515 | 1,686 |
Amortization of actuarial loss | 11,100 | 15,167 | 13,235 |
(Gain)/loss due to curtailments and settlements | 32 | 2,174 | 589 |
Net periodic benefit cost | 31,288 | 34,633 | 35,188 |
U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 8,679 | 10,590 | 8,924 |
Interest cost | 12,110 | 10,469 | 12,722 |
Expected return on plan assets | -9,298 | -9,533 | -9,212 |
Amortization of prior service cost/(credit) | 1,580 | 1,571 | 1,779 |
Amortization of actuarial loss | 5,377 | 9,644 | 7,998 |
(Gain)/loss due to curtailments and settlements | 0 | 2,690 | 0 |
Net periodic benefit cost | 18,448 | 25,431 | 22,211 |
Foreign Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 4,005 | 4,504 | 4,726 |
Interest cost | 17,377 | 15,847 | 18,100 |
Expected return on plan assets | -14,260 | -16,100 | -15,582 |
Amortization of prior service cost/(credit) | -37 | -56 | -93 |
Amortization of actuarial loss | 5,723 | 5,523 | 5,237 |
(Gain)/loss due to curtailments and settlements | 32 | -516 | 589 |
Net periodic benefit cost | $12,840 | $9,202 | $12,977 |
PENSION_AND_PROFIT_SHARING_PLA7
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial (gain)/loss | ($2,597) | ' | ' |
Recognized actuarial loss | -11,100 | ' | ' |
Prior service cost | 73 | ' | ' |
Recognized prior service (cost)/credit | -1,543 | ' | ' |
Effect of exchange rates and other items on amounts included in accumulated other comprehensive income | -8,758 | ' | ' |
Total recognized in other comprehensive (income)/loss, before tax effects | -6,409 | ' | ' |
Total recognized in other comprehensive (income)/loss, net of tax effects | -3,931 | -39,233 | 42,613 |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, before tax effects | 24,879 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, net of tax effects | 17,250 | ' | ' |
U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial (gain)/loss | -7,544 | ' | ' |
Recognized actuarial loss | -5,377 | ' | ' |
Prior service cost | 73 | ' | ' |
Recognized prior service (cost)/credit | -1,580 | ' | ' |
Effect of exchange rates and other items on amounts included in accumulated other comprehensive income | 87 | ' | ' |
Total recognized in other comprehensive (income)/loss, before tax effects | -14,515 | ' | ' |
Total recognized in other comprehensive (income)/loss, net of tax effects | -9,290 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, before tax effects | 3,933 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, net of tax effects | 2,517 | ' | ' |
Foreign Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial (gain)/loss | 4,947 | ' | ' |
Recognized actuarial loss | -5,723 | ' | ' |
Prior service cost | 0 | ' | ' |
Recognized prior service (cost)/credit | 37 | ' | ' |
Effect of exchange rates and other items on amounts included in accumulated other comprehensive income | -8,845 | ' | ' |
Total recognized in other comprehensive (income)/loss, before tax effects | 8,106 | ' | ' |
Total recognized in other comprehensive (income)/loss, net of tax effects | 5,359 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, before tax effects | 20,946 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss, net of tax effects | $14,733 | ' | ' |
PENSION_AND_PROFIT_SHARING_PLA8
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 6) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | $6,525 | $7,945 |
Net actuarial loss | 172,569 | 177,558 |
Total amounts recognized in accumulated other comprehensive income | 179,094 | 185,503 |
U.S. Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | 6,045 | 7,552 |
Net actuarial loss | 56,419 | 69,427 |
Total amounts recognized in accumulated other comprehensive income | 62,464 | 76,979 |
Foreign Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | 480 | 393 |
Net actuarial loss | 116,150 | 108,131 |
Total amounts recognized in accumulated other comprehensive income | $116,630 | $108,524 |
PENSION_AND_PROFIT_SHARING_PLA9
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 7) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | $1,461 |
Net actuarial loss | 9,751 |
U.S. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | 1,458 |
Net actuarial loss | 4,075 |
Foreign Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | 3 |
Net actuarial loss | $5,676 |
Recovered_Sheet1
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 8) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
U.S. Plans [Member] | ' | ' | ' |
Assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.20% | 4.40% | 3.40% |
Rate of compensation increase | 3.43% | 3.43% | 3.45% |
Assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate | 4.40% | 3.40% | 5.00% |
Expected long-term rate of return on plan assets | 6.75% | 6.75% | 7.00% |
Rate of compensation increase | 3.43% | 3.45% | 4.61% |
Foreign Plans [Member] | ' | ' | ' |
Assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 3.85% | 4.18% | 4.10% |
Rate of compensation increase | 3.06% | 3.15% | 3.18% |
Assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate | 4.18% | 4.10% | 4.90% |
Expected long-term rate of return on plan assets | 4.57% | 5.69% | 5.88% |
Rate of compensation increase | 3.15% | 3.18% | 3.18% |
Recovered_Sheet2
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 9) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | $514,624 | [1] | $443,242 | [1] | $425,832 | [1] |
Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 514,624 | 443,242 | ' | |||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 186,261 | 181,659 | ' | |||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 293,280 | 230,154 | ' | |||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 35,083 | 31,429 | 40,813 | |||
Limited Partnership [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | 9,634 | |||
Commingled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,075 | 925 | 10,910 | |||
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,057 | 13,483 | 12,180 | |||
Real Estate Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,467 | 8,685 | 8,701 | |||
Longevity Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | -3,280 | -458 | -612 | |||
U.S. Plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 163,263 | [1] | 146,718 | [1] | 142,398 | [1] |
U.S. Plans [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 163,263 | 146,718 | ' | |||
U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 95,718 | 85,920 | ' | |||
U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 58,781 | 52,004 | ' | |||
U.S. Plans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | ' | |||
U.S. Plans [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 97,035 | 88,566 | ' | |||
U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 97,035 | 88,566 | ' | |||
U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Federal Agency [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 2,020 | 4,801 | ' | |||
U.S. Plans [Member] | Federal Agency [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Federal Agency [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 2,020 | 4,801 | ' | |||
U.S. Plans [Member] | Federal Agency [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Mortgage / Asset-backed [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 15,463 | 14,098 | ' | |||
U.S. Plans [Member] | Mortgage / Asset-backed [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Mortgage / Asset-backed [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 15,463 | 14,098 | ' | |||
U.S. Plans [Member] | Mortgage / Asset-backed [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 18,212 | 16,895 | ' | |||
U.S. Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 18,212 | 16,895 | ' | |||
U.S. Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | U.S. Treasury [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 5,205 | 2,714 | ' | |||
U.S. Plans [Member] | U.S. Treasury [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | U.S. Treasury [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 5,205 | 2,714 | ' | |||
U.S. Plans [Member] | U.S. Treasury [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Limited Partnership [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | ' | |||
U.S. Plans [Member] | Limited Partnership [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Limited Partnership [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Limited Partnership [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | ' | |||
U.S. Plans [Member] | Commingled Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 17,881 | 13,496 | ' | |||
U.S. Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 17,881 | 13,496 | ' | |||
U.S. Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Investments [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 164,580 | 149,364 | ' | |||
U.S. Plans [Member] | Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 97,035 | 88,566 | ' | |||
U.S. Plans [Member] | Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 58,781 | 52,004 | ' | |||
U.S. Plans [Member] | Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | ' | |||
U.S. Plans [Member] | Other Receivables [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 942 | ' | |||
U.S. Plans [Member] | Other Receivables [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 942 | ' | |||
U.S. Plans [Member] | Other Receivables [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Other Receivables [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Total Assets [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 164,580 | 150,306 | ' | |||
U.S. Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 97,035 | 89,508 | ' | |||
U.S. Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 58,781 | 52,004 | ' | |||
U.S. Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 8,764 | 8,794 | ' | |||
U.S. Plans [Member] | Payables [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,317 | 3,588 | ' | |||
U.S. Plans [Member] | Payables [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,317 | 3,588 | ' | |||
U.S. Plans [Member] | Payables [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Payables [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Total Liabilities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,317 | 3,588 | ' | |||
U.S. Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,317 | 3,588 | ' | |||
U.S. Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
U.S. Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 351,361 | [1] | 296,524 | [1] | 283,434 | [1] |
Foreign Plans [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 351,361 | 296,524 | ' | |||
Foreign Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 90,543 | 95,739 | ' | |||
Foreign Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 234,499 | 178,150 | ' | |||
Foreign Plans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 26,319 | 22,635 | ' | |||
Foreign Plans [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 70,801 | 70,297 | ' | |||
Foreign Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 70,801 | 70,297 | ' | |||
Foreign Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 122,991 | 54,280 | ' | |||
Foreign Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 122,991 | 54,280 | ' | |||
Foreign Plans [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Commingled Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 97,250 | 95,982 | ' | |||
Foreign Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 96,175 | 95,057 | ' | |||
Foreign Plans [Member] | Commingled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 1,075 | 925 | ' | |||
Foreign Plans [Member] | Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 19,742 | 25,442 | ' | |||
Foreign Plans [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 19,742 | 25,442 | ' | |||
Foreign Plans [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Government Bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 15,333 | 28,813 | ' | |||
Foreign Plans [Member] | Government Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Government Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 15,333 | 28,813 | ' | |||
Foreign Plans [Member] | Government Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Insurance Contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,057 | 13,483 | ' | |||
Foreign Plans [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,057 | 13,483 | ' | |||
Foreign Plans [Member] | Real Estate Fund [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,467 | 8,685 | ' | |||
Foreign Plans [Member] | Real Estate Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Real Estate Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Real Estate Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 14,467 | 8,685 | ' | |||
Foreign Plans [Member] | Total Assets [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 354,641 | 296,982 | ' | |||
Foreign Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 90,543 | 95,739 | ' | |||
Foreign Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 234,499 | 178,150 | ' | |||
Foreign Plans [Member] | Total Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 29,599 | 23,093 | ' | |||
Foreign Plans [Member] | Longevity Swap [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 3,280 | 458 | ' | |||
Foreign Plans [Member] | Longevity Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Longevity Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Longevity Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 3,280 | 458 | ' | |||
Foreign Plans [Member] | Total Liabilities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 3,280 | 458 | ' | |||
Foreign Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 0 | 0 | ' | |||
Foreign Plans [Member] | Total Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | $3,280 | $458 | ' | |||
[1] | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. |
Recovered_Sheet3
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 10) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | $443,242 | [1] | $425,832 | [1] |
Actual return on plan assets: | ' | ' | ||
Exchange rate changes | 27,278 | [1] | -12,340 | [1] |
Fair value of plan assets - end of year | 514,624 | [1] | 443,242 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 31,429 | 40,813 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | -1,722 | 988 | ||
Assets sold during the period | 164 | 183 | ||
Purchases, sales, and settlements, net | 4,067 | -11,297 | ||
Exchange rate changes | 1,145 | 742 | ||
Fair value of plan assets - end of year | 35,083 | 31,429 | ||
Fair Value, Inputs, Level 3 [Member] | Limited Partnership [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 8,794 | 9,634 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | -30 | 364 | ||
Assets sold during the period | 0 | 0 | ||
Purchases, sales, and settlements, net | 0 | -1,204 | ||
Exchange rate changes | 0 | 0 | ||
Fair value of plan assets - end of year | 8,764 | 8,794 | ||
Fair Value, Inputs, Level 3 [Member] | Commingled Funds [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 925 | 10,910 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | 24 | 46 | ||
Assets sold during the period | 0 | 183 | ||
Purchases, sales, and settlements, net | 118 | -10,256 | ||
Exchange rate changes | 8 | 42 | ||
Fair value of plan assets - end of year | 1,075 | 925 | ||
Fair Value, Inputs, Level 3 [Member] | Insurance Contracts [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 13,483 | 12,180 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | 463 | 184 | ||
Assets sold during the period | 0 | 0 | ||
Purchases, sales, and settlements, net | -61 | 163 | ||
Exchange rate changes | 172 | 956 | ||
Fair value of plan assets - end of year | 14,057 | 13,483 | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate Fund [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | 8,685 | 8,701 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | 512 | 253 | ||
Assets sold during the period | 164 | 0 | ||
Purchases, sales, and settlements, net | 4,010 | 0 | ||
Exchange rate changes | 1,096 | -269 | ||
Fair value of plan assets - end of year | 14,467 | 8,685 | ||
Fair Value, Inputs, Level 3 [Member] | Longevity Swap [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Fair value of plan assets – beginning of year | -458 | -612 | ||
Actual return on plan assets: | ' | ' | ||
Assets held, end of year | -2,691 | 141 | ||
Assets sold during the period | 0 | 0 | ||
Purchases, sales, and settlements, net | 0 | 0 | ||
Exchange rate changes | -131 | 13 | ||
Fair value of plan assets - end of year | ($3,280) | ($458) | ||
[1] | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. |
Recovered_Sheet4
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details 11) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2015 | $36,920 |
2016 | 37,354 |
2017 | 34,760 |
2018 | 36,233 |
2019 | 39,969 |
2020-2024 | $206,702 |
Recovered_Sheet5
PENSION AND PROFIT SHARING PLANS AND ARRANGEMENTS (Details Textuals) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Net periodic benefit cost | $31,288 | $34,633 | $35,188 | |||
Fair value of plan assets | 514,624 | [1] | 443,242 | [1] | 425,832 | [1] |
Estimated cash requirements for the defined benefit plans | 14,276 | ' | ' | |||
Expected benefit payments for the defined benefit plans | 10,368 | ' | ' | |||
Expected company contributions for the defined benefit plans | 3,908 | ' | ' | |||
Percentage of employee contributions matched, up to 3% | 100.00% | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' | |||
United States Plan of US Entity, Defined Contribution [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Expense associated with plan | 7,524 | 7,127 | 5,903 | |||
Foreign Plan, Defined Contribution [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Expense associated with plan | 19,825 | 17,015 | 18,778 | |||
Equity Securities [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Target allocations for the plan assets, based on a weighted average, equity securities | 32.00% | ' | ' | |||
Debt Securities [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Target allocations for the plan assets, based on a weighted average, equity securities | 31.00% | ' | ' | |||
Other Investments [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Target allocations for the plan assets, based on a weighted average, equity securities | 37.00% | ' | ' | |||
Supplemental U.S. Plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 67,878 | 70,335 | ' | |||
Fair value of the company's liability relating to the defined benefit plans | 111,886 | 111,590 | ' | |||
Supplemental Foreign Plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Fair value of plan assets | 18,102 | 18,111 | ' | |||
Fair value of the company's liability relating to the defined benefit plans | 72,332 | 65,428 | ' | |||
Discontinued Operations [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Net periodic benefit cost | ' | $1,737 | $735 | |||
[1] | The Company has certain supplemental defined benefit plans, which provide benefits to eligible executives in the U.S. and employees abroad for which the above tables do not include certain Company assets relating to these plans of $67,878 and $70,335 for the U.S. plans and $18,102 and $18,111 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. Liabilities, included in the tables above, related to these plans were $111,886 and $111,590 for the U.S. plans and $72,332 and $65,428 for the foreign plans as of July 31, 2014 and July 31, 2013, respectively. |
CONTINGENCIES_AND_COMMITMENTS_
CONTINGENCIES AND COMMITMENTS (Details Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2014 | Jul. 31, 2014 |
site | Surety Bond [Member] | Ann Arbor Michigan Site [Member] | Ann Arbor Michigan Site [Member] | Wager Road Facility [Member] | Wager Road Facility [Member] | Pinellas Park Site [Member] | Glen Cove, New York [Member] | |||
Gelman Sciences Inc [Member] | Gelman Sciences Inc [Member] | Gelman Sciences Inc [Member] | Gelman Sciences Inc [Member] | operable_unit | ||||||
Minimum [Member] | Maximum [Member] | |||||||||
acre | acre | |||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites with environmental matters | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental liabilities | $19,452 | ' | ' | ' | ' | $9,029 | ' | ' | ' | ' |
Site contingency settlements | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Number of acres diminished | ' | ' | ' | ' | ' | ' | 144 | 154 | ' | ' |
Number of operable units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Environmental remediation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,440 | 2,000 |
Settlement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,250 |
Surety outstanding bonds relating primarily to long-term contracts with governmental agencies | ' | ' | ' | 159,970 | ' | ' | ' | ' | ' | ' |
Rent expenses for all operating leases | 34,705 | 34,694 | 35,319 | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due in 2015 | 29,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due in 2016 | 22,621 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due in 2017 | 16,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due in 2018 | 10,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due in 2019 | 8,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rental commitments for all non-cancelable operating leases due thereafter | 15,185 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable future purchase commitments for goods or services with various vendors due in 2015 | 42,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable future purchase commitments for goods or services with various vendors due in 2016 | 7,370 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable future purchase commitments for goods or services with various vendors due in 2017 | 5,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable future purchase commitments for goods or services with various vendors due in 2018 | 5,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable future purchase commitments for goods or services with various vendors due in 2019 | $1,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMON_STOCK_Details
COMMON STOCK (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Stock Repurchase Program [Roll Forward] | ' | ' | ' |
Amount available for repurchases as of July 31, 2013 | $331,873 | ' | ' |
New authorizations | 600,000 | ' | ' |
Utilized | 250,000 | 250,000 | 121,164 |
Amount available for repurchases as of July 31, 2014 | 681,873 | 331,873 | ' |
Sep 26 2011 [Member] | ' | ' | ' |
Stock Repurchase Program [Roll Forward] | ' | ' | ' |
Amount available for repurchases as of July 31, 2013 | 81,873 | ' | ' |
New authorizations | 0 | ' | ' |
Utilized | 81,873 | ' | ' |
Amount available for repurchases as of July 31, 2014 | 0 | ' | ' |
Jan 17 2013 [Member] | ' | ' | ' |
Stock Repurchase Program [Roll Forward] | ' | ' | ' |
Amount available for repurchases as of July 31, 2013 | 250,000 | ' | ' |
New authorizations | 0 | ' | ' |
Utilized | 168,127 | ' | ' |
Amount available for repurchases as of July 31, 2014 | 81,873 | ' | ' |
Jul 17, 2014 [Member] | ' | ' | ' |
Stock Repurchase Program [Roll Forward] | ' | ' | ' |
Amount available for repurchases as of July 31, 2013 | 0 | ' | ' |
New authorizations | 600,000 | ' | ' |
Utilized | 0 | ' | ' |
Amount available for repurchases as of July 31, 2014 | $600,000 | ' | ' |
COMMON_STOCK_Details_1
COMMON STOCK (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $31,683 | $29,778 | ' |
Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 20,138 | 18,444 | 17,113 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 7,608 | 6,147 | 6,356 |
Employee stock purchase plan (ESPP) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 1,045 | 1,217 | 4,348 |
Management stock purchase plan (MSPP) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,892 | 3,970 | 4,221 |
Continuing Operations [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | ' | ' | $32,038 |
COMMON_STOCK_Details_2
COMMON STOCK (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Equity [Abstract] | ' | ' | ' |
Excess tax benefits in cash flows from financing activities | $12,890 | $15,812 | $7,757 |
Tax benefit recognized related to total stock-based compensation expense | 8,485 | 7,587 | 8,755 |
Actual tax benefit realized for tax deductions from option exercises of stock-based payment arrangements | $21,347 | $29,558 | $16,831 |
COMMON_STOCK_Details_3
COMMON STOCK (Details 3) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value at grant date (in dollars per share) | $16.72 | $18.34 | $14.13 |
Stock Options [Member] | ' | ' | ' |
Valuation assumptions: | ' | ' | ' |
Expected dividend yield | 1.50% | 1.50% | 2.00% |
Expected volatility | 25.90% | 37.60% | 38.60% |
Expected life (years) | '4 years 6 months | '4 years 9 months | '5 years |
Risk-free interest rate | 1.50% | 0.70% | 0.80% |
ESPP Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted (in dollars per share) | ' | ' | $13.06 |
Valuation assumptions: | ' | ' | ' |
Expected dividend yield | ' | ' | 1.40% |
Expected volatility | ' | ' | 41.50% |
Expected life (years) | ' | ' | '0 years 6 months |
Risk-free interest rate | ' | ' | 0.10% |
COMMON_STOCK_Details_4
COMMON STOCK (Details 4) (Restricted stock units [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 |
Restricted stock units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' |
Nonvested (in shares) | 1,363 |
Granted (in shares) | 240 |
Vested (in shares) | -362 |
Forfeited (in shares) | -65 |
Nonvested (in shares) | 1,176 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Nonvested (in dollars per share) | $52.50 |
Granted (in dollars per share) | $82.33 |
Vested (in dollars per share) | $39.16 |
Forfeited (in dollars per share) | $60.10 |
Nonvested (in dollars per share) | $62.27 |
COMMON_STOCK_Details_5
COMMON STOCK (Details 5) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 |
Shares | ' |
Outstanding at August 1, 2013 (in shares) | 2,209 |
Granted (in shares) | 503 |
Exercised (in shares) | -638 |
Forfeited or Expired (in shares) | -52 |
Outstanding at July 31, 2014 (in shares) | 2,022 |
Expected to vest at July 31, 2014 (in shares) | 1,315 |
Exercisable at July 31, 2014 (in shares) | 678 |
Weighted- Average Exercise Price | ' |
Weighted-Average Exercise Price, Outstanding at August 1, 2013 (in dollars per share) | $49.31 |
Weighted-Average Exercise Price, Granted (in dollars per share) | $82.48 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | $38.86 |
Weighted-Average Exercise Price, Forfeited or Expired (in dollars per share) | $62.26 |
Weighted-Average Exercise Price, Outstanding at July 31, 2014 (in dollars per share) | $60.53 |
Weighted-Average Exercise Price, Expected to vest at July 31, 2014 (in dollars per share) | $65.80 |
Weighted-Average Exercise Price, Exercisable at July 31, 2014 (in dollars per share) | $49.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Weighted-Average Remaining Contractual Term, Outstanding ending balance (in years) | '4 years 10 months 25 days |
Weighted-Average Remaining Contractual Term, Expected to vest at July 31, 2014 (in years) | '5 years 4 months 25 days |
Weighted-Average Remaining Contractual Term, Exercisable at July 31, 2014 (in years) | '4 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding at July 31, 2014 | $36,760 |
Aggregate Intrinsic Value, Expected to vest at July 31, 2014 | 17,720 |
Aggregate Intrinsic Value, Exercisable at July 31, 2014 | $18,911 |
COMMON_STOCK_Details_6
COMMON STOCK (Details 6) (Management Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Management Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Deferred compensation and cash contributions | $5,886 | $6,819 | $5,336 |
Fair value of restricted stock units vested | $4,091 | $5,364 | $3,950 |
Vested units distributed | 259 | 410 | 205 |
COMMON_STOCK_Details_Textuals
COMMON STOCK (Details Textuals) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | 2-May-12 | Apr. 30, 2012 | Oct. 31, 2011 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock Repurchase Programs, Maximum | ' | ' | ' | $300,000 | ' | ' |
Total number of shares repurchased (in shares) | ' | ' | ' | 3,056,000 | 3,971,000 | 2,281,000 |
Aggregate cost to repurchase shares | ' | ' | ' | 250,000 | 250,000 | 121,164 |
Average price per share to repurchase shares (in dollars per share) | ' | ' | ' | $81.81 | $62.95 | $53.12 |
Remaining balance to be expended under the board repurchase authorizations | ' | ' | ' | 681,873 | ' | ' |
Number of share based award types | ' | ' | ' | 4 | ' | ' |
Total intrinsic value of options exercised during the years | ' | ' | ' | 26,657 | 30,604 | 17,326 |
Number of shares of common stock reserved for stock-based compensation plans (in shares) | ' | ' | ' | 3,949,000 | ' | ' |
Vested Awards [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for stock-based compensation plans (in shares) | ' | ' | ' | 1,154,000 | ' | ' |
Unvested Awards [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for stock-based compensation plans (in shares) | ' | ' | ' | 2,795,000 | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Vesting period of awards (in years) | ' | ' | ' | '4 years | ' | ' |
Period after grant to disallow exercises (in years) | ' | ' | ' | '1 year | ' | ' |
Time to expiration of awards granted (in years) | ' | ' | ' | '7 years | ' | ' |
Total unrecognized compensation cost related to nonvested stock options granted | ' | ' | ' | 16,569 | ' | ' |
Weighted-average period to recognize unrecognized compensation cost related to unvested restricted stock units granted (in years) | ' | ' | ' | '2 years 4 months | ' | ' |
Stock Options [Member] | Vests Rateably over Four Years [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | 25.00% | ' | ' |
Annual Award Units [Member] | Nonemployee Directors [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock option award units granted during the year (in shares) | ' | ' | ' | 15,000 | 16,000 | ' |
Stock option award units granted during the year, weighted-average fair market values (in dollars per share) | ' | ' | ' | $84.52 | $63.63 | ' |
Restricted stock units [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock option award units granted during the year (in shares) | ' | ' | ' | 240,000 | ' | ' |
Stock option award units granted during the year, weighted-average fair market values (in dollars per share) | ' | ' | ' | $82.33 | ' | ' |
Weighted-average period to recognize unrecognized compensation cost related to unvested restricted stock units granted (in years) | ' | ' | ' | '2 years 2 months 12 days | ' | ' |
Total unrecognized compensation cost related to nonvested restricted stock units granted | ' | ' | ' | 37,449 | ' | ' |
Management Stock Purchase Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted-average period to recognize unrecognized compensation cost related to unvested restricted stock units granted (in years) | ' | ' | ' | '2 years 8 months 12 days | ' | ' |
Restricated units granted under Mangement Stock Purchase Plan (in shares) | ' | ' | ' | 543,000 | 681,000 | ' |
Total unrecognized compensation cost related to nonvested restricted stock units granted | ' | ' | ' | $8,090 | ' | ' |
ESPP Shares [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock option award units granted during the year, weighted-average fair market values (in dollars per share) | ' | ' | ' | ' | ' | $13.06 |
Percentage of the lower of the market price to purchase shares of common stock | 85.00% | 85.00% | 85.00% | ' | ' | ' |
Shares issued under employee stock purchase plan (in shares) | ' | ' | ' | 85,000 | 116,000 | 470,000 |
Average price, Shares isued under employee stock purchase plan (in dollars per share) | ' | ' | ' | $70 | $54.95 | $43.02 |
2012 Stock Plan [Member] | Stock Compensation Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of compensation to receive in equity form, if elected by director | ' | ' | ' | 100.00% | ' | ' |
Number of shares issuable under 2012 Stock Plan (in shares) | ' | ' | ' | 7,100,000 | ' | ' |
Stock option reduction ratio per share (in shares) | ' | ' | ' | 1 | ' | ' |
Non-option reduction ratio per share (in shares) | ' | ' | ' | 2.31 | ' | ' |
2012 Stock Plan [Member] | One Lump Sum [Member] | Stock Compensation Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Cash fees deferred payout options (number of installments) | ' | ' | ' | 1 | ' | ' |
2012 Stock Plan [Member] | Equal annual installments [Member] | Stock Compensation Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Cash fees deferred payout options (number of installments) | ' | ' | ' | 5 | ' | ' |
INCENTIVE_COMPENSATION_PLANS_D
INCENTIVE COMPENSATION PLANS (Details Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Compensation Related Costs [Abstract] | ' | ' | ' |
Incentive compensation plan expense | $35,092 | $29,448 | $30,243 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | ($40,792) |
Other comprehensive income/(loss) before reclassifications | 23,967 |
Foreign exchange adjustments and other | 8,023 |
Foreign exchange adjustments and other | -6,119 |
Balance at July 31, 2014 | -14,921 |
Foreign Currency Translation [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Balance at July 31, 2013 | 84,598 |
Other comprehensive income/(loss) before reclassifications | 14,091 |
Foreign exchange adjustments and other | 0 |
Balance at July 31, 2014 | 98,689 |
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 | 1,161 |
Foreign exchange adjustments and other | 8,889 |
Foreign exchange adjustments and other | -6,119 |
Balance at July 31, 2014 | -121,280 |
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 | 435 |
Foreign exchange adjustments and other | 322 |
Balance at July 31, 2014 | 2,880 |
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 | 8,280 |
Foreign exchange adjustments and other | -1,188 |
Balance at July 31, 2014 | $4,790 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization of prior service cost | $1,543 | ' | ' |
Recognized actuarial gain/(loss) | 11,100 | ' | ' |
Settlement/curtailment | -32 | ' | ' |
Total before tax | 451,415 | 411,626 | 366,910 |
Tax (expense)/benefit | -87,459 | -81,664 | -85,963 |
Net of tax | 363,956 | 574,935 | 319,309 |
Realized investment gain/(losses) | -814,461 | -810,358 | -843,221 |
Foreign exchange forward contracts | 2,789,147 | 2,648,063 | 2,671,656 |
Foreign exchange forward contracts | -1,362,984 | -1,276,060 | -1,291,558 |
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 | -1,543 | ' | ' |
Recognized actuarial gain/(loss) | -11,100 | ' | ' |
Total before tax | -12,675 | ' | ' |
Tax (expense)/benefit | 3,786 | ' | ' |
Net of tax | -8,889 | ' | ' |
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] | ' | ' | ' |
Tax (expense)/benefit | 181 | ' | ' |
Net of tax | -322 | ' | ' |
Realized investment gain/(losses) | -503 | ' | ' |
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 | 1,300 | ' | ' |
Tax (expense)/benefit | -112 | ' | ' |
Net of tax | 1,188 | ' | ' |
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 | 1,176 | ' | ' |
Foreign exchange forward contracts | $124 | ' | ' |
SEGMENT_INFORMATION_AND_GEOGRA2
SEGMENT INFORMATION AND GEOGRAPHIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | $2,789,147 | $2,648,063 | $2,671,656 |
Operating Income (Loss) [Abstract] | ' | ' | ' |
ROTC | 40,154 | 40,182 | 66,858 |
Interest expense, net | 17,532 | 15,621 | 20,177 |
Earnings before income taxes from continuing operations | 451,415 | 411,626 | 366,910 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
DEPRECIATION AND AMORTIZATION | 116,392 | 106,284 | 103,387 |
Segment Reporting Information Expenditures For Additions To Long Lived Assets [Abstract] | ' | ' | ' |
CAPITAL EXPENDITURES | 74,737 | 110,182 | 158,909 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 3,852,513 | 3,472,839 | 3,347,892 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 2,789,147 | 2,648,063 | 2,671,656 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 3,852,513 | 3,472,839 | 3,347,892 |
Americas [Member] | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | 889,122 | 849,486 | 839,984 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,084,247 | 1,127,364 | 1,318,312 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 889,122 | 849,486 | 839,984 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,084,247 | 1,127,364 | 1,318,312 |
Europe [Member] | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | 1,140,429 | 1,034,515 | 1,022,952 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,024,969 | 590,893 | 644,721 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 1,140,429 | 1,034,515 | 1,022,952 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,024,969 | 590,893 | 644,721 |
Asia [Member] | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | 759,596 | 764,062 | 808,720 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 340,146 | 322,483 | 350,510 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 759,596 | 764,062 | 808,720 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 340,146 | 322,483 | 350,510 |
Life Sciences Segment [Member] | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | 1,453,669 | 1,309,375 | 1,253,594 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
DEPRECIATION AND AMORTIZATION | 71,670 | 61,709 | 55,489 |
Segment Reporting Information Expenditures For Additions To Long Lived Assets [Abstract] | ' | ' | ' |
CAPITAL EXPENDITURES | 29,278 | 40,589 | 47,694 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,390,447 | 1,090,585 | 1,274,036 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 1,453,669 | 1,309,375 | 1,253,594 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,390,447 | 1,090,585 | 1,274,036 |
Industrial Segment [Member] | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' |
SALES | 1,335,478 | 1,338,688 | 1,418,062 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
DEPRECIATION AND AMORTIZATION | 43,217 | 42,641 | 45,419 |
Segment Reporting Information Expenditures For Additions To Long Lived Assets [Abstract] | ' | ' | ' |
CAPITAL EXPENDITURES | 34,226 | 33,551 | 26,227 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,000,843 | 898,064 | 955,541 |
Entity Wide Information About Revenue By Geographic Areas [Abstract] | ' | ' | ' |
SALES | 1,335,478 | 1,338,688 | 1,418,062 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,000,843 | 898,064 | 955,541 |
Operating Segments [Member] | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' |
Operating Profit (Loss) | 576,301 | 534,069 | 518,059 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
DEPRECIATION AND AMORTIZATION | 114,887 | 104,350 | 100,908 |
Segment Reporting Information Expenditures For Additions To Long Lived Assets [Abstract] | ' | ' | ' |
CAPITAL EXPENDITURES | 63,504 | 74,140 | 73,921 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 2,391,290 | 1,988,649 | 2,229,577 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 2,391,290 | 1,988,649 | 2,229,577 |
Operating Segments [Member] | Life Sciences Segment [Member] | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' |
Operating Profit (Loss) | 357,129 | 319,271 | 319,312 |
Operating Segments [Member] | Industrial Segment [Member] | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' |
Operating Profit (Loss) | 219,172 | 214,798 | 198,747 |
Corporate Services Group [Member] | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' |
Operating Profit (Loss) | -67,200 | -66,640 | -64,114 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
DEPRECIATION AND AMORTIZATION | 1,505 | 1,934 | 2,479 |
Segment Reporting Information Expenditures For Additions To Long Lived Assets [Abstract] | ' | ' | ' |
CAPITAL EXPENDITURES | 11,233 | 36,042 | 84,988 |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,461,223 | 1,484,190 | 1,118,315 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | 1,461,223 | 1,484,190 | 1,118,315 |
Segment Reconciling Items [Member] | ' | ' | ' |
Operating Income (Loss) [Abstract] | ' | ' | ' |
ROTC | 40,154 | 40,182 | 66,858 |
Interest expense, net | 17,532 | 15,621 | 20,177 |
Eliminations [Member] | ' | ' | ' |
Segment Reporting Information Identifiable Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | -58,072 | -52,091 | -83,966 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' |
IDENTIFIABLE ASSETS | ($58,072) | ($52,091) | ($83,966) |
SEGMENT_INFORMATION_AND_GEOGRA3
SEGMENT INFORMATION AND GEOGRAPHIES (Details Textuals) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
segment | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of operating segments | 2 | ' | ' |
SALES | $2,789,147,000 | $2,648,063,000 | $2,671,656,000 |
United States [Member] | External Customers [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
SALES | 787,000,000 | 750,000,000 | 733,000,000 |
Revenues from exports | 45,000,000 | 65,000,000 | 41,000,000 |
Euro Zone [Member] | External Customers [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
SALES | 799,000,000 | 731,000,000 | 723,000,000 |
Japan [Member] | External Customers [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
SALES | $218,000,000 | $225,000,000 | $259,000,000 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | ' | ' |
Earnings from discontinued operations, net of income taxes | $0 | $244,973 | $38,362 |
Product Line [Member] | ' | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | ' | ' |
Net sales | 0 | 8,975 | 230,826 |
Earnings from discontinued operations before income taxes | 0 | 390,058 | 55,684 |
Provision for income taxes | 0 | 145,085 | 17,322 |
Earnings from discontinued operations, net of income taxes | $0 | $244,973 | $38,362 |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details Textual) (Product Line [Member], USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 28, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | |
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 | ' | 395,893,000 | ' |
External costs included in earnings from discontinued operations before income taxes | ' | ' | $9,150,000 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Business Acquisition [Line Items] | ' |
Purchase price, including working capital adjustments | $348,817 |
Cash acquired | 4,463 |
Purchase price, net of cash acquired | 344,354 |
Accounts receivable | 23,176 |
Inventories | 35,321 |
Other current assets | 9,150 |
Property, plant and equipment | 37,261 |
Intangible assets | 124,168 |
Other non-current assets | 6,871 |
Total identifiable assets acquired, net of cash acquired | 235,947 |
Current liabilities | 25,332 |
Non-current liabilities | 17,010 |
Total liabilities assumed | 42,342 |
Goodwill (excess cost over value of net assets acquired) | $150,749 |
ACQUISITIONS_Details_Textuals
ACQUISITIONS (Details Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Mar. 01, 2012 | |
Medistad and Solohill [Member] | SoloHill [Member] | ATMI LifeSciences [Member] | Filter Specialists, Inc. [Member] | Forte Bio [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | $30,677,000 | ' | ' | ' | ' |
Contingent Consideration | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Cash Payments for Purchase Price | ' | ' | ' | ' | ' | 185,000,000 | 124,000,000 | ' |
Working Capital Adjustments | ' | ' | ' | ' | ' | 5,793,000 | 3,347,000 | ' |
Goodwill (excess cost over value of net assets acquired) | 150,749,000 | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $318,978,000 | $21,970,000 | $167,638,000 | ' | ' | ' | ' | $142,132,000 |
FINANCIAL_STATEMENT_SCHEDULE_I1
FINANCIAL STATEMENT SCHEDULE II (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | $14,900 | $11,733 | $8,383 |
Additions to Reserve | 1,603 | 7,173 | 3,387 |
Write-offs | -2,667 | -4,498 | -1,103 |
Translation / Other Adjustments | 60 | 492 | 1,066 |
Balance at End of Year | $13,896 | $14,900 | $11,733 |