Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Sep. 24, 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 | 'DONALDSON CO INC | ' | ' |
Entity Central Index Key | '0000029644 | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 138,365,916 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $5,927,321,901 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Consolidated Statements Of Earnings [Abstract] | ' | ' | ' |
Net sales | $2,473,466 | $2,436,948 | $2,493,248 |
Cost of sales | 1,595,640 | 1,589,821 | 1,619,485 |
Gross profit | 877,826 | 847,127 | 873,763 |
Selling, general, and administrative | 460,250 | 441,168 | 451,158 |
Research and development | 61,837 | 62,630 | 59,589 |
Operating income | 355,739 | 343,329 | 363,016 |
Other income, net | -15,164 | -15,762 | -19,253 |
Interest expense | 10,200 | 10,910 | 11,489 |
Earnings before income taxes | 360,703 | 348,181 | 370,780 |
Income taxes | 100,479 | 100,804 | 106,479 |
Net earnings | $260,224 | $247,377 | $264,301 |
Weighted average shares - basic | 145,594,300 | 148,273,904 | 150,286,403 |
Weighted average shares - diluted | 147,641,113 | 150,455,193 | 152,940,605 |
Net earnings per share - basic | $1.79 | $1.67 | $1.76 |
Net earnings per share - diluted | $1.76 | $1.64 | $1.73 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $72,956 | $67,336 | $58,340 | $61,592 | $72,609 | $69,842 | $50,813 | $54,113 | $260,224 | $247,377 | $264,301 |
Foreign currency translation gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -2,122 | 17,435 | -98,723 |
Gain (loss) on hedging derivatives, net of deferred taxes of $(69), ($196), and $117, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 71 | 120 | -672 |
Pension and postretirement liability adjustment, net of deferred taxes of $1,319, ($25,656), and $23,527, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -6,286 | 46,860 | -42,520 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $251,887 | $311,792 | $122,386 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Gain (loss) on hedging derivatives, deferred taxes | ($69) | ($196) | $117 |
Pension and postretirement liability adjustment, deferred taxes | $1,319 | ($25,656) | $23,527 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $296,418 | $224,138 |
Short-term investments | 127,201 | 99,750 |
Accounts receivable, less allowance of $6,763 and $7,040 | 474,157 | 430,766 |
Inventories, net | 253,351 | 234,820 |
Deferred income taxes | 27,886 | 26,464 |
Prepaids and other current assets | 46,264 | 39,724 |
Total current assets | 1,225,277 | 1,055,662 |
Property, plant, and equipment, net | 451,665 | 419,280 |
Goodwill | 166,406 | 165,568 |
Intangible assets, net | 36,045 | 41,307 |
Other long-term assets | 63,018 | 61,739 |
Total assets | 1,942,411 | 1,743,556 |
Current liabilities | ' | ' |
Short-term borrowings | 185,303 | 9,190 |
Current maturities of long-term debt | 1,738 | 98,664 |
Trade accounts payable | 216,603 | 186,460 |
Accrued employee compensation and related taxes | 84,944 | 68,954 |
Accrued liabilities | 40,845 | 38,527 |
Other current liabilities | 80,147 | 74,640 |
Total current liabilities | 609,580 | 476,435 |
Long-term debt | 243,726 | 102,774 |
Deferred income taxes | 22,386 | 23,604 |
Other long-term liabilities | 64,236 | 55,556 |
Total liabilities | 939,928 | 658,369 |
Commitments and contingencies (Note L and Note N) | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued | ' | ' |
Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued in both 2014 and 2013 | 758,216 | 758,216 |
Retained earnings | 702,435 | 532,307 |
Stock compensation plans | 19,601 | 21,745 |
Accumulated other comprehensive income (loss) | -45,810 | -37,473 |
Treasury stock, 11,237,522 and 5,490,725 shares in 2014 and 2013, at cost | -431,959 | -189,608 |
Total shareholders' equity | 1,002,483 | 1,085,187 |
Total liabilities and shareholders' equity | $1,942,411 | $1,743,556 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance | $6,763 | $7,040 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $5 | $5 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 151,643,194 | 151,643,194 |
Treasury stock, shares | 11,237,522 | 5,490,725 |
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 | $260,224 | $247,377 | $264,301 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 67,163 | 64,290 | 61,165 |
Equity in losses (earnings) of affiliates, net of distributions | -3,384 | 1,637 | -2,380 |
Deferred income taxes | -7,762 | 8,347 | 6,344 |
Tax benefit of equity plans | -8,781 | -11,191 | -10,316 |
Stock compensation plan expense | 11,640 | 9,148 | 10,553 |
Loss on sale of business | 905 | ' | ' |
Other, net | 10,041 | -6,175 | -24,346 |
Changes in operating assets and liabilities, net of acquired businesses | ' | ' | ' |
Accounts receivable | -44,851 | 3,705 | -17,877 |
Inventories | -19,273 | 20,142 | -4,149 |
Prepaids and other current assets | -7,769 | 13,495 | -17,378 |
Trade accounts payable and other accrued expenses | 59,686 | -34,852 | -6,205 |
Net cash provided by operating activities | 317,839 | 315,923 | 259,712 |
Investing Activities | ' | ' | ' |
Purchases of property, plant, and equipment | -97,210 | -94,895 | -78,139 |
Proceeds from sale of property, plant, and equipment | 395 | 558 | 969 |
Purchases of short-term investments | -108,793 | -99,339 | -187,575 |
Proceeds from sale of short-term investments | 81,486 | 97,365 | 88,277 |
Net cash used in investing activities | -124,122 | -96,311 | -176,468 |
Financing Activities | ' | ' | ' |
Proceeds from long-term debt | 125,000 | ' | ' |
Repayments of long-term debt | -81,898 | -1,353 | -46,205 |
Change in short-term borrowings | 175,344 | -86,957 | 96,715 |
Purchase of treasury stock | -279,395 | -102,572 | -130,233 |
Dividends paid | -83,070 | -60,320 | -47,684 |
Tax benefit of equity plans | 8,781 | 11,191 | 10,316 |
Exercise of stock options | 14,437 | 16,043 | 13,691 |
Net cash used in financing activities | -120,801 | -223,968 | -103,400 |
Effect of exchange rate changes on cash | -636 | 2,705 | -27,549 |
Increase (decrease) in cash and cash equivalents | 72,280 | -1,651 | -47,705 |
Cash and cash equivalents, beginning of year | 224,138 | 225,789 | 273,494 |
Cash and cash equivalents, end of year | 296,418 | 224,138 | 225,789 |
Supplemental Cash Flow Information | ' | ' | ' |
Income taxes | 93,086 | 84,898 | 91,915 |
Interest | $11,050 | $13,531 | $13,410 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Stock Compensation Plans [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Jul. 31, 2011 | $443,216 | ' | $925,542 | $24,736 | $40,027 | ($498,810) | $934,711 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 264,301 | ' | ' | ' | 264,301 |
Foreign currency translation | ' | ' | ' | ' | -98,723 | ' | -98,723 |
Pension liability adjustment, net of deferred taxes | ' | ' | ' | ' | -42,520 | ' | -42,520 |
Net gain on cash flow hedging derivatives | ' | ' | ' | ' | -672 | ' | -672 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | 122,386 |
Treasury stock acquired | ' | ' | ' | ' | ' | -130,233 | -130,233 |
Stock options exercised | ' | -9,834 | -5,116 | ' | ' | 27,698 | 12,748 |
Deferred stock and other activity | ' | -2,158 | 312 | 213 | ' | 1,926 | 293 |
Performance awards | ' | ' | -9 | -1 | ' | ' | -10 |
Stock option expense | ' | ' | 7,800 | ' | ' | ' | 7,800 |
Tax reduction - employee plans | ' | 11,992 | ' | ' | ' | ' | 11,992 |
Two-for-one Stock split | 315,000 | ' | -776,369 | ' | ' | 461,369 | ' |
Dividends (per share) | ' | ' | -49,673 | ' | ' | ' | -49,673 |
Balance at Jul. 31, 2012 | 758,216 | ' | 366,788 | 24,948 | -101,888 | -138,050 | 910,014 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 247,377 | ' | ' | ' | 247,377 |
Foreign currency translation | ' | ' | ' | ' | 17,435 | ' | 17,435 |
Pension liability adjustment, net of deferred taxes | ' | ' | ' | ' | 46,860 | ' | 46,860 |
Net gain on cash flow hedging derivatives | ' | ' | ' | ' | 120 | ' | 120 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | 311,792 |
Treasury stock acquired | ' | ' | ' | ' | ' | -102,572 | -102,572 |
Stock options exercised | ' | -10,836 | -21,256 | ' | ' | 44,463 | 12,371 |
Deferred stock and other activity | ' | -2,125 | -1,677 | -1,586 | ' | 4,496 | -892 |
Performance awards | ' | -573 | -1,161 | -1,617 | ' | 2,055 | -1,296 |
Stock option expense | ' | ' | 8,300 | ' | ' | ' | 8,300 |
Tax reduction - employee plans | ' | 13,534 | ' | ' | ' | ' | 13,534 |
Dividends (per share) | ' | ' | -66,064 | ' | ' | ' | -66,064 |
Balance at Jul. 31, 2013 | 758,216 | ' | 532,307 | 21,745 | -37,473 | -189,608 | 1,085,187 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 260,224 | ' | ' | ' | 260,224 |
Foreign currency translation | ' | ' | ' | ' | -2,122 | ' | -2,122 |
Pension liability adjustment, net of deferred taxes | ' | ' | ' | ' | -6,286 | ' | -6,286 |
Net gain on cash flow hedging derivatives | ' | ' | ' | ' | 71 | ' | 71 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | 251,887 |
Treasury stock acquired | ' | ' | ' | ' | ' | -279,395 | -279,395 |
Stock options exercised | ' | -7,000 | -10,493 | ' | ' | 30,538 | 13,045 |
Deferred stock and other activity | ' | -3,144 | -1,772 | -431 | ' | 4,855 | -492 |
Performance awards | ' | -409 | -505 | -1,713 | ' | 1,651 | -976 |
Stock option expense | ' | ' | 9,933 | ' | ' | ' | 9,933 |
Tax reduction - employee plans | ' | 10,553 | ' | ' | ' | ' | 10,553 |
Dividends (per share) | ' | ' | -87,259 | ' | ' | ' | -87,259 |
Balance at Jul. 31, 2014 | $758,216 | ' | $702,435 | $19,601 | ($45,810) | ($431,959) | $1,002,483 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, per share | $0.17 | $0.17 | $0.14 | $0.14 | $0.13 | $0.13 | $0.10 | $0.09 | $0.61 | $0.45 | $0.34 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Summary Of Significant Accounting Policies | ' | ||||||||
NOTE A Summary of Significant Accounting Policies | |||||||||
Description of Business Donaldson Company, Inc. (Donaldson or the Company), is a worldwide manufacturer of filtration systems and replacement parts. The Company’s core strengths are leading filtration technology, strong Customer relationships, and its global presence. Products are manufactured at 39 plants around the world and through three joint ventures. Products are sold to original equipment manufacturers (OEMs), distributors, dealers, and directly to end-users. | |||||||||
Principles of Consolidation The Consolidated Financial Statements include the accounts of Donaldson Company, Inc. and all majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s three joint ventures that are not majority-owned are accounted for under the equity method. | |||||||||
Use of Estimates The preparation of Financial Statements in conformity with generally accepted accounting principles in the United States of America (U.S.) (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Foreign Currency Translation For substantially all foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at year-end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of Accumulated other comprehensive income (loss) (AOCI) in the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the year. Realized and unrealized foreign currency transaction gains and losses are included in Other income, net in the Consolidated Statements of Earnings. Foreign currency translation gains of $1.7 million, $0.2 million, and $1.8 million are included in Other income, net in the Consolidated Statements of Earnings in Fiscal 2014, 2013, and 2012, respectively. | |||||||||
Cash Equivalents The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost that approximates market value. | |||||||||
Short-Term Investments As of July 31, 2014 and 2013, the Company’s short-term investments consisted exclusively of time deposits with durations longer than 3 months, but less than 1 year. These investments are carried at cost, which approximates their estimated fair value. Classification of the Company’s investments as current or non-current is dependent upon management’s intended holding period, the investment’s maturity date, and liquidity considerations based on market conditions. If management intends to hold the investments for longer than one year as of the balance sheet date, they are classified as non-current. | |||||||||
Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience in the industry, regional economic data, and evaluation of specific Customer accounts for risk of loss. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by type of receivable. Account balances are charged off against the allowance when the Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its Customers. | |||||||||
Inventories Inventories are stated at the lower of cost or market. U.S. inventories are valued using the last-in, first-out (LIFO) method, while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO were approximately 33 percent of total inventories at July 31, 2014 and 2013. For inventories valued under the LIFO method, the FIFO cost exceeded the LIFO carrying values by $37.9 million and $37.8 million at July 31, 2014 and 2013, respectively. Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory. The components of inventory are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 112,522 | $ | 99,814 | |||||
Work in process | 17,256 | 29,097 | |||||||
Finished products | 123,573 | 105,909 | |||||||
Total inventories | $ | 253,351 | $ | 234,820 | |||||
Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Additions, improvements, or major renewals are capitalized, while expenditures that do not enhance or extend the asset’s useful life are charged to expense as incurred. Depreciation is computed under the straight-line method. Depreciation expense was $62.0 million in Fiscal 2014, $58.8 million in Fiscal 2013, and $55.3 million in Fiscal 2012. The estimated useful lives of property, plant, and equipment are 10 to 40 years for buildings, including building improvements, and 3 to 10 years for machinery and equipment. The components of property, plant, and equipment are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 20,558 | $ | 21,116 | |||||
Buildings | 273,599 | 270,022 | |||||||
Machinery and equipment | 753,637 | 687,797 | |||||||
Construction in progress | 51,394 | 46,078 | |||||||
Less accumulated depreciation | -647,523 | -605,733 | |||||||
Total property, plant, and equipment, net | $ | 451,665 | $ | 419,280 | |||||
Internal-Use Software The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of machinery and equipment within property, plant, and equipment. | |||||||||
Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Other intangible assets, consisting primarily of patents, trademarks, and Customer relationships and lists, are recorded at cost and are amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The impairment assessment for goodwill is done at a reporting unit level. Reporting units are one level below the operating segment level, but can be combined when reporting units within the same operating segment have similar economic characteristics. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. | |||||||||
Recoverability of Long-Lived Assets The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced. There were no significant impairment charges recorded in Fiscal 2014, Fiscal 2013, or Fiscal 2012. | |||||||||
Income Taxes The provision for income taxes is computed based on the pre-tax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. | |||||||||
Comprehensive Income (Loss) Comprehensive income (loss) consists of net income, foreign currency translation adjustments, net changes in the funded status of pension retirement obligations, and net gains or losses on cash flow hedging derivatives, and is presented in the Consolidated Statements of Changes in Shareholders’ Equity. The components of the ending balances of AOCI are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Foreign currency translation adjustment | $ | 48,289 | $ | 50,411 | $ | 32,976 | |||
Net loss on cash flow hedging derivatives, net of deferred taxes | -101 | -172 | -292 | ||||||
Pension and postretirement liability adjustment, net of deferred taxes | -93,998 | -87,712 | -134,572 | ||||||
Total accumulated other comprehensive loss | $ | -45,810 | $ | -37,473 | $ | -101,888 | |||
Cumulative foreign currency translation is not adjusted for income taxes. See Note H for additional disclosures related to AOCI. | |||||||||
Earnings Per Share The Company’s basic net earnings per share are computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common equivalent shares relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company’s common stock during those periods. There were 884,138 options, 22,619 options, and 1,063,135 options excluded from the diluted net earnings per share calculation for the fiscal year ended July 31, 2014, 2013, and 2012, respectively. | |||||||||
The following table presents information necessary to calculate basic and diluted earnings per share: | |||||||||
2014 | 2013 | 2012 | |||||||
(thousands, except per share amounts) | |||||||||
Weighted average shares - basic | 145,594 | 148,274 | 150,286 | ||||||
Diluted share equivalents | 2,047 | 2,181 | 2,655 | ||||||
Weighted average shares - diluted | 147,641 | 150,455 | 152,941 | ||||||
Net earnings for basic and diluted earnings | |||||||||
per share computation | $ | 260,224 | $ | 247,377 | $ | 264,301 | |||
Net earnings per share - basic | $ | 1.79 | $ | 1.67 | $ | 1.76 | |||
Net earnings per share - diluted | $ | 1.76 | $ | 1.64 | $ | 1.73 | |||
On January 27, 2012, the Company announced that its Board of Directors declared a two-for-one stock split effected in the form of a 100 percent stock dividend. The stock split was distributed March 23, 2012, to stockholders of record as of March 2, 2012. Earnings and dividends per share and weighted average shares outstanding are presented in this Form 10-K after the effect of the 100 percent stock dividend. The two-for-one stock split is reflected in the share amounts in all periods presented in the table above and elsewhere in this annual Form 10-K. | |||||||||
Treasury Stock Repurchased common stock is stated at cost (determined on an average cost basis) and is presented as a reduction of shareholders’ equity. | |||||||||
Research and Development Research and development costs are charged against earnings in the year incurred. Research and development expenses include basic scientific research and the application of scientific advances to the development of new and improved products and their uses. | |||||||||
Stock-Based Compensation The Company offers stock-based employee compensation plans, which are more fully described in Note I. Stock-based employee compensation cost is recognized using the fair-value based method. | |||||||||
Revenue Recognition Revenue is recognized when all the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) price is fixed and determinable; (c) collectability is reasonably assured; and (d) delivery has occurred. At that time, product ownership and the risk of loss have transferred to the Customer and the Company has no remaining obligations. The Company records estimated discounts and rebates as a reduction of sales in the same period revenue is recognized. Shipping and handling costs for Fiscal 2014, 2013, and 2012 totaled $64.2 million, $66.2 million, and $67.0 million, respectively, and are classified as a component of selling, general, and administrative expenses. | |||||||||
Product Warranties The Company provides for estimated warranty costs at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty costs using standard quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues. For a warranty reserve reconciliation see Note M. | |||||||||
Derivative Instruments and Hedging Activities The Company recognizes all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges are adjusted to fair value through income. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses related to the ineffective portion of any hedge are recognized through earnings in the current period. | |||||||||
New Accounting Standards Recently Adopted In February 2013, the FASB updated the disclosure requirements for AOCI. The updated guidance requires companies to disclose amounts reclassified out of AOCI by component. The updated guidance only impacts disclosure requirements and does not affect how net income or other comprehensive income are calculated. The updated guidance was adopted by the Company beginning in the first quarter of Fiscal 2014. For additional information, refer to Note H. | |||||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||||
Goodwill And Other Intangible Assets | ' | ||||||||
NOTE B Goodwill and Other Intangible Assets | |||||||||
The Company has allocated goodwill to its Engine Products and Industrial Products segments. There was no acquisition or disposition activity during Fiscal 2014 or 2013. The Company completed its annual impairment assessments in the third quarters of Fiscal 2014 and 2013. The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to significantly exceed the corresponding carrying values of the respective reporting units, resulting in no goodwill impairment. | |||||||||
Following is a reconciliation of goodwill for the years ended July 31, 2014 and 2013: | |||||||||
Engine | Industrial | ||||||||
Products | Products | Total Goodwill | |||||||
(thousands of dollars) | |||||||||
Balance as of July 31, 2012 | $ | 71,747 | $ | 91,202 | $ | 162,949 | |||
Foreign exchange translation | 574 | 2,045 | 2,619 | ||||||
Balance as of July 31, 2013 | $ | 72,321 | $ | 93,247 | $ | 165,568 | |||
Foreign exchange translation | 52 | 786 | 838 | ||||||
Balance as of July 31, 2014 | $ | 72,373 | $ | 94,033 | $ | 166,406 | |||
Intangible assets are comprised of patents, trademarks, and Customer relationships and lists. Following is a reconciliation of intangible assets for the years ended July 31, 2014 and 2013: | |||||||||
Gross | Net | ||||||||
Carrying | Accumulated | Intangible | |||||||
Amount | Amortization | Assets | |||||||
(thousands of dollars) | |||||||||
Balance as of July 31, 2012 | $ | 80,075 | $ | -33,875 | $ | 46,200 | |||
Amortization expense | — | -5,503 | -5,503 | ||||||
Foreign exchange translation | 1,807 | -1,197 | 610 | ||||||
Balance as of July 31, 2013 | $ | 81,882 | $ | -40,575 | $ | 41,307 | |||
Amortization expense | — | -5,154 | -5,154 | ||||||
Retirements | -775 | 600 | -175 | ||||||
Foreign exchange translation | 176 | -109 | 67 | ||||||
Balance as of July 31, 2014 | $ | 81,283 | $ | -45,238 | $ | 36,045 | |||
Net intangible assets consist of patents, trademarks, and trade names of $11.5 million and $13.3 million as of July 31, 2014 and 2013, respectively, and Customer related intangibles of $24.5 million and $28.0 million as of July 31, 2014 and 2013, respectively. As of July 31, 2014, patents, trademarks, and trade names had a weighted average remaining life of 7.95 years and Customer related intangibles had a weighted average remaining life of 11.13 years. Expected amortization expense relating to existing intangible assets is as follows (in thousands): | |||||||||
Fiscal Year | |||||||||
2015 | $ | 5,029 | |||||||
2016 | $ | 5,027 | |||||||
2017 | $ | 4,910 | |||||||
2018 | $ | 3,474 | |||||||
2019 | $ | 2,923 | |||||||
Thereafter | $ | 14,682 | |||||||
Credit_Facilities
Credit Facilities | 12 Months Ended |
Jul. 31, 2014 | |
Credit Facilities [Abstract] | ' |
Credit Facilities | ' |
NOTE C Credit Facilities | |
The Company has a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. There was $180.0 million outstanding at July 31, 2014 and no amounts outstanding at July 31, 2013. At July 31, 2014 and 2013, $62.2 million and $237.8 million, respectively, were available for further borrowing under such facilities. The amount available for further borrowing reflects a reduction for issued standby letters of credit, as discussed below. The Company’s multi-currency revolving facility contains financial covenants specifically related to maintaining a certain interest coverage ratio and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2014, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants. | |
The Company has two uncommitted credit facilities in the U.S., which provide unsecured borrowings for general corporate purposes. At July 31, 2014 and 2013, there was $45.7 million and $50.0 million available for use, respectively, under these two facilities. There was $4.3 million outstanding at July 31, 2014, and no amounts outstanding at July 31, 2013. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2014, was 0.91 percent. | |
The Company has a €100.0 million, or $133.9 million, program for issuing treasury notes for raising short-, medium-, and long-term financing for its European operations. There were no amounts outstanding on this program at July 31, 2014 or 2013. Additionally, the Company’s European operations have lines of credit with an available limit of €43.6 million or $58.3 million. There were no amounts outstanding on these lines of credit as of July 31, 2014 or 2013. | |
Other international subsidiaries may borrow under various credit facilities. There was $1.0 million outstanding under these credit facilities as of July 31, 2014, and $9.2 million as of July 31, 2013. At July 31, 2014 and 2013, there was $57.5 million and $50.4 million available for use, respectively, under these facilities. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2014 and July 31, 2013, was 0.75 percent and 0.44 percent, respectively. | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||
Jul. 31, 2014 | ||||||
Long-Term Debt [Abstract] | ' | |||||
Long-Term Debt | ' | |||||
NOTE D Long-Term Debt | ||||||
Long-term debt consists of the following: | ||||||
2014 | 2013 | |||||
(thousands of dollars) | ||||||
6.59% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $80.0 million due November 14, 2013 | - | 80,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $50.0 million due June 1, 2017 | 50,000 | 50,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $25.0 million due September 28, 2017 | 25,000 | 25,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $25.0 million due November 30, 2017 | 25,000 | 25,000 | ||||
3.72% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $125.0 million due March 27, 2024 | 125,000 | - | ||||
2.019% Guaranteed senior note, interest payable semi-annually, | ||||||
principal payment of ¥1.65 billion due May 18, 2014 | - | 16,848 | ||||
Variable Rate Guaranteed senior note, interest payable quarterly, | ||||||
principal payment of ¥1.65 billion due May 19, 2019 | ||||||
and an interest rate of 0.56% as of July 31, 2014 | 16,051 | - | ||||
Capitalized lease obligations and other, with various maturity dates and | ||||||
interest rates | 3,177 | 2,520 | ||||
Terminated interest rate swap contracts | 1,236 | 2,070 | ||||
Total | 245,464 | 201,438 | ||||
Less current maturities | 1,738 | 98,664 | ||||
Total long-term debt | $ | 243,726 | $ | 102,774 | ||
Annual maturities of long-term debt are $1.7 million in Fiscal 2015, $1.8 million in Fiscal 2016, $50.8 million in Fiscal 2017, $50.1 million in Fiscal 2018, and $141.1 million thereafter. Certain note agreements contain debt covenants related to working capital levels and limitations on indebtedness. As of July 31, 2014, the Company was in compliance with all such covenants. | ||||||
On March 27, 2014, the Company issued $125.0 million of senior unsecured notes due March 27, 2024. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 3.72 percent. The proceeds from the notes were used to refinance existing debt and for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2014, the Company was in compliance with all such covenants. | ||||||
On May 19, 2014, the Company refinanced its 1.65 billion yen guaranteed note that matured on May 18, 2014. The debt was issued at face value, or approximately $16.1 million as of July 31, 2014, is due May 19, 2019, and bears interest payable quarterly at a variable interest rate. The interest rate was 0.56 percent as of July 31, 2014. | ||||||
Fair_Value
Fair Value | 12 Months Ended | |||||
Jul. 31, 2014 | ||||||
Fair Value [Abstract] | ' | |||||
Fair Value | ' | |||||
NOTE E Fair Value | ||||||
Fair Value of Financial Instruments At July 31, 2014 and 2013, the Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, and derivative contracts. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximated carrying values because of the short-term nature of these instruments and are classified as Level 1 in the fair value hierarchy. Derivative contracts are reported at their fair values based on third-party quotes. As of July 31, 2014, the estimated fair value of long-term debt with fixed interest rates was $237.6 million compared to its carrying value of $225.0 million. The fair value is estimated by discounting the projected cash flows using the rate that similar amounts of debt could currently be borrowed, which is classified as Level 2 in the fair value hierarchy. | ||||||
Derivative contracts are reported at their fair values based on third-party quotes. The fair values of the Company’s financial assets and liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include foreign currency exchange rates and interest rates. The financial assets and liabilities are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates. | ||||||
The following summarizes the Company’s fair value of outstanding derivatives at July 31, 2014, and 2013, on the Consolidated Balance Sheets: | ||||||
Significant Other Observable Inputs | ||||||
(Level 2)* | ||||||
At July 31, | ||||||
2014 | 2013 | |||||
(thousands of dollars) | ||||||
Asset derivatives recorded under the caption Prepaids and other current assets | ||||||
Foreign exchange contracts | $ | 931 | $ | 734 | ||
Liability derivatives recorded under the caption Other current liabilities | ||||||
Foreign exchange contracts | -1,242 | -845 | ||||
Forward exchange contracts - net liability position | $ | -311 | $ | -111 | ||
*Inputs to the valuation methodology of level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||
The Company holds equity method investments which are classified in other long-term assets in the consolidated balance sheets. The aggregate carrying amount of these investments was $21.4 million and $18.8 million as of July 31, 2014 and 2013, respectively. These equity method investments are measured at fair value on a nonrecurring basis. The fair value of the Company’s equity method investments has not been estimated as there have been no identified events or changes in circumstance that would have had an adverse impact on the value of these investments. In the event that these investments were required to be measured, these investments would fall within Level 3 of the fair value hierarchy, due to the use of significant unobservable inputs to determine fair value, as the investments are in privately-held entities or divisions of public companies without quoted market prices. | ||||||
Goodwill and intangible assets are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s goodwill and intangible assets are not recorded at fair value as there have been no events or circumstances that would have an adverse impact on the value of these assets. In the event that an impairment was recognized, the fair value would be classified within Level 3 of the fair value hierarchy. Refer to Note B for further discussion of the annual goodwill impairment analysis and carrying values of goodwill and other intangible assets. | ||||||
The Company assesses the impairment of intangible assets and property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of property, plant, and equipment assets may not be recoverable. There were no significant impairment charges recorded in Fiscal 2014, Fiscal 2013, or Fiscal 2012. Refer to Note B for further discussion of the annual goodwill impairment analysis and carrying values of intangible assets. | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
NOTE F Employee Benefit Plans | |||||||||||||
Pension Plans The Company and certain of its international subsidiaries have defined benefit pension plans for many of their hourly and salaried employees. There are two types of U.S. plans. The first type of U.S. plan is a traditional defined benefit pension plan primarily for production employees. The second is a plan for salaried workers that provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit comprised of a percentage of current salary that varies with years of service, interest credits and transition credits. The non-U.S. plans generally provide pension benefits based on years of service and compensation level. | |||||||||||||
On July 31, 2013, the Company adopted a sunset freeze on its U.S. salaried pension plan. Effective August 1, 2013, there are no longer any new entrants into the plan. Then effective, August 1, 2016, employees hired prior to August 1, 2013, will no longer continue to accrue Company contribution credits under the plan. | |||||||||||||
Net periodic pension costs for the Company’s pension plans include the following components: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(thousands of dollars) | |||||||||||||
Service cost | $ | 18,821 | $ | 19,439 | $ | 15,464 | |||||||
Interest cost | 19,499 | 16,953 | 19,436 | ||||||||||
Expected return on assets | -30,794 | -28,111 | -28,114 | ||||||||||
Prior service cost and transition amortization | 590 | 591 | 725 | ||||||||||
Actuarial loss amortization | 7,403 | 10,362 | 5,696 | ||||||||||
Net periodic benefit cost | $ | 15,519 | $ | 19,234 | $ | 13,207 | |||||||
The obligations and funded status of the Company’s pension plans as of 2014 and 2013, is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(thousands of dollars) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation, beginning of year | $ | 444,943 | $ | 461,492 | |||||||||
Service cost | 18,821 | 19,439 | |||||||||||
Interest cost | 19,499 | 16,953 | |||||||||||
Plan amendments | - | -9 | |||||||||||
Participant contributions | 1,308 | 1,207 | |||||||||||
Actuarial loss/(gain) | 29,638 | -27,176 | |||||||||||
Currency exchange rates | 8,873 | 1,225 | |||||||||||
Divestiture | -3,200 | - | |||||||||||
Curtailment | - | -11,692 | |||||||||||
Benefits paid | -21,229 | -16,496 | |||||||||||
Benefit obligation, end of year | $ | 498,653 | $ | 444,943 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets, beginning of year | $ | 452,724 | $ | 387,576 | |||||||||
Actual return on plan assets | 45,978 | 51,524 | |||||||||||
Company contributions | 4,263 | 28,186 | |||||||||||
Participant contributions | 1,308 | 1,207 | |||||||||||
Currency exchange rates | 9,912 | 727 | |||||||||||
Divestiture | -3,086 | - | |||||||||||
Benefits paid | -21,229 | -16,496 | |||||||||||
Fair value of plan assets, end of year | $ | 489,870 | $ | 452,724 | |||||||||
Funded status: | |||||||||||||
Funded/(Underfunded) status at July 31, 2014 and 2013 | $ | -8,783 | $ | 7,781 | |||||||||
Amounts recognized on the consolidated balance sheets consist of: | |||||||||||||
Other long-term assets | 17,800 | 23,234 | |||||||||||
Other current liabilities | -832 | -949 | |||||||||||
Other long-term liabilities | -25,751 | -14,504 | |||||||||||
Recognized asset / (liability) | $ | -8,783 | $ | 7,781 | |||||||||
AOCI at July 31, 2014 consists primarily of unrecognized actuarial losses, net of tax. The loss expected to be recognized in net periodic pension expense during Fiscal 2015 is $7.6 million. The accumulated benefit obligation for all defined benefit pension plans was $476.1 million and $427.8 million at July 31, 2014 and 2013, respectively. | |||||||||||||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $234.8 million, $233.8 million, and $215.9 million, respectively, as of July 31, 2014, and $20.5 million, $19.7 million, and $8.4 million, respectively, as of July 31, 2013. | |||||||||||||
For the years ended July 31, 2014 and 2013, the U.S. pension plans represented approximately 69 percent and 70 percent, respectively, of the Company’s total plan assets, approximately 69 percent and 71 percent, respectively, of the Company’s total projected benefit obligation, and approximately 80 percent and 75 percent, respectively, of the Company’s total pension expense. | |||||||||||||
The weighted-average discount rate and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation are as follows: | |||||||||||||
Weighted average actuarial assumptions | 2014 | 2013 | |||||||||||
All U.S. plans: | |||||||||||||
Discount rate | 4.33% | 4.58% | |||||||||||
Rate of compensation increase | 2.61% | 2.61% | |||||||||||
Non - U.S. plans: | |||||||||||||
Discount rate | 3.64% | 4.04% | |||||||||||
Rate of compensation increase | 2.79% | 2.92% | |||||||||||
The weighted-average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic benefit cost are as follows: | |||||||||||||
Weighted average actuarial assumptions | 2014 | 2013 | 2012 | ||||||||||
All U.S. plans: | |||||||||||||
Discount rate | 4.58% | 3.59% | 4.91% | ||||||||||
Expected return on plan assets | 7.50% | 7.50% | 7.75% | ||||||||||
Rate of compensation increase | 2.61% | 2.61% | 4.50% | ||||||||||
Non - U.S. plans: | |||||||||||||
Discount rate | 4.04% | 4.13% | 5.36% | ||||||||||
Expected return on plan assets | 5.48% | 5.20% | 6.03% | ||||||||||
Rate of compensation increase | 2.92% | 2.86% | 3.57% | ||||||||||
Expected Long-Term Rate of Return To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. In Fiscal 2014 the Company adopted a plan to adjust the target asset allocation for all U.S. plans and to employ differing allocation strategies for each plan. These investment changes, which will be implemented in the first quarter of Fiscal 2015, will help the Company to maintain or reduce the risk profile while continuing to ensure an appropriate funded status in each plan. Therefore, as of the measurement date of July 31, 2014, the Company reduced its long-term rate of return for the U.S. pension plans to an asset-based weighted average of 7.14 percent. The expected long-term rate of return on assets shown in the pension benefit disclosure for non-U.S. plans is an asset-based weighted average of all non-U.S. plans. | |||||||||||||
Discount Rate The Company’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled on the measurement date, taking into account the nature and duration of the benefit obligations of the plan. In making this best estimate, the Company looks at rates of return on high-quality fixed-income investments currently available, and expected to be available, during the period to maturity of the benefits. This process includes looking at the universe of bonds available on the measurement date with a quality rating of Aa or better. Similar appropriate benchmarks are used to determine the discount rate for the non-U.S. plans. The discount rate disclosed in the assumptions used to determine net periodic benefit cost and to determine benefit obligations is based upon a weighted average, using year-end projected benefit obligations. | |||||||||||||
Plan Assets The Company used the following definitions to classify pension assets into either Level 1, Level 2, or Level 3: | |||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||
Level 2 – Inputs other than quoted prices available in Level 1 that are observable either directly or indirectly. | |||||||||||||
Level 3 – Unobservable inputs for the asset or liability. | |||||||||||||
The fair values of the assets held by the U.S. pension plans by asset category are as follows (in millions): | |||||||||||||
Quoted Prices in | |||||||||||||
Active Markets | Significant | Significant | |||||||||||
for Identical | Observable | Unobservable | |||||||||||
Assets | Inputs | Inputs | |||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||
2014 | |||||||||||||
Cash | $ | 14.2 | — | — | $ | 14.2 | |||||||
Global Equity Securities | 107.3 | 87.3 | 21.1 | 215.7 | |||||||||
Fixed Income Securities | 27.0 | — | 58.7 | 85.7 | |||||||||
Real Assets | 7.1 | — | 13.5 | 20.6 | |||||||||
Total U.S. Assets at July 31, 2014 | $ | 155.6 | $ | 87.3 | $ | 93.3 | $ | 336.2 | |||||
2013 | |||||||||||||
Cash | $ | 18.5 | $ | — | $ | — | $ | 18.5 | |||||
Global Equity Securities | 82.5 | 50.2 | 19.4 | 152.1 | |||||||||
Fixed Income Securities | 42.9 | 20.8 | 60.8 | 124.5 | |||||||||
Real Assets | — | — | 22.1 | 22.1 | |||||||||
Total U.S. Assets at July 31, 2013 | $ | 143.9 | $ | 71.0 | $ | 102.3 | $ | 317.2 | |||||
2012 | |||||||||||||
Cash | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||
Global Equity Securities | 61.5 | 57.3 | 19.4 | 138.2 | |||||||||
Fixed Income Securities | 29.2 | 19.5 | 55.0 | 103.7 | |||||||||
Real Assets | — | — | 31.4 | 31.4 | |||||||||
Total U.S. Assets at July 31, 2012 | $ | 91.6 | $ | 76.8 | $ | 105.8 | $ | 274.2 | |||||
Global Equity consists primarily of publicly traded U.S. and non-U.S. equities, Europe, Australasia, Far East (EAFE) index funds, equity private placement funds, private equity investments, and some cash and cash equivalents. Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are traded. Index funds are valued at the net asset value (NAV) as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. equity and debt securities. This may include a diversified mix of partnership interests including buyouts, restructured/distressed debt, growth equity, mezzanine/subordinated debt, real estate, special situation partnerships, and venture capital investments. Partnership interest is valued using the most recent general partner statement of fair value, updated for any subsequent partnership interests' cash flow. | |||||||||||||
The target allocation for Global Equity investments was 65 percent. The underlying global equity investment managers within the Plan will invest primarily in equity securities spanning across market capitalization, geography, style (value, growth), and other diversifying characteristics. Managers may invest in common stocks or American Depository Receipts (ADRs), mutual funds, bank or trust company pooled funds, international stocks, stock options for hedging purposes, stock index futures, financial futures for purposes of replicating a major market index, and private equity partnerships. The Long/Short Equity managers within Global Equity may take long or short positions in equity securities and have the ability to shift exposure from net long to net short. Long/Short Equity managers made up about 15 percent of the global equity portfolio at year-end, and are considered less liquid, as the funds can be partially liquidated on a quarterly basis. Long-only managers are considered liquid. The long-only investment managers are typically valued daily, while long/short equity is valued on a monthly basis. Private equity is considered illiquid and performance is typically valued on a quarterly basis. The underlying assets, however, may be valued less frequently, such as annually, or if and when a potential buyer is identified and has submitted a bid to similar types of investments. | |||||||||||||
Fixed income consists primarily of investment and non-investment grade debt securities and alternative fixed income-like investments. Corporate and other bonds and notes are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks. Alternative fixed income-like investments consist primarily of private partnership interests in hedge funds of funds. Partnership interests are valued using the NAV as determined by the administrator or custodian of the fund. | |||||||||||||
The target allocation for Fixed Income was 30 percent. The Fixed Income class may invest in Debt securities issued or guaranteed by the U.S., its agencies or instrumentalities (including U.S. Government Agency mortgage backed securities), or other investment grade rated debt issued by foreign governments; corporate bonds, debentures and other forms of corporate debt obligations, including equipment trust certificates; Indexed notes, floaters and other variable rate obligations; bank collective funds; mutual funds; insurance company pooled funds and guaranteed investments; futures and options for the purpose of yield curve management; and private debt investments. Fixed Income risk is driven by various factors including, but not limited to, interest rate levels and changes, credit risk, and duration. The current fixed income investment is considered liquid, with daily pricing and liquidity. The Fixed Income class is also invested in a variety of alternative investments. Alternatives cover an enormous variety of traditional and non-traditional investments and investment strategies, spanning various levels of risk and return. These investments can be made in a broad array of non-traditional investment strategies (including, but not limited to, commodities and futures, distressed securities, short/long--or both--fixed income, international opportunities, relative value) with multiple hedge fund managers. This class is considered less liquid to illiquid. The liquidity ranges from quarterly to semi-annually and illiquid. Alternative investments are typically valued on a quarterly basis. | |||||||||||||
Real assets consist of commodity funds, Real Estate Investment Trusts (REITS), and interests in partnerships that invest in private real estate, commodity, and timber investments. Private investments are valued using the most recent partnership statement of fair value, updated for any subsequent partnership interests' cash flows. Commodity funds and REITS are valued at the closing price reported in the active market in which it is traded. | |||||||||||||
The target allocation for Real Assets was 5 percent. The Fund invests in real assets to provide a hedge against unexpected inflation, to capture unique sources of returns, and to provide diversification benefits. The Fund pursues a real asset strategy through a fund of funds, private investments, and/or a direct investment program that may invest long, short, or both in assets including, but not limited to, domestic and international properties, buildings and developments, timber, and/or commodities. Real assets range from less liquid to illiquid, with about two-thirds of the real asset allocation having monthly liquidity and one-third illiquid. Real asset manager performance is typically reported quarterly, though underlying assets may be valued less frequently. | |||||||||||||
Reflecting the relatively long-term nature of the plans’ obligations, approximately 65 percent of the plans assets are invested in equity securities, 30 percent in fixed income, and 5 percent in real assets (investments into funds containing commodities and real estate). In Fiscal 2015, the Company plans to begin investing in liability-driven investment funds, which will change the asset allocations. | |||||||||||||
The following table sets forth a summary of changes in the fair values of the U.S. pension plans’ Level 3 assets for the years ended July 31, 2014, 2013, and 2012 (in millions): | |||||||||||||
Global Equity | Fixed Income | Real Assets | Total | ||||||||||
Beginning balance at August 1, 2011 | $ | 17.9 | $ | 31.4 | $ | 38.0 | $ | 87.3 | |||||
Unrealized gains | 0.1 | 0.6 | -2.1 | -1.4 | |||||||||
Realized gains | 1.5 | 0.4 | — | 1.9 | |||||||||
Purchases | 1.0 | 17.0 | 2.8 | 20.8 | |||||||||
Sales | -1.1 | -1.7 | — | -2.8 | |||||||||
Net transfers into (out of) Level 3 | - | 7.3 | -7.3 | - | |||||||||
Ending balance at July 31, 2012 | $ | 19.4 | $ | 55.0 | $ | 31.4 | $ | 105.8 | |||||
Unrealized gains | -0.8 | 6.4 | 1.1 | 6.7 | |||||||||
Realized gains | 1.7 | 0.7 | — | 2.4 | |||||||||
Purchases | 2.1 | — | 1.0 | 3.1 | |||||||||
Sales | -3 | -1.3 | -11.4 | -15.7 | |||||||||
Ending balance at July 31, 2013 | $ | 19.4 | $ | 60.8 | $ | 22.1 | $ | 102.3 | |||||
Unrealized gains | 1.7 | -2 | - | -0.3 | |||||||||
Realized gains | 2.4 | 8.9 | 0.8 | 12.1 | |||||||||
Purchases | 2.0 | 20.0 | 2.7 | 24.7 | |||||||||
Sales | -4.4 | -29 | -12.1 | -45.5 | |||||||||
Ending balance at July 31, 2014 | $ | 21.1 | $ | 58.7 | $ | 13.5 | $ | 93.3 | |||||
The following table sets forth a summary of the U.S. pension plans’ assets valued at NAV for the year ended July 31, 2014 (in millions): | |||||||||||||
Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||
(If Currently Eligible) | |||||||||||||
Global Equity | $ | 215.7 | $ | 5.2 | Daily, Monthly, Quarterly, Annually | 10 - 100 days | |||||||
Fixed Income | 85.7 | - | Daily, Quarterly, Semi-Annually | 60 - 120 days | |||||||||
Real Assets | 20.6 | 6.9 | Daily, Quarterly | 95 days | |||||||||
Total | $ | 322.0 | $ | 12.1 | |||||||||
Fair values of the assets held by the non-U.S. pension plans by asset category are as follows (in millions): | |||||||||||||
Quoted Prices in | |||||||||||||
Active Markets | Significant | Significant | |||||||||||
for Identical | Observable | Unobservable | |||||||||||
Assets | Inputs | Inputs | |||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||
2014 | |||||||||||||
Cash | $ | 5.7 | $ | — | $ | — | $ | 5.7 | |||||
Global Equity Securities | 71.3 | — | — | 71.3 | |||||||||
Fixed Income Securities | 4.8 | 23.3 | — | 28.1 | |||||||||
Equity/Fixed Income | 18.0 | — | 30.5 | 48.5 | |||||||||
Total Non-U.S. Assets at July 31, 2014 | $ | 99.8 | $ | 23.3 | $ | 30.5 | $ | 153.6 | |||||
2013 | |||||||||||||
Cash | $ | 0.6 | $ | — | $ | — | $ | 0.6 | |||||
Global Equity Securities | 63.8 | — | — | 63.8 | |||||||||
Fixed Income Securities | 6.9 | 21.0 | — | 27.9 | |||||||||
Equity/Fixed Income | 16.9 | — | 26.3 | 43.2 | |||||||||
Total Non-U.S. Assets at July 31, 2013 | $ | 88.2 | $ | 21.0 | $ | 26.3 | $ | 135.5 | |||||
2012 | |||||||||||||
Global Equity Securities | $ | 37.1 | $ | — | $ | — | $ | 37.1 | |||||
Fixed Income Securities | 5.9 | 28.4 | — | 34.3 | |||||||||
Equity/Fixed Income | 13.3 | — | 21.8 | 35.1 | |||||||||
Real Assets | — | 6.8 | — | 6.8 | |||||||||
Total Non-U.S. Assets at July 31, 2012 | $ | 56.3 | $ | 35.2 | $ | 21.8 | $ | 113.3 | |||||
Global equity consists of publicly traded diversified growth funds invested across a broad range of traditional and alternative asset classes which may include, but are not limited to, equities, investment grade and high yield bonds, property, private equity, infrastructure, commodities and currencies. They may invest directly or hold up to 100 percent of the fund in other collective investment vehicles and may use exchange traded and over the counter financial derivatives, such as currency forwards or futures, for both investment as well as hedging purposes. | |||||||||||||
Fixed income consists primarily of investment grade debt securities. Corporate bonds and notes are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks. These funds may also aim to provide liability hedging by offering interest rate and inflation protections which replicates the liability profile of a typical defined benefit pension scheme. | |||||||||||||
Equity/Fixed Income consists of Level 1 assets that are part of a unit linked fund with a strategic asset allocation of 40 percent fixed income products and 60 percent equity type products. Assets are valued at either the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings. Index funds are valued at the net asset value as determined by the custodian of the fund. The Level 3 assets are composed of mathematical reserves on individual contracts and the Company does not have any influence on the investment decisions as made by the insurer due to the specific minimum guaranteed return characteristics of this type of contract. European insurers in general, broadly have a strategic asset allocation with 80 percent to 90 percent fixed income products and 20 percent to 10 percent equity type products (including real estate). | |||||||||||||
Real Assets consists of property funds. Property funds are valued using the most recent partnership statement of fair value, updated for any subsequent partnership interests’ cash flows. | |||||||||||||
The following table sets forth a summary of changes in the fair values of the non-U.S. pension plans’ Level 3 assets for the years ended July 31, 2014, 2013, and 2012 (in millions): | |||||||||||||
Equity/Fixed | |||||||||||||
Income | |||||||||||||
Beginning balance at August 1, 2011 | $ | 26.3 | |||||||||||
Unrealized gains | 1.4 | ||||||||||||
Foreign currency exchange | -3.8 | ||||||||||||
Purchases | 2.6 | ||||||||||||
Sales | -4.6 | ||||||||||||
Net transfers into (out of) Level 3 | -0.1 | ||||||||||||
Ending balance at July 31, 2012 | $ | 21.8 | |||||||||||
Unrealized gains | 1.1 | ||||||||||||
Foreign currency exchange | 1.7 | ||||||||||||
Purchases | 2.6 | ||||||||||||
Sales | -0.9 | ||||||||||||
Ending balance at July 31, 2013 | $ | 26.3 | |||||||||||
Unrealized gains | 4.3 | ||||||||||||
Realized gains | 0.1 | ||||||||||||
Foreign currency exchange | 0.1 | ||||||||||||
Purchases | 3.1 | ||||||||||||
Sales | -3.4 | ||||||||||||
Ending balance at July 31, 2014 | $ | 30.5 | |||||||||||
The following table sets forth a summary of the non-U.S. pension plans’ assets valued at NAV for the year ended July 31, 2014 (in millions): | |||||||||||||
Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||
(If Currently Eligible) | |||||||||||||
Fixed Income | 23.3 | - | Weekly | 7 days | |||||||||
Equity/Fixed Income | 30.5 | - | Yearly | 90 days | |||||||||
Total | $ | 53.8 | $ | - | |||||||||
Investment Policies and Strategies. For the Company’s U.S. plans, the Company uses a total return investment approach to achieve a long-term return on plan assets, with what the Company believes to be a prudent level of risk for the purpose of meeting its retirement income commitments to employees. The plans’ investments are diversified to assist in managing risk. In Fiscal 2014, the Company’s asset allocation guidelines targeted an allocation of 65 percent global equity securities, 30 percent fixed income, and 5 percent real assets (investments into funds containing commodities and real estate). These target allocation guidelines are determined in consultation with the Company’s investment consultant, and through the use of modeling the risk/return trade-offs among asset classes utilizing assumptions about expected annual return, expected volatility/standard deviation of returns, and expected correlations with other asset classes. In Fiscal 2015, the Company plans to begin investing in liability-driven investment funds, which will change the asset allocations. | |||||||||||||
For the Company’s non-U.S. plans, the general investment objectives are to maintain a suitably diversified portfolio of secure assets of appropriate liquidity which will generate income and capital growth to meet, together with any new contributions from members and the Company, the cost of current and future benefits. Investment policy and performance is measured and monitored on an ongoing basis by the Company’s investment committee through its use of an investment consultant and through quarterly investment portfolio reviews. | |||||||||||||
Estimated Contributions and Future Payments The Company’s general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. Additionally, the Company may elect to make additional contributions up to the maximum tax deductible contribution. The Company made contributions of $0.6 million to its U.S. pension plans in Fiscal 2014. The minimum funding requirement for the Company’s U.S. plans is $12.2 million in Fiscal 2015. Per the Pension Protection Act of 2006, this obligation could be met with existing credit balances that resulted from payments above the minimum obligation in prior years. As such, the Company does not anticipate making a contribution in Fiscal 2015 to its U.S. pension plans. The Company made contributions of $3.7 million to its non-U.S. pension plans in Fiscal 2014 and estimates that it will contribute approximately $3.9 million in Fiscal 2015 based upon the local government prescribed funding requirements. Future estimates of the Company’s pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates, and regulatory requirements. | |||||||||||||
Estimated future benefit payments for the Company’s U.S. and non-U.S. plans are as follows (thousands of dollars): | |||||||||||||
Fiscal Year | |||||||||||||
2015 | $ | 23,032 | |||||||||||
2016 | $ | 22,728 | |||||||||||
2017 | $ | 27,717 | |||||||||||
2018 | $ | 25,059 | |||||||||||
2019 | $ | 27,754 | |||||||||||
2020-2024 | $ | 149,865 | |||||||||||
Postemployment and Postretirement Benefit Plans The Company provides certain postemployment and postretirement health care benefits for certain U.S. employees for a limited time after termination of employment. The Company has recorded a liability for its postretirement benefit plan in the amount of $1.3 million for both the years ended July 31, 2014 and 2013. The annual cost resulting from these benefits is not material. For measurement purposes, a 7.0 percent annual rate of increase in the per capita cost of covered health care benefits was assumed for Fiscal 2014. The Company has assumed that the long-term rate of increase will decrease gradually to an ultimate annual rate of 4.5 percent. A one-percentage point increase in the health care cost trend rate would increase the Fiscal 2014 and 2013 liability by $0.1 million. | |||||||||||||
Retirement Savings and Employee Stock Ownership Plan The Company provides a contributory employee savings plan to U.S. employees that permits participants to make contributions by salary reduction pursuant to section 401(k) of the Internal Revenue Code. Employee contributions of up to 25 percent of compensation are matched at a rate equaling 100 percent of the first 3 percent contributed and 50 percent of the next 2 percent contributed. The Company’s contributions under this plan are based on the level of employee contributions. Total contribution expense for these plans was $8.1 million, $7.3 million, and $5.5 million for the years ended July 31, 2014, 2013, and 2012, respectively. This plan also includes shares from an Employee Stock Ownership Plan (ESOP). As of July 31, 2014, all shares of the ESOP have been allocated to participants. Total ESOP shares are considered to be shares outstanding for earnings per share calculations. In July 2013, the Company announced that Employees hired on or after August 1, 2013 will be eligible for a 3 percent annual Company retirement contribution in addition to the Company’s 401(k) match. Effective August 1, 2016, Employees hired prior to August 1, 2013 will be eligible for the 3 percent annual Company retirement contribution. | |||||||||||||
Deferred Compensation and Other Benefit Plans The Company provides various deferred compensation and other benefit plans to certain executives. The deferred compensation plan allows these employees to defer the receipt of all of their bonus and other stock related compensation and up to 75 percent of their salary to future periods. Other benefit plans are provided to supplement the benefits for a select group of highly compensated individuals which are reduced because of compensation limitations set by the Internal Revenue Code. The Company has recorded a liability of $9.1 million and $9.5 million the years ended July 31, 2014 and July 31, 2013, respectively, related primarily to its deferred compensation plans. | |||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||
Jul. 31, 2014 | ||||
Shareholders' Equity [Abstract] | ' | |||
Shareholders' Equity | ' | |||
NOTE G Shareholders’ Equity | ||||
Stock Rights On January 27, 2006, the Board of Directors of the Company approved the extension of the benefits afforded by the Company’s existing rights plan by adopting a new shareholder rights plan. Pursuant to the Rights Agreement, dated as of January 27, 2006 by and between the Company and Wells Fargo Bank, N.A., as Rights Agent, one right was issued on March 3, 2006 for each outstanding share of common stock of the Company upon the expiration of the Company’s existing rights. Each of the new rights entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, without par value, at a price of $143.00 per one one-thousandth of a share. The rights, however, will not become exercisable unless and until, among other things, any person acquires 15 percent or more of the outstanding common stock of the Company. If a person acquires 15 percent or more of the outstanding common stock of the Company (subject to certain conditions and exceptions more fully described in the Rights Agreement), each right will entitle the holder (other than the person who acquired 15 percent or more of the outstanding common stock) to purchase common stock of the Company having a market value equal to twice the exercise price of a right. The rights are redeemable under certain circumstances at $.001 per right and will expire, unless earlier redeemed, on March 2, 2016. | ||||
Stock Compensation Plans The Stock Compensation Plans in the Consolidated Statements of Changes in Shareholders’ Equity consist of the balance of amounts payable to eligible participants for stock compensation that was deferred to a Rabbi Trust pursuant to the provisions of the 2010 Master Stock Incentive Plan, as well as performance awards payable in common stock discussed further in Note I. | ||||
Treasury Stock The Board of Directors authorized the repurchase, at the Company’s discretion, of up to 15.0 million shares of common stock under the Company’s stock repurchase plan dated September 27, 2013. As of July 31, 2014, the Company had remaining authorization to repurchase 8.5 million shares under this plan. Following is a summary of treasury stock share activity for Fiscal 2014 and 2013: | ||||
2014 | 2013 | |||
Beginning balance | 5,490,725 | 3,980,832 | ||
Stock repurchases | 6,795,545 | 2,986,794 | ||
Net issuance upon exercise of stock options | -863,249 | -1,288,560 | ||
Issuance under compensation plans | -175,160 | -174,408 | ||
Other activity | -10,339 | -13,933 | ||
Ending balance | 11,237,522 | 5,490,725 | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
NOTE H Accumulated Other Comprehensive Loss | ||||||||||||
In the first quarter of Fiscal 2014, the Company prospectively adopted guidance issued by the FASB that requires additional disclosure related to the impact of reclassification adjustments out of accumulated other comprehensive income or loss on net income. Changes in accumulated other comprehensive loss by component are as follows: | ||||||||||||
(Thousands of dollars) | Foreign currency translation adjustment (a) | Pension benefits | Derivative financial instruments | Total | ||||||||
Balance as of July 31, 2013, net of tax | $ | 50,411 | $ | -87,712 | $ | -172 | $ | -37,473 | ||||
Other comprehensive (loss) income before reclassifications and tax | -2,949 | -16,120 | 413 | -18,656 | ||||||||
Tax benefit (expense) | - | 4,391 | -145 | 4,246 | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | $ (2,949) | $ (11,729) | $ 268 | -14,410 | ||||||||
Reclassifications, before tax | 827 | 8,514 | -273 | 9,068 | ||||||||
Tax benefit (expense) | - | -3,071 | 76 | -2,995 | ||||||||
Reclassifications, net of tax | 827 | 5,443 | (b) | -197 | 6,073 | |||||||
Other comprehensive (loss) income, net of tax | -2,122 | -6,286 | 71 | (c) | -8,337 | |||||||
Balance as of July 31, 2014, net of tax | $ | 48,289 | $ | -93,998 | $ | -101 | $ | -45,810 | ||||
(a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. Amounts were reclassified from accumulated other comprehensive loss to other income, net. | ||||||||||||
(b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note F) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. | ||||||||||||
(c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). | ||||||||||||
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Stock Option Plans [Abstract] | ' | ||||||||||||
Stock Option Plans | ' | ||||||||||||
NOTE I Stock Option Plans | |||||||||||||
Employee Incentive Plans In November 2010, shareholders approved the 2010 Master Stock Incentive Plan (the Plan). The Plan extends through September 2020 and allows for the granting of nonqualified stock options, incentive stock options, restricted stock, restricted stock units, stock appreciation rights (SAR), dividend equivalents, and other stock-based awards. Options under the Plan are granted to key employees at market price at the date of grant. Options are generally exercisable for up to 10 years from the date of grant. The Plan also allows for the granting of performance awards to a limited number of key executives. As administered by the Human Resources Committee of the Company’s Board of Directors to date, these performance awards are payable in common stock and are based on a formula which measures performance of the Company over a three-year period. Performance award expense under these plans totaled $0.7 million in Fiscal 2014, $0.1 million in Fiscal 2013, and $1.9 million in Fiscal 2012. | |||||||||||||
Stock options for non-executives are exercisable in equal increments over three years. Stock options issued after Fiscal 2010 become exercisable for executives in equal increments over three years. Stock options issued from Fiscal 2004 to Fiscal 2010 became exercisable for most executives immediately upon the date of grant. For Fiscal 2014, the Company recorded pre-tax compensation expense associated with stock options of $9.9 million and recorded $3.2 million of related tax benefit. For Fiscal 2013 and 2012, the Company recorded pre-tax compensation expense associated with stock options of $8.3 million and $7.8 million, respectively, and $2.7 million and $2.5 million, respectively, of related tax benefit. | |||||||||||||
Stock-based employee compensation cost is recognized using the fair-value based method. The Company determined the fair value of these awards using the Black-Scholes option pricing model, with the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk - free interest rate | 0.31 - 2.8% | 0.02 - 1.7% | 0.10 - 1.8% | ||||||||||
Expected volatility | 18.2 - 28.0% | 22.5 - 29.7% | 25.8 - 31.9% | ||||||||||
Expected dividend yield | 1.4 - 1.6% | 1.0 - 1.4% | 1.0% | ||||||||||
Expected life | |||||||||||||
Director and officer grants | 8 years | 8 years | 8 years | ||||||||||
Non - officer original grants | 7 years | 7 years | 7 years | ||||||||||
Reload grants | <6 years | <5 years | <8 years | ||||||||||
Black-Scholes is a widely accepted stock option pricing model. The weighted average fair value for options granted during Fiscal 2014, 2013, and 2012 was $11.44, $8.18, and $9.37 per share, respectively, using the Black-Scholes pricing model. | |||||||||||||
Reload grants are grants made to officers or directors who exercised a reloadable option during the fiscal year and made payment of the purchase price using shares of previously owned Company stock. The reload grant is for the number of shares equal to the shares used in payment of the purchase price and/or withheld for minimum tax withholding. Options with a reload provision were no longer issued to officers with more than five years of service and all directors beginning in Fiscal 2006. The Company continued to issue options with a reload provision to officers with less than five years of service until Fiscal 2011 when this was discontinued. | |||||||||||||
The following table summarizes stock option activity: | |||||||||||||
Weighted | |||||||||||||
Options | Average Exercise | ||||||||||||
Outstanding | Price | ||||||||||||
Outstanding at July 31, 2011 | 8,387,994 | $ | 17.72 | ||||||||||
Granted | 1,082,979 | 34.76 | |||||||||||
Exercised | -1,379,827 | 11.90 | |||||||||||
Canceled | -34,819 | 27.45 | |||||||||||
Outstanding at July 31, 2012 | 8,056,327 | 20.97 | |||||||||||
Granted | 965,050 | 33.91 | |||||||||||
Exercised | -1,607,081 | 14.79 | |||||||||||
Canceled | -84,476 | 33.94 | |||||||||||
Outstanding at July 31, 2013 | 7,329,820 | 23.88 | |||||||||||
Granted | 900,073 | 42.17 | |||||||||||
Exercised | -1,008,848 | 18.80 | |||||||||||
Canceled | -23,163 | 34.02 | |||||||||||
Outstanding at July 31, 2014 | 7,197,882 | 26.84 | |||||||||||
The total intrinsic value of options exercised during Fiscal 2014, 2013, and 2012 was $21.5 million, $33.7 million, and $29.5 million, respectively. | |||||||||||||
Shares reserved at July 31, 2014 for outstanding options and future grants were 12,599,147. Shares reserved consist of shares available for grant plus all outstanding options. | |||||||||||||
The following table summarizes information concerning outstanding and exercisable options as of July 31, 2014: | |||||||||||||
Weighted | |||||||||||||
Average | Weighted | Weighted | |||||||||||
Remaining | Average | Average | |||||||||||
Number | Contractual | Exercise | Number | Exercise | |||||||||
Range of Exercise Prices | Outstanding | Life (Years) | Price | Exercisable | Price | ||||||||
$0.00 to $16.69 | 1,003,381 | 1.18 | $ | 15.93 | 1,003,381 | $ | 15.93 | ||||||
$16.70 to $22.69 | 2,197,543 | 4.12 | 19.13 | 2,197,543 | 19.13 | ||||||||
$22.70 to $28.69 | 400,114 | 3.41 | 22.97 | 400,114 | 22.97 | ||||||||
$28.70 to $34.69 | 1,839,809 | 7.25 | 31.58 | 1,254,101 | 30.59 | ||||||||
$34.70 and above | 1,757,035 | 8.10 | 38.64 | 622,680 | 35.52 | ||||||||
7,197,882 | 5.44 | 26.84 | 5,477,819 | 23.31 | |||||||||
At July 31, 2014, the aggregate intrinsic value of shares outstanding and exercisable was $89.0 million and $84.9 million, respectively. | |||||||||||||
The following table summarizes the status of options which contain vesting provisions: | |||||||||||||
Weighted | |||||||||||||
Average Grant | |||||||||||||
Date Fair | |||||||||||||
Options | Value | ||||||||||||
Non - vested at July 31, 2013 | 1,805,803 | $ | 9.18 | ||||||||||
Granted | 849,850 | 11.63 | |||||||||||
Vested | -915,677 | 9.24 | |||||||||||
Canceled | -19,913 | 9.47 | |||||||||||
Non - vested at July 31, 2014 | 1,720,063 | 10.35 | |||||||||||
The total fair value of shares vested during Fiscal 2014, 2013, and 2012 was $35.5 million, $29.8 million, and $19.5 million, respectively. | |||||||||||||
As of July 31, 2014, there was $7.7 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. This unvested cost is expected to be recognized during Fiscal 2015, Fiscal 2016, and Fiscal 2017. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
NOTE J Income Taxes | |||||||||
The components of earnings before income taxes are as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Earnings before income taxes: | |||||||||
United States | $ | 131,396 | $ | 147,317 | $ | 171,101 | |||
Foreign | 229,307 | 200,864 | 199,679 | ||||||
Total | $ | 360,703 | $ | 348,181 | $ | 370,780 | |||
The components of the provision for income taxes are as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Income taxes: | |||||||||
Current | |||||||||
Federal | $ | 48,981 | $ | 35,820 | $ | 45,468 | |||
State | 4,724 | 4,337 | 4,012 | ||||||
Foreign | 54,536 | 52,300 | 50,655 | ||||||
108,241 | 92,457 | 100,135 | |||||||
Deferred | |||||||||
Federal | -9,465 | 7,071 | 7,391 | ||||||
State | 365 | 312 | 722 | ||||||
Foreign | 1,338 | 964 | -1,769 | ||||||
-7,762 | 8,347 | 6,344 | |||||||
Total | $ | 100,479 | $ | 100,804 | $ | 106,479 | |||
The following table reconciles the U.S. statutory income tax rate with the effective income tax rate: | |||||||||
2014 | 2013 | 2012 | |||||||
Statutory U.S. federal rate | 35.0% | 35.0% | 35.0% | ||||||
State income taxes | 1.1% | 1.2% | 1.2% | ||||||
Foreign operations | -6.10% | -6.30% | -5.20% | ||||||
Export, manufacturing, and research credits | -0.80% | -1.50% | -1.00% | ||||||
Change in unrecognized tax benefits | -1.10% | 0.5% | -1.00% | ||||||
Other | -0.20% | 0.1% | -0.30% | ||||||
27.9% | 29.0% | 28.7% | |||||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows: | |||||||||
2014 | 2013 | ||||||||
(thousands of dollars) | |||||||||
Deferred tax assets: | |||||||||
Accrued expenses | $ | 11,118 | $ | 11,580 | |||||
Compensation and retirement plans | 32,317 | 23,578 | |||||||
NOL and tax credit carryforwards | 3,471 | 3,279 | |||||||
LIFO and inventory reserves | 5,482 | 5,037 | |||||||
Other | 4,470 | 3,890 | |||||||
Deferred tax assets, gross | 56,858 | 47,364 | |||||||
Valuation allowance | -3,471 | -3,228 | |||||||
Net deferred tax assets | 53,387 | 44,136 | |||||||
Deferred tax liabilities: | |||||||||
Depreciation and amortization | -49,901 | -45,737 | |||||||
Other | -1,025 | -663 | |||||||
Deferred tax liabilities | -50,926 | -46,400 | |||||||
Prepaid tax assets | 4,392 | 4,015 | |||||||
Net tax asset | $ | 6,853 | $ | 1,751 | |||||
Deferred income tax assets on the face of the balance sheet include $4.4 million and $4.0 million of prepaid tax assets related to intercompany transfers of inventory as of July 31, 2014 and 2013, respectively. | |||||||||
The effective tax rate for Fiscal 2014 was 27.9 percent compared to 29.0 percent in Fiscal 2013. The decrease in the effective tax rate is primarily due to the favorable settlement of a tax audit, the remeasurement of certain deferred tax assets due to a change in tax rates in certain foreign jurisdictions, and a favorable shift in the mix of earnings between tax jurisdictions. This was partially offset by tax costs associated with foreign dividend distributions and the expiration of the Research and Experimentation Credit in the U.S. in the current year. | |||||||||
The Company has not provided for U.S. income taxes on additional undistributed earnings of non-U.S. subsidiaries of approximately $914.0 million. The Company currently intends to indefinitely reinvest these undistributed earnings as there are significant investment opportunities outside the U.S. or to repatriate the earnings only when it is tax effective to do so. If any portion were to be distributed, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings plus any available foreign tax credit carryovers. Determination of the unrecognized deferred tax liability related to these undistributed earnings is not practicable. In August 2014, the Company repatriated $52.4 million of cash held by its foreign subsidiaries in the form of a cash dividend. This dividend represented a portion of the total planned dividends for Fiscal 2015. At this time, the Company anticipates the net tax impact of the Fiscal 2015 dividends to be tax neutral. | |||||||||
The Company maintains a reserve for uncertain tax benefits. The accounting standard defines the threshold for recognizing the benefits of tax return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that in the Company’s judgment is greater than 50 percent likely to be realized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Gross unrecognized tax benefits at beginning of fiscal year | $ | 18,419 | $ | 16,514 | $ | 20,005 | |||
Additions for tax positions of the current year | 2,959 | 5,453 | 3,323 | ||||||
Additions for tax positions of prior years | 1,706 | 407 | 261 | ||||||
Reductions for tax positions of prior years | -7,113 | -1,640 | -4,462 | ||||||
Settlements | -240 | -277 | - | ||||||
Reductions due to lapse of applicable statute of limitations | -726 | -2,038 | -2,613 | ||||||
Gross unrecognized tax benefits at end of fiscal year | $ | 15,005 | $ | 18,419 | $ | 16,514 | |||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal year ended July 31, 2014, the Company recognized interest expense, net of tax benefit, of approximately $0.3 million. At July 31, 2014 and July 31, 2013, accrued interest and penalties on a gross basis were $1.7 million and $1.1 million, respectively. | |||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2008. The IRS has completed examinations of the company’s U.S. federal income tax returns through 2012. | |||||||||
If the Company were to prevail on all unrecognized tax benefits recorded, substantially all of the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of about 5 years, up to $1.0 million of the unrecognized tax benefits could potentially expire in the next 12 month period, unless extended by audit. It is possible that quicker than expected settlement of either current or future audits and disputes would cause additional reversals of previously recorded reserves in the next 12 month period. Currently, the Company has approximately $0.2 million of unrecognized tax benefits that are in formal dispute with various taxing authorities related to transfer pricing and deductibility of expenses. Quantification of an estimated range and timing of future audit settlements cannot be made at this time. | |||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
NOTE K Segment Reporting | ||||||||||||
Consistent with FASB guidance related to segment reporting, the Company identified two reportable segments: Engine Products and Industrial Products. Segment selection was based on the internal organizational structure, management of operations, and performance evaluation by management and the Company’s Board of Directors. | ||||||||||||
The Engine Products segment sells to original equipment manufacturers (OEM) in the construction, mining, agriculture, aerospace, defense, and truck markets, and to independent distributors, OEM dealer networks, private label accounts, and large equipment fleets. Products include air filtration systems, exhaust and emissions systems, liquid filtration systems including hydraulics, fuel and lube, and replacement filters. | ||||||||||||
The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines, and OEMs and end-users requiring clean air. Products include dust, fume, and mist collectors, compressed air purification systems, air filtration systems for gas turbines, PTFE membrane-based products, and specialized air and gas filtration systems for applications including computer hard disk drives and semi-conductor manufacturing. | ||||||||||||
Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments such as interest income and interest expense. Assets included in Corporate and Unallocated principally are cash and cash equivalents, inventory reserves, certain prepaids, certain investments, other assets, and assets allocated to general corporate purposes. | ||||||||||||
The Company has an internal measurement system to evaluate performance and allocate resources based on profit or loss from operations before income taxes. The Company’s manufacturing facilities serve both reporting segments. Therefore, the Company uses an allocation methodology to assign costs and assets to the segments. A certain amount of costs and assets relate to general corporate purposes and are not assigned to either segment. The accounting policy applied to inventory for the reportable segments differs from that described in the summary of significant accounting policies. The reportable segments account for inventory on a standard cost basis, which is consistent with our internal reporting. | ||||||||||||
Segment allocated assets are primarily accounts receivable, inventories, property, plant, and equipment, and goodwill. Reconciling items included in Corporate and Unallocated are created based on accounting differences between segment reporting and the consolidated, external reporting as well as internal allocation methodologies. | ||||||||||||
The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. | ||||||||||||
Segment detail is summarized as follows: | ||||||||||||
Engine | Industrial | Corporate & | Total | |||||||||
Products | Products | Unallocated | Company | |||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
Net sales | $ | 1,584,027 | $ | 889,439 | $ | — | $ | 2,473,466 | ||||
Depreciation and amortization | 38,925 | 23,942 | 4,296 | 67,163 | ||||||||
Equity earnings in unconsolidated affiliates | 5,596 | 940 | — | 6,536 | ||||||||
Earnings before income taxes | 233,920 | 133,978 | -7,195 | 360,703 | ||||||||
Assets | 900,083 | 572,000 | 470,328 | 1,942,411 | ||||||||
Equity investments in unconsolidated affiliates | 17,439 | 3,959 | — | 21,398 | ||||||||
Capital expenditures | 56,340 | 34,652 | 6,218 | 97,210 | ||||||||
2013 | ||||||||||||
Net sales | $ | 1,504,188 | $ | 932,760 | $ | — | $ | 2,436,948 | ||||
Depreciation and amortization | 35,815 | 22,447 | 6,028 | 64,290 | ||||||||
Equity earnings in unconsolidated affiliates | 4,000 | 693 | — | 4,693 | ||||||||
Earnings before income taxes | 220,892 | 139,108 | -11,819 | 348,181 | ||||||||
Assets | 826,151 | 527,416 | 389,989 | 1,743,556 | ||||||||
Equity investments in unconsolidated affiliates | 15,563 | 3,277 | — | 18,840 | ||||||||
Capital expenditures | 52,864 | 33,134 | 8,897 | 94,895 | ||||||||
2012 | ||||||||||||
Net sales | $ | 1,570,140 | $ | 923,108 | $ | — | $ | 2,493,248 | ||||
Depreciation and amortization | 36,646 | 18,852 | 5,667 | 61,165 | ||||||||
Equity earnings in unconsolidated affiliates | 3,966 | 769 | — | 4,735 | ||||||||
Earnings before income taxes | 227,941 | 149,249 | -6,410 | 370,780 | ||||||||
Assets | 845,176 | 520,739 | 364,167 | 1,730,082 | ||||||||
Equity investments in unconsolidated affiliates | 17,304 | 2,822 | — | 20,126 | ||||||||
Capital expenditures | 46,816 | 24,083 | 7,240 | 78,139 | ||||||||
Following are net sales by product within the Engine Products segment and Industrial Products segment: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(thousands of dollars) | ||||||||||||
Engine Products segment: | ||||||||||||
Off-Road Products | $ | 342,205 | $ | 358,834 | $ | 376,870 | ||||||
On-Road Products | 130,029 | 128,446 | 163,934 | |||||||||
Aftermarket Products* | 1,012,165 | 912,717 | 922,660 | |||||||||
Aerospace and Defense Products | 99,628 | 104,191 | 106,676 | |||||||||
Total Engine Products segment | 1,584,027 | 1,504,188 | 1,570,140 | |||||||||
Industrial Products segment: | ||||||||||||
Industrial Filtration Solutions Products | 553,356 | 529,751 | 553,453 | |||||||||
Gas Turbine Products | 156,860 | 232,922 | 180,669 | |||||||||
Special Applications Products | 179,223 | 170,087 | 188,986 | |||||||||
Total Industrial Products segment | 889,439 | 932,760 | 923,108 | |||||||||
Total Company | $ | 2,473,466 | $ | 2,436,948 | $ | 2,493,248 | ||||||
*Includes replacement part sales to the Company’s OEM Customers. | ||||||||||||
Geographic sales by origination and property, plant, and equipment: | ||||||||||||
Property, Plant, & | ||||||||||||
Net Sales | Equipment - Net | |||||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
United States | $ | 1,019,926 | $ | 196,712 | ||||||||
Europe | 728,554 | 128,904 | ||||||||||
Asia - Pacific | 517,305 | 72,089 | ||||||||||
Other | 207,681 | 53,960 | ||||||||||
Total | $ | 2,473,466 | $ | 451,665 | ||||||||
2013 | ||||||||||||
United States | $ | 1,010,934 | $ | 166,614 | ||||||||
Europe | 678,996 | 123,710 | ||||||||||
Asia - Pacific | 546,406 | 75,206 | ||||||||||
Other | 200,612 | 53,750 | ||||||||||
Total | $ | 2,436,948 | $ | 419,280 | ||||||||
2012 | ||||||||||||
United States | $ | 1,064,474 | $ | 146,328 | ||||||||
Europe | 678,619 | 114,266 | ||||||||||
Asia - Pacific | 572,163 | 80,200 | ||||||||||
Other | 177,992 | 44,115 | ||||||||||
Total | $ | 2,493,248 | $ | 384,909 | ||||||||
Concentrations There were no Customers over 10 percent of net sales during Fiscal 2014, 2013, and 2012. There were no Customers over 10 percent of gross accounts receivable in Fiscal 2014 or Fiscal 2013. | ||||||||||||
Guarantees
Guarantees | 12 Months Ended |
Jul. 31, 2014 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
NOTE L Guarantees | |
The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of July 31, 2014, the joint venture had $28.7 million of outstanding debt, of which the Company guarantees half. In addition, during Fiscal 2014, 2013, and 2012, the Company recorded its equity in earnings of this equity method investment of $3.7 million, $2.3 million, and $2.0 million and royalty income of $6.8 million, $6.0 million, and $6.2 million, respectively, related to AFSI. | |
At July 31, 2014 and 2013, the Company had a contingent liability for standby letters of credit totaling $7.8 million and $12.2 million, respectively, which have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of a specified bond financing agreement and insurance contract terms as detailed in each letter of credit. At July 31, 2014 and 2013, there were no amounts drawn upon these letters of credit. | |
Warranty
Warranty | 12 Months Ended | ||
Jul. 31, 2014 | |||
Warranty [Abstract] | ' | ||
Warranty | ' | ||
NOTE M Warranty | |||
The Company provides for warranties on certain products. In addition, the Company may incur specific Customer warranty issues. Following is a reconciliation of warranty reserves (in thousands of dollars): | |||
Balance at July 31, 2012 | $ | 10,905 | |
Accruals for warranties issued during the reporting period | 5,940 | ||
Accruals related to pre-existing warranties (including changes in estimates) | -1,081 | ||
Less settlements made during the period | -5,238 | ||
Balance at July 31, 2013 | $ | 10,526 | |
Accruals for warranties issued during the reporting period | 4,339 | ||
Accruals related to pre-existing warranties (including changes in estimates) | -1,185 | ||
Less settlements made during the period | -4,651 | ||
Balance at July 31, 2014 | $ | 9,029 | |
There were no significant specific warranty matters accrued for in Fiscal 2014 or Fiscal 2013. These warranty matters are not expected to have a material impact on the Company’s results of operations, liquidity, or financial position. There were no significant settlements made in Fiscal 2014 or Fiscal 2013. | |||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Jul. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE N Commitments and Contingencies | |
Operating Leases The Company enters into operating leases primarily for office and warehouse facilities, production and non-production equipment, automobiles, and computer equipment. Total expense recorded under operating leases for the periods ended July 31, 2014 and 2013 were $28.0 million and $27.5 million, respectively. Future commitments under operating leases are: $12.9 million in Fiscal 2015, $8.5 million in Fiscal 2016, $5.0 million in Fiscal 2017, $3.5 million in Fiscal 2018, $1.5 million in Fiscal 2019, and $0.1 million thereafter. | |
Litigation The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity. | |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||
Quarterly Financial Information | ' | |||||||||||
NOTE O Quarterly Financial Information (Unaudited) | ||||||||||||
First | Second | Third | Fourth | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
Net sales | $ | 599,384 | $ | 581,622 | $ | 624,234 | $ | 668,226 | ||||
Gross profit | 214,394 | 201,648 | 223,461 | 238,323 | ||||||||
Net earnings | 61,592 | 58,340 | 67,336 | 72,956 | ||||||||
Basic earnings per share | 0.42 | 0.40 | 0.46 | 0.51 | ||||||||
Diluted earnings per share | 0.41 | 0.39 | 0.46 | 0.50 | ||||||||
Dividends declared per share | 0.140 | 0.140 | 0.165 | 0.165 | ||||||||
Dividends paid per share | 0.130 | 0.140 | 0.140 | 0.165 | ||||||||
2013 | ||||||||||||
Net sales | $ | 588,947 | $ | 596,036 | $ | 619,371 | $ | 632,594 | ||||
Gross profit | 198,293 | 198,977 | 221,501 | 228,356 | ||||||||
Net earnings | 54,113 | 50,813 | 69,842 | 72,609 | ||||||||
Basic earnings per share | 0.36 | 0.34 | 0.47 | 0.49 | ||||||||
Diluted earnings per share | 0.36 | 0.34 | 0.46 | 0.48 | ||||||||
Dividends declared per share | 0.090 | 0.100 | 0.130 | 0.130 | ||||||||
Dividends paid per share | 0.090 | 0.090 | 0.100 | 0.130 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE P Subsequent Events | |
On August 14, 2014, the Company announced that it entered into an agreement to acquire 100 percent of the voting equity interests in Northern Technical L.L.C., a manufacturer of gas turbine inlet air filtration systems and replacement filters. The acquisition of Northern Technical reinforces the Company’s commitment to growth with a company that is an excellent strategic fit with its existing Gas Turbine Products business. The acquisition will allow Donaldson to leverage Northern Technical’s strong Customer relationships in the Middle East, the largest gas turbine market in the world, with significant continued growth expected over the next decade. The acquisition is expected to close in the first quarter of Fiscal 2015, subject to normal closing conditions. | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation And Qualifying Accounts | ' | |||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
DONALDSON COMPANY, INC. AND SUBSIDIARIES | ||||||||||||||||
(thousands of dollars) | ||||||||||||||||
Additions | ||||||||||||||||
Balance at | Charged to | Charged to | ||||||||||||||
Beginning of | Costs and | Other Accounts | Deductions | Balance at | ||||||||||||
Description | Period | Expenses | (A) | (B) | End of Period | |||||||||||
Year ended July 31, 2014: | ||||||||||||||||
Allowance for doubtful accounts deducted | ||||||||||||||||
from accounts receivable | $ | 7,040 | $ | 393 | $ | -1 | $ | -669 | $ | 6,763 | ||||||
Year ended July 31, 2013: | ||||||||||||||||
Allowance for doubtful accounts deducted | ||||||||||||||||
from accounts receivable | $ | 6,418 | $ | 1,241 | $ | 230 | $ | -849 | $ | 7,040 | ||||||
Year ended July 31, 2012: | ||||||||||||||||
Allowance for doubtful accounts deducted | ||||||||||||||||
from accounts receivable | $ | 6,908 | $ | 1,151 | $ | -676 | $ | -965 | $ | 6,418 | ||||||
Note A - Allowance for doubtful accounts foreign currency translation losses (gains) recorded directly to equity. | ||||||||||||||||
Note B - Bad debts charged to allowance, net of reserves and changes in estimates. | ||||||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Principles Of Consolidation | ' | ||||||||
Principles of Consolidation The Consolidated Financial Statements include the accounts of Donaldson Company, Inc. and all majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s three joint ventures that are not majority-owned are accounted for under the equity method. | |||||||||
Use Of Estimates | ' | ||||||||
Use of Estimates The preparation of Financial Statements in conformity with generally accepted accounting principles in the United States of America (U.S.) (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation For substantially all foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at year-end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of Accumulated other comprehensive income (loss) (AOCI) in the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the year. Realized and unrealized foreign currency transaction gains and losses are included in Other income, net in the Consolidated Statements of Earnings. Foreign currency translation gains of $1.7 million, $0.2 million, and $1.8 million are included in Other income, net in the Consolidated Statements of Earnings in Fiscal 2014, 2013, and 2012, respectively. | |||||||||
Cash Equivalents | ' | ||||||||
Cash Equivalents The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost that approximates market value. | |||||||||
Short-Term Investments | ' | ||||||||
Short-Term Investments As of July 31, 2014 and 2013, the Company’s short-term investments consisted exclusively of time deposits with durations longer than 3 months, but less than 1 year. These investments are carried at cost, which approximates their estimated fair value. Classification of the Company’s investments as current or non-current is dependent upon management’s intended holding period, the investment’s maturity date, and liquidity considerations based on market conditions. If management intends to hold the investments for longer than one year as of the balance sheet date, they are classified as non-current. | |||||||||
Accounts Receivable And Allowance For Doubtful Accounts | ' | ||||||||
Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience in the industry, regional economic data, and evaluation of specific Customer accounts for risk of loss. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by type of receivable. Account balances are charged off against the allowance when the Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its Customers. | |||||||||
Inventories | ' | ||||||||
Inventories Inventories are stated at the lower of cost or market. U.S. inventories are valued using the last-in, first-out (LIFO) method, while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO were approximately 33 percent of total inventories at July 31, 2014 and 2013. For inventories valued under the LIFO method, the FIFO cost exceeded the LIFO carrying values by $37.9 million and $37.8 million at July 31, 2014 and 2013, respectively. Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory. The components of inventory are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 112,522 | $ | 99,814 | |||||
Work in process | 17,256 | 29,097 | |||||||
Finished products | 123,573 | 105,909 | |||||||
Total inventories | $ | 253,351 | $ | 234,820 | |||||
Property, Plant And Equipment | ' | ||||||||
Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Additions, improvements, or major renewals are capitalized, while expenditures that do not enhance or extend the asset’s useful life are charged to expense as incurred. Depreciation is computed under the straight-line method. Depreciation expense was $62.0 million in Fiscal 2014, $58.8 million in Fiscal 2013, and $55.3 million in Fiscal 2012. The estimated useful lives of property, plant, and equipment are 10 to 40 years for buildings, including building improvements, and 3 to 10 years for machinery and equipment. The components of property, plant, and equipment are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 20,558 | $ | 21,116 | |||||
Buildings | 273,599 | 270,022 | |||||||
Machinery and equipment | 753,637 | 687,797 | |||||||
Construction in progress | 51,394 | 46,078 | |||||||
Less accumulated depreciation | -647,523 | -605,733 | |||||||
Total property, plant, and equipment, net | $ | 451,665 | $ | 419,280 | |||||
Internal-Use Software | ' | ||||||||
Internal-Use Software The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of machinery and equipment within property, plant, and equipment. | |||||||||
Goodwill And Other Intangible Assets | ' | ||||||||
Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Other intangible assets, consisting primarily of patents, trademarks, and Customer relationships and lists, are recorded at cost and are amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The impairment assessment for goodwill is done at a reporting unit level. Reporting units are one level below the operating segment level, but can be combined when reporting units within the same operating segment have similar economic characteristics. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. | |||||||||
Recoverability Of Long-Lived Assets | ' | ||||||||
Recoverability of Long-Lived Assets The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced. There were no significant impairment charges recorded in Fiscal 2014, Fiscal 2013, or Fiscal 2012. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes The provision for income taxes is computed based on the pre-tax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. | |||||||||
Comprehensive Income (Loss) | ' | ||||||||
Comprehensive Income (Loss) Comprehensive income (loss) consists of net income, foreign currency translation adjustments, net changes in the funded status of pension retirement obligations, and net gains or losses on cash flow hedging derivatives, and is presented in the Consolidated Statements of Changes in Shareholders’ Equity. The components of the ending balances of AOCI are as follows (thousands of dollars): | |||||||||
At July 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Foreign currency translation adjustment | $ | 48,289 | $ | 50,411 | $ | 32,976 | |||
Net loss on cash flow hedging derivatives, net of deferred taxes | -101 | -172 | -292 | ||||||
Pension and postretirement liability adjustment, net of deferred taxes | -93,998 | -87,712 | -134,572 | ||||||
Total accumulated other comprehensive loss | $ | -45,810 | $ | -37,473 | $ | -101,888 | |||
Cumulative foreign currency translation is not adjusted for income taxes. See Note H for additional disclosures related to AOCI. | |||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share The Company’s basic net earnings per share are computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common equivalent shares relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company’s common stock during those periods. There were 884,138 options, 22,619 options, and 1,063,135 options excluded from the diluted net earnings per share calculation for the fiscal year ended July 31, 2014, 2013, and 2012, respectively. | |||||||||
The following table presents information necessary to calculate basic and diluted earnings per share: | |||||||||
2014 | 2013 | 2012 | |||||||
(thousands, except per share amounts) | |||||||||
Weighted average shares - basic | 145,594 | 148,274 | 150,286 | ||||||
Diluted share equivalents | 2,047 | 2,181 | 2,655 | ||||||
Weighted average shares - diluted | 147,641 | 150,455 | 152,941 | ||||||
Net earnings for basic and diluted earnings | |||||||||
per share computation | $ | 260,224 | $ | 247,377 | $ | 264,301 | |||
Net earnings per share - basic | $ | 1.79 | $ | 1.67 | $ | 1.76 | |||
Net earnings per share - diluted | $ | 1.76 | $ | 1.64 | $ | 1.73 | |||
On January 27, 2012, the Company announced that its Board of Directors declared a two-for-one stock split effected in the form of a 100 percent stock dividend. The stock split was distributed March 23, 2012, to stockholders of record as of March 2, 2012. Earnings and dividends per share and weighted average shares outstanding are presented in this Form 10-K after the effect of the 100 percent stock dividend. The two-for-one stock split is reflected in the share amounts in all periods presented in the table above and elsewhere in this annual Form 10-K. | |||||||||
Treasury Stock | ' | ||||||||
Treasury Stock Repurchased common stock is stated at cost (determined on an average cost basis) and is presented as a reduction of shareholders’ equity. | |||||||||
Research And Development | ' | ||||||||
Research and Development Research and development costs are charged against earnings in the year incurred. Research and development expenses include basic scientific research and the application of scientific advances to the development of new and improved products and their uses. | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation The Company offers stock-based employee compensation plans, which are more fully described in Note I. Stock-based employee compensation cost is recognized using the fair-value based method. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition Revenue is recognized when all the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) price is fixed and determinable; (c) collectability is reasonably assured; and (d) delivery has occurred. At that time, product ownership and the risk of loss have transferred to the Customer and the Company has no remaining obligations. The Company records estimated discounts and rebates as a reduction of sales in the same period revenue is recognized. Shipping and handling costs for Fiscal 2014, 2013, and 2012 totaled $64.2 million, $66.2 million, and $67.0 million, respectively, and are classified as a component of selling, general, and administrative expenses. | |||||||||
Product Warranties | ' | ||||||||
Product Warranties The Company provides for estimated warranty costs at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty costs using standard quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues. For a warranty reserve reconciliation see Note M. | |||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||
Derivative Instruments and Hedging Activities The Company recognizes all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges are adjusted to fair value through income. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses related to the ineffective portion of any hedge are recognized through earnings in the current period. | |||||||||
New Accounting Standards Recently Adopted | ' | ||||||||
New Accounting Standards Recently Adopted In February 2013, the FASB updated the disclosure requirements for AOCI. The updated guidance requires companies to disclose amounts reclassified out of AOCI by component. The updated guidance only impacts disclosure requirements and does not affect how net income or other comprehensive income are calculated. The updated guidance was adopted by the Company beginning in the first quarter of Fiscal 2014. For additional information, refer to Note H. | |||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Components Of Inventory | ' | ||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 112,522 | $ | 99,814 | |||||
Work in process | 17,256 | 29,097 | |||||||
Finished products | 123,573 | 105,909 | |||||||
Total inventories | $ | 253,351 | $ | 234,820 | |||||
Components Of Property, Plant And Equipment | ' | ||||||||
At July 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 20,558 | $ | 21,116 | |||||
Buildings | 273,599 | 270,022 | |||||||
Machinery and equipment | 753,637 | 687,797 | |||||||
Construction in progress | 51,394 | 46,078 | |||||||
Less accumulated depreciation | -647,523 | -605,733 | |||||||
Total property, plant, and equipment, net | $ | 451,665 | $ | 419,280 | |||||
Components Of Ending Balances Of AOCI | ' | ||||||||
At July 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Foreign currency translation adjustment | $ | 48,289 | $ | 50,411 | $ | 32,976 | |||
Net loss on cash flow hedging derivatives, net of deferred taxes | -101 | -172 | -292 | ||||||
Pension and postretirement liability adjustment, net of deferred taxes | -93,998 | -87,712 | -134,572 | ||||||
Total accumulated other comprehensive loss | $ | -45,810 | $ | -37,473 | $ | -101,888 | |||
Calculation Of Basic And Diluted Earnings Per Share | ' | ||||||||
2014 | 2013 | 2012 | |||||||
(thousands, except per share amounts) | |||||||||
Weighted average shares - basic | 145,594 | 148,274 | 150,286 | ||||||
Diluted share equivalents | 2,047 | 2,181 | 2,655 | ||||||
Weighted average shares - diluted | 147,641 | 150,455 | 152,941 | ||||||
Net earnings for basic and diluted earnings | |||||||||
per share computation | $ | 260,224 | $ | 247,377 | $ | 264,301 | |||
Net earnings per share - basic | $ | 1.79 | $ | 1.67 | $ | 1.76 | |||
Net earnings per share - diluted | $ | 1.76 | $ | 1.64 | $ | 1.73 | |||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||||
Reconciliation Of Goodwill | ' | ||||||||
Engine | Industrial | ||||||||
Products | Products | Total Goodwill | |||||||
(thousands of dollars) | |||||||||
Balance as of July 31, 2012 | $ | 71,747 | $ | 91,202 | $ | 162,949 | |||
Foreign exchange translation | 574 | 2,045 | 2,619 | ||||||
Balance as of July 31, 2013 | $ | 72,321 | $ | 93,247 | $ | 165,568 | |||
Foreign exchange translation | 52 | 786 | 838 | ||||||
Balance as of July 31, 2014 | $ | 72,373 | $ | 94,033 | $ | 166,406 | |||
Reconciliation Of Intangible Assets | ' | ||||||||
Gross | Net | ||||||||
Carrying | Accumulated | Intangible | |||||||
Amount | Amortization | Assets | |||||||
(thousands of dollars) | |||||||||
Balance as of July 31, 2012 | $ | 80,075 | $ | -33,875 | $ | 46,200 | |||
Amortization expense | — | -5,503 | -5,503 | ||||||
Foreign exchange translation | 1,807 | -1,197 | 610 | ||||||
Balance as of July 31, 2013 | $ | 81,882 | $ | -40,575 | $ | 41,307 | |||
Amortization expense | — | -5,154 | -5,154 | ||||||
Retirements | -775 | 600 | -175 | ||||||
Foreign exchange translation | 176 | -109 | 67 | ||||||
Balance as of July 31, 2014 | $ | 81,283 | $ | -45,238 | $ | 36,045 | |||
Expected Amortization Expense Relating To Existing Intangible Assets | ' | ||||||||
Fiscal Year | |||||||||
2015 | $ | 5,029 | |||||||
2016 | $ | 5,027 | |||||||
2017 | $ | 4,910 | |||||||
2018 | $ | 3,474 | |||||||
2019 | $ | 2,923 | |||||||
Thereafter | $ | 14,682 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||
Jul. 31, 2014 | ||||||
Long-Term Debt [Abstract] | ' | |||||
Schedule Of Long-Term Debt | ' | |||||
2014 | 2013 | |||||
(thousands of dollars) | ||||||
6.59% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $80.0 million due November 14, 2013 | - | 80,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $50.0 million due June 1, 2017 | 50,000 | 50,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $25.0 million due September 28, 2017 | 25,000 | 25,000 | ||||
5.48% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $25.0 million due November 30, 2017 | 25,000 | 25,000 | ||||
3.72% Unsecured senior notes, interest payable semi-annually, | ||||||
principal payment of $125.0 million due March 27, 2024 | 125,000 | - | ||||
2.019% Guaranteed senior note, interest payable semi-annually, | ||||||
principal payment of ¥1.65 billion due May 18, 2014 | - | 16,848 | ||||
Variable Rate Guaranteed senior note, interest payable quarterly, | ||||||
principal payment of ¥1.65 billion due May 19, 2019 | ||||||
and an interest rate of 0.56% as of July 31, 2014 | 16,051 | - | ||||
Capitalized lease obligations and other, with various maturity dates and | ||||||
interest rates | 3,177 | 2,520 | ||||
Terminated interest rate swap contracts | 1,236 | 2,070 | ||||
Total | 245,464 | 201,438 | ||||
Less current maturities | 1,738 | 98,664 | ||||
Total long-term debt | $ | 243,726 | $ | 102,774 | ||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||
Jul. 31, 2014 | ||||||
Fair Value [Abstract] | ' | |||||
Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets | ' | |||||
Significant Other Observable Inputs | ||||||
(Level 2)* | ||||||
At July 31, | ||||||
2014 | 2013 | |||||
(thousands of dollars) | ||||||
Asset derivatives recorded under the caption Prepaids and other current assets | ||||||
Foreign exchange contracts | $ | 931 | $ | 734 | ||
Liability derivatives recorded under the caption Other current liabilities | ||||||
Foreign exchange contracts | -1,242 | -845 | ||||
Forward exchange contracts - net liability position | $ | -311 | $ | -111 | ||
*Inputs to the valuation methodology of level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Components Of Net Periodic Pension Costs | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(thousands of dollars) | |||||||||||||
Service cost | $ | 18,821 | $ | 19,439 | $ | 15,464 | |||||||
Interest cost | 19,499 | 16,953 | 19,436 | ||||||||||
Expected return on assets | -30,794 | -28,111 | -28,114 | ||||||||||
Prior service cost and transition amortization | 590 | 591 | 725 | ||||||||||
Actuarial loss amortization | 7,403 | 10,362 | 5,696 | ||||||||||
Net periodic benefit cost | $ | 15,519 | $ | 19,234 | $ | 13,207 | |||||||
Obligations And Funded Status Of Company's Pension Plans | ' | ||||||||||||
2014 | 2013 | ||||||||||||
(thousands of dollars) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation, beginning of year | $ | 444,943 | $ | 461,492 | |||||||||
Service cost | 18,821 | 19,439 | |||||||||||
Interest cost | 19,499 | 16,953 | |||||||||||
Plan amendments | - | -9 | |||||||||||
Participant contributions | 1,308 | 1,207 | |||||||||||
Actuarial loss/(gain) | 29,638 | -27,176 | |||||||||||
Currency exchange rates | 8,873 | 1,225 | |||||||||||
Divestiture | -3,200 | - | |||||||||||
Curtailment | - | -11,692 | |||||||||||
Benefits paid | -21,229 | -16,496 | |||||||||||
Benefit obligation, end of year | $ | 498,653 | $ | 444,943 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets, beginning of year | $ | 452,724 | $ | 387,576 | |||||||||
Actual return on plan assets | 45,978 | 51,524 | |||||||||||
Company contributions | 4,263 | 28,186 | |||||||||||
Participant contributions | 1,308 | 1,207 | |||||||||||
Currency exchange rates | 9,912 | 727 | |||||||||||
Divestiture | -3,086 | - | |||||||||||
Benefits paid | -21,229 | -16,496 | |||||||||||
Fair value of plan assets, end of year | $ | 489,870 | $ | 452,724 | |||||||||
Funded status: | |||||||||||||
Funded/(Underfunded) status at July 31, 2014 and 2013 | $ | -8,783 | $ | 7,781 | |||||||||
Amounts recognized on the consolidated balance sheets consist of: | |||||||||||||
Other long-term assets | 17,800 | 23,234 | |||||||||||
Other current liabilities | -832 | -949 | |||||||||||
Other long-term liabilities | -25,751 | -14,504 | |||||||||||
Recognized asset / (liability) | $ | -8,783 | $ | 7,781 | |||||||||
Weighted-Average Discount Rates In Determining Actuarial Present Value Of Projected Benefit Obligation | ' | ||||||||||||
Weighted average actuarial assumptions | 2014 | 2013 | |||||||||||
All U.S. plans: | |||||||||||||
Discount rate | 4.33% | 4.58% | |||||||||||
Rate of compensation increase | 2.61% | 2.61% | |||||||||||
Non - U.S. plans: | |||||||||||||
Discount rate | 3.64% | 4.04% | |||||||||||
Rate of compensation increase | 2.79% | 2.92% | |||||||||||
Assumptions Used To Determine Net Periodic Benefit Cost | ' | ||||||||||||
Weighted average actuarial assumptions | 2014 | 2013 | 2012 | ||||||||||
All U.S. plans: | |||||||||||||
Discount rate | 4.58% | 3.59% | 4.91% | ||||||||||
Expected return on plan assets | 7.50% | 7.50% | 7.75% | ||||||||||
Rate of compensation increase | 2.61% | 2.61% | 4.50% | ||||||||||
Non - U.S. plans: | |||||||||||||
Discount rate | 4.04% | 4.13% | 5.36% | ||||||||||
Expected return on plan assets | 5.48% | 5.20% | 6.03% | ||||||||||
Rate of compensation increase | 2.92% | 2.86% | 3.57% | ||||||||||
Fair Value Of Assets Held By U.S. Pension Plans By Asset Category | ' | ||||||||||||
Quoted Prices in | |||||||||||||
Active Markets | Significant | Significant | |||||||||||
for Identical | Observable | Unobservable | |||||||||||
Assets | Inputs | Inputs | |||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||
2014 | |||||||||||||
Cash | $ | 14.2 | — | — | $ | 14.2 | |||||||
Global Equity Securities | 107.3 | 87.3 | 21.1 | 215.7 | |||||||||
Fixed Income Securities | 27.0 | — | 58.7 | 85.7 | |||||||||
Real Assets | 7.1 | — | 13.5 | 20.6 | |||||||||
Total U.S. Assets at July 31, 2014 | $ | 155.6 | $ | 87.3 | $ | 93.3 | $ | 336.2 | |||||
2013 | |||||||||||||
Cash | $ | 18.5 | $ | — | $ | — | $ | 18.5 | |||||
Global Equity Securities | 82.5 | 50.2 | 19.4 | 152.1 | |||||||||
Fixed Income Securities | 42.9 | 20.8 | 60.8 | 124.5 | |||||||||
Real Assets | — | — | 22.1 | 22.1 | |||||||||
Total U.S. Assets at July 31, 2013 | $ | 143.9 | $ | 71.0 | $ | 102.3 | $ | 317.2 | |||||
2012 | |||||||||||||
Cash | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||
Global Equity Securities | 61.5 | 57.3 | 19.4 | 138.2 | |||||||||
Fixed Income Securities | 29.2 | 19.5 | 55.0 | 103.7 | |||||||||
Real Assets | — | — | 31.4 | 31.4 | |||||||||
Total U.S. Assets at July 31, 2012 | $ | 91.6 | $ | 76.8 | $ | 105.8 | $ | 274.2 | |||||
Changes In Fair Values Of U.S. Pension Plans' Level 3 Assets | ' | ||||||||||||
Global Equity | Fixed Income | Real Assets | Total | ||||||||||
Beginning balance at August 1, 2011 | $ | 17.9 | $ | 31.4 | $ | 38.0 | $ | 87.3 | |||||
Unrealized gains | 0.1 | 0.6 | -2.1 | -1.4 | |||||||||
Realized gains | 1.5 | 0.4 | — | 1.9 | |||||||||
Purchases | 1.0 | 17.0 | 2.8 | 20.8 | |||||||||
Sales | -1.1 | -1.7 | — | -2.8 | |||||||||
Net transfers into (out of) Level 3 | - | 7.3 | -7.3 | - | |||||||||
Ending balance at July 31, 2012 | $ | 19.4 | $ | 55.0 | $ | 31.4 | $ | 105.8 | |||||
Unrealized gains | -0.8 | 6.4 | 1.1 | 6.7 | |||||||||
Realized gains | 1.7 | 0.7 | — | 2.4 | |||||||||
Purchases | 2.1 | — | 1.0 | 3.1 | |||||||||
Sales | -3 | -1.3 | -11.4 | -15.7 | |||||||||
Ending balance at July 31, 2013 | $ | 19.4 | $ | 60.8 | $ | 22.1 | $ | 102.3 | |||||
Unrealized gains | 1.7 | -2 | - | -0.3 | |||||||||
Realized gains | 2.4 | 8.9 | 0.8 | 12.1 | |||||||||
Purchases | 2.0 | 20.0 | 2.7 | 24.7 | |||||||||
Sales | -4.4 | -29 | -12.1 | -45.5 | |||||||||
Ending balance at July 31, 2014 | $ | 21.1 | $ | 58.7 | $ | 13.5 | $ | 93.3 | |||||
Fair Value Of Assets Held By Non-U.S. Pension Plans | ' | ||||||||||||
Quoted Prices in | |||||||||||||
Active Markets | Significant | Significant | |||||||||||
for Identical | Observable | Unobservable | |||||||||||
Assets | Inputs | Inputs | |||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||
2014 | |||||||||||||
Cash | $ | 5.7 | $ | — | $ | — | $ | 5.7 | |||||
Global Equity Securities | 71.3 | — | — | 71.3 | |||||||||
Fixed Income Securities | 4.8 | 23.3 | — | 28.1 | |||||||||
Equity/Fixed Income | 18.0 | — | 30.5 | 48.5 | |||||||||
Total Non-U.S. Assets at July 31, 2014 | $ | 99.8 | $ | 23.3 | $ | 30.5 | $ | 153.6 | |||||
2013 | |||||||||||||
Cash | $ | 0.6 | $ | — | $ | — | $ | 0.6 | |||||
Global Equity Securities | 63.8 | — | — | 63.8 | |||||||||
Fixed Income Securities | 6.9 | 21.0 | — | 27.9 | |||||||||
Equity/Fixed Income | 16.9 | — | 26.3 | 43.2 | |||||||||
Total Non-U.S. Assets at July 31, 2013 | $ | 88.2 | $ | 21.0 | $ | 26.3 | $ | 135.5 | |||||
2012 | |||||||||||||
Global Equity Securities | $ | 37.1 | $ | — | $ | — | $ | 37.1 | |||||
Fixed Income Securities | 5.9 | 28.4 | — | 34.3 | |||||||||
Equity/Fixed Income | 13.3 | — | 21.8 | 35.1 | |||||||||
Real Assets | — | 6.8 | — | 6.8 | |||||||||
Total Non-U.S. Assets at July 31, 2012 | $ | 56.3 | $ | 35.2 | $ | 21.8 | $ | 113.3 | |||||
Summary Of Pension Plans' Assets Valued At NAV | ' | ||||||||||||
Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||
(If Currently Eligible) | |||||||||||||
Global Equity | $ | 215.7 | $ | 5.2 | Daily, Monthly, Quarterly, Annually | 10 - 100 days | |||||||
Fixed Income | 85.7 | - | Daily, Quarterly, Semi-Annually | 60 - 120 days | |||||||||
Real Assets | 20.6 | 6.9 | Daily, Quarterly | 95 days | |||||||||
Total | $ | 322.0 | $ | 12.1 | |||||||||
Estimated Future Benefit Payments For U.S. And Non U.S. Plans | ' | ||||||||||||
Fiscal Year | |||||||||||||
2015 | $ | 23,032 | |||||||||||
2016 | $ | 22,728 | |||||||||||
2017 | $ | 27,717 | |||||||||||
2018 | $ | 25,059 | |||||||||||
2019 | $ | 27,754 | |||||||||||
2020-2024 | $ | 149,865 | |||||||||||
Non-U.S. Assets [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Fair Value Of Assets Held By Non-U.S. Pension Plans | ' | ||||||||||||
Equity/Fixed | |||||||||||||
Income | |||||||||||||
Beginning balance at August 1, 2011 | $ | 26.3 | |||||||||||
Unrealized gains | 1.4 | ||||||||||||
Foreign currency exchange | -3.8 | ||||||||||||
Purchases | 2.6 | ||||||||||||
Sales | -4.6 | ||||||||||||
Net transfers into (out of) Level 3 | -0.1 | ||||||||||||
Ending balance at July 31, 2012 | $ | 21.8 | |||||||||||
Unrealized gains | 1.1 | ||||||||||||
Foreign currency exchange | 1.7 | ||||||||||||
Purchases | 2.6 | ||||||||||||
Sales | -0.9 | ||||||||||||
Ending balance at July 31, 2013 | $ | 26.3 | |||||||||||
Unrealized gains | 4.3 | ||||||||||||
Realized gains | 0.1 | ||||||||||||
Foreign currency exchange | 0.1 | ||||||||||||
Purchases | 3.1 | ||||||||||||
Sales | -3.4 | ||||||||||||
Ending balance at July 31, 2014 | $ | 30.5 | |||||||||||
Summary Of Pension Plans' Assets Valued At NAV | ' | ||||||||||||
Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||
(If Currently Eligible) | |||||||||||||
Fixed Income | 23.3 | - | Weekly | 7 days | |||||||||
Equity/Fixed Income | 30.5 | - | Yearly | 90 days | |||||||||
Total | $ | 53.8 | $ | - | |||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||
Jul. 31, 2014 | ||||
Shareholders' Equity [Abstract] | ' | |||
Schedule Of Treasury Stock | ' | |||
2014 | 2013 | |||
Beginning balance | 5,490,725 | 3,980,832 | ||
Stock repurchases | 6,795,545 | 2,986,794 | ||
Net issuance upon exercise of stock options | -863,249 | -1,288,560 | ||
Issuance under compensation plans | -175,160 | -174,408 | ||
Other activity | -10,339 | -13,933 | ||
Ending balance | 11,237,522 | 5,490,725 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Schedule Of Changes In Accumulated Other Comprehensive Loss | ' | |||||||||||
(Thousands of dollars) | Foreign currency translation adjustment (a) | Pension benefits | Derivative financial instruments | Total | ||||||||
Balance as of July 31, 2013, net of tax | $ | 50,411 | $ | -87,712 | $ | -172 | $ | -37,473 | ||||
Other comprehensive (loss) income before reclassifications and tax | -2,949 | -16,120 | 413 | -18,656 | ||||||||
Tax benefit (expense) | - | 4,391 | -145 | 4,246 | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | $ (2,949) | $ (11,729) | $ 268 | -14,410 | ||||||||
Reclassifications, before tax | 827 | 8,514 | -273 | 9,068 | ||||||||
Tax benefit (expense) | - | -3,071 | 76 | -2,995 | ||||||||
Reclassifications, net of tax | 827 | 5,443 | (b) | -197 | 6,073 | |||||||
Other comprehensive (loss) income, net of tax | -2,122 | -6,286 | 71 | (c) | -8,337 | |||||||
Balance as of July 31, 2014, net of tax | $ | 48,289 | $ | -93,998 | $ | -101 | $ | -45,810 | ||||
(a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. Amounts were reclassified from accumulated other comprehensive loss to other income, net. | ||||||||||||
(b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note F) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. | ||||||||||||
(c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). | ||||||||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Stock Option Plans [Abstract] | ' | ||||||||||||
Weighted Average Assumptions For Recognized Fair Value Of Stock-Based Employee Compensation Cost | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk - free interest rate | 0.31 - 2.8% | 0.02 - 1.7% | 0.10 - 1.8% | ||||||||||
Expected volatility | 18.2 - 28.0% | 22.5 - 29.7% | 25.8 - 31.9% | ||||||||||
Expected dividend yield | 1.4 - 1.6% | 1.0 - 1.4% | 1.0% | ||||||||||
Expected life | |||||||||||||
Director and officer grants | 8 years | 8 years | 8 years | ||||||||||
Non - officer original grants | 7 years | 7 years | 7 years | ||||||||||
Reload grants | <6 years | <5 years | <8 years | ||||||||||
Stock Option Activity | ' | ||||||||||||
Weighted | |||||||||||||
Options | Average Exercise | ||||||||||||
Outstanding | Price | ||||||||||||
Outstanding at July 31, 2011 | 8,387,994 | $ | 17.72 | ||||||||||
Granted | 1,082,979 | 34.76 | |||||||||||
Exercised | -1,379,827 | 11.90 | |||||||||||
Canceled | -34,819 | 27.45 | |||||||||||
Outstanding at July 31, 2012 | 8,056,327 | 20.97 | |||||||||||
Granted | 965,050 | 33.91 | |||||||||||
Exercised | -1,607,081 | 14.79 | |||||||||||
Canceled | -84,476 | 33.94 | |||||||||||
Outstanding at July 31, 2013 | 7,329,820 | 23.88 | |||||||||||
Granted | 900,073 | 42.17 | |||||||||||
Exercised | -1,008,848 | 18.80 | |||||||||||
Canceled | -23,163 | 34.02 | |||||||||||
Outstanding at July 31, 2014 | 7,197,882 | 26.84 | |||||||||||
Outstanding And Exercisable Options | ' | ||||||||||||
Weighted | |||||||||||||
Average | Weighted | Weighted | |||||||||||
Remaining | Average | Average | |||||||||||
Number | Contractual | Exercise | Number | Exercise | |||||||||
Range of Exercise Prices | Outstanding | Life (Years) | Price | Exercisable | Price | ||||||||
$0.00 to $16.69 | 1,003,381 | 1.18 | $ | 15.93 | 1,003,381 | $ | 15.93 | ||||||
$16.70 to $22.69 | 2,197,543 | 4.12 | 19.13 | 2,197,543 | 19.13 | ||||||||
$22.70 to $28.69 | 400,114 | 3.41 | 22.97 | 400,114 | 22.97 | ||||||||
$28.70 to $34.69 | 1,839,809 | 7.25 | 31.58 | 1,254,101 | 30.59 | ||||||||
$34.70 and above | 1,757,035 | 8.10 | 38.64 | 622,680 | 35.52 | ||||||||
7,197,882 | 5.44 | 26.84 | 5,477,819 | 23.31 | |||||||||
Status For Options Which Contain Vesting Provisions | ' | ||||||||||||
Weighted | |||||||||||||
Average Grant | |||||||||||||
Date Fair | |||||||||||||
Options | Value | ||||||||||||
Non - vested at July 31, 2013 | 1,805,803 | $ | 9.18 | ||||||||||
Granted | 849,850 | 11.63 | |||||||||||
Vested | -915,677 | 9.24 | |||||||||||
Canceled | -19,913 | 9.47 | |||||||||||
Non - vested at July 31, 2014 | 1,720,063 | 10.35 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Components Of Earnings Before Income Taxes | ' | ||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Earnings before income taxes: | |||||||||
United States | $ | 131,396 | $ | 147,317 | $ | 171,101 | |||
Foreign | 229,307 | 200,864 | 199,679 | ||||||
Total | $ | 360,703 | $ | 348,181 | $ | 370,780 | |||
Components Of The Provision For Income Taxes | ' | ||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Income taxes: | |||||||||
Current | |||||||||
Federal | $ | 48,981 | $ | 35,820 | $ | 45,468 | |||
State | 4,724 | 4,337 | 4,012 | ||||||
Foreign | 54,536 | 52,300 | 50,655 | ||||||
108,241 | 92,457 | 100,135 | |||||||
Deferred | |||||||||
Federal | -9,465 | 7,071 | 7,391 | ||||||
State | 365 | 312 | 722 | ||||||
Foreign | 1,338 | 964 | -1,769 | ||||||
-7,762 | 8,347 | 6,344 | |||||||
Total | $ | 100,479 | $ | 100,804 | $ | 106,479 | |||
Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate With Effective Income Tax Rate | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Statutory U.S. federal rate | 35.0% | 35.0% | 35.0% | ||||||
State income taxes | 1.1% | 1.2% | 1.2% | ||||||
Foreign operations | -6.10% | -6.30% | -5.20% | ||||||
Export, manufacturing, and research credits | -0.80% | -1.50% | -1.00% | ||||||
Change in unrecognized tax benefits | -1.10% | 0.5% | -1.00% | ||||||
Other | -0.20% | 0.1% | -0.30% | ||||||
27.9% | 29.0% | 28.7% | |||||||
Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities | ' | ||||||||
2014 | 2013 | ||||||||
(thousands of dollars) | |||||||||
Deferred tax assets: | |||||||||
Accrued expenses | $ | 11,118 | $ | 11,580 | |||||
Compensation and retirement plans | 32,317 | 23,578 | |||||||
NOL and tax credit carryforwards | 3,471 | 3,279 | |||||||
LIFO and inventory reserves | 5,482 | 5,037 | |||||||
Other | 4,470 | 3,890 | |||||||
Deferred tax assets, gross | 56,858 | 47,364 | |||||||
Valuation allowance | -3,471 | -3,228 | |||||||
Net deferred tax assets | 53,387 | 44,136 | |||||||
Deferred tax liabilities: | |||||||||
Depreciation and amortization | -49,901 | -45,737 | |||||||
Other | -1,025 | -663 | |||||||
Deferred tax liabilities | -50,926 | -46,400 | |||||||
Prepaid tax assets | 4,392 | 4,015 | |||||||
Net tax asset | $ | 6,853 | $ | 1,751 | |||||
Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits | ' | ||||||||
2014 | 2013 | 2012 | |||||||
(thousands of dollars) | |||||||||
Gross unrecognized tax benefits at beginning of fiscal year | $ | 18,419 | $ | 16,514 | $ | 20,005 | |||
Additions for tax positions of the current year | 2,959 | 5,453 | 3,323 | ||||||
Additions for tax positions of prior years | 1,706 | 407 | 261 | ||||||
Reductions for tax positions of prior years | -7,113 | -1,640 | -4,462 | ||||||
Settlements | -240 | -277 | - | ||||||
Reductions due to lapse of applicable statute of limitations | -726 | -2,038 | -2,613 | ||||||
Gross unrecognized tax benefits at end of fiscal year | $ | 15,005 | $ | 18,419 | $ | 16,514 | |||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summary Of Segment Detail | ' | |||||||||||
Engine | Industrial | Corporate & | Total | |||||||||
Products | Products | Unallocated | Company | |||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
Net sales | $ | 1,584,027 | $ | 889,439 | $ | — | $ | 2,473,466 | ||||
Depreciation and amortization | 38,925 | 23,942 | 4,296 | 67,163 | ||||||||
Equity earnings in unconsolidated affiliates | 5,596 | 940 | — | 6,536 | ||||||||
Earnings before income taxes | 233,920 | 133,978 | -7,195 | 360,703 | ||||||||
Assets | 900,083 | 572,000 | 470,328 | 1,942,411 | ||||||||
Equity investments in unconsolidated affiliates | 17,439 | 3,959 | — | 21,398 | ||||||||
Capital expenditures | 56,340 | 34,652 | 6,218 | 97,210 | ||||||||
2013 | ||||||||||||
Net sales | $ | 1,504,188 | $ | 932,760 | $ | — | $ | 2,436,948 | ||||
Depreciation and amortization | 35,815 | 22,447 | 6,028 | 64,290 | ||||||||
Equity earnings in unconsolidated affiliates | 4,000 | 693 | — | 4,693 | ||||||||
Earnings before income taxes | 220,892 | 139,108 | -11,819 | 348,181 | ||||||||
Assets | 826,151 | 527,416 | 389,989 | 1,743,556 | ||||||||
Equity investments in unconsolidated affiliates | 15,563 | 3,277 | — | 18,840 | ||||||||
Capital expenditures | 52,864 | 33,134 | 8,897 | 94,895 | ||||||||
2012 | ||||||||||||
Net sales | $ | 1,570,140 | $ | 923,108 | $ | — | $ | 2,493,248 | ||||
Depreciation and amortization | 36,646 | 18,852 | 5,667 | 61,165 | ||||||||
Equity earnings in unconsolidated affiliates | 3,966 | 769 | — | 4,735 | ||||||||
Earnings before income taxes | 227,941 | 149,249 | -6,410 | 370,780 | ||||||||
Assets | 845,176 | 520,739 | 364,167 | 1,730,082 | ||||||||
Equity investments in unconsolidated affiliates | 17,304 | 2,822 | — | 20,126 | ||||||||
Capital expenditures | 46,816 | 24,083 | 7,240 | 78,139 | ||||||||
Net Sales By Product Within The Engine Products Segment And Industrial Products Segment | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(thousands of dollars) | ||||||||||||
Engine Products segment: | ||||||||||||
Off-Road Products | $ | 342,205 | $ | 358,834 | $ | 376,870 | ||||||
On-Road Products | 130,029 | 128,446 | 163,934 | |||||||||
Aftermarket Products* | 1,012,165 | 912,717 | 922,660 | |||||||||
Aerospace and Defense Products | 99,628 | 104,191 | 106,676 | |||||||||
Total Engine Products segment | 1,584,027 | 1,504,188 | 1,570,140 | |||||||||
Industrial Products segment: | ||||||||||||
Industrial Filtration Solutions Products | 553,356 | 529,751 | 553,453 | |||||||||
Gas Turbine Products | 156,860 | 232,922 | 180,669 | |||||||||
Special Applications Products | 179,223 | 170,087 | 188,986 | |||||||||
Total Industrial Products segment | 889,439 | 932,760 | 923,108 | |||||||||
Total Company | $ | 2,473,466 | $ | 2,436,948 | $ | 2,493,248 | ||||||
*Includes replacement part sales to the Company’s OEM Customers. | ||||||||||||
Geographic Sales By Origination And Property, Plant And Equipment | ' | |||||||||||
Property, Plant, & | ||||||||||||
Net Sales | Equipment - Net | |||||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
United States | $ | 1,019,926 | $ | 196,712 | ||||||||
Europe | 728,554 | 128,904 | ||||||||||
Asia - Pacific | 517,305 | 72,089 | ||||||||||
Other | 207,681 | 53,960 | ||||||||||
Total | $ | 2,473,466 | $ | 451,665 | ||||||||
2013 | ||||||||||||
United States | $ | 1,010,934 | $ | 166,614 | ||||||||
Europe | 678,996 | 123,710 | ||||||||||
Asia - Pacific | 546,406 | 75,206 | ||||||||||
Other | 200,612 | 53,750 | ||||||||||
Total | $ | 2,436,948 | $ | 419,280 | ||||||||
2012 | ||||||||||||
United States | $ | 1,064,474 | $ | 146,328 | ||||||||
Europe | 678,619 | 114,266 | ||||||||||
Asia - Pacific | 572,163 | 80,200 | ||||||||||
Other | 177,992 | 44,115 | ||||||||||
Total | $ | 2,493,248 | $ | 384,909 | ||||||||
Warranty_Tables
Warranty (Tables) | 12 Months Ended | ||
Jul. 31, 2014 | |||
Warranty [Abstract] | ' | ||
Reconciliation Of Warranty Reserves | ' | ||
Balance at July 31, 2012 | $ | 10,905 | |
Accruals for warranties issued during the reporting period | 5,940 | ||
Accruals related to pre-existing warranties (including changes in estimates) | -1,081 | ||
Less settlements made during the period | -5,238 | ||
Balance at July 31, 2013 | $ | 10,526 | |
Accruals for warranties issued during the reporting period | 4,339 | ||
Accruals related to pre-existing warranties (including changes in estimates) | -1,185 | ||
Less settlements made during the period | -4,651 | ||
Balance at July 31, 2014 | $ | 9,029 | |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||
Quarterly Financial Information | ' | |||||||||||
First | Second | Third | Fourth | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
(thousands of dollars) | ||||||||||||
2014 | ||||||||||||
Net sales | $ | 599,384 | $ | 581,622 | $ | 624,234 | $ | 668,226 | ||||
Gross profit | 214,394 | 201,648 | 223,461 | 238,323 | ||||||||
Net earnings | 61,592 | 58,340 | 67,336 | 72,956 | ||||||||
Basic earnings per share | 0.42 | 0.40 | 0.46 | 0.51 | ||||||||
Diluted earnings per share | 0.41 | 0.39 | 0.46 | 0.50 | ||||||||
Dividends declared per share | 0.140 | 0.140 | 0.165 | 0.165 | ||||||||
Dividends paid per share | 0.130 | 0.140 | 0.140 | 0.165 | ||||||||
2013 | ||||||||||||
Net sales | $ | 588,947 | $ | 596,036 | $ | 619,371 | $ | 632,594 | ||||
Gross profit | 198,293 | 198,977 | 221,501 | 228,356 | ||||||||
Net earnings | 54,113 | 50,813 | 69,842 | 72,609 | ||||||||
Basic earnings per share | 0.36 | 0.34 | 0.47 | 0.49 | ||||||||
Diluted earnings per share | 0.36 | 0.34 | 0.46 | 0.48 | ||||||||
Dividends declared per share | 0.090 | 0.100 | 0.130 | 0.130 | ||||||||
Dividends paid per share | 0.090 | 0.090 | 0.100 | 0.130 | ||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 27, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
item | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of manufacturing plants around world | ' | 39 | ' | ' |
Number of joint ventures | ' | 3 | ' | ' |
Foreign currency translation gains | ' | $1,700,000 | $200,000 | $1,800,000 |
Number of days considered to review for collectability | ' | '90 days | ' | ' |
Inventories valuation, LIFO method to total inventory, in percentage | ' | 33.00% | 33.00% | ' |
Excess of FIFO inventory cost over LIFO inventory carrying values | ' | 37,900,000 | 37,800,000 | ' |
Depreciation expense | ' | 62,000,000 | 58,800,000 | 55,300,000 |
Impairment charges | ' | 0 | 0 | 0 |
Options excluded from the diluted net earnings per share calculation | ' | 884,138 | 22,619 | 1,063,135 |
Stock split | 2 | ' | ' | ' |
Stock dividend | 100.00% | ' | ' | ' |
Shipping and handling costs | ' | $64,200,000 | $66,200,000 | $67,000,000 |
Minimum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalization of direct cost, amortization period in years | ' | '5 years | ' | ' |
Minimum [Member] | Other Intangible Assets [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '3 years | ' | ' |
Minimum [Member] | Building And Building Improvements [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '10 years | ' | ' |
Minimum [Member] | Machinery And Equipment [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalization of direct cost, amortization period in years | ' | '7 years | ' | ' |
Maximum [Member] | Other Intangible Assets [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '20 years | ' | ' |
Maximum [Member] | Building And Building Improvements [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '40 years | ' | ' |
Maximum [Member] | Machinery And Equipment [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, years | ' | '10 years | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Components Of Inventory) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Raw materials | $112,522 | $99,814 |
Work in process | 17,256 | 29,097 |
Finished products | 123,573 | 105,909 |
Total inventories | $253,351 | $234,820 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Components Of Property, Plant And Equipment) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
In Thousands, unless otherwise specified | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Land | $20,558 | $21,116 | ' |
Buildings | 273,599 | 270,022 | ' |
Machinery and equipment | 753,637 | 687,797 | ' |
Construction in progress | 51,394 | 46,078 | ' |
Less accumulated depreciation | -647,523 | -605,733 | ' |
Property, plant, and equipment, net | $451,665 | $419,280 | $384,909 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
In Thousands, unless otherwise specified | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Foreign currency translation adjustment | $48,289 | $50,411 | $32,976 |
Net loss on cash flow hedging derivatives, net of deferred taxes | -101 | -172 | -292 |
Pension and postretirement liability adjustment, net of deferred taxes | -93,998 | -87,712 | -134,572 |
Total accumulated other comprehensive loss | ($45,810) | ($37,473) | ($101,888) |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 145,594,300 | 148,273,904 | 150,286,403 |
Diluted share equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 2,047,000 | 2,181,000 | 2,655,000 |
Weighted average shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 147,641,113 | 150,455,193 | 152,940,605 |
Net earnings for basic and diluted earnings per share computation | $72,956 | $67,336 | $58,340 | $61,592 | $72,609 | $69,842 | $50,813 | $54,113 | $260,224 | $247,377 | $264,301 |
Net earnings per share - basic | $0.51 | $0.46 | $0.40 | $0.42 | $0.49 | $0.47 | $0.34 | $0.36 | $1.79 | $1.67 | $1.76 |
Net earnings per share - diluted | $0.50 | $0.46 | $0.39 | $0.41 | $0.48 | $0.46 | $0.34 | $0.36 | $1.76 | $1.64 | $1.73 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $36,045 | $41,307 |
Patents, Trademarks, And Tradenames [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | 11,500 | 13,300 |
Weighted average life | '7 years 11 months 12 days | ' |
Customer Related Intangible Assets [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $24,500 | $28,000 |
Weighted average life | '11 years 1 month 17 days | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Reconciliation Of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $165,568 | $162,949 |
Foreign exchange translation | 838 | 2,619 |
Ending Balance | 166,406 | 165,568 |
Engine Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 72,321 | 71,747 |
Foreign exchange translation | 52 | 574 |
Ending Balance | 72,373 | 72,321 |
Industrial Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 93,247 | 91,202 |
Foreign exchange translation | 786 | 2,045 |
Ending Balance | $94,033 | $93,247 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Reconciliation Of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Goodwill And Other Intangible Assets [Abstract] | ' | ' |
Beginning balance, Gross Carrying Amount | $81,882 | $80,075 |
Beginning balance, Accumulated Amortization | -40,575 | -33,875 |
Beginning balance, Net Intangible Assets | 41,307 | 46,200 |
Amortization expense, Accumulated Amortization | -5,154 | -5,503 |
Amortization expense, Net Intangible Assets | -5,154 | -5,503 |
Retirements, Gross Carrying Amount | -775 | ' |
Retirements, Accumulated Amortization | 600 | ' |
Retirements, Net Intangible Assets | -175 | ' |
Foreign exchange translation, Gross Carrying Value | 176 | 1,807 |
Foreign exchange translation, Accumulated Amortization | -109 | -1,197 |
Foreign exchange translation, Net Intangible Assets | 67 | 610 |
Ending balance, Gross Carrying Amount | 81,283 | 81,882 |
Ending balance, Accumulated Amortization | -45,238 | -40,575 |
Ending balance, Net Intangible Assets | $36,045 | $41,307 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Reconciliation Of Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Goodwill And Other Intangible Assets [Abstract] | ' | ' | ' |
Gross Carrying Amount | $81,283 | $81,882 | $80,075 |
Accumulated Amortization | -45,238 | -40,575 | -33,875 |
Net Intangible Assets | 36,045 | 41,307 | 46,200 |
Amortization expense, Accumulated Amortization | -5,154 | -5,503 | ' |
Amortization expense, Net Intangible Assets | -5,154 | -5,503 | ' |
Retirements, Gross Carrying Amount | -775 | ' | ' |
Retirements, Accumulated Amortization | 600 | ' | ' |
Retirements, Net Intangible Assets | -175 | ' | ' |
Foreign exchange translation, Gross Carrying Value | 176 | 1,807 | ' |
Foreign exchange translation, Accumulated Amortization | -109 | -1,197 | ' |
Foreign exchange translation, Net Intangible Assets | $67 | $610 | ' |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Expected Amortization Expense Relating To Existing Intangible Assets) (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | ' |
2015 | $5,029 |
2016 | 5,027 |
2017 | 4,910 |
2018 | 3,474 |
2019 | 2,923 |
Thereafter | $14,682 |
Credit_Facilities_Details
Credit Facilities (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | |
USD ($) | USD ($) | Multi-Currency Revolving Facility [Member] | Multi-Currency Revolving Facility [Member] | Uncommitted Credit Facilities [Member] | Uncommitted Credit Facilities [Member] | Treasury Notes [Member] | Treasury Notes [Member] | Treasury Notes [Member] | International Subsidiaries [Member] | International Subsidiaries [Member] | European Operations [Member] | European Operations [Member] | European Operations [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiration period | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities, maximum borrowing capacity | ' | ' | $250,000,000 | ' | ' | ' | $133,900,000 | € 100,000,000 | ' | ' | ' | $58,300,000 | € 43,600,000 | ' |
Credit facilities, amount outstanding | ' | ' | 180,000,000 | 0 | 4,300,000 | 0 | 0 | ' | 0 | 1,000,000 | 9,200,000 | 0 | ' | 0 |
Credit facility, remaining borrowing capacity | $62,200,000 | $237,800,000 | ' | ' | $45,700,000 | $50,000,000 | ' | ' | ' | $57,500,000 | $50,400,000 | ' | ' | ' |
Short-term borrowings, weighted average interest rate | ' | ' | ' | ' | 0.91% | ' | ' | ' | ' | 0.75% | 0.44% | ' | ' | ' |
Number of uncommitted credit facilities | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Mar. 27, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 |
USD ($) | USD ($) | 3.72% Unsecured Senior Notes Due March 27, 2024 [Member] | 3.72% Unsecured Senior Notes Due March 27, 2024 [Member] | 2.019% Guaranteed Senior Note Due May 18, 2014 [Member] | 2.019% Guaranteed Senior Note Due May 18, 2014 [Member] | Variable Rate Guaranteed Senior Note Due May 19, 2019 [Member] | Variable Rate Guaranteed Senior Note Due May 19, 2019 [Member] | |
USD ($) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long-term debt in 2015 | $1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long-term debt in 2016 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long-term debt in 2017 | 50,800,000 | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long-term debt in 2018 | 50,100,000 | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long-term debt thereafter | 141,100,000 | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, issued | ' | ' | ' | 125,000,000 | ' | ' | ' | ' |
Senior unsecured notes, due date | ' | ' | 27-Mar-24 | ' | 18-May-14 | ' | 19-May-19 | ' |
Senior unsecured notes, interest rate | ' | ' | 3.72% | 3.72% | 2.02% | ' | ' | 0.56% |
Long-term debt, principal payment | ' | ' | 125,000,000 | ' | 1,650,000,000 | ' | 1,650,000,000 | ' |
Face value of debt issued | $245,464,000 | $201,438,000 | $125,000,000 | ' | ' | $16,848,000 | ' | $16,051,000 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Mar. 27, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
USD ($) | USD ($) | 6.59% Unsecured Senior Notes Due November 14, 2013 [Member] | 6.59% Unsecured Senior Notes Due November 14, 2013 [Member] | 5.48% Unsecured Senior Notes Due June 1, 2017 [Member] | 5.48% Unsecured Senior Notes Due June 1, 2017 [Member] | 5.48% Unsecured Senior Notes Due September 28, 2017 [Member] | 5.48% Unsecured Senior Notes Due September 28, 2017 [Member] | 5.48% Unsecured Senior Notes Due November 30, 2017 [Member] | 5.48% Unsecured Senior Notes Due November 30, 2017 [Member] | 3.72% Unsecured Senior Notes Due March 27, 2024 [Member] | 3.72% Unsecured Senior Notes Due March 27, 2024 [Member] | 2.019% Guaranteed Senior Note Due May 18, 2014 [Member] | 2.019% Guaranteed Senior Note Due May 18, 2014 [Member] | Variable Rate Guaranteed Senior Note Due May 19, 2019 [Member] | Variable Rate Guaranteed Senior Note Due May 19, 2019 [Member] | Capitalized Lease Obligations And Other, With Various Maturity Dates And Interest Rates [Member] | Capitalized Lease Obligations And Other, With Various Maturity Dates And Interest Rates [Member] | Terminated Interest Rate Swap Contracts [Member] | Terminated Interest Rate Swap Contracts [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $245,464,000 | $201,438,000 | ' | $80,000,000 | $50,000,000 | $50,000,000 | $25,000,000 | $25,000,000 | $25,000,000 | $25,000,000 | $125,000,000 | ' | ' | $16,848,000 | ' | $16,051,000 | $3,177,000 | $2,520,000 | $1,236,000 | $2,070,000 |
Less current maturities | 1,738,000 | 98,664,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 243,726,000 | 102,774,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | 6.59% | ' | 5.48% | ' | 5.48% | ' | 5.48% | ' | 3.72% | 3.72% | 2.02% | ' | ' | 0.56% | ' | ' | ' | ' |
Senior unsecured notes, due date | ' | ' | 14-Nov-13 | ' | 1-Jun-17 | ' | 28-Sep-17 | ' | 30-Nov-17 | ' | 27-Mar-24 | ' | 18-May-14 | ' | 19-May-19 | ' | ' | ' | ' | ' |
Long-term debt, principal payment | ' | ' | $80,000,000 | ' | $50,000,000 | ' | $25,000,000 | ' | $25,000,000 | ' | $125,000,000 | ' | ¥ 1,650,000,000 | ' | ¥ 1,650,000,000 | ' | ' | ' | ' | ' |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate carrying amount of equity method investments | $21,400,000 | $18,800,000 | ' |
Impairment charges | 0 | 0 | 0 |
Long-Term Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Fair value of debt | 237,600,000 | ' | ' |
Debt carrying amount | $225,000,000 | ' | ' |
Fair_Value_Fair_Value_Of_Outst
Fair Value (Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value [Abstract] | ' | ' | ||
Asset derivatives recorded under the caption Prepaids and other current assets, Foreign exchange contracts | $931 | [1] | $734 | [1] |
Liability derivatives recorded under the caption Other current liabilities, Foreign exchange contracts | -1,242 | [1] | -845 | [1] |
Forward exchange contracts - net liability position | ($311) | [1] | ($111) | [1] |
[1] | Inputs to the valuation methodology of level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of U.S. plans | 2 | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | $476,100,000 | $427,800,000 | ' |
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | 234,800,000 | 20,500,000 | ' |
Accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 233,800,000 | 19,700,000 | ' |
Accumulated benefit obligations in excess of plan assets, fair value of plan assets | 215,900,000 | 8,400,000 | ' |
Percentage of U.S. pension plan to entity's total plan assets | 69.00% | 70.00% | ' |
Percentage of U.S. pension plan to entity's total projected benefit obligation | 69.00% | 71.00% | ' |
Percentage of U.S. pension plan to entity's total pension expense | 80.00% | 75.00% | ' |
Effect of one-percentage point increase in health care cost trend rate impact on increase liability | 100,000 | 100,000 | ' |
Deferred compensation arrangement with individual, maximum future deferred receipts allowed | 75.00% | ' | ' |
Deferred compensation arrangement with individual, recorded liability | 9,100,000 | 9,500,000 | ' |
Fiscal 2015 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amount not yet recognized and expected to be recognized in net periodic pension expense, actuarial loss | 7,600,000 | ' | ' |
Global Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Strategic asset allocation | 65.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Strategic asset allocation | 30.00% | ' | ' |
Fixed Income Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Component of equity/fixed income securities in international pension plan, in percentage | 40.00% | ' | ' |
Real Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Strategic asset allocation | 5.00% | ' | ' |
Employees Hired On Or After August 1, 2013 Will Be Eligible For Retirement Contribution [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual Company retirement contribution in addition to 401 (k) match, percent | 3.00% | ' | ' |
Employees Hired Prior To August 1, 2013 Will Be Eligible For Retirement Contribution, Effective August 1, 2016 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual Company retirement contribution in addition to 401 (k) match, percent | 3.00% | ' | ' |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Long-term rate of return on plan assets | 7.14% | ' | ' |
Company contributions | 600,000 | ' | ' |
Estimated future contributions to pension plans | 12,200,000 | ' | ' |
Non-U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company contributions | 3,700,000 | ' | ' |
Estimated future contributions to pension plans | 3,900,000 | ' | ' |
Long/Short Equity [Member] | Global Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Strategic asset allocation | 15.00% | ' | ' |
International Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Strategic asset allocation, fixed income securities, minimum | 80.00% | ' | ' |
Strategic asset allocation, fixed income securities, maximum | 90.00% | ' | ' |
Strategic asset allocation, equity securities, minimum | 20.00% | ' | ' |
Strategic asset allocation, equity securities, maximum | 10.00% | ' | ' |
International Equity [Member] | Fixed Income Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Component of equity/fixed income securities in international pension plan, in percentage | 60.00% | ' | ' |
U.S. Employees [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liability recorded for postretirement benefit plan | 1,300,000 | 1,300,000 | ' |
Health care cost rate assumed for Fiscal 2014 | 7.00% | ' | ' |
Ultimate annual rate | 4.50% | ' | ' |
U.S. Employees [Member] | Contributory Employee Saving Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company contributions | $8,100,000 | $7,300,000 | $5,500,000 |
Contributory employee saving plan, employee contribution threshold limit from compensation, maximum | 25.00% | ' | ' |
Contributory employee saving plan, percentage match of participants, first contributions | 100.00% | ' | ' |
Contributory employee saving plan, percentage match of participants, second contributions | 50.00% | ' | ' |
Contributory employee saving plan, percentage of participants, first eligible compensation | 3.00% | ' | ' |
Contributory employee saving plan, percentage of participants, second eligible compensation | 2.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of fund held in other collective investment vehicles | 100.00% | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Pension Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Service cost | $18,821 | $19,439 | $15,464 |
Interest cost | 19,499 | 16,953 | 19,436 |
Expected return on assets | -30,794 | -28,111 | -28,114 |
Prior service cost and transition amortization | 590 | 591 | 725 |
Actuarial loss amortization | 7,403 | 10,362 | 5,696 |
Net periodic benefit cost | $15,519 | $19,234 | $13,207 |
Employee_Benefit_Plans_Obligat
Employee Benefit Plans (Obligations And Funded Status Of Company's Pension Plans) (Details) (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 | $18,821 | $19,439 | $15,464 |
Interest cost | 19,499 | 16,953 | 19,436 |
Actuarial loss/(gain) | -7,403 | -10,362 | -5,696 |
Funded/(Underfunded) status at July 31, 2014 and 2013 | -8,783 | 7,781 | ' |
Amounts recognized on the consolidated balance sheets consist of: | ' | ' | ' |
Other long-term assets | 17,800 | 23,234 | ' |
Other current liabilities | -832 | -949 | ' |
Other long-term liabilities | -25,751 | -14,504 | ' |
Recognized asset/(liability) | -8,783 | 7,781 | ' |
Change In Benefit Obligation [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation, beginning of year | 444,943 | 461,492 | ' |
Service cost | 18,821 | 19,439 | ' |
Interest cost | 19,499 | 16,953 | ' |
Plan amendments | ' | -9 | ' |
Participant contributions | 1,308 | 1,207 | ' |
Actuarial loss/(gain) | 29,638 | -27,176 | ' |
Currency exchange rates | 8,873 | 1,225 | ' |
Divestiture | -3,200 | ' | ' |
Curtailment | ' | -11,692 | ' |
Benefits paid | -21,229 | -16,496 | ' |
Benefit obligation, end of year | 498,653 | 444,943 | ' |
Change in Plan Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 452,724 | 387,576 | ' |
Actual return on plan assets | 45,978 | 51,524 | ' |
Company contributions | 4,263 | 28,186 | ' |
Participant contributions | 1,308 | 1,207 | ' |
Currency exchange rates | 9,912 | 727 | ' |
Divestiture | -3,086 | ' | ' |
Benefits paid | -21,229 | -16,496 | ' |
Ending balance | $489,870 | $452,724 | ' |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted-Average Discount Rates In Determining Actuarial Present Value Of Projected Benefit Obligation) (Details) | Jul. 31, 2014 | Jul. 31, 2013 |
U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.33% | 4.58% |
Rate of compensation increase | 2.61% | 2.61% |
Non-U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.64% | 4.04% |
Rate of compensation increase | 2.79% | 2.92% |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans (Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.58% | 3.59% | 4.91% |
Expected return on plan assets | 7.50% | 7.50% | 7.75% |
Rate of compensation increase | 2.61% | 2.61% | 4.50% |
Non-U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.04% | 4.13% | 5.36% |
Expected return on plan assets | 5.48% | 5.20% | 6.03% |
Rate of compensation increase | 2.92% | 2.86% | 3.57% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value Of Assets Held By U.S. Pension Plans By Asset Category) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $93,300 | $102,300 | $105,800 | $87,300 |
Significant Unobservable Inputs (Level 3) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 21,100 | 19,400 | 19,400 | 17,900 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 58,700 | 60,800 | 55,000 | 31,400 |
Significant Unobservable Inputs (Level 3) [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 13,500 | 22,100 | 31,400 | 38,000 |
U.S. Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 336,200 | 317,200 | 274,200 | ' |
U.S. Assets [Member] | Cash [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 14,200 | 18,500 | 900 | ' |
U.S. Assets [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 215,700 | 152,100 | 138,200 | ' |
U.S. Assets [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 85,700 | 124,500 | 103,700 | ' |
U.S. Assets [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 20,600 | 22,100 | 31,400 | ' |
U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 155,600 | 143,900 | 91,600 | ' |
U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 14,200 | 18,500 | 900 | ' |
U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 107,300 | 82,500 | 61,500 | ' |
U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 27,000 | 42,900 | 29,200 | ' |
U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 7,100 | ' | ' | ' |
U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 87,300 | 71,000 | 76,800 | ' |
U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 87,300 | 50,200 | 57,300 | ' |
U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | ' | 20,800 | 19,500 | ' |
U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 93,300 | 102,300 | 105,800 | ' |
U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 21,100 | 19,400 | 19,400 | ' |
U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 58,700 | 60,800 | 55,000 | ' |
U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $13,500 | $22,100 | $31,400 | ' |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes In Fair Value Of U.S. Pension Plans' Level 3 Assets) (Details) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | $102,300,000 | $105,800,000 | $87,300,000 |
Unrealized gains | -300,000 | 6,700,000 | -1,400,000 |
Realized gains | 12,100,000 | 2,400,000 | 1,900,000 |
Purchases | 24,700,000 | 3,100,000 | 20,800,000 |
Sales | -45,500,000 | -15,700,000 | -2,800,000 |
Ending balance | 93,300,000 | 102,300,000 | 105,800,000 |
Global Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 19,400,000 | 19,400,000 | 17,900,000 |
Unrealized gains | 1,700,000 | -800,000 | 100,000 |
Realized gains | 2,400,000 | 1,700,000 | 1,500,000 |
Purchases | 2,000,000 | 2,100,000 | 1,000,000 |
Sales | -4,400,000 | -3,000,000 | -1,100,000 |
Ending balance | 21,100,000 | 19,400,000 | 19,400,000 |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 60,800,000 | 55,000,000 | 31,400,000 |
Unrealized gains | -2,000,000 | 6,400,000 | 600,000 |
Realized gains | 8,900,000 | 700,000 | 400,000 |
Purchases | 20,000,000 | ' | 17,000,000 |
Sales | -29,000,000 | -1,300,000 | -1,700,000 |
Net transfers into (out of) level 3 | ' | ' | 7,300,000 |
Ending balance | 58,700,000 | 60,800,000 | 55,000,000 |
Real Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 22,100,000 | 31,400,000 | 38,000,000 |
Unrealized gains | ' | 1,100,000 | -2,100,000 |
Realized gains | 800,000 | ' | ' |
Purchases | 2,700,000 | 1,000,000 | 2,800,000 |
Sales | -12,100,000 | -11,400,000 | ' |
Net transfers into (out of) level 3 | ' | ' | -7,300,000 |
Ending balance | $13,500,000 | $22,100,000 | $31,400,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Pension Plans' Assets Valued At NAV) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | $322 |
Unfunded Commitments | 12.1 |
Non-U.S. Assets [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 53.8 |
Global Equity Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 215.7 |
Unfunded Commitments | 5.2 |
Fixed Income Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 85.7 |
Fixed Income Securities [Member] | Non-U.S. Assets [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 23.3 |
Redemption Notice Period | '7 days |
Equity/Fixed Income [Member] | Non-U.S. Assets [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 30.5 |
Redemption Notice Period | '90 days |
Real Assets [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair Value | 20.6 |
Unfunded Commitments | $6.90 |
Minimum [Member] | Global Equity Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Redemption Notice Period | '10 days |
Minimum [Member] | Fixed Income Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Redemption Notice Period | '60 days |
Minimum [Member] | Real Assets [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Redemption Notice Period | '95 days |
Maximum [Member] | Global Equity Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Redemption Notice Period | '100 days |
Maximum [Member] | Fixed Income Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Redemption Notice Period | '120 days |
Employee_Benefit_Plans_Fair_Va1
Employee Benefit Plans (Fair Value Of Assets Held By Non-U.S. Pension Plans) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $93,300 | $102,300 | $105,800 | $87,300 |
Significant Unobservable Inputs (Level 3) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 21,100 | 19,400 | 19,400 | 17,900 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 58,700 | 60,800 | 55,000 | 31,400 |
Significant Unobservable Inputs (Level 3) [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 13,500 | 22,100 | 31,400 | 38,000 |
Non-U.S. Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 153,600 | 135,500 | 113,300 | ' |
Non-U.S. Assets [Member] | Cash [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 5,700 | 600 | ' | ' |
Non-U.S. Assets [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 71,300 | 63,800 | 37,100 | ' |
Non-U.S. Assets [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 28,100 | 27,900 | 34,300 | ' |
Non-U.S. Assets [Member] | Equity/Fixed Income [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 48,500 | 43,200 | 35,100 | ' |
Non-U.S. Assets [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | ' | ' | 6,800 | ' |
Non-U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 99,800 | 88,200 | 56,300 | ' |
Non-U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 5,700 | 600 | ' | ' |
Non-U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Global Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 71,300 | 63,800 | 37,100 | ' |
Non-U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 4,800 | 6,900 | 5,900 | ' |
Non-U.S. Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity/Fixed Income [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 18,000 | 16,900 | 13,300 | ' |
Non-U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 23,300 | 21,000 | 35,200 | ' |
Non-U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 23,300 | 21,000 | 28,400 | ' |
Non-U.S. Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Real Assets [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | ' | ' | 6,800 | ' |
Non-U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 30,500 | 26,300 | 21,800 | ' |
Non-U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity/Fixed Income [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $30,500 | $26,300 | $21,800 | $26,300 |
Employee_Benefit_Plans_Changes1
Employee Benefit Plans (Changes In Fair Value Of Assets Held By Non-U.S. Pension Plans' Level 3 Assets) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | $102,300,000 | $105,800,000 | $87,300,000 |
Unrealized gains | -300,000 | 6,700,000 | -1,400,000 |
Realized gains | 12,100,000 | 2,400,000 | 1,900,000 |
Purchases | 24,700,000 | 3,100,000 | 20,800,000 |
Sales | -45,500,000 | -15,700,000 | -2,800,000 |
Ending balance | 93,300,000 | 102,300,000 | 105,800,000 |
Non-U.S. Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Ending balance | 153,600,000 | 135,500,000 | 113,300,000 |
Non-U.S. Assets [Member] | Equity/Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Ending balance | 48,500,000 | 43,200,000 | 35,100,000 |
Non-U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Ending balance | 30,500,000 | 26,300,000 | 21,800,000 |
Non-U.S. Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity/Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 26,300,000 | 21,800,000 | 26,300,000 |
Unrealized gains | 4,300,000 | 1,100,000 | 1,400,000 |
Realized gains | 100,000 | ' | ' |
Foreign currency exchange | 100,000 | 1,700,000 | -3,800,000 |
Purchases | 3,100,000 | 2,600,000 | 2,600,000 |
Sales | -3,400,000 | -900,000 | -4,600,000 |
Net transfers into (out of) level 3 | ' | ' | -100,000 |
Ending balance | $30,500,000 | $26,300,000 | $21,800,000 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans (Estimated Future Benefit Payments For U.S. And Non U.S. Plans) (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Employee Benefit Plans [Abstract] | ' |
2015 | $23,032 |
2016 | 22,728 |
2017 | 27,717 |
2018 | 25,059 |
2019 | 27,754 |
2020-2024 | $149,865 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 31, 2014 |
Class of Stock [Line Items] | ' |
Acquirement minimum of outstanding common stock | 15.00% |
Redeemable value per each right | $0.00 |
Common stock authorized for repurchase | 15 |
Shares with remaining authorization for repurchase under stock repurchase plan | 8.5 |
Series A Junior Participating Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred stock, price per one one-thousandth preferred share | $143 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Treasury Stock) (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Beginning balance | 5,490,725 | ' | ' |
Net issuance upon exercise of stock options | -1,008,848 | -1,607,081 | -1,379,827 |
Ending balance | 11,237,522 | 5,490,725 | ' |
Treasury Stock [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Beginning balance | 5,490,725 | 3,980,832 | ' |
Stock repurchases | 6,795,545 | 2,986,794 | ' |
Net issuance upon exercise of stock options | -863,249 | -1,288,560 | ' |
Issuance under compensation plans | -175,160 | -174,408 | ' |
Other activity | -10,339 | -13,933 | ' |
Ending balance | 11,237,522 | 5,490,725 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Beginning Balance, net of tax | ($37,473) | ($101,888) | |
Other comprehensive (loss) income before reclassifications and tax | -18,656 | ' | |
Tax benefit (expense) | 4,246 | ' | |
Other comprehensive (loss) income before reclassifications, net of tax | -14,410 | ' | |
Balance at January 31, 2014, net of tax | -45,810 | -101,888 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Reclassifications, before tax | 9,068 | ' | |
Tax benefit (expense) | -2,995 | ' | |
Reclassifications, net of tax | 6,073 | ' | |
Other comprehensive (loss) income, net of tax | -8,337 | ' | |
Balance at January 31, 2014, net of tax | -45,810 | ' | |
Foreign Currency Translation Adjustment [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Beginning Balance, net of tax | 50,411 | [1] | ' |
Other comprehensive (loss) income before reclassifications and tax | -2,949 | [1] | ' |
Other comprehensive (loss) income before reclassifications, net of tax | -2,949 | [1] | ' |
Foreign Currency Translation Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Reclassifications, before tax | 827 | [1] | ' |
Reclassifications, net of tax | 827 | [1] | ' |
Other comprehensive (loss) income, net of tax | -2,122 | [1] | ' |
Balance at January 31, 2014, net of tax | 48,289 | [1] | ' |
Pension Benefits [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Beginning Balance, net of tax | -87,712 | ' | |
Other comprehensive (loss) income before reclassifications and tax | -16,120 | ' | |
Tax benefit (expense) | 4,391 | ' | |
Other comprehensive (loss) income before reclassifications, net of tax | -11,729 | ' | |
Pension Benefits [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Reclassifications, before tax | 8,514 | ' | |
Tax benefit (expense) | -3,071 | ' | |
Reclassifications, net of tax | 5,443 | [2] | ' |
Other comprehensive (loss) income, net of tax | -6,286 | ' | |
Balance at January 31, 2014, net of tax | -93,998 | ' | |
Derivative Financial Instruments [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Beginning Balance, net of tax | -172 | ' | |
Other comprehensive (loss) income before reclassifications and tax | 413 | ' | |
Tax benefit (expense) | -145 | ' | |
Other comprehensive (loss) income before reclassifications, net of tax | 268 | ' | |
Derivative Financial Instruments [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Reclassifications, before tax | -273 | ' | |
Tax benefit (expense) | 76 | ' | |
Reclassifications, net of tax | -197 | ' | |
Other comprehensive (loss) income, net of tax | 71 | [3] | ' |
Balance at January 31, 2014, net of tax | ($101) | ' | |
[1] | Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S. Amounts were reclassified from accumulated other comprehensive loss to other income, net. | ||
[2] | Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note F) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales. | ||
[3] | Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E). |
Stock_Option_Plans_Narrative_D
Stock Option Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance | '3 years | ' | ' |
Performance award expense | ($976,000) | ($1,296,000) | ($10,000) |
Pre-tax stock-based compensation expense associated with stock options | 9,900,000 | 8,300,000 | 7,800,000 |
Tax benefit associated with stock options | 3,200,000 | 2,700,000 | 2,500,000 |
Weighted average fair value for options granted, per share | $11.44 | $8.18 | $9.37 |
Total intrinsic value of options exercised | 21,500,000 | 33,700,000 | 29,500,000 |
Shares reserved | 12,599,147 | ' | ' |
Aggregate intrinsic value of options outstanding | 89,000,000 | ' | ' |
Aggregate intrinsic value of options exercisable | 84,900,000 | ' | ' |
Total fair value of shares vested | 35,500,000 | 29,800,000 | 19,500,000 |
Unrecognized compensation expense related to non-vested stock options granted | 7,700,000 | ' | ' |
2010 Master Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance award expense | $700,000 | $100,000 | $1,900,000 |
After Fiscal 2003 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, years | '3 years | ' | ' |
After Fiscal 2010 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, years | '3 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of years of service when options with a reload provision were no longer issued to officers beginning in Fiscal 2006 | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of years of service that options were still issued with a reload provision to officers until Fiscal 2011 | '5 years | ' | ' |
Maximum [Member] | 2010 Master Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options exercisable from date of the grant, in years | '10 years | ' | ' |
Stock_Option_Plans_Weighted_Av
Stock Option Plans (Weighted Average Assumptions For Recognized Fair Value Of Stock-Based Employee Compensation Cost) (Details) | 12 Months Ended | |||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate, minimum | 0.31% | 0.02% | 0.10% | ' |
Risk-free interest rate, maximum | 2.80% | 1.70% | 1.80% | ' |
Expected volatility, minimum | 18.20% | 22.50% | 25.80% | ' |
Expected volatility, maximum | 28.00% | 29.70% | 31.90% | ' |
Expected dividend yield | ' | ' | 1.00% | 1.00% |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected dividend yield | 1.40% | 1.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected dividend yield | 1.60% | 1.40% | ' | ' |
Director Original Grants Without Reloads [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life | '8 years | '8 years | '8 years | ' |
Non - Officer Original Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life | '7 years | '7 years | '7 years | ' |
Reload Grants [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life | '6 years | '5 years | '8 years | ' |
Stock_Option_Plans_Stock_Optio
Stock Option Plans (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Stock Option Plans [Abstract] | ' | ' | ' |
Options Outstanding, Beginning Balance | 7,329,820 | 8,056,327 | 8,387,994 |
Options Outstanding, Granted | 900,073 | 965,050 | 1,082,979 |
Options Outstanding, Exercised | -1,008,848 | -1,607,081 | -1,379,827 |
Options Outstanding, Canceled | -23,163 | -84,476 | -34,819 |
Options Outstanding, Ending Balance | 7,197,882 | 7,329,820 | 8,056,327 |
Weighted Average Exercise Price, Beginning Balance | $23.88 | $20.97 | $17.72 |
Weighted Average Exercise Price, Granted | $42.17 | $33.91 | $34.76 |
Weighted Average Exercise Price, Exercised | $18.80 | $14.79 | $11.90 |
Weighted Average Exercise Price, Canceled | $34.02 | $33.94 | $27.45 |
Weighted Average Exercise Price, Ending Balance | $26.84 | $23.88 | $20.97 |
Stock_Option_Plans_Outstanding
Stock Option Plans (Outstanding And Exercisable Options) (Details) (USD $) | 12 Months Ended | |||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number Outstanding | 7,197,882 | 7,329,820 | 8,056,327 | 8,387,994 |
Weighted Average Remaining Contractual Life (Years) | '5 years 5 months 9 days | ' | ' | ' |
Weighted Average Exercise Price | $26.84 | ' | ' | ' |
Number Exercisable | 5,477,819 | ' | ' | ' |
Weighted Average Exercise Price | $23.31 | ' | ' | ' |
Range Of Exercise Prices $0.00 To $16.69 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower range | $0 | ' | ' | ' |
Range of Exercise Prices, upper range | $16.69 | ' | ' | ' |
Number Outstanding | 1,003,381 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '1 year 2 months 5 days | ' | ' | ' |
Weighted Average Exercise Price | $15.93 | ' | ' | ' |
Number Exercisable | 1,003,381 | ' | ' | ' |
Weighted Average Exercise Price | $15.93 | ' | ' | ' |
Range Of Exercise Prices $16.70 To $22.69 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower range | $16.70 | ' | ' | ' |
Range of Exercise Prices, upper range | $22.69 | ' | ' | ' |
Number Outstanding | 2,197,543 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '4 years 1 month 13 days | ' | ' | ' |
Weighted Average Exercise Price | $19.13 | ' | ' | ' |
Number Exercisable | 2,197,543 | ' | ' | ' |
Weighted Average Exercise Price | $19.13 | ' | ' | ' |
Range Of Exercise Prices $22.70 To $28.69 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower range | $22.70 | ' | ' | ' |
Range of Exercise Prices, upper range | $28.69 | ' | ' | ' |
Number Outstanding | 400,114 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '3 years 4 months 28 days | ' | ' | ' |
Weighted Average Exercise Price | $22.97 | ' | ' | ' |
Number Exercisable | 400,114 | ' | ' | ' |
Weighted Average Exercise Price | $22.97 | ' | ' | ' |
Range Of Exercise Prices $28.70 To $34.69 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower range | $28.70 | ' | ' | ' |
Range of Exercise Prices, upper range | $34.69 | ' | ' | ' |
Number Outstanding | 1,839,809 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '7 years 3 months | ' | ' | ' |
Weighted Average Exercise Price | $31.58 | ' | ' | ' |
Number Exercisable | 1,254,101 | ' | ' | ' |
Weighted Average Exercise Price | $30.59 | ' | ' | ' |
Range Of Exercise Prices $34.70 And Above [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower range | $34.70 | ' | ' | ' |
Number Outstanding | 1,757,035 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '8 years 1 month 6 days | ' | ' | ' |
Weighted Average Exercise Price | $38.64 | ' | ' | ' |
Number Exercisable | 622,680 | ' | ' | ' |
Weighted Average Exercise Price | $35.52 | ' | ' | ' |
Stock_Option_Plans_Status_For_
Stock Option Plans (Status For Options Which Contain Vesting Provisions) (Details) (USD $) | 12 Months Ended |
Jul. 31, 2014 | |
Stock Option Plans [Abstract] | ' |
Options Non- vested at July 31, 2013 | 1,805,803 |
Options, Granted | 849,850 |
Options, Vested | -915,677 |
Options, Canceled | -19,913 |
Options Non-vested at July 31, 2014 | 1,720,063 |
Weighted Average Grant Date Fair Value, Outstanding at July 31, 2013 | $9.18 |
Weighted Average Grant Date Fair Value, Granted | $11.63 |
Weighted Average Grant Date Fair Value, Vested | $9.24 |
Weighted Average Grant Date Fair Value, Canceled | $9.47 |
Weighted Average Grant Date Fair Value, Outstanding at July 31, 2014 | $10.35 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Aug. 31, 2014 | |
Subsequent Event [Member] | ||||
Income Tax [Line Items] | ' | ' | ' | ' |
Prepaid tax assets | $4,392,000 | $4,015,000 | ' | ' |
Effective tax rate | 27.90% | 29.00% | 28.70% | ' |
Additional undistributed earnings of non-U.S. subsidiaries | 914,000,000 | ' | ' | ' |
Cash held by foreign subsidiaries that was repatriated | ' | ' | ' | 52,400,000 |
Existing valuation allowance | 3,471,000 | 3,228,000 | ' | ' |
Recognized interest expense, net of tax benefit | 300,000 | ' | ' | ' |
Accrued interest and penalties on unrecognized tax benefits | 1,700,000 | 1,100,000 | ' | ' |
Statute of limitations period, average, years | '5 years | ' | ' | ' |
Maximum possible reduction in amount of unrecognized tax benefits | 1,000,000 | ' | ' | ' |
Unrecognized tax benefits in dispute with various taxing authorities | $200,000 | ' | ' | ' |
Income_Taxes_Components_Of_Ear
Income Taxes (Components Of Earnings Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
United States | $131,396 | $147,317 | $171,101 |
Foreign | 229,307 | 200,864 | 199,679 |
Earnings before income taxes | $360,703 | $348,181 | $370,780 |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Federal, Current | $48,981 | $35,820 | $45,468 |
State, Current | 4,724 | 4,337 | 4,012 |
Foreign, Current | 54,536 | 52,300 | 50,655 |
Income taxes, Current | 108,241 | 92,457 | 100,135 |
Federal, Deferred | -9,465 | 7,071 | 7,391 |
State, Deferred | 365 | 312 | 722 |
Foreign, Deferred | 1,338 | 964 | -1,769 |
Income taxes, Deferred | -7,762 | 8,347 | 6,344 |
Total | $100,479 | $100,804 | $106,479 |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate With Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Statutory U.S. federal rate | 35.00% | 35.00% | 35.00% |
State income taxes | 1.10% | 1.20% | 1.20% |
Foreign operations | -6.10% | -6.30% | -5.20% |
Export, manufacturing and research credits | -0.80% | -1.50% | -1.00% |
Change in unrecognized tax benefits | -1.10% | 0.50% | -1.00% |
Other | -0.20% | 0.10% | -0.30% |
Reconciliation of U.S. statutory income tax rate, total | 27.90% | 29.00% | 28.70% |
Income_Taxes_Schedule_Of_Tempo
Income Taxes (Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Accrued expenses | $11,118 | $11,580 |
Compensation and retirement plans | 32,317 | 23,578 |
NOL and tax credit carryforwards | 3,471 | 3,279 |
LIFO and inventory reserves | 5,482 | 5,037 |
Other | 4,470 | 3,890 |
Deferred tax assets, gross | 56,858 | 47,364 |
Valuation allowance | -3,471 | -3,228 |
Net deferred tax assets | 53,387 | 44,136 |
Depreciation and amortization | -49,901 | -45,737 |
Other | -1,025 | -663 |
Deferred tax liabilities | -50,926 | -46,400 |
Prepaid tax assets | 4,392 | 4,015 |
Net tax asset | $6,853 | $1,751 |
Income_Taxes_Schedule_Of_Recon1
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Gross unrecognized tax benefits at beginning of fiscal year | $18,419 | $16,514 | $20,005 |
Additions for tax positions of the current year | 2,959 | 5,453 | 3,323 |
Additions for tax positions of prior years | 1,706 | 407 | 261 |
Reductions for tax positions of prior years | -7,113 | -1,640 | -4,462 |
Settlements | -240 | -277 | ' |
Reductions due to a lapse of applicable statute of limitations | -726 | -2,038 | -2,613 |
Gross unrecognized tax benefits at end of fiscal year | $15,005 | $18,419 | $16,514 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
customer | customer | customer | |
segment | |||
Segment Reporting [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of customers accounting for over 10% of net sales | 0 | 0 | 0 |
Number of customers accounting for over 10% of gross accounts receivable | 0 | 0 | ' |
Segment_Reporting_Summary_Of_S
Segment Reporting (Summary Of Segment Detail) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $668,226 | $624,234 | $581,622 | $599,384 | $632,594 | $619,371 | $596,036 | $588,947 | $2,473,466 | $2,436,948 | $2,493,248 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 67,163 | 64,290 | 61,165 |
Equity earnings in unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 6,536 | 4,693 | 4,735 |
Earnings before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360,703 | 348,181 | 370,780 |
Assets | 1,942,411 | ' | ' | ' | 1,743,556 | ' | ' | ' | 1,942,411 | 1,743,556 | 1,730,082 |
Equity investments in unconsolidated affiliates | 21,398 | ' | ' | ' | 18,840 | ' | ' | ' | 21,398 | 18,840 | 20,126 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 97,210 | 94,895 | 78,139 |
Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,584,027 | 1,504,188 | 1,570,140 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38,925 | 35,815 | 36,646 |
Equity earnings in unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 5,596 | 4,000 | 3,966 |
Earnings before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 233,920 | 220,892 | 227,941 |
Assets | 900,083 | ' | ' | ' | 826,151 | ' | ' | ' | 900,083 | 826,151 | 845,176 |
Equity investments in unconsolidated affiliates | 17,439 | ' | ' | ' | 15,563 | ' | ' | ' | 17,439 | 15,563 | 17,304 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 56,340 | 52,864 | 46,816 |
Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 889,439 | 932,760 | 923,108 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 23,942 | 22,447 | 18,852 |
Equity earnings in unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 940 | 693 | 769 |
Earnings before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 133,978 | 139,108 | 149,249 |
Assets | 572,000 | ' | ' | ' | 527,416 | ' | ' | ' | 572,000 | 527,416 | 520,739 |
Equity investments in unconsolidated affiliates | 3,959 | ' | ' | ' | 3,277 | ' | ' | ' | 3,959 | 3,277 | 2,822 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 34,652 | 33,134 | 24,083 |
Corporate & Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,296 | 6,028 | 5,667 |
Earnings before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,195 | -11,819 | -6,410 |
Assets | 470,328 | ' | ' | ' | 389,989 | ' | ' | ' | 470,328 | 389,989 | 364,167 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $6,218 | $8,897 | $7,240 |
Segment_Reporting_Net_Sales_By
Segment Reporting (Net Sales By Product Within Engine Products Segment And Industrial Products Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $668,226 | $624,234 | $581,622 | $599,384 | $632,594 | $619,371 | $596,036 | $588,947 | $2,473,466 | $2,436,948 | $2,493,248 | |||
Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,584,027 | 1,504,188 | 1,570,140 | |||
Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 889,439 | 932,760 | 923,108 | |||
Off-Road Products [Member] | Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 342,205 | 358,834 | 376,870 | |||
On-Road Products [Member] | Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 130,029 | 128,446 | 163,934 | |||
Aftermarket Products [Member] | Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,012,165 | [1] | 912,717 | [1] | 922,660 | [1] |
Aerospace and Defense Products [Member] | Engine Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 99,628 | 104,191 | 106,676 | |||
Industrial Filtration Solutions Products [Member] | Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 553,356 | 529,751 | 553,453 | |||
Gas Turbine Products [Member] | Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 156,860 | 232,922 | 180,669 | |||
Special Applications Products [Member] | Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $179,223 | $170,087 | $188,986 | |||
[1] | Includes replacement part sales to the Companybs OEM Customers. |
Segment_Reporting_Geographic_S
Segment Reporting (Geographic Sales By Origination And Property, Plant And Equipment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $668,226 | $624,234 | $581,622 | $599,384 | $632,594 | $619,371 | $596,036 | $588,947 | $2,473,466 | $2,436,948 | $2,493,248 |
Property, Plant & Equipment - Net | 451,665 | ' | ' | ' | 419,280 | ' | ' | ' | 451,665 | 419,280 | 384,909 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,019,926 | 1,010,934 | 1,064,474 |
Property, Plant & Equipment - Net | 196,712 | ' | ' | ' | 166,614 | ' | ' | ' | 196,712 | 166,614 | 146,328 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 728,554 | 678,996 | 678,619 |
Property, Plant & Equipment - Net | 128,904 | ' | ' | ' | 123,710 | ' | ' | ' | 128,904 | 123,710 | 114,266 |
Asia - Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 517,305 | 546,406 | 572,163 |
Property, Plant & Equipment - Net | 72,089 | ' | ' | ' | 75,206 | ' | ' | ' | 72,089 | 75,206 | 80,200 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 207,681 | 200,612 | 177,992 |
Property, Plant & Equipment - Net | $53,960 | ' | ' | ' | $53,750 | ' | ' | ' | $53,960 | $53,750 | $44,115 |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Guarantor Obligations [Line Items] | ' | ' | ' |
Contingent liability for standby letters of credit, issued and outstanding | $7.80 | $12.20 | ' |
Advanced Filtration Systems, Inc. [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Outstanding debt of joint venture | 28.7 | ' | ' |
Joint venture investment earnings | 3.7 | 2.3 | 2 |
Royalty income | $6.80 | $6 | $6.20 |
Warranty_Details
Warranty (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Warranty [Abstract] | ' | ' |
Beginning balance | $10,526 | $10,905 |
Accruals for warranties issued during the reporting period | 4,339 | 5,940 |
Accruals related to pre-existing warranties (including changes in estimates) | -1,185 | -1,081 |
Less settlements made during the period | -4,651 | -5,238 |
Ending balance | $9,029 | $10,526 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments And Contingencies [Abstract] | ' | ' |
Total expense | $28 | $27.50 |
2015 | 12.9 | ' |
2016 | 8.5 | ' |
2017 | 5 | ' |
2018 | 3.5 | ' |
2019 | 1.5 | ' |
Thereafter | $0.10 | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $668,226 | $624,234 | $581,622 | $599,384 | $632,594 | $619,371 | $596,036 | $588,947 | $2,473,466 | $2,436,948 | $2,493,248 |
Gross margin | 238,323 | 223,461 | 201,648 | 214,394 | 228,356 | 221,501 | 198,977 | 198,293 | 877,826 | 847,127 | 873,763 |
Net earnings | $72,956 | $67,336 | $58,340 | $61,592 | $72,609 | $69,842 | $50,813 | $54,113 | $260,224 | $247,377 | $264,301 |
Basic earnings per share | $0.51 | $0.46 | $0.40 | $0.42 | $0.49 | $0.47 | $0.34 | $0.36 | $1.79 | $1.67 | $1.76 |
Diluted earnings per share | $0.50 | $0.46 | $0.39 | $0.41 | $0.48 | $0.46 | $0.34 | $0.36 | $1.76 | $1.64 | $1.73 |
Dividends declared per share | $0.17 | $0.17 | $0.14 | $0.14 | $0.13 | $0.13 | $0.10 | $0.09 | $0.61 | $0.45 | $0.34 |
Dividends paid per share | $0.17 | $0.14 | $0.14 | $0.13 | $0.13 | $0.10 | $0.09 | $0.09 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member]) | Aug. 14, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Percentage of voting equity interests to be acquired in Northern Technical L.L.C. | 100.00% |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $7,040 | $6,418 | $6,908 |
Charged to Costs and Expenses | 393 | 1,241 | 1,151 |
Charged to Other Accounts | -1 | 230 | -676 |
Deductions | -669 | -849 | -965 |
Balance at End of Period | $6,763 | $7,040 | $6,418 |