Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Sep. 18, 2015 | Jan. 31, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BRC | ||
Entity Registrant Name | BRADY CORP | ||
Entity Central Index Key | 746,598 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,174,025,350 | ||
Class A Nonvoting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 47,711,833 | ||
Class B Voting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 114,492 | $ 81,834 |
Accounts receivable — net | 157,386 | 177,648 |
Inventories: | ||
Finished products | 66,700 | 73,096 |
Work-in-process | 16,958 | 17,689 |
Raw materials and supplies | 20,849 | 22,490 |
Total inventories | 104,507 | 113,275 |
Assets held for sale | 0 | 49,542 |
Prepaid expenses and other current assets | 32,197 | 41,543 |
Total current assets | 408,582 | 463,842 |
Other assets: | ||
Goodwill | 433,199 | 515,004 |
Other intangible assets | 68,888 | 91,014 |
Deferred income taxes | 22,310 | 27,320 |
Other | 18,704 | 22,314 |
Property, plant and equipment: | ||
Land | 5,284 | 7,875 |
Buildings and improvements | 94,423 | 101,866 |
Machinery and equipment | 270,086 | 288,409 |
Construction in progress | 2,164 | 12,500 |
Property, plant and equipment, gross | 371,957 | 410,650 |
Less accumulated depreciation | 260,743 | 276,479 |
Property, plant and equipment — net | 111,214 | 134,171 |
Total | 1,062,897 | 1,253,665 |
Current liabilities: | ||
Notes payable | 10,411 | 61,422 |
Accounts payable | 73,020 | 88,099 |
Wages and amounts withheld from employees | 30,282 | 38,064 |
Liabilities held for sale | 0 | 10,640 |
Taxes, other than income taxes | 7,250 | 7,994 |
Accrued income taxes | 7,576 | 7,893 |
Other current liabilities | 38,194 | 35,319 |
Current maturities on long-term debt | 42,514 | 42,514 |
Total current liabilities | 209,247 | 291,945 |
Long-term obligations, less current maturities | 200,774 | 159,296 |
Other liabilities | 65,188 | 69,348 |
Total liabilities | 475,209 | 520,589 |
Stockholders’ investment: | ||
Class A nonvoting common stock — Issued 51,261,487 and 51,261,487 shares, respectively; (aggregate liquidation preference of $42,803 and $42,803 at July 31, 2015 and 2014, respectively) | 513 | 513 |
Class B voting common stock — Issued and outstanding 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 314,403 | 311,811 |
Earnings retained in the business | 414,069 | 452,057 |
Treasury stock — 3,480,303 and 3,477,291 shares, respectively of Class A nonvoting common stock, at cost | (93,234) | (93,337) |
Accumulated other comprehensive (loss) income | (45,034) | 64,156 |
Other | (3,064) | (2,159) |
Total stockholders’ investment | 587,688 | 733,076 |
Total | $ 1,062,897 | $ 1,253,665 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Class A Nonvoting Common Stock [Member] | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common Stock Aggregate Liquidation Preference | $ 42,803 | $ 42,803 |
Treasury stock, shares | 3,480,303 | 3,477,291 |
Class B Voting Common Stock [Member] | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Net sales | $ 1,171,731 | $ 1,225,034 | $ 1,157,792 |
Cost of products sold | 613,299 | 615,470 | 548,444 |
Gross margin | 558,432 | 609,564 | 609,348 |
Operating expenses: | |||
Research and development | 36,734 | 35,048 | 33,552 |
Selling, general and administrative | 422,704 | 452,164 | 427,858 |
Restructuring charges | 16,821 | 15,012 | 26,046 |
Impairment charges | 46,867 | 148,551 | 204,448 |
Total operating expenses | 523,126 | 650,775 | 691,904 |
Operating income (loss) | 35,306 | (41,211) | (82,556) |
Other income and (expense): | |||
Investment and other income | 845 | 2,402 | 3,523 |
Interest expense | (11,156) | (14,300) | (16,641) |
Earnings (loss) from continuing operations before income taxes | 24,995 | (53,109) | (95,674) |
Income tax expense (benefit) | 20,093 | (4,963) | 42,583 |
Earnings (loss) from continuing operations | 4,902 | (48,146) | (138,257) |
(Loss) earnings from discontinued operations, net of income taxes | (1,915) | 2,178 | (16,278) |
Net earnings (loss) | $ 2,987 | $ (45,968) | $ (154,535) |
Weighted average common shares outstanding (in thousands): | |||
Basic (in shares) | 51,285 | 51,866 | 51,330 |
Diluted (in shares) | 51,383 | 51,866 | 51,330 |
Class A Nonvoting Common Stock [Member] | |||
Other income and (expense): | |||
Earnings (loss) from continuing operations | $ 4,902 | $ (48,238) | $ (138,495) |
Earnings per share: | |||
Earnings (loss) from continuing operations, per basic share | $ 0.10 | $ (0.93) | $ (2.70) |
Earnings (loss) from continuing operations, per diluted share | 0.10 | (0.93) | (2.70) |
(Loss) earnings from discontinued operations, per basic share | (0.04) | 0.04 | (0.32) |
(Loss) earnings from discontinued operations, per diluted share | (0.04) | 0.04 | (0.32) |
Net earnings (loss) per share, basic | 0.06 | (0.89) | (3.02) |
Net earnings (loss) per share, diluted | 0.06 | (0.89) | (3.02) |
Dividends | $ 0.80 | $ 0.78 | $ 0.76 |
Class B Voting Common Stock [Member] | |||
Other income and (expense): | |||
Earnings (loss) from continuing operations | $ 4,107 | $ (49,057) | $ (139,297) |
Earnings per share: | |||
Earnings (loss) from continuing operations, per basic share | $ 0.08 | $ (0.95) | $ (2.71) |
Earnings (loss) from continuing operations, per diluted share | 0.08 | (0.95) | (2.71) |
(Loss) earnings from discontinued operations, per basic share | (0.04) | 0.05 | (0.32) |
(Loss) earnings from discontinued operations, per diluted share | (0.04) | 0.05 | (0.32) |
Net earnings (loss) per share, basic | 0.04 | (0.90) | (3.03) |
Net earnings (loss) per share, diluted | 0.04 | (0.90) | (3.03) |
Dividends | $ 0.78 | $ 0.76 | $ 0.74 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 2,987 | $ (45,968) | $ (154,535) |
Foreign currency translation adjustments: | |||
Net (loss) gain recognized in other comprehensive (loss) income | (85,622) | 4,543 | (2,312) |
Reclassification adjustment for (gains) losses included in net earnings (loss) | (34,697) | 3,004 | 0 |
Total foreign currency translation adjustments | (120,319) | 7,547 | (2,312) |
Net investment hedge translation adjustments | 21,477 | (4,243) | (6,537) |
Long-term intercompany loan translation adjustments: | |||
Net gain recognized in other comprehensive (loss) income | 546 | 211 | 3,108 |
Reclassification adjustment for (gains) losses included in net earnings (loss) | (393) | 865 | 0 |
Total long-term intercompany loan translation adjustments | 153 | 1,076 | 3,108 |
Cash flow hedges: | |||
Net gain (loss) recognized in other comprehensive (loss) income | 1,643 | 8 | (652) |
Reclassification adjustment for gains included in net earnings (loss) | (1,325) | (147) | (578) |
Total cash flow hedges | 318 | (139) | (1,230) |
Pension and other post-retirement benefits: | |||
Net gain recognized in other comprehensive (loss) income | 1,057 | 5,211 | 1,617 |
Actuarial gain amortization | (741) | (240) | (25) |
Prior service credit amortization | (1,170) | (203) | (203) |
Reclassification adjustment for (gains) losses included in net earnings (loss) | (1,741) | 131 | 0 |
Total pension and other post-retirement benefits | (2,595) | 4,899 | 1,389 |
Other comprehensive (loss) income, before tax | (100,966) | 9,140 | (5,582) |
Income tax (expense) benefit related to items of other comprehensive (loss) income | (8,224) | (1,047) | 2,234 |
Other comprehensive (loss) income, net of tax | (109,190) | 8,093 | (3,348) |
Comprehensive loss | $ (106,203) | $ (37,875) | $ (157,883) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Increase Decrease In Stockholders Equity Roll Forward | |||
Common Stock, Value, Issued | $ 548 | $ 548 | $ 548 |
Beginning Balances | 733,076 | ||
Net earnings (loss) | 2,987 | (45,968) | (154,535) |
Other comprehensive (loss) income, net of tax | (109,190) | 8,093 | (3,348) |
Stock-based compensation expense | 4,471 | 5,214 | 1,736 |
Purchase of shares of Class A Common Stock | 0 | (30,581) | (5,121) |
Ending Balances | 587,688 | 733,076 | |
Additional Paid-in Capital [Member] | |||
Increase Decrease In Stockholders Equity Roll Forward | |||
Beginning Balances | 311,811 | 306,191 | 313,008 |
Issuance of shares of Class A Common Stock under stock plan | (1,315) | 847 | (9,721) |
Stockholder's equity, other | 2,312 | (371) | (1,266) |
Tax (shortfall) benefit from exercise of stock options, vesting of RSUs, and deferred compensation distributions | (2,876) | (70) | 2,434 |
Stock-based compensation expense | 4,471 | 5,214 | 1,736 |
Ending Balances | 314,403 | 311,811 | 306,191 |
Retained Earnings [Member] | |||
Increase Decrease In Stockholders Equity Roll Forward | |||
Beginning Balances | 452,057 | 538,512 | 732,290 |
Net earnings (loss) | 2,987 | (45,968) | (154,535) |
Payment of Ordinary Dividends, Common Stock Class A | (38,204) | (37,786) | (36,613) |
Payment of Ordinary Dividends, Common Stock Class B | (2,771) | (2,701) | (2,630) |
Ending Balances | 414,069 | 452,057 | 538,512 |
Treasury Stock [Member] | |||
Increase Decrease In Stockholders Equity Roll Forward | |||
Beginning Balances | 93,337 | 69,797 | 92,600 |
Issuance of shares of Class A Common Stock under stock plan | (2,735) | (11,266) | (30,045) |
Stockholder's equity, other | (2,632) | (4,225) | (2,121) |
Purchase of shares of Class A Common Stock | (30,581) | (5,121) | |
Ending Balances | 93,234 | 93,337 | 69,797 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Increase Decrease In Stockholders Equity Roll Forward | |||
Beginning Balances | 64,156 | 56,063 | 59,411 |
Other comprehensive (loss) income, net of tax | (109,190) | 8,093 | (3,348) |
Ending Balances | (45,034) | 64,156 | 56,063 |
Other equity component [Member] | |||
Increase Decrease In Stockholders Equity Roll Forward | |||
Beginning Balances | (2,159) | (720) | (3,304) |
Stockholder's equity, other | (905) | (1,439) | 2,584 |
Ending Balances | $ (3,064) | $ (2,159) | $ (720) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | ||
Operating activities: | ||||
Net earnings (loss) | $ 2,987 | $ (45,968) | $ (154,535) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 39,458 | 44,598 | 48,725 | |
Non-cash portion of restructuring charges | 4,164 | 566 | 3,699 | |
Non-cash portion of stock-based compensation expense | 4,471 | 5,214 | 1,736 | |
Goodwill and Intangible Asset Impairment, Including Discontinued Operations | 46,867 | 148,551 | 204,448 | |
Loss on write-down of assets held for sale | 0 | 0 | 15,658 | [1] |
Loss on sales of businesses, net | 426 | 1,238 | 3,138 | |
Deferred income taxes | (7,233) | (27,516) | 21,630 | |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||||
Accounts receivable | 1,317 | (3,600) | 1,535 | |
Inventories | (763) | (12,608) | 2,440 | |
Prepaid expenses and other assets | 9,188 | (278) | 5,036 | |
Accounts payable and accrued liabilities | (8,516) | (20,508) | (2,285) | |
Income taxes | 982 | 3,731 | (7,722) | |
Net cash provided by operating activities | 93,348 | 93,420 | 143,503 | |
Investing activities: | ||||
Purchases of property, plant and equipment | (26,673) | (43,398) | (35,687) | |
Acquisition of business, net of cash acquired | 0 | 0 | (301,157) | |
Sales of businesses, net of cash retained | 6,111 | 54,242 | 10,178 | |
Other | 6,197 | (637) | 900 | |
Net cash (used in) provided by investing activities | (14,365) | 10,207 | (325,766) | |
Financing activities: | ||||
Payment of dividends | (40,976) | (40,487) | (39,243) | |
Proceeds from issuance of common stock | 1,644 | 12,113 | 20,324 | |
Purchase of treasury stock | 0 | (30,581) | (5,121) | |
Proceeds from borrowings on line of credit | 83,382 | 73,334 | 231,613 | |
Repayment of borrowing on line of credit | (32,314) | (62,398) | (181,000) | |
Principal payments on debt | (42,514) | (61,264) | (61,264) | |
Income tax benefit from equity-based compensation, and other | (1,374) | (6,104) | 1,631 | |
Net cash used in financing activities | (32,152) | (115,387) | (33,060) | |
Effect of exchange rate changes on cash | (14,173) | 2,536 | 481 | |
Net increase (decrease) in cash and cash equivalents | 32,658 | (9,224) | (214,842) | |
Cash and cash equivalents, beginning of period | 81,834 | 91,058 | 305,900 | |
Cash and cash equivalents, end of period | 114,492 | 81,834 | 91,058 | |
Cash paid during the period for: | ||||
Interest | 11,164 | 14,594 | 17,162 | |
Income taxes, net of refunds | 25,024 | 33,043 | 34,030 | |
Acquisitions: [Abstract] | ||||
Fair value of assets acquired, net of cash | 0 | 0 | 168,724 | |
Liabilities assumed | 0 | 0 | (37,747) | |
Goodwill | 0 | 0 | 170,180 | |
Net cash paid for acquisitions | $ 0 | $ 0 | $ 301,157 | |
[1] | The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations — Brady Corporation is an international manufacturer of identification solutions and specialty materials that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized, and diverse products for use in various applications, along with a commitment to quality and service, a global footprint, and multiple sales channels, have made Brady a world leader in many of its markets. Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Brady Corporation and its subsidiaries (“Brady” or the “Company”), all of which are wholly-owned. All intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations — The results of operations of the Die-Cut businesses have been reported as discontinued operations for all periods presented. The corresponding assets and liabilities have been classified in accordance with the authoritative literature on assets held for sale at July 31, 2014. There were no assets held for sale at July 31, 2015 as the second and final phase of the Die-Cut sale closed in the first quarter of fiscal 2015. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows related to discontinued operations. See Note 15 for additional information about the Company's discontinued operations. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events — On September 10, 2015, the Company's Board of Directors authorized an increase in the Company’s share repurchase program, authorizing the repurchase of up to a total of two million shares of the Company’s Class A Common Stock, inclusive of the shares in the existing share repurchase program. The plan may be implemented by purchasing shares in the open market or in privately negotiated transactions, with repurchased shares available for use in connection with the Company's stock-based plans and for other corporate purposes. On September 10, 2015 , the Company announced an increase in the annual dividend to shareholders of the Company's Class A Common Stock, from $0.80 to $0.81 per share. A quarterly dividend of $0.2025 will be paid on October 30, 2015 , to shareholders of record at the close of business on October 9, 2015 . This dividend represents an increase of 1.3% and is the 30th consecutive annual increase in dividends. Fair Value of Financial Instruments — The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable and accounts payable) is a reasonable estimate of the fair value of these instruments due to their short-term nature. See Note 7 for more information regarding the fair value of long-term debt and Note 12 for fair value measurements. Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents, which are recorded at cost. Accounts Receivables — Accounts receivables are stated net of allowances for doubtful accounts of $3,585 and $3,069 as of July 31, 2015 and 2014 , respectively. No single customer comprised more than 5% of the Company’s consolidated net sales in fiscal 2015 , 2014 or 2013 , or 5% of the Company’s consolidated accounts receivable as of July 31, 2015 or 2014 . Specific customer provisions are made during review of significant outstanding amounts, in which customer creditworthiness and current economic trends may indicate that collection is doubtful. In addition, provisions are made for the remainder of accounts receivable based upon the age of the receivable and the Company’s historical collection experience. Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for certain domestic inventories ( 12.7% of total inventories at July 31, 2015 , and 11.7% of total inventories at July 31, 2014 ) and the first-in, first-out (“FIFO”) or average cost methods for other inventories. Had all domestic inventories been accounted for on a FIFO basis instead of on a LIFO basis, the carrying value of inventories would have increased by $7,346 and $7,637 as of July 31, 2015 and 2014 , respectively. Goodwill — Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. The fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between market participants on an arms-length basis. In estimating the fair value, the Company utilizes a discounted cash flow model and market multiples approach. The estimated fair value is compared with the carrying amount of the reporting unit, including goodwill. The annual impairment testing performed on May 1, 2015, in accordance with ASC 350, "Intangibles - Goodwill and Other" ("Step One") indicated that the following reporting units had a fair value substantially in excess of its carrying value: IDS Americas & Europe, PeopleID, and WPS Europe. The results of the Step One analysis completed over the remaining reporting units, WPS Americas and WPS APAC, indicated they were potentially impaired. Refer to Note 3, "Goodwill and Other Intangible Assets" for further information. Long-Lived and Other Intangible Assets — The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis, over the estimated periods benefited. Intangible assets with indefinite useful lives as well as goodwill are not subject to amortization. These assets are assessed for impairment annually or more frequently as deemed necessary. The Company evaluates whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived and other finite-lived intangible assets may warrant revision or that the remaining balance of an asset may not be recoverable. If impairment is determined to exist, any related impairment loss is calculated by comparing the fair value of the asset to its carrying value. In fiscal 2015, other intangible assets primarily associated with the WPS Americas and WPS APAC reporting units were analyzed for potential impairment. Refer to Note 3, "Goodwill and Other Intangible Assets" for further information. Property, Plant, and Equipment — Property, plant, and equipment are recorded at cost. The cost of buildings and improvements and machinery and equipment is being depreciated over their estimated useful lives using primarily the straight-line method for financial reporting purposes. The estimated useful lives range from 3 to 33 years as shown below. Asset Category Range of Useful Lives Buildings & Improvements 10 to 33 Years Computer Systems 5 Years Machinery & Equipment 3 to 10 Years Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Upon disposal, assets and related accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to operations. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. Depreciation expense was $27,355 , $26,727 , and $22,976 for the years ended July 31, 2015 , 2014 and 2013 , respectively. Catalog Costs and Related Amortization — The Company accumulates all direct costs incurred, net of vendor cooperative advertising payments, in the development, production, and circulation of its catalogs on its balance sheet until such time as the related catalog is mailed. The catalog costs are subsequently amortized into selling, general, and administrative expense over the expected sales realization cycle, which is one year or less. Consequently, any difference between the estimated and actual revenue stream for a particular catalog and the related impact on amortization expense is realized within a period of one year or less. The estimate of the expected sales realization cycle for a particular catalog is based on the Company’s historical sales experience with identical or similar catalogs, and an assessment of prevailing economic conditions and various competitive factors. The Company tracks subsequent sales realization, reassesses the marketplace, and compares its findings to the previous estimate, and adjusts the amortization of future catalogs, if necessary. At July 31, 2015 and 2014 , $9,547 and $13,959 , respectively, of prepaid catalog costs were included in prepaid expenses and other current assets. The decrease in prepaid catalog costs at July 31, 2015, compared to July 31, 2014, was primarily due to a reduction in catalog mailings and a change in the timing of such catalog mailings in fiscal 2015. Revenue Recognition — Revenue is recognized when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product and risk of loss have transferred to the customer, persuasive evidence of an arrangement exists, and collection of the sales proceeds is reasonably assured, all of which generally occur upon shipment of goods to customers. The majority of the Company’s revenue relates to the sale of inventory to customers, and revenue is recognized when title and the risks and rewards of ownership pass to the customer. Given the nature of the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated returns and credit memos. The Company provides for an allowance for estimated product returns and credit memos which is recognized as a deduction from sales at the time of the sale. As of July 31, 2015 and 2014 , the Company had a reserve for estimated product returns and credit memos of $3,619 and $3,161 , respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives and cash discounts) given to its customers or resellers as a reduction of revenue rather than an operating expense. Sales incentives for the years ended July 31, 2015 , 2014 , and 2013 were $36,591 , $36,175 , and $28,000 , respectively. The increase in sales incentives for the years ended July 31, 2015 and 2014 as compared to July 31, 2013 was due to twelve months of sales incentives related to Precision Dynamics Corporation ("PDC") compared to seven months in fiscal 2013. Shipping and Handling Fees and Costs — Amounts billed to a customer in a sale transaction related to shipping and handling fees are reported as net sales and the related costs incurred for shipping and handling are reported as cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred, except catalog and mailing costs as outlined above. Advertising expense for the years ended July 31, 2015 , 2014 , and 2013 was $86,090 , $82,561 , and $77,905 , respectively. Stock-Based Compensation — The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock unit awards ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. The options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant. Restricted shares and RSUs issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. The Company also grants restricted shares and RSUs to certain executives and key management employees that vest upon meeting certain financial performance conditions. In accordance with ASC 718 "Compensation - Stock Compensation," the Company measures and recognizes the compensation expense for all share-based awards made to employees and directors based on estimated grant-date fair values. The Black-Scholes option valuation model is used to determine the fair value of stock option awards on the date of grant. The Company recognizes the compensation cost of all share-based awards at the time it is deemed probable the award will vest. This cost is recognized on a straight-line basis over the vesting period of the award. If it is determined that it is unlikely the award will vest, the expense recognized to date for the award is reversed in the period in which this is evident and the remaining expense is not recorded. The Black-Scholes model requires the use of assumptions which determine the fair value of stock-based awards. The Company uses historical data regarding stock option exercise behaviors to estimate the expected term of options granted based on the period of time that options granted are expected to be outstanding. Expected volatilities are based on the historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s historical dividend payments and historical yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for the length of time corresponding to the expected term of the option. The market value is calculated as the average of the high and the low stock price on the date of the grant. The Company includes as part of cash flows from financing activities the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for options exercised and restricted shares and RSUs vested during the period. See Note 8 “Stockholder’s Investment” for more information regarding the Company’s incentive stock plans. Research and Development — Amounts expended for research and development are expensed as incurred. Other Comprehensive Income — Other comprehensive income consists of foreign currency translation adjustments, net unrealized gains and losses from cash flow hedges and net investment hedges, and the unamortized gain on the post-retirement medical plans net of their related tax effects. Foreign Currency Translation — Foreign currency assets and liabilities are translated into United States dollars at end of period rates of exchange, and income and expense accounts are translated at the weighted average rates of exchange for the period. Resulting translation adjustments are included in other comprehensive income. Risk Management Activities — The Company does not hold or issue derivative financial instruments for trading purposes. Income Taxes — The Company accounts for income taxes in accordance with ASC 740 "Income Taxes", which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Foreign Currency Hedging — The objective of the Company’s foreign currency exchange risk management is to minimize the impact of currency movements on non-functional currency transactions and minimize the foreign currency translation impact on the Company’s foreign operations. While the Company’s risk management objectives and strategies are driven from an economic perspective, the Company attempts, where possible and practical, to ensure that the hedging strategies it engages in qualify for hedge accounting and result in accounting treatment where the earnings effect of the hedging instrument provides substantial offset (in the same period) to the earnings effect of the hedged item. Generally, these risk management transactions will involve the use of foreign currency derivatives to protect against exposure resulting from transactions in a currency differing from the respective functional currency. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) of the derivatives are recorded in the accompanying Consolidated Statements of Earnings as "Investment and other income", net, or as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Loss, as discussed below. The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months . These instruments may or may not qualify as hedges under the accounting guidance for derivative instruments and hedging activities based upon the intended objective of the contract. Hedge effectiveness is determined by how closely the changes in the fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged item. Hedge accounting is permitted only if the hedging relationship is expected to be highly effective at the inception of the hedge and on an on-going basis. Gains or losses on the derivative related to hedge ineffectiveness are recognized in current earnings. The amount of hedge ineffectiveness was not significant for the fiscal years ended July 31, 2015 , 2014 , and 2013 . The Company has designated a portion of its foreign exchange contracts as cash flow hedges. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and in the cash flow hedge section of the Consolidated Statements of Comprehensive Loss, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company has designated a portion of its foreign exchange contracts as net investment hedges of the Company’s net investments in foreign operations. The Company also utilizes Euro-denominated debt and British Pound-denominated intercompany loans designated as hedge instruments to hedge portions of the Company’s net investments in Euro and British- Pound denominated foreign operations. For net investment hedges that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded as cumulative translation within AOCI and are included in the net investment hedge section of the Consolidated Statements of Comprehensive Loss. Any ineffective portions are to be recognized in earnings. Recognition in earnings of amounts previously recorded in cumulative translation is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. The Company also enters into foreign exchange contracts to create economic hedges to manage foreign exchange risk exposure. The Company has not designated these derivative contracts as hedge transactions, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. See Note 14 "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards — In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory", which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (“LIFO”) is not impacted by the new standard. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted and the prospective transition method should be applied. The Company is currently evaluating the impact of this update on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period." The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance also clarifies that the performance target should not be reflected in estimating the grant-date fair value of the award. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of this update to have a material impact on the financial statements of the Company. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. The new guidance requires revenue recognition when control of the goods or services transfers to the customer, replacing the existing guidance which requires revenue recognition when the risks and rewards transfer to the customer. Under the new guidance, companies should recognize revenues in amounts that reflect the payment to which a company expects to be entitled in exchange for those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers the effective date of the new revenue recognition standard by one year. Under the ASU, the new revenue recognition standard is effective for the Company beginning in fiscal 2019. We are currently evaluating the impact of this update on our consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity", which includes amendments that change the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, expenses and cash flows of discontinued operations. The guidance is effective for fiscal and interim periods beginning after December 15, 2014. The adoption of this update did not have a material impact on the financial statements of the Company. |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2015 | |
Text Block [Abstract] | |
Acquisitions and Divestitures | Acquisitions The Company did not complete any business acquisitions during the fiscal years ended July 31, 2015 and 2014 and had one business acquisition during the fiscal year ended July 31, 2013. This transaction was accounted for using business combination accounting; therefore, the results of the acquired operations are included in the accompanying consolidated financial statements only since their acquisition date. Fiscal 2013 On December 28, 2012, the Company acquired all of the outstanding shares of Precision Dynamics Corporation ("PDC"), a manufacturer of identification products primarily for the healthcare sector headquartered in Valencia, California. PDC is reported within the Company's ID Solutions segment. Financing for this acquisition consisted of $220,000 from the Company's revolving loan agreement and the balance from cash on hand. As of July 31, 2015, the Company has repaid the entire amount of the borrowing. The following table reflects the unaudited pro-forma operating results of the Company for fiscal year 2013 which give effect to the acquisition of PDC as if it had occurred at the beginning of fiscal 2012, after giving effect to certain adjustments, including amortization of intangible assets, interest expense on acquisition debt, and income tax effects. The pro-forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisitions been effected on the date indicated, nor are they necessarily indicative of the Company's future results of operations. 2013 Net sales, as reported $ 1,157,792 Net sales, pro forma 1,226,217 (Loss) earnings from continuing operations, as reported (138,257 ) (Loss) earnings from continuing operations, pro forma (133,957 ) Basic (loss) earnings from continuing operations per Class A Common Share, as reported (2.70 ) Basic (loss) earnings from continuing operations per Class A Common Share, pro forma (2.61 ) Diluted (loss) earnings from continuing operations per Class A Common Share, as reported (2.70 ) Diluted (loss) earnings from continuing operations per Class A Common Share, pro forma (2.61 ) Pro forma results for fiscal 2013, were adjusted to exclude $3,600 of acquisition-related expenses and $1,530 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory, and were adjusted to include $529 in interest expense on acquisition debt, $429 in income tax benefit, and $5,215 of pre-tax amortization expense related to intangible assets, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill by reportable segment for the years ended July 31, 2015 and 2014 , were as follows: IDS WPS Total Balance as of July 31, 2013 $ 517,029 $ 100,207 $ 617,236 Impairment charge (100,412 ) — (100,412 ) Purchase accounting adjustments (2,168 ) — (2,168 ) Translation adjustments (2,160 ) 2,508 348 Balance as of July 31, 2014 $ 412,289 $ 102,715 $ 515,004 Impairment charge — (37,112 ) (37,112 ) Translation adjustments (29,503 ) (15,190 ) (44,693 ) Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 Goodwill decreased by $ 81,805 during fiscal 2015. The decline in the balance consisted of an impairment charge of $37,112 recognized on the Company's WPS Americas and WPS APAC reporting units and foreign currency translation of $44,693 . Goodwill at July 31, 2015 included $118,637 and $209,392 of accumulated impairment losses within the IDS and WPS segments, respectively, for a total of $328,029 . Goodwill at July 31, 2014 included $118,637 and $172,280 of accumulated impairment losses within the IDS and WPS segments, respectively, for a total of $290,917 . The annual impairment testing performed on May 1, 2015, in accordance with ASC 350, “Intangibles - Goodwill and Other” (“Step One”) indicated that each of the following reporting units had a fair value substantially in excess of its carrying value: IDS Americas & Europe, PeopleID, and WPS Europe. The results of the Step One analysis completed over the Company's WPS Americas and WPS APAC reporting units indicated that they were potentially impaired. WPS APAC Goodwill Impairment The WPS APAC reporting unit consists entirely of the Company's business located in Australia. Organic sales declined in the mid-single digits in fiscal 2015 primarily due to a decline in the mining production and manufacturing industries. As a result of the decline in sales and challenging economic conditions, the WPS APAC reporting unit's segment profit declined by nearly 30% in fiscal 2015. Management believes that the digital investments and current strategy will result in sales growth and improved profitability over the long-term, however, improved financial performance in this reporting unit may take several years. As a result, management incorporated the decline in fiscal 2015 sales and profitability as well as current economic forecasts for the business' end user markets in Australia when performing the annual goodwill impairment analysis. Management used the discounted cash flow model and market multiples model in order to complete Step One of the analysis in accordance with ASC 350 - Intangibles - Goodwill and Other, and concluded that the WPS APAC reporting unit failed, as the resulting fair value was less than the carrying value of the reporting unit. Management proceeded to measure the amount of the potential impairment ("Step Two") by determining the implied fair value of the goodwill compared to the carrying value. Management allocated the fair value of the WPS APAC reporting unit to its assets and liabilities as if the reporting unit had been acquired in a business combination. There was no excess fair value of the reporting unit over the fair value of its identifiable assets and liabilities, which resulted in the entire goodwill balance of $26,246 being impaired in fiscal 2015. WPS Americas Goodwill Impairment Organic sales within the WPS Americas reporting unit declined in fiscal 2015 as compared to fiscal 2014. The business has improved many of its digital capabilities over the past two years; however, sales through the traditional catalog model have decreased at a greater rate than expected, and digital sales have not been sufficient to offset the decline in sales through catalogs. As a result of the decline in sales and the increased investment in digital capabilities, WPS Americas' segment profit declined by nearly 17% in fiscal 2015. Management believes that the digital investments and current strategy will result in sales growth and improved profitability over the long-term; however, improved financial performance is expected to take time. As a result, management incorporated the decline in fiscal 2015 sales and profitability and the risk in achieving modest sales growth in future years when performing the annual goodwill impairment analysis. Management used the discounted cash flow model and market multiples model in order to complete Step One of the analysis in accordance with ASC 350 - Intangibles - Goodwill and Other, and concluded that the WPS Americas reporting unit failed, as the resulting fair value was less than the carrying value of the reporting unit. Management proceeded to measure the amount of the potential impairment ("Step Two") by determining the implied fair value of the goodwill compared to the carrying value. Management allocated the fair value of the WPS Americas reporting unit to its assets and liabilities as if the reporting unit had been acquired in a business combination. There was no excess fair value of the reporting unit over the fair value of its identifiable assets and liabilities, which resulted in the remainder of the goodwill of $10,866 being impaired in fiscal 2015. Other Intangible Assets Other intangible assets include patents, tradenames, customer relationships, non-compete agreements and other intangible assets with finite lives being amortized in accordance with the accounting guidance for other intangible assets. The net book value of these assets was as follows: July 31, 2015 July 31, 2014 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Patents 5 $ 12,073 $ (10,641 ) $ 1,432 5 $ 11,656 $ (10,160 ) $ 1,496 Tradenames and other 5 14,375 (12,471 ) 1,904 5 15,366 (10,706 ) 4,660 Customer relationships 7 136,693 (94,537 ) 42,156 7 168,525 (114,363 ) 54,162 Non-compete agreements and other 4 9,076 (9,032 ) 44 4 10,089 (9,622 ) 467 Unamortized other intangible assets: Tradenames N/A 23,352 — 23,352 N/A 30,229 — 30,229 Total $ 195,569 $ (126,681 ) $ 68,888 $ 235,865 $ (144,851 ) $ 91,014 The value of goodwill and other intangible assets in the Consolidated Balance Sheets at July 31, 2015 and 2014 , differs from the value assigned to them in the original allocation of purchase due to the effect of fluctuations in foreign exchange rates. Other intangible assets consisting of tradenames and customer relationships primarily associated with the WPS APAC and WPS Americas reporting units were written down to fair value. As a result, the Company recognized impairment charges of $6,651 during fiscal 2015. Amortization expense on intangible assets during fiscal 2015 , 2014 , and 2013 was $ 12,103 , $ 17,871 and $ 17,148 , respectively. The amortization over each of the next five fiscal years is projected to be $ 8,843 , $ 7,155 , $ 6,464 , $ 6,190 and $ 5,461 for the fiscal years ending July 31, 2016 , 2017 , 2018 , 2019 and 2020 , respectively. |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income (Notes) | 12 Months Ended |
Jul. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive (Loss) Income Other comprehensive (loss) income consists of foreign currency translation adjustments, unrealized gains and losses from cash flow hedges and net investment hedges, and the unamortized gain on post-retirement plans, net of their related tax effects. The following table illustrates the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax, for the periods presented: Unrealized gain (loss) on cash flow hedges Gain on postretirement plans Foreign currency translation adjustments Accumulated other comprehensive (loss) income Ending balance, July 31, 2013 $ 99 $ 1,853 $ 54,111 $ 56,063 Other comprehensive (loss) income before reclassification (21 ) 3,313 1,334 4,626 Amounts reclassified from accumulated other comprehensive income (90 ) (312 ) 3,869 3,467 Ending balance, July 31, 2014 $ (12 ) $ 4,854 $ 59,314 $ 64,156 Other comprehensive (loss) income before reclassification 829 2,236 (73,098 ) (70,033 ) Amounts reclassified from accumulated other comprehensive income (808 ) (3,652 ) (34,697 ) (39,157 ) Ending balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) The decrease in accumulated other comprehensive (loss) income ("AOCI") as of July 31, 2015 compared to July 31, 2014 was primarily due to the appreciation of the U.S. dollar against other currencies, most of which was realized during the six-month period ended January 31, 2015. A significant portion of the decrease was also a result of the accumulated foreign currency translation gains in the China Die-Cut businesses, which were reclassified into net earnings upon the completion of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014. The foreign currency translation adjustments column in the table above includes foreign currency translation, foreign currency translation on intercompany notes and the impact of settlements of net investment hedges, net of tax. Of the total $39,157 in amounts reclassified from AOCI, the $ 34,697 gain on foreign currency translation adjustments was reclassified to the net loss on the sale of the Die-Cut business, the $808 gain on cash flow hedges was reclassified into cost of products sold, and the $3,652 net gain on post-retirement plans, due primarily to a plan curtailment, was reclassified into SG&A on the Consolidated Statement of Earnings in fiscal 2015. The following table illustrates the income tax (expense) benefit on the components of other comprehensive income: 2015 2014 2013 Income tax (expense) benefit related to items of other comprehensive (loss) income: Net investment hedge translation adjustments $ (8,450 ) $ 302 $ 2,877 Long-term intercompany loan settlements — 579 (650 ) Cash flow hedges (308 ) 28 454 Pension and other post-retirement benefits 949 (1,898 ) (555 ) Other income tax adjustments (415 ) (58 ) 108 Income tax (expense) benefit related to items of other comprehensive (loss) income $ (8,224 ) $ (1,047 ) $ 2,234 The increase in the income tax expense in fiscal 2015 as compared to the prior two fiscal years was primarily related to the foreign currency translation adjustment on the Company's Euro-denominated debt due to the appreciation of the U.S. dollar against the Euro, which is designated as a net investment hedge. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company provides postretirement medical benefits (the “Plan”) for eligible regular full and part-time domestic employees (including spouses) as outlined by the Plan. Postretirement benefits are provided only if the employee was hired prior to April 1, 2008, and retires on or after attainment of age 55 with 15 years of credited service. Credited service begins accruing at the later of age 40 or date of hire. All active employees first eligible to retire after July 31, 1992, are covered by an unfunded, contributory postretirement healthcare plan where employer contributions will not exceed a defined dollar benefit amount, regardless of the cost of the program. Employer contributions to the plan are based on the employee’s age and service at retirement. The accounting guidance on defined benefit pension and other postretirement plans requires full recognition of the funded status of defined benefit and other postretirement plans on the balance sheet as an asset or a liability. The guidance also requires that unrecognized prior service costs/credits, gains/losses, and transition obligations/assets be recorded in AOCI, thus not changing the income statement recognition rules for such plans. The Company amended the Plan effective January 1, 2015 to eliminate future increases in target contribution levels to eligible plan participants. This amendment resulted in a decrease in the accumulated benefit obligation of $1,011 in fiscal 2014. The Company amended the Plan effective March 16, 2015 to eliminate postretirement medical benefits for eligible domestic employees retiring on or after January 1, 2016. This amendment resulted in a decrease in the accumulated postretirement benefit obligation of $4,490 and recognition of a curtailment gain of $4,296 in fiscal 2015. The curtailment gain was recorded in SG&A on the Consolidated Statements of Earnings. The Plan is unfunded and recorded as a liability in the accompanying Consolidated Balance Sheets as of July 31, 2015 and 2014 . The following table provides a reconciliation of the changes in the Plan’s accumulated benefit obligation during the years ended July 31: 2015 2014 Obligation at beginning of year $ 8,056 $ 13,023 Service cost 210 674 Interest cost 222 534 Actuarial loss (gain) 502 (4,691 ) Benefit payments (365 ) (473 ) Plan amendments (1,935 ) (1,011 ) Curtailment gain (2,555 ) — Obligation at end of fiscal year $ 4,135 $ 8,056 In fiscal 2014, estimated savings of $3,408 were included as an actuarial gain due to decreases in expected participation rate assumptions used in the actuarial valuation. The change in participation assumptions was primarily caused by the impact of the Health Care and Education Reconciliation Act of 2010 and Patient Protection and Affordable Care Act and increased premium costs passed on to participants as a result of plan amendments made in recent prior years. It is anticipated that due to the availability of subsidized health insurance exchanges, which began operating January 1, 2014, the majority of future eligible retirees will now have access to more affordable plans and will not elect coverage under the current Company-sponsored plan. As of July 31, 2015 and 2014 , amounts recognized as liabilities in the accompanying Consolidated Balance Sheets consist of: 2015 2014 Current liability $ 659 $ 476 Non-current liability 3,476 7,580 $ 4,135 $ 8,056 As of July 31, 2015 and 2014 , pre-tax amounts recognized in accumulated other comprehensive income in the accompanying Consolidated Balance Sheets consist of: 2015 2014 Net actuarial gain $ 6,655 $ 7,960 Prior service credit 1,035 2,011 $ 7,690 $ 9,971 Net periodic benefit cost for the Plan for fiscal years 2015 , 2014 , and 2013 includes the following components: Years Ended July 31, 2015 2014 2013 Net periodic postretirement benefit cost included the following components: Service cost $ 210 $ 674 $ 770 Interest cost 222 534 476 Amortization of prior service credit (1,169 ) (203 ) (203 ) Amortization of net actuarial gain (804 ) (265 ) (47 ) Curtailment gain (4,296 ) — — Periodic postretirement benefit cost $ (5,837 ) $ 740 $ 996 The estimated net actuarial gain and prior service credit that will be amortized from accumulated other comprehensive income into net periodic postretirement benefit cost over the next fiscal year are $646 and $1,035 , respectively. The following assumptions were used in accounting for the Plan: 2015 2014 2013 Weighted average discount rate used in determining accumulated postretirement benefit obligation 3.00 % 3.50 % 4.00 % Weighted average discount rate used in determining net periodic benefit cost 3.41 % 4.00 % 3.25 % Assumed health care trend rate used to measure APBO at July 31 7.00 % 7.50 % 8.00 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.50 % Fiscal year the ultimate trend rate is reached 2018 2018 2018 The discount rate utilized in preparing the accumulated postretirement benefit obligation liability was decreased to 3.00% in fiscal 2015 from 3.50% in fiscal 2014 as a result of a decrease in the bond yield as of the Company’s measurement date of July 31, 2015 . A one-percentage point change in assumed health care cost trend rates would have the following effects on the Plan: One-Percentage Point Increase One-Percentage Point Decrease Effect on future service and interest cost $ 2 $ (2 ) Effect on accumulated postretirement benefit obligation at July 31, 2015 8 (8 ) The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the years ending July 31: 2016 $ 659 2017 614 2018 569 2019 508 2020 439 2021 through 2025 1,264 The Company sponsors defined benefit pension plans that are primarily unfunded and provide an income benefit upon termination or retirement for certain of its international employees. As of July 31, 2015 and 2014 , the accumulated pension obligation related to these plans was $6,020 and $4,553 , respectively. As of July 31, 2015 and 2014 , pre-tax amounts recognized in accumulated other comprehensive income in the accompanying Consolidated Balance Sheets were losses of $1,361 and $1,228 , respectively. The net periodic benefit cost for these plans was $724 , $286 , and $388 during the years ended July 31, 2015 , 2014 and 2013 , respectively. The Company has retirement and profit-sharing plans covering substantially all full-time domestic employees and certain employees of its foreign subsidiaries. Contributions to the plans are determined annually or quarterly, according to the respective plans, based on earnings of the respective companies and employee contributions. Accrued retirement and profit-sharing contributions of $2,743 and $2,938 were included in other current liabilities on the accompanying Consolidated Balance Sheets as of July 31, 2015 and 2014 , respectively. The amounts charged to expense for these retirement and profit sharing plans were $9,912 , $10,830 , and $10,110 during the years ended July 31, 2015 , 2014 and 2013 , respectively. The Company also has deferred compensation plans for directors, officers and key executives which are discussed below. At July 31, 2015 and 2014 , $18,321 and $18,694 , respectively, of deferred compensation was included in other long-term liabilities in the accompanying Consolidated Balance Sheets. During fiscal 1998, the Company adopted a new deferred compensation plan that invests solely in shares of the Company’s Class A Nonvoting Common Stock. Participants in a predecessor phantom stock plan were allowed to convert their balances in the old plan to this new plan. The new plan was funded initially by the issuance of shares of Class A Nonvoting Common Stock to a Rabbi Trust. All deferrals into the new plan result in purchases of Class A Nonvoting Common Stock by the Rabbi Trust. No deferrals are allowed into a predecessor plan. Shares held by the Rabbi Trust are distributed to participants upon separation from the Company as defined in the plan agreement. During fiscal 2002, the Company adopted a new deferred compensation plan for executives and non-employee directors that allows future contributions to be invested in shares of the Company’s Class A Nonvoting Common Stock or in certain other investment vehicles. Prior deferred compensation deferrals must remain in the Company’s Class A Nonvoting Common Stock. All participant deferrals into the new plan result in purchases of Class A Nonvoting Common Stock or certain other investment vehicles by the Rabbi Trust. Balances held by the Rabbi Trust are distributed to participants upon separation from the Company as defined in the plan agreement. On May 1, 2006, the plan was amended to require that deferrals into the Company’s Class A Nonvoting Common Stock must remain in the Company’s Class A Nonvoting Common Stock and be distributed in shares of the Company’s Class A Nonvoting Common Stock. On May 21, 2014, the Director Deferred Compensation Plan was amended to allow participants to transfer funds from other investment funds into the Company’s Class A Nonvoting Common Stock. Funds are not permitted to be transferred from the Company’s Class A Nonvoting Common Stock into other investment funds until six months after the Director resigns from the Board. No such amendment was made to the Executive Deferred Compensation Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings (loss) from continuing operations consists of the following: Years Ended July 31, 2015 2014 2013 United States $ (582 ) $ (134,596 ) $ (144,941 ) Other Nations 25,577 81,487 49,267 Total $ 24,995 $ (53,109 ) $ (95,674 ) Income tax expense (benefit) from continuing operations consists of the following: Years Ended July 31, 2015 2014 2013 Current income tax expense: United States $ 9,075 $ (1,137 ) $ 64 Other Nations 18,806 19,513 19,795 States (U.S.) (352 ) 1,090 1,094 $ 27,529 $ 19,466 $ 20,953 Deferred income tax expense (benefit): United States $ (5,906 ) $ (22,754 ) $ 22,882 Other Nations (1,868 ) (1,803 ) (806 ) States (U.S.) 338 128 (446 ) $ (7,436 ) $ (24,429 ) $ 21,630 Total income tax expense (benefit) $ 20,093 $ (4,963 ) $ 42,583 Deferred income taxes result from temporary differences in the recognition of revenues and expenses for financial statement and income tax purposes. The approximate tax effects of temporary differences are as follows: July 31, 2015 Assets Liabilities Total Inventories $ 4,387 $ (197 ) $ 4,190 Prepaid catalog costs — (2,179 ) (2,179 ) Employee benefits 1,612 — 1,612 Accounts receivable 1,136 (14 ) 1,122 Other, net 8,524 (1,510 ) 7,014 Current $ 15,659 $ (3,900 ) $ 11,759 Fixed Assets 3,344 (3,213 ) 131 Intangible Assets 1,242 (26,570 ) (25,328 ) Capitalized R&D expenditures 1,140 — 1,140 Deferred compensation 19,549 — 19,549 Postretirement benefits 3,563 — 3,563 Tax credit carry-forwards and net operating losses 66,744 — 66,744 Less valuation allowance (39,922 ) — (39,922 ) Other, net 1,014 (10,965 ) (9,951 ) Non-current $ 56,674 $ (40,748 ) $ 15,926 Total $ 72,333 $ (44,648 ) $ 27,685 July 31, 2014 Assets Liabilities Total Inventories $ 5,460 $ (126 ) $ 5,334 Prepaid catalog costs 30 (3,180 ) (3,150 ) Employee benefits 1,533 (27 ) 1,506 Accounts receivable 852 (9 ) 843 Other, net 8,700 (1,015 ) 7,685 Current $ 16,575 $ (4,357 ) $ 12,218 Fixed Assets 2,431 (4,587 ) (2,156 ) Intangible Assets 1,706 (27,381 ) (25,675 ) Capitalized R&D expenditures 1,425 — 1,425 Deferred compensation 21,733 — 21,733 Postretirement benefits 5,002 (4 ) 4,998 Tax credit carry-forwards and net operating losses 58,870 — 58,870 Less valuation allowance (37,409 ) — (37,409 ) Other, net 1,411 (6,499 ) (5,088 ) Non-current $ 55,169 $ (38,471 ) $ 16,698 Total $ 71,744 $ (42,828 ) $ 28,916 Tax loss carry-forwards at July 31, 2015 are comprised of: • Foreign net operating loss carry-forwards of $126,293 , of which $92,250 have no expiration date and the remainder of which expire within the next five to eight years . • State net operating loss carry-forwards of $54,731 , which expire from 2016 to 2034 . • Foreign tax credit carry-forwards of $22,812 , which expire from 2018 to 2025 . • State research and development credit carry-forwards of $11,178 , which expire from 2016 to 2030 . The valuation allowance increased by $2,513 during the fiscal year ended July 31, 2015 mainly due to increased valuation allowances against state tax credit carry-forwards and increased valuation allowances in certain jurisdictions, including Brazil, China, Sweden, and the United Kingdom. These increases were primarily offset by reductions in the tax rates applied to valuation allowances in the United Kingdom. The valuation allowance increased by $267 during the fiscal year ended July 31, 2014 mainly due to increased valuation allowances against state tax credit carry-forwards and increased valuation allowances in certain jurisdictions, including Brazil, Shenzhen, and Langfang. These increases were primarily offset by reductions in the tax rates applied to valuation allowances in Sweden and the United Kingdom. If realized or reversed in future periods, substantially all of the valuation allowance would impact the income tax rate. Rate Reconciliation A reconciliation of the tax computed by applying the statutory U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes to the total income tax expense is as follows: Years Ended July 31, 2015 2014 2013 Tax at statutory rate 35.0 % 35.0 % 35.0 % Impairment charges (1) 55.8 % (40.3 )% (53.4 )% State income taxes, net of federal tax benefit (2) 1.6 % (1.1 )% (0.2 )% International rate differential (2.2 )% (1.3 )% (4.6 )% Non-creditable withholding taxes — % — % (1.5 )% Rate variances arising from foreign subsidiary distributions (0.3 )% (7.5 )% (25.3 )% Adjustments to tax accruals and reserves (3) 17.8 % 25.5 % 1.0 % Research and development tax credits and section 199 manufacturer’s deduction (3.9 )% 3.6 % 3.1 % Non-deductible divestiture fees and account write-offs (4.8 )% (5.2 )% — % Deferred tax and other adjustments (4) (21.1 )% 0.7 % 2.4 % Other, net 2.5 % (0.1 )% (1.0 )% Effective tax rate 80.4 % 9.3 % (44.5 )% (1) $39.8 million of the total impairment charge of $46.9 million recorded during the year ended July 31, 2015 is nondeductible for income tax purposes. $61.1 million of the total impairment charge of $ 148.6 million million recorded during the year ended July 31, 2014 is nondeductible for income tax purposes. $168.9 million of the total impairment charge of $204.4 million recorded during the year ended July 31, 2013 is nondeductible for income tax purposes. (2) Includes a $3.1 million increase in valuation allowances against certain state tax credit carry-forwards during the year ended July 31, 2014. (3) Includes $4.5 million of current year uncertain tax positions and the reduction of uncertain tax positions resulting from the settlement of certain domestic and foreign income tax audits and lapses in statutes of limitations during the years ended July 31, 2015, 2014, and 2013. (4) Includes an additional $1.0 million of federal research and development credit carry-forwards due to re-enacted law and an additional $5.0 million foreign tax credit carryforward included on the fiscal 2014 U.S. tax return. In fiscal 2013, the Company was eligible for tax holidays on the earnings of certain subsidiaries. The benefits realized as a result of these tax holidays reduced the consolidated effective income tax rate by approximately 0.7% in fiscal 2013. The Company did not benefit from any significant tax holidays in fiscal 2015 or fiscal 2014. Uncertain Tax Positions The Company follows the guidance in ASC 740, "Income Taxes" regarding uncertain tax positions. The guidance requires application of a “more likely than not” threshold to the recognition and de-recognition of tax positions. A reconciliation of unrecognized tax benefits (excluding interest and penalties) is as follows: Balance at July 31, 2012 $ 36,532 Additions based on tax positions related to the current year 4,015 Additions for tax positions of prior years (1) 2,809 Reductions for tax positions of prior years — Lapse of statute of limitations (5,613 ) Settlements with tax authorities (590 ) Cumulative Translation Adjustments and other 422 Balance as of July 31, 2013 $ 37,575 Additions based on tax positions related to the current year 4,596 Additions for tax positions of prior years — Reductions for tax positions of prior years (14,569 ) Lapse of statute of limitations (3,711 ) Settlements with tax authorities (5,832 ) Cumulative Translation Adjustments and other (210 ) Balance as of July 31, 2014 $ 17,849 Additions based on tax positions related to the current year 5,862 Additions for tax positions of prior years — Reductions for tax positions of prior years (280 ) Lapse of statute of limitations (805 ) Settlements with tax authorities (221 ) Cumulative Translation Adjustments and other (1,272 ) Balance as of July 31, 2015 $ 21,133 (1) Includes acquisitions The $21,133 of unrecognized tax benefits, if recognized, would affect the Company's effective income tax rate. The Company has classified $15,402 and $11,357 , excluding interest and penalties, of the reserve for uncertain tax positions in Other Liabilities on the Consolidated Balance Sheets as of July 31, 2015 and 2014 , respectively. The Company has classified $5,731 and $6,492 , excluding interest and penalties, as a reduction of long-term deferred income tax assets on the Consolidated Balance Sheets as of July 31, 2015 and 2014, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits within the provision for income taxes on the Consolidated Statements of Earnings. Interest expense is recognized on the amount of potentially underpaid taxes associated with the Company's tax positions, beginning in the first period in which interest starts accruing under the respective tax law and continuing until the tax positions are settled. The Company recognized decreases of $157 and $498 , and an increase of $200 in interest expense during the years ended July 31, 2015, 2014 , and 2013 , respectively. There was no change to the reserve for uncertain tax positions for penalties during the year ended July 31, 2015 and there were increases of $25 and $313 of penalties related to the reserve during the years ended July 31, 2014, and 2013, respectively. These amounts are net of reversals due to reductions for tax positions of prior years, statute of limitations, and settlements. At July 31, 2015 and 2014 , the Company had $1,531 and $1,739 , respectively, accrued for interest on unrecognized tax benefits. Penalties are accrued if the tax position does not meet the minimum statutory threshold to avoid the payment of a penalty. At July 31, 2015 and 2014 , the Company had $2,664 accrued for penalties on unrecognized tax benefits. The Company estimates that it is reasonably possible that the unrecognized tax benefits may be reduced by $6,809 within twelve months as a result of the resolution of worldwide tax matters, tax audit settlements, amended tax filings, and/or statute expirations. The maximum amount that would be recognized through the Consolidated Statements of Earnings as an income tax benefit is $6,809 . During the year ended July 31, 2015, the Company recognized $905 of tax benefits (including interest and penalties) associated with the lapse of statutes of limitations. The Company and its subsidiaries file income tax returns in the U.S., various state, and foreign jurisdictions. The following table summarizes the open tax years for the Company's major jurisdictions: Jurisdiction Open Tax Years United States — Federal F’13 — F’15 France F’12 — F’15 Germany F’09 — F’15 United Kingdom F’14 — F’15 Unremitted Earnings The Company does not provide for U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that have been reinvested indefinitely. These earnings relate to ongoing operations and at July 31, 2015, were approximately $353,300 . These earnings have been reinvested in non-U.S. business operations, and the Company does not intend to repatriate these earnings to fund U.S. operations. It is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. At July 31, 2015, $95,983 of the total $114,492 in cash and cash equivalents was held outside of the U.S. |
Long-Term Obligations
Long-Term Obligations | 12 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | Total Debt In February 2013, the Company entered into an unsecured $26,200 multi-currency line of credit in China, which was amended in November 2013 to $24,200 and further amended in February 2015 to $10,000 . In August 2014, the Company entered into an additional unsecured $10,000 multi-currency line of credit in China. These lines of credit support USD-denominated or CNY-denominated borrowing to fund working capital and operations for the Company's Chinese entities and are due on demand. The borrowings under these facilities may be made for a period up to one year from the date of borrowing with interest on the USD-denominated borrowings incurred equal to U.S. dollar LIBOR on the date of borrowing plus a margin based upon duration and on the CNY-denominated borrowings incurred equal to the local China rate based upon duration. There is no ultimate maturity on the facilities and they are subject to periodic review and repricing. The Company is not required to comply with any financial covenants as part of the agreements. The maximum amount outstanding on these facilities was $19,437 and the Company repaid $9,026 during fiscal 2015 . As of July 31, 2015 , the aggregate outstanding balance on these lines of credit in China was $10,411 and there was $9,589 available for future borrowings. Due to the short-term nature of these credit facilities, the borrowings are classified as "Notes payable" within current liabilities on the Consolidated Balance Sheets. On February 1, 2012, the Company and certain of its subsidiaries entered into an unsecured $300,000 multi-currency revolving loan agreement. Under the revolving loan agreement, the Company has the option to select either a base interest rate (based upon the higher of the federal funds rate plus one-half of 1% or the prime rate of Bank of America plus a margin based on the Company’s consolidated leverage ratio) or a Eurocurrency interest rate (at the LIBOR rate plus a margin based on the Company’s consolidated leverage ratio). At the Company’s option, and subject to certain conditions, the available amount under the revolving loan agreement may be increased from $300,000 up to $450,000 . During fiscal 2015, the Company drew $60,000 from its revolving loan agreement in order to fund general corporate needs and the maximum amount outstanding was $114,000 . The borrowings bear interest at LIBOR plus 1.125% per annum, which will be reset from time to time based upon changes in the LIBOR rate. As of July 31, 2015 , the outstanding balance on the credit facility was $102,000 and the Company had outstanding letters of credit under the revolving loan agreement of $3,327 . There was $194,673 available for future borrowing under the credit facility, which can be increased to $344,673 at the Company's option, subject to certain conditions. The revolving loan agreement has a final maturity date of February 1, 2017 . As such, the borrowing is included in "Long-term obligations, less current maturities" on the Consolidated Balance Sheets. On May 13, 2010, the Company completed a private placement of €75.0 million aggregate principal amount of senior unsecured notes to accredited institutional investors. The €75.0 million of senior notes consists of €30.0 million aggregate principal amount of 3.71% Series 2010-A Senior Notes, due May 13, 2017 and €45.0 million aggregate principal amount of 4.24% Series 2010-A Senior Notes, due May 13, 2020, with interest payable on the notes semiannually. This private placement was exempt from the registration requirements of the Securities Act of 1933. The notes were not registered for resale and may not be resold absent such registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. The notes have certain prepayment penalties for repaying them prior to maturity. The notes have been fully and unconditionally guaranteed on an unsecured basis by the Company’s domestic subsidiaries. During fiscal 2006 and 2007, the Company completed two private placement note issuances totaling $350 million in ten-year fixed rate notes with varying maturity dates to institutional investors at interest rates varying from 5.30% to 5.33% . The notes must be repaid equally over seven years, with final payments due in 2016 and 2017, with interest payable on the notes due semiannually on various dates throughout the year. The private placements were exempt from the registration requirements of the Securities Act of 1933. The notes were not registered for resale and may not be resold absent such registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. The notes have certain prepayment penalties for repaying them prior to the maturity date. Under the debt agreement, the Company made scheduled principal payments of $42.5 million during fiscal 2015 and $61.3 million during fiscal 2014. The Company’s debt agreements require it to maintain certain financial covenants, including a ratio of debt to the trailing twelve months EBITDA, as defined in the debt agreements, of not more than a 3.5 to 1.0 ratio (leverage ratio) and the trailing twelve months EBITDA to interest expense of not less than a 3.0 to 1.0 ratio (interest expense coverage). As of July 31, 2015, the Company was in compliance with these financial covenants, with the ratio of debt to EBITDA, as defined by the agreements, equal to 2.0 to 1.0 and the interest expense coverage ratio equal to 11.8 to 1.0 . Total debt consists of the following as of July 31, 2015: 2015 2014 Euro-denominated notes payable in 2017 at a fixed rate of 3.71% $ 32,960 $ 40,164 Euro-denominated notes payable in 2020 at a fixed rate of 4.24% 49,442 60,246 USD-denominated notes payable through 2016 at a fixed rate of 5.30% 26,143 52,286 USD-denominated notes payable through 2017 at a fixed rate of 5.33% 32,743 49,114 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.2740% and 1.2472% as of July 31, 2015 and 2014, respectively 102,000 42,000 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.9501% and 1.3548% as of July 31, 2015 and 2014, respectively 1,836 6,923 CNY-denominated borrowing on revolving loan agreements at a weighted average rate of 4.6634% and 5.0400% as of July 31, 2015 and 2014, respectively (USD equivalent) 8,575 12,499 $ 253,699 $ 263,232 Less notes payable (10,411 ) (61,422 ) Total long-term debt $ 243,288 $ 201,810 The Company had outstanding letters of credit of $3,327 and $3,634 at July 31, 2015 and July 31, 2014 , respectively. The estimated fair value of the Company’s long-term obligations was $252,254 and $216,280 at July 31, 2015 and July 31, 2014 , respectively, as compared to the carrying value of $243,288 and $201,810 at July 31, 2015 and July 31, 2014 , respectively. The fair value of the long-term obligations, which were determined using the market approach based upon the interest rates available to the Company for borrowings with similar terms and maturities, were determined to be Level 2 under the fair value hierarchy. Due to the short-term nature and variable interest rate pricing of the Company's revolving debt in China, it is determined that the carrying value of the debt equals the fair value of the debt. Maturities on long-term debt are as follows: Years Ending July 31, 2016 $ 42,514 2017 151,332 2018 — 2019 — 2020 49,442 Total $ 243,288 |
Stockholder's Investments
Stockholder's Investments | 12 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Stockholder's Investments | Stockholder's Investment Information as to the Company’s capital stock at July 31, 2015 and 2014 is as follows: July 31, 2015 July 31, 2014 Shares Authorized Shares Issued (thousands) Amount Shares Authorized Shares Issued (thousands) Amount Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 6% Cumulative 5,000 5,000 1972 Series 10,000 10,000 1979 Series 30,000 30,000 Common Stock, $.01 par value: Class A Nonvoting 100,000,000 51,261,487 $ 513 100,000,000 51,261,487 $ 513 Class B Voting 10,000,000 3,538,628 35 10,000,000 3,538,628 35 $ 548 $ 548 Before any dividend may be paid on the Class B Common Stock, holders of the Class A Common Stock are entitled to receive an annual, noncumulative cash dividend of $.01665 per share. Thereafter, any further dividend in that fiscal year must be paid on each share of Class A Common Stock and Class B Common Stock on an equal basis. Other than as required by law, holders of the Class A Common Stock are not entitled to any vote on corporate matters, unless, in each of the three preceding fiscal years, the $.01665 preferential dividend described above has not been paid in full. Holders of the Class A Common Stock are entitled to one vote per share for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Common Stock are entitled to one vote per share for the election of directors and for all other purposes. Upon liquidation, dissolution or winding up of the Company, and after distribution of any amounts due to holders of Cumulative Preferred Stock, holders of the Class A Common Stock are entitled to receive the sum of $0.835 per share before any payment or distribution to holders of the Class B Common Stock. Thereafter, holders of the Class B Common Stock are entitled to receive a payment or distribution of $0.835 per share. Thereafter, holders of the Class A Common Stock and Class B Common Stock share equally in all payments or distributions upon liquidation, dissolution or winding up of the Company. The preferences in dividends and liquidation rights of the Class A Common Stock over the Class B Common Stock will terminate at any time that the voting rights of Class A Common Stock and Class B Common Stock become equal. The following is a summary of other activity in stockholders’ investment for the fiscal years ended July 31, 2015 , 2014 , and 2013 : Unearned Restricted Stock Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2012 $ (3,763 ) $ 11,610 $ (11,151 ) $ (3,304 ) Shares at July 31, 2012 517,105 517,105 Sale of shares at cost — (1,461 ) 1,419 (42 ) Purchase of shares at cost — 891 (891 ) — Forfeitures of restricted stock 838 — — 838 Amortization of restricted stock 1,788 — — 1,788 Balances at July 31, 2013 (1,137 ) 11,040 (10,623 ) (720 ) Shares at July 31, 2013 $ 469,797 $ 469,797 Sale of shares at cost $ — (1,637 ) 1,496 $ (141 ) Purchase of shares at cost — 821 (821 ) — Effect of plan amendment — (2,435 ) — (2,435 ) Amortization of restricted stock 1,137 — — 1,137 Balances at July 31, 2014 $ — $ 7,789 $ (9,948 ) $ (2,159 ) Shares at July 31, 2014 338,711 423,415 Sale of shares at cost — (2,325 ) 2,235 (90 ) Purchase of shares at cost — 220 (1,035 ) (815 ) Balances at July 31, 2015 $ — $ 5,684 $ (8,748 ) $ (3,064 ) Shares at July 31, 2015 252,261 362,025 Deferred Compensation Plans Prior to 2002, all Brady Corporation deferred compensation was invested in the Company’s Class A Nonvoting Common Stock. In 2002, the Company adopted a new deferred compensation plan for both executives and directors which allowed investing in other investment funds in addition to the Company’s Class A Nonvoting Common Stock. Under this plan, participants were allowed to transfer funds between the Company’s Class A Nonvoting Common Stock and the other investment funds. On May 1, 2006 the plan was amended with the provision that deferrals into the Company’s Class A Nonvoting Common Stock must remain in the Company’s Class A Nonvoting Common Stock and be distributed in shares of the Company’s Class A Nonvoting Common Stock. On May 21, 2014, the Director Deferred Compensation Plan was amended to allow participants to transfer funds from other investment funds into the Company’s Class A Nonvoting Common Stock. Funds are not permitted to be transferred from the Company’s Class A Nonvoting Common Stock into other investment funds until six months after the Director resigns from the Board. No such amendment was made to the Executive Deferred Compensation Plan. At July 31, 2015 , the deferred compensation balance in stockholders’ investment represents the investment at the original cost of shares held in the Company’s Class A Nonvoting Common Stock for the deferred compensation plan prior to 2002 and the investment at the cost of shares held in the Company’s Class A Nonvoting Common Stock for the plan subsequent to 2002, adjusted for the plan amendments on May 1, 2006 and May 21, 2014. The balance of shares held in the Rabbi Trust represents the investment in the Company’s Class A Nonvoting Common Stock at the original cost of all the Company’s Class A Nonvoting Common Stock held in deferred compensation plans. Incentive Stock Plans The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. As of July 31, 2015 , the Company has reserved 4,178,405 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs and restricted shares and 3,152,013 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs and restricted and unrestricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans. Total stock-based compensation expense recognized by the Company during the years ended July 31, 2015 , 2014 , and 2013 was $4,471 ( $2,772 net of taxes), $5,214 ( $3,232 net of taxes), and $1,736 ( $1,059 net of taxes), respectively. The increase in expense from fiscal 2013 to fiscal 2014 was due to the reversal of stock-based compensation expense of $7,883 in fiscal 2013, primarily related to performance awards that would not meet the financial performance conditions to vest. As of July 31, 2015 , total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $17,035 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 3.2 years . Stock options The options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest ratably over a three -year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “service-based” options, generally expire 10 years from the date of grant. The Company has estimated the fair value of its service-based stock option awards granted during the years ended July 31, 2015 , 2014 , and 2013 using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Black-Scholes Option Valuation Assumptions 2015 2014 2013 Expected term (in years) 6.05 5.97 5.93 Expected volatility 34.01 % 37.32 % 38.67 % Expected dividend yield 2.48 % 2.35 % 2.21 % Risk-free interest rate 1.90 % 1.80 % 0.91 % Weighted-average market value of underlying stock at grant date $ 22.76 $ 30.98 $ 30.58 Weighted-average exercise price $ 22.76 $ 30.98 $ 30.58 Weighted-average fair value of options granted during the period $ 6.12 $ 9.17 $ 9.05 The following is a summary of stock option activity for the fiscal year ended July 31, 2015 : Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2014 $ 17.23 — $40.37 4,204,260 $ 30.82 Options granted 22.66 — 27.28 628,340 22.76 Options exercised 17.23 — 27.00 (68,533 ) 23.73 Options cancelled 22.63 — 40.37 (1,263,116 ) 30.48 Balance as of July 31, 2015 $ 20.95 — $38.31 3,500,951 $ 29.64 The total fair value of options vested during the fiscal years ended July 31, 2015 , 2014 , and 2013 was $3,950 , $6,605 , and $11,086 , respectively. The total intrinsic value of options exercised during the fiscal years ended July 31, 2015 , 2014 , and 2013 was $208 , $2,452 , and $10,728 , respectively. There were 2,642,955 , 3,004,348 , and 3,311,043 options exercisable with a weighted average exercise price of $30.88 , $31.15 , and $31.46 at July 31, 2015 , 2014 , and 2013 , respectively. The cash received from the exercise of options during the fiscal years ended July 31, 2015 , 2014 , and 2013 was $1,644 , $12,113 , and $20,324 , respectively. The tax benefit on options exercised during the fiscal years ended July 31, 2015 , 2014 , and 2013 was $79 , $952 , and $1,964 , respectively. The following table summarizes information about stock options outstanding at July 31, 2015 : Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2015 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2015 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $20.95 - $26.99 711,527 7.7 $ 22.27 180,667 3.4 $ 20.95 $27.00 - $32.99 1,976,924 5.8 29.12 1,667,452 5.5 28.86 $33.00 - $38.31 812,500 2.0 37.34 794,836 1.8 37.39 Total 3,500,951 5.3 29.64 2,642,955 4.3 $ 30.88 As of July 31, 2015 , the aggregate intrinsic value (defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option) of options outstanding and the options exercisable was $913 and $464 , respectively. Restricted Shares and RSUs Restricted shares and RSUs issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. In fiscal 2008 and 2013, the Company awarded restricted shares and RSUs to certain executives which vest upon meeting certain financial performance conditions over a specified vesting period. The restricted shares awarded in 2008 were amended in fiscal 2011 to allow for vesting after either a five -year period or a seven -year period based upon both performance and service conditions. These shares are referred to herein as “performance-based restricted shares.” The RSUs granted in fiscal 2013 vest over a two -year period upon meeting both performance and service conditions, referred to herein as "performance-based RSUs". In fiscal 2013 and 2014, the Company awarded restricted shares that vest solely upon meeting specified service conditions, referred to herein as "service-based restricted shares". Restricted shares awarded in fiscal 2013 vest at the end of a three -year period and have a grant-date fair value of $32.99 . The restricted shares awarded in fiscal 2014 were issued to the Interim President and Chief Executive Officer in recognition of the increased duties upon appointment. The shares vested on August 4, 2014, which was the date of the end of the individual's term as Interim President and CEO. Beginning in fiscal 2014, the Company awarded RSUs that vest solely upon meeting specified service conditions, referred to herein as “service-based RSUs.” The RSUs issued under the plan generally vest ratably over a three -year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. In fiscal 2015, the Company also awarded 63,668 service-based RSUs that vest ratably at the end of years 3, 4, and 5 and 395,617 service-based RSUs that vest in increments of 10%, 20%, 30%, and 40% at the end of years 1, 2, 3, and 4, respectively. The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2015 : Service-Based Restricted Shares and RSUs Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2014 104,857 $ 31.02 New grants 661,412 24.28 Vested (34,247 ) 30.79 Forfeited (54,568 ) 27.64 Balance as of July 31, 2015 677,454 $ 24.72 The service-based restricted shares and RSUs awarded during the fiscal years ended July 31, 2014 and 2013 had a weighted-average grant-date fair value of $30.93 and $32.99 , respectively. Performance-Based Restricted Shares and RSUs Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2014 80,000 $ 32.50 New grants — — Vested — — Forfeited (80,000 ) 32.50 Balance as of July 31, 2015 — $ — The performance-based restricted shares and RSUs awarded during the fiscal year ended July 31, 2013 had a weighted-average grant-date fair value of $30.21 . No performance-based restricted shares were granted during the fiscal year ended July 31, 2014. |
Segment Information
Segment Information | 12 Months Ended |
Jul. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is organized and managed on a global basis within three business platforms, ID Solutions, Workplace Safety, and PeopleID, which aggregate into two reportable segments: IDS and WPS. The Company evaluates short-term segment performance based on segment profit or loss and customer sales. Segment profit or loss does not include certain administrative costs, such as the cost of finance, information technology, human resources, legal, and executive leadership, which are managed as global functions. Restructuring charges, impairment charges, equity compensation costs, interest expense, investment and other income (expense) and income taxes are also excluded when evaluating segment performance. Each business platform has a President or Vice-President that reports directly to the Company's chief operating decision maker, its Chief Executive Officer. Each platform has its own distinct operations, which are managed locally by its own management team, maintains its own financial reports and is evaluated based on global segment profit. The Company has determined that these business platforms comprise its three operating segments, which aggregate into the two reportable segments based on the information used by the Chief Executive Officer to allocate resources and assess performance. The segment results have been adjusted to reflect continuing operations in all periods presented. The depreciation and amortization expense and expenditures for property, plant and equipment for discontinued operations are included under “corporate,” which then reconcile to the total company amounts as listed in the Consolidated Statements of Cash Flows. Following is a summary of segment information for the years ended July 31, 2015 , 2014 and 2013 : 2015 2014 2013 Sales to External Customers: ID Solutions $ 806,484 $ 825,123 $ 739,116 WPS 365,247 399,911 418,676 Total Company $ 1,171,731 $ 1,225,034 $ 1,157,792 Depreciation & Amortization: ID Solutions $ 25,658 $ 28,955 $ 25,920 WPS 6,772 7,919 9,078 Corporate 7,028 7,724 13,727 Total Company $ 39,458 $ 44,598 $ 48,725 Segment Profit: ID Solutions $ 149,840 $ 176,129 $ 174,390 WPS 56,502 66,238 95,241 Total Company $ 206,342 $ 242,367 $ 269,631 Assets: ID Solutions $ 780,524 $ 882,440 $ 989,216 WPS 167,797 239,848 239,219 Corporate 114,576 131,377 210,248 Total Company $ 1,062,897 $ 1,253,665 $ 1,438,683 Expenditures for property, plant & equipment: ID Solutions $ 18,732 $ 28,774 $ 18,186 WPS 3,970 10,580 8,459 Corporate 3,971 4,044 9,042 Total Company $ 26,673 $ 43,398 $ 35,687 Following is a reconciliation of segment profit to net earnings (loss) for the years ended July 31, 2015 , 2014 and 2013 : Years Ended July 31, 2015 2014 2013 Total profit from reportable segments $ 206,342 $ 242,367 $ 269,631 Unallocated costs: Administrative costs 107,348 120,015 121,693 Restructuring charges 16,821 15,012 26,046 Impairment charges (1) 46,867 148,551 204,448 Investment and other income (845 ) (2,402 ) (3,523 ) Interest expense 11,156 14,300 16,641 Earnings (loss) from continuing operations before income taxes $ 24,995 $ (53,109 ) $ (95,674 ) (1) Of the total $46,867 impairment charges in fiscal 2015, $39,367 was in the WPS segment and $7,500 was in the IDS segment. The impairment charges in 2014 were in the IDS reportable segments. Of the total $204,448 impairment charges in fiscal 2013, $182,800 was in the WPS reportable segment and $21,648 was in the IDS reportable segment. Revenues* Years Ended July 31, Long-Lived Assets** As of Years Ended July 31, 2015 2014 2013 2015 2014 2013 Geographic information: United States $ 677,401 $ 675,771 $ 615,861 $ 389,150 $ 425,733 $ 576,539 Other 559,649 615,974 602,582 224,151 314,456 319,706 Eliminations (65,319 ) (66,711 ) (60,651 ) — — — Consolidated total $ 1,171,731 $ 1,225,034 $ 1,157,792 $ 613,301 $ 740,189 $ 896,245 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant, and equipment, other intangible assets and goodwill. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Earnings per Common Share | Net Earnings (Loss) per Common Share Net earnings (loss) per common share is computed by dividing net earnings (loss) (after deducting restricted stock dividends and the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 51,285 for fiscal 2015, 51,866 for fiscal 2014, and 51,330 for fiscal 2013. The Company utilizes the two-class method to calculate earnings per share. In June 2008, the Financial Accounting Standards Board (“FASB”) issued accounting guidance addressing whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore, need to be included in the earnings allocation in computing earnings per share. This guidance requires that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends be considered participating securities in undistributed earnings with common shareholders. The Company adopted the guidance during the first quarter of fiscal 2010. As a result, the dividends on the Company’s performance-based restricted shares are reconciling items in the basic and diluted earnings per share calculations for the respective periods presented. Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: Years ended July 31, 2015 2014 2013 Numerator: (in thousands) Earnings (loss) from continuing operations $ 4,902 $ (48,146 ) $ (138,257 ) Less: Restricted stock dividends — (92 ) (238 ) Numerator for basic and diluted earnings (loss) from continuing operations per Class A Nonvoting Common Share $ 4,902 $ (48,238 ) $ (138,495 ) Less: Preferential dividends (794 ) (813 ) (797 ) Preferential dividends on dilutive stock options (1 ) (6 ) (5 ) Numerator for basic and diluted earnings (loss) from continuing operations per Class B Voting Common Share $ 4,107 $ (49,057 ) $ (139,297 ) Denominator: (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 51,285 51,866 51,330 Plus: Effect of dilutive stock options 98 — — Denominator for diluted earnings from continuing operations per share for both Class A and Class B 51,383 51,866 51,330 Earnings (loss) from continuing operations per Class A Nonvoting Common Share: Basic $ 0.10 $ (0.93 ) $ (2.70 ) Diluted $ 0.10 $ (0.93 ) $ (2.70 ) Earnings (loss) from continuing operations per Class B Voting Common Share: Basic $ 0.08 $ (0.95 ) $ (2.71 ) Diluted $ 0.08 $ (0.95 ) $ (2.71 ) (Loss) earnings from discontinued operations per Class A Nonvoting Common Share: Basic $ (0.04 ) $ 0.04 $ (0.32 ) Diluted $ (0.04 ) $ 0.04 $ (0.32 ) (Loss) earnings from discontinued operations per Class B Voting Common Share: Basic $ (0.04 ) $ 0.05 $ (0.32 ) Diluted $ (0.04 ) $ 0.05 $ (0.32 ) Net earnings (loss) per Class A Nonvoting Common Share: Basic $ 0.06 $ (0.89 ) $ (3.02 ) Diluted $ 0.06 $ (0.89 ) $ (3.02 ) Net earnings (loss) per Class B Voting Common Share: Basic $ 0.04 $ (0.90 ) $ (3.03 ) Diluted $ 0.04 $ (0.90 ) $ (3.03 ) Options to purchase approximately 3,568,264 shares of Class A Nonvoting Common Stock for the fiscal year ended July 31, 2015 were not included in the computation of diluted net earnings (loss) per share as the impact of the inclusion of the options would have been anti-dilutive. In accordance with ASC 260, “Earnings per Share,” all options to purchase Class A Nonvoting Common Stock were not included in the computation of diluted loss per share for fiscal 2014 and 2013 since to do so would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has entered into various non-cancellable operating lease agreements. Rental expense charged to continuing operations on a straight-line basis was $19,029 , $17,344 , and 18,108 for the years ended July 31, 2015 , 2014 , and 2013 , respectively. Future minimum lease payments required under such leases in effect at July 31, 2015 were as follows: Years ending July 31, 2016 $ 19,102 2017 15,696 2018 13,931 2019 11,705 2020 8,196 Thereafter 22,247 $ 90,877 In the normal course of business, the Company is named as a defendant in various lawsuits in which claims are asserted against the Company. In the opinion of management, the liabilities, if any, which may ultimately result from lawsuits are not expected to have a material effect on the consolidated financial statements of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company follows the guidance in ASC 820, "Fair Value Measurements and Disclosures" as it relates to its financial and non-financial assets and liabilities. The accounting guidance applies to other accounting pronouncements that require or permit fair value measurements, defines fair value based upon an exit price model, establishes a framework for measuring fair value, and expands the applicable disclosure requirements. The accounting guidance indicates, among other things, that a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The accounting guidance on fair value measurements establishes a fair market value hierarchy for the pricing inputs used to measure fair market value. The Company’s assets and liabilities measured at fair market value are classified in one of the following categories: Level 1 — Assets or liabilities for which fair value is based on unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. Level 2 — Assets or liabilities for which fair value is based on other significant pricing inputs that are either directly or indirectly observable. Level 3 — Assets or liabilities for which fair value is based on significant unobservable pricing inputs to the extent little or no market data is available, which result in the use of management's own assumptions. The following tables set forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2015 and July 31, 2014 , according to the valuation techniques the Company used to determine their fair values. Inputs Considered As Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Fair Values Balance Sheet Classifications July 31, 2015 Trading securities $ 15,356 $ — $ 15,356 Other assets Foreign exchange contracts — 685 685 Prepaid expenses and other current assets Total Assets $ 15,356 $ 685 $ 16,041 Foreign exchange contracts $ — $ 1,280 $ 1,280 Other current liabilities Total Liabilities $ — $ 1,280 $ 1,280 July 31, 2014 Trading securities $ 15,962 $ — $ 15,962 Other assets Foreign exchange contracts — 166 166 Prepaid expenses and other current assets Total Assets $ 15,962 $ 166 $ 16,128 Foreign exchange contracts $ — $ 389 $ 389 Other current liabilities Total Liabilities $ — $ 389 $ 389 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Trading securities: The Company’s deferred compensation investments consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these investments trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Foreign exchange contracts: The Company’s foreign exchange contracts were classified as Level 2, as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign exchange rates. See Note 14, “Derivatives and Hedging Activities” for additional information. There have been no transfers of assets or liabilities between the fair value hierarchy levels, outlined above, during the fiscal years ended July 31, 2015 and July 31, 2014 . The Company’s financial instruments, other than those presented in the disclosures above, include cash and cash equivalents, accounts receivable, notes payable, accounts payable, accrued liabilities and short-term and long-term debt. The fair values of cash and cash equivalents, accounts receivable, notes payable, accounts payable, and accrued liabilities approximated carrying values because of the short-term nature of these instruments. See Note 7 for information regarding the fair values of the Company's short-term and long-term debt. During fiscal 2015, goodwill with carrying amounts of $26,246 and $10,866 in the WPS APAC and WPS Americas reporting units, respectively, was written off entirely, resulting in impairment charges of $37,112 . In order to arrive at the implied fair value of goodwill, the Company calculated the fair value of all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination. After assigning fair value to the assets and liabilities of the reporting unit, it was determined there was no excess fair value of the reporting units over the implied fair value of goodwill and thus, the remaining goodwill balances were impaired in fiscal 2015. The goodwill balances represented a Level 3 asset measured at fair value on a nonrecurring basis subsequent to its original recognition. The Company evaluates whether events and circumstances have occurred that indicate that the remaining estimated useful life of other intangible assets may warrant revision or that the remaining balance of an asset may not be recoverable. Management completed an assessment of other indefinite-lived and other finite-lived intangible assets primarily associated with the WPS APAC and WPS Americas reporting units in accordance with ASC 350 - Intangibles - Goodwill and Other, and ASC 360 - Property, Plant, and Equipment, and concluded that certain assets were impaired. Organic sales declined in WPS APAC primarily due to a decline in economic conditions in the mining production industry, and organic sales declined in WPS Americas primarily due to a decline in sales through the traditional catalog model. During fiscal 2015, management evaluated other indefinite-lived intangible assets for recoverability using the income approach. The valuation was based upon current sales projections and profitability for each asset group, and the relief from royalty method was applied. Management evaluated other finite-lived intangible assets for recoverability using an undiscounted cash flow analysis based upon current sales projections and profitability for each asset group. This analysis resulted in an amount that was less than the carrying value of certain finite-lived intangible assets. Management measured the impairment loss of both indefinite and finite-lived intangible assets as the amount by which the carrying amount of the assets exceeded their fair value. As a result, other intangible assets with a carrying amount of $26,194 were written down to their estimated fair value of $19,543 . These represented Level 3 assets measured at fair value on a nonrecurring basis subsequent to their original recognition. These items resulted in a total impairment charge of $6,651 in fiscal 2015. During fiscal 2014, goodwill with a carrying amount of $193,689 in the PeopleID reporting unit was written down to its estimated implied fair value of $93,277 , resulting in an impairment charge of $100,412 . In order to arrive at the implied fair value of goodwill, the Company calculated the fair value of all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination. After assigning fair value to the assets and liabilities of the reporting unit, the result was the implied fair value of goodwill of $93,277 , which represented a Level 3 asset measured at fair value on a nonrecurring basis subsequent to its original recognition. During fiscal 2014, management completed an assessment of other finite-lived intangible assets primarily associated with the PeopleID reporting unit and concluded that the assets were impaired. These assets were primarily associated with the acquisition of Precision Dynamics Corporation ("PDC"). Organic sales in the PDC business declined in the low single-digit percentages from fiscal 2013 to fiscal 2014. U.S. hospital admission rates are a primary driver of PDC's sales under its existing strategy, and there was a decline of approximately 2% in these rates during fiscal 2014. Therefore, management revisited its planned growth and profit for the PDC business and concluded that the growth may not materialize as expected given slower than anticipated industry growth and fewer sales synergies than originally planned. Management evaluated other finite-lived intangible assets for recoverability using an undiscounted cash flow analysis based upon sales projections and concluded there was an indicator of impairment. Management measured the impairment loss as the amount by which the carrying amount of the customer relationships exceeded their fair value, which represented Level 3 assets measured at fair value on a nonrecurring basis subsequent to their original recognition. This resulted in an impairment charge of $48,139 recognized in fiscal 2014, which was classified within the "Impairment charges" line item on the Consolidated Statements of Earnings and was part of the IDS reportable segment. During fiscal 2013, the Company implemented a plan to divest its Die-Cut business. A fair-value measurement was performed and the assets and liabilities of the disposal group were recorded at approximate fair value less costs to sell and classified as "Assets held for sale" and "Liabilities held for sale." This resulted in a loss on the write-down of the disposal group of $15,658 , recorded within discontinued operations in the third quarter of fiscal 2013. Fair value measurements were performed each subsequent quarter through July 31, 2014. There were no additional fair value adjustments recorded during fiscal 2014. The Die-Cut business was divested on August 1, 2014. Fair value was determined utilizing a combination of external market factors and internal projections in accordance with ASC 360, "Property, Plant and Equipment." During fiscal 2013, goodwill with a carrying amount of $183,146 in the WPS Americas reporting unit was written down to its estimated implied fair value of $10,866 , resulting in an impairment charge of $172,280 . In order to arrive at the implied fair value of goodwill, the Company calculated the fair value of all of the assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. After assigning fair value to the assets and liabilities of the reporting unit, the result was the implied fair value of goodwill of $10,866 , which represented a Level 3 asset measured at fair value on a nonrecurring basis subsequent to its original recognition. The WPS Americas reporting unit had intangible assets consisting of tradenames and customer relationships, which were valued using the income approach. The valuation was based upon current sales projections and profitability for each asset group, and the relief from royalty method was applied. As a result of the analysis, indefinite-lived tradenames with a carrying amount of $25,449 were written down to the estimated fair value of $14,881 , which represented a Level 3 liability measured at fair value on a nonrecurring basis subsequent to its original recognition. This resulted in an impairment charge of $10,568 within the WPS segment. During fiscal 2013, goodwill with a carrying amount of $18,225 in the IDS APAC reporting unit was written off, resulting in an impairment charge of $18,225 . When management compared the fair value to the carrying value of the reporting unit as part of the annual goodwill impairment test (Step One), a qualitative assessment was completed for Step Two because the amount by which the carrying value exceeded fair value was more than the balance of goodwill remaining. The fair value of the reporting unit was determined utilizing a combination of external market factors, internal projections, and other relevant Level 3 measurements. As such, the Company recognized a goodwill impairment charge of the entire remaining goodwill balance of $18,225 during the year ended July 31, 2013. As a result of the goodwill impairment, the Company analyzed fixed assets for potential impairment within the IDS APAC reporting unit by comparing undiscounted future cash flows to the carrying amount of the assets. Undiscounted future cash flows were determined using the Company's internal projections and other relevant Level 3 measurements. As a result, the Company concluded that fixed assets with a carrying amount of $4,367 was written down to its estimated fair value of $1,100 during the year ended July 31, 2013. |
Restructuring
Restructuring | 12 Months Ended |
Jul. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 13. Restructuring In fiscal 2013, the Company announced a restructuring action to reduce its global workforce to address its cost structure. In connection with this restructuring action, the Company incurred restructuring charges of $26,046 in continuing operations. These charges consisted of $18,350 of employee separation costs, $4,125 of fixed asset write-offs and $3,571 of other facility closure related costs. Of the $26,046 of restructuring charges recorded during fiscal 2013, $15,870 was incurred within IDS and $10,176 within WPS. Long-lived asset write-offs include both the net book value of property, plant and equipment written off in conjunction with facility consolidations, as well as indefinite-lived tradenames written off in conjunction with brand consolidations within the WPS segment. In fiscal 2014, the Company announced a restructuring plan to consolidate facilities in the Americas, Europe, and Asia to enhance customer service, improve efficiency of operations and reduce operating expenses. The restructuring charges of $15,012 in continuing operations in fiscal 2014 related to the fiscal 2013 and fiscal 2014 restructuring plans and consisted of $9,328 of employee separation costs, $4,374 of facility closure related costs, $1,043 of contract termination costs, and $267 of non-cash asset write-offs. Of the $15,012 of restructuring charges recorded during fiscal 2014, $9,013 was incurred within IDS and $5,999 was incurred within WPS. Non-cash asset write-offs consist mainly of fixed assets written off in conjunction with facility consolidations. Facility consolidation activities extended into fiscal 2015. In connection with this restructuring plan, the Company incurred restructuring charges of $16,821 in continuing operations in fiscal 2015 . These charges consisted of $5,465 of employee separation costs, $5,209 of facility closure related costs, $1,979 of contract termination costs, and $4,168 of non-cash asset write-offs. Of the $16,821 of restructuring charges recorded during fiscal 2015 , $12,104 was incurred within IDS and $4,717 was incurred within WPS. Non-cash asset write-offs consist mainly of fixed assets written off in conjunction with facility consolidations. The charges for employee separation costs consisted of severance pay, outplacement services, medical and other benefits. The costs related to these restructuring activities were recorded on the Consolidated Statements of Earnings as restructuring charges. The Company expects the majority of the remaining cash payments to be made during the next twelve months. The liability is included in wages and amounts withheld from employees on the Consolidated Balance Sheets. A roll-forward of the Company’s restructuring activity for fiscal 2015 , 2014 and 2013 is below. Employee Related Asset Write-offs Other Facility Closure/Lease Termination Costs Total Restructuring liability ending balance, July 31, 2012 $ 8,809 $ — $ 266 $ 9,075 Restructuring charges in continuing operations 18,350 4,125 3,571 26,046 Restructuring charges in discontinued operations 2,811 362 1,376 4,549 Non-cash write-offs — (4,487 ) — (4,487 ) Cash payments (18,495 ) — (2,482 ) (20,977 ) Restructuring liability ending balance, July 31, 2013 $ 11,475 $ — $ 2,731 $ 14,206 Restructuring charges in continuing operations $ 9,328 $ 267 $ 5,417 $ 15,012 Restructuring charges in discontinued operations 6,615 299 75 6,989 Non-cash write-offs — (566 ) — (566 ) Cash payments (24,029 ) — (6,617 ) (30,646 ) Restructuring liability ending balance, July 31, 2014 $ 3,389 $ — $ 1,606 $ 4,995 Restructuring charges in continuing operations $ 5,465 $ 4,168 $ 7,188 $ 16,821 Restructuring charges in discontinued operations — (4 ) 245 241 Non-cash write-offs — (4,164 ) — (4,164 ) Cash payments (7,696 ) — (6,681 ) (14,377 ) Restructuring liability ending balance, July 31, 2015 $ 1,158 $ — $ 2,358 $ 3,516 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Jul. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months , which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange contracts. As of July 31, 2015 and July 31, 2014 , the notional amount of outstanding forward foreign exchange contracts was $ 139,300 and $ 104,000 , respectively. The Company hedges a portion of known exposures using forward foreign exchange contracts. Main exposures are related to transactions denominated in the British Pound, the Euro, Canadian dollar, Australian dollar, Malaysian Ringgit and Singapore dollar. Generally, these risk management transactions will involve the use of foreign currency derivatives to minimize the impact of currency movements on non-functional currency transactions. Hedge effectiveness is determined by how closely the changes in fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged item. Hedge accounting is permitted only if the hedging relationship is expected to be highly effective at the inception of the hedge and on an on-going basis. Gains or losses on the derivative related to hedge ineffectiveness are recognized in current earnings. Cash Flow Hedges The Company has designated a portion of its forward foreign exchange contracts as cash flow hedges and recorded these contracts at fair value on the Consolidated Balance Sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. At July 31, 2015 and July 31, 2014 , unrealized gains of $ 297 and unrealized losses of $ 21 have been included in OCI, respectively. These balances are expected to be reclassified from OCI to earnings during the next twelve months when the hedged transactions impact earnings. For the years ended July 31, 2015 , 2014 , and 2013 , the Company reclassified gains of $1,325 , $147 , and $578 from OCI into cost of goods sold, respectively. As of July 31, 2015 and 2014, the notional amount of outstanding forward foreign exchange contracts designated as cash flow hedges was $33,223 and $0 , respectively. Net Investment Hedges The Company has also designated intercompany and third party foreign currency denominated debt instruments as net investment hedges. At July 31, 2015 , the Company designated £25,000 of intercompany loans as net investment hedges to hedge portions of its net investment in British foreign operations. As of July 31, 2015 and 2014 , the Company recognized in OCI gains of $889 and losses of $2,271 , respectively, on its intercompany loans designated as net investment hedges. On May 13, 2010, the Company completed the private placement of €75.0 million aggregate principal amount of senior unsecured notes to accredited institutional investors. This Euro-denominated debt obligation was designated as a net investment hedge to selectively hedge portions of its net investment in European foreign operations. As of July 31, 2015 and 2014 , the cumulative balance recognized in accumulated other comprehensive income were gains of $12,512 and losses of $5,495 , respectively, on the Euro-denominated debt obligation. The changes recognized in other comprehensive income during the years ended July 31, 2015 , 2014 and 2013 were gains of $18,008 and losses of $660 and $7,470 , respectively, on the Euro-denominated debt obligation. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices. Additionally, the Company utilizes forward foreign exchange contracts designated as hedge instruments to hedge portions of its net investments in foreign operations. The net gains or losses attributable to changes in spot exchange rates are recorded in other comprehensive income. Recognition in earnings of amounts previously recorded in cumulative translation is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. At July 31, 2015 and 2014 , the U.S dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 0 and $ 5,300 , respectively. As of July 31, 2015 and 2014 , the Company recognized in OCI gains of $ 45 and losses of $ 265 , respectively, on its net investment hedges. Non-Designated Hedges During the fiscal years ended July 31, 2015 and 2014 , the Company recognized losses of $1,705 and gains of $1,147 , respectively, in “Investment and other income” on the Consolidated Statements of Earnings related to non-designated hedges. Fair values of derivative and hedging instruments in the Consolidated Balance Sheets were as follows: Asset Derivatives Liability Derivatives July 31, 2015 July 31, 2014 July 31, 2015 July 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Cash flow hedges Foreign exchange contracts Prepaid expenses and other current assets $ 518 Prepaid expenses and other current assets $ — Other current liabilities $ 737 Other current liabilities $ — Net investment hedges Foreign exchange contracts Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Other current liabilities $ — Other current liabilities $ 14 Foreign currency denominated debt Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Long term obligations, less current maturities $ 121,514 Long term obligations, less current maturities $ 100,410 Total derivatives designated as hedging instruments $ 518 $ — $ 122,251 $ 100,424 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 168 Prepaid expenses and other current assets $ 166 Other current liabilities $ 543 Other current liabilities $ 375 Total derivatives not designated as hedging instruments $ 168 $ 166 $ 543 $ 375 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jul. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014 and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and it was divested on August 1, 2014. In addition, the Brady Medical and Varitronics businesses were divested in fiscal 2013 and were reported within discontinued operations. These divested businesses were part of the IDS business segment. The following table summarizes the operating results of discontinued operations for the fiscal years ending July 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Net sales (1) $ — $ 179,050 $ 214,137 (Loss) earnings from discontinued operations (2) (1,201 ) 6,715 4,083 (Loss) on write-down of disposal group (3) — — (15,658 ) Income tax expense (4) (288 ) (3,299 ) (4,703 ) Loss on sale of discontinued operations (5) (487 ) (1,602 ) — Income tax benefit on sale of discontinued operations (6) 61 364 — Earnings (loss) from discontinued operations, net of tax $ (1,915 ) $ 2,178 $ (16,278 ) (1) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, there were no sales from discontinued operations in fiscal 2015. (2) The loss from discontinued operations in fiscal 2015 primarily related to professional fees and restructuring charges associated with the divestiture. (3) The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013. (4) Fiscal 2013 income tax expense was significantly impacted by the fiscal 2013 losses in China and Sweden, which had no tax benefit, and the increase in valuation allowance related to Shenzhen, China. (5) The first phase of the Die-Cut divestiture was completed in the fourth quarter of fiscal 2014. A loss on the sale was recorded in the three months ended July 31, 2014 and includes $3.9 million in liabilities retained as part of the divestiture agreement. The second and final closing of the Die-Cut divestiture was completed in the first quarter of fiscal 2015 and an additional loss on the sale was recorded in the three months ended October 31, 2014. (6) The income tax benefit on the sale of discontinued operations in fiscal 2014 was significantly impacted by the release of a reserve for uncertain tax positions of $4.0 million, which was triggered as a result of the Thailand stock sale during the three months ended July 31, 2014. This was offset by $3.6 million in tax expense related to the gain on the sale of the Balkhausen assets. The Thailand stock sale and the Balkhausen asset sale were included in the first phase of the Die-Cut divestiture. There were no assets or liabilities held for sale as of July 31, 2015 . In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the statement of earnings upon the closing of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014. |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Notes) | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Quarters First Second Third Fourth Total 2015 Net sales $ 310,240 $ 282,628 $ 290,227 $ 288,636 $ 1,171,731 Gross margin 150,161 138,203 140,999 129,069 558,432 Operating income (loss) * 26,973 16,811 24,285 (32,763 ) 35,306 Earnings (loss) from continuing operations 15,499 11,584 17,213 (39,394 ) 4,902 (Loss) earnings from discontinued operations, net of income taxes ** (1,915 ) — — — (1,915 ) Net earnings (loss) from continuing operations per Class A Common Share: Basic*** $ 0.30 $ 0.23 $ 0.34 $ (0.77 ) $ 0.10 Diluted*** $ 0.30 $ 0.23 $ 0.33 $ (0.77 ) $ 0.10 Net earnings (loss) from discontinued operations per Class A Common Share: Basic*** $ (0.03 ) $ — $ — $ — $ (0.04 ) Diluted*** $ (0.04 ) $ — $ — $ — $ (0.04 ) 2014 Net sales $ 307,530 $ 291,194 $ 309,577 $ 316,733 $ 1,225,034 Gross margin 157,847 142,536 155,120 154,061 609,564 Operating income * 29,689 18,346 26,767 (116,013 ) (41,211 ) Earnings from continuing operations 18,135 10,517 20,183 (96,981 ) (48,146 ) Earnings (loss) from discontinued operations, net of income taxes ** 5,795 5,907 3,904 (13,428 ) 2,178 Net earnings from continuing operations per Class A Common Share: Basic*** $ 0.35 $ 0.20 $ 0.39 $ (1.89 ) $ (0.93 ) Diluted*** $ 0.35 $ 0.20 $ 0.39 $ (1.89 ) $ (0.93 ) Net earnings (loss) from discontinued operations per Class A Common Share: Basic*** $ 0.11 $ 0.11 $ 0.08 $ (0.26 ) $ 0.04 Diluted*** $ 0.11 $ 0.11 $ 0.08 $ (0.26 ) $ 0.04 The fiscal 2014 quarterly financial data has been impacted by the reclassification of the Die-Cut business into discontinued operations. Refer to Note 15 within Item 8 for further information on discontinued operations. * In fiscal 2015, the Company recorded before tax impairment charges of $46,867 in the fourth quarter ended July 31, 2015 and before tax restructuring charges of $4,278, $4,879, $4,834 and $2,830 in the first, second, third, and fourth quarters of fiscal 2015 , respectively, for a total of $16,821 . In fiscal 2014, the Company recorded before tax impairment charges of $148,551 in the fourth quarter ended July 31, 2014 and before tax restructuring charges of $6,840, $4,324, $3,039, and $809 in the first, second, third and fourth quarters of fiscal 2014 , respectively, for a total of $15,012 . ** In fiscal 2015, the loss from discontinued operations included a net loss on operations of $1,489 primarily related to professional fees associated with the divestiture and a $426 net loss on the sale of Die-Cut, recorded in the first quarter ended October 31, 2014. In the fourth quarter of fiscal 2014, the Company incurred restructuring charges of $6,989 and a net loss on the sale of the Die Cut business of $1,238 in discontinued operations. *** The sum of the quarters does not equal the year-to-date total for fiscal 2015 and fiscal 2014 due to the quarterly changes in weighted-average shares outstanding. |
Schedule II Valuation of Qualif
Schedule II Valuation of Qualifying Accounts | 12 Months Ended |
Jul. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Year ended July 31, Description 2015 2014 2013 (Dollars in thousands) Valuation accounts deducted in balance sheet from assets to which they apply — Accounts receivable — allowance for doubtful accounts: Balances at beginning of period $ 3,069 $ 5,093 $ 6,005 Additions — Charged to expense 1,954 779 1,018 Due to acquired businesses — — 531 Reclassified to continuing operations — 31 — Deductions — Bad debts written off, net of recoveries (1,438 ) (2,834 ) (1,429 ) Deductions — Reclassified to discontinued operations — — (1,032 ) Balances at end of period $ 3,585 $ 3,069 $ 5,093 Inventory — Reserve for slow-moving inventory: Balances at beginning of period $ 12,259 $ 11,317 $ 11,316 Additions — Charged to expense 3,017 3,100 2,629 Due to acquired businesses — — 2,887 Reclassified to continuing operations — 461 — Deductions — Inventory write-offs (2,007 ) (2,619 ) (1,811 ) Deductions — Reclassified to discontinued operations — — (3,704 ) Balances at end of period $ 13,269 $ 12,259 $ 11,317 Valuation allowances against deferred tax assets: Balances at beginning of period $ 37,409 $ 37,142 $ 25,847 Additions during year 8,111 10,182 10,853 Due to acquired businesses — — 983 Deductions — Valuation allowances reversed/utilized (5,598 ) (9,915 ) (541 ) Balances at end of period $ 39,922 $ 37,409 $ 37,142 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Nature of Operations — Brady Corporation is an international manufacturer of identification solutions and specialty materials that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized, and diverse products for use in various applications, along with a commitment to quality and service, a global footprint, and multiple sales channels, have made Brady a world leader in many of its markets. Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Brady Corporation and its subsidiaries (“Brady” or the “Company”), all of which are wholly-owned. All intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations — The results of operations of the Die-Cut businesses have been reported as discontinued operations for all periods presented. The corresponding assets and liabilities have been classified in accordance with the authoritative literature on assets held for sale at July 31, 2014. There were no assets held for sale at July 31, 2015 as the second and final phase of the Die-Cut sale closed in the first quarter of fiscal 2015. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows related to discontinued operations. See Note 15 for additional information about the Company's discontinued operations. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events — On September 10, 2015, the Company's Board of Directors authorized an increase in the Company’s share repurchase program, authorizing the repurchase of up to a total of two million shares of the Company’s Class A Common Stock, inclusive of the shares in the existing share repurchase program. The plan may be implemented by purchasing shares in the open market or in privately negotiated transactions, with repurchased shares available for use in connection with the Company's stock-based plans and for other corporate purposes. On September 10, 2015 , the Company announced an increase in the annual dividend to shareholders of the Company's Class A Common Stock, from $0.80 to $0.81 per share. A quarterly dividend of $0.2025 will be paid on October 30, 2015 , to shareholders of record at the close of business on October 9, 2015 . This dividend represents an increase of 1.3% and is the 30th consecutive annual increase in dividends. Fair Value of Financial Instruments — The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable and accounts payable) is a reasonable estimate of the fair value of these instruments due to their short-term nature. See Note 7 for more information regarding the fair value of long-term debt and Note 12 for fair value measurements. Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents, which are recorded at cost. Accounts Receivables — Accounts receivables are stated net of allowances for doubtful accounts of $3,585 and $3,069 as of July 31, 2015 and 2014 , respectively. No single customer comprised more than 5% of the Company’s consolidated net sales in fiscal 2015 , 2014 or 2013 , or 5% of the Company’s consolidated accounts receivable as of July 31, 2015 or 2014 . Specific customer provisions are made during review of significant outstanding amounts, in which customer creditworthiness and current economic trends may indicate that collection is doubtful. In addition, provisions are made for the remainder of accounts receivable based upon the age of the receivable and the Company’s historical collection experience. Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for certain domestic inventories ( 12.7% of total inventories at July 31, 2015 , and 11.7% of total inventories at July 31, 2014 ) and the first-in, first-out (“FIFO”) or average cost methods for other inventories. Had all domestic inventories been accounted for on a FIFO basis instead of on a LIFO basis, the carrying value of inventories would have increased by $7,346 and $7,637 as of July 31, 2015 and 2014 , respectively. Goodwill — Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company completes impairment reviews for its reporting units using a fair-value method based on management's judgments and assumptions. The fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between market participants on an arms-length basis. In estimating the fair value, the Company utilizes a discounted cash flow model and market multiples approach. The estimated fair value is compared with the carrying amount of the reporting unit, including goodwill. The annual impairment testing performed on May 1, 2015, in accordance with ASC 350, "Intangibles - Goodwill and Other" ("Step One") indicated that the following reporting units had a fair value substantially in excess of its carrying value: IDS Americas & Europe, PeopleID, and WPS Europe. The results of the Step One analysis completed over the remaining reporting units, WPS Americas and WPS APAC, indicated they were potentially impaired. Refer to Note 3, "Goodwill and Other Intangible Assets" for further information. Long-Lived and Other Intangible Assets — The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis, over the estimated periods benefited. Intangible assets with indefinite useful lives as well as goodwill are not subject to amortization. These assets are assessed for impairment annually or more frequently as deemed necessary. The Company evaluates whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived and other finite-lived intangible assets may warrant revision or that the remaining balance of an asset may not be recoverable. If impairment is determined to exist, any related impairment loss is calculated by comparing the fair value of the asset to its carrying value. In fiscal 2015, other intangible assets primarily associated with the WPS Americas and WPS APAC reporting units were analyzed for potential impairment. Refer to Note 3, "Goodwill and Other Intangible Assets" for further information. Property, Plant, and Equipment — Property, plant, and equipment are recorded at cost. The cost of buildings and improvements and machinery and equipment is being depreciated over their estimated useful lives using primarily the straight-line method for financial reporting purposes. The estimated useful lives range from 3 to 33 years as shown below. Asset Category Range of Useful Lives Buildings & Improvements 10 to 33 Years Computer Systems 5 Years Machinery & Equipment 3 to 10 Years Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Upon disposal, assets and related accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to operations. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. Depreciation expense was $27,355 , $26,727 , and $22,976 for the years ended July 31, 2015 , 2014 and 2013 , respectively. Catalog Costs and Related Amortization — The Company accumulates all direct costs incurred, net of vendor cooperative advertising payments, in the development, production, and circulation of its catalogs on its balance sheet until such time as the related catalog is mailed. The catalog costs are subsequently amortized into selling, general, and administrative expense over the expected sales realization cycle, which is one year or less. Consequently, any difference between the estimated and actual revenue stream for a particular catalog and the related impact on amortization expense is realized within a period of one year or less. The estimate of the expected sales realization cycle for a particular catalog is based on the Company’s historical sales experience with identical or similar catalogs, and an assessment of prevailing economic conditions and various competitive factors. The Company tracks subsequent sales realization, reassesses the marketplace, and compares its findings to the previous estimate, and adjusts the amortization of future catalogs, if necessary. At July 31, 2015 and 2014 , $9,547 and $13,959 , respectively, of prepaid catalog costs were included in prepaid expenses and other current assets. The decrease in prepaid catalog costs at July 31, 2015, compared to July 31, 2014, was primarily due to a reduction in catalog mailings and a change in the timing of such catalog mailings in fiscal 2015. Revenue Recognition — Revenue is recognized when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product and risk of loss have transferred to the customer, persuasive evidence of an arrangement exists, and collection of the sales proceeds is reasonably assured, all of which generally occur upon shipment of goods to customers. The majority of the Company’s revenue relates to the sale of inventory to customers, and revenue is recognized when title and the risks and rewards of ownership pass to the customer. Given the nature of the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not contain estimates that materially affect the results of operations, with the exception of estimated returns and credit memos. The Company provides for an allowance for estimated product returns and credit memos which is recognized as a deduction from sales at the time of the sale. As of July 31, 2015 and 2014 , the Company had a reserve for estimated product returns and credit memos of $3,619 and $3,161 , respectively. Sales Incentives — The Company accounts for cash consideration (such as sales incentives and cash discounts) given to its customers or resellers as a reduction of revenue rather than an operating expense. Sales incentives for the years ended July 31, 2015 , 2014 , and 2013 were $36,591 , $36,175 , and $28,000 , respectively. The increase in sales incentives for the years ended July 31, 2015 and 2014 as compared to July 31, 2013 was due to twelve months of sales incentives related to Precision Dynamics Corporation ("PDC") compared to seven months in fiscal 2013. Shipping and Handling Fees and Costs — Amounts billed to a customer in a sale transaction related to shipping and handling fees are reported as net sales and the related costs incurred for shipping and handling are reported as cost of goods sold. Advertising Costs — Advertising costs are expensed as incurred, except catalog and mailing costs as outlined above. Advertising expense for the years ended July 31, 2015 , 2014 , and 2013 was $86,090 , $82,561 , and $77,905 , respectively. Stock-Based Compensation — The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock unit awards ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. The options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant. Restricted shares and RSUs issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. The Company also grants restricted shares and RSUs to certain executives and key management employees that vest upon meeting certain financial performance conditions. In accordance with ASC 718 "Compensation - Stock Compensation," the Company measures and recognizes the compensation expense for all share-based awards made to employees and directors based on estimated grant-date fair values. The Black-Scholes option valuation model is used to determine the fair value of stock option awards on the date of grant. The Company recognizes the compensation cost of all share-based awards at the time it is deemed probable the award will vest. This cost is recognized on a straight-line basis over the vesting period of the award. If it is determined that it is unlikely the award will vest, the expense recognized to date for the award is reversed in the period in which this is evident and the remaining expense is not recorded. The Black-Scholes model requires the use of assumptions which determine the fair value of stock-based awards. The Company uses historical data regarding stock option exercise behaviors to estimate the expected term of options granted based on the period of time that options granted are expected to be outstanding. Expected volatilities are based on the historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s historical dividend payments and historical yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for the length of time corresponding to the expected term of the option. The market value is calculated as the average of the high and the low stock price on the date of the grant. The Company includes as part of cash flows from financing activities the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for options exercised and restricted shares and RSUs vested during the period. See Note 8 “Stockholder’s Investment” for more information regarding the Company’s incentive stock plans. Research and Development — Amounts expended for research and development are expensed as incurred. Other Comprehensive Income — Other comprehensive income consists of foreign currency translation adjustments, net unrealized gains and losses from cash flow hedges and net investment hedges, and the unamortized gain on the post-retirement medical plans net of their related tax effects. Foreign Currency Translation — Foreign currency assets and liabilities are translated into United States dollars at end of period rates of exchange, and income and expense accounts are translated at the weighted average rates of exchange for the period. Resulting translation adjustments are included in other comprehensive income. Risk Management Activities — The Company does not hold or issue derivative financial instruments for trading purposes. Income Taxes — The Company accounts for income taxes in accordance with ASC 740 "Income Taxes", which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. Foreign Currency Hedging — The objective of the Company’s foreign currency exchange risk management is to minimize the impact of currency movements on non-functional currency transactions and minimize the foreign currency translation impact on the Company’s foreign operations. While the Company’s risk management objectives and strategies are driven from an economic perspective, the Company attempts, where possible and practical, to ensure that the hedging strategies it engages in qualify for hedge accounting and result in accounting treatment where the earnings effect of the hedging instrument provides substantial offset (in the same period) to the earnings effect of the hedged item. Generally, these risk management transactions will involve the use of foreign currency derivatives to protect against exposure resulting from transactions in a currency differing from the respective functional currency. The Company recognizes derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) of the derivatives are recorded in the accompanying Consolidated Statements of Earnings as "Investment and other income", net, or as a component of Accumulated Other Comprehensive Income ("AOCI") in the accompanying Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Loss, as discussed below. The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months . These instruments may or may not qualify as hedges under the accounting guidance for derivative instruments and hedging activities based upon the intended objective of the contract. Hedge effectiveness is determined by how closely the changes in the fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged item. Hedge accounting is permitted only if the hedging relationship is expected to be highly effective at the inception of the hedge and on an on-going basis. Gains or losses on the derivative related to hedge ineffectiveness are recognized in current earnings. The amount of hedge ineffectiveness was not significant for the fiscal years ended July 31, 2015 , 2014 , and 2013 . The Company has designated a portion of its foreign exchange contracts as cash flow hedges. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and in the cash flow hedge section of the Consolidated Statements of Comprehensive Loss, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company has designated a portion of its foreign exchange contracts as net investment hedges of the Company’s net investments in foreign operations. The Company also utilizes Euro-denominated debt and British Pound-denominated intercompany loans designated as hedge instruments to hedge portions of the Company’s net investments in Euro and British- Pound denominated foreign operations. For net investment hedges that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded as cumulative translation within AOCI and are included in the net investment hedge section of the Consolidated Statements of Comprehensive Loss. Any ineffective portions are to be recognized in earnings. Recognition in earnings of amounts previously recorded in cumulative translation is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. The Company also enters into foreign exchange contracts to create economic hedges to manage foreign exchange risk exposure. The Company has not designated these derivative contracts as hedge transactions, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. See Note 14 "Derivatives and Hedging Activities" for more information regarding the Company’s derivative instruments and hedging activities. New Accounting Standards — In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory", which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (“LIFO”) is not impacted by the new standard. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted and the prospective transition method should be applied. The Company is currently evaluating the impact of this update on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period." The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance also clarifies that the performance target should not be reflected in estimating the grant-date fair value of the award. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of this update to have a material impact on the financial statements of the Company. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. The new guidance requires revenue recognition when control of the goods or services transfers to the customer, replacing the existing guidance which requires revenue recognition when the risks and rewards transfer to the customer. Under the new guidance, companies should recognize revenues in amounts that reflect the payment to which a company expects to be entitled in exchange for those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers the effective date of the new revenue recognition standard by one year. Under the ASU, the new revenue recognition standard is effective for the Company beginning in fiscal 2019. We are currently evaluating the impact of this update on our consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity", which includes amendments that change the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, expenses and cash flows of discontinued operations. The guidance is effective for fiscal and interim periods beginning after December 15, 2014. The adoption of this update did not have a material impact on the financial statements of the Company. |
Acquisitions Acquisitions Pro-F
Acquisitions Acquisitions Pro-Forma Operating Results (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Precision Dynamics Corporation [Member] | |
Business Acquisition [Line Items] | |
Pro Forma Information | 2013 Net sales, as reported $ 1,157,792 Net sales, pro forma 1,226,217 (Loss) earnings from continuing operations, as reported (138,257 ) (Loss) earnings from continuing operations, pro forma (133,957 ) Basic (loss) earnings from continuing operations per Class A Common Share, as reported (2.70 ) Basic (loss) earnings from continuing operations per Class A Common Share, pro forma (2.61 ) Diluted (loss) earnings from continuing operations per Class A Common Share, as reported (2.70 ) Diluted (loss) earnings from continuing operations per Class A Common Share, pro forma (2.61 ) |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets Schedule of Goodwill (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by reportable segment for the years ended July 31, 2015 and 2014 , were as follows: IDS WPS Total Balance as of July 31, 2013 $ 517,029 $ 100,207 $ 617,236 Impairment charge (100,412 ) — (100,412 ) Purchase accounting adjustments (2,168 ) — (2,168 ) Translation adjustments (2,160 ) 2,508 348 Balance as of July 31, 2014 $ 412,289 $ 102,715 $ 515,004 Impairment charge — (37,112 ) (37,112 ) Translation adjustments (29,503 ) (15,190 ) (44,693 ) Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets Schedule of Other Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Other Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets Other intangible assets include patents, tradenames, customer relationships, non-compete agreements and other intangible assets with finite lives being amortized in accordance with the accounting guidance for other intangible assets. The net book value of these assets was as follows: July 31, 2015 July 31, 2014 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Amortized other intangible assets: Patents 5 $ 12,073 $ (10,641 ) $ 1,432 5 $ 11,656 $ (10,160 ) $ 1,496 Tradenames and other 5 14,375 (12,471 ) 1,904 5 15,366 (10,706 ) 4,660 Customer relationships 7 136,693 (94,537 ) 42,156 7 168,525 (114,363 ) 54,162 Non-compete agreements and other 4 9,076 (9,032 ) 44 4 10,089 (9,622 ) 467 Unamortized other intangible assets: Tradenames N/A 23,352 — 23,352 N/A 30,229 — 30,229 Total $ 195,569 $ (126,681 ) $ 68,888 $ 235,865 $ (144,851 ) $ 91,014 |
Other Comprehensive Income Ot29
Other Comprehensive Income Other Comprehensive Income (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table illustrates the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax, for the periods presented: Unrealized gain (loss) on cash flow hedges Gain on postretirement plans Foreign currency translation adjustments Accumulated other comprehensive (loss) income Ending balance, July 31, 2013 $ 99 $ 1,853 $ 54,111 $ 56,063 Other comprehensive (loss) income before reclassification (21 ) 3,313 1,334 4,626 Amounts reclassified from accumulated other comprehensive income (90 ) (312 ) 3,869 3,467 Ending balance, July 31, 2014 $ (12 ) $ 4,854 $ 59,314 $ 64,156 Other comprehensive (loss) income before reclassification 829 2,236 (73,098 ) (70,033 ) Amounts reclassified from accumulated other comprehensive income (808 ) (3,652 ) (34,697 ) (39,157 ) Ending balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) |
Other Comprehensive Income, Tax [Table Text Block] | The following table illustrates the income tax (expense) benefit on the components of other comprehensive income: 2015 2014 2013 Income tax (expense) benefit related to items of other comprehensive (loss) income: Net investment hedge translation adjustments $ (8,450 ) $ 302 $ 2,877 Long-term intercompany loan settlements — 579 (650 ) Cash flow hedges (308 ) 28 454 Pension and other post-retirement benefits 949 (1,898 ) (555 ) Other income tax adjustments (415 ) (58 ) 108 Income tax (expense) benefit related to items of other comprehensive (loss) income $ (8,224 ) $ (1,047 ) $ 2,234 The increase in the income tax expense in fiscal 2015 as compared to the prior two fiscal years was primarily related to the foreign currency translation adjustment on the Company's Euro-denominated debt due to the appreciation of the U.S. dollar against the Euro, which is designated as a net investment hedge. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table provides a reconciliation of the changes in the Plan’s accumulated benefit obligation during the years ended July 31: 2015 2014 Obligation at beginning of year $ 8,056 $ 13,023 Service cost 210 674 Interest cost 222 534 Actuarial loss (gain) 502 (4,691 ) Benefit payments (365 ) (473 ) Plan amendments (1,935 ) (1,011 ) Curtailment gain (2,555 ) — Obligation at end of fiscal year $ 4,135 $ 8,056 |
Schedule of Amounts Recognized in Balance Sheet | As of July 31, 2015 and 2014 , amounts recognized as liabilities in the accompanying Consolidated Balance Sheets consist of: 2015 2014 Current liability $ 659 $ 476 Non-current liability 3,476 7,580 $ 4,135 $ 8,056 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | As of July 31, 2015 and 2014 , pre-tax amounts recognized in accumulated other comprehensive income in the accompanying Consolidated Balance Sheets consist of: 2015 2014 Net actuarial gain $ 6,655 $ 7,960 Prior service credit 1,035 2,011 $ 7,690 $ 9,971 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net periodic benefit cost for the Plan for fiscal years 2015 , 2014 , and 2013 includes the following components: Years Ended July 31, 2015 2014 2013 Net periodic postretirement benefit cost included the following components: Service cost $ 210 $ 674 $ 770 Interest cost 222 534 476 Amortization of prior service credit (1,169 ) (203 ) (203 ) Amortization of net actuarial gain (804 ) (265 ) (47 ) Curtailment gain (4,296 ) — — Periodic postretirement benefit cost $ (5,837 ) $ 740 $ 996 |
Schedule of Assumptions Used | The following assumptions were used in accounting for the Plan: 2015 2014 2013 Weighted average discount rate used in determining accumulated postretirement benefit obligation 3.00 % 3.50 % 4.00 % Weighted average discount rate used in determining net periodic benefit cost 3.41 % 4.00 % 3.25 % Assumed health care trend rate used to measure APBO at July 31 7.00 % 7.50 % 8.00 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.50 % Fiscal year the ultimate trend rate is reached 2018 2018 2018 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects on the Plan: One-Percentage Point Increase One-Percentage Point Decrease Effect on future service and interest cost $ 2 $ (2 ) Effect on accumulated postretirement benefit obligation at July 31, 2015 8 (8 ) |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the years ending July 31: 2016 $ 659 2017 614 2018 569 2019 508 2020 439 2021 through 2025 1,264 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Earnings from Continuing Operations | Earnings (loss) from continuing operations consists of the following: Years Ended July 31, 2015 2014 2013 United States $ (582 ) $ (134,596 ) $ (144,941 ) Other Nations 25,577 81,487 49,267 Total $ 24,995 $ (53,109 ) $ (95,674 ) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations consists of the following: Years Ended July 31, 2015 2014 2013 Current income tax expense: United States $ 9,075 $ (1,137 ) $ 64 Other Nations 18,806 19,513 19,795 States (U.S.) (352 ) 1,090 1,094 $ 27,529 $ 19,466 $ 20,953 Deferred income tax expense (benefit): United States $ (5,906 ) $ (22,754 ) $ 22,882 Other Nations (1,868 ) (1,803 ) (806 ) States (U.S.) 338 128 (446 ) $ (7,436 ) $ (24,429 ) $ 21,630 Total income tax expense (benefit) $ 20,093 $ (4,963 ) $ 42,583 |
Schedule of Deferred Tax Assets and Liabilities | The approximate tax effects of temporary differences are as follows: July 31, 2015 Assets Liabilities Total Inventories $ 4,387 $ (197 ) $ 4,190 Prepaid catalog costs — (2,179 ) (2,179 ) Employee benefits 1,612 — 1,612 Accounts receivable 1,136 (14 ) 1,122 Other, net 8,524 (1,510 ) 7,014 Current $ 15,659 $ (3,900 ) $ 11,759 Fixed Assets 3,344 (3,213 ) 131 Intangible Assets 1,242 (26,570 ) (25,328 ) Capitalized R&D expenditures 1,140 — 1,140 Deferred compensation 19,549 — 19,549 Postretirement benefits 3,563 — 3,563 Tax credit carry-forwards and net operating losses 66,744 — 66,744 Less valuation allowance (39,922 ) — (39,922 ) Other, net 1,014 (10,965 ) (9,951 ) Non-current $ 56,674 $ (40,748 ) $ 15,926 Total $ 72,333 $ (44,648 ) $ 27,685 July 31, 2014 Assets Liabilities Total Inventories $ 5,460 $ (126 ) $ 5,334 Prepaid catalog costs 30 (3,180 ) (3,150 ) Employee benefits 1,533 (27 ) 1,506 Accounts receivable 852 (9 ) 843 Other, net 8,700 (1,015 ) 7,685 Current $ 16,575 $ (4,357 ) $ 12,218 Fixed Assets 2,431 (4,587 ) (2,156 ) Intangible Assets 1,706 (27,381 ) (25,675 ) Capitalized R&D expenditures 1,425 — 1,425 Deferred compensation 21,733 — 21,733 Postretirement benefits 5,002 (4 ) 4,998 Tax credit carry-forwards and net operating losses 58,870 — 58,870 Less valuation allowance (37,409 ) — (37,409 ) Other, net 1,411 (6,499 ) (5,088 ) Non-current $ 55,169 $ (38,471 ) $ 16,698 Total $ 71,744 $ (42,828 ) $ 28,916 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the tax computed by applying the statutory U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes to the total income tax expense is as follows: Years Ended July 31, 2015 2014 2013 Tax at statutory rate 35.0 % 35.0 % 35.0 % Impairment charges (1) 55.8 % (40.3 )% (53.4 )% State income taxes, net of federal tax benefit (2) 1.6 % (1.1 )% (0.2 )% International rate differential (2.2 )% (1.3 )% (4.6 )% Non-creditable withholding taxes — % — % (1.5 )% Rate variances arising from foreign subsidiary distributions (0.3 )% (7.5 )% (25.3 )% Adjustments to tax accruals and reserves (3) 17.8 % 25.5 % 1.0 % Research and development tax credits and section 199 manufacturer’s deduction (3.9 )% 3.6 % 3.1 % Non-deductible divestiture fees and account write-offs (4.8 )% (5.2 )% — % Deferred tax and other adjustments (4) (21.1 )% 0.7 % 2.4 % Other, net 2.5 % (0.1 )% (1.0 )% Effective tax rate 80.4 % 9.3 % (44.5 )% (1) $39.8 million of the total impairment charge of $46.9 million recorded during the year ended July 31, 2015 is nondeductible for income tax purposes. $61.1 million of the total impairment charge of $ 148.6 million million recorded during the year ended July 31, 2014 is nondeductible for income tax purposes. $168.9 million of the total impairment charge of $204.4 million recorded during the year ended July 31, 2013 is nondeductible for income tax purposes. (2) Includes a $3.1 million increase in valuation allowances against certain state tax credit carry-forwards during the year ended July 31, 2014. (3) Includes $4.5 million of current year uncertain tax positions and the reduction of uncertain tax positions resulting from the settlement of certain domestic and foreign income tax audits and lapses in statutes of limitations during the years ended July 31, 2015, 2014, and 2013. (4) Includes an additional $1.0 million of federal research and development credit carry-forwards due to re-enacted law and an additional $5.0 million foreign tax credit carryforward included on the fiscal 2014 U.S. tax return. |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of unrecognized tax benefits (excluding interest and penalties) is as follows: Balance at July 31, 2012 $ 36,532 Additions based on tax positions related to the current year 4,015 Additions for tax positions of prior years (1) 2,809 Reductions for tax positions of prior years — Lapse of statute of limitations (5,613 ) Settlements with tax authorities (590 ) Cumulative Translation Adjustments and other 422 Balance as of July 31, 2013 $ 37,575 Additions based on tax positions related to the current year 4,596 Additions for tax positions of prior years — Reductions for tax positions of prior years (14,569 ) Lapse of statute of limitations (3,711 ) Settlements with tax authorities (5,832 ) Cumulative Translation Adjustments and other (210 ) Balance as of July 31, 2014 $ 17,849 Additions based on tax positions related to the current year 5,862 Additions for tax positions of prior years — Reductions for tax positions of prior years (280 ) Lapse of statute of limitations (805 ) Settlements with tax authorities (221 ) Cumulative Translation Adjustments and other (1,272 ) Balance as of July 31, 2015 $ 21,133 |
Schedule of Open Tax Years by Major Jurisdictions | The Company and its subsidiaries file income tax returns in the U.S., various state, and foreign jurisdictions. The following table summarizes the open tax years for the Company's major jurisdictions: Jurisdiction Open Tax Years United States — Federal F’13 — F’15 France F’12 — F’15 Germany F’09 — F’15 United Kingdom F’14 — F’15 |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Total debt consists of the following as of July 31, 2015: 2015 2014 Euro-denominated notes payable in 2017 at a fixed rate of 3.71% $ 32,960 $ 40,164 Euro-denominated notes payable in 2020 at a fixed rate of 4.24% 49,442 60,246 USD-denominated notes payable through 2016 at a fixed rate of 5.30% 26,143 52,286 USD-denominated notes payable through 2017 at a fixed rate of 5.33% 32,743 49,114 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.2740% and 1.2472% as of July 31, 2015 and 2014, respectively 102,000 42,000 USD-denominated borrowing on revolving loan agreement at a weighted average rate of 1.9501% and 1.3548% as of July 31, 2015 and 2014, respectively 1,836 6,923 CNY-denominated borrowing on revolving loan agreements at a weighted average rate of 4.6634% and 5.0400% as of July 31, 2015 and 2014, respectively (USD equivalent) 8,575 12,499 $ 253,699 $ 263,232 Less notes payable (10,411 ) (61,422 ) Total long-term debt $ 243,288 $ 201,810 |
Schedule of Maturities of Long-term Debt | Maturities on long-term debt are as follows: Years Ending July 31, 2016 $ 42,514 2017 151,332 2018 — 2019 — 2020 49,442 Total $ 243,288 |
Stockholder's Investments (Tabl
Stockholder's Investments (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Schedule of Capital Stock | Information as to the Company’s capital stock at July 31, 2015 and 2014 is as follows: July 31, 2015 July 31, 2014 Shares Authorized Shares Issued (thousands) Amount Shares Authorized Shares Issued (thousands) Amount Preferred Stock, $.01 par value 5,000,000 5,000,000 Cumulative Preferred Stock: 6% Cumulative 5,000 5,000 1972 Series 10,000 10,000 1979 Series 30,000 30,000 Common Stock, $.01 par value: Class A Nonvoting 100,000,000 51,261,487 $ 513 100,000,000 51,261,487 $ 513 Class B Voting 10,000,000 3,538,628 35 10,000,000 3,538,628 35 $ 548 $ 548 |
Schedule of Other Activity in Stockholders' Investment | The following is a summary of other activity in stockholders’ investment for the fiscal years ended July 31, 2015 , 2014 , and 2013 : Unearned Restricted Stock Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2012 $ (3,763 ) $ 11,610 $ (11,151 ) $ (3,304 ) Shares at July 31, 2012 517,105 517,105 Sale of shares at cost — (1,461 ) 1,419 (42 ) Purchase of shares at cost — 891 (891 ) — Forfeitures of restricted stock 838 — — 838 Amortization of restricted stock 1,788 — — 1,788 Balances at July 31, 2013 (1,137 ) 11,040 (10,623 ) (720 ) Shares at July 31, 2013 $ 469,797 $ 469,797 Sale of shares at cost $ — (1,637 ) 1,496 $ (141 ) Purchase of shares at cost — 821 (821 ) — Effect of plan amendment — (2,435 ) — (2,435 ) Amortization of restricted stock 1,137 — — 1,137 Balances at July 31, 2014 $ — $ 7,789 $ (9,948 ) $ (2,159 ) Shares at July 31, 2014 338,711 423,415 Sale of shares at cost — (2,325 ) 2,235 (90 ) Purchase of shares at cost — 220 (1,035 ) (815 ) Balances at July 31, 2015 $ — $ 5,684 $ (8,748 ) $ (3,064 ) Shares at July 31, 2015 252,261 362,025 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Black-Scholes Option Valuation Assumptions 2015 2014 2013 Expected term (in years) 6.05 5.97 5.93 Expected volatility 34.01 % 37.32 % 38.67 % Expected dividend yield 2.48 % 2.35 % 2.21 % Risk-free interest rate 1.90 % 1.80 % 0.91 % Weighted-average market value of underlying stock at grant date $ 22.76 $ 30.98 $ 30.58 Weighted-average exercise price $ 22.76 $ 30.98 $ 30.58 Weighted-average fair value of options granted during the period $ 6.12 $ 9.17 $ 9.05 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | for the fiscal year ended July 31, 2015 : Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2014 $ 17.23 — $40.37 4,204,260 $ 30.82 Options granted 22.66 — 27.28 628,340 22.76 Options exercised 17.23 — 27.00 (68,533 ) 23.73 Options cancelled 22.63 — 40.37 (1,263,116 ) 30.48 Balance as of July 31, 2015 $ 20.95 — $38.31 3,500,951 $ 29.64 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at July 31, 2015 : Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2015 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2015 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $20.95 - $26.99 711,527 7.7 $ 22.27 180,667 3.4 $ 20.95 $27.00 - $32.99 1,976,924 5.8 29.12 1,667,452 5.5 28.86 $33.00 - $38.31 812,500 2.0 37.34 794,836 1.8 37.39 Total 3,500,951 5.3 29.64 2,642,955 4.3 $ 30.88 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2015 : Service-Based Restricted Shares and RSUs Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2014 104,857 $ 31.02 New grants 661,412 24.28 Vested (34,247 ) 30.79 Forfeited (54,568 ) 27.64 Balance as of July 31, 2015 677,454 $ 24.72 The service-based restricted shares and RSUs awarded during the fiscal years ended July 31, 2014 and 2013 had a weighted-average grant-date fair value of $30.93 and $32.99 , respectively. Performance-Based Restricted Shares and RSUs Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2014 80,000 $ 32.50 New grants — — Vested — — Forfeited (80,000 ) 32.50 Balance as of July 31, 2015 — $ — The performance-based restricted shares and RSUs awarded during the fiscal year ended July 31, 2013 had a weighted-average grant-date fair value of $30.21 . No performance-based restricted shares were granted during the fiscal year ended July 31, 2014. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Following is a summary of segment information for the years ended July 31, 2015 , 2014 and 2013 : 2015 2014 2013 Sales to External Customers: ID Solutions $ 806,484 $ 825,123 $ 739,116 WPS 365,247 399,911 418,676 Total Company $ 1,171,731 $ 1,225,034 $ 1,157,792 Depreciation & Amortization: ID Solutions $ 25,658 $ 28,955 $ 25,920 WPS 6,772 7,919 9,078 Corporate 7,028 7,724 13,727 Total Company $ 39,458 $ 44,598 $ 48,725 Segment Profit: ID Solutions $ 149,840 $ 176,129 $ 174,390 WPS 56,502 66,238 95,241 Total Company $ 206,342 $ 242,367 $ 269,631 Assets: ID Solutions $ 780,524 $ 882,440 $ 989,216 WPS 167,797 239,848 239,219 Corporate 114,576 131,377 210,248 Total Company $ 1,062,897 $ 1,253,665 $ 1,438,683 Expenditures for property, plant & equipment: ID Solutions $ 18,732 $ 28,774 $ 18,186 WPS 3,970 10,580 8,459 Corporate 3,971 4,044 9,042 Total Company $ 26,673 $ 43,398 $ 35,687 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Following is a reconciliation of segment profit to net earnings (loss) for the years ended July 31, 2015 , 2014 and 2013 : Years Ended July 31, 2015 2014 2013 Total profit from reportable segments $ 206,342 $ 242,367 $ 269,631 Unallocated costs: Administrative costs 107,348 120,015 121,693 Restructuring charges 16,821 15,012 26,046 Impairment charges (1) 46,867 148,551 204,448 Investment and other income (845 ) (2,402 ) (3,523 ) Interest expense 11,156 14,300 16,641 Earnings (loss) from continuing operations before income taxes $ 24,995 $ (53,109 ) $ (95,674 ) (1) Of the total $46,867 impairment charges in fiscal 2015, $39,367 was in the WPS segment and $7,500 was in the IDS segment. The impairment charges in 2014 were in the IDS reportable segments. Of the total $204,448 impairment charges in fiscal 2013, $182,800 was in the WPS reportable segment and $21,648 was in the IDS reportable segment. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Revenues* Years Ended July 31, Long-Lived Assets** As of Years Ended July 31, 2015 2014 2013 2015 2014 2013 Geographic information: United States $ 677,401 $ 675,771 $ 615,861 $ 389,150 $ 425,733 $ 576,539 Other 559,649 615,974 602,582 224,151 314,456 319,706 Eliminations (65,319 ) (66,711 ) (60,651 ) — — — Consolidated total $ 1,171,731 $ 1,225,034 $ 1,157,792 $ 613,301 $ 740,189 $ 896,245 * Revenues are attributed based on country of origin. ** Long-lived assets consist of property, plant, and equipment, other intangible assets and goodwill. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator of Basic and Diluted Per Share | Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: Years ended July 31, 2015 2014 2013 Numerator: (in thousands) Earnings (loss) from continuing operations $ 4,902 $ (48,146 ) $ (138,257 ) Less: Restricted stock dividends — (92 ) (238 ) Numerator for basic and diluted earnings (loss) from continuing operations per Class A Nonvoting Common Share $ 4,902 $ (48,238 ) $ (138,495 ) Less: Preferential dividends (794 ) (813 ) (797 ) Preferential dividends on dilutive stock options (1 ) (6 ) (5 ) Numerator for basic and diluted earnings (loss) from continuing operations per Class B Voting Common Share $ 4,107 $ (49,057 ) $ (139,297 ) Denominator: (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 51,285 51,866 51,330 Plus: Effect of dilutive stock options 98 — — Denominator for diluted earnings from continuing operations per share for both Class A and Class B 51,383 51,866 51,330 Earnings (loss) from continuing operations per Class A Nonvoting Common Share: Basic $ 0.10 $ (0.93 ) $ (2.70 ) Diluted $ 0.10 $ (0.93 ) $ (2.70 ) Earnings (loss) from continuing operations per Class B Voting Common Share: Basic $ 0.08 $ (0.95 ) $ (2.71 ) Diluted $ 0.08 $ (0.95 ) $ (2.71 ) (Loss) earnings from discontinued operations per Class A Nonvoting Common Share: Basic $ (0.04 ) $ 0.04 $ (0.32 ) Diluted $ (0.04 ) $ 0.04 $ (0.32 ) (Loss) earnings from discontinued operations per Class B Voting Common Share: Basic $ (0.04 ) $ 0.05 $ (0.32 ) Diluted $ (0.04 ) $ 0.05 $ (0.32 ) Net earnings (loss) per Class A Nonvoting Common Share: Basic $ 0.06 $ (0.89 ) $ (3.02 ) Diluted $ 0.06 $ (0.89 ) $ (3.02 ) Net earnings (loss) per Class B Voting Common Share: Basic $ 0.04 $ (0.90 ) $ (3.03 ) Diluted $ 0.04 $ (0.90 ) $ (3.03 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments required under such leases in effect at July 31, 2015 were as follows: Years ending July 31, 2016 $ 19,102 2017 15,696 2018 13,931 2019 11,705 2020 8,196 Thereafter 22,247 $ 90,877 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following tables set forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2015 and July 31, 2014 , according to the valuation techniques the Company used to determine their fair values. Inputs Considered As Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Fair Values Balance Sheet Classifications July 31, 2015 Trading securities $ 15,356 $ — $ 15,356 Other assets Foreign exchange contracts — 685 685 Prepaid expenses and other current assets Total Assets $ 15,356 $ 685 $ 16,041 Foreign exchange contracts $ — $ 1,280 $ 1,280 Other current liabilities Total Liabilities $ — $ 1,280 $ 1,280 July 31, 2014 Trading securities $ 15,962 $ — $ 15,962 Other assets Foreign exchange contracts — 166 166 Prepaid expenses and other current assets Total Assets $ 15,962 $ 166 $ 16,128 Foreign exchange contracts $ — $ 389 $ 389 Other current liabilities Total Liabilities $ — $ 389 $ 389 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Reserve Roll Forward | A roll-forward of the Company’s restructuring activity for fiscal 2015 , 2014 and 2013 is below. Employee Related Asset Write-offs Other Facility Closure/Lease Termination Costs Total Restructuring liability ending balance, July 31, 2012 $ 8,809 $ — $ 266 $ 9,075 Restructuring charges in continuing operations 18,350 4,125 3,571 26,046 Restructuring charges in discontinued operations 2,811 362 1,376 4,549 Non-cash write-offs — (4,487 ) — (4,487 ) Cash payments (18,495 ) — (2,482 ) (20,977 ) Restructuring liability ending balance, July 31, 2013 $ 11,475 $ — $ 2,731 $ 14,206 Restructuring charges in continuing operations $ 9,328 $ 267 $ 5,417 $ 15,012 Restructuring charges in discontinued operations 6,615 299 75 6,989 Non-cash write-offs — (566 ) — (566 ) Cash payments (24,029 ) — (6,617 ) (30,646 ) Restructuring liability ending balance, July 31, 2014 $ 3,389 $ — $ 1,606 $ 4,995 Restructuring charges in continuing operations $ 5,465 $ 4,168 $ 7,188 $ 16,821 Restructuring charges in discontinued operations — (4 ) 245 241 Non-cash write-offs — (4,164 ) — (4,164 ) Cash payments (7,696 ) — (6,681 ) (14,377 ) Restructuring liability ending balance, July 31, 2015 $ 1,158 $ — $ 2,358 $ 3,516 |
Derivatives and Hedging Activ39
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative and hedging instruments in the Consolidated Balance Sheets were as follows: Asset Derivatives Liability Derivatives July 31, 2015 July 31, 2014 July 31, 2015 July 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Cash flow hedges Foreign exchange contracts Prepaid expenses and other current assets $ 518 Prepaid expenses and other current assets $ — Other current liabilities $ 737 Other current liabilities $ — Net investment hedges Foreign exchange contracts Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Other current liabilities $ — Other current liabilities $ 14 Foreign currency denominated debt Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Long term obligations, less current maturities $ 121,514 Long term obligations, less current maturities $ 100,410 Total derivatives designated as hedging instruments $ 518 $ — $ 122,251 $ 100,424 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 168 Prepaid expenses and other current assets $ 166 Other current liabilities $ 543 Other current liabilities $ 375 Total derivatives not designated as hedging instruments $ 168 $ 166 $ 543 $ 375 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the operating results of discontinued operations for the fiscal years ending July 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Net sales (1) $ — $ 179,050 $ 214,137 (Loss) earnings from discontinued operations (2) (1,201 ) 6,715 4,083 (Loss) on write-down of disposal group (3) — — (15,658 ) Income tax expense (4) (288 ) (3,299 ) (4,703 ) Loss on sale of discontinued operations (5) (487 ) (1,602 ) — Income tax benefit on sale of discontinued operations (6) 61 364 — Earnings (loss) from discontinued operations, net of tax $ (1,915 ) $ 2,178 $ (16,278 ) (1) The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, there were no sales from discontinued operations in fiscal 2015. (2) The loss from discontinued operations in fiscal 2015 primarily related to professional fees and restructuring charges associated with the divestiture. (3) The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013. (4) Fiscal 2013 income tax expense was significantly impacted by the fiscal 2013 losses in China and Sweden, which had no tax benefit, and the increase in valuation allowance related to Shenzhen, China. (5) The first phase of the Die-Cut divestiture was completed in the fourth quarter of fiscal 2014. A loss on the sale was recorded in the three months ended July 31, 2014 and includes $3.9 million in liabilities retained as part of the divestiture agreement. The second and final closing of the Die-Cut divestiture was completed in the first quarter of fiscal 2015 and an additional loss on the sale was recorded in the three months ended October 31, 2014. (6) The income tax benefit on the sale of discontinued operations in fiscal 2014 was significantly impacted by the release of a reserve for uncertain tax positions of $4.0 million, which was triggered as a result of the Thailand stock sale during the three months ended July 31, 2014. This was offset by $3.6 million in tax expense related to the gain on the sale of the Balkhausen assets. The Thailand stock sale and the Balkhausen asset sale were included in the first phase of the Die-Cut divestiture. |
Unaudited Quarterly Financial41
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters First Second Third Fourth Total 2015 Net sales $ 310,240 $ 282,628 $ 290,227 $ 288,636 $ 1,171,731 Gross margin 150,161 138,203 140,999 129,069 558,432 Operating income (loss) * 26,973 16,811 24,285 (32,763 ) 35,306 Earnings (loss) from continuing operations 15,499 11,584 17,213 (39,394 ) 4,902 (Loss) earnings from discontinued operations, net of income taxes ** (1,915 ) — — — (1,915 ) Net earnings (loss) from continuing operations per Class A Common Share: Basic*** $ 0.30 $ 0.23 $ 0.34 $ (0.77 ) $ 0.10 Diluted*** $ 0.30 $ 0.23 $ 0.33 $ (0.77 ) $ 0.10 Net earnings (loss) from discontinued operations per Class A Common Share: Basic*** $ (0.03 ) $ — $ — $ — $ (0.04 ) Diluted*** $ (0.04 ) $ — $ — $ — $ (0.04 ) 2014 Net sales $ 307,530 $ 291,194 $ 309,577 $ 316,733 $ 1,225,034 Gross margin 157,847 142,536 155,120 154,061 609,564 Operating income * 29,689 18,346 26,767 (116,013 ) (41,211 ) Earnings from continuing operations 18,135 10,517 20,183 (96,981 ) (48,146 ) Earnings (loss) from discontinued operations, net of income taxes ** 5,795 5,907 3,904 (13,428 ) 2,178 Net earnings from continuing operations per Class A Common Share: Basic*** $ 0.35 $ 0.20 $ 0.39 $ (1.89 ) $ (0.93 ) Diluted*** $ 0.35 $ 0.20 $ 0.39 $ (1.89 ) $ (0.93 ) Net earnings (loss) from discontinued operations per Class A Common Share: Basic*** $ 0.11 $ 0.11 $ 0.08 $ (0.26 ) $ 0.04 Diluted*** $ 0.11 $ 0.11 $ 0.08 $ (0.26 ) $ 0.04 The fiscal 2014 quarterly financial data has been impacted by the reclassification of the Die-Cut business into discontinued operations. Refer to Note 15 within Item 8 for further information on discontinued operations. * In fiscal 2015, the Company recorded before tax impairment charges of $46,867 in the fourth quarter ended July 31, 2015 and before tax restructuring charges of $4,278, $4,879, $4,834 and $2,830 in the first, second, third, and fourth quarters of fiscal 2015 , respectively, for a total of $16,821 . In fiscal 2014, the Company recorded before tax impairment charges of $148,551 in the fourth quarter ended July 31, 2014 and before tax restructuring charges of $6,840, $4,324, $3,039, and $809 in the first, second, third and fourth quarters of fiscal 2014 , respectively, for a total of $15,012 . ** In fiscal 2015, the loss from discontinued operations included a net loss on operations of $1,489 primarily related to professional fees associated with the divestiture and a $426 net loss on the sale of Die-Cut, recorded in the first quarter ended October 31, 2014. In the fourth quarter of fiscal 2014, the Company incurred restructuring charges of $6,989 and a net loss on the sale of the Die Cut business of $1,238 in discontinued operations. *** The sum of the quarters does not equal the year-to-date total for fiscal 2015 and fiscal 2014 due to the quarterly changes in weighted-average shares outstanding. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Subsequent Events (Details) - $ / shares | 12 Months Ended | |||||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2015 | Sep. 10, 2015 | |
Subsequent Event [Line Items] | ||||||
Document Period End Date | Jul. 31, 2015 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | |||||
Class A Nonvoting Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage Increase In Dividend | 1.30% | |||||
Dividends | $ 0.81 | $ 0.80 | $ 0.78 | $ 0.76 | ||
Dividends Payable | $ 0.2025 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Accounts Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 3,585 | $ 3,069 |
Entity-Wide Revenue, Major Customer, Percentage | 5.00% | |
Percentage Of Maximum Customers Shares In Companys Consolidated Accounts Receivable | 5.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 12.70% | 11.70% |
Inventory, LIFO Reserve, Effect on Income, Net | $ 7,346 | $ 7,637 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 27,355 | $ 26,727 | $ 22,976 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 33 years | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Catalog Costs and Related Amortization (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Accounting Policies [Abstract] | ||
Prepaid Catalog Costs Included In Prepaid Expenses And Other Current Assets | $ 9,547 | $ 13,959 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Accounting Policies [Abstract] | ||
Revenue Recognition Sales Return Reserve For Sales Returns | $ 3,619 | $ 3,161 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Sales Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Accounting Policies [Abstract] | |||
Sales Incentives | $ 36,591 | $ 36,175 | $ 28,000 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 86,090 | $ 82,561 | $ 77,905 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Foreign Currency Hedging (Details) | 12 Months Ended |
Jul. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative maturity | 18 months |
Acquisitions - Pro Forma Operat
Acquisitions - Pro Forma Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net sales | $ 288,636 | $ 290,227 | $ 282,628 | $ 310,240 | $ 316,733 | $ 309,577 | $ 291,194 | $ 307,530 | $ 1,171,731 | $ 1,225,034 | $ 1,157,792 | ||||||||
(Loss) earnings from continuing operations, as reported | $ (39,394) | $ 17,213 | $ 11,584 | $ 15,499 | $ (96,981) | $ 20,183 | $ 10,517 | $ 18,135 | 4,902 | (48,146) | (138,257) | ||||||||
Nonvoting Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
(Loss) earnings from continuing operations, as reported | $ 4,902 | $ (48,238) | $ (138,495) | ||||||||||||||||
Basic (loss) earnings from continuing operations per Class A Common Share, as reported | $ (0.77) | [1] | $ 0.34 | [1] | $ 0.23 | [1] | $ 0.30 | [1] | $ (1.89) | [1] | $ 0.39 | [1] | $ 0.20 | [1] | $ 0.35 | [1] | $ 0.10 | $ (0.93) | $ (2.70) |
Diluted (loss) earnings from continuing operations per Class A Common Share, as reported | $ (0.77) | [1] | $ 0.33 | [1] | $ 0.23 | [1] | $ 0.30 | [1] | $ (1.89) | [1] | $ 0.39 | [1] | $ 0.20 | [1] | $ 0.35 | [1] | $ 0.10 | $ (0.93) | $ (2.70) |
Precision Dynamics Corporation [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net sales | $ 1,157,792 | ||||||||||||||||||
Net sales, pro forma | 1,226,217 | ||||||||||||||||||
(Loss) earnings from continuing operations, as reported | (138,257) | ||||||||||||||||||
(Loss) earnings from continuing operations, pro forma | $ (133,957) | ||||||||||||||||||
Precision Dynamics Corporation [Member] | Nonvoting Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Basic (loss) earnings from continuing operations per Class A Common Share, as reported | $ (2.70) | ||||||||||||||||||
Basic (loss) earnings from continuing operations per Class A Common Share, pro forma | (2.61) | ||||||||||||||||||
Diluted (loss) earnings from continuing operations per Class A Common Share, as reported | (2.70) | ||||||||||||||||||
Diluted (loss) earnings from continuing operations per Class A Common Share, pro forma | $ (2.61) | ||||||||||||||||||
[1] | *** The sum of the quarters does not equal the year-to-date total for fiscal 2015 and fiscal 2014 due to the quarterly changes inweighted-average shares outstanding. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||
Interest expense | $ 11,156 | $ 14,300 | $ 16,641 |
Income tax expense (benefit) | 20,093 | (4,963) | 42,583 |
Pre-tax amortization of intangible assets | $ 12,103 | 17,871 | $ 17,148 |
Precision Dynamics Corporation [Member] | |||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||
Proceeds from borrowing on notes payable | 220,000 | ||
Business Combination, Acquisition related costs | 3,600 | ||
Business Combination, Non-recurring adjustment, Inventory | 1,530 | ||
Interest expense | 529 | ||
Income tax expense (benefit) | (429) | ||
Pre-tax amortization of intangible assets | $ 5,215 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | $ 515,004 | $ 617,236 |
Goodwill, Impairment Loss | (37,112) | (100,412) |
Goodwill, Purchase Accounting Adjustments | 2,168 | |
Goodwill, Translation Adjustments | (44,693) | (348) |
Goodwill, Ending Balance | 433,199 | 515,004 |
Goodwill, Period Increase (Decrease) | 81,805 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 328,029 | 290,917 |
Goodwill, Impaired [Abstract] | ||
Goodwill, Impairment Loss | (37,112) | (100,412) |
Identification Solutions | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 412,289 | 517,029 |
Goodwill, Impairment Loss | 0 | (100,412) |
Goodwill, Purchase Accounting Adjustments | 2,168 | |
Goodwill, Translation Adjustments | (29,503) | 2,160 |
Goodwill, Ending Balance | 382,786 | 412,289 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 118,637 | 118,637 |
Goodwill, Impaired [Abstract] | ||
Goodwill, Impairment Loss | 0 | (100,412) |
Workplace Safety | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 102,715 | 100,207 |
Goodwill, Impairment Loss | (37,112) | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Translation Adjustments | (15,190) | (2,508) |
Goodwill, Ending Balance | 50,413 | 102,715 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 209,392 | 172,280 |
Goodwill, Impaired [Abstract] | ||
Goodwill, Impairment Loss | (37,112) | $ 0 |
Workplace Safety | WPS APAC [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Impairment Loss | (26,246) | |
Goodwill, Impaired [Abstract] | ||
Goodwill, Impairment Loss | (26,246) | |
Workplace Safety | WPS Americas [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Impairment Loss | (10,866) | |
Goodwill, Impaired [Abstract] | ||
Goodwill, Impairment Loss | $ (10,866) |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 195,569 | $ 235,865 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (126,681) | (144,851) | |
Intangible Assets, Net (Excluding Goodwill) | 68,888 | 91,014 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Intangible Assets | 12,103 | $ 17,871 | $ 17,148 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8,843 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,155 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,464 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,190 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,461 | ||
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 6,651 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 12,073 | $ 11,656 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,641) | (10,160) | |
Intangible Assets, Net (Excluding Goodwill) | $ 1,432 | $ 1,496 | |
Tradenames and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 14,375 | $ 15,366 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,471) | (10,706) | |
Intangible Assets, Net (Excluding Goodwill) | $ 1,904 | $ 4,660 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 136,693 | $ 168,525 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (94,537) | (114,363) | |
Intangible Assets, Net (Excluding Goodwill) | $ 42,156 | $ 54,162 | |
Non-compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | 4 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 9,076 | $ 10,089 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,032) | (9,622) | |
Intangible Assets, Net (Excluding Goodwill) | 44 | 467 | |
Tradenames and Other - Indefinite Life [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 23,352 | 30,229 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Intangible Assets, Net (Excluding Goodwill) | $ 23,352 | $ 30,229 |
Other Comprehensive Income Sche
Other Comprehensive Income Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | $ 64,156 | $ 56,063 |
Other comprehensive (loss) income before reclassification | (70,033) | 4,626 |
Amounts reclassified from accumulated other comprehensive income | 39,157 | (3,467) |
Accumulated other comprehensive (loss) income, Ending Balance | (45,034) | 64,156 |
Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | (12) | 99 |
Other comprehensive (loss) income before reclassification | 829 | (21) |
Amounts reclassified from accumulated other comprehensive income | 808 | 90 |
Accumulated other comprehensive (loss) income, Ending Balance | 9 | (12) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | 59,314 | 54,111 |
Other comprehensive (loss) income before reclassification | (73,098) | 1,334 |
Amounts reclassified from accumulated other comprehensive income | 34,697 | (3,869) |
Accumulated other comprehensive (loss) income, Ending Balance | (48,481) | 59,314 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | 4,854 | 1,853 |
Other comprehensive (loss) income before reclassification | 2,236 | 3,313 |
Amounts reclassified from accumulated other comprehensive income | 3,652 | 312 |
Accumulated other comprehensive (loss) income, Ending Balance | $ 3,438 | $ 4,854 |
Other Comprehensive Income Ot56
Other Comprehensive Income Other Comprehensive Income, Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Other Comprehensive Income, Tax [Abstract] | |||
Net investment hedge translation adjustments | $ (8,450) | $ 302 | $ 2,877 |
Long-term intercompany loan settlements | 0 | 579 | (650) |
Cash flow hedges | (308) | 28 | 454 |
Pension and other post-retirement benefits | 949 | (1,898) | (555) |
Other income tax adjustments | (415) | (58) | 108 |
Income tax (expense) benefit related to items of other comprehensive (loss) income | $ (8,224) | $ (1,047) | $ 2,234 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Changes in Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Obligation at beginning of year | $ 8,056 | $ 13,023 | |
Service cost | 210 | 674 | $ 770 |
Interest cost | 222 | 534 | 476 |
Actuarial (gain) loss | 502 | (4,691) | |
Benefit payments | (365) | (473) | |
Plan amendments | (1,935) | (1,011) | |
Curtailment gain | (2,555) | 0 | |
Obligation at end of fiscal year | $ 4,135 | $ 8,056 | $ 13,023 |
Employee Benefit Plans - Sche58
Employee Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | |||
Current liability | $ 659 | $ 476 | |
Non-current liability | 3,476 | 7,580 | |
Defined Benefit Plan, Benefit Obligation | $ 4,135 | $ 8,056 | $ 13,023 |
Employee Benefit Plans - Sche59
Employee Benefit Plans - Schedule of Amounts Recognized in OCI (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial gain | $ 6,655 | $ 7,960 |
Prior service credit | 1,035 | 2,011 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 7,690 | $ 9,971 |
Employee Benefit Plans - Sche60
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Net periodic postretirement benefit cost included the following components: | |||
Service cost | $ 210 | $ 674 | $ 770 |
Interest cost | 222 | 534 | 476 |
Amortization of prior service credit | (1,169) | (203) | (203) |
Amortization of net actuarial gain | (804) | (265) | (47) |
Curtailment gain | (4,296) | 0 | 0 |
Periodic postretirement benefit cost | $ (5,837) | $ 740 | $ 996 |
Employee Benefit Plans - Sche61
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Weighted average discount rate used in determining accumulated postretirement benefit obligation | 3.00% | 3.50% | 4.00% |
Weighted average discount rate used in determining net periodic benefit cost | 3.41% | 4.00% | 3.25% |
Assumed health care trend rate used to measure APBO at July 31 | 7.00% | 7.50% | 8.00% |
Rate to which cost trend rate is assumed to decline (the ultimate trend rate) | 5.50% | 5.50% | 5.50% |
Fiscal year the ultimate trend rate is reached | 2,018 | 2,018 | 2,018 |
Employee Benefit Plans - Sche62
Employee Benefit Plans - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 2 |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (2) |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 8 |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (8) |
Employee Benefit Plans - Sche63
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 659 | $ 476 |
2,017 | 614 | |
2,018 | 569 | |
2,019 | 508 | |
2,020 | 439 | |
2021 through 2025 | $ 1,264 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015USD ($)yrAgeRate | Jul. 31, 2014USD ($)Rate | Jul. 31, 2013USD ($)Rate | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement age on credited service | yr | 55 | ||
Period of credited service | 15 years | ||
Minimum age for accrual credit service | Age | 40 | ||
Plan amendments | $ (1,935) | $ (1,011) | |
Effect of plan amendment on accumulated benefit obligation | 4,490 | ||
Curtailment gain | 4,296 | $ 0 | $ 0 |
Decrease in accumulated benefit obligation due to change in participation assumptions | 3,408 | ||
Actuarial gain that will be amortized from AOCI into net periodic postretirement benefit cost over the next fiscal year | (646) | ||
Prior service cost that will be amortized from AOCI into net periodic postretirement benefit cost over the next fiscal year | $ (1,035) | ||
Weighted average discount rate used in determining accumulated postretirement benefit obligation | Rate | 3.00% | 3.50% | 4.00% |
Accumulated pension obligation | $ 4,135 | $ 8,056 | $ 13,023 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (7,690) | (9,971) | |
Periodic postretirement benefit cost | (5,837) | 740 | 996 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated pension obligation | 6,020 | 4,553 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 1,361 | 1,228 | |
Periodic postretirement benefit cost | 724 | 286 | 388 |
Retirement and Profit Sharing Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued retirement and profit-sharing contributions | 2,743 | 2,938 | |
Pension and other postretirement benefit expense | 9,912 | 10,830 | $ 10,110 |
Deferred Compensation Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, recorded liability | $ 18,321 | $ 18,694 |
Income Taxes - Schedule of (Los
Income Taxes - Schedule of (Loss) Earnings from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (582) | $ (134,596) | $ (144,941) |
Other Nations | 25,577 | 81,487 | 49,267 |
Earnings (loss) from continuing operations before income taxes | $ 24,995 | $ (53,109) | $ (95,674) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Current income tax expense: | |||
United States | $ 9,075 | $ (1,137) | $ 64 |
Other Nations | 18,806 | 19,513 | 19,795 |
States (U.S.) | (352) | 1,090 | 1,094 |
Total current income tax expense | 27,529 | 19,466 | 20,953 |
Deferred income tax expense (benefit): | |||
United States | (5,906) | (22,754) | 22,882 |
Other Nations | (1,868) | (1,803) | (806) |
States (U.S.) | 338 | 128 | (446) |
Total deferred income tax (benefit) expense | (7,436) | (24,429) | 21,630 |
Income Tax Expense (Benefit), Continuing Operations | $ 20,093 | $ (4,963) | $ 42,583 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Inventory | $ 4,387 | $ 5,460 |
Deferred Tax Asset Prepaid Catalog Costs | 0 | 30 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 1,612 | 1,533 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,136 | 852 |
Deferred Tax Assets, Other | 8,524 | 8,700 |
Deferred Tax Assets, Gross, Current | 15,659 | 16,575 |
Deferred Tax Assets, Property, Plant and Equipment | 3,344 | 2,431 |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,242 | 1,706 |
Deferred Tax Assets, capitalized R&D | 1,140 | 1,425 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 19,549 | 21,733 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 3,563 | 5,002 |
Deferred Tax Assets, Valuation Allowance | (39,922) | (37,409) |
Deferred Tax Assets, Tax Deferred Expense, Other | 1,014 | 1,411 |
Deferred Tax Assets, Gross, Noncurrent | 56,674 | 55,169 |
Deferred Tax Assets, Gross | 72,333 | 71,744 |
Deferred Tax Liabilities, Inventory | (197) | (126) |
Deferred Tax Liabilities, Prepaid Expenses | (2,179) | (3,180) |
Deferred Tax Liabilities Tax Deferred Expense Compensation And Benefits Employee Benefits | 0 | (27) |
Deferred Tax Liabilities Accounts Receivable | (14) | (9) |
Deferred Tax Liabilities Current Other | (1,510) | (1,015) |
Deferred Tax Liabilities, Gross, Current | (3,900) | (4,357) |
Deferred Tax Liabilities, Property, Plant and Equipment | (3,213) | (4,587) |
Deferred Tax Liabilities, Intangible Assets | (26,570) | (27,381) |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | 0 | 0 |
Deferred Tax Liability, Deferred Expense, Deferred Compensation | 0 | 0 |
Deferred Tax Liabilities, Deferred Tax Expense, Postretirement Benefits | 0 | (4) |
Deferred Tax Liabilities Tax Credit Carryforwards And Net Operating Losses | 0 | 0 |
Deferred Tax Liability, Valuation Allowance | 0 | 0 |
Deferred Tax Liabilities, Other | (10,965) | (6,499) |
Deferred Tax Liabilities, Gross, Noncurrent | 40,748 | 38,471 |
Deferred Tax Liabilities, Gross | (44,648) | (42,828) |
Deferred Tax Assets, Net, Deferred Expense, Compensation and Benefits, Postretirement Benefits | 4,998 | |
Deferred Tax Assets, Tax Credit Carryforwards | 66,744 | 58,870 |
Deferred Tax Assets, Net | 28,916 | |
Net of liabilities [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Inventory | 4,190 | 5,334 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 1,612 | 1,506 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,122 | 843 |
Deferred Tax Assets, Other | 7,014 | 7,685 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 3,563 | |
Deferred Tax Liabilities, Intangible Assets | (25,675) | |
Deferred Tax Assets, Net, Current | 11,759 | 12,218 |
Deferred Tax Assets, Tax Credit Carryforwards | 66,744 | 58,870 |
Deferred Tax Assets, Net, Noncurrent | 15,926 | 16,698 |
Deferred Tax Assets, Net | 27,685 | |
Net of assets [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Liabilities, Prepaid Expenses | (2,179) | (3,150) |
Deferred Tax Liabilities, Property, Plant and Equipment | 131 | (2,156) |
Deferred Tax Liabilities, Intangible Assets | (25,328) | |
Deferred Tax Liabilities, Other | $ (9,951) | $ (5,088) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||||
Tax at statutory rate | 35.00% | 35.00% | 35.00% | |||
Impairment charges (1) | [1] | 55.80% | (40.30%) | (53.40%) | ||
State income taxes, net of federal tax benefit (2) | 1.60% | [2] | (1.10%) | [2] | (0.20%) | |
International rate differential | (2.20%) | (1.30%) | (4.60%) | |||
Non-creditable withholding taxes | 0.00% | 0.00% | (1.50%) | |||
Rate variances arising from foreign subsidiary distributions | (0.30%) | (7.50%) | (25.30%) | |||
Adjustments to tax accruals and reserves (3) | [3] | 17.80% | 25.50% | 1.00% | ||
Research and development tax credits and section 199 manufacturer’s deduction | (3.90%) | 3.60% | 3.10% | |||
Non-deductible divestiture fees and account write-offs | (4.80%) | (5.20%) | 0.00% | |||
Deferred tax and other adjustments | (21.10%) | [4] | 0.70% | [4] | 2.40% | |
Other, net | 2.50% | (0.10%) | (1.00%) | |||
Effective tax rate | 80.40% | 9.30% | (44.50%) | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
Goodwill, Impairment Loss | $ 37,112 | $ 100,412 | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 39,800 | 61,100 | $ 168,900 | |||
Impairment charges | 46,867 | 148,551 | $ 204,448 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 3,100 | |||||
Effective Income Tax Rate Reconciliation, Change in Uncertain Tax Postions, Amount | 4,500 | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 1,000 | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 5,000 | |||||
[1] | (2)Includes a $3.1 million increase in valuation allowances against certain state tax credit carry-forwards during the year ended July 31, 2014.(3)Includes $4.5 million of current year uncertain tax positions and the reduction of uncertain tax positions resulting from the settlement of certain domestic and foreign income tax audits and lapses in statutes of limitations during the years ended July 31, 2015, 2014, and 2013.(4)Includes an additional $1.0 million of federal research and development credit carry-forwards due to re-enacted law and an additional $5.0 million foreign tax credit carryforward included on the fiscal 2014 U.S. tax return. | |||||
[2] | (2)Includes a $3.1 million increase in valuation allowances against certain state tax credit carry-forwards during the year ended July 31, 2014. | |||||
[3] | Includes $4.5 million of current year uncertain tax positions and the reduction of uncertain tax positions resulting from the settlement of certain domestic and foreign income tax audits and lapses in statutes of limitations during the years ended July 31, 2015, 2014, and 2013. | |||||
[4] | Includes an additional $1.0 million of federal research and development credit carry-forwards due to re-enacted law and an additional $5.0 million foreign tax credit carryforward included on the fiscal 2014 U.S. tax return. |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Unrecognized Tax Benefits: | |||
Beginning balance | $ 17,849 | $ 37,575 | $ 36,532 |
Additions based on tax positions related to the current year | 5,862 | 4,596 | 4,015 |
Additions for tax positions of prior years (1) | 0 | 0 | 2,809 |
Reductions for tax positions of prior years | (280) | (14,569) | 0 |
Lapse of statute of limitations | (805) | (3,711) | (5,613) |
Settlements with tax authorities | (221) | (5,832) | (590) |
Cumulative Translation Adjustments and other | (1,272) | (210) | 422 |
Ending balance | $ 21,133 | $ 17,849 | $ 37,575 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Impairment charges | $ 46,867,000 | $ 148,551,000 | $ 204,448,000 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 39,800,000 | 61,100,000 | 168,900,000 | |
Unrecognized Tax Benefits | $ 21,133,000 | 17,849,000 | 37,575,000 | $ 36,532,000 |
Foreign Net Operating Loss Carryforwards Expiration Dates | ||||
State Net Operating Loss Carryforwards Expiration Dates | ||||
Foreign Tax Credit Carryforward Expiration Dates | ||||
State Research And Development Tax Credit Carryforward Expiration Dates | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 2,513,000 | $ 267,000 | ||
Effective Income Tax Rate Reconciliation, Tax Holidays | 0.70% | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 157,000 | $ 498,000 | 200,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 25,000 | 313,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,531,000 | 1,739,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 2,664,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 6,809,000 | |||
Unrecognized Tax Benefits Recognized In Other Liabilities | 15,402,000 | 11,357,000 | ||
Reduction Of Longterm Deferred Income Tax Assets Excluding Interest and Penalties | 5,731,000 | 6,492,000 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 905,000 | |||
Undistributed Earnings of Foreign Subsidiaries | 353,300,000 | |||
Cash Held Outside the U.S. | 95,983 | |||
Cash and cash equivalents | 114,492,000 | $ 81,834,000 | $ 91,058,000 | $ 305,900,000 |
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 126,293,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 92,250,000 | |||
Other Tax Carryforward, Gross Amount | 22,812,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 54,731,000 | |||
Other Tax Carryforward, Gross Amount | 11,178,000 | |||
Maximum recorded through earnings [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 6,809,000 | |||
United States, Federal [Member] | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,013 | |||
United States, Federal [Member] | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,014 | |||
FRANCE | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,013 | |||
FRANCE | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,014 | |||
GERMANY | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,009 | |||
GERMANY | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,014 | |||
UNITED KINGDOM | Low end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,011 | |||
UNITED KINGDOM | High end of range [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Open Tax Year | 2,014 |
Long-Term Obligations - Schedul
Long-Term Obligations - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt, long-term and short-term | $ 253,699 | $ 263,232 |
Notes payable | (10,411) | (61,422) |
Long-term debt | 243,288 | 201,810 |
USD-denominated China line of credit [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | (1,836) | (6,923) |
CNY-denominated China line of credit [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | (8,575) | (12,499) |
Euro-denominated notes payable in 2017 at a fixed rate of 3.71% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 32,960 | 40,164 |
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 49,442 | 60,246 |
USD-denominated notes payable through 2016 at a fixed rate of 5.30% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,143 | 52,286 |
USD-denominated notes payable through 2017 at a fixed rate of 5.33% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 32,743 | 49,114 |
USD-Denominated Borrowing Credit Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 102,000 | $ 42,000 |
Long-Term Obligations - Sched72
Long-Term Obligations - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 42,514 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 151,332 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 49,442 | |
Long-term debt | $ 243,288 | $ 201,810 |
Long-Term Obligations - Additio
Long-Term Obligations - Additional Information (Details) - USD ($) | 12 Months Ended | 36 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2007 | May. 13, 2010 | |
Line of Credit Facilities [Line Items] | |||||
Proceeds from lines of credit | $ 83,382,000 | $ 73,334,000 | $ 231,613,000 | ||
Repayments on line of credit | 32,314,000 | 62,398,000 | 181,000,000 | ||
Debt Instruments [Abstract] | |||||
Letters of credit outstanding | $ 3,327,000 | 3,634,000 | |||
Ratio Of debt to EBITDA | equal to 2.0 to 1.0 | ||||
Interest expense coverage ratio | equal to 11.8 to 1.0 | ||||
Long-term debt, fair value | $ 252,254,000 | 216,280,000 | |||
Long-term debt less notes payable | 243,288,000 | 201,810,000 | |||
Private Placement [Member] | |||||
Debt Instruments [Abstract] | |||||
Debt face amount | $ 75,000,000 | ||||
Debt instrument aggregate face amount during period | $ 350,000,000 | ||||
Debt instrument, interest rate terms | from 5.30% to 5.33% | ||||
Repayments of long-term debt | $ 42,500,000 | 61,300,000 | |||
Euro-denominated notes payable in 2017 at a fixed rate of 3.71% [Member] | |||||
Debt Instruments [Abstract] | |||||
Debt face amount | 30,000,000 | ||||
Long-term debt, fixed interest rate percentage | 3.71% | ||||
Euro-denominated notes payable in 2020 at a fixed rate of 4.24% [Member] | |||||
Debt Instruments [Abstract] | |||||
Debt face amount | $ 45,000,000 | ||||
Long-term debt, fixed interest rate percentage | 4.24% | ||||
USD-Denominated Borrowing Credit Revolver [Member] | |||||
Line of Credit Facilities [Line Items] | |||||
Line of credit, current borrowing capacity | $ 300,000,000 | ||||
Line of credit, maximum borrowing capacity | 450,000,000 | ||||
Line of credit facility, maximum amount outstanding during period | 114,000,000 | ||||
Proceeds from lines of credit | 60,000,000 | ||||
Line of credit facility, amount outstanding | 102,000,000 | ||||
Line of credit, remaining borrowing capacity | 194,673,000 | ||||
Line of credit facility, maximum remaining borrowing capacity | $ 344,673,000 | ||||
Line of credit facility, expiration date | Feb. 1, 2017 | ||||
China line of credit facility [Member] | |||||
Line of Credit Facilities [Line Items] | |||||
Line of credit, current borrowing capacity | $ 24,200,000 | $ 26,200,000 | |||
Line of credit facility, maximum amount outstanding during period | $ 19,437,000 | ||||
Repayments on line of credit | 9,026,000 | ||||
Line of credit facility, amount outstanding | 10,411,000 | ||||
Line of credit, remaining borrowing capacity | 9,589,000 | ||||
Lender 1 [Member] | China line of credit facility [Member] | |||||
Line of Credit Facilities [Line Items] | |||||
Line of credit, current borrowing capacity | 10,000 | ||||
Lender 2 [Member] | China line of credit facility [Member] | |||||
Line of Credit Facilities [Line Items] | |||||
Line of credit, current borrowing capacity | $ 10,000 |
Stockholder's Investments - Sch
Stockholder's Investments - Schedule of Capital Stock (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Class of Stock [Line Items] | ||||
Common Stock, Value, Issued | $ 548 | $ 548 | $ 548 | $ 548 |
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Shares, Issued | 51,261,487 | 51,261,487 | ||
Common Stock, Value, Issued | $ 513 | $ 513 | ||
Class B Voting Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Common Stock, Shares, Issued | 3,538,628 | 3,538,628 | ||
Common Stock, Value, Issued | $ 35 | $ 35 | ||
Noncumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||
6% Cumulative [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000 | 5,000 | ||
1972 Series [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | ||
1979 Series [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 30,000 | 30,000 |
Stockholder's Investments Stock
Stockholder's Investments Stockholder's Investment - Schedule of Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 18 days | 5 years 11 months 18 days | 5 years 11 months 5 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 34.01% | 37.32% | 38.67% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.48% | 2.35% | 2.21% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.90% | 1.80% | 0.90% |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Market Value Of Underlying Stock at Grant Date | $ 22.76 | $ 30.98 | $ 30.58 |
Black-Scholes Option Valuation Assumptions, Weighted-Average Exercise Price | 22.76 | 30.98 | 30.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.12 | $ 9.17 | $ 9.05 |
Stockholder's Investments - S76
Stockholder's Investments - Schedule of Other Activity in Stockholders' Investments (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ (90) | $ (141) | $ (42) | |
Purchase Of Shares At Cost | (815) | 0 | 0 | |
Forfeitures of Restricted Stock | 838 | |||
Amortization Of Restricted Stock | 1,137 | 1,788 | ||
Effect of Deferred Compensation Plan Amendment | (2,435) | |||
Ending Balance, Other Stockholders Equity | (3,064) | (2,159) | (720) | $ (3,304) |
Unearned Restricted Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | 0 | 0 | 0 | |
Purchase Of Shares At Cost | 0 | 0 | 0 | |
Forfeitures of Restricted Stock | 838 | |||
Amortization Of Restricted Stock | 1,137 | 1,788 | ||
Effect of Deferred Compensation Plan Amendment | 0 | |||
Ending Balance, Other Stockholders Equity | 0 | 0 | (1,137) | (3,763) |
Shares Held Rabbi Trust At Cost [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | 2,235 | 1,496 | 1,419 | |
Purchase Of Shares At Cost | (1,035) | (821) | (891) | |
Forfeitures of Restricted Stock | 0 | |||
Amortization Of Restricted Stock | 0 | 0 | ||
Effect of Deferred Compensation Plan Amendment | 0 | |||
Ending Balance, Other Stockholders Equity | $ (8,748) | $ (9,948) | $ (10,623) | $ (11,151) |
Ending Balance, Other Stockholders Equity Shares | 362,025 | 423 | 470 | 517 |
Deferred Compensation [Member] | ||||
Class of Stock [Line Items] | ||||
Sale Of Shares At Cost | $ (2,325) | $ (1,637) | $ (1,461) | |
Purchase Of Shares At Cost | 220 | 821 | 891 | |
Forfeitures of Restricted Stock | 0 | |||
Amortization Of Restricted Stock | 0 | 0 | ||
Effect of Deferred Compensation Plan Amendment | (2,435) | |||
Ending Balance, Other Stockholders Equity | $ 5,684 | $ 7,789 | $ 11,040 | $ 11,610 |
Ending Balance, Other Stockholders Equity Shares | 252,261 | 339 | 470 | 517 |
Stockholder's Investments - Sum
Stockholder's Investments - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - $ / shares | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance, Price Lower Range | $ 17.23 | ||
Options Outstanding, Beginning Balance, Price Upper Range | 40.37 | ||
Options Granted, Price Lower Range | 22.66 | ||
Options Granted, Price Upper Range | 27.28 | ||
Options Exercised, Price Lower Range | 17.23 | ||
Options Exercised, Price Upper Range | 27 | ||
Options Cancelled, Price Lower Range | 22.63 | ||
Options Cancelled, Price Upper Range | 40.37 | ||
Options Outstanding, Ending Balance, Price Lower Range | 20.95 | $ 17.23 | |
Options Outstanding, Ending Balance, Price Upper Range | $ 38.31 | $ 40.37 | |
Options, Outstanding [Roll Forward] | |||
Shares Outstanding, Beginning Balance | 4,204,260 | ||
Options Granted | 628,340 | ||
Options Exercised | (68,533) | ||
Options Cancelled | (1,263,116) | ||
Shares Outstanding, Ending Balance | 3,500,951 | 4,204,260 | |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Options Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 30.82 | ||
Options Granted, Weighted Average Exercise Price | 22.76 | $ 30.98 | $ 30.58 |
Options Exercised, Weighted Average Exercise Price | 23.73 | ||
Options Cancelled, Weighted Average Exercise Price | 30.48 | ||
Options Outstanding, Ending Balance, Weighted Average Exercise Price | $ 29.64 | $ 30.82 | |
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 3,500,951 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 18 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 29.64 | ||
Exercise Price Range, Number of Exercisable Options | 2,642,955 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 30.88 | ||
$20.95 - $26.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 711,527 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 22.27 | ||
Exercise Price Range, Number of Exercisable Options | 180,667 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 3 years 4 months 24 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 20.95 | ||
$27.00 - $32.99 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 1,976,924 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 29.12 | ||
Exercise Price Range, Number of Exercisable Options | 1,667,452 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 5 years 6 months | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 28.86 | ||
$33.00 - $38.31 [Member] | |||
Options Outstanding, Range of Exercise Prices [Abstract] | |||
Exercise Price Range, Number of Outstanding Options | 812,500 | ||
Exercise Price Range, Options Outstanding, Weighted Average Remaining Contractual Term | 2 years | ||
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 37.34 | ||
Exercise Price Range, Number of Exercisable Options | 794,836 | ||
Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | ||
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 37.39 | ||
Service Based Restricted Shares and Restricted Stock Units [Member] | |||
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 104,857 | ||
Restricted Shares and RSUs, Grants in Period | 661,412 | ||
Restricted Shares and RSUs, Vested in Period | (34,247) | ||
Restricted Shares and RSUs, Forfeited in Period | (54,568) | ||
Restricted Shares and RSUs, Nonvested, Number | 677,454 | 104,857 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 31.02 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 24.28 | $ 30.93 | 32.99 |
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 30.79 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 27.64 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 24.72 | $ 31.02 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] | |||
Restricted Shares and RSUs, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Shares and RSUs, Nonvested, Number | 80,000 | ||
Restricted Shares and RSUs, Grants in Period | 0 | ||
Restricted Shares and RSUs, Vested in Period | 0 | ||
Restricted Shares and RSUs, Forfeited in Period | (80,000) | ||
Restricted Shares and RSUs, Nonvested, Number | 0 | 80,000 | |
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 32.50 | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | 0 | $ 30.21 | |
Restricted Shares and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | 0 | ||
Restricted Shares and RSUs, Forfeitures, Weighted Average Grant Date Fair Value | 32.50 | ||
Restricted Shares and RSUs, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 32.50 |
Stockholder's Investments - Add
Stockholder's Investments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncumulative Cash Dividend | $ 0.01665 | ||
Annual Amount Entitled to be Received by Class A Common Stock shareholders | $ 0.835 | ||
Class A Nonvoting Common Stock Shares Reserved for Outstanding Share-Based Awards | 4,178,405 | ||
Number of Shares Remaining for Future Issuance of Share-Based Awards | 3,152,013 | ||
Share-based Compensation Expense | $ 4,471 | $ 5,214 | $ 1,736 |
Share-based Compensation Expense, Net of Tax | 2,772 | 3,232 | 1,059 |
Reversal of Stock-Based Compensation Expense | 7,883 | ||
Share-Based Compensation Cost Not yet Recognized | $ 17,035 | ||
Share-Based Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Options, Award Vesting Period | 3 years | ||
Options, Expiration Period | 10 years | ||
Options, Vested in Period, Fair Value | $ 3,950 | 6,605 | 11,086 |
Options, Exercised in Period, Aggregate Intrinsic Value | $ 208 | $ 2,452 | $ 10,728 |
Options Exercisable, Number | 2,642,955 | 3,004,348 | 3,311,043 |
Options Exercisable, Weighted Average Exercise Price | $ 30.88 | $ 31.15 | $ 31.46 |
Options, Exercised in Period, Proceeds from Issuance of Shares | $ 1,644 | $ 12,113 | $ 20,324 |
Options, Exercised in Period, Tax Benefit | 79 | $ 952 | $ 1,964 |
Options Outstanding, Aggregate Intrinsic Value | 913 | ||
Options Exercisable, Aggregate Intrinsic Value | $ 464 | ||
Performance-Based Restricted Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 5 years | ||
Performance-Based Restricted Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 7 years | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 2 years | ||
Cliff-Vested Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 3 years | ||
Restricted Shares and RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 32.99 | ||
Service-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Award Vesting Period | 3 years | ||
Service-Based RSUs - 5 Year Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Shares and RSUs, Grants in Period | 63,668 | ||
Service-Based RSUs - 4 Year Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Shares and RSUs, Grants in Period | 395,617 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | $ 288,636 | $ 290,227 | $ 282,628 | $ 310,240 | $ 316,733 | $ 309,577 | $ 291,194 | $ 307,530 | $ 1,171,731 | $ 1,225,034 | $ 1,157,792 |
Depreciation and amortization | 39,458 | 44,598 | 48,725 | ||||||||
Segment profit | 206,342 | 242,367 | 269,631 | ||||||||
Assets | 1,062,897 | 1,253,665 | 1,062,897 | 1,253,665 | 1,438,683 | ||||||
Payments to Acquire Property, Plant, and Equipment | 26,673 | 43,398 | 35,687 | ||||||||
Identification Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | 806,484 | 825,123 | 739,116 | ||||||||
Depreciation and amortization | 25,658 | 28,955 | 25,920 | ||||||||
Segment profit | 149,840 | 176,129 | 174,390 | ||||||||
Assets | 780,524 | 882,440 | 780,524 | 882,440 | 989,216 | ||||||
Payments to Acquire Property, Plant, and Equipment | 18,732 | 28,774 | 18,186 | ||||||||
Workplace Safety | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues to external customers | 365,247 | 399,911 | 418,676 | ||||||||
Depreciation and amortization | 6,772 | 7,919 | 9,078 | ||||||||
Segment profit | 56,502 | 66,238 | 95,241 | ||||||||
Assets | 167,797 | 239,848 | 167,797 | 239,848 | 239,219 | ||||||
Payments to Acquire Property, Plant, and Equipment | 3,970 | 10,580 | 8,459 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 7,028 | 7,724 | 13,727 | ||||||||
Assets | $ 114,576 | $ 131,377 | 114,576 | 131,377 | 210,248 | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 3,971 | $ 4,044 | $ 9,042 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | $ 206,342 | $ 242,367 | $ 269,631 |
Unallocated amounts: | |||
Administrative costs | 107,348 | 120,015 | 121,693 |
Restructuring charges | 16,821 | 15,012 | 26,046 |
Impairment charges | 46,867 | 148,551 | 204,448 |
Investment and other income | (845) | (2,402) | (3,523) |
Interest Expense | 11,156 | 14,300 | 16,641 |
Earnings (loss) from continuing operations before income taxes | 24,995 | (53,109) | (95,674) |
Workplace Safety | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | 56,502 | 66,238 | 95,241 |
Unallocated amounts: | |||
Restructuring charges | 4,717 | 5,999 | 10,176 |
Impairment charges | 39 | 182,800 | |
Identification Solutions | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total profit from reportable segments | 149,840 | 176,129 | 174,390 |
Unallocated amounts: | |||
Restructuring charges | 12,104 | $ 9,013 | 15,870 |
Impairment charges | $ 8 | $ 21,648 |
Segment Information - Schedul81
Segment Information - Schedule of Revenues and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 288,636 | $ 290,227 | $ 282,628 | $ 310,240 | $ 316,733 | $ 309,577 | $ 291,194 | $ 307,530 | $ 1,171,731 | $ 1,225,034 | $ 1,157,792 |
Long-Lived Assets | 613,301 | 740,189 | 613,301 | 740,189 | 896,245 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 677,401 | 675,771 | 615,861 | ||||||||
Long-Lived Assets | 389,150 | 425,733 | 389,150 | 425,733 | 576,539 | ||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 559,649 | 615,974 | 602,582 | ||||||||
Long-Lived Assets | 224,151 | 314,456 | 224,151 | 314,456 | 319,706 | ||||||
Intersegment Elimination [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (65,319) | (66,711) | (60,651) | ||||||||
Long-Lived Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings (loss) from continuing operations | $ (39,394) | $ 17,213 | $ 11,584 | $ 15,499 | $ (96,981) | $ 20,183 | $ 10,517 | $ 18,135 | $ 4,902 | $ (48,146) | $ (138,257) | ||||||||
Cash dividends on Common Stock | $ 40,976 | $ 40,487 | $ 39,243 | ||||||||||||||||
Denominator for basic earnings per share for both Class A and Class B | 51,285 | 51,866 | 51,330 | ||||||||||||||||
Plus: Effect of dilutive stock options | 98 | 0 | 0 | ||||||||||||||||
Denominator for diluted earnings per share for both Class A and Class B | 51,383 | 51,866 | 51,330 | ||||||||||||||||
Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings (loss) from continuing operations | $ 4,902 | $ (48,238) | $ (138,495) | ||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ (0.77) | [1] | $ 0.34 | [1] | $ 0.23 | [1] | $ 0.30 | [1] | $ (1.89) | [1] | $ 0.39 | [1] | $ 0.20 | [1] | $ 0.35 | [1] | $ 0.10 | $ (0.93) | $ (2.70) |
Earnings (loss) from continuing operations, per diluted share | (0.77) | [1] | 0.33 | [1] | 0.23 | [1] | 0.30 | [1] | (1.89) | [1] | 0.39 | [1] | 0.20 | [1] | 0.35 | [1] | 0.10 | (0.93) | (2.70) |
(Loss) earnings from discontinued operations, per basic share | 0 | [1] | 0 | [1] | 0 | [1] | (0.03) | [1] | (0.26) | [1] | 0.08 | [1] | 0.11 | [1] | 0.11 | [1] | (0.04) | 0.04 | (0.32) |
(Loss) earnings from discontinued operations, per diluted share | $ 0 | [1] | $ 0 | [1] | $ 0 | [1] | $ (0.04) | [1] | $ (0.26) | [1] | $ 0.08 | [1] | $ 0.11 | [1] | $ 0.11 | [1] | (0.04) | 0.04 | (0.32) |
Net earnings (loss) per share, basic | 0.06 | (0.89) | (3.02) | ||||||||||||||||
Net earnings (loss) per share, diluted | $ 0.06 | $ (0.89) | $ (3.02) | ||||||||||||||||
Class B Voting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Earnings (loss) from continuing operations | $ 4,107 | $ (49,057) | $ (139,297) | ||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ 0.08 | $ (0.95) | $ (2.71) | ||||||||||||||||
Earnings (loss) from continuing operations, per diluted share | 0.08 | (0.95) | (2.71) | ||||||||||||||||
(Loss) earnings from discontinued operations, per basic share | (0.04) | 0.05 | (0.32) | ||||||||||||||||
(Loss) earnings from discontinued operations, per diluted share | (0.04) | 0.05 | (0.32) | ||||||||||||||||
Net earnings (loss) per share, basic | 0.04 | (0.90) | (3.03) | ||||||||||||||||
Net earnings (loss) per share, diluted | $ 0.04 | $ (0.90) | $ (3.03) | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Cash dividends on Common Stock | $ 0 | $ 92 | $ 238 | ||||||||||||||||
Preferential Dividends on Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Cash dividends on Common Stock | 794 | 813 | 797 | ||||||||||||||||
Preferential Dividends on Dilutive Shares [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Cash dividends on Common Stock | $ 1 | $ 6 | $ 5 | ||||||||||||||||
[1] | *** The sum of the quarters does not equal the year-to-date total for fiscal 2015 and fiscal 2014 due to the quarterly changes inweighted-average shares outstanding. |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) | 12 Months Ended |
Jul. 31, 2015shares | |
Earnings Per Share [Line Items] | |
Anti-dilutive shares excluded from computations of diluted earnings per share | 3,568,264 |
Commitments and Contingencies84
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 19,029 | $ 17,344 | $ 18,108 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 19,102 | ||
2,017 | 15,696 | ||
2,018 | 13,931 | ||
2,019 | 11,705 | ||
2,020 | 8,196 | ||
Thereafter | 22,247 | ||
Total future minimum payments due | $ 90,877 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 16,041 | $ 16,128 |
Total Liabilities | 1,280 | 389 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 15,356 | 15,962 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 15,356 | 15,962 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 685 | 166 |
Total Liabilities | 1,280 | 389 |
Fair Value, Inputs, Level 2 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 685 | 166 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 1,280 | $ 389 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 433,199 | $ 515,004 | $ 617,236 | |
Goodwill, Impairment Loss | 37,112 | 100,412 | ||
Other Intangible Assets, Net | 26,194 | |||
Other Intangible Assets, Estimated Fair Value | 19,543 | |||
Impairment of Other Intangible Assets (Excluding Goodwill) | 6,651 | |||
Property, Plant and Equipment, Net | 111,214 | 134,171 | ||
Loss on Write-Down of Assets Held for Sale | 0 | 0 | 15,658 | [1] |
WPS APAC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 26,246 | |||
WPS Americas [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 10,866 | 183,146 | ||
Goodwill, Estimated Fair Value | 10,866 | |||
Goodwill, Impairment Loss | 172,280 | |||
Indefinite-Lived Trade Names | 25,449 | |||
Indefinite Lived Tradenames, Estimated Fair Value | 14,881 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 10,568 | |||
Global PeopleID [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 193,689 | |||
Goodwill, Estimated Fair Value | 93,277 | |||
Goodwill, Impairment Loss | 100 | |||
Identification Solutions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 382,786 | 412,289 | 517,029 | |
Goodwill, Impairment Loss | 0 | 100,412 | ||
Impairment of Other Intangible Assets (Excluding Goodwill) | 48,139 | |||
Workplace Safety | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 50,413 | 102,715 | 100,207 | |
Goodwill, Impairment Loss | $ 37,112 | $ 0 | ||
IDS APAC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 18,225 | |||
Goodwill, Impairment Loss | 18,225 | |||
Property, Plant and Equipment, Net | 4,367 | |||
Property, Plant, and Equipment, Estimated Fair Value | $ 1,100 | |||
[1] | The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013. |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Restructuring Charges | |||
Restructuring charges | $ 16,821 | $ 15,012 | $ 26,046 |
Employee Severance | |||
Restructuring Charges | |||
Restructuring charges | 5,465 | 9,328 | 18,350 |
Facility Closing | |||
Restructuring Charges | |||
Restructuring charges | 5,209 | 4,374 | |
Contract Termination | |||
Restructuring Charges | |||
Restructuring charges | 1,979 | 1,043 | |
Asset Write Offs | |||
Restructuring Charges | |||
Restructuring charges | 4,168 | 267 | 4,125 |
Identification Solutions | |||
Restructuring Charges | |||
Restructuring charges | 12,104 | 9,013 | 15,870 |
Workplace Safety | |||
Restructuring Charges | |||
Restructuring charges | $ 4,717 | $ 5,999 | $ 10,176 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 4,995 | $ 14,206 | $ 9,075 |
Restructuring charges | 16,821 | 15,012 | 26,046 |
Restructuring Charges in Discontinued Operations | 241 | 6,989 | 4,549 |
Non-cash write-offs | (4,164) | (566) | (4,487) |
Cash payments | (14,377) | (30,646) | (20,977) |
Ending balance | 3,516 | 4,995 | 14,206 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3,389 | 11,475 | 8,809 |
Restructuring charges | 5,465 | 9,328 | 18,350 |
Restructuring Charges in Discontinued Operations | 0 | 6,615 | 2,811 |
Non-cash write-offs | 0 | 0 | 0 |
Cash payments | (7,696) | (24,029) | (18,495) |
Ending balance | 1,158 | 3,389 | 11,475 |
Asset Write Offs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Restructuring charges | 4,168 | 267 | 4,125 |
Restructuring Charges in Discontinued Operations | (4) | 299 | 362 |
Non-cash write-offs | (4,164) | (566) | (4,487) |
Cash payments | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Other Restructuring Cost | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1,606 | 2,731 | 266 |
Restructuring charges | 7,188 | 5,417 | 3,571 |
Restructuring Charges in Discontinued Operations | 245 | 75 | 1,376 |
Non-cash write-offs | 0 | 0 | 0 |
Cash payments | (6,681) | (6,617) | (2,482) |
Ending balance | $ 2,358 | $ 1,606 | $ 2,731 |
Derivatives and Hedging Activ89
Derivatives and Hedging Activities - Additional Information (Detail) € in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | |||||
Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Jul. 31, 2013USD ($) | Jul. 31, 2015GBP (£) | Jul. 31, 2014EUR (€) | May. 13, 2010EUR (€) | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative maturity | 18 months | |||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||||
Reclassification adjustment for (gains) losses included in net income | $ (1,325) | $ (147) | $ (578) | |||
Accumulated other comprehensive (loss) income | (45,034) | 64,156 | 56,063 | |||
Foreign Exchange Forward [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | $ 139,300 | 104,000 | ||||
Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative maturity | 18 months | |||||
Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | $ 33,223 | 0 | ||||
Not designated as hedging Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 1,705 | 1,147 | ||||
Derivative Liability, Fair Value, Gross Liability | 543 | 375 | ||||
Asset Derivatives | 168 | 166 | ||||
Designated as hedging instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 122,251 | 100,424 | ||||
Asset Derivatives | 518 | 0 | ||||
Designated as hedging instruments [Member] | Net Investment Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 0 | 5,300 | ||||
Foreign exchange contracts | (45) | (265) | ||||
Designated as hedging instruments [Member] | Net Investment Hedging [Member] | GBP-denominated interco debt [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net investment hedges to hedge portions of net investment | £ | £ 25,000 | |||||
Foreign exchange contracts | 889 | 2,271 | ||||
Designated as hedging instruments [Member] | Net Investment Hedging [Member] | EUR denominated unsecured debt [Domain] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net investment hedges to hedge portions of net investment | € | € 75,000 | |||||
Accumulated other comprehensive (loss) income | 12,512 | € (5,495) | ||||
Foreign exchange contracts | 18,008 | (660) | (7,470) | |||
Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Reclassification adjustment for (gains) losses included in net income | (1,325) | (147) | $ (578) | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | (297) | 21 | ||||
Other current liabilities [Member] | Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 543 | 375 | ||||
Prepaid expenses and other current assets [Member] | Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Asset Derivatives | 168 | 166 | ||||
Cash Flow Hedging [Member] | Other current liabilities [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 737 | 0 | ||||
Cash Flow Hedging [Member] | Prepaid expenses and other current assets [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Asset Derivatives | 518 | 0 | ||||
Net Investment Hedging [Member] | Other current liabilities [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 14 | ||||
Net Investment Hedging [Member] | Prepaid expenses and other current assets [Member] | Designated as hedging instruments [Member] | Foreign exchange contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Asset Derivatives | $ 0 | $ 0 |
Derivatives and Hedging Activ90
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 518 | $ 0 |
Liability Derivatives | 122,251 | 100,424 |
Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 168 | 166 |
Liability Derivatives | 543 | 375 |
Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 168 | 166 |
Other current liabilities [Member] | Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 543 | 375 |
Cash flow hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 518 | 0 |
Cash flow hedging [Member] | Other current liabilities [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 737 | 0 |
Net investment hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 0 | 0 |
Net investment hedging [Member] | Prepaid expenses and other current assets [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 0 | 0 |
Net investment hedging [Member] | Other current liabilities [Member] | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 0 | 14 |
Net investment hedging [Member] | Long term obligations less current maturities [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 121,514 | $ 100,410 |
Discontinued Operations Operati
Discontinued Operations Operating Results, Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | [7] | Jul. 31, 2014 | [7] | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||
Net sales (1) | $ 0 | [1] | $ 179,050 | $ 214,137 | ||||||||||||
(Loss) earnings from discontinued operations (2) | (1,201) | [2] | 6,715 | 4,083 | ||||||||||||
(Loss) on write-down of disposal group (3) | 0 | 0 | (15,658) | [3] | ||||||||||||
Income tax expense (4) | (288) | (3,299) | (4,703) | [4] | ||||||||||||
Loss on sale of discontinued operations (5) | (487) | [5] | (1,602) | [5] | 0 | |||||||||||
Income tax benefit on sale of discontinued operations (6) | 61 | 364 | [6] | 0 | ||||||||||||
Earnings (loss) from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (1,915) | $ (13,428) | $ 3,904 | $ 5,907 | $ 5,795 | (1,915) | $ 2,178 | $ (16,278) | |||||
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract] | ||||||||||||||||
Discontinued Operations, Accumulated Other Comprehensive Income Reclassified to Earnings | $ 34,697 | |||||||||||||||
[1] | The second and final phase of the Die-Cut divestiture closed on August 1, 2014. Thus, there were no sales from discontinued operations in fiscal 2015. | |||||||||||||||
[2] | (2)The loss from discontinued operations in fiscal 2015 primarily related to professional fees and restructuring charges associated with the divestiture. | |||||||||||||||
[3] | The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013. | |||||||||||||||
[4] | Fiscal 2013 income tax expense was significantly impacted by the fiscal 2013 losses in China and Sweden, which had no tax benefit, and the increase in valuation allowance related to Shenzhen, China. | |||||||||||||||
[5] | The first phase of the Die-Cut divestiture was completed in the fourth quarter of fiscal 2014. A loss on the sale was recorded in the three months ended July 31, 2014 and includes $3.9 million in liabilities retained as part of the divestiture agreement. The second and final closing of the Die-Cut divestiture was completed in the first quarter of fiscal 2015 and an additional loss on the sale was recorded in the three months ended October 31, 2014. | |||||||||||||||
[6] | The income tax benefit on the sale of discontinued operations in fiscal 2014 was significantly impacted by the release of a reserve for uncertain tax positions of $4.0 million, which was triggered as a result of the Thailand stock sale during the three months ended July 31, 2014. This was offset by $3.6 million in tax expense related to the gain on the sale of the Balkhausen assets. The Thailand stock sale and the Balkhausen asset sale were included in the first phase of the Die-Cut divestiture. | |||||||||||||||
[7] | ** In fiscal 2015, the loss from discontinued operations included a net loss on operations of $1,489 primarily related to professional fees associated with the divestiture and a $426 net loss on the sale of Die-Cut, recorded in the first quarter ended October 31, 2014. In the fourth quarter of fiscal 2014, the Company incurred restructuring charges of $6,989 and a net loss on the sale of the Die Cut business of $1,238 in discontinued operations |
Unaudited Quarterly Financial92
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |||||||||
Net sales | $ 288,636 | $ 290,227 | $ 282,628 | $ 310,240 | $ 316,733 | $ 309,577 | $ 291,194 | $ 307,530 | $ 1,171,731 | $ 1,225,034 | $ 1,157,792 | ||||||||
Gross margin | 129,069 | 140,999 | 138,203 | 150,161 | 154,061 | 155,120 | 142,536 | 157,847 | 558,432 | 609,564 | 609,348 | ||||||||
Operating income (loss) | (32,763) | [1] | 24,285 | [1] | 16,811 | [1] | 26,973 | [1] | (116,013) | [1] | 26,767 | [1] | 18,346 | [1] | 29,689 | [1] | 35,306 | (41,211) | (82,556) |
Earnings (loss) from continuing operations | (39,394) | 17,213 | 11,584 | 15,499 | (96,981) | 20,183 | 10,517 | 18,135 | 4,902 | (48,146) | (138,257) | ||||||||
(Loss) earnings from discontinued operations, net of income taxes | $ 0 | $ 0 | $ 0 | $ (1,915) | [2] | $ (13,428) | [2] | $ 3,904 | $ 5,907 | $ 5,795 | (1,915) | 2,178 | (16,278) | ||||||
Class A Nonvoting Common Stock [Member] | |||||||||||||||||||
Earnings (loss) from continuing operations | $ 4,902 | $ (48,238) | $ (138,495) | ||||||||||||||||
Net earnings (loss) from continuing operations per Class A Common Share: | |||||||||||||||||||
Earnings (loss) from continuing operations, per basic share | $ (0.77) | [3] | $ 0.34 | [3] | $ 0.23 | [3] | $ 0.30 | [3] | $ (1.89) | [3] | $ 0.39 | [3] | $ 0.20 | [3] | $ 0.35 | [3] | $ 0.10 | $ (0.93) | $ (2.70) |
Diluted (loss) earnings from continuing operations per Class A Common Share, as reported | (0.77) | [3] | 0.33 | [3] | 0.23 | [3] | 0.30 | [3] | (1.89) | [3] | 0.39 | [3] | 0.20 | [3] | 0.35 | [3] | 0.10 | (0.93) | (2.70) |
Earnings (loss) from discontinued operations per Class A Common Share: | |||||||||||||||||||
Basic (in dollars per share) | 0 | [3] | 0 | [3] | 0 | [3] | (0.03) | [3] | (0.26) | [3] | 0.08 | [3] | 0.11 | [3] | 0.11 | [3] | (0.04) | 0.04 | (0.32) |
Diluted (in dollars per share) | $ 0 | [3] | $ 0 | [3] | $ 0 | [3] | $ (0.04) | [3] | $ (0.26) | [3] | $ 0.08 | [3] | $ 0.11 | [3] | $ 0.11 | [3] | $ (0.04) | $ 0.04 | $ (0.32) |
[1] | * In fiscal 2015, the Company recorded before tax impairment charges of $46,867 in the fourth quarter ended July 31, 2015 and before tax restructuring charges of $4,278, $4,879, $4,834 and $2,830 in the first, second, third, and fourth quarters of fiscal 2015, respectively, for a total of $16,821. In fiscal 2014, the Company recorded before tax impairment charges of $148,551 in the fourth quarter ended July 31, 2014 and before tax restructuring charges of $6,840, $4,324, $3,039, and $809 in the first, second, third and fourth quarters of fiscal 2014, respectively, for a total of $15,012. | ||||||||||||||||||
[2] | ** In fiscal 2015, the loss from discontinued operations included a net loss on operations of $1,489 primarily related to professional fees associated with the divestiture and a $426 net loss on the sale of Die-Cut, recorded in the first quarter ended October 31, 2014. In the fourth quarter of fiscal 2014, the Company incurred restructuring charges of $6,989 and a net loss on the sale of the Die Cut business of $1,238 in discontinued operations | ||||||||||||||||||
[3] | *** The sum of the quarters does not equal the year-to-date total for fiscal 2015 and fiscal 2014 due to the quarterly changes inweighted-average shares outstanding. |
Schedule II Valuation of Qual93
Schedule II Valuation of Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | $ 3,069 | $ 5,093 | $ 6,005 |
Additions — Charged to expense | 1,954 | 779 | 1,018 |
Due to acquired businesses | 0 | 0 | 531 |
Reclassified to continuing operations | 0 | 31 | 0 |
Deductions - written off | (1,438) | (2,834) | (1,429) |
Deductions — Reclassified to discontinued operations | 0 | 0 | (1,032) |
Balances at end of period | 3,585 | 3,069 | 5,093 |
Inventory Valuation Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 12,259 | 11,317 | 11,316 |
Additions — Charged to expense | 3,017 | 3,100 | 2,629 |
Due to acquired businesses | 0 | 0 | 2,887 |
Reclassified to continuing operations | 0 | 461 | 0 |
Deductions - written off | (2,007) | (2,619) | (1,811) |
Deductions — Reclassified to discontinued operations | 0 | 0 | (3,704) |
Balances at end of period | 13,269 | 12,259 | 11,317 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at beginning of period | 37,409 | 37,142 | 25,847 |
Additions — Charged to expense | 8,111 | 10,182 | 10,853 |
Due to acquired businesses | 0 | 0 | 983 |
Deductions - written off | (5,598) | (9,915) | (541) |
Balances at end of period | $ 39,922 | $ 37,409 | $ 37,142 |