Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 31, 2016 | Feb. 18, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Class A nonvoting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 46,697,146 | |
Class B voting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2016 | Jul. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 120,198 | $ 114,492 |
Accounts receivable—net | 150,615 | 157,386 |
Inventories: | ||
Finished products | 62,127 | 66,700 |
Work-in-process | 15,445 | 16,958 |
Raw materials and supplies | 21,681 | 20,849 |
Total inventories | 99,253 | 104,507 |
Prepaid expenses and other current assets | 35,843 | 32,197 |
Total current assets | 405,909 | 408,582 |
Other assets: | ||
Goodwill | 427,460 | 433,199 |
Other intangible assets | 63,630 | 68,888 |
Deferred income taxes | 16,333 | 22,310 |
Other | 16,497 | 18,704 |
Property, plant and equipment, cost: | ||
Land | 5,012 | 5,284 |
Buildings and improvements | 92,672 | 94,423 |
Machinery and equipment | 258,044 | 270,086 |
Construction in progress | 2,577 | 2,164 |
Property, plant and equipment, gross | 358,305 | 371,957 |
Less accumulated depreciation | 256,849 | 260,743 |
Property, plant and equipment—net | 101,456 | 111,214 |
Total | 1,031,285 | 1,062,897 |
Current liabilities: | ||
Notes payable | 4,974 | 10,411 |
Accounts payable | 66,189 | 73,020 |
Wages and amounts withheld from employees | 33,767 | 30,282 |
Taxes, other than income taxes | 6,682 | 7,250 |
Accrued income taxes | 5,091 | 7,576 |
Other current liabilities | 40,429 | 38,194 |
Current maturities on long-term debt | 0 | 42,514 |
Total current liabilities | 157,132 | 209,247 |
Long-term obligations, less current maturities | 247,689 | 200,774 |
Other liabilities | 63,976 | 65,188 |
Total liabilities | 468,797 | 475,209 |
Stockholders’ investment: | ||
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 46,705,559 and 47,781,184 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 314,905 | 314,403 |
Earnings retained in the business | 427,637 | 414,069 |
Treasury stock—4,555,928 and 3,480,303 shares, respectively of Class A nonvoting common stock, at cost | (114,547) | (93,234) |
Accumulated other comprehensive loss | (62,355) | (45,034) |
Other | (3,700) | (3,064) |
Total stockholders’ investment | 562,488 | 587,688 |
Total | $ 1,031,285 | $ 1,062,897 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jan. 31, 2016 | Jul. 31, 2015 |
Class A nonvoting common stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 46,705,559 | 47,781,184 |
Treasury stock, shares | 4,555,928 | 3,480,303 |
Class B voting common stock | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Net sales | $ 268,630 | $ 282,628 | $ 551,703 | $ 592,868 |
Cost of products sold | 135,738 | 144,425 | 279,462 | 304,503 |
Gross margin | 132,892 | 138,203 | 272,241 | 288,365 |
Operating expenses: | ||||
Research and development | 9,097 | 8,948 | 17,666 | 18,579 |
Selling, general and administrative | 100,206 | 107,565 | 200,884 | 216,846 |
Restructuring charges | 0 | 4,879 | 0 | 9,157 |
Total operating expenses | 109,303 | 121,392 | 218,550 | 244,582 |
Operating income | 23,589 | 16,811 | 53,691 | 43,783 |
Other (expense) income: | ||||
Investment and other (expense) income | (992) | 211 | (1,751) | 535 |
Interest expense | (2,130) | (3,000) | (4,281) | (5,891) |
Earnings from continuing operations before income taxes | 20,467 | 14,022 | 47,659 | 38,427 |
Income tax expense | 5,177 | 2,438 | 13,666 | 11,344 |
Earnings from continuing operations | 15,290 | 11,584 | 33,993 | 27,083 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | (1,915) |
Net earnings | $ 15,290 | $ 11,584 | $ 33,993 | $ 25,168 |
Weighted average common shares outstanding (in thousands): | ||||
Weighted average common shares outstanding, basic (in thousands): | 50,527 | 51,272 | 50,778 | 51,262 |
Weighted average common shares outstanding, diluted (in thousands): | 50,647 | 51,348 | 50,868 | 51,330 |
Class A nonvoting common stock | ||||
Earnings Per Share | ||||
Earnings from continuing operations per basic share | $ 0.30 | $ 0.23 | $ 0.67 | $ 0.53 |
Earnings from continuing operations per diluted share | 0.30 | 0.23 | 0.67 | 0.53 |
Earnings (loss) from discontinued operations per basic share | 0 | 0 | 0 | (0.04) |
Earnings (loss) from discontinued operations per diluted share | 0 | 0 | 0 | (0.04) |
Net earnings per share, basic | 0.30 | 0.23 | 0.67 | 0.49 |
Net earnings per share, diluted | 0.30 | 0.23 | 0.67 | 0.49 |
Dividends | $ 0.20 | $ 0.20 | $ 0.41 | $ 0.40 |
Class B voting common stock | ||||
Other (expense) income: | ||||
Earnings from continuing operations | $ 15,290 | $ 11,584 | $ 33,209 | $ 26,288 |
Earnings Per Share | ||||
Earnings from continuing operations per basic share | $ 0.30 | $ 0.23 | $ 0.65 | $ 0.51 |
Earnings from continuing operations per diluted share | 0.30 | 0.23 | 0.65 | 0.51 |
Earnings (loss) from discontinued operations per basic share | 0 | 0 | 0 | (0.03) |
Earnings (loss) from discontinued operations per diluted share | 0 | 0 | 0 | (0.04) |
Net earnings per share, basic | 0.30 | 0.23 | 0.65 | 0.48 |
Net earnings per share, diluted | 0.30 | 0.23 | 0.65 | 0.47 |
Dividends | $ 0.20 | $ 0.20 | $ 0.39 | $ 0.38 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 15,290 | $ 11,584 | $ 33,993 | $ 25,168 |
Foreign currency translation adjustments: | ||||
Net loss recognized in other comprehensive loss | (7,463) | (46,816) | (13,946) | (71,120) |
Reclassification adjustment for gains included in net earnings | 0 | 0 | 0 | (34,697) |
Total foreign currency translation adjustments | (7,463) | (46,816) | (13,946) | (105,817) |
Net investment hedge translation adjustments | 2,671 | 12,276 | 3,542 | 20,427 |
Long-term intercompany loan translation adjustments: | ||||
Net (loss) gain recognized in other comprehensive loss | (2,396) | 2,232 | (3,820) | 882 |
Reclassification adjustment for gains included in net earnings | 0 | 0 | 0 | (393) |
Total intercompany loan translation adjustments | (2,396) | 2,232 | (3,820) | 489 |
Cash flow hedges: | ||||
Net (loss) gain recognized in other comprehensive loss | (302) | 1,239 | (562) | 1,841 |
Reclassification adjustment for gains included in net earnings | 115 | (116) | (342) | (95) |
Total cash flow hedges | (187) | 1,123 | (904) | 1,746 |
Pension and other post-retirement benefits: | ||||
Actuarial gain amortization | (161) | (214) | (323) | (428) |
Prior service credit amortization | (414) | (81) | (1,035) | (162) |
Total pension and other post-retirement benefits | (575) | (295) | (1,358) | (590) |
Other comprehensive loss, before tax | (7,950) | (31,480) | (16,486) | (83,745) |
Income tax (expense) benefit related to items of other comprehensive income | (979) | (4,654) | (835) | (7,980) |
Other comprehensive loss, net of tax | (8,929) | (36,134) | (17,321) | (91,725) |
Comprehensive income (loss) | $ 6,361 | $ (24,550) | $ 16,672 | $ (66,557) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Operating activities: | ||
Net earnings | $ 33,993 | $ 25,168 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,502 | 20,066 |
Non-cash portion of stock-based compensation expense | 4,569 | 2,471 |
Non-cash portion of restructuring charges | 0 | 896 |
Loss on sale of business, net | 0 | 426 |
Deferred income taxes | 3,338 | (781) |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||
Accounts receivable | 3,204 | 10,918 |
Inventories | 3,403 | (10,840) |
Prepaid expenses and other assets | (3,811) | (3,053) |
Accounts payable and other liabilities | (1,618) | (15,423) |
Income taxes | (2,326) | (5,918) |
Net cash provided by operating activities | 58,254 | 23,930 |
Investing activities: | ||
Purchases of property, plant and equipment | (3,928) | (17,808) |
Sale of business, net of cash retained | 0 | 6,111 |
Other | 2,521 | 4,173 |
Net cash used in investing activities | (1,407) | (7,524) |
Financing activities: | ||
Payments of Dividends | (20,425) | (20,449) |
Proceeds from issuance of common stock | 53 | 847 |
Payments for Repurchase of Common Stock | (23,397) | 0 |
Proceeds from (Repayments of) Lines of Credit | (437) | 29,428 |
Payments of Financing Costs | (803) | 0 |
Income tax on equity-based compensation, and other | (1,299) | (3,830) |
Net cash (used in) provided by financing activities | (46,308) | 5,996 |
Effect of exchange rate changes on cash | (4,833) | (10,937) |
Net increase in cash and cash equivalents | 5,706 | 11,465 |
Cash and cash equivalents, beginning of period | 114,492 | 81,834 |
Cash and cash equivalents, end of period | $ 120,198 | $ 93,299 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Basis of Presentation | NOTE A — Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Brady Corporation and subsidiaries (the "Company," "Brady," "we," or "our") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of January 31, 2016 and July 31, 2015 , its results of operations and comprehensive income (loss) for the three and six months ended January 31, 2016 and 2015 , and cash flows for the six months ended January 31, 2016 and 2015 . The consolidated balance sheet as of July 31, 2015 has been derived from the audited consolidated financial statements of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentation. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K for the year ended July 31, 2015 . The results of operations of the Company's Die-Cut business have been reported as discontinued operations within the condensed consolidated statements of earnings for the six months ended January 31, 2015 . A portion of the Die-Cut business was divested in fiscal 2014 and the remainder was divested in the first quarter of fiscal 2015. In accordance with the authoritative literature, the Company has elected to not separately disclose the cash flows or other comprehensive income related to discontinued operations. Refer to Note I, "Discontinued Operations" for further discussion regarding the business. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended January 31, 2016 , were as follows: IDS WPS Total Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 Translation adjustments (2,772 ) (2,967 ) $ (5,739 ) Balance as of January 31, 2016 $ 380,014 $ 47,446 $ 427,460 Goodwill at January 31, 2016 and July 31, 2015 included $118,637 and $209,392 of accumulated impairment losses within the Identification Solutions ("IDS") and Workplace Safety ("WPS") segments, respectively, for a total of $328,029 . There were no impairment charges recorded during the six months ended January 31, 2016 . Other intangible assets include patents, trademarks, 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 Company also has unamortized indefinite-lived trademarks that are classified as other intangible assets. The net book value of these assets was as follows: January 31, 2016 July 31, 2015 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 $ 12,147 $ (10,851 ) $ 1,296 5 $ 12,073 $ (10,641 ) $ 1,432 Trademarks and other 5 14,270 (13,668 ) 602 5 14,375 (12,471 ) 1,904 Customer relationships 7 135,283 (96,784 ) 38,499 7 136,693 (94,537 ) 42,156 Non-compete agreements and other 4 8,922 (8,903 ) 19 4 9,076 (9,032 ) 44 Unamortized other intangible assets: Trademarks N/A 23,214 — 23,214 N/A 23,352 — 23,352 Total $ 193,836 $ (130,206 ) $ 63,630 $ 195,569 $ (126,681 ) $ 68,888 The decrease in the gross carrying amount of other intangible assets as of January 31, 2016 compared to July 31, 2015 was due to the effect of currency fluctuations during the six month period. The gross carrying amount of goodwill and other intangible assets in the condensed consolidated balance sheet at January 31, 2016 differs from the value assigned to them in the original allocation of purchase price due to impairments and the effect of currency fluctuations between the date of acquisition and January 31, 2016 . Amortization expense on intangible assets was $2,595 and $ 2,982 for the three months ended January 31, 2016 and 2015 , respectively, and $5,228 and $6,351 for the six months ended January 31, 2016 and 2015 , respectively. The amortization over each of the next five fiscal years is projected to be $ 8,794 , $ 7,117 , $ 6,442 , $ 6,166 and $ 5,640 for the fiscal years ending July 31, 2016 , 2017 , 2018 , 2019 and 2020 , respectively. |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income, Tax (Notes) | 6 Months Ended |
Jan. 31, 2016 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE C — Other Comprehensive Loss Other comprehensive loss 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, net of tax, for the six months ended January 31, 2016 : Unrealized (loss) gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive loss before reclassification (141 ) — (15,613 ) (15,754 ) Amounts reclassified from accumulated other comprehensive loss (209 ) (1,358 ) — (1,567 ) Ending balance, January 31, 2016 $ (341 ) $ 2,080 $ (64,094 ) $ (62,355 ) The increase in accumulated other comprehensive loss as of January 31, 2016 compared to July 31, 2015 was primarily due to the appreciation of the U.S. dollar against other currencies during the six month period. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, foreign currency translation on intercompany notes, and the settlements of net investment hedges, net of tax. Of the total $1,567 in amounts reclassified from accumulated other comprehensive loss, the $209 gain on cash flow hedges was reclassified into cost of products sold, and the $1,358 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the condensed consolidated statement of earnings for the six months ended January 31, 2016 . The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended January 31, 2015 were as follows: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive income (loss) Beginning balance, July 31, 2014 $ (12 ) $ 4,854 $ 59,314 $ 64,156 Other comprehensive income (loss) before reclassification 1,218 — (57,598 ) (56,380 ) Amounts reclassified from accumulated other comprehensive income (loss) (58 ) (590 ) (34,697 ) (35,345 ) Ending balance, January 31, 2015 $ 1,148 $ 4,264 $ (32,981 ) $ (27,569 ) The decrease in accumulated other comprehensive income (loss) as of January 31, 2015 compared to July 31, 2014 was primarily due the appreciation of the U.S. dollar against other currencies during the six month period. The decrease was also attributable to 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 the impact of foreign currency translation, foreign currency translation on intercompany notes, and the settlements of net investment hedges, net of tax. Of the total $35,345 in amounts reclassified from accumulated other comprehensive income, the $34,697 gain was reclassified to the net loss on the sale of the Die-Cut business, the $58 gain on cash flow hedges was reclassified into cost of products sold, and the $590 gain on post-retirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the six months ended January 31, 2015 . The following table illustrates the income tax expense on the components of other comprehensive loss for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (1,042 ) $ (4,788 ) $ (1,381 ) $ (7,967 ) Long-term intercompany loan settlements — 501 — 550 Cash flow hedges 56 (394 ) 554 (597 ) Other income tax adjustments and currency translation 7 27 (8 ) 34 Income tax expense related to items of other comprehensive loss $ (979 ) $ (4,654 ) $ (835 ) $ (7,980 ) |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Earnings per Common Share Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows: Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Numerator: (in thousands) Earnings from continuing operations $ 15,290 $ 11,584 $ 33,993 $ 27,083 Less: Preferential dividends — — (783 ) (794 ) Preferential dividends on dilutive stock options — — (1 ) (1 ) Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share $ 15,290 $ 11,584 $ 33,209 $ 26,288 Denominator: (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 50,527 51,272 50,778 51,262 Plus: Effect of dilutive stock options 120 76 90 68 Denominator for diluted earnings from continuing operations per share for both Class A and Class B 50,647 51,348 50,868 51,330 Earnings from continuing operations per Class A Nonvoting Common Share: Basic $ 0.30 $ 0.23 $ 0.67 $ 0.53 Diluted $ 0.30 $ 0.23 $ 0.67 $ 0.53 Earnings from continuing operations per Class B Voting Common Share: Basic $ 0.30 $ 0.23 $ 0.65 $ 0.51 Diluted $ 0.30 $ 0.23 $ 0.65 $ 0.51 Loss from discontinued operations per Class A Nonvoting Common Share: Basic $ — $ — $ — $ (0.04 ) Diluted $ — $ — $ — $ (0.04 ) Loss from discontinued operations per Class B Voting Common Share: Basic $ — $ — $ — $ (0.03 ) Diluted $ — $ — $ — $ (0.04 ) Net earnings per Class A Nonvoting Common Share: Basic $ 0.30 $ 0.23 $ 0.67 $ 0.49 Diluted $ 0.30 $ 0.23 $ 0.67 $ 0.49 Net earnings per Class B Voting Common Share: Basic $ 0.30 $ 0.23 $ 0.65 $ 0.48 Diluted $ 0.30 $ 0.23 $ 0.65 $ 0.47 Options to purchase approximately 3,923,000 and 3,860,000 shares of Class A Nonvoting Common Stock for the three months ended January 31, 2016 and 2015 , respectively, and 4,048,000 and 3,878,000 shares for the six months ended January 31, 2016 and 2015 , respectively, were not included in the computation of diluted net earnings or loss per share because the option exercise price was greater than the average market price of the common shares and, therefore, the effect would have been anti-dilutive. |
Segment Information
Segment Information | 6 Months Ended |
Jan. 31, 2016 | |
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 People Identification ("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 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 following is a summary of segment information for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Sales to External Customers ID Solutions $ 184,880 $ 192,065 $ 381,207 $ 404,162 Workplace Safety 83,750 90,563 170,496 188,706 Total Company $ 268,630 $ 282,628 $ 551,703 $ 592,868 Segment Profit ID Solutions $ 37,004 $ 35,719 $ 77,008 $ 79,186 Workplace Safety 13,395 12,776 30,059 28,315 Total Company $ 50,399 $ 48,495 $ 107,067 $ 107,501 The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Total profit from reportable segments $ 50,399 $ 48,495 $ 107,067 $ 107,501 Unallocated amounts: Administrative costs (26,810 ) (26,805 ) (53,376 ) (54,561 ) Restructuring charges — (4,879 ) — (9,157 ) Investment and other (expense) income (992 ) 211 (1,751 ) 535 Interest expense (2,130 ) (3,000 ) (4,281 ) (5,891 ) Earnings from continuing operations before income taxes $ 20,467 $ 14,022 $ 47,659 $ 38,427 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Stock-Based Compensation | 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 units ("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 and generally vest over a three-year service 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” stock options, generally expire 10 years from the date of grant. 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 RSUs granted under the plan generally vest over a three-year service period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Shares issued under the plan are referred to herein as "service-based" RSUs. As of January 31, 2016 , the Company has reserved 4,741,300 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares and 2,295,113 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs, and restricted and unrestricted shares under the active plan. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under the plan. 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. Total stock-based compensation expense recognized by the Company during the three months ended January 31, 2016 and 2015 , was $1,973 ( $1,223 net of taxes) and $1,152 ( $714 net of taxes), respectively. Expense recognized during the six months ended January 31, 2016 and 2015 , was $4,569 ( $2,833 net of taxes) and $2,471 ( $1,532 net of taxes), respectively. As of January 31, 2016 , total unrecognized compensation cost related to stock-based compensation awards was $19,136 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.8 years. The Company has estimated the fair value of its service-based stock option awards granted during the six months ended January 31, 2016 and 2015 , using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Six months ended January 31, Black-Scholes Option Valuation Assumptions 2016 2015 Expected term (in years) 6.11 6.05 Expected volatility 29.95 % 34.03 % Expected dividend yield 2.59 % 2.48 % Risk-free interest rate 1.64 % 1.91 % Weighted-average market value of underlying stock at grant date $ 20.02 $ 22.70 Weighted-average exercise price $ 20.02 $ 22.70 Weighted-average fair value of options granted during the period $ 4.58 $ 6.11 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. A summary of stock option activity under the Company’s share-based compensation plans for the six months ended January 31, 2016 is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2015 3,500,951 $ 29.64 New grants 881,744 20.02 Exercised (2,454) 21.73 Forfeited or expired (375,756) 32.20 Outstanding at January 31, 2016 4,004,485 $ 27.28 6.0 $ 1,898,393 Exercisable at January 31, 2016 2,723,184 $ 30.00 4.5 $ 183,307 There were 2,723,184 and 3,131,418 options exercisable with a weighted average exercise price of $30.00 and $30.97 at January 31, 2016 and 2015 , respectively. The cash received from the exercise of options during the three months ended January 31, 2016 and 2015 was $53 and $756 , respectively. The cash received from the exercise of options during the six months ended January 31, 2016 and 2015 was $53 and $847 , respectively. The tax benefit on options exercised during the three months ended January 31, 2016 and 2015 was $3 and $41 , respectively. The tax benefit on options exercised during the six months ended January 31, 2016 and 2015 was $3 and $44 , respectively. The total intrinsic value of options exercised during the six months ended January 31, 2016 and 2015 , based upon the average market price at the time of exercise during the period, was $7 and $115 , respectively. The total fair value of stock options vested during the six months ended January 31, 2016 and 2015 , was $3,131 and $3,841 , respectively. The following table summarizes the RSU activity under the Company's share-based compensation plans for the six months ended January 31, 2016 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2015 677,454 $ 24.72 New grants 173,394 20.07 Vested (72,164 ) 25.12 Forfeited (41,869 ) 24.12 Outstanding at January 31, 2016 736,815 $ 23.62 The service-based RSUs granted during the six months ended January 31, 2015 had a weighted-average grant date fair value of $ 23.57 . The aggregate intrinsic value of unvested RSUs expected to vest at January 31, 2016 was $16,534 . The total fair value of RSUs vested during the six months ended January 31, 2016 and 2015 , was $ 1,471 and $ 805 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Fair Value Measurements | Fair Value Measurements In accordance with fair value accounting guidance, 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 our financial assets and liabilities that were accounted for at fair value on a recurring basis at January 31, 2016 and July 31, 2015 , 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 January 31, 2016 Trading securities $ 12,980 $ — $ 12,980 Other assets Foreign exchange contracts — 1,008 1,008 Prepaid expenses and other current assets Total Assets $ 12,980 $ 1,008 $ 13,988 Foreign exchange contracts $ — $ 1,212 $ 1,212 Other current liabilities Total Liabilities $ — $ 1,212 $ 1,212 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 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 H, “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 six months ended January 31, 2016 and 2015 . In addition, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the six months ended January 31, 2016 . 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 their original recognition. 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. The Company’s financial instruments, other than those presented in the disclosures above, include cash and cash equivalents, accounts receivable, notes payable, accounts payable, and other liabilities. The fair values of these financial instruments approximated carrying values because of their short-term nature. The estimated fair value of the Company’s short-term and long-term debt obligations, excluding notes payable, based on the quoted market prices for similar issues and on the current rates offered for debt of similar maturities was $255,450 and $252,254 at January 31, 2016 and July 31, 2015 , respectively, as compared to the carrying value of $247,689 and $243,288 at January 31, 2016 and July 31, 2015 , respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jan. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate 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 currency contracts. As of January 31, 2016 and July 31, 2015 , the notional amount of outstanding forward exchange contracts was $ 104,759 and $139,300 , respectively. The Company hedges a portion of known exposures using forward exchange contracts. Main exposures are related to transactions denominated in the British Pound, the Euro, Canadian Dollar, Australian Dollar, Mexican Peso, 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 foreign exchange contracts as cash flow hedges and recorded these contracts at fair value on the condensed consolidated balance sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of January 31, 2016 and 2015 , unrealized losses of $608 and unrealized gains of $1,724 have been included in OCI, respectively. Balances are reclassified from OCI to earnings when the hedged transactions impact earnings. For the three months ended January 31, 2016 and 2015 , the Company reclassified losses of $115 and gains of $116 from OCI into earnings, respectively. For the six months ended January 31, 2016 and 2015 , the Company reclassified gains of $342 and $95 from OCI into earnings, respectively. At January 31, 2016 , the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 16,616 , including contracts to sell Euros, Canadian Dollars, Australian Dollars, and U.S. Dollars. Net Investment Hedges The Company has also designated intercompany and third party foreign currency denominated debt instruments as net investment hedges. At January 31, 2016 , the Company designated £ 25,036 of intercompany loans as net investment hedges to hedge portions of its net investment in British foreign operations. On May 13, 2010, the Company completed the private placement of €75 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 operations. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices. Non-Designated Hedges For the three and six months ended January 31, 2016 , the Company recognized losses of $ 100 and $513 respectively, in “Investment and other income” on the condensed consolidated statements of earnings related to non-designated hedges. For the three and six months ended January 31, 2015 , the Company recognized losses of $1,173 and gains of $2,050 , respectively. Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives January 31, 2016 July 31, 2015 January 31, 2016 July 31, 2015 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 $ 525 Prepaid expenses and other current assets $ 518 Other current liabilities $ 1,108 Other current liabilities $ 737 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations, less current maturities 117,972 Long term obligations, less current maturities 121,514 Total derivatives designated as hedging instruments $ 525 $ 518 $ 119,080 $ 122,251 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 1,008 Prepaid expenses and other current assets $ 168 Other current liabilities $ 1,212 Other current liabilities $ 543 Total derivatives not designated as hedging instruments $ 1,008 $ 168 $ 1,212 $ 543 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations | 6 Months Ended |
Jan. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 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. The operating results have been reported as discontinued operations for the three and six month periods ended January 31, 2015 . The following table summarizes the operating results of discontinued operations for the six months ended January 31, 2015 : Six months ended January 31, 2015 Net sales $ — Loss from operations of discontinued businesses (1,201 ) Income tax expense (288 ) Loss on sale of discontinued operations (487 ) Income tax benefit on sale of discontinued operations 61 Loss from discontinued operations, net of income tax $ (1,915 ) There were no assets or liabilities held for sale as of January 31, 2016 and July 31, 2015 , respectively. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the Condensed Consolidated Statements of Earnings upon the closing of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE K — Subsequent Events On February 16, 2016, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.2025 per share payable on April 29, 2016, to shareholders of record at the close of business on April 8, 2016. On February 16, 2016, the Company's Board of Directors also authorized an increase in the Company’s share repurchase program, authorizing the repurchase of up to two million shares of the Company’s Class A Common Stock available for repurchase as of that date, inclusive of the shares in the existing share buyback 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 compensation plans and for other corporate purposes. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 6 Months Ended |
Jan. 31, 2016 | |
Entity Information [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires companies to classify deferred tax assets and liabilities as non-current on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The ASU may be applied either prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. 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 annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of the ASU is 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 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 principles-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. The Company is currently evaluating the impact of this update on its consolidated financial statements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the six months ended January 31, 2016 , were as follows: IDS WPS Total Balance as of July 31, 2015 $ 382,786 $ 50,413 $ 433,199 Translation adjustments (2,772 ) (2,967 ) $ (5,739 ) Balance as of January 31, 2016 $ 380,014 $ 47,446 $ 427,460 |
Other Intangible Assets | The net book value of these assets was as follows: January 31, 2016 July 31, 2015 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 $ 12,147 $ (10,851 ) $ 1,296 5 $ 12,073 $ (10,641 ) $ 1,432 Trademarks and other 5 14,270 (13,668 ) 602 5 14,375 (12,471 ) 1,904 Customer relationships 7 135,283 (96,784 ) 38,499 7 136,693 (94,537 ) 42,156 Non-compete agreements and other 4 8,922 (8,903 ) 19 4 9,076 (9,032 ) 44 Unamortized other intangible assets: Trademarks N/A 23,214 — 23,214 N/A 23,352 — 23,352 Total $ 193,836 $ (130,206 ) $ 63,630 $ 195,569 $ (126,681 ) $ 68,888 |
Other Comprehensive Income Ot19
Other Comprehensive Income Other Comprehensive Income, Tax (Tables) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Other Comprehensive Income (Loss), Tax [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, net of tax, for the six months ended January 31, 2016 : Unrealized (loss) gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2015 $ 9 $ 3,438 $ (48,481 ) $ (45,034 ) Other comprehensive loss before reclassification (141 ) — (15,613 ) (15,754 ) Amounts reclassified from accumulated other comprehensive loss (209 ) (1,358 ) — (1,567 ) Ending balance, January 31, 2016 $ (341 ) $ 2,080 $ (64,094 ) $ (62,355 ) | The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended January 31, 2015 were as follows: Unrealized gain (loss) on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive income (loss) Beginning balance, July 31, 2014 $ (12 ) $ 4,854 $ 59,314 $ 64,156 Other comprehensive income (loss) before reclassification 1,218 — (57,598 ) (56,380 ) Amounts reclassified from accumulated other comprehensive income (loss) (58 ) (590 ) (34,697 ) (35,345 ) Ending balance, January 31, 2015 $ 1,148 $ 4,264 $ (32,981 ) $ (27,569 ) |
Other Comprehensive Income , Tax [Table Text Block] | The following table illustrates the income tax expense on the components of other comprehensive loss for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (1,042 ) $ (4,788 ) $ (1,381 ) $ (7,967 ) Long-term intercompany loan settlements — 501 — 550 Cash flow hedges 56 (394 ) 554 (597 ) Other income tax adjustments and currency translation 7 27 (8 ) 34 Income tax expense related to items of other comprehensive loss $ (979 ) $ (4,654 ) $ (835 ) $ (7,980 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
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: Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Numerator: (in thousands) Earnings from continuing operations $ 15,290 $ 11,584 $ 33,993 $ 27,083 Less: Preferential dividends — — (783 ) (794 ) Preferential dividends on dilutive stock options — — (1 ) (1 ) Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share $ 15,290 $ 11,584 $ 33,209 $ 26,288 Denominator: (in thousands) Denominator for basic earnings from continuing operations per share for both Class A and Class B 50,527 51,272 50,778 51,262 Plus: Effect of dilutive stock options 120 76 90 68 Denominator for diluted earnings from continuing operations per share for both Class A and Class B 50,647 51,348 50,868 51,330 Earnings from continuing operations per Class A Nonvoting Common Share: Basic $ 0.30 $ 0.23 $ 0.67 $ 0.53 Diluted $ 0.30 $ 0.23 $ 0.67 $ 0.53 Earnings from continuing operations per Class B Voting Common Share: Basic $ 0.30 $ 0.23 $ 0.65 $ 0.51 Diluted $ 0.30 $ 0.23 $ 0.65 $ 0.51 Loss from discontinued operations per Class A Nonvoting Common Share: Basic $ — $ — $ — $ (0.04 ) Diluted $ — $ — $ — $ (0.04 ) Loss from discontinued operations per Class B Voting Common Share: Basic $ — $ — $ — $ (0.03 ) Diluted $ — $ — $ — $ (0.04 ) Net earnings per Class A Nonvoting Common Share: Basic $ 0.30 $ 0.23 $ 0.67 $ 0.49 Diluted $ 0.30 $ 0.23 $ 0.67 $ 0.49 Net earnings per Class B Voting Common Share: Basic $ 0.30 $ 0.23 $ 0.65 $ 0.48 Diluted $ 0.30 $ 0.23 $ 0.65 $ 0.47 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The segment results have been adjusted to reflect continuing operations in all periods presented. The following is a summary of segment information for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Sales to External Customers ID Solutions $ 184,880 $ 192,065 $ 381,207 $ 404,162 Workplace Safety 83,750 90,563 170,496 188,706 Total Company $ 268,630 $ 282,628 $ 551,703 $ 592,868 Segment Profit ID Solutions $ 37,004 $ 35,719 $ 77,008 $ 79,186 Workplace Safety 13,395 12,776 30,059 28,315 Total Company $ 50,399 $ 48,495 $ 107,067 $ 107,501 |
Net Income Reconciliation | The following is a reconciliation of segment profit to earnings from continuing operations before income taxes for the three and six months ended January 31, 2016 and 2015 : Three months ended January 31, Six months ended January 31, 2016 2015 2016 2015 Total profit from reportable segments $ 50,399 $ 48,495 $ 107,067 $ 107,501 Unallocated amounts: Administrative costs (26,810 ) (26,805 ) (53,376 ) (54,561 ) Restructuring charges — (4,879 ) — (9,157 ) Investment and other (expense) income (992 ) 211 (1,751 ) 535 Interest expense (2,130 ) (3,000 ) (4,281 ) (5,891 ) Earnings from continuing operations before income taxes $ 20,467 $ 14,022 $ 47,659 $ 38,427 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Stock Option Assumptions | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Six months ended January 31, Black-Scholes Option Valuation Assumptions 2016 2015 Expected term (in years) 6.11 6.05 Expected volatility 29.95 % 34.03 % Expected dividend yield 2.59 % 2.48 % Risk-free interest rate 1.64 % 1.91 % Weighted-average market value of underlying stock at grant date $ 20.02 $ 22.70 Weighted-average exercise price $ 20.02 $ 22.70 Weighted-average fair value of options granted during the period $ 4.58 $ 6.11 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | A summary of stock option activity under the Company’s share-based compensation plans for the six months ended January 31, 2016 is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2015 3,500,951 $ 29.64 New grants 881,744 20.02 Exercised (2,454) 21.73 Forfeited or expired (375,756) 32.20 Outstanding at January 31, 2016 4,004,485 $ 27.28 6.0 $ 1,898,393 Exercisable at January 31, 2016 2,723,184 $ 30.00 4.5 $ 183,307 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the RSU activity under the Company's share-based compensation plans for the six months ended January 31, 2016 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2015 677,454 $ 24.72 New grants 173,394 20.07 Vested (72,164 ) 25.12 Forfeited (41,869 ) 24.12 Outstanding at January 31, 2016 736,815 $ 23.62 The service-based RSUs granted during the six months ended January 31, 2015 had a weighted-average grant date fair value of $ 23.57 . The aggregate intrinsic value of unvested RSUs expected to vest at January 31, 2016 was $16,534 . The total fair value of RSUs vested during the six months ended January 31, 2016 and 2015 , was $ 1,471 and $ 805 , respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Text Block [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | Inputs Considered As Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Fair Values Balance Sheet Classifications January 31, 2016 Trading securities $ 12,980 $ — $ 12,980 Other assets Foreign exchange contracts — 1,008 1,008 Prepaid expenses and other current assets Total Assets $ 12,980 $ 1,008 $ 13,988 Foreign exchange contracts $ — $ 1,212 $ 1,212 Other current liabilities Total Liabilities $ — $ 1,212 $ 1,212 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 |
Derivatives and Hedging Activ24
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives January 31, 2016 July 31, 2015 January 31, 2016 July 31, 2015 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 $ 525 Prepaid expenses and other current assets $ 518 Other current liabilities $ 1,108 Other current liabilities $ 737 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations, less current maturities 117,972 Long term obligations, less current maturities 121,514 Total derivatives designated as hedging instruments $ 525 $ 518 $ 119,080 $ 122,251 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 1,008 Prepaid expenses and other current assets $ 168 Other current liabilities $ 1,212 Other current liabilities $ 543 Total derivatives not designated as hedging instruments $ 1,008 $ 168 $ 1,212 $ 543 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
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 six months ended January 31, 2015 : Six months ended January 31, 2015 Net sales $ — Loss from operations of discontinued businesses (1,201 ) Income tax expense (288 ) Loss on sale of discontinued operations (487 ) Income tax benefit on sale of discontinued operations 61 Loss from discontinued operations, net of income tax $ (1,915 ) |
Goodwill and Intangible Asset26
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jan. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2015 | $ 433,199 |
Goodwill, Translation Adjustments | (5,739) |
Balance as of January 31, 2016 | 427,460 |
Id Solutions [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2015 | 382,786 |
Goodwill, Translation Adjustments | (2,772) |
Balance as of January 31, 2016 | 380,014 |
Workplace Safety [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2015 | 50,413 |
Goodwill, Translation Adjustments | (2,967) |
Balance as of January 31, 2016 | $ 47,446 |
Goodwill and Intangible Asset27
Goodwill and Intangible Assets - Goodwill Impairment (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 328,029 |
Id Solutions [Member] | |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | 118,637 |
Workplace Safety [Member] | |
Goodwill Impairment | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 209,392 |
Goodwill and Intangible Asset28
Goodwill and Intangible Assets - Other Intangibles Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jul. 31, 2015 | |
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 193,836 | $ 193,836 | $ 195,569 | ||
Accumulated Amortization | (130,206) | (130,206) | (126,681) | ||
Net Book Value | 63,630 | 63,630 | $ 68,888 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Amortization of Intangible Assets | 2,595 | $ 2,982 | 5,228 | $ 6,351 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8,794 | 8,794 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,117 | 7,117 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,442 | 6,442 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,166 | 6,166 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,640 | $ 5,640 | |||
Patents [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 5 years | 5 years | |||
Gross Carrying Amount | 12,147 | $ 12,147 | $ 12,073 | ||
Accumulated Amortization | (10,851) | (10,851) | (10,641) | ||
Net Book Value | 1,296 | $ 1,296 | $ 1,432 | ||
Trademarks And Other [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 5 years | 5 years | |||
Gross Carrying Amount | 14,270 | $ 14,270 | $ 14,375 | ||
Accumulated Amortization | (13,668) | (13,668) | (12,471) | ||
Net Book Value | 602 | $ 602 | $ 1,904 | ||
Customer relationships [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 7 years | 7 years | |||
Gross Carrying Amount | 135,283 | $ 135,283 | $ 136,693 | ||
Accumulated Amortization | (96,784) | (96,784) | (94,537) | ||
Net Book Value | 38,499 | $ 38,499 | $ 42,156 | ||
Non-compete agreements and other [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 4 years | 4 years | |||
Gross Carrying Amount | 8,922 | $ 8,922 | $ 9,076 | ||
Accumulated Amortization | (8,903) | (8,903) | (9,032) | ||
Net Book Value | 19 | 19 | 44 | ||
Trademarks [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 23,214 | 23,214 | 23,352 | ||
Accumulated Amortization | 0 | 0 | 0 | ||
Net Book Value | $ 23,214 | $ 23,214 | $ 23,352 |
Other Comprehensive Income Ot29
Other Comprehensive Income Other Comprehensive Income, Text (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Net investment hedge translation adjustments | $ (1,042) | $ (4,788) | $ (1,381) | $ (7,967) |
Long-term intercompany loan settlements | 0 | 501 | 0 | 550 |
Cash flow hedges | 56 | (394) | 554 | (597) |
Other income tax adjustments and currency translation | 7 | 27 | (8) | 34 |
Income tax expense related to items of other comprehensive loss | 979 | 4,654 | 835 | 7,980 |
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (45,034) | 64,156 | ||
Other Comprehensive Income (Loss), before Reclassification | (15,754) | (56,380) | ||
Amounts reclassified from accumulated other comprehensive income | (1,567) | (35,345) | ||
Ending balance | (62,355) | (27,569) | (62,355) | (27,569) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 9 | (12) | ||
Other Comprehensive Income (Loss), before Reclassification | (141) | 1,218 | ||
Amounts reclassified from accumulated other comprehensive income | (209) | 58 | ||
Ending balance | (341) | 1,148 | (341) | 1,148 |
Unamortized gain on post-retirement plans | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 3,438 | 4,854 | ||
Other Comprehensive Income (Loss), before Reclassification | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | (1,358) | 590 | ||
Ending balance | 2,080 | 4,264 | 2,080 | 4,264 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (48,481) | 59,314 | ||
Other Comprehensive Income (Loss), before Reclassification | (15,613) | (57,598) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 34,697 | ||
Ending balance | $ (64,094) | $ (32,981) | $ (64,094) | $ (32,981) |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | $ 15,290 | $ 11,584 | $ 33,993 | $ 27,083 |
Denominator for basic earnings (loss) from continuing operations per share for both Class A and Class B | 50,527 | 51,272 | 50,778 | 51,262 |
Plus: Effect of dilutive stock options | 120 | 76 | 90 | 68 |
Denominator for diluted net income per share for both Class A and Class B | 50,647 | 51,348 | 50,868 | 51,330 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations per basic share | $ 0.30 | $ 0.23 | $ 0.67 | $ 0.53 |
Earnings from continuing operations per diluted share | 0.30 | 0.23 | 0.67 | 0.53 |
Earnings (loss) from discontinued operations per basic share | 0 | 0 | 0 | (0.04) |
Earnings (loss) from discontinued operations per diluted share | 0 | 0 | 0 | (0.04) |
Net earnings per share, basic | 0.30 | 0.23 | 0.67 | 0.49 |
Net earnings per share, diluted | $ 0.30 | $ 0.23 | $ 0.67 | $ 0.49 |
Class B voting common stock | ||||
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | $ 15,290 | $ 11,584 | $ 33,209 | $ 26,288 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 0 | 0 | 1 | 1 |
Payments of Ordinary Dividends | $ 0 | $ 0 | $ 783 | $ 794 |
Earnings from continuing operations per basic share | $ 0.30 | $ 0.23 | $ 0.65 | $ 0.51 |
Earnings from continuing operations per diluted share | 0.30 | 0.23 | 0.65 | 0.51 |
Earnings (loss) from discontinued operations per basic share | 0 | 0 | 0 | (0.03) |
Earnings (loss) from discontinued operations per diluted share | 0 | 0 | 0 | (0.04) |
Net earnings per share, basic | 0.30 | 0.23 | 0.65 | 0.48 |
Net earnings per share, diluted | $ 0.30 | $ 0.23 | $ 0.65 | $ 0.47 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Common stock of Class A shares excluded from computations of diluted net income per share | 3,923 | 3,860 | 4,048 | 3,878 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | $ 268,630 | $ 282,628 | $ 551,703 | $ 592,868 |
Segment Profit | 50,399 | 48,495 | 107,067 | 107,501 |
Id Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 184,880 | 192,065 | 381,207 | 404,162 |
Segment Profit | 37,004 | 35,719 | 77,008 | 79,186 |
Workplace Safety [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 83,750 | 90,563 | 170,496 | 188,706 |
Segment Profit | $ 13,395 | $ 12,776 | $ 30,059 | $ 28,315 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total profit from reportable segments | $ 50,399 | $ 48,495 | $ 107,067 | $ 107,501 |
Unallocated amounts: | ||||
Administrative costs | (26,810) | (26,805) | (53,376) | (54,561) |
Restructuring charges | 0 | (4,879) | 0 | (9,157) |
Investment and other income | (992) | 211 | (1,751) | 535 |
Interest expense | (2,130) | (3,000) | (4,281) | (5,891) |
Earnings from continuing operations before income taxes | $ 20,467 | $ 14,022 | $ 47,659 | $ 38,427 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Assumptions (Detail) - $ / shares | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 1 month 10 days | 6 years 17 days |
Expected volatility | 29.95% | 34.03% |
Expected dividend yield | 2.59% | 2.48% |
Risk-free interest rate | 1.64% | 1.91% |
Weighted-average market value of underlying stock at grant date | $ 20.02 | $ 22.70 |
Options, Grants in Period, Weighted Average Exercise Price | 20.02 | 22.70 |
Weighted-average fair value of options granted during the period | $ 4.58 | $ 6.11 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Summary of Stock Option Activity [Abstract] | ||
Options Outstanding at July 31, 2014 | 3,500,951 | |
Options Outstanding at July 31, 2014, Weighted Average Exercise Price | $ 29.64 | |
Options, Grants in Period | 881,744 | |
Options, Grants in Period, Weighted Average Exercise Price | $ 20.02 | $ 22.70 |
Options, Exercised in Period | (2,454) | |
Options, Exercised in Period, Weighted Average Exercise Price | $ 21.73 | |
Options, Forfeitures and Expirations in Period | (375,756) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 32.20 | |
Options Outstanding at January 31, 2015 | 4,004,485 | |
Options Outstanding at January 31, 2015, Weighted Average Exercise Price | $ 27.28 | |
Options Outstanding, Exercisable | 2,723,184 | 3,131,418 |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $ 30 | $ 30.97 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Options Outstanding, Aggregate Intrinsic Value | $ 1,898,393 | |
Options Outstanding, Exercisable, Weighted Average Remaining Contractual Term | 4 years 6 months | |
Options Outstanding, Exercisable, Aggregate Intrinsic Value | $ 183,307 | |
Service Based Restricted Shares and Restricted Stock Units [Member] | ||
Summary of Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
RSUs and Restricted Shares Outstanding at July 31, 2014 | 677,454 | |
RSUs and Restricted Shares Outstanding at July 31, 2014, Weighted Average Grant Date Fair Value | $ 24.72 | |
RSUs and Restricted Shares, Grants in Period | 173,394 | |
RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.07 | |
RSUs and Restricted Shares, Vested in Period | (72,164) | |
RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value | $ 25.12 | |
RSUs and Restricted Shares, Forfeited in Period | (41,869) | |
RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value | $ 24.12 | |
RSUs and Restricted Shares Outstanding at January 31, 2015 | 736,815 | |
RSUs and Restricted Shares Outstanding at January 31, 2015, Weighted Average Grant Date Fair Value | $ 23.62 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 4,741,300 | 4,741,300 | ||
Shares reserved for future issuance | 2,295,113 | 2,295,113 | ||
Share-based compensation expense | $ 1,973 | $ 1,152 | $ 4,569 | $ 2,471 |
Share-based compensation expense (net of tax) | 1,223 | $ 714 | 2,833 | $ 1,532 |
Unrecognized compensation cost related to share-based compensation, pre tax | $ 19,136 | $ 19,136 | ||
Weighted average period remaining | 2 years 9 months 18 days | |||
Options Outstanding, Exercisable | 2,723,184 | 3,131,418 | 2,723,184 | 3,131,418 |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $ 30 | $ 30.97 | $ 30 | $ 30.97 |
Proceeds from stock options exercised | $ 53 | $ 756 | $ 53 | $ 847 |
Tax benefit on stock options exercised | 3 | 41 | $ 3 | $ 44 |
Intrinsic value of stock options exercised | 7 | 115 | ||
Fair value of stock options vested | $ 3,131 | $ 3,841 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jul. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 13,988 | $ 16,041 |
Total Liabilities | 1,212 | 1,280 |
Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 12,980 | 15,356 |
Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 1,008 | 685 |
Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 1,212 | 1,280 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 12,980 | 15,356 |
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 | 12,980 | 15,356 |
Fair Value, Inputs, Level 1 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 1,008 | 685 |
Total Liabilities | 1,212 | 1,280 |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 1,008 | 685 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | $ 1,212 | $ 1,280 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jan. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | $ 433,199 | $ 427,460 |
Debt, Fair Value | 252,254 | |
Debt, Carrying Value | 243,288 | |
WPS APAC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Impairment Loss | 26 | |
Workplace Safety Americas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Impairment Loss | 11 | |
Workplace Safety [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | 50,413 | $ 47,446 |
Goodwill, Impairment Loss | $ 37 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve Roll Forward (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 4,879 | $ 0 | $ 9,157 |
Non-cash write-offs | $ 0 | $ (896) |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 4,879 | $ 0 | $ 9,157 |
Derivatives and Hedging Activ41
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jul. 31, 2015 |
Designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 525 | $ 518 |
Liability Derivatives | 119,080 | 122,251 |
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 525 | 518 |
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,108 | 737 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign currency denominated debt [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Designated as hedging instruments [Member] | Net investment hedging [Member] | Foreign currency denominated debt [Member] | Long term obligations less current maturities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 117,972 | 121,514 |
Not designated as hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,008 | 168 |
Liability Derivatives | 1,212 | 543 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,008 | 168 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1,212 | $ 543 |
Derivatives and Hedging Activ42
Derivatives and Hedging Activities - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2016GBP (£) | Jul. 31, 2015USD ($) | May. 13, 2010GBP (£) | |
Derivatives, Fair Value [Line Items] | |||||||
Derivative Maturities | 18 months | ||||||
Derivative, Notional Amount | $ 104,759 | $ 104,759 | $ 139,300 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | (608) | $ (1,724) | (608) | $ (1,724) | |||
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | (115) | 116 | 342 | 95 | |||
Total Outstanding Forward Foreign Exchange Contracts | 16,616 | 16,616 | |||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (100) | $ (1,173) | $ (513) | $ (2,050) | |||
GBP-denominated interco debt [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Amount of Hedged Item | £ | £ 25,036 | ||||||
Senior Unsecured Notes [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Amount of Hedged Item | £ | £ 75,000 |
Discontinued Operations Disco43
Discontinued Operations Discontinued Operations - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 0 | |||
Loss from operations of discontinued businesses | (1,201) | |||
Income tax expense | (288) | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (487) | |||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 61 | |||
Loss from discontinued operations, net of income tax | $ 0 | $ 0 | $ 0 | $ (1,915) |
Discontinued Operations AOCI Re
Discontinued Operations AOCI Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Reclassification from Accumulated Other Comprehensive Income | $ 0 | $ 0 | $ 0 | $ 34,697 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense (benefit) | $ 5,177 | $ 2,438 | $ 13,666 | $ 11,344 |
Subsequent Events (Detail)
Subsequent Events (Detail) | Feb. 16, 2016$ / sharesshares |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 2,000,000 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared (USD per share) | $ / shares | $ 0.2025 |