Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2018 | May 21, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | 48,200,663 | |
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 | Apr. 30, 2018 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 130,903 | $ 133,944 |
Accounts receivable—net | 161,319 | 149,638 |
Inventories: | ||
Finished products | 72,809 | 69,760 |
Work-in-process | 20,126 | 18,117 |
Raw materials and supplies | 22,598 | 19,147 |
Total inventories | 115,533 | 107,024 |
Prepaid expenses and other current assets | 17,295 | 17,208 |
Total current assets | 425,050 | 407,814 |
Other assets: | ||
Goodwill | 435,426 | 437,697 |
Other intangible assets | 48,036 | 53,076 |
Deferred income taxes | 8,688 | 35,456 |
Other | 17,758 | 18,077 |
Property, plant and equipment, cost: | ||
Land | 7,332 | 7,470 |
Buildings and improvements | 98,005 | 98,228 |
Machinery and equipment | 268,736 | 261,192 |
Construction in progress | 6,557 | 4,109 |
Property, plant and equipment, gross | 380,630 | 370,999 |
Less accumulated depreciation | 282,181 | 272,896 |
Property, plant and equipment—net | 98,449 | 98,103 |
Total | 1,033,407 | 1,050,223 |
Current liabilities: | ||
Notes payable | 0 | 3,228 |
Accounts payable | 68,627 | 66,817 |
Wages and amounts withheld from employees | 56,995 | 58,192 |
Taxes, other than income taxes | 7,772 | 7,970 |
Accrued income taxes | 5,564 | 7,373 |
Other current liabilities | 42,436 | 43,618 |
Total current liabilities | 181,394 | 187,198 |
Long-term obligations | 58,157 | 104,536 |
Other liabilities | 59,209 | 58,349 |
Total liabilities | 298,760 | 350,083 |
Stockholders’ investment: | ||
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively, and outstanding 48,238,412 and 47,814,818 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 327,401 | 322,608 |
Earnings retained in the business | 531,135 | 507,136 |
Treasury stock—3,023,075 and 3,446,669 shares, respectively, of Class A nonvoting common stock, at cost | (76,291) | (85,470) |
Accumulated other comprehensive loss | (48,146) | (44,682) |
Total stockholders’ investment | 734,647 | 700,140 |
Total | $ 1,033,407 | $ 1,050,223 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Apr. 30, 2018 | Jul. 31, 2017 |
Class A nonvoting common stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 48,205,763 | 47,814,818 |
Treasury stock, shares | 3,055,724 | 3,446,669 |
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 | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Net sales | $ 298,421 | $ 275,927 | $ 876,352 | $ 824,104 |
Cost of products sold | 147,339 | 136,018 | 435,513 | 409,679 |
Gross margin | 151,082 | 139,909 | 440,839 | 414,425 |
Operating expenses: | ||||
Research and development | 11,678 | 9,950 | 33,512 | 28,577 |
Selling, general and administrative | 101,695 | 98,409 | 299,411 | 291,128 |
Total operating expenses | 113,373 | 108,359 | 332,923 | 319,705 |
Operating income | 37,709 | 31,550 | 107,916 | 94,720 |
Other income (expense): | ||||
Investment and other income | 31 | 453 | 1,303 | 560 |
Interest expense | (761) | (1,375) | (2,453) | (4,565) |
Earnings before income taxes | 36,979 | 30,628 | 106,766 | 90,715 |
Income tax expense | 10,979 | 8,075 | 50,657 | 20,312 |
Net earnings | $ 26,000 | $ 22,553 | $ 56,109 | $ 70,403 |
Weighted average common shares outstanding (in thousands): | ||||
Weighted average common shares outstanding, basic (in thousands): | 51,747 | 51,227 | 51,628 | 50,972 |
Weighted average common shares outstanding, diluted (in thousands): | 52,729 | 52,201 | 52,610 | 51,882 |
Class A nonvoting common stock | ||||
Earnings Per Share | ||||
Net earnings per share, basic | $ 0.50 | $ 0.44 | $ 1.09 | $ 1.38 |
Net earnings per share, diluted | 0.49 | 0.43 | 1.07 | 1.36 |
Dividends | $ 0.21 | $ 0.21 | $ 0.62 | $ 0.62 |
Class B voting common stock | ||||
Other income (expense): | ||||
Earnings from continuing operations | $ (26,000) | $ 22,553 | $ 55,294 | $ 69,601 |
Earnings Per Share | ||||
Net earnings per share, basic | $ 0.50 | $ 0.44 | $ 1.07 | $ 1.37 |
Net earnings per share, diluted | 0.49 | 0.43 | 1.05 | 1.34 |
Dividends | $ 0.21 | $ 0.21 | $ 0.61 | $ 0.60 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 26,000 | $ 22,553 | $ 56,109 | $ 70,403 |
Document Fiscal Year Focus | 2,018 | |||
Foreign currency translation adjustments: | ||||
Foreign currency translation adjustments | (12,869) | 4,819 | $ (407) | (11,729) |
Net investment hedge and long-term intercompany loan translation adjustments | 35 | (1,251) | (3,142) | 3,919 |
Cash flow hedges: | ||||
Net loss recognized in other comprehensive income (loss) | 657 | 508 | 119 | 402 |
Reclassification adjustment for gains included in net earnings | 264 | 114 | 446 | 530 |
Total cash flow hedges | 921 | 622 | 565 | 932 |
Pension and other post-retirement benefits: | ||||
Actuarial gain amortization | 0 | 0 | 592 | 72 |
Other Comprehensive Income Amortization Of Defined Benefit Plan Actuarial Loss (Gain) Recognized In Net Periodic Benefit Cost Before Tax | (163) | (136) | (434) | (408) |
Total pension and other post-retirement benefits | (163) | (136) | 158 | (336) |
Other comprehensive income (loss), before tax | (12,076) | 4,054 | (2,826) | (7,214) |
Income tax (expense) benefit related to items of other comprehensive income | (980) | 821 | (638) | (1,380) |
Other comprehensive income (loss), net of tax | (13,056) | 4,875 | (3,464) | (8,594) |
Comprehensive income | $ 12,944 | $ 27,428 | $ 52,645 | $ 61,809 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Operating activities: | ||
Net earnings | $ 56,109 | $ 70,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 19,047 | 20,789 |
Non-cash portion of stock-based compensation expense | 7,581 | 7,445 |
Deferred income taxes | 26,501 | (2,707) |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||
Accounts receivable | (10,710) | (931) |
Inventories | (7,790) | 666 |
Prepaid expenses and other assets | 480 | (1,987) |
Accounts payable and other liabilities | (133) | 754 |
Income taxes | (1,863) | (3,270) |
Net cash provided by operating activities | 89,222 | 91,162 |
Investing activities: | ||
Purchases of property, plant and equipment | (14,755) | (10,856) |
Other | (197) | 38 |
Net cash used in investing activities | (14,952) | (10,818) |
Financing activities: | ||
Payments of Dividends | (32,110) | (31,362) |
Proceeds from exercise of stock options | 10,011 | 18,674 |
Proceeds from Lines of Credit | 17,439 | 154,653 |
Proceeds from (Repayments of) Lines of Credit | (69,012) | (215,068) |
Debt Instrument, Periodic Payment, Principal | 0 | (16,371) |
Income tax on equity-based compensation, and other | (3,622) | (512) |
Net cash used in financing activities | (77,294) | (89,986) |
Effect of exchange rate changes on cash | (17) | (2,509) |
Net decrease in cash and cash equivalents | (3,041) | (12,151) |
Cash and cash equivalents, beginning of period | 133,944 | 141,228 |
Cash and cash equivalents, end of period | $ 130,903 | $ 129,077 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 and July 31, 2017 , its results of operations and comprehensive income for the three and nine months ended April 30, 2018 and 2017 , and cash flows for the nine months ended April 30, 2018 and 2017 . The condensed consolidated balance sheet as of July 31, 2017 , has been derived from the audited consolidated financial statements as 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 annual report on Form 10-K for the year ended July 31, 2017 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Apr. 30, 2018 | |
Text Block [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the nine months ended April 30, 2018 , were as follows: IDS WPS Total Balance as of July 31, 2017 $ 391,864 $ 45,833 $ 437,697 Translation adjustments (2,392 ) 121 (2,271 ) Balance as of April 30, 2018 $ 389,472 $ 45,954 $ 435,426 Goodwill at April 30, 2018 and July 31, 2017 , 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 nine months ended April 30, 2018 . Other intangible assets include patents, trademarks, and customer relationships 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: April 30, 2018 July 31, 2017 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 $ 1,448 $ (816 ) $ 632 5 $ 1,358 $ (471 ) $ 887 Trademarks and other 9 4,593 (4,449 ) 144 9 4,528 (4,229 ) 299 Customer relationships 8 60,742 (36,336 ) 24,406 8 60,759 (31,909 ) 28,850 Unamortized other intangible assets: Trademarks N/A 22,854 — 22,854 N/A 23,040 — 23,040 Total $ 89,637 $ (41,601 ) $ 48,036 $ 89,685 $ (36,609 ) $ 53,076 The decrease in the gross carrying amount of other intangible assets as of April 30, 2018 , compared to July 31, 2017 , was due to the effect of currency translations during the nine-month period. Amortization expense of intangible assets was $1,620 and $ 1,766 for the three months ended April 30, 2018 and 2017 , respectively, and $4,930 and $5,349 for the nine months ended April 30, 2018 and 2017 , respectively. The amortization over each of the next five fiscal years is projected to be $ 6,513 , $ 6,174 , $ 5,210 , $ 5,168 and $ 5,014 for the fiscal years ending July 31, 2018 , 2019 , 2020 , 2021 and 2022 , respectively. |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income, Tax (Notes) | 9 Months Ended |
Apr. 30, 2018 | |
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 nine months ended April 30, 2018 : Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2017 $ 109 $ 2,620 $ (47,411 ) $ (44,682 ) Other comprehensive (loss) income before reclassification (124 ) 414 (3,630 ) (3,340 ) Amounts reclassified from accumulated other comprehensive loss 310 (434 ) — (124 ) Ending balance, April 30, 2018 $ 295 $ 2,600 $ (51,041 ) $ (48,146 ) The increase in accumulated other comprehensive loss as of April 30, 2018 , compared to July 31, 2017 , was primarily due to the appreciation of the U.S. dollar against certain other currencies during the nine-month period. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, including foreign currency translation on intercompany notes and net investment hedges, net of tax. Of the total $124 in amounts reclassified from accumulated other comprehensive loss, the $310 loss on cash flow hedges was reclassified into cost of products sold, and the $434 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the condensed consolidated statement of earnings for the nine months ended April 30, 2018 . The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended April 30, 2017 , were as follows: 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, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive income (loss) before reclassification 563 72 (9,144 ) (8,509 ) Amounts reclassified from accumulated other comprehensive loss 323 (408 ) — (85 ) Ending balance, April 30, 2017 $ 29 $ 1,900 $ (65,268 ) $ (63,339 ) The increase in accumulated other comprehensive loss as of April 30, 2017 , compared to July 31, 2016 , was primarily due to the appreciation of the U.S. dollar against certain other currencies during the nine-month period. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, including foreign currency translation on intercompany notes and net investment hedges, net of tax. Of the total $85 in amounts reclassified from accumulated other comprehensive loss, the $323 loss on cash flow hedges was reclassified into cost of products sold, and the $408 gain on post-retirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the nine months ended April 30, 2017 . The following table illustrates the income tax (expense) benefit on the components of other comprehensive (loss) income for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Income tax (expense) benefit related to items of other comprehensive loss (income): Net investment hedge translation adjustments $ (306 ) $ 752 $ 388 $ (1,373 ) Cash flow hedges (262 ) 90 (379 ) (46 ) Pension and other post-retirement benefits — — (178 ) — Other income tax adjustments and currency translation (412 ) (21 ) (469 ) 39 Income tax (expense) benefit related to items of other comprehensive (loss) income $ (980 ) $ 821 $ (638 ) $ (1,380 ) |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, Nine months ended April 30, 2018 2017 2018 2017 Numerator: (in thousands) Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 26,000 $ 22,553 $ 56,109 $ 70,403 Less: Preferential dividends — — (799 ) (788 ) Preferential dividends on dilutive stock options — — (16 ) (14 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 26,000 $ 22,553 $ 55,294 $ 69,601 Denominator: (in thousands) Denominator for basic earnings per share for both Class A and Class B 51,747 51,227 51,628 50,972 Plus: Effect of dilutive stock options and restricted stock units 982 974 982 910 Denominator for diluted earnings per share for both Class A and Class B 52,729 52,201 52,610 51,882 Net earnings per Class A Nonvoting Common Share: Basic $ 0.50 $ 0.44 $ 1.09 $ 1.38 Diluted $ 0.49 $ 0.43 $ 1.07 $ 1.36 Net earnings per Class B Voting Common Share: Basic $ 0.50 $ 0.44 $ 1.07 $ 1.37 Diluted $ 0.49 $ 0.43 $ 1.05 $ 1.34 Options to purchase 675,329 and 577,557 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2018 and 2017 , respectively, and 705,843 and 705,859 shares for the nine months ended April 30, 2018 and 2017 , respectively, were not included in the computation of diluted net earnings 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 | 9 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is organized and managed on a global basis within three operating segments, Identification Solutions, Workplace Safety, and People Identification ("People ID"), which aggregate into two reportable segments that are organized around businesses with consistent products and services: IDS and WPS. The Identification Solutions and People ID operating segments aggregate into the IDS reporting segment, while the WPS reporting segment is comprised solely of the Workplace Safety operating segment. The Company evaluates short-term segment performance based on segment profit and customer sales. Interest expense, investment and other income, income taxes, and certain corporate administrative expenses are excluded when evaluating segment performance. The following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Sales to External Customers ID Solutions $ 212,154 $ 196,880 $ 628,291 $ 589,106 Workplace Safety 86,267 79,047 248,061 234,998 Total Company $ 298,421 $ 275,927 $ 876,352 $ 824,104 Segment Profit ID Solutions $ 36,970 $ 32,633 $ 106,896 $ 94,676 Workplace Safety 7,537 5,120 21,037 17,615 Total Company $ 44,507 $ 37,753 $ 127,933 $ 112,291 The following is a reconciliation of segment profit to earnings before income taxes for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Total profit from reportable segments $ 44,507 $ 37,753 $ 127,933 $ 112,291 Unallocated amounts: Administrative costs (6,798 ) (6,203 ) (20,017 ) (17,571 ) Investment and other income 31 453 1,303 560 Interest expense (761 ) (1,375 ) (2,453 ) (4,565 ) Earnings before income taxes $ 36,979 $ 30,628 $ 106,766 $ 90,715 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Apr. 30, 2018 | |
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. Certain awards may be subject to pre-established performance goals. 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. Restricted and unrestricted shares and RSUs issued under the plan have a grant date fair value equal to the average of the high and low trading price of the stock at the date of grant. Shares issued under the plan are referred to herein as either "service-based" or "performance-based" restricted shares and RSUs. The service-based 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. The performance-based RSUs granted under the plan generally vest at the end of a three-year service period provided specified Company financial performance metrics are met. As of April 30, 2018 , the Company has reserved 3,275,315 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares and 4,046,476 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs, and restricted and unrestricted shares under the 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 April 30, 2018 and 2017 , was $1,684 ( $1,263 net of taxes) and $2,051 ( $1,272 net of taxes), respectively. Expense recognized during the nine months ended April 30, 2018 and 2017 , was $7,581 ( $5,685 net of taxes) and $7,445 ( $4,616 net of taxes), respectively. As of April 30, 2018 , total unrecognized compensation cost related to stock-based compensation awards was $12,273 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 1.8 years. The Company has estimated the grant date fair value of its service-based stock option awards granted during the nine months ended April 30, 2018 and 2017 , using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Nine months ended April 30, Black-Scholes Option Valuation Assumptions 2018 2017 Expected term (in years) 6.07 6.11 Expected volatility 26.52 % 29.55 % Expected dividend yield 2.72 % 2.70 % Risk-free interest rate 1.96 % 1.26 % Weighted-average market value of underlying stock at grant date $ 36.85 $ 35.14 Weighted-average exercise price $ 36.85 $ 35.14 Weighted-average fair value of options granted during the period $ 7.96 $ 7.56 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 nine months ended April 30, 2018 , is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2017 2,879,801 $ 27.40 New grants 364,046 36.85 Exercised (400,282) 30.95 Forfeited or expired (106,715) 31.46 Outstanding at April 30, 2018 2,736,850 $ 27.98 6.0 $ 24,032 Exercisable at April 30, 2018 1,950,754 $ 26.63 5.0 $ 19,750 There were 1,950,754 and 1,882,244 options exercisable with a weighted average exercise price of $26.63 and $28.37 at April 30, 2018 and 2017 , respectively. The total intrinsic value of options exercised during the nine months ended April 30, 2018 and 2017 , based upon the average market price at the time of exercise during the period, was $2,983 and $7,809 , respectively. The total fair value of stock options vested during the nine months ended April 30, 2018 and 2017 , was $3,006 and $2,901 , respectively. The cash received from the exercise of options during the three months ended April 30, 2018 and 2017 , was $63 and $4,015 , respectively. The cash received from the exercise of options during the nine months ended April 30, 2018 , and 2017 was $10,011 and $18,674 , respectively. The tax benefit on options exercised during the three months ended April 30, 2018 and 2017 , was $15 and $1,514 , respectively. The tax benefit on options exercised during the nine months ended April 30, 2018 and 2017 , was $910 and $2,967 , respectively. The following table summarizes the RSU activity under the Company's share-based compensation plans for the nine months ended April 30, 2018 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2017 517,108 $ 25.61 New grants 93,118 36.79 Vested (137,302 ) 24.73 Forfeited (42,556 ) 27.10 Outstanding at April 30, 2018 430,368 $ 28.16 The service-based RSUs granted during the nine months ended April 30, 2017 , had a weighted-average grant date fair value of $ 35.13 per share. The total fair value of service-based RSUs vested during the nine months ended April 30, 2018 and 2017 , was $ 5,004 and $ 4,173 , respectively. Performance-Based RSUs Shares Weighted Outstanding at July 31, 2017 58,206 $ 32.03 New grants 56,290 33.12 Vested — — Forfeited (6,399 ) 32.57 Outstanding at April 30, 2018 108,097 $ 32.57 The performance-based RSUs granted during the nine months ended April 30, 2017 , had a weighted-average grant date fair value of $32.03 per share. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at April 30, 2018 , and expected to vest was $19,600 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 and July 31, 2017 , 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 April 30, 2018 Trading securities $ 14,216 $ — $ 14,216 Other assets Foreign exchange contracts — 527 527 Prepaid expenses and other current assets Total Assets $ 14,216 $ 527 $ 14,743 Foreign exchange contracts $ — $ 369 $ 369 Other current liabilities Total Liabilities $ — $ 369 $ 369 July 31, 2017 Trading securities $ 13,994 $ — $ 13,994 Other assets Foreign exchange contracts — 1,354 1,354 Prepaid expenses and other current assets Total Assets $ 13,994 $ 1,354 $ 15,348 Foreign exchange contracts $ — $ 1,577 $ 1,577 Other current liabilities Total Liabilities $ — $ 1,577 $ 1,577 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 nine months ended April 30, 2018 . 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 nine months ended April 30, 2018 . 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 $61,794 and $109,303 at April 30, 2018 and July 31, 2017 , respectively, as compared to the carrying value of $58,157 and $104,536 at April 30, 2018 and July 31, 2017 , respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 and July 31, 2017 , the notional amount of outstanding forward exchange contracts was $ 37,907 and $81,195 , respectively. The Company hedges a portion of known exposures using forward exchange contracts. Main exposures are related to transactions denominated in the Euro, Canadian dollar, and Mexican peso. 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 other comprehensive income ("OCI") and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 30, 2018 and 2017 , unrealized gains of $65 and $171 have been included in OCI, respectively. Balances are reclassified from OCI to earnings when the hedged transactions impact earnings. For the three months ended April 30, 2018 and 2017 , the Company reclassified losses of $264 and $114 from OCI into earnings, respectively. For the nine months ended April 30, 2018 and 2017 , the Company reclassified losses of $446 and $530 from OCI into earnings, respectively. At April 30, 2018 , the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 34,680 , including contracts to sell Euros and Canadian dollars, and contracts to buy Mexican pesos. Net Investment Hedges As of April 30, 2017, €45 million of Euro-denominated senior unsecured notes were designated as net investment hedges to hedge portions of the Company's 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 The Company recognized gains of $9 and $29 for the three and nine months ended April 30, 2018 , respectively, and gains of $1,725 and losses of $3,321 for the three and nine months ended April 30, 2017 , respectively, in “Investment and other income” on the condensed consolidated statements of earnings related to non-designated hedges. Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives April 30, 2018 July 31, 2017 April 30, 2018 July 31, 2017 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 $ 523 Prepaid expenses and other current assets $ 1,067 Other current liabilities $ 368 Other current liabilities $ 1,569 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations 54,576 Long term obligations 53,280 Total derivatives designated as hedging instruments $ 523 $ 1,067 $ 54,944 $ 54,849 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 5 Prepaid expenses and other current assets $ 287 Other current liabilities $ 2 Other current liabilities $ 7 Total derivatives not designated as hedging instruments $ 5 $ 287 $ 2 $ 7 |
Income Taxes
Income Taxes | 9 Months Ended |
Apr. 30, 2018 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE I — Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Reform Act reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% , imposes a one-time tax on deemed repatriated earnings of foreign subsidiaries, eliminates the domestic manufacturing deduction and moves to a partial territorial system by providing a 100% dividend received deduction on certain qualified dividends from foreign subsidiaries. As the Company has a July 31 fiscal year end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal income tax rate of 26.9% for the fiscal year ending July 31, 2018 and 21.0% for subsequent fiscal years. As part of the transition to the partial territorial tax system, the Tax Reform Act imposes a one-time tax on the mandatory deemed repatriation of historical earnings of foreign subsidiaries. Companies can claim certain credits for foreign taxes deemed paid on foreign earnings subject to the mandatory deemed repatriation. The Company’s provisional calculations resulted in an income tax charge of $402 related to the deemed repatriation of the historical earnings of foreign subsidiaries during the three-month period ended January 31, 2018. The reduction in the U.S. federal income tax rate requires the Company to remeasure its U.S. deferred tax assets and liabilities to the income tax rate at which the deductible or taxable event is expected to be realized, and changes the statutory U.S. federal tax from 35.0% to 26.9% for the entire year ending July 31, 2018. Additionally, the Company established a valuation allowance for deferred tax assets related to foreign tax credits, primarily related to the impact of the Tax Reform Act on the Company's ability to generate future foreign-source income. The provisional impact of the Tax Reform Act related to the remeasurement of deferred tax assets and liabilities, the impact on the Company’s fiscal 2018 earnings from the reduced tax rate, and the establishment of the valuation allowance discussed above resulted in income tax expense of $18,832 for the three-month period ended January 31, 2018. The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”), foreign derived intangible income ("FDII") and base erosion anti-abuse tax (“BEAT”) enacted under the Tax Reform Act, which are not effective until fiscal year 2019. The condensed consolidated financial statements for the three and nine-month periods ended April 30, 2018, do not include a provisional estimate associated with either GILTI, FDII or BEAT. As a result of the Tax Reform Act, the Company expects that it will repatriate certain historical and future foreign earnings periodically, which in certain jurisdictions may be subject to withholding and income taxes. These additional withholding and income taxes are recorded as a deferred tax liability associated with the basis difference in such jurisdictions. During the three-month period ended January 31, 2018, the Company recorded a provisional income tax expense of $1,826 related to the recording of a deferred tax liability for future withholding and income taxes on the distribution of foreign earnings. The uncertainty related to the taxation of such withholding and income taxes on distributions under the Tax Reform Act and the finalization of future cash repatriation plans make the deferred tax liability a provisional amount. No significant adjustments have been made to the provisional amounts recognized in the three month-period ended January 31, 2018; however, the final enactment impacts of the Tax Reform Act may differ from the above estimates due to changes in interpretation, legislative action to address questions that arise, changes in accounting standards for income taxes or related interpretations in response to the Tax Reform Act, or any updates or changes to information the Company has utilized to develop the estimates, including impacts from changes to current year earnings estimates and foreign exchange rates of foreign subsidiaries. The U.S. Securities and Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Reform Act to finalize the recording of the related tax impacts. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE K — Subsequent Events On May 16, 2018, the Company entered into an agreement to sell Runelandhs Försäljnings AB (“Runelandhs”), based in Kalmar, Sweden for approximately $20 million. Runelandhs is a direct marketer of industrial and office equipment with annual sales of approximately $16 million. Its products include lifting, transporting, and warehouse equipment; workbenches and material handling supplies; products for environmental protection; and entrance, reception, and office furnishings. The agreement to sell is expected to close in the fourth quarter ending July 31, 2018. On May 22, 2018, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.2075 per share payable on July 31, 2018, to shareholders of record at the close of business on July 10, 2018. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 9 Months Ended |
Apr. 30, 2018 | |
Entity Information [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2018-02, "Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax effects from Accumulated Other Comprehensive Income," which allows a reclassification from accumulated OCI to retained earnings for stranded tax effects resulting from the Tax Reform Act. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company does not expect a material impact to the financial statements or disclosures. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which simplifies and reduces the complexity of the hedge accounting requirements and better aligns an entity's financial reporting for hedging relationships with its risk management activities. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. This new guidance will require a modified retrospective adoption approach to existing hedging relationships as of the adoption date. The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. In March 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires entities to present the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the income statement line items where they report compensation cost. Entities will present all other components of net benefit cost outside operating income, if this subtotal is presented. The amendment only impacts where those costs are reflected within the income statement. In addition, only the service cost component of net benefit cost is eligible for capitalization. This guidance is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company does not expect a material impact to the financial statements or disclosures. In January 2017, the FASB issued ASU 2017-04, "Goodwill and Other, Simplifying the Test for Goodwill Impairment," which simplifies the accounting for goodwill impairment. The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods thereafter; however, early adoption is permitted for any impairment tests performed after January 1, 2017. This guidance will only impact the Company's consolidated financial statements if there is a future impairment of goodwill. In February 2016, the FASB issued ASU 2016-02, "Leases," which replaces the current lease accounting standard. The update will require, among other items, lessees to recognize the assets and liabilities that arise from most leases on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The ASU must be adopted using a modified retrospective approach and early adoption is permitted. The Company expects the new lease standard to increase its total assets and liabilities; however, it is evaluating the magnitude of the impact on its consolidated financial statements. The Company has formed a team to implement the new lease standard and has selected a third-party software program to track and store its leases. 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 reflecting the payment to which a company expects to be entitled in exchange for those goods or services. ASU 2014-09 (and related updates) is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption permitted for annual periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the standard. The Company's efforts to evaluate the impact and to prepare for its adoption on August 1, 2018 are substantially complete. The Company is assessing its process for accumulating the required information for enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue under the new standard. The Company currently anticipates applying the modified retrospective approach when adopting this guidance and does not expect a material impact to the financial statements or disclosures. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Text Block [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the nine months ended April 30, 2018 , were as follows: IDS WPS Total Balance as of July 31, 2017 $ 391,864 $ 45,833 $ 437,697 Translation adjustments (2,392 ) 121 (2,271 ) Balance as of April 30, 2018 $ 389,472 $ 45,954 $ 435,426 |
Other Intangible Assets | The net book value of these assets was as follows: April 30, 2018 July 31, 2017 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 $ 1,448 $ (816 ) $ 632 5 $ 1,358 $ (471 ) $ 887 Trademarks and other 9 4,593 (4,449 ) 144 9 4,528 (4,229 ) 299 Customer relationships 8 60,742 (36,336 ) 24,406 8 60,759 (31,909 ) 28,850 Unamortized other intangible assets: Trademarks N/A 22,854 — 22,854 N/A 23,040 — 23,040 Total $ 89,637 $ (41,601 ) $ 48,036 $ 89,685 $ (36,609 ) $ 53,076 |
Other Comprehensive Income Ot19
Other Comprehensive Income Other Comprehensive Income, Tax (Tables) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
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 nine months ended April 30, 2018 : Unrealized gain on cash flow hedges Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2017 $ 109 $ 2,620 $ (47,411 ) $ (44,682 ) Other comprehensive (loss) income before reclassification (124 ) 414 (3,630 ) (3,340 ) Amounts reclassified from accumulated other comprehensive loss 310 (434 ) — (124 ) Ending balance, April 30, 2018 $ 295 $ 2,600 $ (51,041 ) $ (48,146 ) | The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended April 30, 2017 , were as follows: 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, 2016 $ (857 ) $ 2,236 $ (56,124 ) $ (54,745 ) Other comprehensive income (loss) before reclassification 563 72 (9,144 ) (8,509 ) Amounts reclassified from accumulated other comprehensive loss 323 (408 ) — (85 ) Ending balance, April 30, 2017 $ 29 $ 1,900 $ (65,268 ) $ (63,339 ) |
Other Comprehensive Income , Tax [Table Text Block] | The following table illustrates the income tax (expense) benefit on the components of other comprehensive (loss) income for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Income tax (expense) benefit related to items of other comprehensive loss (income): Net investment hedge translation adjustments $ (306 ) $ 752 $ 388 $ (1,373 ) Cash flow hedges (262 ) 90 (379 ) (46 ) Pension and other post-retirement benefits — — (178 ) — Other income tax adjustments and currency translation (412 ) (21 ) (469 ) 39 Income tax (expense) benefit related to items of other comprehensive (loss) income $ (980 ) $ 821 $ (638 ) $ (1,380 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, Nine months ended April 30, 2018 2017 2018 2017 Numerator: (in thousands) Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 26,000 $ 22,553 $ 56,109 $ 70,403 Less: Preferential dividends — — (799 ) (788 ) Preferential dividends on dilutive stock options — — (16 ) (14 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 26,000 $ 22,553 $ 55,294 $ 69,601 Denominator: (in thousands) Denominator for basic earnings per share for both Class A and Class B 51,747 51,227 51,628 50,972 Plus: Effect of dilutive stock options and restricted stock units 982 974 982 910 Denominator for diluted earnings per share for both Class A and Class B 52,729 52,201 52,610 51,882 Net earnings per Class A Nonvoting Common Share: Basic $ 0.50 $ 0.44 $ 1.09 $ 1.38 Diluted $ 0.49 $ 0.43 $ 1.07 $ 1.36 Net earnings per Class B Voting Common Share: Basic $ 0.50 $ 0.44 $ 1.07 $ 1.37 Diluted $ 0.49 $ 0.43 $ 1.05 $ 1.34 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Sales to External Customers ID Solutions $ 212,154 $ 196,880 $ 628,291 $ 589,106 Workplace Safety 86,267 79,047 248,061 234,998 Total Company $ 298,421 $ 275,927 $ 876,352 $ 824,104 Segment Profit ID Solutions $ 36,970 $ 32,633 $ 106,896 $ 94,676 Workplace Safety 7,537 5,120 21,037 17,615 Total Company $ 44,507 $ 37,753 $ 127,933 $ 112,291 |
Net Income Reconciliation | The following is a reconciliation of segment profit to earnings before income taxes for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Total profit from reportable segments $ 44,507 $ 37,753 $ 127,933 $ 112,291 Unallocated amounts: Administrative costs (6,798 ) (6,203 ) (20,017 ) (17,571 ) Investment and other income 31 453 1,303 560 Interest expense (761 ) (1,375 ) (2,453 ) (4,565 ) Earnings before income taxes $ 36,979 $ 30,628 $ 106,766 $ 90,715 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Text Block [Abstract] | |
Stock Option Assumptions | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Nine months ended April 30, Black-Scholes Option Valuation Assumptions 2018 2017 Expected term (in years) 6.07 6.11 Expected volatility 26.52 % 29.55 % Expected dividend yield 2.72 % 2.70 % Risk-free interest rate 1.96 % 1.26 % Weighted-average market value of underlying stock at grant date $ 36.85 $ 35.14 Weighted-average exercise price $ 36.85 $ 35.14 Weighted-average fair value of options granted during the period $ 7.96 $ 7.56 |
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 nine months ended April 30, 2018 , is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2017 2,879,801 $ 27.40 New grants 364,046 36.85 Exercised (400,282) 30.95 Forfeited or expired (106,715) 31.46 Outstanding at April 30, 2018 2,736,850 $ 27.98 6.0 $ 24,032 Exercisable at April 30, 2018 1,950,754 $ 26.63 5.0 $ 19,750 |
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 nine months ended April 30, 2018 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2017 517,108 $ 25.61 New grants 93,118 36.79 Vested (137,302 ) 24.73 Forfeited (42,556 ) 27.10 Outstanding at April 30, 2018 430,368 $ 28.16 The service-based RSUs granted during the nine months ended April 30, 2017 , had a weighted-average grant date fair value of $ 35.13 per share. The total fair value of service-based RSUs vested during the nine months ended April 30, 2018 and 2017 , was $ 5,004 and $ 4,173 , respectively. Performance-Based RSUs Shares Weighted Outstanding at July 31, 2017 58,206 $ 32.03 New grants 56,290 33.12 Vested — — Forfeited (6,399 ) 32.57 Outstanding at April 30, 2018 108,097 $ 32.57 The performance-based RSUs granted during the nine months ended April 30, 2017 , had a weighted-average grant date fair value of $32.03 per share. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at April 30, 2018 , and expected to vest was $19,600 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 Trading securities $ 14,216 $ — $ 14,216 Other assets Foreign exchange contracts — 527 527 Prepaid expenses and other current assets Total Assets $ 14,216 $ 527 $ 14,743 Foreign exchange contracts $ — $ 369 $ 369 Other current liabilities Total Liabilities $ — $ 369 $ 369 July 31, 2017 Trading securities $ 13,994 $ — $ 13,994 Other assets Foreign exchange contracts — 1,354 1,354 Prepaid expenses and other current assets Total Assets $ 13,994 $ 1,354 $ 15,348 Foreign exchange contracts $ — $ 1,577 $ 1,577 Other current liabilities Total Liabilities $ — $ 1,577 $ 1,577 |
Derivatives and Hedging Activ24
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 July 31, 2017 April 30, 2018 July 31, 2017 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 $ 523 Prepaid expenses and other current assets $ 1,067 Other current liabilities $ 368 Other current liabilities $ 1,569 Net investment hedges Foreign currency denominated debt Prepaid expenses and other current assets — Prepaid expenses and other current assets — Long term obligations 54,576 Long term obligations 53,280 Total derivatives designated as hedging instruments $ 523 $ 1,067 $ 54,944 $ 54,849 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 5 Prepaid expenses and other current assets $ 287 Other current liabilities $ 2 Other current liabilities $ 7 Total derivatives not designated as hedging instruments $ 5 $ 287 $ 2 $ 7 |
Goodwill and Intangible Asset25
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Apr. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2017 | $ 437,697 |
Goodwill, Translation Adjustments | (2,271) |
Balance as of January 31, 2018 | 435,426 |
Id Solutions [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2017 | 391,864 |
Goodwill, Translation Adjustments | (2,392) |
Balance as of January 31, 2018 | 389,472 |
Workplace Safety [Member] | |
Goodwill [Roll Forward] | |
Balance as of July 31, 2017 | 45,833 |
Goodwill, Translation Adjustments | 121 |
Balance as of January 31, 2018 | $ 45,954 |
Goodwill and Intangible Asset26
Goodwill and Intangible Assets - Goodwill Impairment (Detail) $ in Thousands | Apr. 30, 2018USD ($) |
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 Asset27
Goodwill and Intangible Assets - Other Intangibles Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2017 | |
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 89,637 | $ 89,637 | $ 89,685 | ||
Accumulated Amortization | (41,601) | (41,601) | (36,609) | ||
Net Book Value | 48,036 | 48,036 | $ 53,076 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Amortization of Intangible Assets | 1,620 | $ 1,766 | 4,930 | $ 5,349 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6,513 | 6,513 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,174 | 6,174 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,210 | 5,210 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,168 | 5,168 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,014 | $ 5,014 | |||
Patents [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 5 years | 5 years | |||
Gross Carrying Amount | 1,448 | $ 1,448 | $ 1,358 | ||
Accumulated Amortization | (816) | (816) | (471) | ||
Net Book Value | 632 | $ 632 | $ 887 | ||
Trademarks And Other [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 9 years | 9 years | |||
Gross Carrying Amount | 4,593 | $ 4,593 | $ 4,528 | ||
Accumulated Amortization | (4,449) | (4,449) | (4,229) | ||
Net Book Value | 144 | $ 144 | $ 299 | ||
Customer relationships [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 8 years | 8 years | |||
Gross Carrying Amount | 60,742 | $ 60,742 | $ 60,759 | ||
Accumulated Amortization | (36,336) | (36,336) | (31,909) | ||
Net Book Value | 24,406 | 24,406 | 28,850 | ||
Trademarks [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 22,854 | 22,854 | 23,040 | ||
Accumulated Amortization | 0 | 0 | 0 | ||
Net Book Value | $ 22,854 | $ 22,854 | $ 23,040 |
Other Comprehensive Income Ot28
Other Comprehensive Income Other Comprehensive Income, Text (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Net investment hedge translation adjustments | $ (306) | $ 752 | $ 388 | $ (1,373) |
Cash flow hedges | (262) | 90 | (379) | (46) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | 0 | 0 | (178) | 0 |
Other income tax adjustments and currency translation | (412) | (21) | (469) | 39 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (980) | 821 | (638) | (1,380) |
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (44,682) | (54,745) | ||
Other Comprehensive Income (Loss), before Reclassification | (3,340) | (8,509) | ||
Amounts reclassified from accumulated other comprehensive income | (124) | (85) | ||
Ending balance | (48,146) | (63,339) | $ (48,146) | (63,339) |
Document Fiscal Year Focus | 2,018 | |||
Cash flow hedges | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | $ 109 | (857) | ||
Other Comprehensive Income (Loss), before Reclassification | (124) | 563 | ||
Amounts reclassified from accumulated other comprehensive income | 310 | (323) | ||
Ending balance | 295 | 29 | 295 | 29 |
Unamortized gain on post-retirement plans | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 2,620 | 2,236 | ||
Other Comprehensive Income (Loss), before Reclassification | 414 | 72 | ||
Amounts reclassified from accumulated other comprehensive income | (434) | 408 | ||
Ending balance | 2,600 | 1,900 | 2,600 | 1,900 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (47,411) | (56,124) | ||
Other Comprehensive Income (Loss), before Reclassification | (3,630) | (9,144) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Ending balance | $ (51,041) | $ (65,268) | $ (51,041) | $ (65,268) |
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 | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Earnings Per Share [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 26,000 | $ 22,553 | $ 56,109 | $ 70,403 |
Denominator for basic earnings (loss) from continuing operations per share for both Class A and Class B | 51,747 | 51,227 | 51,628 | 50,972 |
Plus: Effect of dilutive stock options | 982 | 974 | 982 | 910 |
Denominator for diluted net income per share for both Class A and Class B | 52,729 | 52,201 | 52,610 | 51,882 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Net earnings per share, basic | $ 0.50 | $ 0.44 | $ 1.09 | $ 1.38 |
Net earnings per share, diluted | $ 0.49 | $ 0.43 | $ 1.07 | $ 1.36 |
Class B voting common stock | ||||
Earnings Per Share [Line Items] | ||||
Earnings from continuing operations | $ 26,000 | $ (22,553) | $ (55,294) | $ (69,601) |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 0 | 0 | 16 | 14 |
Payments of Ordinary Dividends | $ 0 | $ 0 | $ 799 | $ 788 |
Net earnings per share, basic | $ 0.50 | $ 0.44 | $ 1.07 | $ 1.37 |
Net earnings per share, diluted | $ 0.49 | $ 0.43 | $ 1.05 | $ 1.34 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
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 | 675 | 578 | 706 | 706 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | $ 298,421 | $ 275,927 | $ 876,352 | $ 824,104 |
Segment Profit | 44,507 | 37,753 | 127,933 | 112,291 |
Id Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 212,154 | 196,880 | 628,291 | 589,106 |
Segment Profit | 36,970 | 32,633 | 106,896 | 94,676 |
Workplace Safety [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales to External Customers | 86,267 | 79,047 | 248,061 | 234,998 |
Segment Profit | $ 7,537 | $ 5,120 | $ 21,037 | $ 17,615 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total profit from reportable segments | $ 44,507 | $ 37,753 | $ 127,933 | $ 112,291 |
Unallocated amounts: | ||||
Administrative costs | (6,798) | (6,203) | (20,017) | (17,571) |
Investment and other income | 31 | 453 | 1,303 | 560 |
Interest expense | (761) | (1,375) | (2,453) | (4,565) |
Earnings before income taxes | $ 36,979 | $ 30,628 | $ 106,766 | $ 90,715 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Assumptions (Detail) - $ / shares | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 26 days | 6 years 1 month 10 days |
Expected volatility | 26.52% | 29.55% |
Expected dividend yield | 2.72% | 2.70% |
Risk-free interest rate | 1.96% | 1.26% |
Weighted-average market value of underlying stock at grant date | $ 36.85 | $ 35.14 |
Options, Grants in Period, Weighted Average Exercise Price | 36.85 | 35.14 |
Weighted-average fair value of options granted during the period | $ 7.96 | $ 7.56 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity under Company's Share-Based Compensation Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Summary of Stock Option Activity [Abstract] | ||
Options Outstanding at July 31, 2014 | 2,879,801 | |
Options Outstanding at July 31, 2014, Weighted Average Exercise Price | $ 27.40 | |
Options, Grants in Period | 364,046 | |
Options, Grants in Period, Weighted Average Exercise Price | $ 36.85 | $ 35.14 |
Options, Exercised in Period | (400,282) | |
Options, Exercised in Period, Weighted Average Exercise Price | $ 30.95 | |
Options, Forfeitures and Expirations in Period | (106,715) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 31.46 | |
Options Outstanding at January 31, 2015 | 2,736,850 | |
Options Outstanding at January 31, 2015, Weighted Average Exercise Price | $ 27.98 | |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $ 26.63 | 28.37 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Options Outstanding, Aggregate Intrinsic Value | $ 24,032 | |
Options Outstanding, Exercisable, Weighted Average Remaining Contractual Term | 5 years | |
Options Outstanding, Exercisable, Aggregate Intrinsic Value | $ 19,750 | |
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.13 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,290 | |
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
Service-Based RSUs and Restricted Shares Outstanding | 58,206 | |
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.12 | $ 32.03 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Service-Based RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (6,399) | |
Service-Based RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value | $ 32.57 | |
Service-Based RSUs and Restricted Shares Outstanding | 108,097 | |
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value | $ 32.57 | |
Service Based Restricted Shares and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 93,118 | |
Summary of Service-Based Restricted Stock Unit and Restricted Share Activity [Abstract] | ||
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value | $ 25.61 | |
Service-Based RSUs and Restricted Shares Outstanding | 517,108 | |
Service-Based RSUs and Restricted Shares, Grants in Period, Weighted Average Grant Date Fair Value | $ 36.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (137,302) | |
Service-Based RSUs and Restricted Shares, Vested in Period, Weighted Average Grant Date Fair Value | $ 24.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (42,556) | |
Service-Based RSUs and Restricted Shares, Forfeitures, Weighted Average Grant Date Fair Value | $ 27.10 | |
Service-Based RSUs and Restricted Shares Outstanding | 430,368 | |
Service-Based RSUs and Restricted Shares Outstanding, Weighted Average Grant Date Fair Value | $ 28.16 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.13 | |||
Shares authorized | 3,275,315 | 3,275,315 | ||
Shares reserved for future issuance | 4,046,476 | 4,046,476 | ||
Share-based compensation expense | $ 1,684 | $ 2,051 | $ 7,581 | $ 7,445 |
Share-based compensation expense (net of tax) | 1,263 | $ 1,272 | 5,685 | $ 4,616 |
Unrecognized compensation cost related to share-based compensation, pre tax | $ 12,273 | $ 12,273 | ||
Weighted average period remaining | 1 year 292 days | |||
Options Outstanding, Exercisable | 1,950,754 | 1,882,244 | 1,950,754 | 1,882,244 |
Options Outstanding, Exercisable, Weighted Average Exercise Price | $ 26.63 | $ 28.37 | $ 26.63 | $ 28.37 |
Proceeds from stock options exercised | $ 63 | $ 4,015 | $ 10,011 | $ 18,674 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 15 | 1,514 | 910 | 2,967 |
Intrinsic value of stock options exercised | 2,983 | 7,809 | ||
Fair value of stock options vested | 3,006 | $ 2,901 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 5 | $ 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 20 | $ 20 | ||
Service Based Restricted Shares and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 36.79 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 14,743 | $ 15,348 |
Total Liabilities | 369 | 1,577 |
Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 14,216 | 13,994 |
Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 527 | 1,354 |
Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | 369 | 1,577 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 14,216 | 13,994 |
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 | 14,216 | 13,994 |
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 | 527 | 1,354 |
Total Liabilities | 369 | 1,577 |
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 | 527 | 1,354 |
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 | $ 369 | $ 1,577 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | $ 435,426 | $ 437,697 |
Debt, Fair Value | 61,794 | 109,303 |
Debt, Carrying Value | 58,157 | 104,536 |
Workplace Safety [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Carrying Value | $ 45,954 | $ 45,833 |
Derivatives and Hedging Activ38
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 523 | $ 1,067 |
Liability Derivatives | 54,944 | 54,849 |
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 | 523 | 1,067 |
Designated as hedging instruments [Member] | Cash flow hedging | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 368 | 1,569 |
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 | 54,576 | 53,280 |
Not designated as hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5 | 287 |
Liability Derivatives | 2 | 7 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5 | 287 |
Not designated as hedging Instruments [Member] | Foreign exchange contract [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 2 | $ 7 |
Derivatives and Hedging Activ39
Derivatives and Hedging Activities - Additional Information (Detail) $ in Thousands, £ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Jul. 31, 2017USD ($) | May 13, 2010GBP (£) | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative Maturities | 18 months | |||||
Derivative, Notional Amount | $ 37,907 | $ 37,907 | $ 81,195 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | (65) | $ (171) | (65) | $ (171) | ||
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | (264) | (114) | (446) | (530) | ||
Total Outstanding Forward Foreign Exchange Contracts | 34,680 | 34,680 | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 9 | $ 1,725 | $ 29 | $ (3,321) | ||
Senior Unsecured Notes [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Amount of Hedged Item | £ | £ 45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 26.90% | 35.00% | |
Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Provisional Income Tax Expense Resulting from Changes in Tax Legislation (repatriation) | $ 402,000 | ||
Provisional Income Tax Expense Resulting from Changes in Tax Legislation (net of other disclosures) | 18,832,000 | ||
Provisional Income Tax Expense Resulting from Changes in Tax Legislation (APB 23) | $ 1,826,000 |
Subsequent Events (Detail)
Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | May 22, 2018 | |
Subsequent Event [Line Items] | |||
Business Divestiture Revenue | $ 16 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 20 | ||
Dividend declared (USD per share) | $ 0.2075 |