Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Oct. 31, 2018 | Nov. 13, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BRC | |
Entity Registrant Name | BRADY CORP | |
Entity Central Index Key | 746,598 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A nonvoting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 48,937,041 | |
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 | Oct. 31, 2018 | Jul. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 192,176 | $ 181,427 |
Accounts receivable—net | 169,327 | 161,282 |
Inventories: | ||
Finished products | 71,092 | 73,133 |
Work-in-process | 20,734 | 19,903 |
Raw materials and supplies | 22,190 | 20,035 |
Total inventories | 114,016 | 113,071 |
Prepaid expenses and other current assets | 18,497 | 15,559 |
Total current assets | 494,016 | 471,339 |
Other assets: | ||
Goodwill | 415,129 | 419,815 |
Other intangible assets | 41,033 | 42,588 |
Deferred income taxes | 7,770 | 7,582 |
Other | 17,621 | 17,662 |
Property, plant and equipment, cost: | ||
Land | 7,250 | 6,994 |
Buildings and improvements | 95,386 | 96,245 |
Machinery and equipment | 270,192 | 270,989 |
Construction in progress | 7,492 | 4,495 |
Property, plant and equipment, gross | 380,320 | 378,723 |
Less accumulated depreciation | 282,263 | 280,778 |
Property, plant and equipment—net | 98,057 | 97,945 |
Total | 1,073,626 | 1,056,931 |
Current liabilities: | ||
Accounts payable | 64,735 | 66,538 |
Wages and amounts withheld from employees | 48,945 | 67,619 |
Taxes, other than income taxes | 8,377 | 8,318 |
Accrued income taxes | 4,937 | 3,885 |
Other current liabilities | 54,582 | 44,567 |
Total current liabilities | 181,576 | 190,927 |
Long-term obligations | 54,408 | 52,618 |
Other liabilities | 64,699 | 61,274 |
Total liabilities | 300,683 | 304,819 |
Stockholders’ equity: | ||
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 48,918,974 and 48,393,617 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 326,182 | 325,631 |
Retained earnings | 570,858 | 553,454 |
Treasury stock—2,342,513 and 2,867,870 shares, respectively, of Class A nonvoting common stock, at cost | (58,414) | (71,120) |
Accumulated other comprehensive loss | (66,231) | (56,401) |
Total stockholders’ equity | 772,943 | 752,112 |
Total | $ 1,073,626 | $ 1,056,931 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Oct. 31, 2018 | Jul. 31, 2018 |
Class A nonvoting common stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 48,918,974 | 48,393,617 |
Treasury stock, shares | 2,342,513 | 2,867,870 |
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 | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Net sales | $ 293,196 | $ 290,151 |
Cost of products sold | 146,657 | 144,086 |
Gross margin | 146,539 | 146,065 |
Operating expenses: | ||
Research and development | 11,326 | 10,520 |
Selling, general and administrative | 94,591 | 100,134 |
Total operating expenses | 105,917 | 110,654 |
Operating income | 40,622 | 35,411 |
Other (expense) income: | ||
Investment and other (expense) income | (17) | 216 |
Interest expense | (712) | (863) |
Earnings before income taxes | 39,893 | 34,764 |
Income tax expense | 9,256 | 8,928 |
Net earnings | $ 30,637 | $ 25,836 |
Weighted average common shares outstanding (in thousands): | ||
Weighted average common shares outstanding, basic (in thousands): | 52,201 | 51,440 |
Weighted average common shares outstanding, diluted (in thousands): | 52,958 | 52,383 |
Class A Nonvoting Common Stock | ||
Earnings Per Share | ||
Net earnings per share, basic | $ 0.59 | $ 0.50 |
Net earnings per share, diluted | 0.58 | 0.49 |
Dividends | 0.21 | 0.21 |
Class B Voting Common Stock | ||
Earnings Per Share | ||
Net earnings per share, basic | 0.57 | 0.49 |
Net earnings per share, diluted | 0.56 | 0.48 |
Dividends | $ 0.20 | $ 0.19 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 30,637 | $ 25,836 |
Foreign currency translation adjustments: | ||
Foreign currency translation adjustments | (5,395) | (5,383) |
Net investment hedge and long-term intercompany loan translation adjustments | (3,395) | (1,172) |
Cash flow hedges: | ||
Net loss recognized in other comprehensive loss | (380) | (234) |
Reclassification adjustment for (gains) losses included in net earnings | (47) | 24 |
Total cash flow hedges | (427) | (210) |
Pension and other post-retirement benefits: | ||
Pension and other post-retirement benefits actuarial gain amortization | (155) | (130) |
Other comprehensive income (loss), before tax | (9,372) | (6,895) |
Income tax benefit (expense) related to items of other comprehensive loss | (458) | (485) |
Other comprehensive loss, net of tax | (9,830) | (7,380) |
Comprehensive income | $ 20,807 | $ 18,456 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Net earnings | $ 30,637 | $ 25,836 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,960 | 6,564 |
Non-cash portion of stock-based compensation expense | 4,965 | 3,744 |
Deferred income taxes | 2,164 | (1,168) |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||
Accounts receivable | (6,709) | (4,807) |
Inventories | (3,125) | (3,571) |
Prepaid expenses and other assets | (2,197) | (2,005) |
Accounts payable and accrued liabilities | (14,070) | 7,799 |
Income taxes | 1,193 | 2,327 |
Net cash provided by operating activities | 18,818 | 34,719 |
Investing activities: | ||
Purchases of property, plant and equipment | (6,009) | (3,802) |
Other | 337 | 974 |
Net cash used in investing activities | (5,672) | (2,828) |
Financing activities: | ||
Payment of dividends | (11,096) | (10,639) |
Proceeds from exercise of stock options | 12,138 | 3,249 |
Proceeds from borrowing on credit facilities | 5,737 | 10,901 |
Debt issuance costs | (2,269) | (22,894) |
Income tax on equity-based compensation, and other | (3,846) | (2,280) |
Net cash provided by (used in) financing activities | 664 | (21,663) |
Effect of exchange rate changes on cash | (3,061) | (1,935) |
Net increase in cash and cash equivalents | 10,749 | 8,293 |
Cash and cash equivalents, beginning of period | 181,427 | 133,944 |
Cash and cash equivalents, end of period | $ 192,176 | $ 142,237 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Basis of Presentation | 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 October 31, 2018 and July 31, 2018 , its results of operations and comprehensive income for the three months ended October 31, 2018 and 2017 , and cash flows for the three months ended October 31, 2018 and 2017 . The consolidated balance sheet as of July 31, 2018 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, 2018 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the three months ended October 31, 2018 , were as follows: IDS WPS Total Balance as of July 31, 2018 $ 385,524 $ 34,291 $ 419,815 Translation adjustments (3,569 ) (1,117 ) (4,686 ) Balance as of October 31, 2018 $ 381,955 $ 33,174 $ 415,129 Goodwill is presented net of accumulated impairment losses, with the most recent impairment charge being incurred in fiscal 2015. There were no impairment charges recorded during the three months ended October 31, 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: October 31, 2018 July 31, 2018 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 $ (1,069 ) $ 379 5 $ 1,448 $ (942 ) $ 506 Trademarks and other 9 4,416 (4,332 ) 84 9 4,497 (4,395 ) 102 Customer relationships 9 55,559 (34,418 ) 21,141 9 55,999 (33,535 ) 22,464 Unamortized other intangible assets: Trademarks N/A 19,429 — 19,429 N/A 19,516 — 19,516 Total $ 80,852 $ (39,819 ) $ 41,033 $ 81,460 $ (38,872 ) $ 42,588 The decrease in the gross carrying amount of other intangible assets as of October 31, 2018 compared to July 31, 2018 was due to the effects of currency fluctuations during the three-month period. Amortization expense on intangible assets was $ 1,436 and $ 1,693 for the three months ended October 31, 2018 and 2017 , respectively. Amortization expense over each of the next five fiscal years is projected to be $ 5,713 , $ 5,187 , $ 5,148 , $ 5,004 and $ 2,025 for the fiscal years ending July 31, 2019 , 2020 , 2021 , 2022 and 2023 , respectively. |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income (Loss) | 3 Months Ended |
Oct. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note | 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 three months ended October 31, 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, 2018 $ 863 $ 3,302 $ (60,566 ) $ (56,401 ) Other comprehensive loss before reclassification (491 ) — (9,149 ) (9,640 ) Amounts reclassified from accumulated other comprehensive loss (35 ) (155 ) — (190 ) Ending balance, October 31, 2018 $ 337 $ 3,147 $ (69,715 ) $ (66,231 ) The increase in the accumulated other comprehensive loss as of October 31, 2018 , compared to July 31, 2018 , was primarily due to the appreciation of the U.S. dollar against certain other currencies. 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 $190 in amounts reclassified from accumulated other comprehensive loss, the $35 gain on cash flow hedges was reclassified into cost of goods sold and the $155 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the Condensed Consolidated Statements of Earnings for the three months ended October 31, 2018 . The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2017 , were as follows: Unrealized gain (loss) 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 before reclassification (419 ) — (6,846 ) (7,265 ) Amounts reclassified from accumulated other comprehensive loss 15 (130 ) — (115 ) Ending balance, October 31, 2017 $ (295 ) $ 2,490 $ (54,257 ) $ (52,062 ) The increase in accumulated other comprehensive loss as of October 31, 2017 , compared to July 31, 2017 , was primarily due to the appreciation of the U.S. dollar against certain other currencies. 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 $115 in amounts reclassified from accumulated other comprehensive loss, the $15 loss on cash flow hedges was reclassified into cost of goods sold and the $130 gain on post-retirement plans was reclassified into SG&A on the Condensed Consolidated Statements of Earnings for the three months ended October 31, 2017 . The following table illustrates the income tax expense on the components of other comprehensive loss for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (405 ) $ (301 ) Cash flow hedges (100 ) (195 ) Other income tax adjustments and currency translation 47 11 Income tax expense related to items of other comprehensive loss $ (458 ) $ (485 ) |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Oct. 31, 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 October 31, 2018 2017 Numerator: Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 30,637 $ 25,836 Less: Preferential dividends (815 ) (799 ) Preferential dividends on dilutive stock options (13 ) (16 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 29,809 $ 25,021 Denominator: (in thousands) Denominator for basic earnings for both Class A and Class B 52,201 51,440 Plus: Effect of dilutive stock options 757 943 Denominator for diluted earnings per share for both Class A and Class B 52,958 52,383 Net earnings per Class A Nonvoting Common Share: Basic $ 0.59 $ 0.50 Diluted $ 0.58 $ 0.49 Net earnings per Class B Voting Common Share: Basic $ 0.57 $ 0.49 Diluted $ 0.56 $ 0.48 Options to purchase 679,902 and 737,132 shares of Class A Nonvoting Common Stock for the three months ended October 31, 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. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements | 3 Months Ended |
Oct. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 periods in fiscal years 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. The Company adopted ASU 2017-07 effective August 1, 2018 and elected the practical expedient to use the components of cost disclosed in prior years as a basis for the retrospective application of the new income statement presentation. The impact of the adoption on the Company's condensed consolidated financial statements was not significant for the three months ended October 31, 2018 and 2017 . Refer to Note 4 "Employee Benefit Plans" in our annual report on Form 10-K for the year ended July 31, 2018. 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 standards. The update requires, 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 allows for either a full retrospective or 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, has selected a third-party software program to track and store its leases, and has accumulated data pertaining to its global lease obligations. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("Topic 606"), 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. The Company adopted ASU 2014-09 (and related updates) effective August 1, 2018 using the modified retrospective method to apply this guidance to all contracts at the date of initial application. Results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect in those periods. The results of applying Topic 606 were insignificant and did not have a material impact on the Company's consolidated financial condition, results of operations, cash flows, business processes, controls, or systems. Upon adoption, the Company recorded a cumulative adjustment to the opening balance of retained earnings as of August 1, 2018, which resulted in a decrease to retained earnings of $2,137 , net of tax. The adjustment was primarily due to a change in timing of when revenue and the related costs for certain extended service-type warranties are recognized, as required per Topic 606. Refer to Note C "Revenue Recognition" for additional information and required disclosures under the new standard. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 3 Months Ended |
Oct. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | NOTE C — Revenue Recognition The Company’s revenues are primarily from the sale of identification solutions and workplace safety products that are shipped and billed to customers. All revenue is from contracts with customers and is included in "Net sales" on the consolidated statements of earnings. The Company considers the purchase orders, which in some cases are governed by master sales or distributor agreements, to be its contracts with the customers. For each contract, the Company considers the commitment to transfer products, each of which is distinct, to be its identified performance obligations. Timing The majority of the Company's revenue is earned and recognized at a point in time through ship-and-bill performance obligations, when control of the product is transferred to the customer, which typically occurs upon shipment or delivery to the customer, depending on freight terms. To determine when control has transferred, the Company considers if there is a present right to payment; and if legal title, physical possession, and the significant risks and rewards of ownership of the asset has transferred to the customer. Once a product has shipped or has been delivered, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. Measurement Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for the transfer of product, which is generally the price stated in the contract specific for each item sold, adjusted for the value of expected returns, discounts, rebates, or other allowances offered to the Company's customers as a reduction of the transaction price. Certain discounts and price assurances are fixed and known at the time of sale. Expected returns and other allowances are variable and are estimated using the expected value method based upon historical experience. Rebates offered to customers are retrospective and typically defined in the master sales or distributor agreements, and therefore are recorded using the most likely amount method based on the terms of the contract. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Payment Terms While the Company’s standard payment terms are net 30 days, the specific payment terms and conditions in its customer contracts vary. In some cases, customers pay for their goods at time of shipment or upon delivery; in other cases, after appropriate credit evaluation, an open credit line is granted and payment is due in arrears. Contracts with payment in arrears are recognized in the condensed consolidated balance sheet as accounts receivable. Warranties The Company offers standard warranty coverage on substantially all products that it sells, and accounts for this standard warranty coverage as an assurance warranty. As such, no transaction price is allocated to the standard warranty, and the Company records a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. The Company also sells extended warranty coverage for certain products, which it accounts for as service warranties. In most cases, the extended service warranty is included with the purchase of the product. In applying Topic 606, the Company considers the extended service warranty to be a separate performance obligation in the contract and allocates a portion of the transaction price to the service warranty based on the estimated stand-alone selling price. Under Topic 606, the extended warranty transaction price is initially recorded as deferred revenue on the consolidated balance sheet and recognized on a straight-line basis over the life of the service warranty period. The deferred revenue is considered a contract liability as the Company has a right to payment at the time the product with the related extended service warranty is shipped or delivered and therefore, payment is received in advance of the Company's performance. The balance of contract liabilities as of October 31, 2018, was $2,800 . This also represents the amount of unsatisfied performance obligations related to contracts that extend beyond one year. Of this amount, the Company expects to recognize 34% as revenue by the end of fiscal 2019, an additional 37% by the end of fiscal 2020, and the balance thereafter. Upon adoption of Topic 606, at the beginning of fiscal 2019, the contract liability balance was $2,796 . The current portion of contract liabilities and the non-current portion are included in “Other current liabilities” and “Other liabilities," respectively, on the consolidated balance sheet. During the three months ended October 31, 2018, the Company recognized revenue of $308 that was included in the contract liability balance at the beginning of the period, which was from the amortization of extended service warranties. Practical Expedients With the exception of the performance obligations related to the extended service warranties, the Company's contracts have an original expected duration of one year or less. As a result, the Company has elected to use the practical expedient to not disclose its remaining performance obligations for contracts that have an original expected length of one year or less. The Company applied the portfolio approach to its ship-and-bill contracts that have similar characteristics as it reasonably expects that the effects on the financial statements of applying this guidance to the portfolio of contracts would not differ materially from applying this guidance to the individual contracts within the portfolio. As the Company’s product sale contracts and standard payment terms have a duration of less than one year, it uses the practical expedient applicable to such contracts and does not consider the time value of money. Sales, use, value-add and other similar taxes assessed by governmental authorities and collected concurrent with revenue-producing activities are excluded from revenue. The Company accounts for shipping and handling activities that occur after control of the related products transfers to the customer as fulfillment activities and are therefore recognized as revenue at time of shipping. The Company expenses incremental direct costs of obtaining a contract (e.g., sales commissions) when incurred because the amortization period is generally twelve months or less. Contract costs are expensed in "Selling, general, and administrative expenses" on the consolidated statements of earnings. Refer to Note G, "Segment Information," for the Company's disaggregated revenue disclosure. |
Segment Information
Segment Information | 3 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is organized and managed on a global basis within three operating segments, Identification Solutions ("IDS"), Workplace Safety ("WPS"), 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 (expense), income taxes, and certain corporate administrative expenses are excluded when evaluating segment performance. The following is a summary of net sales by segment and geographic region for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Net sales: ID Solutions Americas $ 145,791 $ 139,404 Europe 48,828 47,131 Asia 23,481 23,170 Total $ 218,100 $ 209,705 Workplace Safety Americas $ 24,751 $ 26,488 Europe 37,655 41,384 Australia 12,690 12,574 Total $ 75,096 $ 80,446 Total Company Americas $ 170,542 $ 165,892 Europe 86,483 88,515 Asia-Pacific 36,171 35,744 Total $ 293,196 $ 290,151 Segment profit for the three months ended October 31, 2018 and 2017 is as follows: Three months ended October 31, 2018 2017 Segment profit: ID Solutions $ 41,562 $ 35,837 Workplace Safety 5,541 6,445 Total Company $ 47,103 $ 42,282 The following is a reconciliation of segment profit to earnings before income taxes for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Total profit from reportable segments $ 47,103 $ 42,282 Unallocated amounts: Administrative costs (6,481 ) (6,871 ) Investment and other (expense) income (17 ) 216 Interest expense (712 ) (863 ) Earnings before income taxes $ 39,893 $ 34,764 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Oct. 31, 2018 | |
Share-based Arrangements with Employees and Nonemployees [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 fair market value of the underlying stock at the date of grant or as determined using a Monte Carlo simulation. 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 vest at the end of a three-year service period provided specified financial performance metrics are met. As of October 31, 2018 , the Company has reserved 2,682,634 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs, and restricted shares and 3,655,246 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 October 31, 2018 and 2017 , was $4,965 ( $4,319 net of taxes) and $3,744 ( $2,321 net of taxes), respectively. As of October 31, 2018 , total unrecognized compensation cost related to stock-based compensation awards was $16,245 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.1 years. The Company has estimated the fair value of its service-based stock option awards granted during the three months ended October 31, 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: Three months ended October 31, Black-Scholes Option Valuation Assumptions 2018 2017 Expected term (in years) 6.20 6.07 Expected volatility 25.83 % 28.19 % Expected dividend yield 2.71 % 2.72 % Risk-free interest rate 3.01 % 1.96 % Weighted-average market value of underlying stock at grant date $ 43.96 $ 36.85 Weighted-average exercise price $ 43.96 $ 36.85 Weighted-average fair value of options granted during the period $ 9.70 $ 7.96 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 three months ended October 31, 2018 , is presented below: Service-Based Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2018 2,504,633 $ 28.23 New grants 276,238 43.96 Exercised (551,919) 26.88 Forfeited or expired (5,407) 36.24 Outstanding at October 31, 2018 2,223,545 $ 30.50 6.5 $ 23,842 Exercisable at October 31, 2018 1,621,317 $ 27.06 5.6 $ 22,340 There were 1,621,317 and 2,229,350 options exercisable with a weighted average exercise price of $27.06 and $27.39 at October 31, 2018 and 2017 , respectively. The total fair value of stock options vested during the three months ended October 31, 2018 and 2017 , was $2,798 and $2,974 , respectively. The cash received from the exercise of options during the three months ended October 31, 2018 and 2017 , was $12,138 and $3,249 . The tax benefit from the exercise of options during the three months ended October 31, 2018 and 2017 , was $2,356 and $478 , respectively. The total intrinsic value of options exercised during the three months ended October 31, 2018 and 2017 , based upon the average market price at the time of exercise during the period, was $9,423 and $1,257 , respectively. The following tables summarize the RSU activity under the Company's share-based compensation plans for the three months ended October 31, 2018 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2018 342,856 $ 29.05 New grants 76,356 44.04 Vested (111,194 ) 28.15 Forfeited (7,339 ) 29.97 Outstanding at October 31, 2018 300,679 $ 33.16 The service-based RSUs granted during the three months ended October 31, 2017 , had a weighted-average grant date fair value of $35.14 . The total fair value of service-based RSUs vested during the three months ended October 31, 2018 and 2017 , was $4,795 and $4,736 , respectively. Performance-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2018 108,097 $ 32.57 New grants 50,313 50.70 Vested — — Forfeited — — Outstanding at October 31, 2018 158,410 $ 38.33 The performance-based RSUs granted during the three months ended October 31, 2017 , had a weighted-average grant date fair value of $33.12 . The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2018 and expected to vest was $18,497 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [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 October 31, 2018 and July 31, 2018 , 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 October 31, 2018 Trading securities $ 14,060 $ — $ 14,060 Other assets Foreign exchange contracts — 891 891 Prepaid expenses and other current assets Total Assets $ 14,060 $ 891 $ 14,951 Foreign exchange contracts $ — $ 505 $ 505 Other current liabilities Total Liabilities $ — $ 505 $ 505 July 31, 2018 Trading securities $ 14,383 $ — $ 14,383 Other assets Foreign exchange contracts — 1,077 1,077 Prepaid expenses and other current assets Total Assets $ 14,383 $ 1,077 $ 15,460 Foreign exchange contracts $ — $ 3 $ 3 Other current liabilities Total Liabilities $ — $ 3 $ 3 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 J, “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 three months ended October 31, 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 three months ended October 31, 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, accrued liabilities and short-term and long-term debt. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximated carrying values because of the short-term nature of these instruments. The estimated fair value of the Company’s short-term and long-term debt obligations based on the quoted market prices for similar issues and on the current rates offered for debt of similar maturities was $57,047 and $55,707 at October 31, 2018 and July 31, 2018 , respectively, as compared to the carrying value of $54,408 and $52,618 at October 31, 2018 and July 31, 2018 , respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Oct. 31, 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 October 31, 2018 and July 31, 2018 , the notional amount of outstanding forward exchange contracts was $ 23,619 and $32,667 , 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 forward 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 October 31, 2018 and 2017 , unrealized gains of $590 and losses of $710 were included in OCI, respectively. Balances are reclassified from OCI to earnings when the hedged transactions impact earnings. For the three months ended October 31, 2018 and 2017 , the Company reclassified gains of $47 and losses of $24 from OCI into earnings, respectively. At October 31, 2018 , the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 20,398 , 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 For the three months ended October 31, 2018 and 2017 , the Company recognized losses of $33 and gains of $22 , respectively, in “Investment and other (expense) 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 October 31, 2018 July 31, 2018 October 31, 2018 July 31, 2018 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 $ 871 Prepaid expenses and other current assets $ 1,076 Other current liabilities $ 452 Other current liabilities $ — 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 51,048 Long term obligations, less current maturities 52,668 Total derivatives designated as hedging instruments $ 871 $ 1,076 $ 51,500 $ 52,668 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 20 Prepaid expenses and other current assets $ 1 Other current liabilities $ 52 Other current liabilities $ 3 Total derivatives not designated as hedging instruments $ 20 $ 1 $ 52 $ 3 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 13, 2018, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.2125 per share payable on January 31, 2019, to shareholders of record at the close of business on January 10, 2019. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 3 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended October 31, 2018 : Common Additional Retained Earnings Treasury Accumulated Total Stockholders' Equity Balances at July 31, 2018 $ 548 $ 325,631 $ 553,454 $ (71,120 ) $ (56,401 ) $ 752,112 Net earnings — — 30,637 — — 30,637 Other comprehensive loss, net of tax — — — — (9,830 ) (9,830 ) Issuance of shares of Class A Common Stock under stock plan — (4,505 ) — 14,569 — 10,064 Tax benefit and withholdings from deferred compensation distributions — 91 — — — 91 Stock-based compensation expense (Note H) — 4,965 — — — 4,965 Purchase of shares of Class A Common Stock — — — (1,863 ) — (1,863 ) Cumulative adjustment for ASU 2014-09, net of tax (Note B) — — (2,137 ) — — (2,137 ) Cash dividends on Common Stock Class A — $0.21 per share — — (10,403 ) — — (10,403 ) Class B — $0.20 per share — — (693 ) — — (693 ) Balances at October 31, 2018 $ 548 $ 326,182 $ 570,858 $ (58,414 ) $ (66,231 ) $ 772,943 The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended October 31, 2017 : Common Additional Retained Earnings Treasury Accumulated Total Stockholders' Equity Balances at July 31, 2017 $ 548 $ 322,608 $ 507,136 $ (85,470 ) $ (44,682 ) $ 700,140 Net earnings — — 25,836 — — 25,836 Other comprehensive loss, net of tax — — — — (7,380 ) (7,380 ) Issuance of shares of Class A Common Stock under stock plan — (3,863 ) — 5,086 — 1,223 Tax benefit and withholdings from deferred compensation distributions — 168 — (422 ) — (254 ) Stock-based compensation expense (Note H) — 3,744 — — — 3,744 Cash dividends on Common Stock Class A — $0.21 per share — — (9,964 ) — — (9,964 ) Class B — $0.19 per share — — (675 ) — — (675 ) Balances at October 31, 2017 $ 548 $ 322,657 $ 522,333 $ (80,806 ) $ (52,062 ) $ 712,670 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three months ended October 31, 2018 , were as follows: IDS WPS Total Balance as of July 31, 2018 $ 385,524 $ 34,291 $ 419,815 Translation adjustments (3,569 ) (1,117 ) (4,686 ) Balance as of October 31, 2018 $ 381,955 $ 33,174 $ 415,129 |
Schedule of Other Intangible Assets | The net book value of these assets was as follows: October 31, 2018 July 31, 2018 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 $ (1,069 ) $ 379 5 $ 1,448 $ (942 ) $ 506 Trademarks and other 9 4,416 (4,332 ) 84 9 4,497 (4,395 ) 102 Customer relationships 9 55,559 (34,418 ) 21,141 9 55,999 (33,535 ) 22,464 Unamortized other intangible assets: Trademarks N/A 19,429 — 19,429 N/A 19,516 — 19,516 Total $ 80,852 $ (39,819 ) $ 41,033 $ 81,460 $ (38,872 ) $ 42,588 |
Other Comprehensive Income Ot_2
Other Comprehensive Income Other Comprehensive Income, Net of Tax (Tables) | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the three months ended October 31, 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, 2018 $ 863 $ 3,302 $ (60,566 ) $ (56,401 ) Other comprehensive loss before reclassification (491 ) — (9,149 ) (9,640 ) Amounts reclassified from accumulated other comprehensive loss (35 ) (155 ) — (190 ) Ending balance, October 31, 2018 $ 337 $ 3,147 $ (69,715 ) $ (66,231 ) | The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2017 , were as follows: Unrealized gain (loss) 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 before reclassification (419 ) — (6,846 ) (7,265 ) Amounts reclassified from accumulated other comprehensive loss 15 (130 ) — (115 ) Ending balance, October 31, 2017 $ (295 ) $ 2,490 $ (54,257 ) $ (52,062 ) |
Other Comprehensive Income , Tax | The following table illustrates the income tax expense on the components of other comprehensive loss for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Income tax expense related to items of other comprehensive loss: Net investment hedge translation adjustments $ (405 ) $ (301 ) Cash flow hedges (100 ) (195 ) Other income tax adjustments and currency translation 47 11 Income tax expense related to items of other comprehensive loss $ (458 ) $ (485 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Oct. 31, 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 October 31, 2018 2017 Numerator: Earnings (Numerator for basic and diluted Class A Nonvoting Common Share) $ 30,637 $ 25,836 Less: Preferential dividends (815 ) (799 ) Preferential dividends on dilutive stock options (13 ) (16 ) Numerator for basic and diluted earnings per Class B Voting Common Share $ 29,809 $ 25,021 Denominator: (in thousands) Denominator for basic earnings for both Class A and Class B 52,201 51,440 Plus: Effect of dilutive stock options 757 943 Denominator for diluted earnings per share for both Class A and Class B 52,958 52,383 Net earnings per Class A Nonvoting Common Share: Basic $ 0.59 $ 0.50 Diluted $ 0.58 $ 0.49 Net earnings per Class B Voting Common Share: Basic $ 0.57 $ 0.49 Diluted $ 0.56 $ 0.48 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following is a summary of net sales by segment and geographic region for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Net sales: ID Solutions Americas $ 145,791 $ 139,404 Europe 48,828 47,131 Asia 23,481 23,170 Total $ 218,100 $ 209,705 Workplace Safety Americas $ 24,751 $ 26,488 Europe 37,655 41,384 Australia 12,690 12,574 Total $ 75,096 $ 80,446 Total Company Americas $ 170,542 $ 165,892 Europe 86,483 88,515 Asia-Pacific 36,171 35,744 Total $ 293,196 $ 290,151 |
Schedule of Segment Reporting Information by Segment | Segment profit for the three months ended October 31, 2018 and 2017 is as follows: Three months ended October 31, 2018 2017 Segment profit: ID Solutions $ 41,562 $ 35,837 Workplace Safety 5,541 6,445 Total Company $ 47,103 $ 42,282 |
Reconciliation of Segment Profit | The following is a reconciliation of segment profit to earnings before income taxes for the three months ended October 31, 2018 and 2017 : Three months ended October 31, 2018 2017 Total profit from reportable segments $ 47,103 $ 42,282 Unallocated amounts: Administrative costs (6,481 ) (6,871 ) Investment and other (expense) income (17 ) 216 Interest expense (712 ) (863 ) Earnings before income taxes $ 39,893 $ 34,764 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Oct. 31, 2018 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |
Black-Scholes Option Valuation Assumptions | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table: Three months ended October 31, Black-Scholes Option Valuation Assumptions 2018 2017 Expected term (in years) 6.20 6.07 Expected volatility 25.83 % 28.19 % Expected dividend yield 2.71 % 2.72 % Risk-free interest rate 3.01 % 1.96 % Weighted-average market value of underlying stock at grant date $ 43.96 $ 36.85 Weighted-average exercise price $ 43.96 $ 36.85 Weighted-average fair value of options granted during the period $ 9.70 $ 7.96 |
Summary of Stock Option Activity | A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2018 , is presented below: Service-Based Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2018 2,504,633 $ 28.23 New grants 276,238 43.96 Exercised (551,919) 26.88 Forfeited or expired (5,407) 36.24 Outstanding at October 31, 2018 2,223,545 $ 30.50 6.5 $ 23,842 Exercisable at October 31, 2018 1,621,317 $ 27.06 5.6 $ 22,340 |
Summary of RSU Activity | The following tables summarize the RSU activity under the Company's share-based compensation plans for the three months ended October 31, 2018 : Service-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2018 342,856 $ 29.05 New grants 76,356 44.04 Vested (111,194 ) 28.15 Forfeited (7,339 ) 29.97 Outstanding at October 31, 2018 300,679 $ 33.16 The service-based RSUs granted during the three months ended October 31, 2017 , had a weighted-average grant date fair value of $35.14 . The total fair value of service-based RSUs vested during the three months ended October 31, 2018 and 2017 , was $4,795 and $4,736 , respectively. Performance-Based RSUs Shares Weighted Average Grant Date Fair Value Outstanding at July 31, 2018 108,097 $ 32.57 New grants 50,313 50.70 Vested — — Forfeited — — Outstanding at October 31, 2018 158,410 $ 38.33 The performance-based RSUs granted during the three months ended October 31, 2017 , had a weighted-average grant date fair value of $33.12 . The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2018 and expected to vest was $18,497 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [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 October 31, 2018 Trading securities $ 14,060 $ — $ 14,060 Other assets Foreign exchange contracts — 891 891 Prepaid expenses and other current assets Total Assets $ 14,060 $ 891 $ 14,951 Foreign exchange contracts $ — $ 505 $ 505 Other current liabilities Total Liabilities $ — $ 505 $ 505 July 31, 2018 Trading securities $ 14,383 $ — $ 14,383 Other assets Foreign exchange contracts — 1,077 1,077 Prepaid expenses and other current assets Total Assets $ 14,383 $ 1,077 $ 15,460 Foreign exchange contracts $ — $ 3 $ 3 Other current liabilities Total Liabilities $ — $ 3 $ 3 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Oct. 31, 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 October 31, 2018 July 31, 2018 October 31, 2018 July 31, 2018 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 $ 871 Prepaid expenses and other current assets $ 1,076 Other current liabilities $ 452 Other current liabilities $ — 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 51,048 Long term obligations, less current maturities 52,668 Total derivatives designated as hedging instruments $ 871 $ 1,076 $ 51,500 $ 52,668 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 20 Prepaid expenses and other current assets $ 1 Other current liabilities $ 52 Other current liabilities $ 3 Total derivatives not designated as hedging instruments $ 20 $ 1 $ 52 $ 3 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Equity [Abstract] | ||
Schedule of Stockholders Equity [Table Text Block] | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended October 31, 2018 : Common Additional Retained Earnings Treasury Accumulated Total Stockholders' Equity Balances at July 31, 2018 $ 548 $ 325,631 $ 553,454 $ (71,120 ) $ (56,401 ) $ 752,112 Net earnings — — 30,637 — — 30,637 Other comprehensive loss, net of tax — — — — (9,830 ) (9,830 ) Issuance of shares of Class A Common Stock under stock plan — (4,505 ) — 14,569 — 10,064 Tax benefit and withholdings from deferred compensation distributions — 91 — — — 91 Stock-based compensation expense (Note H) — 4,965 — — — 4,965 Purchase of shares of Class A Common Stock — — — (1,863 ) — (1,863 ) Cumulative adjustment for ASU 2014-09, net of tax (Note B) — — (2,137 ) — — (2,137 ) Cash dividends on Common Stock Class A — $0.21 per share — — (10,403 ) — — (10,403 ) Class B — $0.20 per share — — (693 ) — — (693 ) Balances at October 31, 2018 $ 548 $ 326,182 $ 570,858 $ (58,414 ) $ (66,231 ) $ 772,943 | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended October 31, 2017 : Common Additional Retained Earnings Treasury Accumulated Total Stockholders' Equity Balances at July 31, 2017 $ 548 $ 322,608 $ 507,136 $ (85,470 ) $ (44,682 ) $ 700,140 Net earnings — — 25,836 — — 25,836 Other comprehensive loss, net of tax — — — — (7,380 ) (7,380 ) Issuance of shares of Class A Common Stock under stock plan — (3,863 ) — 5,086 — 1,223 Tax benefit and withholdings from deferred compensation distributions — 168 — (422 ) — (254 ) Stock-based compensation expense (Note H) — 3,744 — — — 3,744 Cash dividends on Common Stock Class A — $0.21 per share — — (9,964 ) — — (9,964 ) Class B — $0.19 per share — — (675 ) — — (675 ) Balances at October 31, 2017 $ 548 $ 322,657 $ 522,333 $ (80,806 ) $ (52,062 ) $ 712,670 |
Goodwill Rollforward (Detail)
Goodwill Rollforward (Detail) $ in Thousands | 3 Months Ended |
Oct. 31, 2018USD ($) | |
Goodwill | |
Balance as of July 31, 2018 | $ 419,815 |
Translation adjustments | (4,686) |
Balance as of October 31, 2018 | 415,129 |
ID Solutions | |
Goodwill | |
Balance as of July 31, 2018 | 385,524 |
Translation adjustments | (3,569) |
Balance as of October 31, 2018 | 381,955 |
Workplace Safety | |
Goodwill | |
Balance as of July 31, 2018 | 34,291 |
Translation adjustments | (1,117) |
Balance as of October 31, 2018 | $ 33,174 |
Other Intangible Assets (Detail
Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2018 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Intangible Assets | $ 1,436 | $ 1,693 | |
Intangible Assets, Amortization Expense, Next Twelve Months | 5,713 | ||
Intangible Assets, Amortization Expense, Year Two | 5,187 | ||
Intangible Assets, Amortization Expense, Year Three | 5,148 | ||
Intangible Assets, Amortization Expense, Year Four | 5,004 | ||
Intangible Assets, Amortization Expense, Year Five | 2,025 | ||
Other Intangible Assets [Line Items] | |||
Gross Carrying Amount | 80,852 | $ 81,460 | |
Accumulated Amortization | (39,819) | (38,872) | |
Net Book Value | $ 41,033 | $ 42,588 | |
Patents [Member] | |||
Other Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 5 years | 5 years | |
Gross Carrying Amount | $ 1,448 | $ 1,448 | |
Accumulated Amortization | (1,069) | (942) | |
Net Book Value | $ 379 | $ 506 | |
Trademarks and other [Member] | |||
Other Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 9 years | 9 years | |
Gross Carrying Amount | $ 4,416 | $ 4,497 | |
Accumulated Amortization | (4,332) | (4,395) | |
Net Book Value | $ 84 | $ 102 | |
Customer relationships [Member] | |||
Other Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 9 years | 9 years | |
Gross Carrying Amount | $ 55,559 | $ 55,999 | |
Accumulated Amortization | (34,418) | (33,535) | |
Net Book Value | 21,141 | 22,464 | |
Trademarks [Member] | |||
Other Intangible Assets [Line Items] | |||
Gross Carrying Amount | 19,429 | 19,516 | |
Accumulated Amortization | 0 | 0 | |
Net Book Value | $ 19,429 | $ 19,516 |
Other Comprehensive Income Sche
Other Comprehensive Income Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (56,401) | $ (44,682) |
Other comprehensive loss before reclassification | (9,640) | (7,265) |
Amounts reclassified from accumulated other comprehensive loss | 190 | 115 |
Ending balance | (66,231) | (52,062) |
Unrealized gain on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 863 | 109 |
Other comprehensive loss before reclassification | (491) | (419) |
Amounts reclassified from accumulated other comprehensive loss | 35 | (15) |
Ending balance | 337 | (295) |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (60,566) | (47,411) |
Other comprehensive loss before reclassification | (9,149) | (6,846) |
Ending balance | (69,715) | (54,257) |
Unamortized gain on post-retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 3,302 | 2,620 |
Amounts reclassified from accumulated other comprehensive loss | 155 | 130 |
Ending balance | $ 3,147 | $ 2,490 |
Other Comprehensive Income Sc_2
Other Comprehensive Income Schedule of Other Comprehensive Income, Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Derivatives used in Net Investment Hedge, Tax Benefit (Expense) | $ (405) | $ (301) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (100) | (195) |
Other Comprehensive Income Tax Other Adjustments | 47 | 11 |
Other Comprehensive Income (Loss), Tax | $ (458) | $ (485) |
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 | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Line Items] | ||
Net earnings | $ 30,637 | $ 25,836 |
Denominator for basic earnings for both Class A and Class B | 52,201 | 51,440 |
Plus: Effect of dilutive stock options | 757 | 943 |
Denominator for diluted earnings per share for both Class A and Class B | 52,958 | 52,383 |
Class A Nonvoting Common Stock | ||
Earnings Per Share [Line Items] | ||
Net earnings per share, basic | $ 0.59 | $ 0.50 |
Net earnings per share, diluted | $ 0.58 | $ 0.49 |
Class B Voting Common Stock | ||
Earnings Per Share [Line Items] | ||
Preferential dividends | $ (815) | $ (799) |
Preferential dividends on dilutive stock options | (13) | (16) |
Earnings from continuing operations | $ 29,809 | $ 25,021 |
Net earnings per share, basic | $ 0.57 | $ 0.49 |
Net earnings per share, diluted | $ 0.56 | $ 0.48 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Common stock of Class A shares excluded from computations of diluted net income per share | 679,902 | 737,132 |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2018 | Aug. 01, 2018 | |
Revenue Recognition [Abstract] | ||
Contract with Customer, Liability | $ 2,800 | $ 2,796 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | Of this amount, the Company expects to recognize 34% as revenue by the end of fiscal 2019, an additional 37% by the end of fiscal 2020, and the balance thereafter. | |
Deferred Revenue, Revenue Recognized | $ 308 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) | Aug. 01, 2018USD ($) |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2,850 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 293,196 | $ 290,151 |
Segment Profit | 47,103 | 42,282 |
ID Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 218,100 | 209,705 |
Segment Profit | 41,562 | 35,837 |
Workplace Safety | ||
Segment Reporting Information [Line Items] | ||
Net sales | 75,096 | 80,446 |
Segment Profit | 5,541 | 6,445 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Net sales | 170,542 | 165,892 |
Americas | ID Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 145,791 | 139,404 |
Americas | Workplace Safety | ||
Segment Reporting Information [Line Items] | ||
Net sales | 24,751 | 26,488 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Net sales | 86,483 | 88,515 |
Europe | ID Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 48,828 | 47,131 |
Europe | Workplace Safety | ||
Segment Reporting Information [Line Items] | ||
Net sales | 37,655 | 41,384 |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36,171 | 35,744 |
Asia-Pacific | ID Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 23,481 | 23,170 |
Asia-Pacific | Workplace Safety | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 12,690 | $ 12,574 |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reconciliation [Abstract] | ||
Total profit from reportable segments | $ 47,103 | $ 42,282 |
Unallocated amounts: | ||
Administrative costs | (6,481) | (6,871) |
Investment and other (expense) income | (17) | 216 |
Interest expense | (712) | (863) |
Earnings before income taxes | $ 39,893 | $ 34,764 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Assumptions (Detail) - $ / shares | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected term (in years) | 6 years 2 months 12 days | 6 years 26 days |
Expected volatility | 25.83% | 28.19% |
Expected dividend yield | 2.71% | 2.72% |
Risk-free interest rate | 3.01% | 1.96% |
Weighted-average market value of underlying stock at grant date | $ 43.96 | $ 36.85 |
Options, Grants in Period, Weighted Average Exercise Price | 43.96 | 36.85 |
Weighted-average fair value of options granted during the period | $ 9.70 | $ 7.96 |
Stock-Based Compensation Servic
Stock-Based Compensation Service-Based Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Service-Based Stock Options [Abstract] | ||
Options Outstanding at July 31, 2016 | 2,504,633 | |
Options Outstanding at July 31, 2016, Weighted Average Exercise Price | $ 28.23 | |
Options, Grants in Period | 276,238 | |
Options, Grants in Period, Weighted Average Exercise Price | $ 43.96 | $ 36.85 |
Options, Exercised in Period | (551,919) | |
Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | |
Options, Forfeitures or Expirations in Period | (5,407) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 36.24 | |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months | |
Options Outstanding at October 31, 2016 | 2,223,545 | |
Options Outstanding at October 31, 2016, Weighted Average Exercise Price | $ 30.50 | |
Options Outstanding, Aggregate Intrinsic Value | $ 23,842 | |
Options Exercisable | 1,621,317 | 2,229,350 |
Options Exercisable, Weighted Average Exercise Price | $ 27.06 | $ 27.39 |
Options Exercisable, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | |
Options Exercisable, Aggregate Intrinsic Value | $ 22,340 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Incentive Stock Plan | ||
Shares authorized | 2,682,634 | |
Shares reserved for future issuance | 3,655,246 | |
Stock-Based Compensation Expense | ||
Share-based compensation expense | $ 4,965 | $ 3,744 |
Share-based compensation expense, net of tax | 4,319 | 2,321 |
Unrealized compensation cost related to share-based compensation, pre tax | $ 16,245 | |
Weighted average period remaining | 2 years 1 month 6 days | |
Stock Options, Additional Disclosures | ||
Proceeds from stock options exercised | $ 12,138 | 3,249 |
Fair value of options vested | 2,798 | 2,974 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 2,356 | 478 |
Service-Based RSUs, Additional Disclosures | ||
Service-Based RSUs, Nonvested, Aggregate Intrinsic Value, | 18,497 | |
Service-Based RSUs, Vested in Period, Fair Value | 4,795 | 4,736 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 9,423 | $ 1,257 |
Service Based Restricted Shares and Restricted Stock Units [Member] | ||
Service-Based RSUs, Additional Disclosures | ||
Service-Based RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.04 | $ 35.14 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Based Restricted Shares and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 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, Aggregate Intrinsic Value, Nonvested | $ 18,497 | |
Service Based Restricted Shares and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at July 31, 2016 | 342,856 | |
Outstanding at July 31, 2016, Weighted Average Grant Date Fair Value | $ 29.05 | |
Performance-Based RSUs, Grants in Period | 76,356 | |
Performance-Based RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.04 | $ 35.14 |
Performance-Based RSUs, Vested in Period | (111,194) | |
Performance-Based RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $ 28.15 | |
Performance-Based RSUs, Forfeited in Period | (7,339) | |
Performance-Based RSUs, Forfeitures, Weighted Average Grant Date Fair Value | $ 29.97 | |
Outstanding at October 31, 2016 | 300,679 | |
Outstanding at October 31, 2016, Weighted Average Grant Date Fair Value | $ 33.16 | |
Performance Based Restricted Shares and Restricted Stock Units [Member] [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at July 31, 2016 | 108,097 | |
Outstanding at July 31, 2016, Weighted Average Grant Date Fair Value | $ 32.57 | |
Performance-Based RSUs, Grants in Period | 50,313 | |
Performance-Based RSUs, Grants in Period, Weighted Average Grant Date Fair Value | $ 50.70 | $ 33.12 |
Performance-Based RSUs, Vested in Period | 0 | |
Performance-Based RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Performance-Based RSUs, Forfeited in Period | 0 | |
Performance-Based RSUs, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |
Outstanding at October 31, 2016 | 158,410 | |
Outstanding at October 31, 2016, Weighted Average Grant Date Fair Value | $ 38.33 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 14,951 | $ 15,460 |
Total Liabilities | 505 | 3 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 14,060 | 14,383 |
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 | 14,060 | 14,383 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 891 | 1,077 |
Total Liabilities | 505 | 3 |
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 | 891 | 1,077 |
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 | $ 505 | $ 3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 57,047 | $ 55,707 |
Debt, Carrying Value | $ 54,408 | $ 52,618 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 |
Designated as hedging instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 871 | $ 1,076 |
Liability Derivatives | 51,500 | 52,668 |
Not designated as hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 20 | 1 |
Liability Derivatives | 52 | 3 |
Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | Prepaid expenses and other current assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 20 | 1 |
Foreign exchange contract [Member] | Not designated as hedging Instruments [Member] | Other current liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 52 | 3 |
Unrealized gain on cash flow hedges | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | Prepaid expenses and other current assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 871 | 1,076 |
Unrealized gain on cash flow hedges | Foreign exchange contract [Member] | Designated as hedging instruments [Member] | Other current liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 452 | 0 |
Net Investment Hedging [Member] | Foreign currency denominated debt [Member] | Designated as hedging instruments [Member] | Long term obligations less current maturities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 51,048 | $ 52,668 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) $ in Thousands, £ in Millions | 3 Months Ended | |||
Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Oct. 31, 2018GBP (£) | Jul. 31, 2018USD ($) | |
Summary | ||||
Derivative maturity | 18 months | |||
Derivative, Notional Amount | $ 23,619 | $ 32,667 | ||
Summary of Cash Flow Hedge Activity | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (590) | $ 710 | ||
Cash Flow Hedge Gain (Loss) Reclassified from OCI to Earnings | (47) | 24 | ||
Total Outstanding Forward Foreign Exchange Contracts | 20,398 | |||
Summary of Derivative Instruments Not Designated as Hedging Instruments | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (33) | $ (22) | ||
Senior Unsecured Notes [Member] | ||||
Summary of Net Investment Hedge Activity | ||||
Net investment hedges to hedge portions of net investment | £ | £ 45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Income Tax Contingency [Line Items] | ||
Income tax expense (benefit) | $ 9,256 | $ 8,928 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Nov. 13, 2018$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared (USD per share) | $ 0.2125 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Oct. 31, 2018 | Oct. 31, 2017 | Aug. 01, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | |
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ 772,943 | $ 712,670 | $ 752,112 | $ 700,140 | |
Net earnings | 30,637 | 25,836 | |||
Other Comprehensive Income (Loss), Net of Tax | (9,830) | (7,380) | |||
Stock Issued During Period, Value, Stock Options Exercised | (10,064) | (1,223) | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | (91) | (254) | |||
Share-based Compensation | 4,965 | 3,744 | |||
Stock Repurchased During Period, Value | (1,863) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,137) | ||||
Payment of Ordinary Dividends, Common Stock Class A | (10,403) | (9,964) | |||
Payment of Ordinary Dividends, Common Stock Class B | (693) | (675) | |||
Common Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 548 | 548 | 548 | 548 | |
Additional Paid-in Capital [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 326,182 | 322,657 | 325,631 | 322,608 | |
Stock Issued During Period, Value, Stock Options Exercised | (4,505) | (3,863) | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | (91) | (168) | |||
Share-based Compensation | 4,965 | 3,744 | |||
Retained Earnings [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 570,858 | 522,333 | 553,454 | 507,136 | |
Net earnings | 30,637 | 25,836 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,137) | ||||
Payment of Ordinary Dividends, Common Stock Class A | (10,403) | (9,964) | |||
Payment of Ordinary Dividends, Common Stock Class B | (693) | (675) | |||
Treasury Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (58,414) | (80,806) | (71,120) | (85,470) | |
Stock Issued During Period, Value, Stock Options Exercised | (14,569) | (5,086) | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 422 | ||||
Stock Repurchased During Period, Value | 1,863 | ||||
AOCI Attributable to Parent [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (66,231) | (52,062) | $ (56,401) | $ (44,682) | |
Other Comprehensive Income (Loss), Net of Tax | $ (9,830) | $ (7,380) |