Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2020 | May 19, 2020 | |
Entity Information [Line Items] | ||
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Nonvoting Common Stock, par value $0.01 per share | |
Entity Address, Address Line One | 6555 West Good Hope Road | |
Entity Incorporation, State or Country Code | WI | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2020 | |
Entity File Number | 1-14959 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BRC | |
Entity Registrant Name | BRADY CORP | |
Entity Central Index Key | 0000746598 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 39-0178960 | |
Entity Address, City or Town | Milwaukee, | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53223 | |
Security Exchange Name | NYSE | |
City Area Code | 414 | |
Local Phone Number | 358-6600 | |
Entity Current Reporting Status | Yes | |
Class A nonvoting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 48,421,588 | |
Class B voting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,538,628 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 238,880 | $ 279,072 |
Accounts receivable—net | 145,133 | 158,114 |
Inventories | 124,575 | 120,037 |
Prepaid expenses and other current assets | 22,502 | 16,056 |
Total current assets | 531,090 | 573,279 |
Property, plant and equipment—net | 111,383 | 110,048 |
Goodwill | 404,039 | 410,987 |
Other intangible assets | 23,444 | 36,123 |
Deferred Income Tax Assets, Net | 7,006 | 7,298 |
Operating Lease, Right-of-Use Asset | 41,553 | 0 |
Other assets | 21,827 | 19,573 |
Total | 1,140,342 | 1,157,308 |
Current liabilities: | ||
Accounts payable | 58,819 | 64,810 |
Accrued compensation and benefits | 41,591 | 62,509 |
Taxes, other than income taxes | 7,667 | 8,107 |
Accrued income taxes | 8,101 | 6,557 |
Operating Lease, Liability, Current | 14,381 | 0 |
Other current liabilities | 48,473 | 49,796 |
Total current liabilities | 227,959 | 241,945 |
Operating Lease, Liability, Noncurrent | 32,348 | 0 |
Long-term Debt, Current Maturities | 48,927 | 50,166 |
Other liabilities | 59,433 | 64,589 |
Total liabilities | 319,740 | 306,534 |
Stockholders’ equity: | ||
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 48,431,617 and 49,458,841 shares, respectively | 513 | 513 |
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 |
Additional paid-in capital | 330,968 | 329,969 |
Retained earnings | 688,079 | 637,843 |
Treasury stock—2,829,870 and 1,802,646 shares, respectively, of Class A nonvoting common stock, at cost | (106,751) | (46,332) |
Accumulated other comprehensive loss | (92,242) | (71,254) |
Total stockholders’ equity | 820,602 | 850,774 |
Total | $ 1,140,342 | $ 1,157,308 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Apr. 30, 2020 | Jul. 31, 2019 |
Class A nonvoting common stock | ||
Common stock, shares outstanding | 48,431,617 | 49,458,841 |
Treasury stock, shares | 2,829,870 | 1,802,646 |
Common stock, shares issued | 51,261,487 | 51,261,487 |
Class B voting common stock | ||
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
Common stock, shares issued | 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, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Net sales | $ 265,943 | $ 289,745 | $ 829,555 | $ 865,367 |
Cost of goods sold | 136,416 | 143,996 | 419,496 | 433,269 |
Gross margin | 129,527 | 145,749 | 410,059 | 432,098 |
Operating expenses: | ||||
Research and development | 9,814 | 11,437 | 31,298 | 33,837 |
Selling, general and administrative | 83,223 | 94,691 | 260,136 | 281,988 |
Asset Impairment Charges | 13,821 | 0 | 13,821 | 0 |
Total operating expenses | 106,858 | 106,128 | 305,255 | 315,825 |
Operating income | 22,669 | 39,621 | 104,804 | 116,273 |
Other income (expense): | ||||
Investment and other income | 112 | 2,065 | 3,252 | 3,425 |
Interest expense | (628) | (708) | (1,976) | (2,137) |
Income before income taxes | 22,153 | 40,978 | 106,080 | 117,561 |
Income tax expense | 8,520 | 6,197 | 21,396 | 22,916 |
Net income | $ 13,633 | $ 34,781 | $ 84,684 | $ 94,645 |
Weighted average common shares outstanding: | ||||
Basic | 52,607 | 52,766 | 53,023 | 52,499 |
Diluted | 52,972 | 53,480 | 53,512 | 53,215 |
Class A nonvoting common stock | ||||
Earnings Per Share | ||||
Net earnings per share, basic | $ 0.26 | $ 0.66 | $ 1.60 | $ 1.80 |
Net earnings per share, diluted | 0.26 | 0.65 | 1.58 | 1.78 |
Dividends | 0.22 | 0.21 | 0.65 | 0.64 |
Class B voting common stock | ||||
Earnings Per Share | ||||
Net earnings per share, basic | 0.26 | 0.66 | 1.58 | 1.79 |
Net earnings per share, diluted | 0.26 | 0.65 | 1.57 | 1.76 |
Dividends | $ 0.22 | $ 0.21 | $ 0.64 | $ 0.62 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,633 | $ 34,781 | $ 84,684 | $ 94,645 |
Foreign currency translation adjustments | (17,424) | (7,337) | (18,383) | (10,641) |
Cash flow hedges: | ||||
Reclassification adjustment for gains included in net income | (293) | (292) | (779) | (579) |
Total cash flow hedges | (2,044) | (72) | (1,971) | (202) |
Pension and other post-retirement benefits: | ||||
Net loss recognized in other comprehensive loss | (105) | (124) | (315) | (423) |
Actuarial gain amortization | 0 | 0 | (309) | (169) |
Total pension and other post-retirement benefits | (105) | (124) | (624) | (592) |
Other comprehensive loss, before tax | (19,573) | (7,533) | (20,978) | (11,435) |
Income tax expense related to items of other comprehensive loss | (179) | (348) | (10) | (610) |
Other comprehensive loss, net of tax | (19,752) | (7,881) | (20,988) | (12,045) |
Comprehensive Income [Member] | ||||
Pension and other post-retirement benefits: | ||||
Comprehensive (loss) income | $ (6,119) | $ 26,900 | $ 63,696 | $ 82,600 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Net income | $ 84,684 | $ 94,645 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,731 | 17,836 |
Stock-based compensation expense | 7,180 | 10,311 |
Deferred income taxes | (309) | 3,796 |
Asset Impairment Charges | 13,821 | 0 |
Other | 1,698 | 1,372 |
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||
Accounts receivable | 9,019 | 332 |
Inventories | (7,439) | (9,254) |
Prepaid expenses and other assets | (5,653) | (2,204) |
Accounts payable and accrued liabilities | (26,609) | (20,548) |
Income taxes | 1,790 | 616 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | 95,913 | 96,902 |
Investing activities: | ||
Purchases of property, plant and equipment | (21,616) | (17,528) |
Other | (4,419) | (1,810) |
Net cash used in investing activities | (26,035) | (19,338) |
Financing activities: | ||
Payments of dividends | (34,447) | (33,488) |
Purchase of treasury stock | (64,113) | (3,182) |
Proceeds from exercise of stock options | 5,212 | 22,468 |
Payments for employee taxes withheld form stock-based awards | (7,832) | (4,348) |
Proceeds from borrowing on credit facilities | 0 | 13,637 |
Repayment of borrowing on credit facilities | 0 | (13,568) |
Other | 133 | 210 |
Net cash used in financing activities | (101,047) | (18,271) |
Effect of exchange rate changes on cash | (9,023) | (2,288) |
Net (decrease) increase in cash and cash equivalents | (40,192) | 57,005 |
Cash and cash equivalents, beginning of period | 279,072 | 181,427 |
Cash and cash equivalents, end of period | $ 238,880 | $ 238,432 |
Income Taxes
Income Taxes | 9 Months Ended |
Apr. 30, 2020 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income TaxesThe effective income tax rate for the three and nine months ended April 30, 2020, was 38.5% and 20.2%, respectively. The effective income tax rate for three months ended April 30, 2020, was higher than the effective income tax rate for same period in the prior year primarily due to an increase in the valuation allowance against foreign tax credit carryforwards resulting from a decrease in our expectations of future foreign source income.The effective income tax rate for the three and nine months ended April 30, 2019, was 15.1% and 19.5%, respectively. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2020 | |
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, 2020 and July 31, 2019, its results of operations and comprehensive income for the three and nine months ended April 30, 2020 and 2019, and cash flows for the nine months ended April 30, 2020 and 2019. The condensed consolidated balance sheet as of July 31, 2019, 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, 2019. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 9 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASC 842"), which replaced the former 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 and disclose key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements," which provides, among other items, an additional transition method allowing a cumulative effect adjustment to the opening balance of retained earnings during the period of adoption. ASC 842 is effective for interim periods in fiscal years beginning after December 15, 2018. The Company adopted ASU 2016-02 (and related updates) effective August 1, 2019, using the optional transition method provided in ASU 2018-11 to apply this guidance to the impacted lease population at the date of initial application. Results for reporting periods beginning after August 1, 2019, are presented under ASU 2016-02, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect during those periods. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carryforward the historical lease accounting of expired or existing leases with respect to lease identification, lease classification and accounting treatment for initial direct costs as of the adoption date. The Company also elected the practical expedient related to lease versus nonlease components, allowing the Company to recognize lease and nonlease components as a single lease. Lastly, the Company elected the hindsight practical expedient, allowing the Company to use hindsight in determining the lease term and assessing impairment of right-of-use assets when transitioning to ASC 842. The Company has made a policy election not to capitalize leases with an initial term of 12 months or less. Upon adoption of ASC 842, the Company recorded additional operating lease assets and liabilities of $55,984 and $58,544, respectively, as of August 1, 2019, which included operating lease assets and liabilities of $9,769 and $9,674, respectively, for leases that commenced on the adoption date of August 1, 2019. No cumulative effect adjustment to retained earnings was recognized upon adoption of the new standard. Adoption of ASC 842 did not have a material impact on the Company's cash flows or operating results. Refer to Note E "Leases" for additional information and required disclosures under the new standard. In August 2017, the Financial Accounting Standards Board ("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 periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 effective August 1, 2019, using the required modified retrospective adoption approach to apply this guidance to existing hedging relationships as of the adoption date, which did not have a material impact on its consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss model ("CECL") that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for interim periods in fiscal years beginning after December 15, 2019. The Company is still evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related 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. The Company has not adopted this guidance, which will only impact the Company's consolidated financial statements if there is an impairment of goodwill after July 31, 2020. In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)," which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after December 15, 2020, and interim periods thereafter; however, early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Inter-bank Offered Rate ("LIBOR") by the end of 2021. This guidance is effective upon issuance and allows application to contract changes as early as January 1, 2020. Some of the Company's contracts with respect to its borrowing agreements already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR. The Company is in the process of reviewing its debt securities, bank facilities, and commercial contracts that utilize LIBOR as the reference rate and is currently evaluating the potential impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. |
Additional Balance Sheet Inform
Additional Balance Sheet Information (Notes) | 9 Months Ended |
Apr. 30, 2020 | |
Additional Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | Additional Balance Sheet Information Inventories Inventories as of April 30, 2020, and July 31, 2019, consisted of the following: April 30, 2020 July 31, 2019 Finished products $ 77,634 $ 77,532 Work-in-process 22,819 20,515 Raw materials and supplies 24,122 21,990 Total inventories $ 124,575 $ 120,037 |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases The Company leases certain manufacturing facilities, warehouses and office space, computer equipment, and vehicles accounted for as operating leases. Lease terms typically range from one year to fifteen years. As of April 30, 2020, the Company did not have any finance leases. The Company determines whether an arrangement contains a lease at contract inception. The contract is considered to contain a lease if it provides the Company with the right to direct the use of and the right to obtain substantially all of the economic benefits from an identified asset in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date based on the present value of the future lease payments over the expected lease term. Additionally, the ROU asset includes any lease payments made on or before the commencement date, initial direct costs incurred, and is reduced by any lease incentives received. Some of the Company’s leases include options to extend the lease agreement. The exercise of an extension is at the Company’s sole discretion. The majority of renewal options are not included in the calculation of ROU assets and liabilities as they are not reasonably certain to be exercised. Some of the Company's lease agreements include rental payments that are adjusted periodically for inflation or the change in an index or rate, which are considered to be variable lease payments. Due to the nature of the Company’s variable lease payments, they are generally excluded from the initial measurement of the ROU asset and lease liability and are recognized in the period in which the obligation for those payments is incurred. The Company has lease agreements that include both lease and non-lease components, which the Company has elected to account for as a single lease component. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Generally, the discount rate implicit within the Company’s leases cannot be readily determined, and therefore the Company uses its incremental borrowing rate to determine the present value of the future lease payments. The incremental borrowing rate is estimated based on the sovereign credit rating for the countries in which the Company has its largest operations, adjusted for several factors, such as internal credit spread, lease terms and other market information available at the lease commencement date. Right-of-use assets are evaluated for impairment in the same manner as long-lived assets. During the three months ended April 30, 2020, impairment charges of $2,475 were recorded related to right-of-use assets, of which $2,035 and $440 related to the WPS and IDS segments, respectively. Refer to Note D, "Other Intangible and Long-Lived Assets" for additional information. Operating leases are reflected in “Operating lease assets,” “Current operating lease liabilities,” and “Long-term operating lease liabilities” on the Company's condensed consolidated balance sheets. Short-term lease expense, variable lease expenses, and sublease income was immaterial to the condensed consolidated statements of income for the three and nine months ended April 30, 2020. The following table summarizes lease expense recognized for the three and nine months ended April 30, 2020: Three months ended Nine months ended Condensed Consolidated Statements of Income Location April 30, 2020 April 30, 2020 Operating lease cost Cost of goods sold $ 2,074 $ 7,036 Operating lease cost Selling, general, and administrative expenses 2,145 6,861 The following table summarizes the maturity of the Company's lease liabilities as of April 30, 2020: Years ended July 31, Operating Leases Remainder of 2020 $ 4,245 2021 15,429 2022 12,554 2023 9,209 2024 5,470 Thereafter 3,160 Total lease payments $ 50,067 Less interest (3,338) Present value of lease liabilities $ 46,729 The weighted average remaining lease terms and discount rates for the Company's operating leases as of April 30, 2020 were as follows: April 30, 2020 Weighted average remaining lease term (in years) 3.7 Weighted average discount rate 3.4 % Supplemental cash flow information related to the Company's operating leases for the nine months ended April 30, 2020 , were as follows: Nine months ended April 30, 2020 Operating cash outflows from operating leases $ 12,469 Operating lease assets obtained in exchange for new operating lease liabilities 10,637 Operating lease assets obtained in exchange for new operating lease liabilities include $9,769 of operating lease assets related to leases that commenced on August 1, 2019, which were included in the adoption impact of the new lease accounting standard. The following table summarizes future minimum lease payments under operating leases as of July 31, 2019: Years ended July 31, Operating Leases 2020 $ 18,450 2021 16,132 2022 13,439 2023 10,065 2024 5,656 Thereafter 3,502 Total lease payments $ 67,244 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Apr. 30, 2020 | |
Stockholders' Equity Note [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 April 30, 2020: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at January 31, 2020 $ 548 $ 329,263 $ 685,758 $ (43,155) $ (72,490) $ 899,924 Net income — — 13,633 — — 13,633 Other comprehensive loss, net of tax — — — — (19,752) (19,752) Issuance of shares of Class A Common Stock under stock plan — (91) — 517 — 426 Stock-based compensation expense — 1,796 — — — 1,796 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.22 per share — — (10,542) — — (10,542) Class B — $0.22 per share — — (770) — — (770) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2020: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at July 31, 2019 $ 548 $ 329,969 $ 637,843 $ (46,332) $ (71,254) $ 850,774 Net income — — 84,684 — — 84,684 Other comprehensive loss, net of tax — — — — (20,988) (20,988) Issuance of shares of Class A Common Stock under stock plan — (6,314) — 3,694 — (2,620) Tax benefit and withholdings from deferred compensation distributions — 133 — — — 133 Stock-based compensation expense — 7,180 — — — 7,180 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.65 per share — — (32,197) — — (32,197) Class B — $0.64 per share — — (2,251) — — (2,251) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2019: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at January 31, 2019 $ 548 $ 328,978 $ 588,918 $ (54,498) $ (60,565) $ 803,381 Net income — — 34,781 — — 34,781 Other comprehensive loss, net of tax — — — — (7,881) (7,881) Issuance of shares of Class A Common Stock under stock plan — (1,433) — 4,415 — 2,982 Stock-based compensation expense — 2,506 — — — 2,506 Cash dividends on Common Stock: Class A — $0.21 per share — — (10,473) — — (10,473) Class B — $0.21 per share — — (752) — — (752) Balances at April 30, 2019 $ 548 $ 330,051 $ 612,474 $ (50,083) $ (68,446) $ 824,544 The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2019: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at July 31, 2018 $ 548 $ 325,631 $ 553,454 $ (71,120) $ (56,401) $ 752,112 Net income — — 94,645 — — 94,645 Other comprehensive loss, net of tax — — — — (12,045) (12,045) Issuance of shares of Class A Common Stock under stock plan — (6,100) — 24,219 — 18,119 Tax benefit and withholdings from deferred compensation distributions — 209 — — — 209 Stock-based compensation expense — 10,311 — — — 10,311 Repurchase of shares of Class A Common Stock — — — (3,182) — (3,182) Adoption of ASU 2014-09, "Revenue from Contracts with Customers" — — (2,137) — — (2,137) Cash dividends on Common Stock: Class A — $0.64 per share — — (31,291) — — (31,291) Class B — $0.62 per share — — (2,197) — — (2,197) Balances at April 30, 2019 $ 548 $ 330,051 $ 612,474 $ (50,083) $ (68,446) $ 824,544 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Other Comprehensive Income (Loss) | 9 Months Ended |
Apr. 30, 2020 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Comprehensive Income (Loss) Note | NOTE G — Accumulated Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments which includes net investment hedges, unrealized gains and losses from cash flow 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, 2020: Unrealized gain on Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive loss before reclassification (1,363) (216) (18,510) (20,089) Amounts reclassified from accumulated other comprehensive loss (584) (315) — (899) Ending balance, April 30, 2020 $ (1,240) $ 2,269 $ (93,271) $ (92,242) The increase in accumulated other comprehensive loss as of April 30, 2020, compared to July 31, 2019, 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 and the settlements of net investment hedges, net of tax. Of the total $899 in amounts reclassified from accumulated other comprehensive loss, the $584 gain on cash flow hedges was reclassified into "Cost of goods sold", and the $315 gain on post-retirement plans was reclassified into "Investment and other income" on the condensed consolidated statements of income for the nine months ended April 30, 2020. The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended April 30, 2019, were as follows: Unrealized gain on 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 income (loss) before reclassification 233 (169) (11,252) (11,188) Amounts reclassified from accumulated other comprehensive loss (434) (423) — (857) Ending balance, April 30, 2019 $ 662 $ 2,710 $ (71,818) $ (68,446) The increase in accumulated other comprehensive loss as of April 30, 2019, compared to July 31, 2018, 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, foreign currency translation on intercompany notes and the settlements of net investment hedges, net of tax. Of the total $857 in amounts reclassified from accumulated other comprehensive loss, the $434 gain on cash flow hedges was reclassified into "Cost of goods sold", and the $423 gain on post-retirement plans was reclassified into “Investment and other income” on the condensed consolidated statements of income for the nine months ended April 30, 2019. The following table illustrates the income tax expense on the components of other comprehensive loss for the three and nine months ended April 30, 2020 and 2019: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Income tax expense related to items of other comprehensive loss: Cash flow hedges $ (6) $ 38 $ 24 $ — Pension and other post-retirement benefits — — 93 — Other income tax adjustments and currency translation (173) (386) (127) (610) Income tax expense related to items of other comprehensive loss $ (179) $ (348) $ (10) $ (610) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 9 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue RecognitionThe Company recognizes revenue when control of the product or service transfers to the customer at an amount that represents the consideration expected to be received in exchange for those products and services. The Company’s revenues are primarily from the sale of identification 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 condensed consolidated statements of income. See Note I “Segment Information” for the Company’s disaggregated revenue disclosure. The Company’s contracts with customers consist of purchase orders, which in some cases are governed by master supply or distributor agreements. The majority of the Company's revenue is earned and recognized at a point in time through ship-and-bill performance obligations where the customer typically obtains control of the product upon shipment or delivery, depending on freight terms. The Company offers extended warranty coverage that is included in the sales price of certain products, which it accounts for as service warranties. The Company accounts for the deferred revenue associated with extended service warranties as a contract liability. At the time of sale, the extended warranty transaction price is recorded as deferred revenue and is recognized on a straight-line basis over the life of the service warranty period. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 30, 2020 | |
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 ("PDC"), which aggregate into two reportable segments that are organized around businesses with consistent products and services: IDS and WPS. The Identification Solutions and PDC 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. Impairment charges, 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 net sales by segment and geographic region for the three and nine months ended April 30, 2020 and 2019 is as follows: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Net sales: ID Solutions Americas $ 131,169 $ 143,557 $ 418,440 $ 427,671 Europe 41,183 48,984 129,884 145,094 Asia 20,817 21,438 65,194 68,518 Total $ 193,169 $ 213,979 $ 613,518 $ 641,283 Workplace Safety Americas $ 21,456 $ 25,778 $ 69,395 $ 74,861 Europe 37,567 38,372 110,594 113,816 Australia 13,751 11,616 36,048 35,407 Total $ 72,774 $ 75,766 $ 216,037 $ 224,084 Total Company Americas $ 152,625 $ 169,335 $ 487,835 $ 502,532 Europe 78,750 87,356 240,478 258,910 Asia-Pacific 34,568 33,054 101,242 103,925 Total $ 265,943 $ 289,745 $ 829,555 $ 865,367 Segment profit for the three and nine months ended April 30, 2020 and 2019 is as follows: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Segment profit: ID Solutions $ 36,401 $ 39,892 $ 119,499 $ 119,311 Workplace Safety 4,379 6,099 14,991 16,301 Total Company $ 40,780 $ 45,991 $ 134,490 $ 135,612 The following is a reconciliation of segment profit to income before income taxes for the three and nine months ended April 30, 2020 and 2019: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Total profit from reportable segments $ 40,780 $ 45,991 $ 134,490 $ 135,612 Unallocated amounts: Administrative costs (4,290) (6,370) (15,865) (19,339) Impairment charges (1) (13,821) — (13,821) — Investment and other income 112 2,065 3,252 3,425 Interest expense (628) (708) (1,976) (2,137) Income before income taxes $ 22,153 $ 40,978 $ 106,080 $ 117,561 |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income 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, 2020 2019 2020 2019 Numerator (in thousands): Income (Numerator for basic and diluted income per $ 13,633 $ 34,781 $ 84,684 $ 94,645 Less: Preferential dividends — — (828) (815) Preferential dividends on dilutive stock options — — (10) (13) Numerator for basic and diluted income per Class B $ 13,633 $ 34,781 $ 83,846 $ 93,817 Denominator: (in thousands) Denominator for basic income per share for both 52,607 52,766 53,023 52,499 Plus: Effect of dilutive equity awards 365 714 489 716 Denominator for diluted income per share for both 52,972 53,480 53,512 53,215 Net income per Class A Nonvoting Common Share: Basic $ 0.26 $ 0.66 $ 1.60 $ 1.80 Diluted $ 0.26 $ 0.65 $ 1.58 $ 1.78 Net income per Class B Voting Common Share: Basic $ 0.26 $ 0.66 $ 1.58 $ 1.79 Diluted $ 0.26 $ 0.65 $ 1.57 $ 1.76 Stock-based awards to purchase 488,932 and 269,606 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2020 and 2019, respectively, and 353,752 and 407,477 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2020 | |
Text Block [Abstract] | |
Fair Value Measurements | Fair Value Measurements In accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair value are classified into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. Level 2 — Other significant pricing inputs that are either directly or indirectly observable. Level 3 — Significant unobservable pricing inputs, which result in the use of management's own assumptions. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at April 30, 2020 and July 31, 2019, according to the valuation techniques the Company used to determine their fair values. April 30, 2020 July 31, 2019 Fair Value Hierarchy Assets: Trading securities $ 17,172 $ 15,744 Level 1 Foreign exchange contracts 241 474 Level 2 Liabilities: Foreign exchange contracts 1,360 5 Level 2 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, which are included in "Other assets" on the condensed consolidated balance sheets. 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 L, “Derivatives and Hedging Activities,” for additional information. There have been no transfers between fair value hierarchy levels during the nine months ended April 30, 2020. The fair values of cash and cash equivalents, accounts receivable, inventories, accounts payable, and other current liabilities approximated carrying values due to their short-term nature. During the three months ended April 30, 2020, impairment charges of $13,821 were recorded in connection with writing down the carrying values of certain other intangible and long-lived assets to their respective fair values. These represented Level 3 assets measured at fair value on a nonrecurring basis subsequent to their original recognition. Refer to Note D, "Other Intangible and Long-Lived Assets" for additional information on the methods and assumptions used to determine fair value. The following table summarizes the estimated fair value of the Company’s current maturities on its long-term debt obligations, at April 30, 2020 and July 31, 2019, which was based on the quoted market prices for similar issues and on the current rates offered for debt of similar maturities. April 30, 2020 July 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Current maturities on long-term debt $ 48,927 $ 48,988 $ 50,166 $ 51,566 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Apr. 30, 2020 | |
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. The Company hedges a portion of known exposures using forward exchange contracts. Main exposures are related to transactions denominated in the British Pound, Euro, Canadian dollar, Australian dollar, Mexican Peso, Chinese Yuan, Malaysian Ringgit and Singapore dollar. Generally, these risk management transactions will involve the use of foreign currency derivatives to minimize the impact of currency movements on non-functional currency transactions. The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows: April 30, 2020 July 31, 2019 Designated as cash flow hedges $ 21,533 $ 26,013 Non-designated hedges 2,707 3,376 Total foreign exchange contracts $ 24,240 $ 29,389 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 income in the same period or periods during which the hedged transaction affects income. As of April 30, 2020 and July 31, 2019, unrealized losses of $1,166 and gains of $805 have been included in OCI, respectively. Net Investment Hedges The Company has designated certain third party-foreign currency denominated debt instruments as net investment hedges. On May 13, 2010, the Company completed the private placement of €75,000 aggregate principal amount of senior unsecured notes consisting of €30,000 aggregate principal amount of 3.71% Series 2010-A Senior Notes, which were repaid during fiscal 2017, and €45,000 aggregate principal amount of 4.24% Series 2010-A Senior Notes, due May 13, 2020. This Euro-denominated debt obligation was designated as a net investment hedge to selectively hedge portions of the Company's net investment in European foreign operations. The Company’s foreign denominated debt obligations are valued under a market approach using publicized spot prices, and the net gains or losses attributable to the changes in spot prices are recorded as cumulative translation within AOCI and are included in the foreign currency translation adjustments section of the condensed consolidated statements of comprehensive income. As of April 30, 2020 and July 31, 2019, the cumulative balance recognized in accumulated other comprehensive income were gains of $13,700 and $12,440, respectively, on the Euro-denominated debt obligations. The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 (Losses) gains recognized in OCI: Foreign exchange contracts (cash flow hedges) $ (1,751) $ 220 $ (1,192) $ 377 Foreign currency denominated debt (net investment hedges) 707 1,314 1,260 2,336 Gains reclassified from OCI into cost of goods sold: Forward exchange contracts (cash flow hedges) 293 292 779 579 Non-Designated Hedges The Company recognized gains of $39 and $11 for the three and nine months ended April 30, 2020, respectively, and losses of $6 and $49 for the three and nine months ended April 30, 2019, respectively, in “Investment and other income” on the condensed consolidated statements of income related to non-designated hedges. Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: April 30, 2020 July 31, 2019 Prepaid expenses and other current assets Other current liabilities Current maturities on Prepaid expenses and other current assets Other current liabilities Current maturities on Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 176 $ — $ — $ 472 $ — $ — Foreign currency denominated debt (net investment hedges) — — 48,929 — — 50,189 Derivatives not designated as hedging instruments: Foreign exchange contracts 65 1,360 — 2 5 — Total derivative instruments $ 241 $ 1,360 $ 48,929 $ 474 $ 5 $ 50,189 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE N — Subsequent Events On May 20, 2020, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.2175 per share payable on July 31, 2020, to shareholders of record at the close of business on July 10, 2020. |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Additional Balance Sheet Information [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories as of April 30, 2020, and July 31, 2019, consisted of the following: April 30, 2020 July 31, 2019 Finished products $ 77,634 $ 77,532 Work-in-process 22,819 20,515 Raw materials and supplies 24,122 21,990 Total inventories $ 124,575 $ 120,037 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Text Block [Abstract] | |
Other Intangible Assets | April 30, 2020 July 31, 2019 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Amortized other intangible assets: Customer relationships and other 8 $ 47,180 $ (33,150) $ 14,030 9 $ 46,595 $ (29,343) $ 17,252 Unamortized other intangible assets: Tradenames N/A 9,414 — 9,414 N/A 18,871 — 18,871 Total $ 56,594 $ (33,150) $ 23,444 $ 65,466 $ (29,343) $ 36,123 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes lease expense recognized for the three and nine months ended April 30, 2020: Three months ended Nine months ended Condensed Consolidated Statements of Income Location April 30, 2020 April 30, 2020 Operating lease cost Cost of goods sold $ 2,074 $ 7,036 Operating lease cost Selling, general, and administrative expenses 2,145 6,861 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of the Company's lease liabilities as of April 30, 2020: Years ended July 31, Operating Leases Remainder of 2020 $ 4,245 2021 15,429 2022 12,554 2023 9,209 2024 5,470 Thereafter 3,160 Total lease payments $ 50,067 Less interest (3,338) Present value of lease liabilities $ 46,729 |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental cash flow information related to the Company's operating leases for the nine months ended April 30, 2020 , were as follows: Nine months ended April 30, 2020 Operating cash outflows from operating leases $ 12,469 Operating lease assets obtained in exchange for new operating lease liabilities 10,637 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table summarizes future minimum lease payments under operating leases as of July 31, 2019: Years ended July 31, Operating Leases 2020 $ 18,450 2021 16,132 2022 13,439 2023 10,065 2024 5,656 Thereafter 3,502 Total lease payments $ 67,244 |
Stockholders' Equity Schedule o
Stockholders' Equity Schedule of Stockholders' Equity (Tables) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Stockholders' Equity Note [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 April 30, 2020: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at January 31, 2020 $ 548 $ 329,263 $ 685,758 $ (43,155) $ (72,490) $ 899,924 Net income — — 13,633 — — 13,633 Other comprehensive loss, net of tax — — — — (19,752) (19,752) Issuance of shares of Class A Common Stock under stock plan — (91) — 517 — 426 Stock-based compensation expense — 1,796 — — — 1,796 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.22 per share — — (10,542) — — (10,542) Class B — $0.22 per share — — (770) — — (770) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended April 30, 2019: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at January 31, 2019 $ 548 $ 328,978 $ 588,918 $ (54,498) $ (60,565) $ 803,381 Net income — — 34,781 — — 34,781 Other comprehensive loss, net of tax — — — — (7,881) (7,881) Issuance of shares of Class A Common Stock under stock plan — (1,433) — 4,415 — 2,982 Stock-based compensation expense — 2,506 — — — 2,506 Cash dividends on Common Stock: Class A — $0.21 per share — — (10,473) — — (10,473) Class B — $0.21 per share — — (752) — — (752) Balances at April 30, 2019 $ 548 $ 330,051 $ 612,474 $ (50,083) $ (68,446) $ 824,544 | The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2020: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at July 31, 2019 $ 548 $ 329,969 $ 637,843 $ (46,332) $ (71,254) $ 850,774 Net income — — 84,684 — — 84,684 Other comprehensive loss, net of tax — — — — (20,988) (20,988) Issuance of shares of Class A Common Stock under stock plan — (6,314) — 3,694 — (2,620) Tax benefit and withholdings from deferred compensation distributions — 133 — — — 133 Stock-based compensation expense — 7,180 — — — 7,180 Repurchase of shares of Class A Common Stock — — — (64,113) — (64,113) Cash dividends on Common Stock: Class A — $0.65 per share — — (32,197) — — (32,197) Class B — $0.64 per share — — (2,251) — — (2,251) Balances at April 30, 2020 $ 548 $ 330,968 $ 688,079 $ (106,751) $ (92,242) $ 820,602 | The following table illustrates the changes in the balances of each component of stockholders' equity for the nine months ended April 30, 2019: Common Additional Retained Earnings Treasury Accumulated Other Total Stockholders' Equity Balances at July 31, 2018 $ 548 $ 325,631 $ 553,454 $ (71,120) $ (56,401) $ 752,112 Net income — — 94,645 — — 94,645 Other comprehensive loss, net of tax — — — — (12,045) (12,045) Issuance of shares of Class A Common Stock under stock plan — (6,100) — 24,219 — 18,119 Tax benefit and withholdings from deferred compensation distributions — 209 — — — 209 Stock-based compensation expense — 10,311 — — — 10,311 Repurchase of shares of Class A Common Stock — — — (3,182) — (3,182) Adoption of ASU 2014-09, "Revenue from Contracts with Customers" — — (2,137) — — (2,137) Cash dividends on Common Stock: Class A — $0.64 per share — — (31,291) — — (31,291) Class B — $0.62 per share — — (2,197) — — (2,197) Balances at April 30, 2019 $ 548 $ 330,051 $ 612,474 $ (50,083) $ (68,446) $ 824,544 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Other Comprehensive Income, Net of Tax (Tables) | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Other Comprehensive Income (Loss), 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 nine months ended April 30, 2020: Unrealized gain on Unamortized gain on post-retirement plans Foreign currency translation adjustments Accumulated other comprehensive loss Beginning balance, July 31, 2019 $ 707 $ 2,800 $ (74,761) $ (71,254) Other comprehensive loss before reclassification (1,363) (216) (18,510) (20,089) Amounts reclassified from accumulated other comprehensive loss (584) (315) — (899) Ending balance, April 30, 2020 $ (1,240) $ 2,269 $ (93,271) $ (92,242) | The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended April 30, 2019, were as follows: Unrealized gain on 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 income (loss) before reclassification 233 (169) (11,252) (11,188) Amounts reclassified from accumulated other comprehensive loss (434) (423) — (857) Ending balance, April 30, 2019 $ 662 $ 2,710 $ (71,818) $ (68,446) |
Other Comprehensive Income, Tax | The following table illustrates the income tax expense on the components of other comprehensive loss for the three and nine months ended April 30, 2020 and 2019: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Income tax expense related to items of other comprehensive loss: Cash flow hedges $ (6) $ 38 $ 24 $ — Pension and other post-retirement benefits — — 93 — Other income tax adjustments and currency translation (173) (386) (127) (610) Income tax expense related to items of other comprehensive loss $ (179) $ (348) $ (10) $ (610) |
Revenue Recognition Expected Ti
Revenue Recognition Expected Timing of Satisfaction of Remaining Performance Obligation (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Of the contract liability balance outstanding at April 30, 2020, the Company expects to recognize 11% by the end of fiscal 2020, an additional 37% by the end of fiscal 2021, and the remaining balance thereafter. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Net Sales by Segment and Geographic Region | The following is a summary of net sales by segment and geographic region for the three and nine months ended April 30, 2020 and 2019 is as follows: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Net sales: ID Solutions Americas $ 131,169 $ 143,557 $ 418,440 $ 427,671 Europe 41,183 48,984 129,884 145,094 Asia 20,817 21,438 65,194 68,518 Total $ 193,169 $ 213,979 $ 613,518 $ 641,283 Workplace Safety Americas $ 21,456 $ 25,778 $ 69,395 $ 74,861 Europe 37,567 38,372 110,594 113,816 Australia 13,751 11,616 36,048 35,407 Total $ 72,774 $ 75,766 $ 216,037 $ 224,084 Total Company Americas $ 152,625 $ 169,335 $ 487,835 $ 502,532 Europe 78,750 87,356 240,478 258,910 Asia-Pacific 34,568 33,054 101,242 103,925 Total $ 265,943 $ 289,745 $ 829,555 $ 865,367 |
Segment Profit | Segment profit for the three and nine months ended April 30, 2020 and 2019 is as follows: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Segment profit: ID Solutions $ 36,401 $ 39,892 $ 119,499 $ 119,311 Workplace Safety 4,379 6,099 14,991 16,301 Total Company $ 40,780 $ 45,991 $ 134,490 $ 135,612 |
Reconciliation of segment profit to earnings before income taxes | The following is a reconciliation of segment profit to income before income taxes for the three and nine months ended April 30, 2020 and 2019: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 Total profit from reportable segments $ 40,780 $ 45,991 $ 134,490 $ 135,612 Unallocated amounts: Administrative costs (4,290) (6,370) (15,865) (19,339) Impairment charges (1) (13,821) — (13,821) — Investment and other income 112 2,065 3,252 3,425 Interest expense (628) (708) (1,976) (2,137) Income before income taxes $ 22,153 $ 40,978 $ 106,080 $ 117,561 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
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, 2020 2019 2020 2019 Numerator (in thousands): Income (Numerator for basic and diluted income per $ 13,633 $ 34,781 $ 84,684 $ 94,645 Less: Preferential dividends — — (828) (815) Preferential dividends on dilutive stock options — — (10) (13) Numerator for basic and diluted income per Class B $ 13,633 $ 34,781 $ 83,846 $ 93,817 Denominator: (in thousands) Denominator for basic income per share for both 52,607 52,766 53,023 52,499 Plus: Effect of dilutive equity awards 365 714 489 716 Denominator for diluted income per share for both 52,972 53,480 53,512 53,215 Net income per Class A Nonvoting Common Share: Basic $ 0.26 $ 0.66 $ 1.60 $ 1.80 Diluted $ 0.26 $ 0.65 $ 1.58 $ 1.78 Net income per Class B Voting Common Share: Basic $ 0.26 $ 0.66 $ 1.58 $ 1.79 Diluted $ 0.26 $ 0.65 $ 1.57 $ 1.76 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Text Block [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at April 30, 2020 and July 31, 2019, according to the valuation techniques the Company used to determine their fair values. April 30, 2020 July 31, 2019 Fair Value Hierarchy Assets: Trading securities $ 17,172 $ 15,744 Level 1 Foreign exchange contracts 241 474 Level 2 Liabilities: Foreign exchange contracts 1,360 5 Level 2 |
Schedule of Debt [Table Text Block] | April 30, 2020 July 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Current maturities on long-term debt $ 48,927 $ 48,988 $ 50,166 $ 51,566 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments: Three months ended April 30, Nine months ended April 30, 2020 2019 2020 2019 (Losses) gains recognized in OCI: Foreign exchange contracts (cash flow hedges) $ (1,751) $ 220 $ (1,192) $ 377 Foreign currency denominated debt (net investment hedges) 707 1,314 1,260 2,336 Gains reclassified from OCI into cost of goods sold: Forward exchange contracts (cash flow hedges) 293 292 779 579 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | April 30, 2020 July 31, 2019 Designated as cash flow hedges $ 21,533 $ 26,013 Non-designated hedges 2,707 3,376 Total foreign exchange contracts $ 24,240 $ 29,389 |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows: April 30, 2020 July 31, 2019 Prepaid expenses and other current assets Other current liabilities Current maturities on Prepaid expenses and other current assets Other current liabilities Current maturities on Derivatives designated as hedging instruments: Foreign exchange contracts (cash flow hedges) $ 176 $ — $ — $ 472 $ — $ — Foreign currency denominated debt (net investment hedges) — — 48,929 — — 50,189 Derivatives not designated as hedging instruments: Foreign exchange contracts 65 1,360 — 2 5 — Total derivative instruments $ 241 $ 1,360 $ 48,929 $ 474 $ 5 $ 50,189 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Aug. 01, 2019 | Jul. 31, 2019 |
Accounting Policies [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 41,553 | $ 55,984 | $ 0 |
Operating Lease, Liability | $ 46,729 | $ 58,544 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Inventory [Line Items] | ||
Finished products | $ 77,634 | $ 77,532 |
Work-in-process | 22,819 | 20,515 |
Raw materials and supplies | 24,122 | 21,990 |
Total inventories | $ 124,575 | $ 120,037 |
Additional Balance Sheet Info_4
Additional Balance Sheet Information Accumulated Depreciation (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Accumulated depreciation [Abstract] | ||
Accumulated Depreciation | $ 279,757 | $ 273,880 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Other Intangibles Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Other Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | $ 56,594 | $ 56,594 | $ 65,466 | |||
Accumulated Amortization | (33,150) | (33,150) | (29,343) | |||
Net Book Value | 23,444 | 23,444 | 36,123 | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
Amortization of Intangible Assets | 1,290 | $ 1,443 | 3,872 | $ 4,314 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,218 | 5,218 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,384 | 5,384 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,109 | 5,109 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,191 | 2,191 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0 | $ 0 | ||||
Customer relationships and other | ||||||
Other Intangible Assets [Line Items] | ||||||
Weighted Average Amortization Period | 9 years | 8 years | ||||
Gross Carrying Amount | 47,180 | $ 47,180 | 46,595 | |||
Accumulated Amortization | (33,150) | (33,150) | (29,343) | |||
Net Book Value | 14,030 | 14,030 | 17,252 | |||
Tradenames | ||||||
Other Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 9,414 | 9,414 | 18,871 | |||
Accumulated Amortization | 0 | 0 | 0 | |||
Net Book Value | $ 9,414 | $ 9,414 | $ 18,871 |
Other Intangible Impairment Cha
Other Intangible Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Asset Impairment Charges | $ 13,821 | $ 0 | $ 13,821 | $ 0 |
Tangible Asset Impairment Charges | 2,681 | |||
Operating Lease, Impairment Loss | 2,475 | |||
Trademarks and Trade Names [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Other Intangible Assets, Net | 9,328 | 9,328 | ||
Assets, Fair Value Disclosure | 663 | $ 663 | ||
ID Solutions | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Asset Impairment Charges | 2,792 | |||
Tangible Asset Impairment Charges | 2,353 | |||
Operating Lease, Impairment Loss | 440 | |||
Workplace Safety | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Asset Impairment Charges | 11,029 | |||
Tangible Asset Impairment Charges | 328 | |||
Operating Lease, Impairment Loss | $ 2,035 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2020 | Aug. 01, 2019 | Jul. 31, 2019 | |
Operating Lease Expense [Line Items] | ||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 8 months 12 days | 3 years 8 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | 3.40% | ||
Operating Lease, Payments | $ 12,469 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 10,637 | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 4,245 | 4,245 | $ 18,450 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 15,429 | 15,429 | 16,132 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 12,554 | 12,554 | 13,439 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,209 | 9,209 | 10,065 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,470 | 5,470 | 5,656 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3,160 | 3,160 | 3,502 | |
Lessee, Operating Lease, Liability, Payments, Due | 50,067 | 50,067 | $ 67,244 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (3,338) | (3,338) | ||
Operating Lease, Liability | 46,729 | 46,729 | $ 58,544 | |
Operating Lease, Impairment Loss | 2,475 | |||
Workplace Safety | ||||
Operating Lease Expense [Line Items] | ||||
Operating Lease, Impairment Loss | 2,035 | |||
ID Solutions | ||||
Operating Lease Expense [Line Items] | ||||
Operating Lease, Impairment Loss | 440 | |||
Cost of Sales [Member] | ||||
Operating Lease Expense [Line Items] | ||||
Operating Lease, Cost | 2,074 | 7,036 | ||
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease Expense [Line Items] | ||||
Operating Lease, Cost | $ 2,145 | $ 6,861 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Aug. 01, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | |
Schedule Of Stockholders Equity [Line Items] | |||||||
Accumulated other comprehensive loss | $ (92,242) | $ (92,242) | $ (71,254) | $ (56,401) | |||
Beginning balance | 899,924 | $ 803,381 | 850,774 | $ 752,112 | |||
Net income | 13,633 | 34,781 | 84,684 | 94,645 | |||
Other comprehensive loss, net of tax | (19,752) | (7,881) | (20,988) | (12,045) | |||
Issuance of shares of Class A Common Stock under stock plan | (426) | (2,982) | (2,620) | (18,119) | |||
Tax benefit and withholdings from deferred compensation distributions | 133 | ||||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 209 | ||||||
Stock-based compensation expense | 1,796 | 2,506 | 7,180 | 10,311 | |||
Purchase of shares of Class A Common Stock | (3,182) | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (2,137) | ||||||
Cash dividends on Class A common stock | (10,542) | (10,473) | (32,197) | (31,291) | |||
Cash dividends on Class B common stock | (770) | (752) | (2,251) | (2,197) | |||
Ending balance | 820,602 | 824,544 | 820,602 | 824,544 | |||
Treasury Stock, Value, Acquired, Cost Method | (64,113) | (64,113) | |||||
Common Stock | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning balance | 548 | 548 | 548 | 548 | |||
Ending balance | 548 | 548 | 548 | 548 | |||
Additional Paid-in Capital | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning balance | 329,263 | 328,978 | 329,969 | 325,631 | |||
Issuance of shares of Class A Common Stock under stock plan | (91) | (1,433) | (6,314) | (6,100) | |||
Tax benefit and withholdings from deferred compensation distributions | 133 | 209 | |||||
Stock-based compensation expense | 1,796 | 2,506 | 7,180 | 10,311 | |||
Ending balance | 330,968 | 330,051 | 330,968 | 330,051 | |||
Retained Earnings | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning balance | 685,758 | 588,918 | 637,843 | 553,454 | |||
Net income | 13,633 | 34,781 | 84,684 | 94,645 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (2,137) | ||||||
Cash dividends on Class A common stock | (10,542) | (10,473) | (32,197) | (31,291) | |||
Cash dividends on Class B common stock | (770) | (752) | (2,251) | (2,197) | |||
Ending balance | 688,079 | 612,474 | 688,079 | 612,474 | |||
Treasury Stock | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning balance | (43,155) | (54,498) | (46,332) | (71,120) | |||
Issuance of shares of Class A Common Stock under stock plan | (517) | (4,415) | (3,694) | (24,219) | |||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 0 | ||||||
Purchase of shares of Class A Common Stock | (3,182) | ||||||
Ending balance | (106,751) | (50,083) | (106,751) | (50,083) | |||
Treasury Stock, Value, Acquired, Cost Method | (64,113) | (64,113) | |||||
Accumulated Other Comprehensive Loss | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Accumulated other comprehensive loss | (68,446) | (68,446) | |||||
Beginning balance | (72,490) | (60,565) | (71,254) | (56,401) | |||
Other comprehensive loss, net of tax | (19,752) | (7,881) | (20,988) | (12,045) | |||
Ending balance | $ (92,242) | $ (68,446) | $ (92,242) | $ (68,446) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (71,254) | $ (56,401) |
Other comprehensive loss (income) before reclassification | (20,089) | (11,188) |
Amounts reclassified from accumulated other comprehensive loss | (899) | (857) |
Ending balance | (92,242) | |
Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 707 | 863 |
Other comprehensive loss (income) before reclassification | (1,363) | 233 |
Amounts reclassified from accumulated other comprehensive loss | (584) | (434) |
Ending balance | (1,240) | 662 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (74,761) | (60,566) |
Other comprehensive loss (income) before reclassification | (18,510) | (11,252) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending balance | (93,271) | (71,818) |
Unamortized gain on post-retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 2,800 | 3,302 |
Other comprehensive loss (income) before reclassification | (216) | (169) |
Amounts reclassified from accumulated other comprehensive loss | (315) | (423) |
Ending balance | $ 2,269 | 2,710 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Ending balance | $ (68,446) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Schedule of Other Comprehensive Income (Loss), Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Cash flow hedges | $ 6 | $ (38) | $ (24) | $ 0 |
Pension and other post-retirement benefits | 0 | 0 | 93 | 0 |
Other income tax adjustments and currency translation | (173) | (386) | (127) | (610) |
Income tax (expense) benefit related to items of other comprehensive income | $ (179) | $ (348) | $ (10) | $ (610) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 2,771,000 | $ 2,771,000 | $ 2,782,000 |
Deferred Revenue, Revenue Recognized | $ 317,000 | $ 948,000 |
Segment Information Net Sales b
Segment Information Net Sales by Segment and Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Net Sales by Segment and Geographic Area | ||||
Net sales | $ 265,943 | $ 289,745 | $ 829,555 | $ 865,367 |
Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 152,625 | 169,335 | 487,835 | 502,532 |
Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 78,750 | 87,356 | 240,478 | 258,910 |
Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 34,568 | 33,054 | 101,242 | 103,925 |
ID Solutions | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 193,169 | 213,979 | 613,518 | 641,283 |
ID Solutions | Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 131,169 | 143,557 | 418,440 | 427,671 |
ID Solutions | Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 41,183 | 48,984 | 129,884 | 145,094 |
ID Solutions | Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 20,817 | 21,438 | 65,194 | 68,518 |
Workplace Safety | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 72,774 | 75,766 | 216,037 | 224,084 |
Workplace Safety | Americas | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 21,456 | 25,778 | 69,395 | 74,861 |
Workplace Safety | Europe | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | 37,567 | 38,372 | 110,594 | 113,816 |
Workplace Safety | Asia-Pacific | ||||
Net Sales by Segment and Geographic Area | ||||
Net sales | $ 13,751 | $ 11,616 | $ 36,048 | $ 35,407 |
Segment Information Segment Pro
Segment Information Segment Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Segment Profit | ||||
Segment profit | $ 40,780 | $ 45,991 | $ 134,490 | $ 135,612 |
Asset Impairment Charges | (13,821) | 0 | (13,821) | 0 |
ID Solutions | ||||
Segment Profit | ||||
Segment profit | 36,401 | 39,892 | 119,499 | 119,311 |
Asset Impairment Charges | (2,792) | |||
Workplace Safety | ||||
Segment Profit | ||||
Segment profit | 4,379 | $ 6,099 | $ 14,991 | $ 16,301 |
Asset Impairment Charges | $ (11,029) |
Segment Information - Net Incom
Segment Information - Net Income Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | $ 40,780 | $ 45,991 | $ 134,490 | $ 135,612 |
Unallocated amounts: | ||||
Administrative costs | (4,290) | (6,370) | (15,865) | (19,339) |
Asset Impairment Charges | (13,821) | 0 | (13,821) | 0 |
Investment and other income | 112 | 2,065 | 3,252 | 3,425 |
Interest expense | (628) | (708) | (1,976) | (2,137) |
Income before income taxes | 22,153 | 40,978 | 106,080 | 117,561 |
Asset Impairment Charges | 13,821 | 0 | 13,821 | 0 |
Workplace Safety | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | 4,379 | 6,099 | 14,991 | 16,301 |
Unallocated amounts: | ||||
Asset Impairment Charges | (11,029) | |||
Asset Impairment Charges | 11,029 | |||
ID Solutions | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | 36,401 | $ 39,892 | $ 119,499 | $ 119,311 |
Unallocated amounts: | ||||
Asset Impairment Charges | (2,792) | |||
Asset Impairment Charges | $ 2,792 |
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, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Earnings Per Share [Line Items] | ||||
Net income | $ 13,633 | $ 34,781 | $ 84,684 | $ 94,645 |
Denominator for basic earnings per share for both Class A and Class B | 52,607 | 52,766 | 53,023 | 52,499 |
Plus: Effect of dilutive stock options | 365 | 714 | 489 | 716 |
Denominator for diluted earnings per share for both Class A and Class B | 52,972 | 53,480 | 53,512 | 53,215 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Net earnings per share, basic | $ 0.26 | $ 0.66 | $ 1.60 | $ 1.80 |
Net earnings per share, diluted | $ 0.26 | $ 0.65 | $ 1.58 | $ 1.78 |
Class B voting common stock | ||||
Earnings Per Share [Line Items] | ||||
Preferential dividends | $ 0 | $ 0 | $ 828 | $ 815 |
Preferential dividends on dilutive stock options | 0 | 0 | 10 | (13) |
Numerator for basic and diluted earnings per Class B Voting Common Share | $ 13,633 | $ 34,781 | $ 83,846 | $ 93,817 |
Net earnings per share, basic | $ 0.26 | $ 0.66 | $ 1.58 | $ 1.79 |
Net earnings per share, diluted | $ 0.26 | $ 0.65 | $ 1.57 | $ 1.76 |
Net Income per Common Share - A
Net Income per Common Share - Additional Informations (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Common stock of Class A shares excluded from computations of diluted net earnings per share | 488,932 | 269,606 | 353,752 | 407,477 |
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, 2020 | Jul. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Current Maturities | $ 48,927 | $ 50,166 |
Long-term Debt, Fair Value | 48,988 | 51,566 |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 17,172 | 15,744 |
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 | 241 | 474 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Exchange Contracts | $ 1,360 | $ 5 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Disclosure Fair Value Measurements Additional Information [Abstract] | |||||
Long-term Debt, Fair Value | $ 48,988 | $ 48,988 | $ 51,566 | ||
Asset Impairment Charges | $ 13,821 | $ 0 | $ 13,821 | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2020 | Jul. 31, 2019 | |
Derivatives, Fair Value [Line Items] | ||
Document Period End Date | Apr. 30, 2020 | |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 241 | $ 474 |
Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,360 | 5 |
Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 48,929 | 50,189 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 176 | 472 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 48,929 | 50,189 |
Not designated as hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 65 | 2 |
Not designated as hedging Instruments [Member] | Cash Flow Hedging [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,360 | 5 |
Not designated as hedging Instruments [Member] | Cash Flow Hedging [Member] | Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) £ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | May 13, 2010GBP (£) | |
Derivatives, Fair Value [Line Items] | |||||||
Document Period End Date | Apr. 30, 2020 | ||||||
Derivative Maturities | 18 months | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ (1,166,000) | $ (1,166,000) | $ (805,000) | ||||
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | 293,000 | $ 292,000 | 779,000 | $ 579,000 | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 39,000 | $ (6,000) | 11,000 | $ (49,000) | |||
Accumulated other comprehensive loss | (92,242,000) | (92,242,000) | (71,254,000) | $ (56,401,000) | |||
Senior Unsecured Notes [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Amount of Hedged Item | £ | £ 45,000 | ||||||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Accumulated other comprehensive loss | $ 13,700,000 | $ 13,700,000 | $ 12,440,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Notional Value of Derivatives Outstanding (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2020 | Jul. 31, 2019 | |
Derivative [Line Items] | ||
Document Period End Date | Apr. 30, 2020 | |
Derivative, Notional Amount | $ 24,240 | $ 29,389 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 21,533 | 26,013 |
Not designated as hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,707 | $ 3,376 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020Rate | Apr. 30, 2019Rate | Apr. 30, 2020Rate | Apr. 30, 2019Rate | |
Income Taxes [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 38.50% | 15.10% | 20.20% | 19.50% |
Subsequent Events (Detail)
Subsequent Events (Detail) | May 20, 2020$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared (USD per share) | $ 0.2175 |
Derivative Gains and Losses (De
Derivative Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 293 | $ 292 | $ 779 | $ 579 |
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net gain recognized in other comprehensive loss (income) | (1,751) | 220 | (1,192) | 377 |
Net Investment Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net gain recognized in other comprehensive loss (income) | $ 707 | $ 1,314 | $ 1,260 | $ 2,336 |