Shareholders' Equity

9 Months Ended

Apr. 30, 2011

Note F – Shareholders' Equity

The Company reports accumulated other comprehensive income (loss) as a separate item in the shareholders' equity section of the balance sheet.

Total comprehensive income and its components are as follows (thousands of dollars):


	Three Months Ended April 30,					Nine Months Ended April 30,
	2011		2010			2011			2010
Net earnings	$	61,811	$	49,458		$	159,524		$	114,993
Foreign currency translation adjustment		48,929		(7,697	)		81,031			(10,722	)
Currency realization upon sale of business		—		—			(101	)		—
Gain on hedging derivatives, net of deferred taxes		229		179			363			493
Pension and postretirement liability adjustment, net of deferred taxes		664		550			1,967			1,694
Total comprehensive income	$	111,633	$	42,490		$	242,784		$	106,458

Total accumulated other comprehensive income (loss) and its components at April 30, 2011 and July 31, 2010 are as follows (thousands of dollars):


	April 30, 2011			July 31, 2010
Foreign currency translation adjustment	$	140,124		$	59,194
Net loss on hedging derivatives, net of deferred taxes		(99	)		(462	)
Pension and postretirement liability, net of deferred taxes		(97,251	)		(99,218	)
Total accumulated other comprehensive income (loss)	$	42,774		$	(40,486	)

The Company's Board of Directors authorized the repurchase of 8.0 million shares of common stock on March 26, 2010. During the three months ended April 30, 2011 the Company repurchased 650,006 shares for $36.6 million at an average price of $56.32 per share. During the nine months ended April 30, 2011, the Company repurchased 800,000 shares for $43.1 million at an average price of $53.88 per share. As of April 30, 2011, the Company had remaining authorization to repurchase up to 6.2 million shares pursuant to the current authorization.

On May 24, 2011, the Company's Board of Directors declared a cash dividend in the amount of $0.15 per common share payable to stockholders of record on June 10, 2011. The dividend will be paid on June 24, 2011.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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