Shareholders' Equity

6 Months Ended

Jan. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

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 January 31,						Six Months Ended January 31,
	2012			2011			2012			2011
Net earnings	$	53,821		$	44,579		$	122,374		$	97,713
Foreign currency translation gain (loss)		(29,143	)		(3,670	)		(63,081	)		32,102
Currency realization upon sale of business		—			(101	)		—			(101	)
Net gain on hedging derivatives, net of deferred taxes		9			389			427			134
Pension and postretirement liability adjustment, net of deferred taxes		9,888			1,444			(5,361	)		1,303
Total comprehensive income	$	34,575		$	42,641		$	54,359		$	131,151

Total accumulated other comprehensive income (loss) and its components at January 31, 2012 and July 31, 2011 are as follows (thousands of dollars):

	January 31, 2012			July 31, 2011
Foreign currency translation adjustment	$	68,618		$	131,699
Net loss on hedging derivatives, net of deferred taxes		807			380
Pension and postretirement liability, net of deferred taxes		(97,413	)		(92,052	)
Total accumulated other comprehensive income (loss)	$	(27,988	)	$	40,027

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 January 31, 2012 the Company did not repurchase any shares. During the six months ended January 31, 2012 the Company repurchased 1,375,513 shares for $73.6 million at an average price of $53.48 per share. As of January 31, 2012, the Company had remaining authorization to repurchase up to 3.7 million shares pursuant to the current authorization.

At the Company's Annual Meeting of Stockholders on November 18, 2011, the shareholders approved an increase in the number of authorized shares of common stock, par value $5.00, from 120,000,000 to 240,000,000 and the total number of shares of stock which the Company has the authority to issue from 121,000,000 to 241,000,000.

On January 27, 2012, the Company's Board of Directors declared a cash dividend in the amount of $0.16 per common share, payable to stockholders of record on February 17, 2012. The dividend will be paid on March 9, 2012. On the same date, the Company announced that its Board of Directors also declared a two-for-one stock split effected in the form of a 100 percent stock dividend. The stock split will be distributed March 23, 2012, to stockholders of record as of March 2, 2012. Earnings and dividends declared per share and weighted average shares outstanding are presented in this Form 10-Q before the effect of the 100 percent stock dividend.