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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2012

Components Of Earnings Before Income Taxes


	2012		2011		2010
	(thousands of dollars)
Earnings before income taxes:
United States	$	171,101	$	117,562	$	85,987
Foreign		199,679		194,701		144,189
Total	$	370,780	$	312,263	$	230,176

Components Of The Provision For Income Taxes


	2012			2011			2010
	(thousands of dollars)
Income taxes:
Current
Federal	$	45,468		$	26,675		$	25,455
State		4,012			3,555			2,206
Foreign		50,655			54,785			33,327
		100,135			85,015			60,988

Deferred
Federal		7,391			8,556			3,860
State		722			191			20
Foreign		(1,769	)		(6,790	)		(855	)
		6,344			1,957			3,025
Total	$	106,479		$	86,972		$	64,013

Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate With Effective Income Tax Rate


	2012			2011			2010
Statutory U.S. federal rate		35.0	%		35.0	%		35.0	%
State income taxes		1.2			1.0			0.8
Foreign taxes at lower rates		(6.0	)		(6.6	)		(8.2	)
Export, manufacturing and research credits		(1.0	)		(1.6	)		(0.9	)
U.S. tax impact on repatriation of earnings		0.8			(0.3	)		0.1
Change in unrecognized tax benefits		(1.0	)		0.1			1.2
Other		(0.3	)		0.3			(0.2	)
		28.7	%		27.9	%		27.8	%

Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities


	2012			2011
	(thousands of dollars)
Deferred tax assets:
Accrued expenses	$	10,666		$	12,243
Compensation and retirement plans		52,986			33,298
Tax credit and NOL carryforwards		723			1,173
Inventory reserves		7,482			9,545
Other		3,262			3,311
Deferred tax assets:		75,119			59,570
Valuation allowance		(522	)		(692	)
Net deferred tax assets		74,597			58,878
Deferred tax liabilities:
Depreciation and amortization		(38,796	)		(37,112	)
Other		(394	)		(1,119	)
Deferred tax liabilities		(39,190	)		(38,231	)
Net deferred tax asset	$	35,407		$	20,647

Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits


	2012			2011			2010
	(thousands of dollars)
Gross unrecognized tax benefits at beginning of fiscal year	$	20,005		$	18,994		$	16,928
Additions for tax positions of the current year		3,323			7,406			3,122
Additions for tax positions of prior years		261			668			470
Reductions for tax positions of prior years		(333	)		(164	)		(179	)
Settlements		(4,129	)		(3,895	)		—
Reductions due to lapse of applicable statue of limitations		(2,613	)		(3,004	)		(1,347	)
Gross unrecognized tax benefits at end of fiscal year	$	16,514		$	20,005		$	18,994

Schedule Of Tax Years Affecting Uncertain Tax Positions By Major Tax Jurisdictions


Major Jurisdictions		Open Tax Years
Belgium		2010 through 2011
China		2002 through 2011
France		2009 through 2011
Germany		2009 through 2011
Italy		2003 through 2011
Japan		2009 through 2011
Mexico		2006 through 2011
Thailand		2005 through 2011
United Kingdom		2011
United States		2011

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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- Definition

Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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