Shareholders' Equity

3 Months Ended

Oct. 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 accumulated other comprehensive income (loss) and its components at October 31, 2012 and July 31, 2012 are as follows (thousands of dollars):

	October 31,			July 31,
	2012			2012
Foreign currency translation adjustment	$	58,828		$	32,976
Net loss on cash flow hedging derivatives, net of deferred taxes		(585	)		(292	)
Pension and postretirement liability adjustment, net of deferred taxes		(126,977	)		(134,572	)
Total accumulated other comprehensive loss	$	(68,734	)	$	(101,888	)

The Company recorded a deferred tax liability of $4.3 million and a deferred tax asset of $15.3 million related to the pension and postretirement liability adjustments for the three months ended October 31, 2012 and 2011, respectively.

          The Company's Board of Directors authorized the repurchase of 16.0 million shares of common stock on March 26, 2010. During the three months ended October 31, 2012, the Company repurchased 1,500,000 shares for $50.7 million at an average price of $33.82 per share. As of October 31, 2012, the Company had remaining authorization to repurchase up to 4.1 million shares pursuant to the current authorization.

On January 27, 2012, the Company announced its Board of Directors declared a two-for-one stock split effected in the form of a 100 percent stock dividend. The stock split was distributed March 23, 2012 to stockholders of record as of March 2, 2012. Earnings and dividends per share and weighted average shares outstanding are presented in this Form 10-Q after the effect of the 100 percent stock dividend. The two-for-one stock split is reflected in the share amounts in all periods presented in the table above and elsewhere in this Form 10-Q.

On November 16, 2012, the Company's Board of Directors declared a cash dividend in the amount of $0.09 per common share, payable to stockholders of record on December 6, 2012. The dividend will be paid on December 21, 2012.