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Accumulated Other Comprehensive Loss
 3 Months Ended
Oct. 31, 2013
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss

Note F – Accumulated Other Comprehensive Loss

 

In the first quarter of fiscal year 2014, the Company prospectively adopted guidance issued by the Financial Accounting Standards Board (FASB) that requires additional disclosure related to the impact of reclassification adjustments out of accumulated other comprehensive income or loss on net income. Changes in accumulated other comprehensive loss by component are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)

Foreign currency translation adjustment (a)

 

 

Pension benefits

 

 

Derivative financial instruments

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Balance as of July 31, 2013, net of tax

$                50,411

 

 

$              (87,712)

 

 

$                   (172)

 

 

$              (37,473)

Other comprehensive (loss) income before reclassifications and tax
12,367 

 

 
2,474 

 

 
(206)

 

 

$                14,635

Tax benefit (expense)

 -

 

 
(896)

 

 
72 

 

 

$                   (824)

Other comprehensive (loss) income before reclassifications, net of tax

$                12,367

 

 

$                  1,578

 

 

$                   (134)

 

 

$                13,811

Reclassifications, before tax
827 

 

 
2,538 

 

 
(66)

 

 

$                  3,299

Tax benefit (expense)

 -

 

 
(890)

 

 
28 

 

 

$                   (862)

Reclassifications, net of tax
827 

 

 
1,648 

(b)

 
(38)

 

 
2,437 

Other comprehensive (loss) income, net of tax
13,194 

 

 
3,226 

 

 
(172)

(c)

 

$                16,248

Balance at October 31, 2013, net of tax

$                63,605

 

 

$              (84,486)

 

 

$                   (344)

 

 

$              (21,225)

 

 

(a) Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S.  Amounts were reclassified from accumulated other comprehensive loss to other income, net.

(b) Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note K) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales.

(c) Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note L).