Accumulated Other Comprehensive Loss

9 Months Ended

Apr. 30, 2014

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note F – Accumulated Other Comprehensive Loss

In the first quarter of Fiscal 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
Three Months Ended April 30, 2014:
Balance as of January 31, 2014, net of tax	$           45,303	$       (80,442)		$             (236)		$       (35,375)
Other comprehensive (loss) income before reclassifications and tax	21,291	11,314		275		$        32,880
Tax benefit (expense)	-	(3,967)		(96)		$         (4,063)
Other comprehensive (loss) income before reclassifications, net of tax	$           21,291	$          7,347		$              179		$        28,817
Reclassifications, before tax	-	1,985		(86)		$          1,899
Tax benefit (expense)	-	(725)		24		$            (701)
Reclassifications, net of tax	-	1,260	(b)	(62)		1,198
Other comprehensive (loss) income, net of tax	21,291	8,607		117	(c)	$        30,015
Balance at April 30, 2014, net of tax	$           66,594	$       (71,835)		$             (119)		$         (5,360)
Nine Months Ended April 30, 2014:
Balance as of July 31, 2013, net of tax	$           50,411	$       (87,712)		$             (172)		$       (37,473)
Other comprehensive (loss) income before reclassifications and tax	15,356	18,436		336		$        34,128
Tax benefit (expense)	-	(6,725)		(117)		$         (6,842)
Other comprehensive (loss) income before reclassifications, net of tax	$           15,356	$        11,711		$              219		$        27,286
Reclassifications, before tax	827	6,505		(250)		$          7,082
Tax benefit (expense)	-	(2,339)		84		$         (2,255)
Reclassifications, net of tax	827	4,166	(b)	(166)		4,827
Other comprehensive (loss) income, net of tax	16,183	15,877		53	(c)	$        32,113
Balance at April 30, 2014, net of tax	$           66,594	$       (71,835)		$             (119)		$         (5,360)

(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).