Accumulated Other Comprehensive Loss

6 Months Ended

Jan. 31, 2015

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note F – Accumulated Other Comprehensive Loss

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, 2014, net of tax	$           48,289	$       (93,998)		$             (101)		$       (45,810)
Other comprehensive (loss) income before reclassifications and tax	(96,539)	11,795		2,040		$       (82,704)
Tax benefit (expense)	-	(2,457)		(714)		$         (3,171)
Other comprehensive (loss) income before reclassifications, net of tax	$          (96,539)	$          9,338		$           1,326		$       (85,875)
Reclassifications, before tax	-	4,843		(180)		$          4,663	(d)
Tax benefit (expense)	-	(1,905)		49		$         (1,856)
Reclassifications, net of tax	-	2,938	(b)	(131)		2,807
Other comprehensive (loss) income, net of tax	(96,539)	12,276		1,195	(c)	$       (83,068)
Balance at January 31, 2015, net of tax	$          (48,250)	$       (81,722)		$           1,094		$     (128,878)
Balance as of July 31, 2013, net of tax	$           50,411	$       (87,712)		$             (172)		$       (37,473)
Other comprehensive (loss) income before reclassifications and tax	(5,935)	7,122		61		$          1,248
Tax benefit (expense)	-	(2,758)		(21)		$         (2,779)
Other comprehensive (loss) income before reclassifications, net of tax	$            (5,935)	$          4,364		$                40		$         (1,531)
Reclassifications, before tax	827	4,520		(164)		$          5,183
Tax benefit (expense)	-	(1,614)		60		$         (1,554)
Reclassifications, net of tax	827	2,906	(b)	(104)		3,629
Other comprehensive (loss) income, net of tax	(5,108)	7,270		(64)	(c)	$          2,098
Balance at January 31, 2014, net of tax	$           45,303	$       (80,442)		$             (236)		$       (35,375)

(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 M).

(d)  Reclassification adjustments out of accumulated other comprehensive income for the three months ended January 31, 2015 and 2014 were not material.