Accumulated Other Comprehensive Income

3 Months Ended

Oct. 31, 2013

Accumulated Other Comprehensive Income

11. Accumulated Other Comprehensive Income

Components of comprehensive income include net income and certain transactions that have generally been reported in the Consolidated Statements of Changes in Stockholders’ Equity. Other comprehensive income consists of reported foreign currency translation gains and losses (net of taxes), actuarial gains and losses on pension plan assets (net of taxes), and changes in the unrealized value on foreign currency forward contracts (net of taxes). Deferred taxes are not provided on cumulative translation adjustments where we expect earnings of a foreign subsidiary to be indefinitely reinvested. The income tax effect of currency translation adjustments related to foreign subsidiaries that are not considered indefinitely reinvested is recorded as a component of deferred taxes with an offset to other comprehensive income.

The following table summarizes components of accumulated other comprehensive income as follows:

(in millions)	Unrealized Gains (Losses) on Foreign Currency Forward Contracts			Unrealized Gains (Losses) on Pension Plan			Currency Translation		Accumulated Other Comprehensive Income
Balance as of July 31, 2013	$	(0.1	)	$	(2.3	)	$	11.5	$	9.1
Pre-tax change before reclass to earnings		(0.1	)		-			1.0		0.9
Amount reclassed to earnings (Note 9)		0.1			-			-		0.1
Income tax benefit (provision)		-			-			0.1		0.1
Balance as of October 31, 2013	$	(0.1	)	$	(2.3	)	$	12.6	$	10.2

The ineffective portion of the unrealized gains or losses on foreign currency forward contracts and unrealized gains or losses on currency translation are included in other expense, net on our condensed consolidated statement of operations.