Discontinued Operations (Tables)

6 Months Ended

Jan. 31, 2014

Operating Results of Discontinued Operations

The following table summarizes the results of discontinued operations:

	Three Months Ended January  31,				Six Months Ended January 31,
Discontinued Operations:	2014		2013		2014		2013
Net sales	$	–	$	104,995	$	83,903	$	219,183
Operating income (loss) of discontinued operations	$	(1,131)	$	1,073	$	(4,564)	$	4,516
Pre-tax gain (loss) on disposal of discontinued business		(746)		–		7,079		–
Income (loss) before income taxes		(1,877)		1,073		2,515		4,516
Income tax expense (benefit)		(851)		196		(1,173)		1,400
Income (loss) from discontinued operations, net of taxes	$	(1,026)	$	877	$	3,688	$	3,116

Assets and Liabilities of Discontinued Operations

The following is a summary of the assets and liabilities of discontinued operations, excluding cash, which were held for sale as of July 31, 2013:

Accounts and other receivable, net	$	29,894
Inventories, net of LIFO reserve of $9,683		61,800
Property, plant and equipment, cost		50,985
Accumulated depreciation, property, plant and equipment		(21,422)
Goodwill		5,559
Other intangibles, net		3,743
Deferred income taxes and other assets		2,540
Deferred compensation plan assets		3,407
Assets of discontinued operations	$	136,506
Accounts payable	$	23,427
Accrued compensation and related items		3,130
Product warranties		3,891
Deferred income taxes and other liabilities		1,252
Deferred compensation plan liabilities		3,407
Liabilities of discontinued operations	$	35,107