Discontinued Operations (Notes)

9 Months Ended

Apr. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

During the three months ended April 30, 2013, the Company implemented a plan to divest its Die-Cut Asia business. As a result, the business has been classified as assets and liabilities held for sale in accordance with the authoritative literature as of April 30, 2013. The disposal group has been recorded based on the estimated fair value less cost to sell, which resulted in a write down of $15,658. The operating results have been reported as discontinued operations for the comparative periods ended April 30, 2013 and 2012, including the operating results of the following three previously divested businesses:

Divestitures	Segment	Date Completed
Etimark	EMEA	July 2012
Precision Converting, LLC (“Brady Medical”)	Americas	August 2012
Varitronics	Americas	October 2012

The following table summarizes the operating results of discontinued operations for the three and nine months ended April 30, 2013 and 2012:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2013			2012			2013			2012
Net sales	$	44,653		$	56,241		$	155,811		$	188,148
(Loss) on write-down of disposal group	(15,658		)	—			(15,658		)	—
(Loss) earnings from operations of discontinued businesses	(417		)	(2,002		)	4,463			(112,246		)
Income tax (expense) benefit	(1,530		)	1,615			(3,738		)	(1,652		)
(Loss) from discontinued operations, net of income tax	$	(17,605	)	$	(387	)	$	(14,933	)	$	(113,898	)

The following table details assets and liabilities of the Die-Cut Asia disposal group classified as held for sale as of April 30, 2013:

	April 30, 2013
Accounts receivable—net	$	50,564
Total inventories	19,889
Prepaid expenses and other current assets	2,119
Total current assets	72,572
Other assets:
Goodwill	29,673
Other intangible assets	491
Other	1,985
Property, plant and equipment—net	19,560
Total assets	$	124,281
Current liabilities:
Accounts payable	$	30,403
Wages and amounts withheld from employees	3,119
Other current liabilities	1,162
Total current liabilities	34,684
Net assets of disposal group	89,597
Less: write-down on disposal group	(15,658		)
Net assets of disposal group at fair value	$	73,939

In accordance with authoritative literature, accumulated other comprehensive income will be reclassified to the statement of earnings upon liquidation or substantial liquidation of the disposal group.